Convenience Archives - Hanover Mortgages

May 7, 2021

Capital One 360 Review 2021 – The Simple Dollar

Capital One 360 is a particularly good choice if you’re looking for a strong all-round option ifn online banking. In fact, it’s The Simple Dollar’s pick for the best free checking account. This online arm of Capital One should appeal to anyone who wants to dip their toes into online banking with a convenient, trusted service that boasts several physical locations and a nationwide ATM network.

Savings APY

0.40%

J.D. Power Rating

854/1,000

1Y CD Rate

0.20%

SimpleScore

3.8 / 5.0

SimpleScore Capital One 3.8

Savings APY 4

1Y CD APY 3

Customer Satisfaction 4

Mobile App 4

Product Variety 4

Capital One 360 is a particularly good choice if you’re looking for a strong all-round option in online banking. In fact, it’s The Simple Dollar’s pick for the best free checking account. This online arm of Capital One should appeal to anyone who wants to dip their toes into online banking with a convenient, trusted service that boasts several physical locations and a nationwide ATM network.

Capital One 360 Highlights

No hidden fees or minimums as you earn interest on your everyday money
38,000 fee-free Allpoint® ATMs and 2,000 Capital One® ATMs
Free MasterCard® Debit Card for all purchases
Mobile check deposits with CheckMateSM & one checkbook’s free

Capital One 360 launched in 2013 after Capital One acquired ING Direct and rebranded the service. As a former ING Direct customer, I “inherited” a Capital One 360 savings account that I still use today, and I can personally attest to the convenience and ease of use it offers.

Capital One 360 at a Glance

When it comes to your banking needs, you’ll have access to just about everything you expect from a bank through Capital One 360, as well as some products that aren’t as common for online-only banks. Here are the key offerings:

Savings: Capital One 360 offers personal, business, and kid-focused savings accounts.
Checking: There’s a no-fee personal checking account and a teen-friendly checking account that links to a debit card and helps teach your child how to manage money.
CDs: Choose from nine terms ranging from six to 60 months when you want to amp up your personal or business savings.
Mortgages: Whether you need a fixed- or adjustable-rate mortgage, Capital One 360 has you covered at competitive interest rates.
Investment accounts: With the Capital One Investing platform, you can build a portfolio of stocks, ETFs, and mutual funds. You can also open an IRA.

In addition, parent company Capital One fills in the gaps with auto loans, credit cards, and more extensive business and commercial banking. However, there are no money market accounts or personal loans.

If you’re nervous about online banking, note that your deposits with Capital One 360 will be protected by the Federal Deposit Insurance Corporation, just like at any brick-and-mortar bank. In addition, your data is fully encrypted and protected by several layers of security such as firewalls, intrusion detection, and multi-factor authentication.

Capital One 360 Performance Savings

Capital One 360 Performance Savings has a lot of appeal, the interest rate, currently 0.40% APY, isn’t the highest you can find online, but it’s still pretty competitive — especially when you consider that the national average is .09%, according to Bankrate. Add that to this account’s other perks, including no fees and no account minimums, and you’ve got a compelling savings option. Here are the account features at a glance:

No maintenance fees: At other banks, you may have to pay a fee just to have an account.
No account minimums: You don’t have to have a certain amount of money to open an account or maintain any sort of minimum balance to avoid a fee.
A great rate: You’ll earn 0.40% APY, more than eight times the national average.
Open multiple accounts: You can have up to 25 different savings accounts for free.
24/7 account access: Need to make a withdrawal at 2 a.m.? No problem.
Customer support any day of the week: You’re just a phone call away from a real person.
Easy account management: Schedule stress-free automatic deposits, and track your progress with the My Savings Goals feature.
Mobile check deposit: Depositing funds is as simple as snapping a picture with your phone using the CheckMate feature.

One of the nicest features on this list is the ability to open up to 25 savings accounts without ponying up account maintenance fees. This is a great way to stay organized if you have multiple savings goals.

Right now, I have a few separate savings accounts with Capital One 360, and have had several more in the past, including one dedicated to saving for a down payment on our house. You could also have one emergency-only account, one for a dream vacation, and so on.

I can also vouch for the convenience of the automatic savings plan, which let me funnel a certain amount of money into my savings account every other week without lifting a finger. You can also set up an automatic transfer to take place as often as every week or as little as once every few months depending on your savings goals. It’s a great way to force yourself to save and requires very little effort to set up.

The biggest downside here is the interest rate. I’ve watched my interest rate sink (and sink … and sink) over the past several years from a high of close to 5%, when I opened it with ING. Now, that’s not a situation that’s unique to Capital One 360 — rates have plummeted everywhere, and the current rate of 0.40% is definitely higher than brick-and-mortar banks offer.

However, some competing online-only banks are higher — you’ll find a few in our guide to the best savings accounts. That isn’t a lot in the grand scheme of things, but every bit helps.

Capital One 360 Checking

Capital One 360 Checking shares many of the benefits of the savings account, including no maintenance fees and mobile check deposits. Though I don’t personally use Capital One 360 for checking, The Simple Dollar has picked it as one of the best checking accounts for 2020. Why? Here are some of the main features:

No maintenance fees or minimums: You won’t need to keep a minimum balance or hook up direct deposit to avoid maintenance fees, like many other banks require.
No overdraft fees: At many banks, you’ll pay $30 or more every time your account is overdrawn.
Nationwide ATMs: You’ll get fee-free access to 38,000 Allpoint ATMs and 2,000 Capital One ATMs.
Free debit card: You’ll get a MasterCard debit card to make purchases. And as a bonus, there are no foreign transaction fees if you use it overseas.
Pay other individuals for free: You can easily send money directly to others’ bank accounts, even if they don’t also bank with Capital One 360.
Mobile check deposit: Depositing funds is as simple as snapping a picture with your phone using the CheckMate feature.
Free online bill pay: Use the bill pay center to keep up with bills online — no need to waste checks or stamps. If a bill ever arrives late because of Capital One 360, they will pay your penalty fees.
Earn interest on your balance: You’ll get 0.10% APY on all balances.

