HSBC Mastercard BusinessCard Credit Card is offering a bonus of 50,000 points after $10,000 in spend within the first six months
Card Details
No annual fee
Earn 1.5 Points on each dollar spent – no categories to remember or enrollments to worry about.
Points are worth 2% Cash Back when redeemed into your HSBC Fusion Checking or Savings account.
Points can also be used towards Travel powered by Priceline, gift cards, merchandise and more.
Our Verdict
I assume this bonus is worth a maximum of $500, but if points are worth 1.33¢ when redeemed into a business checking account it’s possible that this bonus could be worth up to $665. Looks like you need to open this card in branch, there is also up to a $400 business checking bonus. This is a card worth considering if you have a HSBC branch near you, will be interesting to see what happens with this in branch stuff considering HSBC is exiting the retail market.
No starving artists here: These cities are the best places for artists to live well and practice their craft.
Having access to art and culture is one of the best parts of living in a city. While it’s true that art is found and created anywhere — in cities, there are some definite benefits. Cities act as cultural hubs that draw both new and existing artistic talent. There is a feedback loop of inspiration that cities foster.
With people from many different cultures, backgrounds and walks of life living in close quarters, there is vibrant multiculturalism. Urban density makes it easy to try and experience many different things from theater to food. Artists feed off that creative energy. And when you also live surrounded by other creative individuals, you are constantly being inspired to create new work
But it takes more than that to make a city a great place for artists. It’s widely known that both historically and in modern times, artists are often underpaid for their work. That “starving artist” trope didn’t come from nowhere — artists still need to pay for things like rent and food. They still need to make a living in this world the same as everyone else.
That’s why, on top of a thriving cultural scene, artists need to live in a place that supports their passion and livelihood. That ranges from affordable housing for work and creation, walkability to get around to gigs and much more.
So if you’re an artist with a dream, these are the best cities for artists to create and live.
Finding the best cities for artists
Art is for everyone because there are so many different ways to create. You have visual mediums like painting, drawing or photography. There are performance arts like dancing or theater. And there are musicians across an incredible breadth of genres and instructions, from voice to electronic DJ.
Having a thriving artistic community makes a city a better place to live. There are shows and performances to go to, which improves the quality of life for residents and encourages tourism. But to have such a community, artists need to make a viable living in that city. Quality of life and cost of living for essentials like food and housing, plus affordable rent remain important for those looking to dive into their artist endeavors.
To determine the best cities for artists, we looked for cities with a good walk score and t the average price for studio apartments. Many artists need or want separate spaces to create and work in, same as with offices for other industries, so having affordable studios for rent is key.
We also looked for how many museums there are per density and how many artistic organizations were in the city by density. That included theaters, artistic collectives, performing arts centers and more. All cities also had a population of over 50,000.
The following 10 places emerged as the best cities for artists to live and work in.
10. Baltimore, MD
In recent years, Baltimore has risen the charts as one of the best cities for creatives. This is especially true for the visual arts.
There are more than 60 diverse museums within the area, and it’s the home of renowned museums like the Baltimore Art Museum and the Walters Art Museum. Their substantial collections feature historic art from around the world, as well as exciting contemporary work. The city also supports modern, experimental art in outdoor public spaces like the Glenstone museum and sculpture garden and Downtown Frederick Public Art Trail, making art accessible to all.
There are also ample opportunities in the performing arts. The city is home to seven different performing arts companies and numerous dance and music groups.
Living here, artists can enjoy an abundance of creative outlets and good, affordable quality of life. With an average city median income of $51,000, the average cost for a studio apartment is $1,346. This was down 8.3 percent from last year. That gives artists lots of choices for space, as well as affordable rates.
Baltimore also has good public transportation, and a high Walk Score of 72.
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9. St. Louis, MO
This city that was once the gateway to the West is now a gateway for artists to comfortably live and create in an up-and-coming art city. While it is not the most walkable city, there are many other benefits. The average rent for a studio apartment is $1,328 — with plenty of availability.
St. Louis has an especially good reputation for performing arts, with 14 performing art companies and ten dance companies. Performance venues like The Fabulous Fox, housed in a grand old movie theater, and the Center of Creative Arts give the community hubs to experience art. And the contemporary visual arts scene is also on the rise.
The public can appreciate art in outdoor spaces like Citygarden, and museums like the Grand Center and the St. Louis Art Museum boasts exceptional modern art collections. So there are plenty of places for artists to congregate and work together.
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8. Chicago, IL
Chicago has a well-deserved reputation for being one of the United States’ best cities for art, alongside staples like Los Angeles and New York City. But of those two, Chicago is the only one to make it into the top 10 best cities for artists. This means it’s much more affordable than the other two, but still gives artists the creative stimulation they crave. It’s also the place where many greats get their start.
Chicago has many benefits — the downtown area is a dense urban grid, with a very high WalkScore of 84. For outlying areas, there’s excellent public transit. However, most art and culture institutions are downtown — from theaters to museums — so it’s a very centralized area. There are outdoor spaces like Millennium Park for fresh air, access to nature and art installations (hello, The Bean). Museums like the Art Institute of Chicago enjoy tremendous renown for their collections.
Plus, there are top-ranked performing arts opportunities, from theater to music to improv at Second City, one of the nation’s best comedy and improv schools. While average studio rent is $1,784, making it the second most expensive city for studios in the top 10, you’ll have access to world-renowned art institutions for learning and displaying your art.
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7. Berkeley, CA
Although Berkeley is largely known as a center for engineering, science and tech due to UC Berkeley, art and culture are equally strong here. This city of over 121,000 has an incredibly diverse population. And the presence of the university invites fresh, young minds from around the world, feeding innovation and creativity.
Berkeley also feeds off of the cultural thrum of the surrounding Bay Area and nearby San Francisco.
But being in the tech-heavy Bay Area, life is expensive. A Berkeley studio costs an average of $2,250. This makes it the most expensive of the top ten cities. But on the upside, Berkeley is extremely walkable, making it easy to get to the many artistic opportunities that exist. Berkeley is especially known for its performing arts. It’s home to the Berkeley Repertory Theatre, a Tony-winning regional playhouse and other top theater and performance companies.
For visual artists, collectives like the ACCI Gallery and museums like Berkeley Art Museum and Pacific Film Archive exist. West Berkeley and the North Shattuck areas are especially popular artist neighborhoods.
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6. Philadelphia, PA
Aspiring and working artists priced out of New York have been turning to Philadelphia. This has made it one of the most exciting artistic hubs on the East Coast. Steeped in history, the city also buzzes with vibrant young minds and modern energy.
Rent and cost of living are significantly lower than in NYC. A studio costs, on average, $1,745. Two top art schools call Philly home: the Pennsylvania Academy of Fine Arts and Temple University’s Tyler School of Art.
And there is art everywhere, from museums to public spaces. The Philadelphia Art Museum is the third-largest in the U.S., and the Rodin Museum has one of the largest collections of his work outside Paris. Performing arts-wise, there is a great live music scene, especially for classical music thanks to the Philadelphia Orchestra.
The Avenue of the Arts acts as a hub, with performance spaces for everything from dance to experimental work. Dancers will also find a welcoming community here, as there are multiple esteemed dance companies.
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5. Seattle, WA
Seattle’s reputation for incredible live music needs no introduction. Grunge originated here, thanks to influential bands like Nirvana. And music and performance are still part of the lifeblood of the city. But there’s more to Seattle’s art scene than that.
There are over 80 theater companies and great dance companies like the Pacific Northwest Ballet. Galleries and small venues provide space for experimental, undercover art movements. But “mainstream” art also has a place here at museums and places like the Seattle Art Museum, Chihuly Garden and Glass and the Olympic Sculpture Park.
In Seattle, studio apartments run an average of $1,481. And this is down almost 14.2 percent from last year, so there is plenty of space available and demand.
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4. Washington, D.C.
The U.S. capital is a hotbed for history and art, which go hand in hand here. There are abundant museums and inspiring architecture everywhere you turn. But it’s not just about the past. There is also a thriving contemporary art community.
Check out spots like the Culture House DC, a 19th-century church painted in bold colors and now houses an artist collective. And there are frequent art festivals and performances of music, dance and theater.
If you’re an artist looking for a city with a lot of options for studios, D.C. is the place for you. The average rent is $1,686, plus it’s also a very pedestrian-friendly city that’s easy to navigate on foot.
All in all, D.C. offers a great emerging art scene in a city that’s affordable and safe, with plenty of history to inspire you.
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3. Pittsburgh, PA
In 2018, Pittsburgh ranked as one of the top cities in America for artistic vibrancy. It’s no small wonder. Similar to Philadelphia, artists love the affordable cost of living — $1,194 for a studio.
In Pittsburgh, they’re finding world-class museums, outdoor festivals, creative collectives and performing arts companies that are pushing boundaries and generating buzz. Some must-visit spots include the Carnegie Museum of Art, the Andy Warhol Museum and The Mattress Factory.
Outside of town, you’ll also find Frank Lloyd Wright’s architectural masterpiece, Fallingwater.
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2. Minneapolis, MN
Coming in at No. 2 in the top 10 best cities for artists is one half of the Twin Cities itself: Minneapolis. Of course, this Midwest hub is well-known for its friendly residents, parks, lakes and outdoor access. But it also has fantastic opportunities for art.
Minneapolis has 55 different museums to visit, among them the eye-catching Weisman Art Museum. As a city that loves nature, lots of art is outdoors and open for everyone. Minneapolis is especially well-known for its vibrant murals, easily found all over the city. Oh, and of course, there’s a great music scene. What else would you expect from the home of Prince?
Add in low rent on studios, $1,236 on average, and you’ll discover why it’s no wonder so many artists find inspiration here.
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Topping the list of the best cities for artists is the Connecticut capital of Hartford. This scenic city celebrates both contemporary and historic art through its many institutions, from museums to collectives.
World-class touring performances come through at venues like the Bushnell Center for the Performing Arts. And local companies like TheaterWorks showcase contemporary work. The city is also committed to promoting diverse artists and voices. For example, the unique Artists Collective highlights the work of the African Diaspora. And the Real Art Ways organization supports experimental and new work in a variety of mediums.
Beyond the artistic community, Hartford is also very affordable for working artists. It boasts the cheapest prices for studio apartments — the average being $1,121.
Good quality and cost of living go a long way toward supporting an artist’s lifestyle. And if the urban scene isn’t sufficiently inspiring, Connecticut’s natural beauty is also sure to spark the imagination.
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The 50 best cities for artists
Now that you’ve seen the top 10, let’s branch out to discover even more cities that have created an atmosphere where artists can thrive and create. Please note, our methodology allows for ties.
Methodology
To find the best cities for artists, we used the following data points:
Performing arts businesses and establishments per density
Museums per density
Walk score
Average rent of a studio apartment
We looked at cities with at least 50,000 people according to the U.S. Census Bureau’s 2019 population estimates and ranked each city in each of these four categories. Then, we added up the rankings for each of the four categories to determine a final score for each city. Ties were allowed in our rankings. The cities with the lowest overall score were determined to be the best cities for artists.
We excluded cities from this study that had insufficient rental inventory or other data.
Business and establishment data comes from commercially sourced business listings. This may not account for recent business openings or closures.
