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Apache is functioning normally

May 29, 2023 by Brett Tams

Once, I couldn’t find a matching pair of shoes, so I put one foot in a ballet flat and the other in a tennis shoe and acted like I had sprained my ankle. True story.

You may wonder then why this girl is writing an article on decluttering and disorganization and their relationship to finances, especially since I still have a lot to learn. While there are definitely others who are more organized, I have come a long way.

I have no idea how much being disorganized has cost me directly, or how much a cluttered life affected my finances indirectly. But it’s significant: Paying credit cards late, getting overdrafts, losing bills or other important papers, buying stuff only to find out I already had it, and on and on. It was painful in so many ways.

As I mentioned in a recent article, when I conquered clutter, things really improved financially. This is an expansion of that article.

Clutterosis

This magazine article cites a study that found a link between cortisol levels (the stress hormone) and clutter. I am not surprised; I felt stress every time I looked at my paper piles, too.

But it wasn’t enough to feel stress. After all, I read book after book, article after article about organizing and decluttering. I knew how to improve, but I wasn’t doing it. My house and life still looked the same.

Does that sound familiar? Money is more about the mind than it is about the math. And getting organized is more about the mind than it is about how many storage containers you have.

1. Easier is the goal. The first step to curing yourself of clutterosis (it’s kind of like halitosis because you can’t find your toothbrush) is to convince yourself that you just want to make your life easier; however that needs to happen, do it. I had to have several conversations with myself about this. In most cases, it was not easier for me to store things that I wasn’t using for an indefinite period of time. I just thought it would be easier, you know, to have two coffee carafes in case we had lots of coffee-drinking friends over at the same time or a spare electric skillet for…something. In addition to clutterosis, I also had a serious case of the “in cases.” You know, in case I lose weight, I’ll keep these clothes. In case I start playing the violin again, I’ll keep this music.

2. Just say no. You also have to realize that your organizing abilities/desires are different from other people’s. Since I have difficulty organizing a lot of stuff, I need to have less stuff. Period. For a long time, I had the reputation of liking free stuff, so if someone had something they wanted to give away, they called me. Most of the time I said, sure!

After all, what is better than free? Having only the objects you want or need, that’s what. Once I realized that I could organize my life so much better when I didn’t have so many things to worry about and take care of, I started saying no to even free stuff most of the time.

Guard your life. If you don’t really like it or don’t think you will use it often, keep it out of your life. I’ve never regretted declining a free item. But I enjoy my tidier, decluttered streamlined house. And now that we have two kids, I am even more zealous about keeping stuff we don’t use outta here. You don’t like that shirt and won’t wear it? Let’s give it to someone who will. STAT! Because I’m not great at managing lots of stuff, I have to be even more diligent about what comes through the front door.

3. Purge. Before I got serious about decluttering, I sold a few things, but the piles of stuff always found their way home. Once I was ready to tackle the clutter — for real — I started by evaluating the areas of my house that were the problem areas: the kitchen table, the kitchen counters, and some closets. I started out hesitantly, still stuck on “I might use this someday,” but quickly created a huge pile once I started feeling some freedom.

This is a step that had paralyzed me before. Even I find stuff to get rid of, where should I take it? I will have to put it in my car and make time to stop by Goodwill and then…do I just throw it away?

But to get the purging started, I called up a couple of friends and invited them to take any part of the pile. I was so excited to see my stuff leave my house and find new life with my friends. That inspired me to keep going.

While I still have some spots to declutter, I am getting there.

4. Be systematic. Once I cleared our house of things we weren’t using anymore, I started creating systems and processes that maintained our new and (more) decluttered lives. This is where all the books and articles I had read in previous years came in handy.

Here are just a few tips that I’ve found particularly helpful:

Sort the mail over the garbage can, immediately after coming in from the mailbox.
Put like things together (for instance, creating a baking zone with flour, sugar, etc. in the kitchen).
Make a place for everything and put everything in its place.
Waiting does not change a mountain into a molehill. Many times, I left kitchen clean-up for the next day, but dirty dishes don’t improve overnight, but wouldn’t it be great if they did?!

Websites

There are a zillion websites on organizing/decluttering, but here are a few just to get you started.

www.flylady.net

www.unclutterer.com

www.iheartorganizing.blogspot.com

Chime in if you’re a reformed slob like me or if you’ve always had clutter under control. What works for you today?

Source: getrichslowly.org

Apache is functioning normally

May 28, 2023 by Brett Tams

It might surprise you to learn that the average ATM fee in America is $4.57. Considering that the minimum withdrawal amount is $20, you effectively pay 25% more if you use an out-of-network ATM with such a high fee.

Of course, your actual fees will vary depending on where you live and what type of ATM you use. However, it’s fair to say that these fees can really add up.

5 Easy Ways to Avoid ATM Fees

You don’t have to resign yourself to paying a lifetime of expensive ATM fees. Instead, use a bit of preparation to ensure you can access your cash for free whenever you need it.

As Ben Franklin famously said, “An ounce of prevention is worth a pound of cure.” In this case, a few minutes of preparation are worth a lot of cash savings. Ready to never pay ATM fees again?

1. Look for Banks that Reimburses ATM Fees

Even if your bank does participate in an ATM network, it’s also good to find one that reimburses your ATM fees. Some banks even reimburse international ATM fees.

There are a few ways they do this: some offer an unlimited reimbursable amount, while others might cap it out between $10 and $25 each month. So, how does ATM fee reimbursement work? Typically, you’ll still have to pay the fee upfront.

Your bank then credits any applicable ATM fees to your account balance at the end of your billing cycle. So, you generally have to wait a bit of time before seeing that money. Still, it’s much better than never seeing it at all! Interested in finding a financial institution that offers ATM fee reimbursements?

Banks and Credit Unions That Reimburse Out-of-Network ATM Fees

Alliant Credit Union – reimburses up to $20 per month
Ally Bank – reimburses up to $10 per statement cycle for ATM fees charged at other ATMs nationwide
Axos Bank – unlimited ATM fee reimbursements domestically
BankFive – up to $15 reimbursed each cycle
Charles Schwab Bank – unlimited ATM reimbursements worldwide
First Republic Bank – reimburses third-party fees worldwide
Incredible Bank – automatically reimburses ATM fees
Radius Bank – unlimited ATM fee reimbursements domestically
SoFi Money – ATM fees reimbursed worldwide
Upgrade – up to five ATM reimbursements each month

Top Banks and Credit Unions That Don’t Charge ATM Fees Within Their Network

Aspiration – over 55,000 fee-free ATMs
Capital One 360 – over 70,000 Capital One or Allpoint ATMs at zero cost
Chase – over 16,000 fee-free ATMs
Chime – over 60,000 fee-free¹ ATMs
Citibank – over 65,000 ATMs fee-free to customers
Current – over 40,000 fee-free ATMs
Fifth Third Bank – over 50,000 fee-free ATMs
PeoplesChoice Credit Union – over 85,000 fee-free ATMs
PenFed Credit Union – over 85,000 fee-free ATMs
Wells Fargo – free access to over 13,000 ATMs

As you can see, there are plenty of financial institutions offering fee-free options that allow you to avoid ATM fees. Many of these bank accounts also come with no monthly fees. You can narrow down the list by reviewing other account features. You should also take into account how much foreign travel you do.

2. Plan in Advance

If your day entails going to Target or shopping online, it’s safe to assume you won’t need cash. But if you’re headed out to a less mainstream operation, check ahead to see if the business accepts debit or credit cards.

It’s as simple as a quick Google search on your phone to check out their payment options. If there’s no website available, see what people have to say on Yelp or Facebook. Message or call the business to check their policy in advance. While many small businesses use their smartphone or tablet to process electronic payments, you shouldn’t assume they all do.

This is especially true if you’re visiting a small operation. A farmer’s market or pick-your-own-strawberry field very well may only accept cash. Food truck rallies, small outdoor concerts, and cheap (but tasty) local dives may operate on a cash-only basis.

These are exactly the types of businesses that need loyal customers like you to support them. But when working with limited funds or limited Wi-Fi, accepting cards may not be an option for these businesses.

Do them and yourself a favor by checking acceptable forms of payment ahead of time, especially when it comes to local businesses. It might be easier to go to a big box store. However, it won’t be half as much fun or have as large of an impact on your community as supporting the little guys. Just prepare in advance, so you can avoid taking a U-turn to hit up an ATM once you’re there.

3. Keep Backup in Your Wallet

It’s perfectly reasonable to attempt to minimize what you carry around in your wallet. After all, you’re probably also saddled down with a bulky smartphone and keychain.

Amidst your driver’s license, debit cards, credit cards, health insurance card, and whatever else that lives in your wallet, you should also carry some backup cash. But, of course, you probably don’t want to walk around carrying a thick wad of money in your wallet.

The chances are low that you’d ever get robbed, but it’s certainly not impossible, especially if you live in a large city. Still, keeping a $20 bill in your pocket can save you a huge headache at some point down the road.

That amount should most likely cover a cab ride, lunch, or other last-minute cash expense you might encounter. And if you do happen to lose your wallet for some reason, you’re not missing a massive chunk of change.

Carry a Blank Check

Another great way to avoid last-minute trips to the ATM is to carry a blank check in your wallet. This gives you a little more leeway than a $20 bill because you can write out the check for however much you want.

If you happen to lose your wallet, or it gets stolen, you’re not out any cash. Of course, you might want to stop payment on the check number, but even that may not be necessary since you didn’t sign it.

Not everyone still accepts checks because of the chance of someone writing a bad one. But in many instances, it can save you time, money, and the aggravation of having to go out in search of an ATM. Adding a simple blank check and $20 can go a long way in ensuring that you’re prepared for any situation that requires a certain amount of cash.

4. Use Your Debit Card to Get Cash Back

A simple but often forgotten way to avoid paying ATM fees is to get cashback on a store purchase. You’ll need a debit card rather than a credit card for this tactic, but otherwise, it’s pretty straightforward.

Make a low-cost purchase at a gas station, drugstore, or other convenient retailer and request money back from your bank account during the payment process. However, there are a few conditions that come with this strategy.

First, it’s not technically free since you do have to pay money to get your cash. But you do actually get something for that money, unlike an ATM fee.

In addition, note whether the establishment has a minimum for either a debit purchase or getting cashback. Ideally, you can get away with buying a cheap drink or snack for one or two dollars. At some places, however, you have to spend $5 or more to use your debit card.

Cash Back Limits

Another factor to consider when getting money through cashback is that there may be a maximum amount you’re able to receive. For instance, CVS only allows for $35 as cashback.

If you need more than that, you may have to visit a few different stores. That can quickly add up if you’re making small purchases at each one. While these limits can be annoying, there is an upside to using cashback for money rather than an expensive ATM.

That’s the flexibility you have in the types of bills and coins you receive. While ATMs usually only dispense cash in $20 bills, you can request any combination of money with cashback. It’s also convenient if you only need a small amount and don’t want to (or can’t) withdraw in $20 increments. Before you hit an ATM, see if a retail store can meet your needs with cashback.

5. Check Your Bank’s ATM Network

If you find it necessary to track down an ATM, look for one in your bank’s network. This allows you to avoid ATM fees from two different parties. How?

Unfortunately, when you use an ATM that’s out of your bank’s network, you’re typically charged twice: once by the company operating the ATM and once by your bank. It’s a double whammy that really hurts your bottom line. So first, look to see if your actual bank has a branch location with an ATM near you.

This is the simplest way to ensure you won’t incur any extra charges. If there are none nearby, check the back of your debit card to see if any other ATM networks are listed. You can also download your bank’s app to use an ATM locator. It’s a quick and easy way to find a no-fee ATM — plus, it’s usually free.

The Largest ATM Networks

Some of the most common ATM networks include Allpoint, MoneyPass, and Co-op Solutions. Allpoint, for example, has 55,000 ATMs in the U.S. and ATMs in Canada, Puerto Rico, the U.K., Australia, and Mexico.

So, you can enjoy fee-free cash in some popular international destinations as long as your bank or credit union participates. MoneyPass is only found in the U.S. and Puerto Rico. It’s in many convenient locations, including Walmart.