One of the biggest perks of Capital One 360 Checking is the lack of an overdraft fee. These fees top $30 at other banks and can add up fast. Instead, Capital One hooks up your checking account to an Overdraft Line of Credit of up to $1,000. You’ll simply pay interest on the amount you’re overdrawn only for as long as you’re overdrawn.

To get an idea of how much that can save you, here’s an example: If you slipped up and overdrew your account by $100 for just five days, you’d only pay about 15 cents in interest with Capital One 360 instead of a fee over $30 with another bank. That’s a big savings for anyone who has let their balance slip into the red from time to time.

On the downside, you’ll have to have a pretty substantial balance to earn anything more than 0.10% APY on this account, and there are competitors that offer better yields on checking. For instance, Ally will bump you up to 0.10%–0.25% depending on your balance, and Bank5Connect offers 0.20% on any balance over $100. If you’re like most people, you aren’t going to park a huge amount of money in a checking account. Still, the interest is a nice bonus.

I also want to mention the fees that I did see: $25 to stop payment, $20 to overnight a check, and up to $40 for domestic wire transfers. The first two fees are in line with national averages, but $40 for wire transfers is high — so take note if you think you may use wire transfers often.

You will also have to pay for checks with Capital One 360. The first checkbook is free, but after that, it’s $5 per book of 50 checks. It’s a trade-off I’ll gladly make for no account maintenance fees and the lack of overdraft gouging, but it’s still worth noting.

Capital One 360 Accounts for Children and Teens

Online banks will probably be even more common once your kids are grown, so Capital One 360 could be the perfect way to teach them about money.

Kids Savings Account: A lot of banks offer savings accounts aimed at teaching kids the value of a dollar, but most earn the paltry interest rates typical at brick-and-mortar institutions. Kids will earn 0.00% APY, but they will have access to tools including the automatic savings plan and My Savings Goals tracker. They get their own log-in to check their balance, but adults will have to transfer money to and from the account.
MONEY (teen checking): This checking account aimed at teens help them learn how to use a checking account and fully featured debit card, but adults can easily keep tabs on account activity. Teens have access to all of Capital One’s ATMs as well, but only adults can initiate online money transfers.

Getting Started with Capital One 360

Capital One has a clean, easy-to-use website, and opening an account is a fairly effortless affair. To open a savings or checking account, you’ll need to enter standard personal information: name, address, date of birth, and Social Security number.

You’ll also need to link your new account to an existing checking account for funding purposes. You simply enter your account number and bank’s routing number, all found on the bottom of your current checks. You’ll be asked to verify ownership of your external account by confirming one or two small deposits from Capital One 360. You can link up to three personal checking accounts to a Capital One 360 checking or savings account.

After you open a savings account, your funds will be held for 10 business days for security purposes. After that, all new deposits are held for five business days before they’re available for withdrawal. Checking account deposits have a standard two-day hold; however, some types of deposits (such as direct deposit) are available sooner. You may have to wait up to five days to access all of a check deposit over $500, however.

Who Is Capital One 360 Best For?

You tend to rack up overdraft fees: If you’re in the habit of withdrawing more than you owe, you know that bank fees make that an expensive habit. Though you should still aim to better track your balance and avoid the situation entirely, Capital One 360’s Overdraft Line of Credit means you’re likely to pay just pennies in interest instead of over $30 in fees.

You’re looking for a lot of services in one spot: A lot of online-only banks focus only on checking and savings to the exclusion of other products, but you have a lot more to choose from with Capital One 360, like mortgages and investments. And 360’s parent bank, Capital One, provides easy access to other products such as auto loans and credit cards.

You’re not that tech-savvy but still wants to start banking online: Opening an account with Capital One 360 is very simple, and the online interface is very streamlined. Several cities now even have inviting brick-and-mortar Capital One 360 Cafes, where you can open an account or speak with an associate in person over a cup of Peet’s coffee.

You have a variety of savings goals and want an easy way to manage them: Capital One is great for savers with a lot of different goals. Because you can have up to 25 different accounts for free, it’s easy to keep your money in different buckets but still manage each account in one spot.

You like the idea of online banking, but lesser-known online banks make you nervous: Capital One 360 is an established brand with all the resources of a major bank, including its huge ATM network — that may mean peace of mind for some people.

Who Might Want to Skip Capital One 360?

While Capital One 360 should have a lot of appeal for the casual saver who wants a convenient venue for their online banking, there are still a few downsides. You may want to look elsewhere if:

You’re chasing the highest interest rate: While Capital One 360 offers solid interest rates that eclipse those offered by traditional brick-and-mortar banks, they aren’t the highest you’ll find online.

You need your money fast: This can be an issue with all online banks, but some online reviewers complain that Capital One 360’s hold times on check deposits are too long. Assuming you’re using mobile check deposit to put funds in your checking account, you’ll only get access to the first $200 of a check over $500 the next business day. You’ll have to wait five business days to access the remainder of the deposit. (Note that direct deposits, if available, are a good way around this, as you can get same-day access to those funds.) For savings accounts, you’ll wait five business days to access any deposit. Since I don’t expect to turn around and immediately access my savings, I’ve been OK with this delay, but I can understand why the checking holds would be frustrating.

You want 24/7 customer service: Disappointingly, Capital One 360 does not staff its call center around the clock. Many may not take issue with this, but it’s worth noting that several competitors do let you talk to a live person, even at 3 a.m.