Rent prices are based on a one-year rolling weighted average from Apartment Guide and Rent.com’s multifamily rental property inventory as of April 2021. Our team uses a weighted average formula that more accurately represents price availability for each unit type and reduces the influence of seasonality on rent prices in specific markets.
The rent information included in this article is used for illustrative purposes only. The data contained herein do not constitute financial advice or a pricing guarantee for any apartment.
Capital One 360 is a particularly good choice if you’re looking for a strong all-round option ifn online banking. In fact, it’s The Simple Dollar’s pick for the best free checking account. This online arm of Capital One should appeal to anyone who wants to dip their toes into online banking with a convenient, trusted service that boasts several physical locations and a nationwide ATM network.
Savings APY
0.40%
J.D. Power Rating
854/1,000
1Y CD Rate
0.20%
SimpleScore
3.8 / 5.0
SimpleScore Capital One 3.8
Savings APY 4
1Y CD APY 3
Customer Satisfaction 4
Mobile App 4
Product Variety 4
Capital One 360 is a particularly good choice if you’re looking for a strong all-round option in online banking. In fact, it’s The Simple Dollar’s pick for the best free checking account. This online arm of Capital One should appeal to anyone who wants to dip their toes into online banking with a convenient, trusted service that boasts several physical locations and a nationwide ATM network.
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In this article
Capital One 360 Highlights
No hidden fees or minimums as you earn interest on your everyday money
38,000 fee-free Allpoint® ATMs and 2,000 Capital One® ATMs
Free MasterCard® Debit Card for all purchases
Mobile check deposits with CheckMateSM & one checkbook’s free
Capital One 360 launched in 2013 after Capital One acquired ING Direct and rebranded the service. As a former ING Direct customer, I “inherited” a Capital One 360 savings account that I still use today, and I can personally attest to the convenience and ease of use it offers.
Capital One 360 at a Glance
When it comes to your banking needs, you’ll have access to just about everything you expect from a bank through Capital One 360, as well as some products that aren’t as common for online-only banks. Here are the key offerings:
Savings: Capital One 360 offers personal, business, and kid-focused savings accounts.
Checking: There’s a no-fee personal checking account and a teen-friendly checking account that links to a debit card and helps teach your child how to manage money.
CDs: Choose from nine terms ranging from six to 60 months when you want to amp up your personal or business savings.
Mortgages: Whether you need a fixed- or adjustable-rate mortgage, Capital One 360 has you covered at competitive interest rates.
Investment accounts: With the Capital One Investing platform, you can build a portfolio of stocks, ETFs, and mutual funds. You can also open an IRA.
In addition, parent company Capital One fills in the gaps with auto loans, credit cards, and more extensive business and commercial banking. However, there are no money market accounts or personal loans.
If you’re nervous about online banking, note that your deposits with Capital One 360 will be protected by the Federal Deposit Insurance Corporation, just like at any brick-and-mortar bank. In addition, your data is fully encrypted and protected by several layers of security such as firewalls, intrusion detection, and multi-factor authentication.
Capital One 360 Performance Savings
Capital One 360 Performance Savings has a lot of appeal, the interest rate, currently 0.40% APY, isn’t the highest you can find online, but it’s still pretty competitive — especially when you consider that the national average is .09%, according to Bankrate. Add that to this account’s other perks, including no fees and no account minimums, and you’ve got a compelling savings option. Here are the account features at a glance:
No maintenance fees: At other banks, you may have to pay a fee just to have an account.
No account minimums: You don’t have to have a certain amount of money to open an account or maintain any sort of minimum balance to avoid a fee.
A great rate: You’ll earn 0.40% APY, more than eight times the national average.
Open multiple accounts: You can have up to 25 different savings accounts for free.
24/7 account access: Need to make a withdrawal at 2 a.m.? No problem.
Customer support any day of the week: You’re just a phone call away from a real person.
Easy account management: Schedule stress-free automatic deposits, and track your progress with the My Savings Goals feature.
Mobile check deposit: Depositing funds is as simple as snapping a picture with your phone using the CheckMate feature.
One of the nicest features on this list is the ability to open up to 25 savings accounts without ponying up account maintenance fees. This is a great way to stay organized if you have multiple savings goals.
Right now, I have a few separate savings accounts with Capital One 360, and have had several more in the past, including one dedicated to saving for a down payment on our house. You could also have one emergency-only account, one for a dream vacation, and so on.
I can also vouch for the convenience of the automatic savings plan, which let me funnel a certain amount of money into my savings account every other week without lifting a finger. You can also set up an automatic transfer to take place as often as every week or as little as once every few months depending on your savings goals. It’s a great way to force yourself to save and requires very little effort to set up.
The biggest downside here is the interest rate. I’ve watched my interest rate sink (and sink … and sink) over the past several years from a high of close to 5%, when I opened it with ING. Now, that’s not a situation that’s unique to Capital One 360 — rates have plummeted everywhere, and the current rate of 0.40% is definitely higher than brick-and-mortar banks offer.
However, some competing online-only banks are higher — you’ll find a few in our guide to the best savings accounts. That isn’t a lot in the grand scheme of things, but every bit helps.
Capital One 360 Checking
Capital One 360 Checking shares many of the benefits of the savings account, including no maintenance fees and mobile check deposits. Though I don’t personally use Capital One 360 for checking, The Simple Dollar has picked it as one of the best checking accounts for 2020. Why? Here are some of the main features:
No maintenance fees or minimums: You won’t need to keep a minimum balance or hook up direct deposit to avoid maintenance fees, like many other banks require.
No overdraft fees: At many banks, you’ll pay $30 or more every time your account is overdrawn.
Nationwide ATMs: You’ll get fee-free access to 38,000 Allpoint ATMs and 2,000 Capital One ATMs.
Free debit card: You’ll get a MasterCard debit card to make purchases. And as a bonus, there are no foreign transaction fees if you use it overseas.
Pay other individuals for free: You can easily send money directly to others’ bank accounts, even if they don’t also bank with Capital One 360.
Mobile check deposit: Depositing funds is as simple as snapping a picture with your phone using the CheckMate feature.
Free online bill pay: Use the bill pay center to keep up with bills online — no need to waste checks or stamps. If a bill ever arrives late because of Capital One 360, they will pay your penalty fees.
Earn interest on your balance: You’ll get 0.10% APY on all balances.
One of the biggest perks of Capital One 360 Checking is the lack of an overdraft fee. These fees top $30 at other banks and can add up fast. Instead, Capital One hooks up your checking account to an Overdraft Line of Credit of up to $1,000. You’ll simply pay interest on the amount you’re overdrawn only for as long as you’re overdrawn.
To get an idea of how much that can save you, here’s an example: If you slipped up and overdrew your account by $100 for just five days, you’d only pay about 15 cents in interest with Capital One 360 instead of a fee over $30 with another bank. That’s a big savings for anyone who has let their balance slip into the red from time to time.
On the downside, you’ll have to have a pretty substantial balance to earn anything more than 0.10% APY on this account, and there are competitors that offer better yields on checking. For instance, Ally will bump you up to 0.10%–0.25% depending on your balance, and Bank5Connect offers 0.20% on any balance over $100. If you’re like most people, you aren’t going to park a huge amount of money in a checking account. Still, the interest is a nice bonus.
I also want to mention the fees that I did see: $25 to stop payment, $20 to overnight a check, and up to $40 for domestic wire transfers. The first two fees are in line with national averages, but $40 for wire transfers is high — so take note if you think you may use wire transfers often.
You will also have to pay for checks with Capital One 360. The first checkbook is free, but after that, it’s $5 per book of 50 checks. It’s a trade-off I’ll gladly make for no account maintenance fees and the lack of overdraft gouging, but it’s still worth noting.
Capital One 360 Accounts for Children and Teens
Online banks will probably be even more common once your kids are grown, so Capital One 360 could be the perfect way to teach them about money.
Kids Savings Account: A lot of banks offer savings accounts aimed at teaching kids the value of a dollar, but most earn the paltry interest rates typical at brick-and-mortar institutions. Kids will earn 0.00% APY, but they will have access to tools including the automatic savings plan and My Savings Goals tracker. They get their own log-in to check their balance, but adults will have to transfer money to and from the account.
MONEY (teen checking): This checking account aimed at teens help them learn how to use a checking account and fully featured debit card, but adults can easily keep tabs on account activity. Teens have access to all of Capital One’s ATMs as well, but only adults can initiate online money transfers.
Getting Started with Capital One 360
Capital One has a clean, easy-to-use website, and opening an account is a fairly effortless affair. To open a savings or checking account, you’ll need to enter standard personal information: name, address, date of birth, and Social Security number.
You’ll also need to link your new account to an existing checking account for funding purposes. You simply enter your account number and bank’s routing number, all found on the bottom of your current checks. You’ll be asked to verify ownership of your external account by confirming one or two small deposits from Capital One 360. You can link up to three personal checking accounts to a Capital One 360 checking or savings account.
After you open a savings account, your funds will be held for 10 business days for security purposes. After that, all new deposits are held for five business days before they’re available for withdrawal. Checking account deposits have a standard two-day hold; however, some types of deposits (such as direct deposit) are available sooner. You may have to wait up to five days to access all of a check deposit over $500, however.
Who Is Capital One 360 Best For?
You tend to rack up overdraft fees: If you’re in the habit of withdrawing more than you owe, you know that bank fees make that an expensive habit. Though you should still aim to better track your balance and avoid the situation entirely, Capital One 360’s Overdraft Line of Credit means you’re likely to pay just pennies in interest instead of over $30 in fees.
You’re looking for a lot of services in one spot: A lot of online-only banks focus only on checking and savings to the exclusion of other products, but you have a lot more to choose from with Capital One 360, like mortgages and investments. And 360’s parent bank, Capital One, provides easy access to other products such as auto loans and credit cards.
You’re not that tech-savvy but still wants to start banking online: Opening an account with Capital One 360 is very simple, and the online interface is very streamlined. Several cities now even have inviting brick-and-mortar Capital One 360 Cafes, where you can open an account or speak with an associate in person over a cup of Peet’s coffee.
You have a variety of savings goals and want an easy way to manage them: Capital One is great for savers with a lot of different goals. Because you can have up to 25 different accounts for free, it’s easy to keep your money in different buckets but still manage each account in one spot.
You like the idea of online banking, but lesser-known online banks make you nervous: Capital One 360 is an established brand with all the resources of a major bank, including its huge ATM network — that may mean peace of mind for some people.
Who Might Want to Skip Capital One 360?
While Capital One 360 should have a lot of appeal for the casual saver who wants a convenient venue for their online banking, there are still a few downsides. You may want to look elsewhere if:
You’re chasing the highest interest rate: While Capital One 360 offers solid interest rates that eclipse those offered by traditional brick-and-mortar banks, they aren’t the highest you’ll find online.
You need your money fast: This can be an issue with all online banks, but some online reviewers complain that Capital One 360’s hold times on check deposits are too long. Assuming you’re using mobile check deposit to put funds in your checking account, you’ll only get access to the first $200 of a check over $500 the next business day. You’ll have to wait five business days to access the remainder of the deposit. (Note that direct deposits, if available, are a good way around this, as you can get same-day access to those funds.) For savings accounts, you’ll wait five business days to access any deposit. Since I don’t expect to turn around and immediately access my savings, I’ve been OK with this delay, but I can understand why the checking holds would be frustrating.
