Some people love to travel and have no problem spending their day in transit. However, others see air travel as a means to an end and find the whole airport experience a hassle.
There are ways to improve the experience for these travelers, including heading to an airport lounge before your flight.
A membership with Priority Pass — a global network of airport lounges, experiences and restaurants — can be a good option to gain lounge access.
Let’s look at Priority Pass lounges, how they work and some key things about the program.
1. Multiple types of airport experiences are available
Priority Pass is most known as a worldwide airport lounge program, featuring more than 1,300 locations from which to choose. However, Priority Pass isn’t just limited to lounges — it also includes experiences and discounts for its members.
The types of experiences available will depend on the airport. At some, you can get up to $28 for you and your guests to eat at eligible airport restaurants. At others, this can mean complimentary spa treatments before your flight.
And if you’re on an exceptionally long trip, you may appreciate the private bedroom suites available to Priority Pass members.
Finally, even if there aren’t lounges, restaurants or sleeping suites available, Priority Pass options may be available as discounts at select stores.
2. Not all memberships are the same
Now that we’ve discussed all the options available to Priority Pass members, there is one crucial caveat: Priority Pass has several different membership levels, and they’re not all equal.
The cheapest Priority Pass tier that will grant you lounge access costs $99 per year, but you’ll need to pay $35 for each lounge visit.
The most expensive is $469 per year but includes unlimited, complimentary visits for yourself — though you’ll still be required to pay for your guests.
🤓Nerdy Tip
Some travel credit cards offer a Priority Pass Select membership as a benefit — including Chase, Capital One and American Express.
3. Chase cards have the best memberships
The most well-known Chase card to offer Priority Pass Select membership is the Chase Sapphire Reserve®, which allows unlimited entry to cardholders and up to two guests.
Chase cardholders also receive additional benefits compared to other Priority Pass Select memberships.
In addition to lounge access, they get all the above experiences, including credits at restaurants, spa treatments and sleeping suites.
This isn’t the case for Priority Pass Select memberships through Capital One or American Express, which only include airport lounge access.
4. Capital One cards allow access to all authorized users
While Capital One cards don’t offer non-lounge Priority Pass access, they may be the best option if you’re trying to get a Priority Pass Select membership for more than just yourself.
This comes in handy because Capital One allows cardholders to add authorized users to their card for no fee — and authorized users are entitled to their own Priority Pass Select memberships, which include access for themselves and two free guests.
🤓Nerdy Tip
Capital One Venture X Rewards Credit Card holders also get access to Plaza Premium lounges.
5. Other cards offer more lounge access
If you don’t have a Capital One or Chase card, don’t worry. There are other choices when it comes to airport lounges.
Eligible credit cards from American Express include access to the Global Lounge Collection and a Priority Pass Select membership.
The International American Express Lounges.
Plaza Premium lounges.
Airspace lounges.
Lufthansa Business and Senator lounges.
Select Virgin Atlantic Clubhouse lounges.
🤓Nerdy Tip
Chase and Capital One have also been growing their networks of private lounges. However, they’re much more limited than the American Express Centurion Lounge network.
Terms apply.
6. Limited passes are an option, too
What if you don’t travel enough to justify the cost of a full Priority Pass membership? You could pay for the mid-tier membership, which costs $329 per year and includes 10 complimentary visits annually.
Or, you could get a less-expensive credit card offering similar benefits at a much lower price. The Hilton Honors American Express Surpass® Card, for example, charges a $95 annual fee but provides 10 free Priority Pass visits per year. Terms apply.
Priority Pass lounges recapped
Priority Pass membership can be a valuable perk if you’re a frequent traveler, especially if you can access lounges through your credit card. However, you’ll want to remember that not all memberships are equal and that each card issuer has its own pros and cons regarding airport lounge access.
Even if you’re only on a plane a few times per year, gaining access to a lounge via Priority Pass may be worth it, especially with memberships available for less than $100 per year.
How to maximize your rewards
You want a travel credit card that prioritizes what’s important to you. Here are our picks for the best travel credit cards of 2023, including those best for:
Idaho has become a hot spot for those looking to relocate. Whether you’ve moved to Boise, Idaho Falls, or one of Idaho’s many small towns, you’ll need a place to park your money. The best banks in Idaho offer low fees and plenty of services. Here are some top contenders to consider if you’re in the market for a new bank.
13 Best Banks in Idaho
1. D. L. Evans Bank
Southern Idahoans looking for a local option should consider D.L. Evans Bank. Founded more than a century ago, this bank offers online and mobile options, as well as access to both D.L. Evans ATMs and 40,000 MoneyPass network ATMs.
Although D.L. Evans has multiple checking accounts, Free Community Checking is a great all-around option, featuring no monthly maintenance fees or balance requirements. You’ll also get online and mobile banking, along with savings, CDs, and loan options.
Fees:
No monthly service fee
Balance requirements:
$100 opening deposit
No minimum daily balance required
ATMs:
Fee-free at D.L. Evans ATMs
Fee-free at 40,000 MoneyPass ATMs nationwide
Interest on balance:
Tiered APY on checking with $500 balance
0.05% APY on savings
Additional perks:
Video chat with customer service representatives
Competitive loan rates
2. Chime
To pull new customers away from big banks, online-only banks like Chime have competitive offerings. You’ll get a fee-free checking account with a mobile app to meet all your banking needs.
Chime also offers a higher interest rate than other banks, at 2.00% APY. And autosave features will help you boost your balance.
Fees:
No monthly fees
No overdraft fees
Balance requirements:
No minimum daily balance
No opening deposit required
ATMs:
Fee-free at more than 60,000 ATMs nationwide
Interest on balance:
2.00% APY on savings
Additional perks:
Automatic savings feature available
Access to paycheck up to two days early
3. Chase
Another national bank with a robust ATM network is Chase Bank, which has a heavy presence in Southern Idaho. You’ll find banking options both at branches and in select Fred Meyer grocery stores.