Compare top bank accounts

Too long, didn’t read?

When it’s all said and done, Capital One 360 is a great option for anyone who wants the convenience of online banking, better-than-average interest rates, and no account maintenance fees. Capital One 360 has extended their current offer – sign up by 11/30 to earn up to $500 when you maintain a certain balance in your new account for 90 days.

If you’re not quite sold, you can check out more of The Simple Dollar’s banking recommendations in our guides to the best free checking accounts, best savings accounts, and best money market accounts to find the right home for your money.

Source: thesimpledollar.com

May 7, 2021

15 Best Bank Promotions of May 2021 (Get Up to $500 Cash)

So, you’re looking for a new bank account.

You’ve got several factors to consider — ATM access, interest rates, monthly fees, minimum balances, mobile app reviews, and more.

Another factor to consider: bank promotions. These are cash bonuses you can earn when opening a new checking or savings account with a bank or credit union during the promotion window, meeting any specific criteria and keeping the account open at least long enough to earn the extra cash.

While a savings or checking bonus shouldn’t be your top reason to choose a bank, don’t rule it out entirely. After all, wouldn’t it be nice to fund your shiny new account with some extra cash?

Many banks offer such sign-up bonuses, but often, these bonuses aren’t advertised, meaning finding the best bank account bonuses can be tricky. That’s why we did some digging for you and found some hefty cash offers.

Best Bank Promotions of May 2021

We’ve researched the best cash bonuses available this month so you don’t have to. Below, you’ll find our favorite checking and savings account bonuses.

Keep an eye on what it takes to qualify, as well as any limitations. Direct deposit and minimum balances are commonly factors in securing these bonuses. Also pay attention to any monthly fees the account might carry; over time, these could weigh out the actual cash bonus. Otherwise, happy bank bonus shopping!

1. Aspiration Account: $150

Bonus amount: $150

How to get the bonus: To earn your $150, here’s all you need to do: Open your Aspiration account and deposit at least $10. Aspiration will send you a debit card associated with the account. Use the Aspiration debit card to make at least $1,000 of cumulative transactions within the first 60 days of opening your account. There’s no need to spend extra money — just use your card to buy groceries and pay your utilities.

Where to sign up: Enter your email address here, and link your bank account.

When you’ll get the bonus: Allow up to 120 calendar days from account opening to receive the bonus; you must have completed the requirements within the first 60 days.

The fine print: With Aspiration, your money is FDIC insured and under a military-grade encryption. The account offers up to 1.00% APY on savings and allows fee-free withdrawals at more than 55,000 ATMs. There are no hidden fees with Aspiration (monthly fees are on a “Pay What is Fair” policy, and that can be zero every month!), and you’ll earn cash back when you spend at socially conscious businesses (up to 5%).

No offer expiration.

2. Aspiration Plus Account: $200

Bonus amount: $200

How to get the bonus: To earn your $200, here’s all you need to do: Open your Aspiration Plus account during signup or within the first 60 days of enrollment in the regular Aspiration Account. Deposit at least $10. Aspiration will send you a debit card associated with the account. Use the Aspiration debit card to make at least $1,000 of cumulative transactions within the first 60 days of opening your account. There’s no need to spend extra money — just use your card to buy groceries and pay your utilities.

Where to sign up: Enter your email address here, and link your bank account.

When you’ll get the bonus: Allow up to 120 calendar days from account opening to receive the bonus; you must have completed the requirements within the first 60 days.

The fine print: With Aspiration, your money is FDIC insured and under a military-grade encryption. The account offers up to 1.00% APY on savings and allows fee-free withdrawals at more than 55,000 ATMs. Unlike the typical Aspiration Account, there is a $15/month fee (or $12.50/month if you pay annually). However, you’ll earn more cash back when you spend at socially conscious businesses (up to 10%), get monthly out-of-network ATM reimbursement and receive carbon offsets for all gas purchases.

No offer expiration.

3. TD Bank Beyond Checking Account: $300

Bonus amount: $300

How to get the bonus: Open a new TD Beyond Checking account. You must receive a total of $2,500 or more via direct deposit within 60 days of opening your new account.

Where to sign up: Visit this TD Checking page. Click the orange “open account” button, and follow the instructions to open a TD Beyond Checking account.

When you’ll get the bonus: The $300 bonus will be deposited into your account within 140 days of opening.

The fine print: While this bonus offer sounds too good to be true, it is definitely attainable. However, only open the account if you regularly get sizable monthly deposits or can maintain a healthy minimum balance. That’s because the account charges a monthly maintenance fee, but TD will waive the fee if you receive monthly direct deposits of $5,000, keep a minimum daily balance of $2,500 or maintain a combined balance across all your TD bank accounts of a whopping $25,000.

TD fees—and the bank’s capacity for waiving them—extend to ATMs. You won’t face fees for making withdrawals at TD’s own ATMs, and it’ll reimburse all fees for withdrawing at non-TD ATMs as long as you keep your daily balance at $2,500 or more.

No offer expiration.

4. TD Bank Convenience Checking Account: $150

Bonus amount: $150

How to get the bonus: Open a new TD Convenience Checking account. You must receive a total of $500 or more via direct deposit within 60 days of opening your new account.

Where to sign up: Visit this TD Checking page. Click the orange “open account” button, and follow the instructions to open a TD Beyond Checking account.

When you’ll get the bonus: The $150 bonus will be deposited into your account within 140 days of opening.

The fine print: While this bonus offer sounds too good to be true, it is definitely attainable. Unlike the TD Bank Beyond Checking account, this checking account option is easier for financial beginners to manage. You only need to maintain a minimum balance of $100 to have the monthly maintenance fee waived. And if you are between the age of 17 and 23, there are no minimum balance requirements and no monthly maintenance fee.