You want 24/7 customer service: Disappointingly, Capital One 360 does not staff its call center around the clock. Many may not take issue with this, but it’s worth noting that several competitors do let you talk to a live person, even at 3 a.m.
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Too long, didn’t read?
When it’s all said and done, Capital One 360 is a great option for anyone who wants the convenience of online banking, better-than-average interest rates, and no account maintenance fees. Capital One 360 has extended their current offer – sign up by 11/30 to earn up to $500 when you maintain a certain balance in your new account for 90 days.
You’ve got several factors to consider — ATM access, interest rates, monthly fees, minimum balances, mobile app reviews, and more.
Another factor to consider: bank promotions. These are cash bonuses you can earn when opening a new checking or savings account with a bank or credit union during the promotion window, meeting any specific criteria and keeping the account open at least long enough to earn the extra cash.
While a savings or checking bonus shouldn’t be your top reason to choose a bank, don’t rule it out entirely. After all, wouldn’t it be nice to fund your shiny new account with some extra cash?
Many banks offer such sign-up bonuses, but often, these bonuses aren’t advertised, meaning finding the best bank account bonuses can be tricky. That’s why we did some digging for you and found some hefty cash offers.
Best Bank Promotions of May 2021
We’ve researched the best cash bonuses available this month so you don’t have to. Below, you’ll find our favorite checking and savings account bonuses.
Keep an eye on what it takes to qualify, as well as any limitations. Direct deposit and minimum balances are commonly factors in securing these bonuses. Also pay attention to any monthly fees the account might carry; over time, these could weigh out the actual cash bonus. Otherwise, happy bank bonus shopping!
1. Aspiration Account: $150
Bonus amount: $150
How to get the bonus: To earn your $150, here’s all you need to do: Open your Aspiration account and deposit at least $10. Aspiration will send you a debit card associated with the account. Use the Aspiration debit card to make at least $1,000 of cumulative transactions within the first 60 days of opening your account. There’s no need to spend extra money — just use your card to buy groceries and pay your utilities.
Where to sign up: Enter your email address here, and link your bank account.
When you’ll get the bonus: Allow up to 120 calendar days from account opening to receive the bonus; you must have completed the requirements within the first 60 days.
The fine print: With Aspiration, your money is FDIC insured and under a military-grade encryption. The account offers up to 1.00% APY on savings and allows fee-free withdrawals at more than 55,000 ATMs. There are no hidden fees with Aspiration (monthly fees are on a “Pay What is Fair” policy, and that can be zero every month!), and you’ll earn cash back when you spend at socially conscious businesses (up to 5%).
No offer expiration.
2. Aspiration Plus Account: $200
Bonus amount: $200
How to get the bonus: To earn your $200, here’s all you need to do: Open your Aspiration Plus account during signup or within the first 60 days of enrollment in the regular Aspiration Account. Deposit at least $10. Aspiration will send you a debit card associated with the account. Use the Aspiration debit card to make at least $1,000 of cumulative transactions within the first 60 days of opening your account. There’s no need to spend extra money — just use your card to buy groceries and pay your utilities.
Where to sign up: Enter your email address here, and link your bank account.
When you’ll get the bonus: Allow up to 120 calendar days from account opening to receive the bonus; you must have completed the requirements within the first 60 days.
The fine print: With Aspiration, your money is FDIC insured and under a military-grade encryption. The account offers up to 1.00% APY on savings and allows fee-free withdrawals at more than 55,000 ATMs. Unlike the typical Aspiration Account, there is a $15/month fee (or $12.50/month if you pay annually). However, you’ll earn more cash back when you spend at socially conscious businesses (up to 10%), get monthly out-of-network ATM reimbursement and receive carbon offsets for all gas purchases.
No offer expiration.
3. TD Bank Beyond Checking Account: $300
Bonus amount: $300
How to get the bonus: Open a new TD Beyond Checking account. You must receive a total of $2,500 or more via direct deposit within 60 days of opening your new account.
Where to sign up: Visit this TD Checking page. Click the orange “open account” button, and follow the instructions to open a TD Beyond Checking account.
When you’ll get the bonus: The $300 bonus will be deposited into your account within 140 days of opening.
The fine print: While this bonus offer sounds too good to be true, it is definitely attainable. However, only open the account if you regularly get sizable monthly deposits or can maintain a healthy minimum balance. That’s because the account charges a monthly maintenance fee, but TD will waive the fee if you receive monthly direct deposits of $5,000, keep a minimum daily balance of $2,500 or maintain a combined balance across all your TD bank accounts of a whopping $25,000.
TD fees—and the bank’s capacity for waiving them—extend to ATMs. You won’t face fees for making withdrawals at TD’s own ATMs, and it’ll reimburse all fees for withdrawing at non-TD ATMs as long as you keep your daily balance at $2,500 or more.
No offer expiration.
4. TD Bank Convenience Checking Account: $150
Bonus amount: $150
How to get the bonus: Open a new TD Convenience Checking account. You must receive a total of $500 or more via direct deposit within 60 days of opening your new account.
Where to sign up: Visit this TD Checking page. Click the orange “open account” button, and follow the instructions to open a TD Beyond Checking account.
When you’ll get the bonus: The $150 bonus will be deposited into your account within 140 days of opening.
The fine print: While this bonus offer sounds too good to be true, it is definitely attainable. Unlike the TD Bank Beyond Checking account, this checking account option is easier for financial beginners to manage. You only need to maintain a minimum balance of $100 to have the monthly maintenance fee waived. And if you are between the age of 17 and 23, there are no minimum balance requirements and no monthly maintenance fee.
However, the Convenience Checking account does not earn interest; the Beyond Checking account does.
No offer expiration.
Carmen Mandato/ The Penny Hoarder
5. Bank of America Advantage Banking Account: $100
Bonus amount: $100
How to get the bonus: Open a new Bank of American Advantage Banking account online using the offer code DOC100CIS. You must then set up and receive two qualifying direct deposits, each totaling $250 or more, within 90 days of opening the new account. This offer is only available to new Bank of America personal checking account customers.
Where to sign up: Visit the offer page and use the offer code DOC100CIS when opening the account.
When you’ll get the bonus: Bank of America promises to “attempt” to deposit the bonus into the account within 60 days of satisfying all requirements. Though the “attempt” disclosure seems a little suspect, we could not find traces of reviews citing unpaid bonuses.
The fine print: A qualifying direct deposit means the direct deposit must be regular monthly income, whether through salary, pension or Social Security benefits. Deposits through wire transfer, apps like Venmo or ATM transfers will not qualify.
Advantage Banking accounts come in three varieties: SafeBalance, Plus and Relationship. All three carry monthly maintenance fees that can be waived:
To waive the SafeBalance monthly maintenance fee of $4.95, enroll in Preferred Rewards.
To waive the Plus monthly maintenance fee of $12, receive a qualifying minimum direct deposit, maintain minimum daily balance requirements or enroll in Preferred Rewards.
To waive the Relationship monthly maintenance fee of $25, maintain the minimum combined balance in all linked accounts or enroll in Preferred Rewards.
Offer expires June 30, 2021.
6. Associated Bank Access Checking Account: Up to $500
Bonus amount: Up to $500
How to get the bonus: Open a new Associated Access Checking account with a minimum deposit of $25 and receive direct deposits totaling at least $500 within 90 days of opening your account. Bonus values will vary based on the sum of the average daily balance of all Associated Bank deposit accounts from days 61 to 90:
Average daily balances of $1,000 to $4,999.99 will earn a $200 bonus.
Average daily balances of $5,000 to $9,999.999 will earn a $300 bonus.
Average daily balances of $10,000 or more will earn a $500 bonus.
Where to sign up: Visit this Associated Bank account sign-up page and select the appropriate account.
When you’ll get the bonus: You will receive the bonus as a deposit to your account within 120 days of account opening.
The fine print: Must be a new Associated Access Checking customer. If easy access to a physical branch is important to you, note that the bank has locations in Illinois, Minnesota and Wisconsin, but members have free access to MoneyPass ATMs nationwide. Account must remain open for a minimum of 12 months; if you close it early, Associated Bank reserves the right to deduct the paid out bonus before account closure.
The account requires a minimum deposit of $25, charges $4 a month if you require paper statements and does not earn interest.
Offer expires May 31, 2021.
7. Associated Bank Balanced Checking Account: Up to $500
Bonus amount: Up to $500
How to get the bonus: Open a new Associated Balanced Checking account with a minimum deposit of $100 and receive direct deposits totaling at least $500 within 90 days of opening your account. Bonus values will vary based on the sum of the average daily balance of all Associated Bank deposit accounts from days 61 to 90:
Average daily balances of $1,000 to $4,999.99 will earn a $200 bonus.
Average daily balances of $5,000 to $9,999.999 will earn a $300 bonus.
Average daily balances of $10,000 or more will earn a $500 bonus.
Where to sign up: Visit this Associated Bank account sign-up page and select the appropriate account.
When you’ll get the bonus: You will receive the bonus as a deposit to your account within 120 days of account opening.
The fine print: Must be a new Associated Balanced Checking customer. If easy access to a physical branch is important to you, note that the bank has locations in Illinois, Minnesota and Wisconsin, but members have free access to MoneyPass ATMs nationwide. Account must remain open for a minimum of 12 months; if you close it early, Associated Bank reserves the right to deduct the paid out bonus before account closure.
The account requires a minimum deposit of $100 and does not earn interest.
Offer expires May 31, 2021.
8. Associated Bank Choice Checking Account: Up to $500
Bonus amount: Up to $500
How to get the bonus: Open a new Associated Choice Checking account with a minimum deposit of $100 and receive direct deposits totaling at least $500 within 90 days of opening your account. Bonus values will vary based on the sum of the average daily balance of all Associated Bank deposit accounts from days 61 to 90:
Average daily balances of $1,000 to $4,999.99 will earn a $200 bonus.
Average daily balances of $5,000 to $9,999.999 will earn a $300 bonus.
Average daily balances of $10,000 or more will earn a $500 bonus.
Where to sign up: Visit this Associated Bank account sign-up page and select the appropriate account.
When you’ll get the bonus: You will receive the bonus as a deposit to your account within 120 days of account opening.
The fine print: Must be a new Associated Choice Checking customer. If easy access to a physical branch is important to you, note that the bank has locations in Illinois, Minnesota and Wisconsin, but members have free access to MoneyPass ATMs nationwide. Account must remain open for a minimum of 12 months; if you close it early, Associated Bank reserves the right to deduct the paid out bonus before account closure.
The account requires a minimum deposit of $100. This account is the only Associated option that earns interest and offers complimentary checks.
Offer expires May 31, 2021.
9. Citizens Bank Student Checking Account: Up to $400
Bonus amount: Up to $400
How to get the bonus: Open a new Student Checking account with Citizens Bank. Receive a direct deposit of $500 or more within the first 60 days to earn a $300 bonus.
Earn an additional $2 for every debit card purchase you make within the first 60 days, up to $100 total rewards (50 purchases).
Where to sign up: Visit this promotional page for Citizens Bank and choose “Open Your Account” button for the Student Checking account. The promotion only applies when opening the account via this page.
When you’ll get the bonus: If you open the account this month (May 2021), your bonus will be paid by September 30, 2021.