You can get fee-free checking with Chase as long as you either maintain a $1,500 balance or receive at least $500 in direct deposits each month. Chase also has a variety of other financial products, including savings accounts, CDs, and wealth management services through JPMorgan.
Fees:
$12 monthly fee (waived with balance or direct deposit qualifications)
$34 overdraft fee
Balance requirements:
$1,500 minimum or $500 in direct deposits to waive service fee
No opening deposit required
ATMs:
Fee-free at 16,000 ATM locations nationwide
Interest on balance:
Up to 0.01% APY on savings
Additional perks:
$200 bonus on new checking with qualifications
Special accounts available for ages 6-17
4. Washington Federal Bank
Now known as WaFd, Washington Federal Bank is a great regional bank that serves Arizona, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, and Washington. Your account includes access to 37,000 ATMs in the MoneyPass network, which operates nationwide.
WaFd account holders choose from multiple checking options, but if lower fees are what you want, the Free Checking tier is worth checking out. One of the best things about WaFd is its online banking app, which includes standard features like bill pay and Zelle payments, along with tools that help you track your spending habits.
Fees:
No monthly fees
$30 overdraft fee per presentment
Balance requirements:
No balance minimums
$25 opening deposit
ATMs:
Fee-free at 37,000 ATM locations nationwide
Interest on balance:
Up to 0.25% APY on high-balance checking
Up to 0.10% APY on savings ($100 minimum balance)
Additional perks:
Financial management tools in app
Competitive credit card and loan options
5. Zions Bank
As far as regional banks go, Zions Bank is a great choice. With a 150-year history in the area, Zions Bank is a trustworthy financial institution that offers a variety of banking products, including auto loans, CDs, and military checking accounts.
It’s important to note that Zions is limited in its reach. You can deposit checks, pay bills, and manage your money through mobile banking, but if you regularly need cash, check the ATM locator. There are only 200 ATMs, located in Utah, Idaho, and Wyoming, and Zions charges a $2.50 out-of-network transaction fee in addition to fees charged by the other ATM operators.
Fees:
No monthly fees
$29 overdraft fee per transaction
Balance requirements:
No minimum balance
$50 opening deposit
ATMs:
Fee-free at 200 ATM locations regionally
$2.50 fee per out-of-network transaction
Interest on balance:
Up to 0.19% APY on savings
Additional perks:
Competitive rates on loans
Easy-to-use mobile app
6. Washington Trust Bank
Washington Trust Bank has a long, fascinating history. Not only is it the oldest community bank in the nation, but it was also the first bank to print bills with George Washington on them. Washington Trust has branches in Idaho, Washington, and Oregon.
If you’re looking for an online bank with no monthly service charges or balance minimums, Washington Trust could be a great choice. However, if you regularly travel, it may not be the best bank for you.
Fees:
No monthly fees
No overdraft fees
Balance requirements:
No minimum balance
$25 minimum deposit to open
ATMs:
Fee-free at Washington Trust ATMs
$2.00 fee per out-of-network transaction
Interest on balance:
0.01% APY on checking if you keep a $5,000 daily balance
Up to 0.05% APY on savings
Additional perks:
$200 bonus for Freedom Checking with qualifying deposits
No overdraft fees with Simply Free checking account
7. KeyBank
Another regional bank option is KeyBank, which has locations in 15 states. Unlike other regional banks, it’s fairly large, though. In fact, it’s one of the largest banks in the U.S.
One of the best features of KeyBank is its automatic savings program. Debit cards can be set up to automatically move money into your savings account to help you start saving.
Fees:
No monthly fees
$29 overdraft fee on each item
Balance requirements:
No minimum balance
$10 minimum deposit to open
ATMs:
Fee-free at KeyBank ATMs
Fee-free at AllPoint network ATMs
Interest on balance:
Up to 0.01% APY on savings
Additional perks:
Automatic savings available with every debit card purchase with EasyUp
Competitive rates on loans
8. First Federal Savings Bank of Twin Falls
If you don’t mind an Idaho-only bank, check out First Federal Bank of Twin Falls. Branches are primarily in the Twin Falls area, but bank accounts come with a 30,000-plus ATM network across the U.S.
Currently, this bank offers a checking account that issues an impressive 4.07% APY on checking. The savings account rates aren’t quite as competitive, but it’s worth checking out if you keep a decent checking balance.
Fees:
No monthly fees
$30 overdraft fee on each item
Balance requirements:
No minimum balance
$100 minimum deposit to open
ATMs:
Fee-free at more than 30,000 MoneyPass ATMs nationwide
Refund of $25 in fees per statement cycle
Interest on balance:
Up to 4.07% APY on checking
0.10% APY on savings
Additional perks:
Robust business banking options available
Competitive rates on loans
9. Idaho Central Credit Union
Residents of Idaho, Washington, or eastern Oregon, may qualify to join Idaho Central Credit Union. There are plenty of benefits to being a member, including competitive rates on savings accounts and loans.
Although ICCU does have fee-free checking accounts, you can find higher interest rates on savings with other options. But ICCU gives you nationwide ATM and mobile banking options, so it may be worth it if you prefer a smaller lender.
Fees:
No monthly fees
$24.94 overdraft fee on each item
Balance requirements:
No minimum daily balance
$5 membership fee
$100 minimum opening deposit
ATMs:
Fee-free at more than 30,000 ATMs nationwide
Interest on balance:
Up to 0.10% APY on savings
Additional perks:
Security features built into debit card
Free credit score and monitoring
10. Wells Fargo
Wells Fargo has branches in both Northern and Southern Idaho, particularly the Coeur d’Alene, Idaho Falls, and Boise Falls areas. Currently, Wells Fargo is offering a $300 bonus to new checking customers who make $1,000 or more in qualifying direct deposits in the first 90 days.