However, the Convenience Checking account does not earn interest; the Beyond Checking account does.

No offer expiration.

A woman uses an ATM on a city street. — Carmen Mandato/ The Penny Hoarder

5. Bank of America Advantage Banking Account: $100

Bonus amount: $100

How to get the bonus: Open a new Bank of American Advantage Banking account online using the offer code DOC100CIS. You must then set up and receive two qualifying direct deposits, each totaling $250 or more, within 90 days of opening the new account. This offer is only available to new Bank of America personal checking account customers.

Where to sign up: Visit the offer page and use the offer code DOC100CIS when opening the account.

When you’ll get the bonus: Bank of America promises to “attempt” to deposit the bonus into the account within 60 days of satisfying all requirements. Though the “attempt” disclosure seems a little suspect, we could not find traces of reviews citing unpaid bonuses.

The fine print: A qualifying direct deposit means the direct deposit must be regular monthly income, whether through salary, pension or Social Security benefits. Deposits through wire transfer, apps like Venmo or ATM transfers will not qualify.

Advantage Banking accounts come in three varieties: SafeBalance, Plus and Relationship. All three carry monthly maintenance fees that can be waived:

To waive the SafeBalance monthly maintenance fee of $4.95, enroll in Preferred Rewards.
To waive the Plus monthly maintenance fee of $12, receive a qualifying minimum direct deposit, maintain minimum daily balance requirements or enroll in Preferred Rewards.
To waive the Relationship monthly maintenance fee of $25, maintain the minimum combined balance in all linked accounts or enroll in Preferred Rewards.

Offer expires June 30, 2021.

6. Associated Bank Access Checking Account: Up to $500

Bonus amount: Up to $500

How to get the bonus: Open a new Associated Access Checking account with a minimum deposit of $25 and receive direct deposits totaling at least $500 within 90 days of opening your account. Bonus values will vary based on the sum of the average daily balance of all Associated Bank deposit accounts from days 61 to 90:

Average daily balances of $1,000 to $4,999.99 will earn a $200 bonus.
Average daily balances of $5,000 to $9,999.999 will earn a $300 bonus.
Average daily balances of $10,000 or more will earn a $500 bonus.

Where to sign up: Visit this Associated Bank account sign-up page and select the appropriate account.

When you’ll get the bonus: You will receive the bonus as a deposit to your account within 120 days of account opening.

The fine print: Must be a new Associated Access Checking customer. If easy access to a physical branch is important to you, note that the bank has locations in Illinois, Minnesota and Wisconsin, but members have free access to MoneyPass ATMs nationwide. Account must remain open for a minimum of 12 months; if you close it early, Associated Bank reserves the right to deduct the paid out bonus before account closure.

The account requires a minimum deposit of $25, charges $4 a month if you require paper statements and does not earn interest.

Offer expires May 31, 2021.

7. Associated Bank Balanced Checking Account: Up to $500

Bonus amount: Up to $500

How to get the bonus: Open a new Associated Balanced Checking account with a minimum deposit of $100 and receive direct deposits totaling at least $500 within 90 days of opening your account. Bonus values will vary based on the sum of the average daily balance of all Associated Bank deposit accounts from days 61 to 90:

Average daily balances of $1,000 to $4,999.99 will earn a $200 bonus.
Average daily balances of $5,000 to $9,999.999 will earn a $300 bonus.
Average daily balances of $10,000 or more will earn a $500 bonus.

Where to sign up: Visit this Associated Bank account sign-up page and select the appropriate account.

When you’ll get the bonus: You will receive the bonus as a deposit to your account within 120 days of account opening.

The fine print: Must be a new Associated Balanced Checking customer. If easy access to a physical branch is important to you, note that the bank has locations in Illinois, Minnesota and Wisconsin, but members have free access to MoneyPass ATMs nationwide. Account must remain open for a minimum of 12 months; if you close it early, Associated Bank reserves the right to deduct the paid out bonus before account closure.

The account requires a minimum deposit of $100 and does not earn interest.

Offer expires May 31, 2021.

8. Associated Bank Choice Checking Account: Up to $500

Bonus amount: Up to $500

How to get the bonus: Open a new Associated Choice Checking account with a minimum deposit of $100 and receive direct deposits totaling at least $500 within 90 days of opening your account. Bonus values will vary based on the sum of the average daily balance of all Associated Bank deposit accounts from days 61 to 90:

Average daily balances of $1,000 to $4,999.99 will earn a $200 bonus.
Average daily balances of $5,000 to $9,999.999 will earn a $300 bonus.
Average daily balances of $10,000 or more will earn a $500 bonus.

Where to sign up: Visit this Associated Bank account sign-up page and select the appropriate account.

When you’ll get the bonus: You will receive the bonus as a deposit to your account within 120 days of account opening.

The fine print: Must be a new Associated Choice Checking customer. If easy access to a physical branch is important to you, note that the bank has locations in Illinois, Minnesota and Wisconsin, but members have free access to MoneyPass ATMs nationwide. Account must remain open for a minimum of 12 months; if you close it early, Associated Bank reserves the right to deduct the paid out bonus before account closure.

The account requires a minimum deposit of $100. This account is the only Associated option that earns interest and offers complimentary checks.

Offer expires May 31, 2021.

9. Citizens Bank Student Checking Account: Up to $400

Bonus amount: Up to $400

How to get the bonus: Open a new Student Checking account with Citizens Bank. Receive a direct deposit of $500 or more within the first 60 days to earn a $300 bonus.

Earn an additional $2 for every debit card purchase you make within the first 60 days, up to $100 total rewards (50 purchases).

Where to sign up: Visit this promotional page for Citizens Bank and choose “Open Your Account” button for the Student Checking account. The promotion only applies when opening the account via this page.