The fine print: Cannot have had a Citizens Bank account in the six months prior. Qualifying debit card transactions must be in person, on an app or on a merchant site; online bill payments and ATM payments do not qualify. While the account advertises a $0 monthly maintenance fee, you must be under 25 for this to apply. This account does not offer an APY.
Offer expires May 13, 2021.
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10. Citizens Bank One Deposit Checking from Citizens: Up to $400
Bonus amount: Up to $400
How to get the bonus: Open a new One Deposit Checking from Citizens. Receive a direct deposit of $500 or more within the first 60 days to earn a $300 bonus.
Earn an additional $2 for every debit card purchase you make within the first 60 days, up to $100 total rewards (50 purchases).
Where to sign up: Visit this promotional page for Citizens Bank and choose “Open Your Account” button for One Deposit Checking from Citizens. The promotion only applies when opening the account via this page.
When you’ll get the bonus: If you open the account this month (May 2021), your bonus will be paid by September 30, 2021.
The fine print: Cannot have had a Citizens Bank account in the six months prior. Qualifying debit card transactions must be in person, on an app or on a merchant site; online bill payments and ATM payments do not qualify. There is a monthly maintenance fee of $9.99; to waive it, make one deposit each statement period. This account does not offer an APY.
Offer expires May 13, 2021.
11. Citizens Bank Platinum Checking: Up to $400
Bonus amount: Up to $400
How to get the bonus: Open a new Citizens Platinum Checking account. Receive a direct deposit of $500 or more within the first 60 days to earn a $300 bonus.
Earn an additional $2 for every debit card purchase you make within the first 60 days, up to $100 total rewards (50 purchases).
Where to sign up: Visit this promotional page for Citizens Bank and choose “Open Your Account” button for the Platinum Checking account. The promotion only applies when opening the account via this page.
When you’ll get the bonus: If you open the account this month (May 2021), your bonus will be paid by September 30, 2021.
The fine print: Cannot have had a Citizens Bank account in the six months prior. Qualifying debit card transactions must be in person, on an app or on a merchant site; online bill payments and ATM payments do not qualify. There is a monthly maintenance fee of $25; to waive it, you must have a combined monthly balance (across all Citizens deposit and investment accounts) of $25,000 or more. This account offers an APY with a variable rate, but it is quite low compared to typical online bank APYs.
Offer expires May 13, 2021.
12. Citizens Bank Platinum Plus Checking: Up to $400
Bonus amount: Up to $400
How to get the bonus: Open a new Citizens Platinum Plus Checking account. Receive a direct deposit of $500 or more within the first 60 days to earn a $300 bonus.
Earn an additional $2 for every debit card purchase you make within the first 60 days, up to $100 total rewards (50 purchases).
Where to sign up: Visit this promotional page for Citizens Bank and choose “Open Your Account” button for the Platinum Plus Checking account. The promotion only applies when opening the account via this page.
When you’ll get the bonus: If you open the account this month (May 2021), your bonus will be paid by September 30, 2021.
The fine print: Cannot have had a Citizens Bank account in the six months prior. Qualifying debit card transactions must be in person, on an app or on a merchant site; online bill payments and ATM payments do not qualify. There is a monthly maintenance fee of $25; to waive it, you must have a combined monthly balance (across all Citizens deposit and investment accounts) of $25,000 or more and make a deposit of at least $5,000 in your checking account each statement period OR maintain an average daily balance in the checking account of $10,000 or more. This account offers an APY with a variable rate, but it is quite low compared to typical online bank APYs.
Offer expires May 13, 2021.
13. PNC Virtual Wallet Account: $50
Bonus amount: $50
How to get the bonus: Open a new PNC Virtual Wallet account online or in a branch. Receive qualifying direct deposits of $500 within the first 60 days.
Where to sign up: Visit this promotional page for PNC and choose “Apply Now” for the Virtual Wallet account (either with Spend, Reserve and Growth or just Spend).
When you’ll get the bonus: After meeting the bonus criteria, you will receive the bonus (labeled “Cash Trans Promo Reward” on your monthly statement) within 60 to 90 days.
The fine print: Cannot have a current PNC account or have closed an account within the previous 90 days. Qualifying direct deposits include paychecks, Social Security, pension or other recurring monthly income that is electronically deposited by your employer or an outside agency into your account. The account carries a $7 monthly service charge that can be waived if 1) you have $500 or more in monthly direct deposits in the associated Spend account, 2) you maintain $500 or more between associated Spend and Reserve accounts, or 3) are 62 or older. This account does not earn interest.
Offer expires June 30, 2021.
14. PNC Virtual Wallet with Performance Spend Account: $200
Bonus amount: $200
How to get the bonus: Open a new PNC Virtual Wallet with a Performance Spend account online or in a branch. Receive qualifying direct deposits of $2,000 within the first 60 days.
Where to sign up: Visit this promotional page for PNC and choose “Apply Now” for the Virtual Wallet with Performance Spend account (either with Spend, Reserve and Growth or just Spend).
When you’ll get the bonus: After meeting the bonus criteria, you will receive the bonus (labeled “Cash Trans Promo Reward” on your monthly statement) within 60 to 90 days.
The fine print: Cannot have a current PNC account or have closed an account within the previous 90 days. Qualifying direct deposits include paychecks, Social Security, pension or other recurring monthly income that is electronically deposited by your employer or an outside agency into your account. The account carries a $15 monthly service charge that can be waived if 1) you have $2,000 or more in monthly direct deposits in the associated Spend account, 2) you maintain $2,000 or more between associated Spend and Reserve accounts, or 3) have at least $10,000 across all consumer PNC accounts.
Offer expires June 30, 2021.
15. PNC Virtual Wallet with Performance Select Account: $300
Bonus amount: $300
How to get the bonus: Open a new PNC Virtual Wallet with Performance Select account online or in a branch. Make qualifying direct deposits of $5,000 within the first 60 days.
Where to sign up: Visit this promotional page for PNC and choose “Apply Now” for the Virtual Wallet with Performance Select account (either with Spend, Reserve and Growth or just Spend).
When you’ll get the bonus: After meeting the bonus criteria, you will receive the bonus (labeled “Cash Trans Promo Reward” on your monthly statement) within 60 to 90 days.
The fine print: Cannot have a current PNC account or have closed an account within the previous 90 days. Qualifying direct deposits include paychecks, Social Security, pension or other recurring monthly income that is electronically deposited by your employer or an outside agency into your account. The account carries a $25 monthly service charge that can be waived if 1) you have $5,000 or more in monthly direct deposits in the associated Spend account, 2) you maintain $5,000 or more between associated Spend and Reserve accounts, or 3) have at least $25,000 across all consumer PNC accounts.
Offer expires June 30, 2021.
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How to Search for Bank Bonuses on Your Own
In the spirit of not listing approximately 193 bank promotions, we kept this list short and sweet — only highlighting the best bank promotions for checking and savings accounts.
But maybe you’re interested in banking with your local credit union, opening up a small business checking account or finding the perfect investment account? There are often bonus offers attached to these account openings, too.
The banks don’t always make finding these promotions easy, so here are a few tips to help you get your hands on that cash bonus.
Check the bank’s website first. Sometimes it’ll advertise its promotions right there. This is rare, but it’s worth a quick check — it could save you a ton of time.
If you don’t have any luck, reach out to the bank’s customer service team through phone, email or chat. Let them know you’re shopping for a new account, and you’d like to know if it’s running any promotions. More often than not, the nice representative will send you a special link.
If this doesn’t work, turn to your trusty friend Google. Look for the best bank account bonuses. Because you’ll likely dig up some offers from third-party sites, you’ll want to take a few minutes to make sure the offer:
Hasn’t expired.
Is legitimate. Make sure the bank is FDIC-insured and has a positive Better Business Bureau rating. You can even read some online reviews.
Doesn’t require outrageous qualifying activities. For example, it might not be realistic for you to maintain an average daily balance of $50,000 and carry out 60 qualifying debit card purchases or receive five direct deposits before the end of your first 30-day statement cycle.
You can also reach out to your family, friends and social network to crowdsource bank recommendations. Sometimes banks have impressive referral programs, so both you and your friend could benefit from you signing up.
Overall, be smart. Don’t let that promise of an account bonus blind you. Also, read the fine print so you don’t get stuck paying high monthly fees, interest rates or closing penalties.
Will Opening a Bank Account Hurt Your Credit Score?
If you’re worried that opening a new bank account or closing an old one will hurt your credit score, don’t be. Your bank accounts are not included in your credit report and therefore have no effect on your credit score, unless you have an outstanding negative balance that the bank turns over to a collection agency.
Sometimes when you go to open a new bank account, banks will do a soft credit check. However, that won’t affect your credit score.
Now, go enjoy your fresh new bank account and that nice cash bonus you’re about to pocket. Add it to your savings account, put it toward student loan payments or, heck, treat yourself!
Editorial Disclosure: This content is not provided by the bank advertiser. Opinions expressed here are the author’s alone, not those of the bank advertiser. This site may be compensated through the bank advertiser Affiliate Program.
As traditional banks struggle with customer frustration over hidden fees and insultingly low interest rates, Ally Bank has positioned itself as the antidote to these problems.
Savings APY
0.50%
1Y CD Rate
0.55%
J.D. Power Rating
853/1,000
SimpleScore
4.2 / 5.0
SimpleScore Ally Bank 4.2
Savings APY 5
1Y CD APY 5
Customer Satisfaction 4
Mobile App 3
Products 4
By and large, it has succeeded, becoming one of the best all-around options for online banking today and The Simple Dollar’s pick for the best all-around savings account for 2018.
Ally, previously known as GMAC Bank, launched in 2009. It was rebranded after parent company GMAC — the financial arm of General Motors — received billions in bailout money from the U.S. government during the subprime mortgage crisis.
Despite its rocky beginnings, Ally Bank has grown and flourished. It now has more than a million customers, likely due to its appealing blend of competitive interest rates and low, clearly disclosed fees.
In this article
Ally Bank at a Glance
If you’re just looking for basic checking or savings products, Ally has a particularly strong lineup. Here are the products and services you’ll find:
Savings: Ally offers two main options: an online savings account and a money market account.
Checking: There’s just one checking option, but it’s a good one: no-fee interest checking.
CDs: Choose from three account options: the High-Yield CD, with seven terms ranging from three months to five years; the Raise Your Rate CD, with a two- or four-year term; or the 11-month No Penalty CD.
IRA savings and CDs: Ally offers an IRA online savings account, or you can choose an IRA High-Yield CD or an IRA Raise Your Rate CD.
IRA plans: Traditional, Roth, and SEP IRAs are available, too.
Ally also has a sizeable auto loans business, but you can’t apply for financing online — it’s only available at select dealers, including GM, Chrysler, and Maserati. It also has a business financing division, but only for sizeable transactions of more than $15 million. There are no mortgages, personal loans, business checking or savings accounts, credit cards, or non-IRA investment accounts.
Ally’s Online Savings account is one of the best options in the industry when you consider the high interest rate and lack of fees. In fact, it’s such a strong option that The Simple Dollar named it the best all-around savings account for 2018. Here are the main account features:
No minimum deposit: You don’t need any certain amount to open your account, unlike some other banks that will require an initial deposit of $250, $500, or even $1,000 or more.
No account maintenance fees: You also won’t pay a monthly fee to keep your account open, regardless of your balance.
A very high interest rate: Your deposits will earn 0.50% APY currently.