Northern and Southern Idaho residents who prefer traditional banks will like the availability of ATMs across the nation, as well as the convenience of branch locations. The most affordable checking account is Everyday Checking, which comes with a $10 monthly service charge that can be waived by keeping a $500 balance or having $500 in at least one qualifying deposit each month.
Fees:
$10 monthly fee (waived with balance or direct deposit qualifications)
$35 overdraft fee
Balance requirements:
$500 minimum or $500 in direct deposits to waive service fee
$25 to open
ATMs:
Fee-free at 12,000 ATM locations nationwide
Interest on balance:
Up to 0.10% APY on Prime Checking
Up to 2.51% APY on high-balance savings
Additional perks:
$300 bonus on new checking with qualifications
$525 bonus on new savings with qualifications
11. Farmers Bank
Another option for those who like local banks is Farmers Bank. You can get a fee-free checking account and features like bill pay and alerts in the app.
One downside to Farmers is that there are only a few branches in Idaho. But if you regularly travel outside Idaho, you’ll enjoy ATM access at MoneyPass ATMs nationwide.
Fees:
No service fees with e-statements
$30 overdraft fee per transaction
Balance requirements:
No minimum daily balance
$100 opening deposit required
ATMs:
Fee-free at Farmers ATMs and MoneyPass ATMs nationwide
Interest on balance:
Up to 0.30% APY on savings
Additional perks:
Competitive rates on loans
Drive-up banking on Saturdays
12. Bank of Idaho
If you’re looking for an Idaho bank with a community focus, Bank of Idaho can help. Like many banks with a local angle, Bank of Idaho goes beyond money to focus on connecting with its customers.
But Bank of Idaho does have only a few locations. You’ll rely on mobile apps to do most of your banking with a community-centered bank, making it more like online banks.
Fees:
No service fees with e-statements
Balance requirements:
No minimum daily balance
$100 opening deposit required
ATMs:
Fee-free at MoneyPass ATMs nationwide
Interest on balance:
Rates not publicly disclosed
Additional perks:
Community focus, including local events
Financial tools on the website
13. Citizens Community Bank
Fee-free checking accounts and competitive loan rates make Citizens Community Bank a great option for Idahoans. You’ll get a fee-free checking account with an online app to make things easy.
Although Citizens is local, you can withdraw money at ATMs at MoneyPass locations across the country. You’ll get all the amenities of online banks with the benefits of a small, local lender.
Fees:
No service fees
$30 overdraft fee per item
Balance requirements:
No minimum daily balance
No opening deposit required
ATMs:
Fee-free at MoneyPass ATMs nationwide and Glacier Bank local ATMs
Interest on balance:
Up to 0.20% APY on savings
Additional perks:
Competitive rates on loans
Free thank you gift for new members
Bottom Line
Whether you’re looking for an interest-bearing account for your money or a fee-free checking account, Idaho has plenty of options. If you prefer a small or regional bank, make sure you’re getting the amenities a larger bank offers with your account.
Active-duty military members face incredible stress. Whether they’re in combat zones or serving during times of peace, our service members experience challenges civilians may not consider, including being deployed and away from loved ones for months at a time.
So if you’re serving in the military, you may not be focused on opening new credit accounts or taking out loans. But putting an active-duty alert on your credit report makes it harder for thieves to open an account in your name, which can’t replace precious time with your family, but it can help alleviate concerns about identity theft while you’re deployed.
What Is an Active-Duty Alert?
An active-duty alert tells potential creditors and lenders you’re deployed and they should verify your identity before giving you credit. It appears on all three of your credit reports from the major credit bureaus: Experian, Equifax and TransUnion.
An active-duty alert functions in the same way as an initial fraud alert. Before granting credit, the lender should make a phone call to determine that you were the one who filled out the application.
Once you apply for an active-duty alert with one of the three major bureaus — Equifax, TransUnion, and Experian — that bureau must share the information with the other two credit bureaus. That means you only need to fill out the online application or mail the paperwork once. If you’re deployed, you can give a representative power of attorney (legal authority) to verify your identity or remove the active-duty alert for you.
As an added benefit, with an active-duty alert on your credit report, you won’t receive prescreened credit card or insurance offers for two years after placing the alert. You can also receive two free credit reports from each credit bureau the year you place an active-duty alert.
How Active-Duty Alerts Work
Once you fill out the application for an active-duty alert, it becomes harder for someone — including you — to take out a loan or apply for credit in your name. That can protect you from headaches and stress while you’re serving your country.
When a creditor sees an active-duty alert on your credit file, they’re supposed to call the phone number you provided to verify your identity before processing the application. You can easily remove the active-duty alert or change the phone number with the credit bureau where you initially filed the alert.
How Long Does an Active-Duty Alert Last?
An active-duty alert lasts for one year from the date it’s granted or until you remove it, whichever comes first. While you only have to apply for an active-duty alert with one bureau, you must remove them from all three of your credit reports individually.
However, your name stays off mailing lists for prescreened credit card and insurance offers for two years. You can also reapply for an active-duty alert after your first one expires.
If you’re a victim of identity theft, it’s better to apply for an extended fraud alert, which stays on your credit report for seven years.
How to Set Up an Active-Duty Alert
Setting up an active-duty alert is easy and free. You can do it online or by mail. The process differs slightly among all three credit bureaus, but the basic process is similar.
Choose where you’d like to file your active-duty fraud alert. Decide if you’d like to file your alert with TransUnion, Experian, or Equifax. The credit bureau you use will pass the information on to the other two.
Gather the appropriate information. You must provide your legal name, Social Security number, and address.
Submit the form. If you typically use a particular bureau to manage your credit score, use that one. Otherwise, you can use any of the three. You have the option to mail the form, use the website, or call the toll-free number.
Equifax P.O. Box 105069 Atlanta, GA 30348-5069
800-525-6285 Online
Experian P.O. Box 9554 Allen, TX 75013
888-EXPERIAN (397-3742) Online
TransUnion P.O. Box 2000 Chester, PA 19016
800-916-8800 Online
Final Word
It may not be as easy to keep tabs on your finances or review credit card statements while you’re serving. But placing an active-duty alert on your credit reports makes it harder for thieves to steal your identity or open credit cards in your name.