Co-op is a similar service that focuses on credit union members. It has more than 30,000 ATMs and 5,000 shared branches throughout the nation. Participating credit union members can easily access fee-free money just about wherever they are.

Ask your bank or credit union where you have your checking account if they participate in any of these ATM networks. If they don’t, and you frequently use ATMs, it might be time to open a new bank account.

Final Thoughts

ATM fees can be especially high when traveling abroad. So, having a bank account like the Charles Schwab Investor Checking or SoFi Money can result in a lot of savings. Not to mention, some of them act as savings accounts and have similar interest rates, so you can actually earn money too.

ATM fee reimbursement isn’t the only feature you should consider when choosing a checking account. However, it could be the most important if you frequent ATMs often.

1. Out-of-network ATM withdrawal fees may apply with Chime except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.

Source: crediful.com

Apache is functioning normally

May 27, 2023 by Brett Tams

Iowa is a growing, thriving state with plenty of things to offer residents. With so many choices available, it can be tough to decide on the best bank. Once you’ve made sure your bank of choice is insured by the Federal Deposit Insurance Corporation, there are other factors to look at, including whether you’ll find branches in your area and what fees you’ll be charged. This list can help you decide.

11 Best Banks in Iowa

Before you open a new bank account, take a look around at the best banks in your area. Here are a few to consider.

1. Hills Bank

Hills Bank has branches in the Cedar Rapids, Marion, Iowa City, and Mount Vernon areas, but you can access funds nationwide through thousands of SHAZAM and MoneyPass ATMs. There are three tiers of checking accounts, but Free Checking has no maintenance fees and no minimum balance requirements.

Fees:

No monthly fees
$27 overdraft fee

Balance requirements:

No minimum balance
No minimum opening deposit

ATMs:

Free at Hills, SHAZAM, and MoneyPass locations
No fee for out-of-network transactions

Interest rates:

Up to 0.40% on savings accounts
Up to 4.43% on fixed-rate CDs

Additional perks:

In-person banking services available at branches throughout Iowa
Competitive rates on CDs

2. Bank Iowa

Bank Iowa is an Iowa-only bank with branches in five areas, including Iowa City, but there are no branch-based banking services in Cedar Rapids. You’ll find five checking account options, including two with no monthly maintenance fee or minimum balance.

Fees:

No monthly maintenance fees
$35 overdraft fee

Balance requirements:

No minimum balance
$10 minimum opening deposit

ATMs:

Free access at Bank Iowa ATMs and SHAZAM locations nationwide
$2 for out-of-network withdrawals

Interest rates:

Up to 0.19% on savings
Up to 1.28% on money markets
Up to 2.56% on CDs

Additional perks:

Checking accounts come with complimentary identity theft services
Competitive rates on personal and home loans

3. GO2Bank

If an online bank can meet all your banking needs, GO2Bank might be the best bank. You can easily manage your funds through the mobile banking app, and you’ll also have access to a nationwide network of ATMs and retailers for deposits and withdrawals. As long as your paycheck is automatically deposited, you’ll pay no monthly maintenance fees, but otherwise, it’s only $5 per statement cycle.

Fees:

No monthly fee with direct deposit
$15 overdraft fee for every transaction not paid within 24 hours

Balance requirements:

No minimum balance
No minimum opening deposit

ATMs:

Free access at AllPoint locations nationwide
$3 for out-of-network withdrawals

Interest rates:

Up to 4.50% annual percentage yield on savings account

Additional perks:

Deposit cash at more than 90,000 retailers nationwide
Earn up to 7% cash back on gift card purchases

4. Regions Bank

If you limit your travel to the southern and Midwestern U.S., Regions Bank might be a contender for your business. This regional bank covers Iowa, along with Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Kentucky, Louisiana, Mississippi, Missouri, North Carolina, South Carolina, Tennessee, and Texas.

As long as you have at least one $500 check deposited directly each month, you can get free checking. But banking services like loans and a financial advisor upon request make this bank really stand out.

Fees:

$8 monthly (waived with qualifying activity)
$50 minimum opening deposit

Balance requirements:

$1,500 minimum balance or $500 direct deposit to qualify for free checking
$36 overdraft fee

ATMs:

More than 2,000 ATMs
$2.50 per withdrawal at out-of-network ATMs

Interest rates:

Up to 0.01% APY on savings
Up to 4.75% on CDs

Additional perks:

Wide range of banking products
Wealth management services available

5. Northwest Bank

Based in Spencer, Iowa, Northwest Bank is a family-owned bank with locations in both Iowa and Nebraska. Northwest is considered one of the best banks in Iowa for its quality customer service and great rates on checking. Currently, Northwest Bank is offering a $100 bonus on each new checking account as long as you sign up for new products like e-statements, Zelle, and BillPay.

Fees:

No monthly fee
$28 overdraft fee

Balance requirements:

No minimum balance
$10 minimum opening balance

ATMs:

Free at MoneyPass ATMs nationwide
$2 per withdrawal at out-of-network ATMs

Interest rates:

0.01% APY on qualifying checking accounts
.001% APY on savings
Up to 2.25% APY on money markets
0.03% on CDs

Additional perks:

$100 cash bonus to qualifying new accounts
1.50% cash back on debit card purchases ($8 limit)

6. Chime

Another online and mobile banking option is Chime, which offers all the amenities of bigger banks without the cost. Online banking options include a checking account with autosave features to help you meet your financial goals. Chime’s savings accounts offer 2% APY, which is competitive with what other banks in Iowa are offering.

Fees:

No monthly fee
No charges for overdrafts

Balance requirements:

No minimum balance
No minimum opening deposit

ATMs:

Fee-free at Allpoint and MoneyPass ATMs
$2.50 fee for each out-of-network ATM transaction

Interest rates:

2% APY on savings accounts

Additional perks:

Pay accessible up to two days early
Automatically round up each debit card purchase to build your savings account

7. CIT Bank

Another online banking option is CIT Bank, which has no local branches. CIT’s bank accounts come without monthly charges, including no overdraft fees, but there is a downside. CIT Bank’s ATM network is nonexistent. You’ll be reimbursed up to $30 a month in out-of-network costs, though.

Fees:

No monthly fee
No charges for overdrafts

Balance requirements:

$25,000 minimum balance or $100 monthly deposit
$100 minimum opening deposit

ATMs:

Up to $30 in ATM costs refunded per month

Interest rates:

Up to 0.46% APY on savings
Up to 1.55% APY on money market
5% APY on CDs

Additional perks:

Great rates on CDs
Savings Builder account motivates you to save at least $100 monthly

8. Fidelity Bank & Trust

Fidelity Bank & Trust is a community bank with a hometown feel. It has more than 30 branches in Northeast Iowa, Northwest Illinois, and Southwest Wisconsin. The bank offers robust online and mobile banking options, as well as money management help through its investment services team.

Fees:

No monthly fee
$30 overdraft fee

Balance requirements:

No minimum balance
$50 minimum opening balance

ATMs:

Free at Fidelity Bank locations across Northeast Iowa
Free at SHAZAM ATMs nationwide

Interest rates:

0.05% APY on qualifying checking accounts
0.05% APY on savings
Up to 0.50% APY on money markets
Up to 4.77% on CDs

Additional perks:

myPIC debit card lets you add your photo to your card
Specialized Christmas and children’s savings account options available

9. Bank of America

Even though it’s a large national bank, Bank of America brings some of the benefits you get from a small bank. Customers can enjoy fee-free account types as long as they sign up for Preferred Rewards. But one of the biggest benefits is the nationwide network of branches and ATMs.

Fees:

$12 monthly fee (waived with qualifications)
$10 overdraft fee

Balance requirements:

$1,200 minimum balance or qualifying deposits to waive fee
$100 minimum opening balance

ATMs:

Free at Bank of America ATMs nationwide
$2.50 fee for each out-of-network ATM transaction

Interest rates:

0.04% APY on savings (with preferred rewards)
Up to 4.20% on CDs

Additional perks:

In-person service at branches and with virtual assistant at ATMs
Preferred Rewards programs offer discounts on accounts and loans

10. Bankers Trust

Based in Des Moines, Bankers Trust has banks in Iowa and Arizona. There are multiple accounts to meet your banking needs, including some checking accounts with tiered interest rates. New customers may be eligible for a $250 bonus by choosing a participating checking account.

Fees:

No monthly fee with at least 12 debit card transactions
$10-$30 overdraft fee

Balance requirements:

No minimum balance
$25 minimum opening deposit

ATMs:

Fee-free at Allpoint and MoneyPass ATMs
$2 fee for each out-of-network ATM transaction

Interest rates:

Up to 0.60% on checking
Up to 1.45% on savings
Up to 4.55% on CDs

Additional perks:

$250 bonus for new BreakFree or Direct Checking account
Education center provides training and information

11. MidwestOne Bank

If customer service is a priority, MidwestOne Bank is one of the best banks in Iowa. This regional bank has 45 branches across Iowa, as well as Minnesota, Wisconsin, Colorado, and Florida. You’ll also find great rates on auto and personal loans with MidwestOne.

Fees:

No monthly fee
$35 for overdrafts

Balance requirements:

No minimum daily balance
$100 minimum opening deposit

ATMs:

Fee-free at MoneyPass ATMs
$1 fee for each out-of-network ATM transaction

Interest rates:

Up to 0.75% APY on savings
Up to 1.00% APY on money market
Up to 2.47% APY on CDs

Additional perks:

Bank Your Change automatically rounds up debit purchases to put toward savings
Competitive rates on personal loans

Bottom Line

The best banks in Iowa offer great customer service and easy access to your funds. To ensure you make the right choice, consider not only these factors, but also the range of financial products, convenience, and technological innovation each bank provides. As you compare different banks, keep in mind your specific financial needs, preferences, and goals, such as low fees, high interest rates, or specialized services.

Once you’ve found the best bank, it’s essential to regularly review your account and stay informed about new offers and changes in rates and amenities. By doing so, you can maximize your financial benefits and adjust your banking relationship as your needs evolve. Ultimately, the best bank for you will consistently deliver on all fronts, helping you achieve financial stability and success in Iowa.

Source: crediful.com

Apache is functioning normally

May 27, 2023 by Brett Tams

Would you like to open a checking account, but you’re worried that your bad credit and past banking history might get in the way? With these issues, it can be difficult to open a new bank account.

20 Best Bank Accounts for Bad Credit

Regardless of your banking history, there are numerous banks and credit unions that offer bad credit checking accounts, all with unique features and benefits.

1. Chime

Our Top Pick

No minimum opening deposit or monthly service fee
Over 60,000 fee-free1 ATMs
Get paid up to 2 days early with direct deposit²
No credit check or ChexSystems

2. U.S. Bank

$400 sign-up bonus
Monthly service fee can be waived
Over 40,000 fee-free ATMs
$25 minimum opening deposit

3. GO2bank

4.50% APY on savings up to $5,000
No minimum opening deposit
Build credit with no annual fees
Overdraft protection up to $200

4. Chase

$100 bonus after 10 purchases in 60 days
No credit check or ChexSystems
Over 16,000 fee-free ATMs
$4.95 monthly fee

5. mph.bank

Earn 4.70% APY on unlimited savings
No minimum balance to open
Get paid up to two days early
Free withdrawals at over 55,000 ATMs

6. Current

No credit check or ChexSystems
No minimum deposit or maintenance fees
Get paid up to two days faster
Overdraft up to $200 without any overdraft fees

7. Walmart MoneyCard

No monthly fee with direct deposits of $500 or more
Earn up to 3% cash back on purchases
Overdraft protection covering up to $200 with eligible direct deposits
2% APY on savings

8. Revolut

No monthly fee
Earn up to 4.25% APY on savings
Cash withdrawals at more than 55,000 ATMs
Commission-free stock trading

9. TD Ameritrade

No monthly fee
Unlimited fee refunds for U.S. ATMs
Free TD Bank debit card
Free checks and unlimited check-writing capabilities

10. Albert

No minimum balance
Cash advances up to $250
No maintenance fees
Free ATMs at over 55,000 locations

: 11. SoFi

With the SoFi Checking and Savings account, you won’t have to worry about being charged any overdraft fees, minimum balance fees, or monthly fees.