Mobile check deposit: It’s as simple as snapping a photo of a check with your smartphone using Ally eCheck Deposit.
24/7 account access and customer service: Get the convenience of online banking or connect with a customer service agent regardless of the time.
Simple transfers: Move your money easily by scheduling transfers up to a year in advance, and link up to 20 external accounts to your Ally account.
The major benefit with Ally’s Online Savings is the interest rate, which is compounded daily. At 0.50% APY, it’s one of the most competitive rates in online banking. While this kind of interest certainly isn’t going to make you rich, it’s a lot better than the 0.01% (effective as of 10/14/2019. Interest rates are variable and subject to change) APY you might receive with Chase Savings℠, Bank of America, or another major brick-and-mortar bank.
Another big benefit is the generous number of external accounts you’re allowed to link up: 20. It’s common for other banks to limit you to three linked accounts, so this could be a big advantage for anyone who wants to move money between several accounts. You can also open, nickname, and link multiple savings accounts all in one go if you want to maintain separate accounts for separate savings goals.
Ally is also impressively clear about its fees. As I mentioned above, you won’t pay for monthly account maintenance. You also won’t pay for unlimited deposits, transfers to non-Ally accounts, incoming wires, online statements, postage-paid deposit envelopes, or cashier’s checks. (There are still some fees to note, but they are reasonable — they include $9 for overdrafts, $10 for excessive transactions, and $20 for outgoing wires.)
As for cons, there aren’t many. But if you’re used to depositing cash, that won’t be an option for you with Ally.
Ally Money Market Account
Ally also offers an outstanding money market account with a lot of the same features as its online savings account. For instance, there is no minimum deposit, there are no monthly maintenance fees, and you still have the option of mobile check deposits.
The major difference is that you’ll be getting a slightly lower interest rate, currently 0.50%, in exchange for a couple of nice conveniences. With the money market account, you’ll get a debit card and checks. And you can use your debit card at any ATM nationwide without paying steep fees: Ally won’t charge you, and it will reimburse any fees that other banks charge for using their ATMs.
No maintenance fees or minimums: Some banks charge monthly maintenance fees or require you to have a certain balance to avoid them. Not so with Ally.
No ATM fees: Ally doesn’t charge you for ATM withdrawals, and it will reimburse you at the end of the month for any fees that other banks charge.
Mobile check deposit: It’s as simple as snapping a photo of a check with your smartphone using Ally eCheck Deposit.
Easy to pay other individuals: With the Popmoney feature, you can easily send money to anyone else who has a bank account as long as you know their email address or cell phone number.
Earn interest on your balance: Ally’s Interest Checking earns 0.10%–0.25%.
One of the biggest benefits of Ally’s Interest Checking is the lack of ATM fees. Considering you can expect to pay an average of $4.35 every time you get money from an out-of-network ATM, not having to plan ahead to avoid fees is a nice convenience.
Of course, the absence of monthly maintenance fees and minimums is also appreciated — my own bank requires me to keep a pretty substantial balance to avoid shelling out $11 each month. Checks are free with Ally, too.
There are still other fees, including 1% for foreign transactions, $9 for overdrafts, $15 to stop payment, and $20 for outgoing wires. These fees are a good bit lower than industry averages, but note that if you travel abroad frequently or are concerned about overdraft fees, Capital One 360 doesn’t charge either one. (Note that you can protect yourself from overdraft fees by linking an Ally savings or money market account to your checking. Ally will pull money from the linked accounts in $100 increments to cover the overdraft, but you obviously have to have the funds in the linked account to avoid fees.)
There are also some better options out there if you’re looking for the best interest rate in a checking account. For instance, Bank5Connect offers 0.20% APY on any balance over $100, and FNBO Direct offers 0.25% with no minimum balance. However, since it doesn’t make much sense to think of a checking account as a long-term place to grow your money, I don’t consider this a major con.
Ally Certificates of Deposit
None of Ally’s CDs require a minimum deposit to open, which is a rare benefit. Interest is compounded daily. Ally also offers a 10-day Best Rate Guarantee on its CDs, which ensures you can snag the best rate Ally has within 10 days of opening or renewing your account. Here’s a rundown of your CD choices with Ally:
High-Yield CD: This type of CD gives you the most flexibility on term: Go as short as three months or as long as five years. Of course, the shorter the term, the lower your interest rate, but a 12-month CD currently earns 0.55% APY. This CD is available for Ally IRAs.
Raise Your Rate CD: You’ll only be able to choose a two- or four-year term with this option. However, you get the chance to bump up your rate (once for a two-year CD, twice for a four-year CD) if Ally’s rates go up after you’ve funded your CD. This is also available for Ally IRAs.
No Penalty CD: If the prospect of early-withdrawal fees is keeping you from opening a CD, Ally’s No Penalty CD lets you skip them entirely. The convenience means you’ll be getting a lower rate, and there is only one term available (11 months).
Getting Started with Ally
Ally has a streamlined, easy-to-understand website, and opening an account is easy. In fact, you can open multiple account types at once, even linking a newly opened checking and savings account for overdraft transfer service right away.
If you prefer, you can also open an account over the phone or by mailing in an application. Online chat is available if you have any quick questions during account opening.
Online, all you’ll need to enter is your name, date of birth, Social Security number, email address, mailing address, and phone number. You’ll be able to fund your new account right away if you link a non-Ally account and transfer money electronically (you will have to verify ownership of the account). You can also mail a check, use mobile deposit to submit a check, or set up a wire transfer.
For savings and checking accounts, direct deposits are available the same day. You’ll wait up to three business days for transfers you request from linked non-Ally accounts. For most check deposits, you’ll have access to $200 within one business day and $4,800 in two business days. Any amounts over $5,000 won’t be available until the fifth business day. Ally may apply five-day holds for customers who’ve had a history of overdrafts.
Who is Ally Best For?
Ally is going to be one of your strongest overall options for online banking, but there are a few scenarios where it should definitely be your first choice:
You want the best combination of high interest rates, low fees, and no minimums: Ally is very near the top of the heap on interest rates across the board. Of course, nothing is stopping you from chasing the very highest rate you can find, but the trade-off for that rate is often higher fees and high account minimums. If you’ve got a lot of money to stash, that might not be a concern, but for the average Joe, it’s a good compromise.
You prize transparency: Ally is by far the clearest about fees of any of the banks I’ve researched, whether online or brick and mortar. Each product has a “Straight Talk Product Guide” that lays out everything you need to know about fees as well as important details such as when your money will be available.
You want to bank online, but you don’t want to skimp on customer service: Ally has 24/7 customer service, and the time you’ll wait to speak to a representative is disclosed at the top of the website (it was never more than a few minutes each time I visited). If phone calls aren’t your thing, you can still email a representative, search a comprehensive set of FAQs, or start an online chat session.
Who Might Want to Skip Ally?
Of course, there are also a couple of situations where Ally might fall short:
You want a one-stop shop: If you prefer to keep most or all of your financial dealings with one bank, Ally might not be the best option for you. It lacks several relatively common products, including mortgages, small-business accounts, and brokerage accounts. If this kind of variety is important to you, you’ll probably need a brick-and-mortar bank; if you want to stay with an online bank, Capital One 360 would be worth a look.
You want to build a personal relationship with a bank: For all of its plusses, there is one thing Ally (and all online-only banks) can’t offer: the chance for you to be more than a number. While its customer service availability is as good as it gets for an online bank, some customers may find comfort in the facetime they can get at their community bank branch. These relationships may come in handy when you’re in a bind, and one common customer complaint about online banks is that problems can take a long time to get resolved.
You need your money fast: Funds availability may be the Achilles heel of all online banks. While Ally isn’t the slowest online bank when it comes to transferring your money and making deposits available, it still generates plenty of complaints from customers who say holds were extended beyond what was promised, sometimes without explanation.
Ready to Bank With Ally?
Ally’s well-rounded personal account offerings should satisfy most of your everyday needs. The savings and checking options are particularly strong, or you can nab some of the benefits of both with a money market account.
The brilliant city of Philadelphia is a wonderful place to work and play. But city living isn’t the life for everyone.
Fortunately, the region – known as the Delaware Valley — has a slew of options for incredible boroughs, towns and cities near Philadelphia in which to live. These spots offer a wide range of entertainment, dining, nightlife, recreation and comfortable apartments.
Of all the incredible places to live within easy commuting distance of Philadelphia, it’s hard to narrow down to a top 10. But we are sure you’ll find these 10 cities near Philadelphia — all within five to 25 miles of Center City and listed by distance from the city — perfect places to call home.
Haddon Township, NJ
Ardmore, PA
Conshohocken, PA
Hatboro, PA
King of Prussia, PA
Langhorne, PA
Phoenixville, PA
West Chester, PA
Wilmington, DE
Doylestown, PA
Distance from downtown: 7.0 miles
One-bedroom average rent: $1,530 (down 3.38 percent since last year)
Two-bedroom average rent: $1,713 (down 13.88 percent since last year)
In New Jersey, townships are full-fledged municipalities, and Haddon Township is one of the region’s best cities near Philadelphia. Just 10 or so minutes from the Ben Franklin Bridge to Center City Philadelphia, the township offers both the quiet of a suburb and a main street that rivals any in the state for drinking and dining options.
Bustling Haddon Avenue in the downtown Westmont section is a mile-long stretch featuring some bakeries, cheesesteak joints, pasta shops, pizza places, taquerias, bars and taverns. Farther out, chain dining and big box stores line White and Black Horse pikes.
Haddon also offers plenty of green space, from Cooper River Park in the north along the lake to Newton Lake Park and Saddler’s Woods on the south.
Public transportation into Philly is a snap with Westmont Station a direct link via PATCO with park-and-ride facilities.
Find apartments for rent in Haddon Township Buy a house in Haddon Township
Photo source: Apartment Guide / One Ardmore Place
Distance from downtown: 7.7 miles
One-bedroom average rent: $1,357 (down 61.90 percent since last year)
Two-bedroom average rent: $2,552 (down 35.50 percent since last year)
Among swanky locales like Bryn Mawr, Villanova and Gladwyne, Ardmore is the iconic Philadelphia Main Line’s most accessible city to everyday folk.
Ardmore’s median income comes in at a tenth that of some of the region’s richest communities and is a much cheaper home value. But Ardmore is also less insular. The city is a destination for visitors and day-trippers from across the Delaware Valley.
Ardmore splits down the middle between Montgomery and Delaware Counties and Haverford and Lower Merion Townships. Its backbone is busy Lancaster Avenue that offers retail shopping, trendy restaurants and the 500-capacity Ardmore Music Hall, one of the area’s top concert clubs.
While other Main Line towns shun outsiders, the hum of Lancaster Avenue feels welcoming to all.
And on the north end of town is one of the region’s best spots for retail therapy or even just window shopping. Suburban Square is a six-square-block upscale outdoor shopping plaza. Dating back to the 1920s, the square is one of the nation’s oldest planned shopping centers.
Find apartments for rent in Ardmore Buy a house in Ardmore
Photo source: Conshohocken Borough / Facebook
Distance from downtown: 12.6 miles
One-bedroom average rent: $1,705 (down 7.82 percent since last year)
Two-bedroom average rent: $2,265 (up 7.69 percent since last year)
Throughout its history, Conshohocken has always held an important geographic location. Sitting at one of the largest bends of the Schuylkill River, the land was originally a large milling region along rail and shipping lines.