But you don’t have to stop there. TransUnion provides an additional service. TransUnion Active Duty Credit Monitoring offers unlimited access to your TransUnion credit report daily and emailed alerts if the service detects any significant changes to your credit report. Your subscription lasts for two years. After that, you may have to recertify your status as active-duty military.
Today’s tools make it easy for military members serving at home or overseas to keep tabs on their credit and manage their financial future. Leveraging active-duty fraud alerts, TransUnion’s credit monitoring, and financial products designed for active military members and veterans can help you save money and protect your credit as you serve your country.
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Dawn Allcot is a full-time freelance writer and content marketing expert, specializing in personal finance, technology, real estate, and insurance. Her work has been widely published across the web, including on Bankrate, The Balance, Solvable, and the award-winning Chase News & Stories portal. Dawn is, additionally, the founder of GeekTravelGuide.net, a travel, technology, and entertainment website for the geek in all of us.
There are a number of Reddit reports about Chase approving people for the new Sapphire Preferred 80,000 offer/ 90,000 offer, despite their being past 5/24. That is to say, despite their having 5 new cards showing on their credit report as having been opened within the past 24 months they were able to get approved for the new Sapphire Preferred card.
Whenever these reports have arisen in the past it usually ended up just being bad math, e.g. counting business cards or counting the half-month. But this time there appears to be a few credible reports on post-5/24 approvals. It’s unlikely that 5/24 has been eliminated entirely, but it does tentatively appear that either it’s no longer an iron-clad rule or that they’ve introduced a new variable to the rule that we aren’t yet aware of.
Here are some data points in the comments confirming: 1, 2, 3, 4, 5, 6
We reported in the past on the ‘suspension’ of the 5/24 rule for Chase INK cards for a specific time period, and then we continued to see sporadic success post-5/24 on INK cards even beyond that. This was thought to be specific to Chase INK cards, yet it now appears it might be part of a broader loosening of the rules.
Big news here, but again, even if true, it will likely only affect a small percentage of card applications. Please let us know in the comments below if you have success with this on the Sapphire Preferred card, INK cards, or any other card.
(Side note, anyone applying for the Sapphire Preferred card, please use a reader’s referral link.)
Illinois is home to Chicago, one of the most populous cities in the U.S. But whether you live in Chicago, Joliet, Carbondale, or one of the many small towns in Illinois, there’s a bank for you.
The state is home to a wide range of bank branches, from large, national banks to small lenders and credit unions. When you’re ready to shop banks in Illinois, there are several factors to consider.
10 Best Banks in Illinois
1. BMO Harris
Although BMO Harris is a regional bank, it’s headquartered in Chicago, so it has a heavy Illinois presence. The bank has been around since 1882 and has long been considered one of the best banks in Illinois.
In addition to branches in Illinois, Indiana, Arizona, Missouri, Minnesota, Kansas, Florida, and Wisconsin, BMO Harris also offers ATM access through the MoneyPass network. They have a checking account option with no monthly maintenance fees, as well as a robust mobile banking app to manage your account.
Fees:
No monthly service fee
$15 overdraft fee
Balance requirements:
$25 opening deposit
No minimum daily balance required
ATMs:
Fee-free at 40,000+ BMO Harris and MoneyPass ATMs nationwide
$3 fee for out-of-network transactions
Interest on balance:
0.01% APY on savings
Additional perks:
Spending habit analysis available in mobile app
Competitive loan rates
2. U.S. Bank
Illinois residents looking for a national bank should check out U.S. Bank. U.S. Bank has ATMs across Illinois and the rest of the country, and a full selection of savings accounts and checking accounts, as well as an online banking option.
Currently, one of U.S. Bank’s best deals is its Bank Smartly Checking account, which pays interest on your balance and currently offers a $300 sign-up bonus. What makes this one of the best checking accounts, though, is that if you enroll in Smart Rewards, you’ll earn rewards based on your account balance.
Fees:
$6.95 monthly fee (waived with qualifying direct deposits or minimum balance)
$36 overdraft fee (waived up to $50)
Balance requirements:
$25 minimum deposit to open
No minimum daily balance required
ATMs:
Fee-free at 4,700 ATMs nationwide
$2.50 transaction fee for each out-of-network ATM
Interest on balance:
Up to 0.05% APY on Bank Smartly checking
0.01% APY on savings
Additional perks:
Automatically move up interest tiers as your balance grows
Additional rewards for seniors, children, military, and veterans
3. Chime
Chime is another online bank that operates without local branches. You’ll have everything you need in the app, with online banking features like peer-to-peer payments and an ATM locator.
You can also sign up for a Chime High-Yield Savings Account and earn interest rates of 2.00% APY on your balance. With automatic savings features, money can be automatically moved from your checking account to savings to help you set money aside for the future.
Fees:
No monthly fees
No overdraft fees
Balance requirements:
No minimum deposit to open
No minimum daily balance required
ATMs:
Fee-free at 60,000+ ATMs nationwide
$2.50 transaction fee for out-of-network ATMs
Interest on balance:
2.00% APY on savings accounts
Additional perks:
Spot Me covers up to $200 in overdrafts
Round Ups feature automatically moves money into savings
4. Huntington Bank
Huntington Bank is a regional bank with branches in Illinois, Ohio, Colorado, Florida, Indiana, Kentucky, Michigan, Minnesota, Pennsylvania, West Virginia, and Wisconsin. There are multiple tiers of checking accounts, but if you’re looking for the basics, the Asterisk-Free Checking Account is fully free with no minimum balance requirement.
Before choosing this bank, check for branches and ATMs in your area. Cash withdrawals are only fee-free at Huntington-owned ATMs. But if you’re fine with relying on mobile banking apps for all of your banking services, you’ll likely find everything you need while traveling.