Plus, it offers free access to ATMs at over 55,000 locations within the Allpoint® Network. Similar to Chime and Current, you can get your paycheck up to two days sooner when you set up direct deposit.

You’ll also get a 1% APY on your checking and savings accounts and up to 15% cash back at local establishments with your SoFi debit card.

12. Navy Federal Credit Union

If you are an active-duty or retired member of the military, including the Armed Forces, National Guard, Coast Guard, or Department of Defense, you may be eligible for Navy Federal Credit Union membership.

NFCU doesn’t utilize ChexSystems or EWS. They also offer a free checking account alternative with no monthly service fees for those with qualifying direct deposits.

Additionally, NFCU offers its members convenient access to over 30,000 ATMs situated at both credit unions and retail locations across the United States and Canada through the CO-OP Network.

13. Aspiration

With the Aspiration Spend & Save account, you get an online checking account and savings account that has the potential to earn up to 5% APY.

Aspiration also offers unlimited cash withdrawals at over 55,000 ATMs. The minimum initial deposit is $10. Deposits are FDIC insured and you can get paid up to two days sooner.

The Aspiration debit card is made from recycled plastic. Deposits are 100% fossil fuel-free. And this online bank even gives you the option to plant a tree with every card swipe.

14. Southwest Financial Federal Credit Union

Southwest Financial presents a reliable banking option that prioritizes the financial wellbeing of its members. With no monthly service fees, it offers a cost-effective solution to managing your everyday finances.

Opening an account is easy and requires no minimum deposit. As a member of Southwest Financial Federal Credit Union, you enjoy the convenience of accessing your funds through a shared network of ATMs.

15. FSNB

FSNB (formerly Fort Sill National Bank) offers a hassle-free Basic Checking account to its customers, with a $5 minimum deposit requirement.

With the Basic Checking account, you need to maintain a minimum daily balance of $75. Otherwise, you’ll be charged a monthly fee of $5.50.

This account comes with a host of convenient features, including a Visa CheckCard that allows you to make purchases and withdraw cash at ATMs worldwide. Additionally, FSNB offers free online banking services, giving you access to your account from the comfort of your home or office.

16. Wells Fargo

Wells Fargo’s Clear Access Banking offers a practical, accessible checking account designed to suit various banking needs. While there is a $5 monthly service fee, this fee is waived for primary account owners aged 13 to 24.

With a minimal opening deposit of just $25, setting up Clear Access Banking is straightforward and affordable. As an account holder, you’ll have the convenience of accessing your funds through Wells Fargo’s extensive network of 13,000 ATMs and 5,300 branches across the country.

17. United Bank

United Bank has locations in Maryland, Ohio, Pennsylvania, Virginia, West Virginia, and Washington, DC. You can open a bank account with a $50 minimum initial deposit. You do not have to maintain a minimum balance and they don’t charge monthly fees.

You can also upgrade to rewards checking, where you earn cashback rewards on debit card purchases. You also get discounts on movies, theme parks, and prescriptions. The monthly service charge is $10, but you can have it waived if you reach 15 purchase transactions monthly or have a minimum of $500 in regular deposits.

18. Huntington National Bank

Huntington has locations in Arizona, Colorado, Illinois, Indiana, Michigan, Minnesota, Ohio, South Dakota, and Wisconsin.

Huntington Bank uses ChexSystems, but you can still qualify for a checking account as long as you don’t owe the bank any money. However, applicants with an EWS record may not qualify.

For Huntington’s basic account, there is no minimum opening deposit and no minimum balance requirement.

19. Varo

Varo is an online-only bank that offers a hassle-free banking experience with no monthly fees. As a Varo customer, you’ll gain access to early direct deposit payments, which means that your funds will typically be available on the same day they’re received.

Varo Bank knows that just because you need second chance banking doesn’t mean you want sub-standard service. The checking account comes with a free Visa debit card, access to over 55,000 Allpoint ATMs, and free paper check mailing.

20. Regions Bank

You’ll need a minimum opening deposit of $50 to open a Simple Checking Account at Regions Bank. This account doesn’t come with too many bells and whistles. However, it’s a suitable option for anyone with bad credit who wants a basic checking account.

Regions Bank will lower your monthly maintenance fee from $8 to $5 if you sign up for online statements. And you’ll have the option to open a savings account through Regions Bank as well.

What is a bank account for bad credit?

A bank account for bad credit is a type of account designed for people with negative banking records. These people are usually turned away from traditional banks and credit unions because of past instances of bounced checks, overdrawn accounts, or unpaid non-sufficient fund fees.

Fortunately, some financial institutions provide bad credit bank accounts that offer basic banking services such as a debit card, online banking access, and check writing privileges. Direct deposit is also available with some of these bank accounts, which makes it easy to access your income sources.

Bad credit checking accounts are typically easy to open, with minimal fees and most importantly, no credit checks or ChexSystems reports.

How do banks evaluate new account applications?

Opening a bank account can be a straightforward process, but it’s not uncommon for applicants to be turned down or offered limited options. That’s because financial institutions have criteria they use to determine who qualifies for a bank account and what type of account they can offer.

One of the most important factors that banks consider when you apply for a new account is your banking history. To assess this, most banks will check your ChexSystems report, which is a database of your past banking transactions. This report includes information such as any unpaid fees or overdrafts, closed accounts due to fraudulent activity, and other negative marks.

If you have a negative history in ChexSystems, such as unpaid fees or a history of overdrafts, it can be more challenging to open a bank account. In some cases, the bank may decline your application altogether or offer you a limited account that doesn’t allow you to write checks or use a debit card.

Another factor that banks make consider is your credit history. Some banks may pull your credit report from the three major credit bureaus Equifax, Experian, and TransUnion, but most don’t.

Your credit report is typically accessed by credit card issuers and lenders to assess your creditworthiness when you apply for loans or credit cards. But for bank accounts, your ChexSystems record is generally more important.

What is ChexSystems?

ChexSystems is a consumer reporting agency that collects user data from banks and credit unions. One of the things this data is used for is to create consumer reports that financial institutions can use to screen customers.

When attempting to open a new bank account, most financial institutions will pull your ChexSystems report. This report will show your past banking history including overdrafts, bad checks, check fraud, negative balances, or excessive withdrawals.

If you’ve had any of these issues in the past five years, it will likely be on your ChexSystems record. Fortunately, there are several reputable banks that don’t use ChexSystems or check credit to qualify customers. There are also numerous banks that offer second chance checking accounts for people with bad credit.

Can you open a bank account with no credit check?

Opening a no-credit-check bank account is easier than ever, with plenty of reliable banking services to choose from. There are two types of bank accounts for bad credit: banks that don’t use ChexSystems and second chance checking accounts.

Banks that Don’t Use ChexSystems

Some banks simply do not use ChexSystems to evaluate new accounts. These banks offer no-credit-check bank accounts for people with bad credit or a negative banking history.

The good news is that these accounts come with the same features as regular bank accounts offered to everyone else. You can expect to have access to online banking, direct deposit, and a debit card.

Second Chance Checking Account

With a second chance bank account, financial institutions may conduct a credit check or refer to ChexSystems, but they’re willing to give you a second chance regardless of your banking history. Second chance bank accounts usually come with a monthly maintenance fee.

The best second chance checking accounts still have some of the same features as ChexSystems banks and credit unions, such as overdraft protection, online banking, and bill pay. Additionally, it should be possible to upgrade to a standard checking account after demonstrating responsible banking habits.

What to Look for in a Bad Credit Checking Account

If you’re struggling with poor credit history, you might be wondering how to find a checking account that meets your needs while also helping you rebuild your financial reputation. Fortunately, there are several banks that offer checking accounts for bad credit. Here are some key factors to consider:

No Credit Checks

The first thing to look for is a bank or credit union that doesn’t look at your credit report or ChexSystems record when opening a checking account.

Many institutions also offer “second chance” or “fresh start” checking accounts designed specifically for individuals with poor credit or past banking issues. These checking accounts provide an opportunity to rebuild your financial standing, and often offer the option to upgrade to a traditional checking account after a certain period of time.

Low or No Minimum Balance Requirement

When you’re trying to rebuild your credit, every dollar counts. Look for a checking account that doesn’t require you to maintain a specified balance. This way, you won’t be charged fees for falling below a certain balance threshold. This will help you keep more money in your pocket and avoid unnecessary expenses.

Reasonable Account Fees

It’s important to be aware of the fees associated with checking accounts, especially if you have bad credit. Be sure to compare the monthly maintenance fees, overdraft fees, and any other charges associated with the account.

Many online banks offer checking accounts with no monthly fees or waive them if certain conditions are met, such as maintaining a minimum account balance or setting up direct deposit.

Online and Mobile Banking Features

In today’s digital age, having access to online and mobile banking is essential. Look for a checking account that offers a user-friendly mobile app and website, enabling you to manage your money on-the-go. These features should include the ability to check your balance, transfer money, pay bills, and deposit checks remotely.

Account Alerts and Notifications

Opt for a checking account that offers customizable account alerts and notifications. These can help you stay on top of your account activity, track your spending habits, and avoid a potential overdraft fee. You can typically set up alerts for low balance, large transactions, or unusual activity.

Overdraft Protection

Overdraft fees can be a significant burden, especially for people with bad credit. Look for a checking account that offers overdraft protection, which can help you avoid costly overdraft fees. Some banks may offer linked accounts, lines of credit, or small-dollar loans to cover overdrafts.

FDIC or NCUA insurance

Ensure that your checking account is insured by the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Administration (NCUA). This insurance protects your cash deposits up to $250,000 per account holder in case the bank or credit union fails.

Opportunities for Financial Education

Finally, look for a financial institution that offers resources and tools to help you improve your financial literacy. This might include budgeting tools, educational articles, or workshops. The more you understand about managing your money, the better your chances of rebuilding your credit and maintaining a healthy financial future.

Bottom Line

Having poor credit doesn’t mean you can’t get a bank account. But, it does mean that your selection will be somewhat limited. We also show you how to clear your name and remove yourself from ChexSystems so that you can get a bank account anywhere.

It may take some time to get your name removed. Meanwhile, some of the banks we’ve listed above are just as good, if not better, than any account on the market right now. So, it’s a good idea to start with one of those.

Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank N.A. or Stride Bank, N.A.; Members FDIC. Credit Builder card issued by Stride Bank, N.A.

1. Out-of-network ATM withdrawal fees may apply with Chime except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.

2. Early access to direct deposit funds depends on the timing of the submission of the payment ﬁle from the payer. Chime generally make these funds available on the day the payment ﬁle is received, which may be up to 2 days earlier than the scheduled payment date.

7. To apply for Credit Builder, you must have received a single qualifying direct deposit of $200 or more to your Checking Account. The qualifying direct deposit must be from your employer, payroll provider, gig economy payer, or beneﬁts payer by Automated Clearing House (ACH) deposit OR Original Credit Transaction (OCT). Bank ACH transfers, Pay Anyone transfers, veriﬁcation or trial deposits from ﬁnancial institutions, peer to peer transfers from services such as PayPal, Cash App, or Venmo, mobile check deposits, cash loads or deposits, one-time direct deposits, such as tax refunds and other similar transactions, and any deposit to which Chime deems to not be a qualifying direct deposit are not qualifying direct deposits.

Source: crediful.com

Apache is functioning normally

May 27, 2023 by Brett Tams

Savings may be essential for financial health, but building a savings account is easier said than done. Between regular expenses and well…life in general, it’s often hard to figure out what you can actually afford to save, let alone prioritize planning for the future.

Fortunately, the best money-saving apps on the market today promote saving techniques that work around your regular spending habits – sometimes so smoothly you save money without even noticing.