When you’ll get the bonus: If you open the account this month (May 2021), your bonus will be paid by September 30, 2021.

The fine print: Cannot have had a Citizens Bank account in the six months prior. Qualifying debit card transactions must be in person, on an app or on a merchant site; online bill payments and ATM payments do not qualify. While the account advertises a $0 monthly maintenance fee, you must be under 25 for this to apply. This account does not offer an APY.

Offer expires May 13, 2021.

Two women smile and laugh as they look at their computer. — Getty Images

10. Citizens Bank One Deposit Checking from Citizens: Up to $400

Bonus amount: Up to $400

How to get the bonus: Open a new One Deposit Checking from Citizens. Receive a direct deposit of $500 or more within the first 60 days to earn a $300 bonus.

Earn an additional $2 for every debit card purchase you make within the first 60 days, up to $100 total rewards (50 purchases).

Where to sign up: Visit this promotional page for Citizens Bank and choose “Open Your Account” button for One Deposit Checking from Citizens. The promotion only applies when opening the account via this page.

When you’ll get the bonus: If you open the account this month (May 2021), your bonus will be paid by September 30, 2021.

Offer expires May 13, 2021.

11. Citizens Bank Platinum Checking: Up to $400

Bonus amount: Up to $400

How to get the bonus: Open a new Citizens Platinum Checking account. Receive a direct deposit of $500 or more within the first 60 days to earn a $300 bonus.

Earn an additional $2 for every debit card purchase you make within the first 60 days, up to $100 total rewards (50 purchases).

Where to sign up: Visit this promotional page for Citizens Bank and choose “Open Your Account” button for the Platinum Checking account. The promotion only applies when opening the account via this page.

When you’ll get the bonus: If you open the account this month (May 2021), your bonus will be paid by September 30, 2021.

The fine print: Cannot have had a Citizens Bank account in the six months prior. Qualifying debit card transactions must be in person, on an app or on a merchant site; online bill payments and ATM payments do not qualify. There is a monthly maintenance fee of $25; to waive it, you must have a combined monthly balance (across all Citizens deposit and investment accounts) of $25,000 or more. This account offers an APY with a variable rate, but it is quite low compared to typical online bank APYs.

Offer expires May 13, 2021.

12. Citizens Bank Platinum Plus Checking: Up to $400

Bonus amount: Up to $400

How to get the bonus: Open a new Citizens Platinum Plus Checking account. Receive a direct deposit of $500 or more within the first 60 days to earn a $300 bonus.

Earn an additional $2 for every debit card purchase you make within the first 60 days, up to $100 total rewards (50 purchases).

Where to sign up: Visit this promotional page for Citizens Bank and choose “Open Your Account” button for the Platinum Plus Checking account. The promotion only applies when opening the account via this page.

When you’ll get the bonus: If you open the account this month (May 2021), your bonus will be paid by September 30, 2021.

The fine print: Cannot have had a Citizens Bank account in the six months prior. Qualifying debit card transactions must be in person, on an app or on a merchant site; online bill payments and ATM payments do not qualify. There is a monthly maintenance fee of $25; to waive it, you must have a combined monthly balance (across all Citizens deposit and investment accounts) of $25,000 or more and make a deposit of at least $5,000 in your checking account each statement period OR maintain an average daily balance in the checking account of $10,000 or more. This account offers an APY with a variable rate, but it is quite low compared to typical online bank APYs.

Offer expires May 13, 2021.

13. PNC Virtual Wallet Account: $50

Bonus amount: $50

How to get the bonus: Open a new PNC Virtual Wallet account online or in a branch. Receive qualifying direct deposits of $500 within the first 60 days.

Where to sign up: Visit this promotional page for PNC and choose “Apply Now” for the Virtual Wallet account (either with Spend, Reserve and Growth or just Spend).

When you’ll get the bonus: After meeting the bonus criteria, you will receive the bonus (labeled “Cash Trans Promo Reward” on your monthly statement) within 60 to 90 days.

The fine print: Cannot have a current PNC account or have closed an account within the previous 90 days. Qualifying direct deposits include paychecks, Social Security, pension or other recurring monthly income that is electronically deposited by your employer or an outside agency into your account. The account carries a $7 monthly service charge that can be waived if 1) you have $500 or more in monthly direct deposits in the associated Spend account, 2) you maintain $500 or more between associated Spend and Reserve accounts, or 3) are 62 or older. This account does not earn interest.

Offer expires June 30, 2021.

14. PNC Virtual Wallet with Performance Spend Account: $200

Bonus amount: $200

How to get the bonus: Open a new PNC Virtual Wallet with a Performance Spend account online or in a branch. Receive qualifying direct deposits of $2,000 within the first 60 days.

Where to sign up: Visit this promotional page for PNC and choose “Apply Now” for the Virtual Wallet with Performance Spend account (either with Spend, Reserve and Growth or just Spend).

When you’ll get the bonus: After meeting the bonus criteria, you will receive the bonus (labeled “Cash Trans Promo Reward” on your monthly statement) within 60 to 90 days.

The fine print: Cannot have a current PNC account or have closed an account within the previous 90 days. Qualifying direct deposits include paychecks, Social Security, pension or other recurring monthly income that is electronically deposited by your employer or an outside agency into your account. The account carries a $15 monthly service charge that can be waived if 1) you have $2,000 or more in monthly direct deposits in the associated Spend account, 2) you maintain $2,000 or more between associated Spend and Reserve accounts, or 3) have at least $10,000 across all consumer PNC accounts.

Offer expires June 30, 2021.

15. PNC Virtual Wallet with Performance Select Account: $300

Bonus amount: $300

How to get the bonus: Open a new PNC Virtual Wallet with Performance Select account online or in a branch. Make qualifying direct deposits of $5,000 within the first 60 days.