Fees:
No monthly service fee
$15 per-transaction overdraft fee after balance goes $50 in the negative
Balance requirements:
No minimum opening deposit
No minimum daily balance required
ATMs:
Fee-free at more than 1,600 Huntington Bank ATMs nationwide
$3.50 fee for each out-of-network transaction
Interest on balance:
Up to 0.06% APY on savings
Additional perks:
View current account balance without logging in
Standby Cash offers quick access to credit line
5. Chase
Those who prefer a national bank might like Chase Bank, which has branches throughout Illinois, as well as 47 other states (excluding Alaska and Hawaii). New customers can qualify for a $200 bonus by opening an account and setting up direct deposit within 90 days.
There are multiple checking account options, but Chase Total Checking is the most popular. There’s a $12 fee each month, but if you’re taking advantage of the bonus, direct deposit accounts waive the fee as long as at least $500 is coming in each month.
Fees:
$12 service fee per month (waived with $500 in qualifying deposits or $1,500 daily balance)
$34 per transaction (waived with Overdraft Assist)
Balance requirements:
No minimum deposit to open
No minimum daily balance required ($1,500 to waive $12 monthly fee)
ATMs:
Fee-free at more than 16,000 Chase Bank ATMs nationwide
$3-$5 fee for each out-of-network transaction
Interest on balance:
Up to 0.01% APY on savings
Additional perks:
$200 bonus for new checking account with direct deposit
Checking accounts available for children ages 6 to 17
6. CIT Bank
CIT Bank is an online-only bank that is geared toward helping you set money aside for the future. One notable product is the CIT Platinum Savings account, which offers 4.75 APY on balances of $5,000 or more if you deposit at least $100 monthly.
But CIT is great if you’re in the market for a checking account, too. With CIT eChecking, you get one of the rare interest checking accounts that comes with no monthly fees or minimum balance. Although there are no ATMs or branches, CIT does refund up to $30 a month for non-network ATMs.
Fees:
No monthly service fee
No overdraft fee
Balance requirements:
$100 minimum deposit to open
No minimum daily balance required
ATMs:
No CIT ATMs available
Up to $30 monthly in non-network ATM fees refunded
Interest on balance:
Up to 0.10% APY on checking
Up to 0.25% APY on checking with $25,000+ balance
Up to 4.75% APY on savings
Additional perks:
Up to 1.00% APY on savings with $100 monthly deposit
Up to 5.00% APY on CDs
7. Fifth Third Bank
Another regional bank with a heavy Illinois presence is Fifth Third Bank out of Ohio. You’ll find branches in Illinois, Ohio, Florida, Georgia, Indiana, Kentucky, Michigan, North Carolina, South Carolina, Tennessee, and West Virginia.
Fifth Third Bank offers a variety of account options, but the most popular checking account is Momentum Checking, which has no monthly fee. Your checking account comes with Extra Time, which notifies you of insufficient funds so that you can avoid overdraft fees.
Fees:
No monthly service fee
$37 overdraft fee
Balance requirements:
No minimum opening deposit
No minimum daily balance required
ATMs:
Fee-free at more than 40,000 Fifth Third and MoneyPass ATMs nationwide
$3 fee for out-of-network transactions
Interest on balance:
0.01% APY on savings
Additional perks:
Identity theft monitoring available through Trilegiant for a fee
Fifth Third Extra Time notifies you of overdrafts to let you deposit money by the end of the day
8. PNC Bank
PNC is one of the larger regional banks, with a presence in 27 states, including Illinois. Currently, you can earn a bonus of up to $200 when you open a checking account and enroll in qualifying Virtual Wallet products.
Where PNC really excels is in its online and mobile banking offerings. Its checking account comes with no monthly service fees or minimum balance requirement, and Low Cash Mode lets you manage things when funds get low.
Fees:
No monthly service fees
$36 maximum overdraft charges per day in Low Cash Mode
Balance requirements:
No minimum deposit to open
No minimum daily balance required
ATMs:
Fee-free at 60,000+ ATMs nationwide
$3 transaction fee for out-of-network ATMs
Interest on balance:
2.00% APY on savings
4.30% APY on high-yield savings account
Additional perks:
$200 bonus with Virtual Wallet signup
Low cash mode helps you when funds are low
9. Ally
While there are no physical branches, Ally Bank builds everything you need into its online and mobile banking platforms. You’ll not only get a free checking account with no fees or minimum daily balance requirement, but both checking and savings accounts offer interest on your balance.
There are some activities that mobile banking can’t handle, though. Ally has you covered on those, too. You’ll have fee-free access to 43,000 AllPoint ATMs in Illinois and nationwide. One downside is that you can’t deposit cash at partner retailers as you can with some other online-only accounts.
Fees:
No monthly service fee
No overdraft fees
Balance requirements:
No minimum opening deposit
No minimum daily balance required
ATMs:
Fee-free at more than 43,000 AllPoint ATMs nationwide
Up to $10 in fees at non-AllPoint ATMs reimbursed per statement cycle
Interest on balance:
0.25% APY on checking
3.75% APY on savings
Additional perks:
Spending buckets help you budget
Access to paycheck up to two days early
10. GO2Bank
Another online banking option open to Illinois residents is GO2Bank. You can do most of your banking through their app, including mobile check deposit, online bill pay, and the ability to manage your account.
One unique thing this mobile bank offers is the ability to deposit cash at retailers nationwide. GO2Bank’s savings accounts come with 4.50% APY on balances up to $5,000.
Fees:
$5 per month (waived with eligible direct deposit)
$15 per-transaction overdraft fee
Balance requirements:
No minimum deposit to open
No minimum daily balance required
ATMs:
Fee-free at 55,000+ ATMs nationwide
$3 transaction fee for out-of-network ATMs
Interest on balance:
4.50% APY on savings accounts
Additional perks:
Earn up to 7% by purchasing e-gift cards in the app
Deposit cash at 90,000+ retail locations nationwide
Illinois has plenty of options, whether you go with an Illinois bank or one headquartered elsewhere. The best banks in Illinois combine low fees with features that make banking convenient for you. Don’t rule out online bank options, since you can easily find one with all the features you need, along with fee-free access to local ATMs.