What’s Ahead:

Overview of the best money-saving apps

App	Fees	Investing included	Account minimum	Savings account APY	Checking/spending account
Acorns	$1-$5/month	Yes	$0 ($5 for round-ups)	N/A	Yes
Digit	$5/month	Yes	$0	N/A	No
Stash	$3-$9/month	Yes	$0 ($1 for certain investment accounts)	N/A	Yes
Chime	N/A	No	$0	2.00%	Yes
Twine	0.6%/year for investment accounts	Yes	$5 for investment accounts	1.05%	No
Qapital	$3/$12-month	Yes	$10 for investment accounts	0.1%	Yes

Best for first time investing – Acorns

Cost – $3 or $5/month.
Options – Saving, investing, and checking accounts, retirement accounts, children’s UTMA/UGMA accounts, cash back extension.
Savings techniques – Round-ups, automatic paycheck deposits, cash back shopping extension.

Acorns gets its name from the idea that small “acorns” of spare change can grow into big savings if you give them a little time. As a combo savings/investing app, Acorns makes things simple for the brand new investor and doesn’t require much money to get started.

The $3/month “Personal” plan gets you an Independent Retirement Account (IRA) and an “Acorns Spend” checking account. For $5/month, you can tack on investment accounts for children as well.

If savings are your main goal, the basic account will probably be enough to get you rolling. When you link a credit or debit card to your investment account, Acorns “rounds up” your purchases to the nearest dollar and invests the difference for you once it hits $5 or higher – a popular auto-savings technique. You can add a “multiplier” feature if you want Acorns to double or triple the amount of investment with every transaction.

Learn more about Acorns or read our full review.

Best for flexible savings – Digit

Cost – $5/month (first 30 days are free).
Options – Savings, investment, and retirement accounts.
Savings techniques – Automatic fund transfers, credit card debt reduction.

For $5/month, Digit’s algorithms analyze your spending patterns and cash flow, then make a savings plan tailored to you. When you can spare a little extra, Digit transfers some cash to a linked savings account. When you have just enough to pay the bills, Digit skips the transfer.

This method can work well for people with fluctuating incomes or anyone who has trouble deciding in advance how much to save. If Digit does overdraft your account (which they promise not to), they’ll reimburse fees for up to two overdrafts.

Like most money apps, Digit lets you pick your own savings goals, and if you’re paying down credit card debt, Digit can automatically send the amount you’ve saved to the credit card company on your behalf.

Learn more about Digit or read our full review.

Best for lots of investment options – Stash

Cost – $3 or $9/month.
Options – Savings, investment, and retirement accounts, checking accounts, individual stocks and fractional shares, life insurance.
Savings techniques – Round-ups, stock-back, automatic saving.

For people who want to watch their savings grow, Stash offers over 150 ETFs, stocks, and other micro-investment vehicles. You have more control over your portfolio picks with Stash than you do with Acorns – you can design your own portfolio or pick a pre-selected one from Stash. You can even pick ETFs that align with your values.

Savings options are flexible, too: you can choose an amount to put in savings each month, invest your spare change with the “round-up” method, or let Stash’s “Smart Stash” feature figure out what you can afford to save based on your cash flow.

Stash comes with a debit card, something a lot of savings apps offer, and its own unique “stock-back” incentive. Whenever you use the Stash bank card to buy something at a publicly-traded company, Stash gives you a small fractional share of company stock to add to your portfolio.

The app’s cost depends on how many extra features you want. Most everyday savers will be fine with the $3/month Growth plan, which includes a debit card, an investment account, and stock-back perks. You can also add a tax-advantaged retirement plan (a good idea if you haven’t opened a retirement account yet). Serious investors can upgrade to the $9/month “Stash+” for 2x stock-back returns and extra market info.

Learn more about Stash or read our full review.

Disclaimer – Paid non-client endorsement. See Apple App Store and Google Play reviews. View important disclosures.

Investment advisory services offered by Stash Investments LLC, an SEC registered investment adviser. This material has been distributed for informational and educational purposes only, and is not intended as investment, legal, accounting, or tax advice. Investing involves risk.

¹For securities priced over $1,000, purchase of fractional shares start at $0.05.

²Debit Account Services provided by Green Dot Bank, Member FDIC and Stash Visa Debit Card issued by Green Dot Bank, Member FDIC. pursuant to a license from VISA U.S.A. Inc. Investment products and services provided by Stash Investments LLC, not Green Dot Bank, and are Not FDIC Insured, Not Bank Guaranteed, and May Lose Value.” because the article mentions the debit card.

³You’ll also bear the standard fees and expenses reflected in the pricing of the ETFs in your account, plus fees for various ancillary services charged by Stash and the custodian.

⁴Other fees apply to the debit account. Please see Deposit Account Agreement for details.

⁵Stock-Back® is not sponsored or endorsed by Green Dot Bank, Green Dot Corporation, Visa U.S.A, or any of their respective affiliates, and none of the foregoing has any responsibility to fulfill any stock rewards earned through this program.

Best for low fees – Chime®

Cost – No monthly fees.
Options – Savings and checking accounts.
Savings techniques – Round-ups, automatic transfers to savings, paycheck transfers.

Chime is a mobile app that takes advantage of the lower-cost online-only financial app model to pass savings on to customers. They don’t charge a monthly fee, so you keep any money you save.²

Chime’s free checking and savings accounts offer plenty of the features you’ll find at a bank*, like:

A Chime Visa® Debit Card.
Check deposit options.⁴
Bill-paying functions.
Two-day advance on directly deposited paychecks.³

Checking and savings are linked; whenever you make a purchase with your checking account, Chime rounds up to the nearest dollar and adds the difference to savings.^{^} Or you can have Chime auto-deposit 10% of every paycheck into savings before the rest hits checking.¹ Either way, the app does all the work.

Learn more about Chime or read our full review.

* Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank, N.A. or Stride Bank, N.A.; Members FDIC.
^ Round Ups automatically round up debit card purchases to the nearest dollar and transfer the round up from your Chime Checking Account to your savings account.
¹ Save When I Get Paid automatically transfers 10% of your direct deposits of $500 or more from your Checking Account into your savings account.
² There’s no fee for the Chime Savings Account. Cash withdrawal and Third-party fees may apply to Chime Checking Accounts. You must have a Chime Checking Account to open a Chime Savings Account.
³ Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.
⁴ Mobile Check Deposit eligibility is determined by Chime in its sole discretion and may be granted based on various factors including, but not limited to, a member’s direct deposit enrollment status.

Best for joint savings – Twine

Cost – No fees for saving, 0.6% of invested assets/month for investing.
Options – Interest-bearing savings account, investment accounts, joint accounts.
Savings techniques – Automatic fund transfers.

Twine is ideal for people who are saving for a goal together (though you can use it on your own, too!). It combines savings-app automation with robo-advisor guidance, which can be helpful if you have more than one savings goal.

The basic free Twine savings account earns you a little interest – there’s a 1.05% variable Annual Percentage Yield (APY). They encourage you to earmark accounts for certain financial goals, either “general savings” or specific goals like a vacation or a down payment on a house, and pick a monthly goal deposit amount so you can track your progress. If you’re saving with someone else, you’ll pick a joint goal but open individual accounts.

Investment portfolios are optional if you want to take your savings to the next level. Twine pre-selects diverse portfolios for you, and they only require $5 to get started.

Learn more about Twine or read our full review.

Best for creative saving techniques – Qapital

Cost – $3, $6, or $12/month.
Options – Interest-bearing spending account, “goals” savings account, investment accounts.
Savings techniques – Round-ups, automatic fund transfers, “triggering activities” savings, “guilty pleasure” savings, 52-week savings, “spend less” savings, payday savings.

Qapital runs on behavioral economics – their multiple savings strategies use your routines, habits, and everyday purchases to help bulk up your savings.

Here’s how it works: you get a spending account that earns you 0.1% in compounded monthly interest, and a “goals” account to grow your savings. To fund your goals, you can transfer regular, set amounts from a linked bank account to your goals account, or pick one of Qapital’s “rules” or savings tricks.

There’s the “round-up” rule, which lots of apps use. There’s the “trigger” rule which saves a specific amount every time you engage in a certain activity (something simple you do regularly, whether it involves spending money or not).

The “guilty pleasure” rule moves a little cash into savings whenever you indulge in your favorite pricey latte, takeout, etc. The “52-week” rule lets you gradually increase the amount you stash in savings over a year. Qapital has other rules, too, and you’ll probably find one that works for you.

Their pricing is higher than most money-saving apps – a $3/month basic plan has all the savings tools, while the $6/month plan unlocks pre-selected investment portfolios and gives you a Qapital debit card. The $12/month master plan lets you open joint savings with a partner, similar to Twine.

Learn more about Qapital or read our full review.

Why should you use money-saving apps?

You’re just starting to build savings

The idea of building a savings account might be intimidating, but it’s much simpler to stash away 50 cents whenever you buy a cup of coffee or a dollar whenever you refill your gas tank. That’s mostly what these apps do – take the work out of savings one small amount at a time, so your regular budget isn’t disrupted.

Read more: The Pros And Cons of ‘Spare Change’ Investment Apps

You struggle to make savings a habit

If your money management style is on the “spend now, save later” side, it may be unrealistic to overhaul your habits right away and heap everything into savings. That’s not how habits work; they take time to develop.

A free 30-day trial of Digit or Qapital, for instance, could be enough to show you how much the app can grow your savings in a typical month; and after 30 days, you’ll be more used to putting a little cash aside.

You’re curious about small-scale investing

Investing can be a great way to save, but it’s inherently risky, and you don’t want to launch yourself right into an investment account without knowing what you’re doing.

These apps make micro-investing as easy as sticking to an automated savings plan and assessing your risk comfort level. And they let you start with small balances, so you don’t have much to lose.

Read more: 7 Easy Ways To Start Investing With Little Money

Why shouldn’t you use money-saving apps?

You have a savings pattern that works for you

If you’re already saving money on a timeline that fits with your goals and income, a savings app could help you skim a little more off the top of everyday purchases, but it might not be worth the fees.

You already have substantial savings

The savings accounts built into money-saving apps are great tools to get started, but they’re not the highest-yield accounts out there. You’ll earn more money keeping your savings in a bank or investment account that offers a higher APY (Annual Percentage Yield), especially if you have decent credit.

Most important features of money-saving apps

Automated saving

Money-saving apps take the “how much can I afford” guesswork out of savings by putting them on autopilot. You won’t see a huge interruption to your regular cash flow, which is nice – saving money doesn’t have to feel like a penalty or a punishment.

And most apps make the automation flexible; if you’re having a lean month or two, you can temporarily stop withdrawals (or, as with Digit, the app stops them for you).

Most importantly, you’ll get into the savings habit after a while.

Saving for short- and long-term goals

Sometimes it’s easier to save if you have something to look forward to. Money-saving apps keep you motivated by letting you choose your goals and showing you how much your savings have progressed.

“Rounding up” purchases

This auto-savings technique is available on almost every app now. By rounding up your purchases to the nearest dollar (or two dollars, or three – some apps let you multiply) you’re saving small, manageable, regular amounts while you spend.

Checking accounts

Several apps set you up with a checking account and debit card, though you can usually link an existing checking account as well.

Everyday money management

For elaborate budgeting templates, look for a budgeting app specifically (you can find our recommendations here). But savings apps have plenty of tools to keep your finances in line, especially if you tend to be disorganized and overdraft your accounts by accident. You can observe your spending patterns, set up payment reminders for bills, and get regular balance alerts all through the app.

Investing options

While investment accounts aren’t available with every savings app, they seem to be becoming more of a standard offering. “Micro-investing” lets you start out with spare change. Once you really get the hang of it, you may choose to switch to a higher-yield investment account elsewhere.

Summary

Money-saving apps are a great starting point, but they’re only one aspect of a solid financial management plan.

Think of them as a helpful tool to analyze your spending behavior and nudge you into the next steps, whether that means breaking down a monthly budget or working towards financial freedom.

Apache is functioning normally

May 26, 2023 by Brett Tams

Save more, spend smarter, and make your money go further

April is Financial Literacy Month, making it a great time to boost your money knowledge and take charge of your financial life. To celebrate, we’ll be providing you tips, tricks and insights throughout the month to help you manage your financial health. Be sure to check back in on the blog and join the conversation on Twitter & Facebook – we’ll be surprising some lucky followers with prizes throughout the month, so chime in to win!