Where to sign up: Visit this promotional page for PNC and choose “Apply Now” for the Virtual Wallet with Performance Select account (either with Spend, Reserve and Growth or just Spend).

When you’ll get the bonus: After meeting the bonus criteria, you will receive the bonus (labeled “Cash Trans Promo Reward” on your monthly statement) within 60 to 90 days.

The fine print: Cannot have a current PNC account or have closed an account within the previous 90 days. Qualifying direct deposits include paychecks, Social Security, pension or other recurring monthly income that is electronically deposited by your employer or an outside agency into your account. The account carries a $25 monthly service charge that can be waived if 1) you have $5,000 or more in monthly direct deposits in the associated Spend account, 2) you maintain $5,000 or more between associated Spend and Reserve accounts, or 3) have at least $25,000 across all consumer PNC accounts.

Offer expires June 30, 2021.

A family spend time together in bed. — Getty Images

How to Search for Bank Bonuses on Your Own

In the spirit of not listing approximately 193 bank promotions, we kept this list short and sweet — only highlighting the best bank promotions for checking and savings accounts.

But maybe you’re interested in banking with your local credit union, opening up a small business checking account or finding the perfect investment account? There are often bonus offers attached to these account openings, too.

The banks don’t always make finding these promotions easy, so here are a few tips to help you get your hands on that cash bonus.

Check the bank’s website first. Sometimes it’ll advertise its promotions right there. This is rare, but it’s worth a quick check — it could save you a ton of time.
If you don’t have any luck, reach out to the bank’s customer service team through phone, email or chat. Let them know you’re shopping for a new account, and you’d like to know if it’s running any promotions. More often than not, the nice representative will send you a special link.
If this doesn’t work, turn to your trusty friend Google. Look for the best bank account bonuses. Because you’ll likely dig up some offers from third-party sites, you’ll want to take a few minutes to make sure the offer:
Hasn’t expired.
Is legitimate. Make sure the bank is FDIC-insured and has a positive Better Business Bureau rating. You can even read some online reviews.
Doesn’t require outrageous qualifying activities. For example, it might not be realistic for you to maintain an average daily balance of $50,000 and carry out 60 qualifying debit card purchases or receive five direct deposits before the end of your first 30-day statement cycle.
You can also reach out to your family, friends and social network to crowdsource bank recommendations. Sometimes banks have impressive referral programs, so both you and your friend could benefit from you signing up.

Overall, be smart. Don’t let that promise of an account bonus blind you. Also, read the fine print so you don’t get stuck paying high monthly fees, interest rates or closing penalties.

Will Opening a Bank Account Hurt Your Credit Score?

If you’re worried that opening a new bank account or closing an old one will hurt your credit score, don’t be. Your bank accounts are not included in your credit report and therefore have no effect on your credit score, unless you have an outstanding negative balance that the bank turns over to a collection agency.

Sometimes when you go to open a new bank account, banks will do a soft credit check. However, that won’t affect your credit score.

Now, go enjoy your fresh new bank account and that nice cash bonus you’re about to pocket. Add it to your savings account, put it toward student loan payments or, heck, treat yourself!

Editorial Disclosure: This content is not provided by the bank advertiser. Opinions expressed here are the author’s alone, not those of the bank advertiser. This site may be compensated through the bank advertiser Affiliate Program.

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Source: thepennyhoarder.com

May 7, 2021

Ally Bank Review | The Simple Dollar

As traditional banks struggle with customer frustration over hidden fees and insultingly low interest rates, Ally Bank has positioned itself as the antidote to these problems.

Savings APY

0.50%

1Y CD Rate

0.55%

J.D. Power Rating

853/1,000

SimpleScore

4.2 / 5.0

SimpleScore Ally Bank 4.2

Savings APY 5

1Y CD APY 5

Customer Satisfaction 4

Mobile App 3

Products 4

By and large, it has succeeded, becoming one of the best all-around options for online banking today and The Simple Dollar’s pick for the best all-around savings account for 2018.

Ally, previously known as GMAC Bank, launched in 2009. It was rebranded after parent company GMAC — the financial arm of General Motors — received billions in bailout money from the U.S. government during the subprime mortgage crisis.

Despite its rocky beginnings, Ally Bank has grown and flourished. It now has more than a million customers, likely due to its appealing blend of competitive interest rates and low, clearly disclosed fees.

Ally Bank at a Glance

If you’re just looking for basic checking or savings products, Ally has a particularly strong lineup. Here are the products and services you’ll find:

Savings: Ally offers two main options: an online savings account and a money market account.
Checking: There’s just one checking option, but it’s a good one: no-fee interest checking.
CDs: Choose from three account options: the High-Yield CD, with seven terms ranging from three months to five years; the Raise Your Rate CD, with a two- or four-year term; or the 11-month No Penalty CD.
IRA savings and CDs: Ally offers an IRA online savings account, or you can choose an IRA High-Yield CD or an IRA Raise Your Rate CD.
IRA plans: Traditional, Roth, and SEP IRAs are available, too.

Ally also has a sizeable auto loans business, but you can’t apply for financing online — it’s only available at select dealers, including GM, Chrysler, and Maserati. It also has a business financing division, but only for sizeable transactions of more than $15 million. There are no mortgages, personal loans, business checking or savings accounts, credit cards, or non-IRA investment accounts.

Just like any reputable bank, your deposits with Ally are insured up to Federal Deposit Insurance Corporation limits. Firewalls, SSL data encryption, and multi-factor authentication are among the security measures that keep your data safe while banking online. Ally also offers free Webroot anti-virus software to its customers — a nice touch.