As interstates went up, the region morphed into a factory industrial center. As manufacturing declined, it was those same highways that turned “Conshy” into one of the most desirable suburban-chic and cosmopolitan residential commuter communities in the city.
Conshohocken lies between the I-476 Blue Route and I-76 Schuylkill Expressway at the “Conshohocken Curve.” As industry left, easy access to the region’s two major highways transformed it into a hub for upper-middle-class commuters into the city, especially as apartment complexes and mid-priced high-rise rental towers rose.
And as the population increased, so did the enclave which features shopping and dining spots and many glittering hotels.
The shoreline also features a section of the running and biking Schuylkill River Trail path.
Nearby, Conshohocken’s Fayette Street main street is popular among its young professional population, with a median age of 32 with 63 percent single. The downtown strip offers a selection of quaint boutiques, eateries and cafes, as well as a variety of notable bars.
Find apartments for rent in Conshohocken Buy a house in Conshohocken
Two-bedroom average rent: $1,695 (up 9.18 percent since last year)
Eastern Montgomery County has just a few towns with true main streets, but one of the best of the bunch is Hatboro. The borough sits along the Bucks County border, a suburban town settled among some residential communities.
Hatboro is known for its plethora of parks and green spaces, including the popular Hatboro Memorial Park and Memorial Pool. But its growing notoriety as a suburban craft beer lovers’ destination is what’s gaining prominence.
In the heart of the Craft Beer Trail of Greater Philadelphia, Hatboro offers Crooked Eye Brewery and Artifact Brewing, both opened within the last several years.
The breweries sit along York Road, Hatboro’s main street. The corridor also offers many bars and gastropubs, vintage clothing stores, hoagie shops and produce grocers, cafés and popular bakeries and Daddypops diner, a favorite of Food Network’s Guy Fieri.
The borough is also convenient for commuters, with Hatboro station along the Warminster Line to Center City just off York Road.
Find apartments for rent in Hatboro Buy a house in Hatboro
Distance from downtown: 16.9 miles
One-bedroom average rent: $2,204 (up 5.44 percent since last year)
Two-bedroom average rent: $2,544 (up 0.81 percent since last year)
To speak like a true Philadelphian, pronounce the name of the city of King of Prussia the proper way, “Kingaprusha.”
If you’re familiar with the western Montgomery County city, it’s most likely for one thing: its megamall. The King of Prussia mall is massive, at 2.8 million square feet and 450 stores. It’s the third-largest mall in the nation behind only the Mall of America and the new American Dream in New Jersey.
This central town nestles right along the Schuylkill River — between four major thoroughfares: the Pennsylvania Turnpike, I-76 Schuylkill Expressway, and U.S. Routes 202 and 422. Sitting between renowned Valley Forge Historical Park and county seat Norristown, King of Prussia is both a popular commuter city and an important edge city in its own right.
One key location in KOP is the King of Prussia Town Center. Opened in 2016, the large planned lifestyle development has become a hub of residential activity in town. Acting as the city’s downtown, Town Center offers a bevy of apartments and townhouses at Village at Valley Forge with mixed-use and office space, upscale department stores and a Wegman’s grocery, retail shops and several new restaurants and bars.
Nearby are several office parks, Upper Merion High School and the Valley Forge Casino Resort.
The area is growing so quickly, local transportation authority SEPTA is developing a $2 billion regional rail line to directly connect King of Prussia with University City and Center City Philly.
Find apartments for rent in King of Prussia Buy a house in King of Prussia
Distance from downtown: 22.0 miles
One-bedroom average rent: $1,413 (down 1.55 percent since last year)
Two-bedroom average rent: $1,691 (up 6.72 percent since last year)
One thing you can have living in the suburbs that you usually don’t in the middle of a city is an amusement park down the street. That’s one of the features of living in the borough of Langhorne and adjoining Middletown Township. Here you’ll find Sesame Place, the Sea World-owned young children’s Sesame Street theme park.
Langhorne borough proper and surrounding Middletown Township are collectively referred to as Langhorne.
The area is an important business and shopping center along Neshaminy Creek in charming Bucks County. Along with numerous national chains and big box stores, a myriad of service centers, retail shops and old-school restaurants line Pine Street and Maple Avenue.
In addition, the borough features a quaint historic district dating back to the 19th century. Sitting just off the I-295 beltway, Langhorne is a popular bedroom community for commuters to Trenton as well as Philadelphia.
The expansive Middletown Country Club splits the borough, with the multistory Oxford Valley Mall out in the Township. And surrounding Lake Luxembourg is the expansive 1,200-acre Core Creek Park. The region offers a variety of housing options, from affordable apartments to large suburban mansions.
Several locations still offer 1950s style tract housing leftover from the expansion of the nearby Levittown planned community.
Find apartments for rent in Langhorne Buy a house in Langhorne
Photo source: Borough of Phoenixville / Facebook
Distance from downtown: 23.9 miles
One-bedroom average rent: $1,229 (down 14.82 percent since last year)
Two-bedroom average rent: $1,426 (down 12.71 percent since last year)
In 1958, a large gelatinous alien creature was let loose and devoured dozens of residents of Phoenixville, Pennsylvania. That of course only happened on screen, in the Steve McQueen horror classic “The Blob,” which filmed and took place in the Chester County suburb.
The movie features a famous scene where terrified residents flee the alien out the Colonial Theater’s doors. That real-life theater is the centerpiece of Phoenixville’s Bridge Street main street as well as the annual Blobfest which celebrates the landmark film.
But as important as the film is, younger residents will tell you it’s the craft beer scene that makes Phoenixville special. After languishing for years as a rundown mill town, a revitalization plan included a call for brewers to set up shop. Today the city of just 17,000 offers 10 craft breweries.
On Bridge Street alone are four breweries, along with a tap house, a distillery and three winery tasting rooms. That collection gives downtown Phoenixville the distinction of having the most breweries per square foot of any place in the nation.
For residents, Phoenixville is more than just beer and blobs. Its absolutely teeming downtown along Bridge Street has boomed with pizzerias and bistros, coffee and smoke shops and boutiques and galleries.
Phoenixville Area High School offers a high ranking and a 15:1 student-teacher ratio. And many parks and green spaces dot the region, including the large Black Rock Sanctuary wildlife refuge along the Schuylkill River bend that also features Basin Trail for hiking and biking. The Schuylkill River Trail also crosses the borough, along French Creek.
Find apartments for rent in Phoenixville Buy a house in Phoenixville
Distance from downtown: 25.0 miles
One-bedroom average rent: $1,631 (down 1.23 percent since last year)
Two-bedroom average rent: $2,095 (up 7.54 percent since last year)
A little under 25 miles from Center City, West Chester is a more affordable alternative to the nearby Main Line. The seat of Chester County offers a selection of bars, restaurants and shops in its surprising downtown along Gay and Market streets.
Local businesses are accessible, catering to the borough’s young, affluent residents as well as budget-conscious clientele. Need proof? West Chester’s downtown sits on the top-three list of “Great American Main Streets.”
West Chester is a more affordable, younger enclave surrounded by old-money communities like Malvern, Kennett Square and Chadds Ford, with swaths of an urban-rural buffer.
The borough offers high-ranked schools and an average age of just 24.9 years old. A vibrant part of that young community is West Chester University, ranked a Top 10 Public Regional University by U.S. News.
Why is West Chester attractive to young professionals? Perhaps it’s the borough’s title as “Most Exciting Place” in all of eastern Pennsylvania. It’s a locale to meet new people, as the state’s second-most densely populated city, fifth-best for nightlife and fifth-best spot to lead an active lifestyle.
Or maybe it’s because it’s the world headquarters of the QVC shopping network.
Find apartments for rent in West Chester Buy a house in West Chester
Distance from downtown: 26.2 miles
One-bedroom average rent: $1,186 (down 14.08 percent since last year)
Two-bedroom average rent: $1,477 (up 1.09 percent since last year)
Look behind Pennsylvania and New Jersey to find the best cities near Philadelphia — don’t forget about Delaware!
Wilmington is certainly having a moment. While the previous president spent his weekends at swanky Mar-a-Lago or Bedminster golf club, the current chief executive has been taking his off weekends back in his home state of Delaware. President Biden famously grew up in and around Wilmington and is known to have commuted back to his residence weekly dating back to his earliest days as the Diamond State’s senator.
Wilmington, despite being the largest city in a completely different state, is just a half-hour drive from Center City Philly. But it’s the finance industry that fuels the economy of the Corporate City.
The 1980s Financial Center Development Act liberalized financial regulations in Delaware, removing usury laws and interest rate caps. This caused financial and insurance corporations from around the world to set up shops in Wilmington.
An attractive city to big money employers is an attractive city to its white-collar workers. And one of the favorite locals is the Christina River waterfront. Popular waterfront spots include the Blue Rocks’ Frawley Stadium, the Delaware Children’s Museum, a convention center, a movie theater, parks, trails, hotels and a slew of cafes, restaurants and bars.
And for those concerned about Wilmington’s less-than-stellar crime safety record, there is good news. The city reports being “safer now than it’s ever been.” The city is noting its lowest crime rate in recent history.
Find apartments for rent in Wilmington Buy a house in Wilmington
Photo source: Doylestown Township / Facebook
Distance from downtown: 27.2 miles
One-bedroom average rent: $1,408 (up 25.06 percent since last year)
Two-bedroom average rent: $1,999 (up 9.93 percent since last year)
Gateway to the colonial-estate-and-covered-bridge tourism lands of Upper Bucks, Doylestown is the charming exurban seat of Bucks County.
The borough offers a slew of cultural and entertainment options not usually found in a town of under 9,000, about an hour commute from Center City by either train or car.
Doylestown has one of the densest gatherings of museums out of all of the cities near Philadelphia. James Michener Art Museum (named for the native son author), the Moravian Pottery and Tile Works, the Mercer Museum and Oscar Hammerstein II Farm (the final residence of its namesake) can all be found here.
Just off the center of town is the historic art deco movie house County Theater which shows blockbusters and arthouse films alike.
Elsewhere in Doylestown’s downtown along State and Main streets are quaint thrift shops, big city-worthy restaurants, bookstores, coffee shops and brewpubs.
For those seeking a more natural setting, just as appealing is the natural beauty of rural Bucks County just outside of town, packed with hiking trails, bike paths, water recreation and nature watching. Favorite spots include urban 108-acre Central Park and wooded 1,500-acre Peace Valley Park.
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Make one of these cities near Philadelphia your next home
No matter where you decide to call home, you can’t go wrong with any of the amazing cities near Philadelphia you might choose.
Whether in Bucks, Montgomery, Chester or Delaware Counties, across the river in South Jersey or down I-95 in Delaware, you’ll have tons to do all within a short commute into the city.
Rent prices are based on a rolling weighted average from Apartment Guide and Rent.com’s multifamily rental property inventory of one-bedroom apartments in April 2021. Our team uses a weighted average formula that more accurately represents price availability for each individual unit type and reduces the influence of seasonality on rent prices in specific markets.
The rent information included in this article is used for illustrative purposes only. The data contained herein do not constitute financial advice or a pricing guarantee for any apartment.
I’m an entrepreneur and just so happen to be in the business of providing other entrepreneurs with financial advice. But I don’t typically offer up the usual status quo advice that tells you to do things that aren’t always in alignment with growing your business.