Did you know that only one third of American households have a budget? Well, they say a journey of a thousand miles begins with a single step, so what are you waiting for? Kick off Financial Literacy Month and get your financial life in order. Here are a few ideas to help you get there:

Update your budget

Analyze your spending patterns over the last few months. If you’ve gone a little overboard on entertainment or dining out, it’s a good time to revisit your budget and adjust for any changes. Make sure your budget matches your actual spending and perhaps take a minute to remind yourself of your financial goals that will help you better stick to your financial plan.

Check your credit score

Your credit score is three little numbers that can have a big impact on your financial life. Get your free credit score from Mint.com so you know where you stand and look at ways to improve your score.

Automate everything

Use Financial Literacy Month as a motivator to finally automate all of your bills and savings. The more you can automate, the easier managing your finances will be the rest of the year. Download a free bill payment app like Mint Bills that will help you pay your bills on time (and on-the-go) and maintain a healthy credit rating.

Develop a debt payoff strategy

Take the time to review your balances. If you have extra cash in the bank, you might want to make a large payment toward cutting down your debt. If you can’t pay down a debt you’ve accumulated so far this year, create a payoff plan that will get it down by this time next year. You can pay down your debt from smallest to largest, or pay down the debt with the highest interest rate first. Either way, Financial Literacy Month is a perfect time to develop a strategy to become debt-free.

So happy spring! There’s no better time than now to hit the financial refresh button and be good with your money. Just think how much you’ll enjoy your summer vacation with your budget on track.

Do you have a personal finance success story you want to share? Or perhaps there is a financial stumbling block you’ve encountered, and want to share how you overcame it? If so, leave a comment below to help inspire other MintLife readers.

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Apache is functioning normally

May 26, 2023 by Brett Tams

In the past decade, we’ve seen a major transformation in the banking sector. As the world continues to digitize, the financial landscape has shifted in response, giving birth to a plethora of online banking services. One such innovation that has garnered widespread adoption is online checking accounts.

As a key financial tool, a checking account serves as a lifeline for day-to-day transactions, paying bills, and generally managing one’s finances. But with online checking accounts, convenience, accessibility, and often better rates and lower fees have made them an attractive alternative to traditional banks.

10 Best Online Checking Accounts

These best online checking accounts offer a range of features, from high annual percentage yield (APY) to robust mobile apps, all designed to meet the varying financial needs of users. Here are our top 10 picks for 2023.

1. Chime Checking Account

Chime, a financial technology company that offers online banking services, is revolutionizing the banking industry with its online checking account that pairs both convenience and value into a single offering.

2. Axos Bank Rewards Checking

Axos Bank is an online-based bank that’s shaking up the banking industry with its online Rewards Checking account, a unique blend of convenience and value.

3. Current Account

Current, a pioneering financial technology company, delivers cutting-edge banking solutions with its Current Account.

4. SoFi Checking and Savings Account

SoFi, a modern financial platform offering a suite of financial services, is setting new standards in the world of banking with its online bank account that combines remarkable earning potential and considerable convenience.

5. Ally Bank Interest Checking Account

Ally Bank, renowned for its customer-centric digital banking services, provides a comprehensive offering through its Ally Bank Interest Checking Account.

6. Consumers Credit Union Serious Interest Checking

Consumers Credit Union, committed to enhancing its members’ financial prosperity, offers an appealing solution with its Serious Interest Checking®, a high yield checking account.

7. Quontic High Interest Checking

Quontic Bank, committed to maximizing customer earnings and supporting financial inclusivity, offers a high interest checking account that combines convenience, high-yield potential, and an innovative digital banking experience.

8. Alliant Credit Union High-Rate Checking

Simplicity and high yields are the cornerstone of Alliant Credit Union’s High-Rate Checking account, a solution tailored to meet the needs of modern-day banking customers, whether they’re on-the-go or prefer traditional banking methods.

9. Schwab Bank Investor Checking

Charles Schwab brings its robust reputation in the investment sector to banking with its Schwab Bank Investor Checking account, designed for those seeking seamless integration of banking and investing.

10. Navy Federal Credit Union Free EveryDay Checking

Navy Federal Credit Union’s Free EveryDay Checking is an easy-to-use, accessible banking solution for everyone.

What is an online checking account?

An online checking account operates much like the checking accounts you’re accustomed to at traditional brick and mortar banks, with the primary difference being that it’s mostly or entirely digital. They are provided by online banks, credit unions, and even financial technology companies that are not banks themselves.

Online checking accounts have surged in popularity for a variety of reasons. Their major draw is the convenience and flexibility they offer. With these accounts, you can deposit cash, pay bills, transfer money, make debit card purchases, and even deposit checks digitally using the bank’s mobile app. This means that all your transactions can be completed without visiting a physical branch location.

Additionally, online only banks typically offer higher annual percentage yields (APY) than traditional banks, meaning your money grows faster. The absence of physical branches translates into reduced overhead costs for these financial institutions, enabling them to pass on the savings to customers in the form of higher interest rates and lower fees. These accounts also often have lower minimum balance requirements and monthly maintenance fees compared to their brick-and-mortar counterparts.

Lastly, many online banks are insured by the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Administration (NCUA), providing the same level of safety for your deposits as traditional banks.

Criteria for Evaluation

Selecting the best online checking accounts was not a task taken lightly. We’ve considered a variety of factors in our analysis to ensure that our picks provide a mix of the most advantageous features for diverse financial needs. Here are the key criteria we used in our evaluation:

Annual percentage yield (APY): We considered the APY offered on the checking accounts. Higher APY means your money grows faster, making it a key feature to look for in an account.

Monthly fees and other costs: Monthly maintenance fees can eat into your savings. We favored accounts with low or no monthly fees. We also looked at other potential costs like overdraft fees, out of network ATM fees, and foreign transaction fees.

ATM access: Easy and wide-ranging access to ATMs is crucial. We considered online banks with large ATM networks and those that offer ATM fee reimbursements.

Customer service: Exceptional customer service is important, especially for an online only bank where in-person assistance is not an option. We assessed the quality of customer service provided by each bank.

Mobile app experience: A great mobile app can make managing your money a breeze. We evaluated the usability, functionality, and reliability of each bank’s mobile app.

Additional features: Other features like early direct deposit, mobile check deposits, cash back rewards, and savings tools can add value to online checking accounts. We considered these additional features in our review.

How to Choose the Right Online Checking Account for You

Choosing the right online checking account is crucial. It can simplify your financial management, enhance your monetary gains, and align with your lifestyle needs. Below are key factors to consider in making an informed decision:

Financial Habits: Evaluate your typical financial behaviors. Do you frequently use ATMs, and will you need access to an extensive, fee-free ATM network? If you regularly maintain a high balance in your checking account, an interest-earning account could be beneficial. Conversely, if you tend to keep a low balance, consider an account with no minimum balance requirement to avoid potential fees.
Goals: What are your financial goals? If you’re aiming to save, consider an account that earns interest. If you’re focused on investing, select an institution that offers seamless integration between checking and investment accounts.
Lifestyle: Assess your lifestyle and daily needs. Do you travel often and need an account that doesn’t charge foreign transaction fees? If you prefer digital banking, look for accounts with robust online platforms and mobile apps that allow for easy money management on the go.
Fees: Examine the fee structure carefully. Consider potential monthly maintenance fees, overdraft fees, and ATM fees. Look for accounts offering fee waivers or reimbursements.
Customer Service: Exceptional customer service is crucial, particularly for an online bank. Look for 24/7 customer support, availability of live chat, and timely response to queries.
Security: Ensure that the bank employs stringent security measures to protect your account from fraud or unauthorized transactions. Features like two-factor authentication, alerts for suspicious activity, and FDIC insurance are vital.

Bottom Line

In today’s fast-paced, digital age, online checking accounts provide a convenient, accessible, and often more financially rewarding alternative to traditional banking. However, the key to making the most of these benefits is to choose the right account based on your individual needs, lifestyle, and financial goals.

By carefully considering factors like your financial habits, goals, lifestyle, potential fees, customer service, and security measures, you can find an online checking account that not only meets but exceeds your expectations. Remember, your checking account is at the heart of your financial life – choose wisely.

Frequently Asked Questions

Are online checking accounts safe?

Yes, online checking accounts are safe as long as they’re offered by a reputable bank or credit union that has FDIC or NCUA insurance. This insurance protects your money up to $250,000 per depositor.

Can I deposit cash into an online checking account?

Depositing cash into an online checking account can be more challenging than with a traditional bank. Some online banks have agreements with certain ATM networks or retail outlets where you can deposit cash. You can also deposit cash into a traditional bank account and then transfer it to your online account.

What should I do if I need to write a check?

Many online banks offer free or low-cost checkbooks. However, if you seldom write checks, you may not need a physical checkbook. Instead, you can use the bank’s online bill pay service, which sends a check or electronic payment to the recipient on your behalf.

Do online banks offer customer service?

Yes, most online banks offer robust customer service options, including phone support, live chat, email, and often extensive FAQ sections on their websites. Some even offer 24/7 support.

Source: crediful.com

Apache is functioning normally

May 26, 2023 by Brett Tams

By Peter Anderson 12 Comments – The content of this website often contains affiliate links and I may be compensated if you buy through those links (at no cost to you!). Learn more about how we make money. Last edited August 19, 2022.

The last few years have been tough ones, with the economy going through recession, millions of people becoming unemployed and businesses going under left and right.

The economy has shown some signs of improving, but indications are we still have a lot of rough road ahead of us.

With the economy being so unsure, now is as good a time as any to start thinking about how to cut back on your regular monthly bills. For many, once you’ve cut out some of the more obvious expenditures, it doesn’t feel like there are that many other places that can be cut. The truth is, however, that most people have a lot of places that they can still cut back and save money.

Today I thought I’d look at some of the main areas of spending that people have every month – their regular monthly bills.

Often people take those monthly bills for granted, not even thinking about how they can save money on those regular expenditures, just taking it on faith that they can’t get those bills any lower.

So today’s post is all about how to save money on just about all of your regular monthly bills.

How To Save On Your Phone And Wireless Bills

There are a variety of ways that you can save on your cell phone, home phone and mobile internet charges. Here are a couple of the options that we’re using – or plan to start using in the coming year to save on our phone bills.

Landline phone service: For years we’ve had a landline because my wife prefers talking on that versus a cell phone, and also because we needed the landline for our home security system. We recently made changes that mean we can now opt for a cheaper VOIP option for our landline service. After doing some research a lot of other bloggers are talking about the Ooma phone service, which is apparently very good. All you have to do is pay upfront to buy an Ooma Telo device for around $140, which then allows you to make unlimited calls in the U.S. for free over your existing broadband connection! All you have to pay is local taxes in your area (about $4.50 for us). You can port your current landline phone number over as well, for a $39.99 fee. Read my full review of Ooma here, and my post talking about setting Ooma up here.
Prepaid Cell Phones: One way that we’ve been saving a ton of money over the years is by using prepaid cell phone service, instead of more costly contract plans. We have no contract phone service from Republic Wireless, and we pay on average about $40/month for two phones. Both of them are Android smartphones with tons of minutes and unlimited text with 1GB/data ($20/month). The only downside is the up front cost of the cell phone – it isn’t subsidized like on contract plans. There are a variety of other low cost prepaid cell services out there that many people recommend including Tello and a Gen Mobile. Check out the related content below for a full article talking about saving on your cell phone bill using prepaid services. Want to use a traditional phone service? Check out Bill Shark, BillFixers or Rocket Money to negotiate a reduction in your monthly cell phone bills.
Low Cost Hotspots: A while ago I had a need to have Internet access on the go while traveling. At the time I settled on buying a mobile hotspot from Virgin Mobile via their prepaid wireless broadband plan. You just buy the hotspot, and then pay $35/month for 1GB of data. I was in a rush so I bought the hotspot and used it while on my trip. When I got back I became aware that there are quite a few companies that offer mobile hotspots for much lower cost, or phones and phone plans that can be used as hotspots – for much less. Do your research.

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How To Save On Your Housing Costs

One place that you can save hundreds of dollars every month is in your housing costs. Most people are aware that they could probably save by refinancing, but there are other ways you can save as well.