Ally Online Savings

Ally’s Online Savings account is one of the best options in the industry when you consider the high interest rate and lack of fees. In fact, it’s such a strong option that The Simple Dollar named it the best all-around savings account for 2018. Here are the main account features:

No minimum deposit: You don’t need any certain amount to open your account, unlike some other banks that will require an initial deposit of $250, $500, or even $1,000 or more.
No account maintenance fees: You also won’t pay a monthly fee to keep your account open, regardless of your balance.
A very high interest rate: Your deposits will earn 0.50% APY currently.
Mobile check deposit: It’s as simple as snapping a photo of a check with your smartphone using Ally eCheck Deposit.
24/7 account access and customer service: Get the convenience of online banking or connect with a customer service agent regardless of the time.
Simple transfers: Move your money easily by scheduling transfers up to a year in advance, and link up to 20 external accounts to your Ally account.

The major benefit with Ally’s Online Savings is the interest rate, which is compounded daily. At 0.50% APY, it’s one of the most competitive rates in online banking. While this kind of interest certainly isn’t going to make you rich, it’s a lot better than the 0.01% (effective as of 10/14/2019. Interest rates are variable and subject to change) APY you might receive with Chase Savings℠, Bank of America, or another major brick-and-mortar bank.

Another big benefit is the generous number of external accounts you’re allowed to link up: 20. It’s common for other banks to limit you to three linked accounts, so this could be a big advantage for anyone who wants to move money between several accounts. You can also open, nickname, and link multiple savings accounts all in one go if you want to maintain separate accounts for separate savings goals.

Ally is also impressively clear about its fees. As I mentioned above, you won’t pay for monthly account maintenance. You also won’t pay for unlimited deposits, transfers to non-Ally accounts, incoming wires, online statements, postage-paid deposit envelopes, or cashier’s checks. (There are still some fees to note, but they are reasonable — they include $9 for overdrafts, $10 for excessive transactions, and $20 for outgoing wires.)

As for cons, there aren’t many. But if you’re used to depositing cash, that won’t be an option for you with Ally.

Ally Money Market Account

Ally also offers an outstanding money market account with a lot of the same features as its online savings account. For instance, there is no minimum deposit, there are no monthly maintenance fees, and you still have the option of mobile check deposits.

The major difference is that you’ll be getting a slightly lower interest rate, currently 0.50%, in exchange for a couple of nice conveniences. With the money market account, you’ll get a debit card and checks. And you can use your debit card at any ATM nationwide without paying steep fees: Ally won’t charge you, and it will reimburse any fees that other banks charge for using their ATMs.

Ally Interest Checking

Ally’s Interest Checking account is also a great all-around option, and ranks among The Simple Dollar’s best free checking accounts. Here are the highlights:

No maintenance fees or minimums: Some banks charge monthly maintenance fees or require you to have a certain balance to avoid them. Not so with Ally.
No ATM fees: Ally doesn’t charge you for ATM withdrawals, and it will reimburse you at the end of the month for any fees that other banks charge.
Mobile check deposit: It’s as simple as snapping a photo of a check with your smartphone using Ally eCheck Deposit.
Easy to pay other individuals: With the Popmoney feature, you can easily send money to anyone else who has a bank account as long as you know their email address or cell phone number.
Earn interest on your balance: Ally’s Interest Checking earns 0.10%–0.25%.

One of the biggest benefits of Ally’s Interest Checking is the lack of ATM fees. Considering you can expect to pay an average of $4.35 every time you get money from an out-of-network ATM, not having to plan ahead to avoid fees is a nice convenience.

Of course, the absence of monthly maintenance fees and minimums is also appreciated — my own bank requires me to keep a pretty substantial balance to avoid shelling out $11 each month. Checks are free with Ally, too.

There are still other fees, including 1% for foreign transactions, $9 for overdrafts, $15 to stop payment, and $20 for outgoing wires. These fees are a good bit lower than industry averages, but note that if you travel abroad frequently or are concerned about overdraft fees, Capital One 360 doesn’t charge either one. (Note that you can protect yourself from overdraft fees by linking an Ally savings or money market account to your checking. Ally will pull money from the linked accounts in $100 increments to cover the overdraft, but you obviously have to have the funds in the linked account to avoid fees.)

There are also some better options out there if you’re looking for the best interest rate in a checking account. For instance, Bank5Connect offers 0.20% APY on any balance over $100, and FNBO Direct offers 0.25% with no minimum balance. However, since it doesn’t make much sense to think of a checking account as a long-term place to grow your money, I don’t consider this a major con.

Ally Certificates of Deposit

None of Ally’s CDs require a minimum deposit to open, which is a rare benefit. Interest is compounded daily. Ally also offers a 10-day Best Rate Guarantee on its CDs, which ensures you can snag the best rate Ally has within 10 days of opening or renewing your account. Here’s a rundown of your CD choices with Ally:

High-Yield CD: This type of CD gives you the most flexibility on term: Go as short as three months or as long as five years. Of course, the shorter the term, the lower your interest rate, but a 12-month CD currently earns 0.55% APY. This CD is available for Ally IRAs.
Raise Your Rate CD: You’ll only be able to choose a two- or four-year term with this option. However, you get the chance to bump up your rate (once for a two-year CD, twice for a four-year CD) if Ally’s rates go up after you’ve funded your CD. This is also available for Ally IRAs.
No Penalty CD: If the prospect of early-withdrawal fees is keeping you from opening a CD, Ally’s No Penalty CD lets you skip them entirely. The convenience means you’ll be getting a lower rate, and there is only one term available (11 months).

Getting Started with Ally

Ally has a streamlined, easy-to-understand website, and opening an account is easy. In fact, you can open multiple account types at once, even linking a newly opened checking and savings account for overdraft transfer service right away.

If you prefer, you can also open an account over the phone or by mailing in an application. Online chat is available if you have any quick questions during account opening.