My views originate from my experiences and at times are contrarian to what’s being recommended by the usual tax preparer and other financial advisers, because I am in the trenches running a business just like you. I know what it takes to grow a business, make payroll, deal with IRS notices and manage cash flow.
The truth is that being an entrepreneur can be isolating at times as a result of being wrapped up in the day-to-day of running your business. When you are hyper-focused on your business, it is difficult to also be an expert at managing the profits of the company. You may be great at making money, but once it’s made, what do you do with it?
Thinking differently about your company and how you will use it to build wealth is the key to true financial success.
In this article, I’ll outline five ways you can shift your mindset about money to transform how you define and operate your business and approach your financial decisions. It will help you identify what you really want to achieve: A Self-Managing Company®, a term coined by Dan Sullivan of Strategic Coach.
Mind Shift No. 1: Understand that Retirement Savings Plans Don’t ‘Lower’ Your Tax Bill
As a business owner, you are probably time-starved and used to making fast decisions. And you may be tempted to make fast decisions at tax time, especially when your tax preparer suggests that tax-deferred investments are the answer to lower your tax bill and save some money for retirement. Easy enough, right?
This is what I like to call a half-truth. It’s true that you’ll get the deduction for that year’s taxes. But the other half of the story uncovers the problem with the use of SEP IRAs, 401(k)s and other tax-deferred options to “lower” your tax bill. The reality is that you are taking money from your business where you have some level of control and redirecting those dollars into the stock market where you have absolutely no control. The money is tied up until you are 59½ years old and face potentially higher tax liabilities than you previously owed with no access to your cash if it is needed for growing or sustaining your business.
When you own a business, the half-truths you hear from many finance professionals and the mainstream media can at times negatively impact your ability to grow your business and protect your interests. I have found there are other, more productive ways to build wealth outside of your business, beyond the base-level concepts of investing or putting money in an IRA or 401(k).
Mind Shift No. 2: View Your Company Not as Your Job, but as a Tool for Building Your Wealth
If you run a healthy business, you have a long-term strategy. You know what the end-goal is. You think about the business as a whole, rather than focusing on simply the day-to-day tasks.
We’ve all heard the old adage: Work on your business, not in your business. That’s because if you’re working in your business all the time, you’ve only created a job for yourself. The goal is to build systems and develop people to slowly work yourself out of the role you have and allow the business to run on its own. The sooner you shift your mindset to this way of thinking, the sooner you can begin to experience the results.
First, carve out the time in your day to think about your business. Many business owners I talk to don’t do this, because they are buried in the work. Take time to talk to your future self about what you want your life to look like in the future. What would your future self say to you about the decisions and choices you are making? It helps to outline your thinking time, keep a journal of your discoveries, meditate to de-stress, and use the time to reflect on what you are trying to accomplish in the business.
Next, think about your business as a piece of your financial plan. How much time and capital are you investing into the business, and what are you getting out of it? What is your ROI? I’ve found that a business can offer the biggest opportunity to build wealth, and in many cases — depending on your results — it can offer more than what you might get from investing in the market.
Finally, think with the end in mind. At the end of the day, what are you trying to get out of your company? To build wealth through your business, you must identify what will build its value.
Building value revolves around creating a self-managing company, one that runs without you and has a strategy to sustain itself into the future. This allows you to sell it for maximum value, or even create a passive income stream without actually having to work in the business.
Shifting your mindset is important, because you probably didn’t start your business that way. Many business owners don’t, and that’s OK while you’re getting things up and running. But it’s important to remember that what got you started will not get you to the next level and will not build the wealth needed to successfully exit the business.
Mind Shift No. 3: Master Your Cash Flow
I tend to bust a lot of myths when it comes to financial matters, and one of them has to do with cash flow. This is especially important to understand as an entrepreneur. Your cash flow is not there to simply pay your bills. Yes, you must pay your bills of course, but there is more to it than simply making payroll.
Cash flow is a tool to help you build wealth and the value of your company. Healthy cash flow allows for you to control your money, and there are strategies you can explore to help you maximize it.
I recently spoke with a partner of a business who was earning a W-2 salary of $400,000 per year. In working with his CPA, we were able to rework his partnership agreement, removing him as an employee and adding him as a consultant of his own LLC. While this simple strategy reduced his tax liability by $20,000, implementing this strategy was about more than just lowering taxes. This was about cash flow – everything is always about cash flow. By making this little tweak, he increased his cash flow by $1,666 per month.
I’m not a CPA and don’t provide tax advice, but I ask a lot of questions and propose many scenarios for the tax professionals to consider – scenarios that can increase cash flow for business owners. Increasing and optimizing your cash flow should be a top priority for your business.
Mind Shift No. 4: Be Your Own Bank
Companies with cash are able to do many things without having to rely on a bank or other source of funding. In essence, they can be their own bank. Think about it. When you have cash, you can use it to work on your wealth-building strategy. You could buy a company, invest in equipment, hire more people (maybe even a replacement for yourself who can run the company while you collect passive income), buy property, or take advantage of any other opportunity that may come your way.
But there is another way you can be your own bank. Maybe you’ve heard of the concept of “BUILD Banking™,” a cash flow strategy using a specially designed life insurance contract. It’s a strategy that I use personally and with many of my clients who want to have greater control of their cash flow. It frees them from dependence on banks for capital infusions and avoids government red tape when they need to access their money.
For more information about BUILD Banking™, visit www.buildbanking.com.
This strategy enables business owners to grow assets tax-free and have access to those funds whenever they’re needed. In essence, you’re accessing cash when it is needed while having uninterrupted compounding growth for your future.
Mind Shift No. 5: Understand Your Legal Exposures and Protect Yourself
You likely have some form, or forms, of insurance in place for your business. And you may believe that these policies have you covered. Well, they may, and they may not. The coverage you need goes far beyond liability, even extending into punitive damages.
It’s important to work with an insurance professional who specializes in business coverage to ensure that you have the right type of policies and the proper level of protection for your specific business.
There are also certain types of insurance policies (including the BUILD Banking strategy I’ve described above) that can serve a strategic purpose for your business. It’s common, and valuable, for business owners to have a life insurance contract as part of their succession plan, acting as a funding mechanism for the beneficiary to purchase the deceased owner’s share of the business.
Again, you will want to have a collaborating team of insurance professionals who have expertise in their vertical and who understand your business, your goals and what you are trying to accomplish. It’s also a good idea to include your CPA, attorney and financial planner in on those discussions.
These five financial planning tips and mindset shifts will help you use your business as a tool to start building wealth (or build greater wealth). They may be things you’ve never thought about, or things you’ve considered but haven’t been able to implement. Putting these ideas to work can get you on the path to true business success.
Results may vary. Any descriptions involving life insurance policies and their use as an alternative form of financing or risk management techniques are provided for illustration purposes only, will not apply in all situations, may not be fully indicative of any present or future investments, and may be changed at the discretion of the insurance carrier, General Partner and/or Manager and are not intended to reflect guarantees on securities performance. Benefits and guarantees are based on the claims paying ability of the insurance company.
The terms BUILD Banking™, private banking alternatives or specially designed life insurance contracts (SDLIC) are not meant to insinuate that the issuer is creating a real bank for its clients or communicating that life insurance companies are the same as traditional banking institutions.
This material is educational in nature and should not be deemed as a solicitation of any specific product or service. BUILD Banking™ is offered by Skrobonja Insurance Services LLC only and is not offered by Kalos Capital Inc. nor Kalos Management.
BUILD Banking™ is a DBA of Skrobonja Insurance Services LLC. Skrobonja Insurance Services LLC does not provide tax or legal advice. The opinions and views expressed here are for informational purposes only. Please consult with your tax and/or legal adviser for such guidance.
This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.
Founder & President, Skrobonja Financial Group LLC
Brian Skrobonja is an author, blogger, podcaster and speaker. He is the founder of St. Louis Missouri-based wealth management firm Skrobonja Financial Group LLC. His goal is to help his audience discover the root of their beliefs about money and challenge them to think differently to reach their goals. Brian is the author of three books, the Common Sense podcast and blog. In 2017 and 2019 Brian received the award for Best Wealth Manager and in 2018 the Future 50 St. Louis Small Business.
Many people like the idea of online banking but are nervous about banking with a lender they’ve never heard of. If this sounds like you, then Capital One 360 could be the right option for you.
Capital One 360 is the online arm of Capital One, a bank that is popular for its credit card options and auto loans. But, it’s also a good choice for anyone looking for solid online banking options. The bank offers free checking, savings, and CDS as well as a number of helpful online tools.
Plus, when you bank with Capital One you gain access to thousands of convenient, no-fee ATM locations. This guide will review the bank’s checking accounts, savings accounts, and CDs as well as how to get started.
Capital One 360 Checking
According to the FDIC, the average national interest rate for a checking account is 0.06%. Here is a breakdown of how Capital One pays out interest on its checking accounts:
$0 – $49,999.99 = 0.20%
$50,0000 – $99,999.99 = 0.75%
Over $100,000 = 1.00%
Not only are the interest rates competitive but Capital One 360 offers a variety of perks just for opening the account. There is no minimum deposit or minimum balance required to open the account and you receive free online and mobile checking. You will also receive a 360 Checking MasterCard® Debit Card which will arrive in 1-3 business days after you sign up for an account.
And unlike some online banks, a Capital One 360 checking account gives customers free access to over 39,000 Capital One and Allpoint ATMs. That means you get all the benefits of online banking but still have in-person access to your funds.
Plus, you can deposit checks and pay bills right from your phone. And Capital One has several overdraft protection plans to choose from.
Apply for Capital One 360 Checking
Savings Accounts
Capital One 360 offers a variety of savings products including a general savings account, money market account, IRA savings, and more. All of these accounts come with competitive interest rates, zero monthly fees, and flexible terms.
Savings
It’s hard to find a general savings account that offers anything better than average returns but Capital One 360 savings does just that. The rate is 1.90% APY, which is much better than the national average of 0.09%.
Similar to the checking account, you’ll receive online banking and can deposit checks right from your phone. And the bank account is FDIC-insured so you’ll have peace of mind knowing your money is secure.
You’ll also receive free account transfers, a goal-setting feature that will help you save and manage your money, and an automatic savings plan.
Apply for Capital One 360 Savings
Savings Accounts for Kids
If you’re looking for a way for your child to start saving money, the Capital One savings account for kids is a good choice. This online savings account comes with zero fees, a rate of 1.00% APY, and savings goals they can track.
You can link their savings account to yours and set up automatic transfers to their account. This is a great way to give kids some guided independence so they can learn how to start saving their money.
Apply for Capital One 360 Savings Account for Children
Certificates of Deposit (CDs)
Capital One knows that not everyone can leave their money on a CD for five years. That’s why the bank offers a variety of CD options with terms lengths starting at six months and ending at 60 months.
Here is an overview of the bank’s CD terms and rates:
6 months = 0.60% APY
9 months = 0.80% APY
12 months = 2.40% APY
18 months = 2.55% APY
24 months = 2.20% APY
30 months = 2.20% APY
36 months = 2.25% APY
48 months = 2.25% APY
60 months = 2.30% APY
With general interest rates and zero market risk, a 360 CD is a good option for anyone that wants a hands-off option for saving money. But like most CDs, you will be penalized if you withdraw your money early. So if you think this is a possibility, you’re probably better off opening a 360 savings account.