Refinance your mortgage: The most obvious way to save on your housing costs is simply to refinance your home mortgage. Rates are so low right now, and by refinancing you can often save hundreds of dollars off of your regular monthly payment. I’m in the middle of looking for a refinance right now, and we stand to save in the neighborhood of $200-300/month.
Appeal your property taxes: A lot of people don’t realize that you can actually appeal your property taxes in many counties by appealing the county’s tax appraisal value. I have successfully appealed our value once a couple of years ago, saving $363/year. Find out how I did it below via the related content.
Get cheaper homeowner’s insurance: I go into this more in the insurance section below, but if you shop around you can often find hundreds in savings every year just by switching insurance companies. We saved almost $1000/year by doing this just a couple of months ago.
Remove mortgage insurance: If you’re paying mortgage insurance with your regular monthly payment, and you have already reached 20% equity in your home, you may want to look into having that insurance removed by your mortgage company. It isn’t there to protect you, but the bank. Often you can have it removed after getting 20% equity in the house, and in many cases it may be required that they remove it. In some cases, if you’re a high risk borrower or if you have a FHA loan, you may need to keep the mortgage insurance longer.
Downsize your house: If you’re really trying to lower your bills a sure fire way is to downsize your house. Not only will your payment go down, but your insurance, taxes, maintenance costs and other costs will go down as well. Of course any costs associated with moving also need to be taken into account.

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How To Save On TV, Movies And Entertainment

There are a lot of ways that you can cut costs when it comes to your entertainment dollar.

Shop around and sign up for deals on premium TV: First, if you’re determined to keep your premium TV because of sports or programming only available on cable, you can at least make sure that you get the best possible deal on your cable TV package. Make sure to shop around once your introductory deal runs out and you can usually end up saving hundreds every year by switching companies! Or you can use a bill negotiation service like Bill Shark, BillFixers or Rocket Money to negotiate a reduction in your monthly bills.
Cancel un-needed services: Another thing you can do is check to make sure you’re not doubling up on any services. When we were cutting back a while ago we realized that we were paying for both Netflix streaming and Amazon Prime – which has a good video streaming option. We realized most of the same TV shows and movies were available on both sources, so we canceled Netflix – saving us $7.99/month.
Cut the cord: If you’re a bit more ambitious and aren’t very particular about receiving certain channels or waiting to see content the night it airs, you might want to make this the year that you cut the cord. Cancel your cable or satellite TV packages and move to something more affordable. Instead of paying for a TV package you can use free or low cost video streaming services like Hulu or Philo, shows streamed by the networks, and more. Use a software like Playon to stream the shows directly to your TV using an existing gaming console like the Xbox One or Playstation 4, or a cheap device like the Fire TV or Roku. The options are pretty numerous, and we’ve used options like this in the past to get most of our TV entertainment. Check out the related content below for a couple of exhaustive posts on how to set this up.
Use cheap movie rental alternatives: Don’t really watch TV or movies too much – and a monthly Netflix or Amazon subscription doesn’t make sense for you? Use a cheap rental alternative like Redbox, where you can rent a new release movie for a dollar. You can often find coupon codes to get free rentals every now and then. If you rent infrequently enough for it to matter, use cheap pay per view video options on Itunes, Amazon and Xbox to rent movies without leaving the comfort of your home. Amazon often gives away free credits on social media for their MP3 and Video stores, so follow them on Twitter and Facebook to get deals!

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How To Save On Your Internet Costs

If you’re looking to save on your internet costs, the best thing you can do, similar as with TV deals, is to shop around, or use a bill negotiation company.

Search for the best deal: Find out where you can get the best deal. For us our internet options include DSL service from a couple of different companies and cable internet. You can usually find competing deals and introductory offers that you can use to hop from company to company and always have the best deal. Other times you can bundle with other services and save. It can be a pain, but it can save you a ton of money too.
Get reduced rate internet: Another thing you can do if you live in certain areas is us a free 4G internet service. Of course to do this you’d have to live in an area with good 4G coverage.

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How To Save On Insurance

The best way to save on your insurance costs is just to shop around on a regular basis. I like to do it at least every 1-2 years for my homeowner’s insurance, auto insurance, life insurance and less often for other types. We found our best deal by using an insurance broker because they were able to compare rates at multiple companies and compare quotes for us.

Within the past few weeks we shopped around for new homeowner’s insurance after the premium skyrocketed. We ended up saving almost $1000/year when we switched our homeowner’s and auto insurance to a new company. That’s not the first time we’ve been able to do that! We did the same thing about 4 years ago, comparing rates and saving over $1000 that time!

Not sure where to start in getting quotes? Check out our insurance page to get quotes from a bunch of different companies.

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Save By Getting A Better Bank Account

You may have had your old bricks and mortar checking or savings account since you were in high school, but have been noticing lately that they’ve started charging you fees for various things. You’ve also noticed that the fees for your brokerage account have gone up, and mysterious inactivity fees started popping up. Whatever the case, people often find that their bank account is no longer useful to them, and that they can save money on fees (or make more interest) by moving somewhere else.

Save money by closing old accounts: Often old accounts start charging inactivity fees for dormant accounts, or just start charging fees because they think they can get away with it. Closing an account can be a pain, but it can also save you money (and headaches) in the long run.
Sign up for better bank accounts: Signing up for a better bank account will mean not only savings because of no fees and no minimums, but also can mean you’ll end up making more money interest, cash back and other perks. For example, a while back we Chime a great online bank. We’ve saved quite a bit in account fees that we no longer pay. Our old account at a traditional bricks and mortar was charging us fees for all sorts of things, and customer service wasn’t great. We have also switched our savings account to online banks with accounts from Capital One 360 and CIT Bank Not only are we making more in interest, but the features available at those banks surpass our old bank.
Lower interest on your credit card accounts: If the interest on your credit card is getting unreasonably high, consider closing the account after signing up for a card with a lower interest rate, 0% balance transfer and no fees. Just be wary of big charges to actually transfer balances.

Different account types to consider closing if the fees or features aren’t up to snuff? Savings accounts, checking accounts, brokerage accounts, mutual fund company accounts, credit cards. Go down the list and figure out which ones just aren’t cutting it anymore.

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How To Save On Energy Bills

Saving on energy bills often can’t be done by switching to another provider because there is often only one option for water, gas or electricity in many areas. That means the savings usually has to come from being creative and saving in other ways.

Some ways to save on your energy bills:

Get a programmable thermostat: A good portion of your utility bills every month are going to come from your heating and cooling bills. By buying a programmable thermostat like the smart Nest thermostat, you can have your heat turned down at night, turned low when you’re gone and even control it remotely. They advertise an annual savings average of $173, so it may take about 18 months to pay back the $249 cost – unless you can find it for less. Other options include regular programmable thermostats which can run $50-70 or more.
Get (slightly) out of your comfort zone: Be willing to turn the temp down slightly in the winter, and up in the summer. You can save a ton of money just by turning the temp up or down even a few degrees!
Use a power saving device: A lot of the electronic devices we use these days have phantom power drain even when you’re not using them. Get around this by getting an auto-sensing power strip that will turn off all power when the unit is off, or energy saving power plugs that have on off switches for things like coffeemakers or toasters.
Save at your water heater: The water heater can account for 14-25% of your energy bills every year. Often the heat on your water heater is turned up higher than you need it to be. A temp of 120-140 degrees is hot enough, and every 10 degrees you lower it you’ll save 3-5% on your bill. Some experts say not to go below 120 degrees, however, because bacteria can grow in the tank. You can also save by putting a fiberglass insulating blanket on the water heater to save money on heat loss.
Get a home energy audit to find energy leaks: Local utilities will often come out to do a home energy audit free of charge or a small fee to help you find where your home is leaking energy. Plug up the leaks and save!
Maintain your appliances: Doing things like cleaning your AC condensor coils or changing furnace filters regularly can save you money on your energy. If you don’t, appliances can work harder than they need to, and drain more energy.

Related Content

Save On Bills By Negotiating Them

One way you can save money on your regular, recurring monthly bills is to negotiate them.

If you have the time to do a little research, and make a few phone calls you can often reduce your monthly bills by hundreds of dollars every year.

If you don’t have the time, there are quite a few companies that will do it for you, for a small cost.

Conclusion

So there you have it, how to save money on just about all your possible monthly bills. I could probably go on, but the point is there are no shortage of ways to save money on your regular monthly expenditures. You can save on your housing costs, your phone and wireless broadband costs, your insurance costs, your energy costs, your bank accounts and even on your spending on entertainment. You just have to be creative, find cheaper alternatives and cancel un-needed services.

So what ways to save on your regular monthly bills can you suggest? Tell us your money-saving strategies in the comments!

Source: biblemoneymatters.com

Apache is functioning normally

May 26, 2023 by Brett Tams

In the past, you had to drive to your bank and work with a teller to manage your deposit accounts. These days, however, you have the option to complete virtually any banking need with any device that has internet access. You can pull out your smartphone and deposit a check. Or you may use your laptop to check your account balance.

That’s where banks called neobanks come in. It’s no surprise that neobanks are more popular than ever before. Let’s take a closer look at what they are and how they work so you can decide whether a neobank makes sense for your particular situation.

20 Best Neobanks

While traditional banks take up more market share than neobanks, you can still find a good amount of them if you do your research and shop around. The right neobank for you will depend on your unique lifestyle, needs, and preferences. To help you hone in on the ideal option, here’s our list of the top neobanks of 2023.

1. Chime

Founded in 2012, Chime is a financial technology company that offers banking services from The Bancorp Bank, N.A. and Stride Bank N.A. The Chime Checking Account is free of monthly maintenance fees and no minimum balance requirements.

Its perks include early direct deposit, automated savings features, access to over 60,000 or more fee-free ATMs, and free debit card replacement. In addition, you can take advantage of SpotMe and get up to $200 in fee-free overdrafts.

There’s also a Chime’s Savings Account, which offers a competitive interest rate with no cap on the amount of interest you can earn. Other services include Secured Chime Credit Builder Visa® Credit Card that doesn’t require a credit check, making it a suitable option if you have limited credit. Chime should be on your radar if you prefer a one-stop-shop for all of your banking needs.

You can read our full Chime review to learn more.

2. GO2bank

For more than a decade, Green Dot Corporation has specialized in alternative banking products. In 2013, GoBank made its debut as the first digital bank offering digital financial services. Then, in 2021, the company launched GO2bank, its second online bank.

GO2bank stands out from other neobanks which require you to sign up online because you can pick up their debit cards in person at Walmart and other popular retailers. GO2bank’s bank account tends to be a popular product in addition to its secured credit card that can help you build credit.

For a comprehensive overview, read our full GO2bank review.

3. Current

Since its inception in 2015, Current, which is not a bank, but a fintech company based in New York City, has partnered with Choice Financial Group and Metropolitan Commercial Bank to offer banking services. Its flagship products are a personal checking and debit card you can access via a mobile app on any iOS or Android device.

Even though Current’s product line is limited, the neobank prides itself on no shortage of perks and benefits. You can get your deposit up to two days early and earn cash back for debit card spending from more than 14,000 merchants. Additionally, Current doesn’t charge minimum balance fees or bank transfer fees and offers fee-free ATM withdrawals from ATMs in the Allpoint network.

If you would like to learn more, take a look at our Current review.

4. Revolut

Founded in 2015, Revolut is one of the largest European neobanks, serving more than 16 million customers. It has expanded its footprint to the U.S. market and has plans to become one of the most reputable neobanks in the world.

Revolut is unique in that it offers a wide array of financial services, such as bank accounts, debit cards, peer-to-peer payments, cryptocurrency, and currency exchange. It supports both individual consumers and businesses with more than 30 currencies. For a neobank with a diverse lineup of offerings, Revolut has you covered.

To learn more, read our full Revolut review.

5. Quontic Bank

Quontic Bank is a full-service, FDIC-insured online bank that was founded in 2002. It offers a range of banking products and services, including checking and savings accounts, credit cards, mortgages, and business banking solutions.