Finding the Best Banks in Illinois
With so many options, it can be tough to narrow down the list of the best banks in Illinois. Whether you choose a local, national, or regional bank, though, it’s important to find the one that offers what you need. Here are some features to consider in your search for a new bank.
FDIC Insurance
When you turn your money over to someone else, you’ll want to make sure it’s safe. If the economy crashes or a bank fails, you won’t want to lose your money. In the U.S., the Federal Deposit Insurance Corporation covers consumers. But that coverage is limited to $250,000 in principal and interest per depositor, per account. Additionally, investment products aren’t covered, although your money market account, individual retirement accounts, and other types of savings account options likely are.
It’s also important to note that not all banks are insured by the FDIC. Whether you’re going with a large, corporate lender or opening a checking account online, research to make sure it’s FDIC insured. Also, pay close attention to limits and make sure you don’t exceed $250,000 with each account.
ATM/Branch Access
At one time, you’d have to rely on local branches and ATMs to deposit checks and withdraw cash. But thanks to tools like Apple Pay and Samsung Pay, you don’t even have to pull out your wallet to make a purchase. Still, you’ll occasionally need some cash, which is why the best banks in Illinois go beyond digital solutions.
Whether you choose a national bank or you open an account online, pay close attention to how you’ll get that help when you need it. Many online bank accounts now partner with ATM networks like AllPoint and MoneyPass to give you that option. Some let you deposit cash through local retailers for a fee.
Low Fees, Great Features
It’s easier than ever to find a checking account with no monthly fees. Even those that do charge monthly maintenance fees will sometimes waive them as long as you have your paycheck electronically deposited or maintain a minimum balance from day to day.
But as you’re researching the best banks in Illinois, it’s important to consider all the costs. If you choose a fee-free online banking option, for instance, but you’ll be paying $10 or more a month for ATMs, it might be worth it to go with one of the national banks that charge a small monthly fee.
Advantages and Disadvantages of Local Banks
National banks have a heavy presence throughout Illinois, but some of the best banks in Illinois are smaller and more community-based. Here are some advantages of going with a local bank:
May provide more personal service
Savings account interest rates may be more competitive
Might have lower rates on auto loans and personal loans
Credit score requirements can be more flexible
There are a few disadvantages, as well, including:
Online banking features might not be as developed
ATM access may be limited while traveling
May have fewer specialized accounts
Savings Accounts
It can be easy to look around for the best checking accounts when you’re planning on making a switch. But saving for the future is important, too. You might find a local bank has lower fees on checking, but a national bank offers better interest yields on its savings accounts. When the benefits outweigh the costs, it could affect your choice.
There are a few other things to consider in a savings account. Some have an initial deposit, while others require a sizable balance for their higher interest rates. Furthermore, consider how often you’ll need to withdraw funds from the account. Many savings accounts limit you to six fee-free withdrawals and transfers per statement cycle under Regulation D.
Other Products and Services
Although checking accounts and savings accounts are top priority with a bank account, there are some other things to consider. You may find the best banks serve as a one-stop shop for all your lending needs, from money market accounts to CDs to mortgage loans. You may instead be someone who prefers to bank with multiple lenders.
It’s also important to look at the payment features your bank offers. Your bank account will likely come with a debit card. Can you earn rewards for using it? If your Illinois bank has credit card options, check for perks, rewards, and APR with those as well. Some financial institutions offer bonuses for new accounts or credit card sign-ups, and that can be another way to cut costs with a new bank.
You were running around doing errands all weekend. From the field at your kid’s soccer game to the mall, it seems as though you covered every square inch of your town. You get home and check your pocket; your wallet is missing.
Don’t panic. In addition to calling your bank and credit card companies to report your cards lost or stolen or using your banking app to turn off your cards, you can take other steps to protect yourself from identity theft and credit card fraud.
In fact, if you have any reason to be concerned about identity theft or fraud,there’s a free service all three major credit bureaus (Experian, TransUnion, and Equifax) offer that can help you protect yourself: a fraud alert.
What Is a Credit Report Fraud Alert?
A credit report fraud alert tells creditors you may have recently been a victim of identity theft. Once you add a fraud alert to your credit report through one of the three major credit bureaus (Equifax, Experian, or TransUnion) that credit bureau also alerts the other two organizations. When potential lenders and creditors see a fraud alert, they should take additional steps to verify your identity before granting credit.
Credit report fraud alerts are different from other types of alerts, such as credit freezes or identity theft reports. A credit freeze prevents anyone, including you, from accessing your credit report without your permission. An identity theft report, as the name suggests, shows creditors that you recently fell victim to identity theft.
If you file an identity theft report, you should also put a fraud alert on your credit report or even freeze your report to make it harder for criminals to open new lines of credit in your name. As an added benefit, when you place a fraud alert on your credit report, you’re eligible to get a free copy of your credit report from all three credit bureaus twice in that year instead of just once.
Types of Credit Report Fraud Alerts
Consumers can rely on three different types of credit report fraud alerts, depending on the situation. They vary in duration and who qualifies for each type of alert.
Initial Fraud Alert
If you worry you’ve been a victim of fraud or just want an added layer of protection for your credit and identity, you can easily apply for an initial fraud alert. This alert lasts for one year. It encourages companies to take an extra step, like calling a phone number you provide, to confirm you filled out a new credit or loan application.
An initial fraud alert doesn’t prevent you from applying for new credit. (That’s the job of a credit freeze.) It also doesn’t prevent criminals from using your existing credit cards if they’ve gained access to your account number.
Extended Fraud Alert
An extended fraud alert lasts for seven years. It takes a little more paperwork to apply, but it’s also free.