Apply for a Capital One 360 CD
How to Get Started With Capital One 360
Capital One’s website is fairly easy to navigate and setting up a new account is just as easy. You will need to be able to provide standard information like your name, address, birth date, and Social Security Number.
You’ll also need to provide an existing checking account to link your Capital One account to. And if you open your new account, your funds may not be immediately available.
Summary
Capital One offers a variety of online checking accounts, savings accounts, and CDs for its customers. Capital One is a great option for anyone that wants to work with an established online bank that provides great customer service and convenient online banking.
The interest rates are much higher than what you’ll find with a traditional brick-and-mortar bank. And best of all, there are no account maintenance fees like you’ll find with traditional banks. You can apply online or contact Capital One to open a new account today.
Marcus by Goldman Sachs is a smart choice for growing your money through its modern solution for online banking.
Savings APY
0.50%
Min. Deposit
$0
J.D. Power Rating
N/A
SimpleScore
3.5 / 5.0
SimpleScore Marcus by Goldman Sachs 3.5
Savings APY 3
Customer Satisfaction N/A
Product Variety 2
Goldman Sachs is a financial behemoth most well-known for its wealth management and investment services. Marcus by Goldman Sachs is the institution’s foray into personal and online banking by offering certificates of deposit, personal loans and savings accounts. The original Goldman Sachs was founded in 1869 by Marcus Goldman and is headquartered in New York City, New York. The subsidiary, Marcus by Goldman Sachs, was brought to the market in 2016 as a way to help individuals reach their financial goals, without fees or unnecessary complexity.
Although it lacks brick-and-mortar locations, Marcus by Goldman Sachs benefits users with no fees, high APY and no minimum deposit.
Marcus by Goldman Sachs at a glance
Min Deposit
APY
J.D. Power Survey Score
Key Benefit
Marcus by Goldman Sachs
$0
0.50%
N/A
High yield with no minimum deposit
*Rates accurate as of May 2021
What we like about it
Marcus online savings accounts offer excellent perks without the usual drawbacks of traditional banks like service fees and minimum deposits. There’s no minimum required to open a savings account. In fact, you can open up an account without any funds at all. There are also no monthly fees, transaction fees or service charges. Best of all, a 0.50% APY is a competitive rate that can help you grow your money over time.
If you like to bank on the go, the Marcus app is free to use and enables you to connect all of your Marcus accounts, talk to customer support agents and see how much interest you’ve earned in your savings account.
Find High-Yield Savings Accounts
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Things to consider
The Marcus high yield savings account has no option for a corresponding checking account, but you can get a CD account or personal loan. Marcus is only useful if you’re using a checking account somewhere else.
While Marcus won’t charge you any fees, your outside bank might charge fees for transfers and transactions. Furthermore, there is no ATM network to use for withdrawals and no branches for in-person banking services. If you want to deposit money via check, you’ll have to send it in via U.S. Mail — which is significantly more hassle for people accustomed to a few quick photos for a check e-deposit and near-instant fund availability.
What you need to know
The Marcus savings account delivers tons of benefits for users who want to benefit from the high APY of 0.50%. You can even open up your account without any funds, but you’ll need to deposit money within the first 60 days of account opening.
Marcus doesn’t use an automated phone system during business hours, so when you call the Marcus savings account support line, you’ll be able to talk to a U.S.-based representative. This is a huge perk for people who want to avoid talking to a robot on the other end of the line.
Marcus by Goldman Sachs savings accounts boast FDIC insurance coverage, just like traditional bank savings accounts. This means you’ll be covered for up to $250,000 if the bank fails.
To put money in your account, you can set up a direct deposit, use an electronic funds transfer, wire transfer or mail a check. To withdraw money, you can use an e-transfer or a wire transfer. Customers are limited to six withdrawals or transfers per monthly statement period, which is on par with other banking institutions. This is to help maintain a bank’s reserve, in accordance with a federal law called Regulation D.
To get the most bang for your buck with Marcus, view it as a complementary banking tool to your financial portfolio. A checking account somewhere else is necessary, especially if you want to be able to withdraw money from an ATM and e-deposit paper checks. However, if you don’t mind needing another financial institution to fill those needs, Marcus savings accounts can still be a boon for individuals who want to focus on growing their money.
Mobile app
The Marcus mobile app lets you check balances, schedule transfers to and from other banks and make loan payments. Marcus also allows you to monitor your progress toward any financial goals you’ve set. Plus, you can set up AutoPay and create a recurring deposit to increase savings.
With its intuitive graphics and user-friendly design, the Marcus app gives you simple insight into your accounts and goals. You can receive in-app alerts, review your bank statements, review tax documents and access customer support. All personal data is encrypted, and you can use multi-factor authentication to log in.
Fees and penalties
Marcus by Goldman Sachs has no monthly fees or overdraft fees to worry about eating into your savings. With that said, your external bank or third-party entities might charge you for transfers or require you to pay service fees.
You can make up to six withdrawals or transfers, but you’ll need to verify with your outside transfer partner (bank, app or other third-party) to determine if fees will be charged. There’s an outgoing transfer limit of $125,000 per transfer, and if you need to withdraw more, you’ll have to call the customer service line.
Marcus by Goldman Sachs vs. Citi
Citibank offers promising features with more traditional account options. Individuals will get the highest savings rates with a Citi Accelerate Savings Account. There is no required minimum amount to open a savings account, but to waive monthly account fees, you’ll need a minimum account balance. The minimum account balance ranges from $1,500 to $200,000; the amount is conditional upon the account you choose. Unfortunately, Citi charges account fees between $10 to $30, so you’ll have to keep that in mind while you’re weighing your options.
Marcus is still a better choice if you want fewer fees, but if you prefer all your banking with one entity, Citibank can give you a wider variety of accounts and services.
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For those who want to avoid unnecessary fees and already have a checking account somewhere else, Marcus by Goldman Sachs is an excellent choice. With competitive rates and easy-to-use banking features, Marcus by Goldman Sachs is a great choice for users who want convenience and a safe place to grow their money.
Market speculation is seemingly everywhere. From new SPACs being issued, to the prevalence of Reddit stocks such as GameStop to the popularity of electric vehicle stocks and the rise of cryptocurrency – speculation is alive and well in the markets today.
“Mania” is a good word to describe the energy surrounding these types of investments. Dramatic daily swings are the new normal in these holdings. Hollywood elites and business moguls are attaching their names to crypto and the latest SPAC investments.
The top mania investment areas are electric vehicles, cryptocurrency, Reddit stocks, space, SPACs, precious metals and pot stocks. The dictionary definition of mania describes “excessive or unreasonable enthusiasm.” That seems about right. The result has been a meteoric rise in value not tied to business fundamentals but tied to hype, expectations or projections.
Investors looking to boost performance often wonder how much exposure to these types of investments should they have. With strong appreciation in some of the holdings, it is tempting to get into the game. Here are our top eight tips for mania investing.
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1. Admit that it is a mania
Have some honest reflection about the investment environment you are in. Mania investing can be fun, it can be thrilling and, ultimately, it can be painful. But mania investing is not your conventional long-term investing strategy. Admit you are being swept up in a mania and acknowledge what that might mean regarding your tactics. It’s impossible to explain to yourself or your friends the fundamentals of a company with no earnings, so stop trying to make sense of it. It is a mania, not an investment based on fundamentals.
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2. Have an exit strategy & set a price target
How far are you willing to watch your investment drop before you pull out? Set a price target and stick to it. Some of the biggest mistakes happen with investors who fall in love with a company or a product and hold it while closing their eyes. Mania investments are not typically long-term plays, and you must plan for how much risk you are willing to take. Set a target to get out and limit your downside exposure.
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3. Limit your overall portfolio exposure
If you are going to be a mania investor, maybe you limit your exposure to 3%, 5% or 10% of your total portfolio. Understand it is the high-risk portion of your portfolio and do not allocate more than you are willing to lose. The older you are and the closer to retirement, the less you can afford to lose. The younger you are, the more you might be willing to allocate to more aggressive strategies.
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4. Diversify your manias
Maybe you like cryptocurrency — go ahead and invest in it, but buy into three different types, instead of just one, to diversify. Maybe you like electric vehicles. If so, consider adding some exposure to space or precious metals as well. Even in your mania investing, you do not want to concentrate all that allocation to just one mania strategy. Diversification can help reduce risk even in a risky space. Although, be careful of too much diversification. In a world like electric vehicles, there is a possibility of there being few winners and many losers.
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5. Understand performance in context
The S&P 500 10-year average over the past 100 years is around a 10% return per year. Warren Buffett has averaged about 15% per year. If your mania investments have made 100% in a year, understand how rare that is and that the odds of duplicating that performance year after year are incredibly remote. Part of good investment performance is not just making money in good times, but also weathering losses during challenging times.
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5. Know the difference between investing and speculating
Investing for the long term carries its own set of disciplines and rules and expectations. Mania investing is more akin to speculating or even gambling. It often has dramatic movements in price over a short period of time. It might include hype in the media, memes on social networks and inexperienced people giving investment advice. Be careful and realize speculating is a high-risk game — it is not the same as sound investment on fundamentals.
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6. Take some winnings off the table
Maybe you own one of the stock names that have doubled or tripled in value over the past year. Consider selling some of the holdings and locking in your gains. Maybe reduce your exposure by 50%. Keep some of the holdings a bit longer, but diversify into something more stable or consistent. Setting a price target on the upside can be just as important as setting one on the downside.
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7. Do not gamble the farm
A smart gambler, if they go to Vegas, will set their own personal limit on what they are willing to lose. Whether that is $100, or $10,000 — set a limit when it comes to mania investing. Also, do not raid all your retirement money on a whim to chase manias. While a portion could make sense, the lion’s share of your retirement should be focused on fundamental investment strategies that are consistent. Pulling all your retirement money to buy into different manias would likely be a crazy idea, just like putting your house keys in the pot of a poker table would be ill advised.
Investing in some of these sexy stocks and industries has appeal, and there is money to be made. But there is also money to be lost, and it is important to have a rule set for investing even if you are investing in mania stocks. Finally, know how risk taking can fit in your overall financial plan and realize that the risk you are willing to tolerate is likely to be different from someone else.
Investing carries an inherent element of risk, and it is possible to lose principal and interest when investing in securities. Strategies are used to assist in the management of your account. Even with these strategies applied to the account, it is possible to lose money. No strategy can guarantee a profit or prevent against a loss. There may be times when the strategy switches between equities or fixed income at an inopportune time, causing the account to forfeit potential gains.
This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.
CEO – Senior Wealth Adviser, Sterling Wealth Partners
Scot Landborg has over 17 years of experience advising clients on retirement planning strategies. Scot is CEO and Senior Wealth Adviser for Sterling Wealth Partners. He is host of the retirement planning podcast Retire Eyes Wide Open. Scot is a regular contributor to Kiplinger.com and has been quoted in “U.S. News & World Report,” Market Watch, Yahoo Finance, Nasdaq and Investopedia. He also formally hosted the nationally syndicated radio show “Smart Money Talk Radio.”
Investment Adviser Representative of USA Financial Securities. Member FINRA/SIPC A Registered Investment Advisor. CA license # 0G89727 https://brokercheck.finra.org/