They offer some of the best annual percentage yields (APYs) in the industry. Quontic accounts come equipped with no overdraft fees, no incoming wire transfer fees, no monthly service fees, and access to over 90,000 surcharge-free ATMs.

Quontic also has a savings accounts feature called “Roundup”, which makes saving money simple and easy. In addition, they have a responsive U.S. based customer service team available to assist with any questions or concerns.

Read our full Quontic review for more information.

6. Dave

When Dave began in 2017, its sole focus was paycheck advances. Over time, it evolved to offer a checking account with no minimum balance requirements. If you become a Dave customer, you can receive early access to your paycheck, without a credit check or interest charges.

Dave also offers handy built-in budgeting features and doesn’t charge overdraft fees or ATM fees, as long as you use an ATM from the MoneyPass network. Dave may make sense if you’d like the option for small cash advances to get you through a financial hiccup from time to time.

See also: Free Online Checking Accounts: No Opening Deposit Required

7. Albert

Albert began as a money management app in 2016, but is now a personalized banking service that has attracted over 6 million customers. This digital banking account offers cash back and a range of benefits.

These including no-interest cash advances of up to $250, integrated budgeting and savings tools, and annual savings bonuses of up to 0.10%. There are no minimum balance requirements or overdraft fees. However, there is a minimum monthly fee of $4. Keep in mind that you’ll need to have an external bank account to open an account with Albert.

8. Varo

Varo Bank began in 2015 as a fintech company that partnered with The Bancorp Bank. In 2020, it acquired its own national banking charter, making it different from other neobanks you might come across. Even though Varo operates as an actual bank, it focuses on online banking via its website and mobile app.

Its checking account is free of monthly fees and there’s no minimum balance requirement. Plus it comes with a debit card. In addition, Varo partners with more than 55,000 ATMs through the Allpoint ATM network.

We can’t forget its other perks, such as contactless payments, credit cards with reporting to the major credit bureaus, early direct deposits, and no foreign transaction fee or transfer fees. Varo might be worthwhile if you’re looking for a checking account with all the bells and whistles.

Read our Varo Bank review to learn more.

9. Aspiration

Aspiration was founded in 2013 under the motto “Do Well. Do Good.” It partners with financial institutions like Coastal Community Bank and Beneficial State Bank to offer cash accounts, savings accounts, and a few investment accounts.

Aspiration’s most popular product is the Aspiration Spend & Save Account, which is a hybrid of a checking account and savings account. There’s also the Zero credit card, which offers cash back and plants a tree every time you make a transaction. Aspiration can be a good fit if you’d like to get rewarded for your spending and like the idea of one account for your checking and savings goals.

Read our full review of Aspiration to learn more.

10. Bluevine

Bluevine made its debut in 2013 as a fintech company with a mission to improve banking for small and mid-sized business owners. Its flagship product is the Bluevine Business Checking. It’s completely free and comes with a competitive annual percentage yield and unlimited transactions. This is rarely seen in the world of business checking.

In addition to the business checking account, Bluevine offers financing products, such as lines of credit of up to $250,000. Bluevine should be on your radar if you’re a business owner in search of fast, convenient startup banking and financing.

11. SoFi

Social Finance or SoFi entered the market as a student loan refinance company. Recently, however, the fintech company received its own bank charter to offer digital banking services. You can use the SoFi Checking and Savings combo account to manage your spending and saving needs in one place.

Fortunately, SoFi doesn’t charge monthly maintenance fees, overdraft fees, and ATM fees. Additional perks and extras include no-fee overdraft coverage, sub accounts for various savings goals, and additional products like credit cards, cryptocurrency trading, and retirement accounts, like an individual retirement account.

Read our full review of SoFi to learn more.

12. Acorns

Acorns has a reputation as an easy-to-use micro investing app. Since 2012, many people have downloaded it on their iOS or Android devices to invest their spare change. Over time, Acorns has expanded to offer a checking account.

You can open Acorns Checking for free and enjoy perks such as no monthly or overdraft fees, early direct deposit, mobile check deposit, and access to a network of 55,000 ATMs.

The checking account seamlessly integrates into the Acorns micro investing feature. Plus when you use your Acorns debit card, you can earn cash back at participating retailers and use it to invest, along with your spare change. If you’d like to get started with investing, Acorns is worth considering.

13. One

One is a neobank owned by Walmart. It offers a budget-friendly overdraft program with customized budgeting and savings options for its customers. One’s banking account allows users to organize their money into subaccounts called Pockets.

Pockets offer saving rates of 1% on up to $5,000 for any customer and 1% on up to $25,000 for customers with direct deposit. Additionally, One provides fee-free overdraft coverage of up to $200 for customers with direct deposits of at least $500 per month.

14. Cheese

Cheese is a digital banking platform that was launched in March 2021 and caters specifically to the immigrant and Asian American communities. It offers up to 10% cash back at 10,000 businesses, including Asian-owned businesses and restaurants.

Cheese’s customer support is available in English and Chinese, with more languages to be added in the future. One of the benefits of opening an account with Cheese is that accounts earn interest and do not have monthly fees or ATM fees when using the national MoneyPass ATM network.

15. Unifimoney

Unifimoney is a money management and investment app that helps you manage your banking, investing, and borrowing needs all in one place. It caters to account holders who earn at least $100,000 per year but have significant amounts of student debt. You can download Unifimoney to pay bills, deposit checks, and write checks.

It’s unique in that it also allows you to refinance student loan debt and can create a diverse investment portfolio with particular stocks, cryptocurrencies, precious metals, stocks, and exchange-traded funds (ETFs).

In addition, you can turn to Unifimoney for insurance products, like car insurance and health savings accounts (HSAs). If you’d like to get started with Unifimoney, open the Unifimoney high-yield checking account with as little as $100.

16. NorthOne

Headquartered in New York and founded in 2016, NorthOne offers digital business banking services. If you’re a startup, entrepreneur, or small business owner, NorthOne can be a good fit. It differs from other banks that serve businesses in that there are no transaction limits that require premium upgrades.

You can open a business bank account for a flat $10 monthly fee and won’t have to worry about additional fees for deposits, transfers, ACH payments, or app integrations. In addition, you’ll get to create as many “Envelopes” or sub accounts as you want so you can save for payroll, taxes, and other business needs.

17. Oxygen

San-Francisco based Oxygen focuses on two accounts: the free thinker account for individuals and the pioneer account for business users. Even though it doesn’t charge fees, like monthly fees, ACH fees, and overdraft fees, you will have to pay an annual fee that can go up to a few hundred dollars.

While most neobanks don’t allow for cash deposits, Oxygen does. As long as you have an Oxygen bank account, you can make deposits at GreenDot locations, which are usually located inside popular retailers, like Walmart, Walgreens, and CVS. If you don’t mind paying an annual fee and like the convenience of being able to deposit cash, Oxygen is worth exploring.

18. Bella

Bella is a fairly new player in the neobanking space. Its partner bank is nbkc bank, which allows it to provide banking services. With Bella’s checking account rewards program, you can receive a random percentage of cash back on randomly selected purchases.

The cash back amount may be anywhere from 5% to 200%. Like most neobanks, Bella doesn’t charge monthly fees, ATM fees, and overdraft fees. You can also opt for a no-fee savings account. Bella accounts are FDIC insured for up to $5,000,000.

19. Lili

Lilli services small business owners and believes that managing two accounts is a hassle. That’s why this neobank offers a single account you can use for both your business and personal transactions.

Come tax time, Lili will eliminate financial stress and let you automatically save a certain percentage of your income into a “tax bucket.” Plus, it produces quarterly and yearly reports instantly, reducing your tax prep costs. While the Lili Standard account is free, Lili Pro will run you a couple dollars per month.

If you upgrade to Lili Pro, you’ll get cashback rewards on all your debit purchases and 1% interest on your savings accounts. Lili could be a solid pick if you’re a freelancer or solopreneur hoping to simplify your finances.

20. Monzo

Monzo is a UK-based neobank that just opened up to the U.S. market in late 2022. All accounts are insured by the FDIC for up to $250,000. Plus fee-free withdrawals are available at more than 38,000 ATMs.

Furthermore, Monzo is similar to Aspiration as it strives to protect the planet. Additionally, this neobank offers budgeting tools that can help you meet various savings goals.

What is a neobank?

Often called challenger banks, neobanks have recently entered the financial services industry and challenged banking norms. Most neobanks are financial technology or fintech companies that offer the same banking services you may find at traditional banks, like Bank of America or PNC.

But they promote innovation and act like digital only banks or online banks as they don’t have any physical branches and operate via apps. Most of these apps are user-friendly and loaded with a variety of handy features, such as early deposit and savings tools to simplify the banking experience. They are specifically designed to give you greater control of how you manage and spend your money.

Also since neobanks don’t have any physical branches, their overhead costs and customer acquisition costs are low and enable them to offer more affordable banking products and services. Many neobanks let you choose from a number of free and paid premium subscription services.

Are neobanks safe?

Since neobanks are fairly new and different from many traditional banks, you might wonder whether they’re safe. Fortunately, most of them are very safe because they operate within a regulated market.

These financial institutions typically work with U.S. banks to offer FDIC-insured accounts, which protect your money from potential bank failures and the losses that come with them. To help determine if a neobank is safe, check out their ratings and reviews on reputable websites like the Better Business Bureau (BBB).

Neobanks vs. Traditional Banks

To further explain neobanks and their modern spin on traditional banking, let’s take a closer look at how they differ from traditional banks.

Neobanks

Neobanks operate without physical branches. To take advantage of their offerings, you’ll likely need to download an app and provide some personal information.

While you can expect fewer banking and credit products than you’d find at traditional banks, you’ll reap the benefits of lower fees and extras that improve the overall banking experience.

Some neobanks have decided to expand their lineup of products and services to create more of a one-stop-shop you’d get from a traditional bank. Since most neobanks don’t earn money from lending, like incumbent banks, their business model depends on interchange fees or transaction fees, which usually come from debit cards. They might also charge for premium accounts and extra features.

Traditional Banks

Traditional banks often have brick-and-mortar locations across the country or in a specific geographic region or area. But many of them also have digital banking divisions in which you can perform banking services online.

Most banks focus on strong customer relationships and earning interest through loans as well as account fees from banking, lending, and investing. They typically target customers who appreciate customer engagement and a traditional in-person banking experience.

See also: Best Alternatives to Traditional Banks

Pros & Cons of Neobanks

Just like all types of financial institutions, neobanks have benefits and drawbacks you should consider, including:

Pros

Lower fees: Compared to traditional banks, neobanks offer lower fees. That’s because they don’t have the high overhead costs associated with the upkeep of physical branches.
Higher rates: Neobanks often pride themselves on higher interest rates on their checking and savings accounts. This can make it easier and faster for you to save money.
Convenience: Perhaps the greatest benefit of neobanks is the convenience they bring. You can perform a variety of banking tasks, like depositing checks or making payments from your smartphone device, round-the-clock.
Easy access: You can manage your banking 24/7 without ever having to leave your home and visit a local branch. All you have to do is download an app from the app store.
Simple setup: It’s usually fast and easy to open an account with neobanks. Many of them will approve you, regardless of your credit score or credit history.
Focused services: While most neobanks don’t offer all the services you might find at traditional banks, the few services they do provide focus on service quality and are typically loaded with perks and benefits. For example, you can get a no fee checking account with cash back rewards.

Cons

No bank charters: Neobanks don’t have bank charters. Instead, they often partner with traditional banks to insure their products. Before you move forward with a neobank, ensure they partner with a Federal Deposit Insurance Corp or FDIC-insured bank and offer their own FDIC insurance.
Customer service restrictions: Since neobanks operate on app instead of through physical branches, customer service can be a downside. You may have to turn to chatbots or social media for basic banking questions and support. If you notice fraud in your account, it may be more difficult to resolve the issue.
Fewer services: Traditional banks usually pride themselves on a long list of services, including loans, wealth management, and brokerage services. Neobanks, however, tend to limit their offerings to checking accounts and savings accounts.
Unproven track record: Neobanks are still in the startup phase as many made their debut within the last few years. This means that they may fail and force you to look elsewhere for your banking needs.
Require knowledge of technology: While most neobank apps are intuitive and designed for the average person to use with ease, they may still be inconvenient for some people. If you don’t consider yourself tech literate, a neobank might not make sense.