You can only apply if you’re a victim of identity theft and file a police report or a report at IdentityTheft.gov. Since gathering all the documentation takes time, you can file an initial fraud alert in the meantime.
In addition to receiving an additional free copy of your credit report from all three bureaus the year you place the alert, you will also be removed from marketing lists for unsolicited credit card and insurance offers for five years.
Active-Duty Alert
Members of the U.S. military can protect their credit for added peace of mind while they’re deployed. An active-duty alert functions just like an initial fraud alert, making it harder for someone to open a new account in your name. Like an initial fraud alert, an active-duty alert lasts for one year.
How Credit Report Fraud Alerts Work
When you file a credit report fraud alert, banks, credit card companies, and lenders should take an extra step to verify your information before approving your credit application.
Often, that means they must call a phone number you provide to verify that you really completed the application. A fraud alert also allows you to secure a second free credit report from each of the three bureaus in the year you initiate the report.
Keep in mind that a fraud alert does not stop criminals from using your existing credit cards to make fraudulent purchases.
Placing a Credit Report Fraud Alert
Fortunately, it’s easy and free to place a fraud alert on your credit report. Once you place the alert with one credit bureau, they share the information with the other bureaus. The steps you take depend on whether you want to place an initial fraud alert or an extended one.
How to Place an Initial Fraud Alert
You don’t need to be a victim of identity theft or credit card fraud to request an initial fraud alert. To place one, reach out to one of the three credit bureaus. Each has a slightly different process.
Equifax
Visit Equifax’s fraud and active-duty alert page to place a fraud alert with Equifax. You must log in to your account and provide your name, address, and Social Security number. You can also call 800-525-6285 to request a fraud alert by phone.
Experian
To place a fraud alert with Experian, you can visit the fraud alert center and select “Add a fraud alert.” Choose the type of alert, and then fill out the information requested on the form. You need a valid email address and your Social Security number. You can also call to place a fraud alert at 888-EXPERIAN (888-397-3742).
TransUnion
To place your fraud alert with TransUnion, visit TransUnion’s fraud alert page. Log in to your TransUnion account and provide a valid email address and your Social Security number. You can also call 800-916-8800 to place a fraud alert by phone.
How to Place an Extended Fraud Alert on Your Credit Reports
Placing an extended fraud alert requires a few extra steps and some additional information. For example, you must file and submit an identity theft report. You can download the form to mail at these websites:
Each credit bureau has slightly different requirements to prove your identity and address.
Before mailing the form, gather all the documents you must mail with it, including the:
Police report, law enforcement agency report, or Federal Trade Commission identity theft report
Photocopy of documentation to prove your identity, such as your Social Security card, pay stub with your Social Security number, W2, or 1099.
Photocopy of paperwork to prove your mailing address, such as a driver’s license or state ID card, rental lease agreement, house deed, pay stub showing your address, bank statement with your address, or utility bill with your address.
TransUnion also accepts a canceled check with your home address, a stamped P.O. Box receipt, or a signed letter from a homeless shelter as proof of residence.
Once you’ve gathered this information, send it to one of the bureaus along with the extended fraud alert form you downloaded from the website. Experian allows you to upload the form and supporting documents electronically.
Once you’ve gathered the necessary documentation, mail the form you downloaded and printed to the appropriate address below.
Equifax Information Services LLC P.O. Box 105069 Atlanta, GA 30348-5069
If you’re wondering if you should place a credit report fraud alert, then you should. A fraud alert can help protect you from identity theft and credit card fraud, which provides added peace of mind.
If you’ve been a victim of fraud or recently lost your wallet or misplaced important documents like your driver’s license, it’s worth taking the time to place a credit report fraud alert.
Although a credit report fraud alert can’t stop thieves from using your existing credit cards (you have to report those stolen), it makes it harder for someone to open new credit in your name.
If you place an extended fraud alert, you’ll also be free from unsolicited credit card or insurance applications for five years. That means less junk mail and less chance thieves can open credit cards or apply for insurance in your name.
Final Word
While the Federal Trade Commission’s data shows instances of credit card fraud dropped slightly from 2021 to 2022, the amount of money scammed from consumers rose by 30% in the past year, up to a staggering $8.8 billion. Fortunately, there are steps you can take to protect yourself.
For instance, use virtual account numbers for online shopping, read your bank and credit card statements carefully, and sign up to receive notifications via text if a card shows unusual activity. Finally, set up an initial credit report fraud alert as an added layer of identity protection.
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Dawn Allcot is a full-time freelance writer and content marketing expert, specializing in personal finance, technology, real estate, and insurance. Her work has been widely published across the web, including on Bankrate, The Balance, Solvable, and the award-winning Chase News & Stories portal. Dawn is, additionally, the founder of GeekTravelGuide.net, a travel, technology, and entertainment website for the geek in all of us.
Well, 2013 has officially come to a close, and 2014 is well underway.
For a moment there, it seemed as if each holiday was followed by a weekend, creating an endless vacation, but sadly it’s time to get back to work.
So without further ado, I present to you my top 10 predictions for the mortgage and housing market for 2014.
For the record, you can see my 2013 predictions here, which I’ll admit were a bit of a mixed bag.
1. Mortgage rates will inch higher
Last year, I expected mortgage rates to move somewhat sideways. I was wrong. They went up a lot more than I predicted.
This year, however, I see the movement a bit more muted, seeing that they’ve already risen so much (more than 1% in a year).
Most market pundits expect rates on the 30-year fixed mortgage to average close to 5% by year-end, which is less than half a point above current levels.
Yes, higher, but not that much higher. And still cheap.
2. Home price appreciation will ease, somewhat
Going hand in hand with that prediction is the expectation that home price appreciation will moderate after an explosive couple years.
Again, the idea here is that home prices have already chalked impressive gains, so the upside is more limited. Of course, that will depend on the region of the country in question. And our propensity to chase prices higher.
I’m not sure I agree with the really conservative views though – the housing market could surprise us yet again as eager buyers that missed out earlier try to get in late.