Bottom Line

There’s no denying that neobanks have revolutionized the banking industry and financial industry. If your primary goal is convenience and you prefer mobile or online banking, a neobank can be a great alternative to a traditional bank or legacy bank. Just make sure you explore all your options and read the fine print before you choose one.

Source: crediful.com

Apache is functioning normally

May 24, 2023 by Brett Tams

Table of Contents
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I am not a money genius. I’ve touched many proverbial “hot stoves,” and the Best Interest is part of my scar tissue. Today, let’s dive into seven of my money mistakes and the lessons I’ve learned from them.

Not an Arrested Development fan? Huge mistake.

Money Mistake #1: Not “Renting My Fun”

I once heard radio host Colin Cowherd say, “Buy ‘normal life,’ but rent your fun.”

It makes sense to buy healthy groceries. It makes sense to buy comfortable shoes. It makes sense to buy a reliable car. You need those things every day of your life.

Life is a constant.

But fun might be seasonal or weekend-only. Does it make sense to buy a snowmobile that you’ll only use eight weekends a year? Maybe. It might fall high on your bimodal passion graph.

Does it make sense to buy a boat? I have coworkers who sail every weekend during the summer. They plan sailing vacations on Lake Ontario. They love sailing. A full purchase makes sense for them.

But for the rest of us, renting a boat or snowmobile makes better financial sense. It’s too easy to overspend on a shiny object you’ll underuse

I’ve discovered a second category of “fun objects”: those that are fun only due to confounding factors.

Is a hot tub fun? Or is a hot tub fun when you’re hot tubbing with other people? That’s the lesson I learned…and the money mistake I made because of it. It’s a story I’ve written about before here on the Best Interest.

I bought a hot tub. It’s great, especially on cold winter nights. But my rationale for buying the hot tub was, “Hot tubs are great!”

We checked the record, and that rationale was determined to be false.

Hot tubs aren’t great. Hanging out with other people in a hot tub is great. Oops.

I could scratch my hot tub itch with a few trips per year. The rest of the time, I should just try to hang out with my friends more often. Thankfully, I didn’t use credit to buy the hot tub. I didn’t borrow money for it.

But it was an impulsive purchase. It didn’t mesh with my financial goals. The hot tub is nice, but buying my fun (rather than renting it) was a money mistake.

Money Mistake #2: Decrease Spending vs. Increase Income?

In this world of credit card debt and budgets and dwindling emergency funds, it makes sense to spend less. That’s the easiest way to save money. We can enact it today. Just spend less!

But is it the most consequential improvement? I say no.

Over the long term, you’ll be much better off making efforts to increase your income. Why? Let’s do some quick math.

Sadie makes $50,000 per year. Of that, she saves $10K. The other $40K goes towards bills—that’s $3300 per month.

money mistake dog Sadie — Real life Sadie. She’s not a human.

If Sadie needed $500 extra this month, she could cut her $3300 monthly budget down to $2800. Scrimp and save.

If Sadie needed an extra $1000 this month, she might be able to cut that $2800 monthly budget down to $2300. Do you see where this is headed?

At some point, Sadie can’t cut any more fat from her budget. She’s limited by her survival needs. Frugality and cost-cutting have lower limits. They are bounded.

But increasing your income, technically speaking, is unbounded. The upper limit does not exist.

In reality, we’re not all going to be billionaires. We will eventually hit an income ceiling.

But Sadie can make a plan to increase her salary. She can look for promotions within her company. She might be able to switch jobs and leverage a raise that way. Making more money is possible for many people in many professions.

For my first few years of personal finance stove-touching, I focused on reducing expenses. And it worked! But I eventually hit a lower limit.

Then I looked for ways to increase my income. The results were fast and fantastic. I found a new job, negotiated my salary higher than offered, and secured the easiest 30% raise of my life.

Cutting spending is fine. Start there, it’s ok. But it’s a money mistake to neglect ways to increase your income.

Money Mistake #3: Listening to Mr. Market

I read a lot of information about personal finance and investing. I’ve done so for years. And there has always been someone calling for a crash, a burst bubble, or a bear market.

See—here’s an example from 2015. Meanwhile, how has the stock market actually performed since 2015?

Up 100% since September 2015…did someone say “impending crash?”

We’re risk-averse, over-developed monkeys. Fear is normal. But we should try to delineate between irrational reactions to fear and rational reactions to facts.

Ben Graham’s famous Mr. Market parable personifies this irrational fear. If you’re not familiar with Mr. Market, follow that link and read up.

When I was new to investing, I listened to Mr. Market. And that was a money mistake! I let my investing choices be controlled by irrational fears.

As a result, I didn’t max out my investing accounts (which I’ve changed now). I estimate that I under-invested by about $20,000 in 2014 and 2015. It’s an opportunity that I’ll never get back.

Fast forward to today, that $20,000 mistake is worth about $40,000. Keep going to 2040, and that mistake is likely to surpass $100,000 in value.

There’s no use crying over spilled milk. It doesn’t keep me up at night. I’ve learned my lesson, and I won’t make that mistake again. And I hope you learn from my money mistake too.

P.S.—if you’re worried about an impending market crash, I 100% empathize. I get it. I recommend you read this and let me know if that helps.

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Money Mistake #4: Caring About the Joneses

We’ve all heard it before. “Keeping up with the Joneses.” Buying nice things simply because your peers—the Joneses—have those nice things.

But as I pointed out on the Rochester Business Connections podcast:

“The Joneses might be broke.”

-Jesse

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It’s easy to forget that fact. The Joneses might be stretching—and stressing—their budget to a near-breaking point. Are you sure you want to keep up with that?

I worked at a software company after university. They hired tons of 22-year olds like me. And I immediately noticed that many of my peers had nice stuff.

They drove $50,000 cars. They wined-and-dined most nights. They planned cross-country trips on a whim—what’s a round-trip flight, $1000? Chump change.

I know that pang of envy. I wanted those things too! How were my peers—ostensibly on a similar salary as me—living these lavish lives? There are two obvious answers:

They had different budgets and different priorities.
They had alternate sources of income.

#1 makes will always be true. Everywhere you look in life, people will spend differently than you. My coworkers made conscious choices to spend on nice items. I put my money to different uses. That’s neither good nor bad. It’s just different. Each person spends differently.

And #2 is something I have zero control over. Some people are born on third base. Others are born in the ditch. It’s not fair. It’s just luck. I enjoy writing about the role of luck in society.

(But I certainly shouldn’t feel bad that some people are luckier than me. I’m very lucky in my own life.)

Once I’d convinced myself of these truths, my money mistake became obvious. Let the Joneses do their own thing. They’re on their own path. I have my path.

Money Mistake #5: Hunting Mice, Not Gazelles

Why don’t lions hunt mice? What chance does Mickey have against the lion king? Lions could hunt mice in spades!

But the energy gained from that small mouse isn’t worth the lion’s effort. The lion is better off hunting gazelles.

We can—and should—apply a similar thought process in our lives. It applies to time management. It makes sense at work. And yes, it makes sense in personal finance.

Don’t hunt the field mice in your money life. It’s a common money mistake. My favorite example is this classic:

“I’ll drive across town to fill up my gas tank…gas is 20 cents cheaper at that gas station!”

This is quintessential mouse-hunting. Driving 5 miles (which has a cost) over 10 minutes (what’s your time worth?) in order to save, let’s say, 20 cents/gallon * 15 gallons = three dollars!

You are spending—both in time and money—more than you’re saving.

I’m not saying, “Don’t go after free money.” I would certainly pick up three dollars if it was lying on the sidewalk. That’s because sidewalk money costs me two seconds of time and one solid bend of my back.

But this gas savings had a real cost. That cost completely negates the benefit. The $3 gas savings is not free! To ignore that fact is a money mistake.

It’s the same reason lions don’t hunt mice. Some “easy prey” simply aren’t worth the effort.

Money Mistake #6: Servant or Master?

Various philosophers are attributed with saying:

Money is a great servant but a bad master.

This is certainly a lesson I’ve learned the hard way, and continue to learn—both through normal life and through my blog & podcast projects.

Money is nothing but a tool. Nothing more, nothing less. Tools help us build. But you probably know some people who classify as ‘tools’—and you don’t want them to be your master!

Jokes aside, there’s a slippery slope towards letting money control you. I’m pretty transparent here on the Best Interest. I’m in a healthy money situation and have been for a few years. But I still stress periodically. Without fail, that stress is due to my letting money become more master than a tool.

Perhaps my favorite articles to write are the ones that involve the psychology of money. Stuff like the fulfillment curve and the aforementioned “bimodal spending.”

The Fulfillment Curve - The Best Interest - Sometimes, less is more

There’s a pattern in my articles. That same pattern is borne out when other financial writers discuss the psychology of money. Namely, we all ask: how do we optimize money as a tool and minimize its role as a master.

Money Mistake #7: No Budget, No Clue

For many years, I operated without a budget. It’s true.

Yes, now I’m a budgeting fiend. But there was a time when I had zero clue where my money was going. And that, no surprise, was a massive money mistake.

I’d check my bank accounts occasionally. I knew—roughly—what I spent on groceries and gasoline. But I couldn’t tell you for sure. And I certainly couldn’t have found any good ways to improve my finances.

It’s funny. Because of my lack of knowledge, I can’t even tell you the opportunities that I missed! That’s scary in-and-of-itself. As I wrote in the “Budget Basics” article, all of the experts I spoke with budgeted. They all monitor their spending in some way.

Readers, you don’t have to be a zealot like me. As I outlined in my 2019 review and 2020 review, I budget like a maniac.

But you can’t just “do nothing” when it comes to budgeting.

No More Money Mistakes?

No, no. I’m sure I’ve made tons of other money mistakes. But we’ll stick with those seven today. Quick recap, they were:

Not “Renting My Fun”
Decrease Spending vs. Increase Income
Listening to Mr. Market
Caring About the Joneses
Hunting Mice Instead of Gazelles
Letting Money Be My Master (Instead of Servant)
No Budget = No Clue

Feel free to chime in with some of your money mistakes below. It’s ok. We’ve all messed up before 🙂

Thank you for reading! If you enjoyed this article, join 6000+ subscribers who read my 2-minute weekly email, where I send you links to the smartest financial content I find online every week.

-Jesse

Want to learn more about The Best Interest’s back story? Read here.

If you prefer to listen, check out The Best Interest Podcast.

Source: bestinterest.blog

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2. Plan in Advance

3. Keep Backup in Your Wallet

Carry a Blank Check

4. Use Your Debit Card to Get Cash Back

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5. Check Your Bank’s ATM Network

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Final Thoughts

11 Best Banks in Iowa

1. Hills Bank

2. Bank Iowa

3. GO2Bank

4. Regions Bank

5. Northwest Bank

6. Chime

7. CIT Bank

8. Fidelity Bank & Trust

9. Bank of America

10. Bankers Trust

11. MidwestOne Bank

Bottom Line

20 Best Bank Accounts for Bad Credit

1. Chime

2. U.S. Bank

3. GO2bank

4. Chase

5. mph.bank

6. Current

7. Walmart MoneyCard

8. Revolut

9. TD Ameritrade

10. Albert

11. SoFi

12. Navy Federal Credit Union

13. Aspiration

14. Southwest Financial Federal Credit Union

15. FSNB

16. Wells Fargo

17. United Bank

18. Huntington National Bank

19. Varo

20. Regions Bank

What is a bank account for bad credit?

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Bottom Line

Overview of the best money-saving apps

Best for first time investing – Acorns

Best for flexible savings – Digit

Best for lots of investment options – Stash

Best for low fees – Chime®

Best for joint savings – Twine

Best for creative saving techniques – Qapital

Why should you use money-saving apps?

You’re just starting to build savings

You struggle to make savings a habit

You’re curious about small-scale investing

Why shouldn’t you use money-saving apps?

You have a savings pattern that works for you

You already have substantial savings

Most important features of money-saving apps

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