3. Housing inventory will remain tight
Yes, as home prices rise more homeowners will be able to list their homes (positive equity facilitates that).
But I don’t know how many of them will be quick to list, especially after waiting so long to get back in the black.
They might want to book a profit as well. Then there are the investors, who made it clear they plan to hold and rent for who knows how long.
4. Investor home purchases will decline
Speaking of investors, they should pump the brakes on home purchases this year seeing that home prices have risen so much.
Sure, they might still scoop up properties in certain hard-hit, non-fully recovered areas, but they’ll probably step aside and let everyday Joes get a piece of the action (at a premium).
5. ARMs will get more popular
Despite interest rates on the 30-year fixed slated to remain below 5%, more borrowers will turn to adjustable-rate mortgages to get their financing.
I think this will be a combination of lenders pitching more ARM products, along with the fact that fixed rates aren’t where they once were.
It’s an ego thing. Today’s home buyer won’t want a rate of 5% when their neighbor has a rate in the 3s.
Housing affordability, or a lack thereof, will also contribute to this trend.
6. Lenders will offer non-QM loans
Before the year ended, there was a lot of fear that the new Qualified Mortgage rule would neuter the mortgage market.
There’s already at least one major lender pledging to make interest-only loans, which happen to be explicitly banned under the QM rule.
My guess is more and more lenders will offer non-QM loans and hold onto them, which was kind of the point, right?
7. Conventional lending will stage a comeback
The last couple of years were dominated by FHA lending, which surged in popularity thanks to its soft underwriting requirements and low mortgage rates.
But now that the FHA is sticking it to new borrowers via ridiculously expensive premiums and insurance that stays in force to term, I doubt many borrowers will go the FHA route unless it’s a last resort.
At the same time, private mortgage insurers will help conventional lending reach more borrowers by easing guidelines.
8. Home equity lending will increase
With rising home prices comes opportunity. And one of those opportunities is tapping it.
I expect more and more borrowers to pull cash out via home equity lines thanks to much higher home prices. And they may actually use the money to improve upon their homes, instead of buying Hummers.
Speaking of home equity lines, a lot more are set to reset this year and the next, so expect more defaults related to HELOCs as well.
9. Foreclosures and short sales will fall to normal levels
Despite some reset-related foreclosure starts, I still see foreclosures and short sales falling closer in line with historical levels.
Both have already slowed tremendously, with foreclosure starts already at a 95-month low, per RealtyTrac. Short sales are also a dying breed because homeowners are able to sell at such a premium nowadays.
There’s no compelling reason to expect that trend to reverse course. I also think banks will spend more time on foreclosure alternatives than foreclosure itself.
10. Mel Watt will fight new fees
There have already been reports that new FHFA head honcho Mel Watt is more or less against the proposed mortgage pricing adjustments recently issued by Fannie Mae and Freddie Mac.
If enacted, they would make 780+ credit scores important, which one could argue is taking things a little too far.
I expect Watt to fight these fees tooth and nail on the basis that the housing market is far from fully recovered.
Hopefully he’s successful, seeing that new buyers will have to contend with both higher interest rates and home prices in 2014.
While everyone frets about rising mortgage rates, down payments continue to be the biggest hurdle to homeownership.
This couldn’t be more true in Manhattan, where the median down payment increased to a staggering $500,000 this year, according to a new report from PropertyShark.
The company noted that the required down payment is roughly $200,000 more than the total cost of the typical American home.
Median Down Payment Doubled Over the Past Decade
Over the past 10 years, the median down payment in Manhattan has risen by “no less than $267,000” thanks to massive home price increases in the city.
During that same time, the median U.S. home price climbed $59,000 to $301,000 as of the most recent quarter.
Back in 2005, the median down payment in NYC’s most expensive borough was just $195,113 and the median down payment then was 21%.
It then surged higher despite the economic downturn and housing crisis to half a million dollars this year, with the all-cash share hitting 55% of sales.
The good news is the down payment issue has only been a hurdle for less than half of home buyers in the city.
In the Bronx, the median down payment was a much more favorable $79,000…although still sizable when compared to just about any other city in the country.
Luxury Real Estate Requires a $3 Million Down Payment
If you thought $500,000 was a large down payment, consider the fact that the down payment for so-called luxury real estate ($5 million and up) was $3,150,000 this year in Manhattan.
That’s only up marginally from the median down payment of $2,984,138 back in 2005, and well below the $3,666,161 in 2014.
However, the median down payment as a percentage was just 38% this year, down from 45% in 2005. Apparently more lenders are willing to take on super jumbo loans.
In nearby Brooklyn, the median down payment was $226,000 this year, with buyers generally putting down 25% toward their home purchase.
It too has risen dramatically, from just $82,500 back in 2005. But back then it was more common to put down just 20%.
Things aren’t much easier in Queens, where the typical buyer must come in with $187,660 to muster a 27% down payment.
Wells Fargo Is the Mortgage King of NYC
Unsurprisingly, Wells Fargo was the largest mortgage provider in NYC this year, doling out 2,081 home-purchase mortgages to city residents through early December.
They were followed by Chase with 1,584 mortgages and Citizens Bank with 591. First American International Bank (338) and Citibank (331) rounded out the top five.
Chase Top in Luxury Home Financing
Meanwhile, Chase financed 66 luxury home purchases in 2016 – those above $5M, totaling nearly $414 million in loans.
Wells Fargo came in a distant second with 55 purchase loans totaling $242 million, followed by First Republic Bank with 38 loans totaling nearly $187 million.
Bank of America did fewer loans (34) but the aggregate loan balance was a much higher $235 million, and Citizens Bank was fifth with 16 loans totaling about $87 million.
The commission must be pretty sweet on loans that size…
Overall, 63% of home sales in NYC relied on the use of a mortgage this year, with a median down payment of $224,750, or 26%. For these folks, higher mortgage rates probably sting pretty bad.
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