Online, all you’ll need to enter is your name, date of birth, Social Security number, email address, mailing address, and phone number. You’ll be able to fund your new account right away if you link a non-Ally account and transfer money electronically (you will have to verify ownership of the account). You can also mail a check, use mobile deposit to submit a check, or set up a wire transfer.

For savings and checking accounts, direct deposits are available the same day. You’ll wait up to three business days for transfers you request from linked non-Ally accounts. For most check deposits, you’ll have access to $200 within one business day and $4,800 in two business days. Any amounts over $5,000 won’t be available until the fifth business day. Ally may apply five-day holds for customers who’ve had a history of overdrafts.

Who is Ally Best For?

Ally is going to be one of your strongest overall options for online banking, but there are a few scenarios where it should definitely be your first choice:

You want the best combination of high interest rates, low fees, and no minimums: Ally is very near the top of the heap on interest rates across the board. Of course, nothing is stopping you from chasing the very highest rate you can find, but the trade-off for that rate is often higher fees and high account minimums. If you’ve got a lot of money to stash, that might not be a concern, but for the average Joe, it’s a good compromise.
You prize transparency: Ally is by far the clearest about fees of any of the banks I’ve researched, whether online or brick and mortar. Each product has a “Straight Talk Product Guide” that lays out everything you need to know about fees as well as important details such as when your money will be available.
You want to bank online, but you don’t want to skimp on customer service: Ally has 24/7 customer service, and the time you’ll wait to speak to a representative is disclosed at the top of the website (it was never more than a few minutes each time I visited). If phone calls aren’t your thing, you can still email a representative, search a comprehensive set of FAQs, or start an online chat session.

Who Might Want to Skip Ally?

Of course, there are also a couple of situations where Ally might fall short:

You want a one-stop shop: If you prefer to keep most or all of your financial dealings with one bank, Ally might not be the best option for you. It lacks several relatively common products, including mortgages, small-business accounts, and brokerage accounts. If this kind of variety is important to you, you’ll probably need a brick-and-mortar bank; if you want to stay with an online bank, Capital One 360 would be worth a look.
You want to build a personal relationship with a bank: For all of its plusses, there is one thing Ally (and all online-only banks) can’t offer: the chance for you to be more than a number. While its customer service availability is as good as it gets for an online bank, some customers may find comfort in the facetime they can get at their community bank branch. These relationships may come in handy when you’re in a bind, and one common customer complaint about online banks is that problems can take a long time to get resolved.
You need your money fast: Funds availability may be the Achilles heel of all online banks. While Ally isn’t the slowest online bank when it comes to transferring your money and making deposits available, it still generates plenty of complaints from customers who say holds were extended beyond what was promised, sometimes without explanation.

Ready to Bank With Ally?

Ally’s well-rounded personal account offerings should satisfy most of your everyday needs. The savings and checking options are particularly strong, or you can nab some of the benefits of both with a money market account.

If you want to read up on your other options, take a look at The Simple Dollar’s other banking recommendations in our guides to the best free checking accounts, best savings accounts, and best money market accounts.

Compare top bank accounts

Source: thesimpledollar.com

May 6, 2021

The Best Way to Organize Your Closet

How do you store stuff in your closet?

If you’re the type of person who tosses in everything, transforming your closet into a cluttered hole of hidden treasures, you should consider a new approach.

With a little effort and a few organizational accessories, you can figure out the best way to organize your closet. No longer will you lose items in the overstuffed space or spend too much time searching for an item you know is in there.

Transform your closet so it serves you rather than simply holding your clutter. These closet organization tips will help you set your space up for maximum usage.

1. Complete a purge

folding clothes

Before you can organize, get rid of what’s only taking up space. All the items you don’t wear or even want anymore shouldn’t hang around in your closet. Purging may seem simple enough on paper, but sometimes we keep clothes, shoes, purses or ties because they remind us of our younger selves or hold a special memory.

As you go through your closet clutter, instead of thinking about how the item makes you feel in general, ask yourself if you still feel great when you wear it. Does it still look good on you? Would you even wear it out today? If the answer is “no” to any of these questions, it’s time to part with it.

Once you’ve separated the stuff in your closet into keep and discard piles, you can donate unwanted items. Closet Factory shares some of the most popular charities for donating clothing, shoes or other common closet accessories:

Goodwill and Salvation Army often have easy drop points and take just about anything. You can schedule a pick-up if you have a lot of items, or just go to a drop point at your convenience.
Soles4Souls and Indigo Rescue handle specialty items. The first sends donated shoes to people in need while the latter collects unwanted jewelry that’s used to fund animal shelters.
If you have a lot of professional-style clothing to donate, consider an organization like Dress for Success or Career Gear.

2. Create a closet system

closet system

Whether you need to completely organize your closet or are only focusing on one specific area, there’s an organizational solution to any closet issue, according to Good Housekeeping.

This can mean doing a complete overhaul with the help of a full system like Elfa at The Container Store. Using a system lets you design your own closet, along with the option to install the pieces yourself or have it done for you. Many pieces are also modular and easy to change.

When your closet has good bones, and you just want to make a few additions to its overall design, it might be easier to buy organizational items a la carte.

Shelving

Adding some additional shelving into your closet can create way more storage space. If there’s nothing above your closet rod, a few extra shelves can become a great place to store out-of-season clothing, jackets or even sweaters.

Add a small, folding step-stool to your closet and these items won’t ever be out of reach. Putting a few extra shelves at the bottom of your closet can provide great storage for shoes, handbags and even extra sheets and towels.

Bins

If you don’t like the way it looks to have all your clothing stacked on open shelves, consider bins or crates. You can even create a makeshift dresser by stacking these in just the right way. This becomes great storage for smaller items like sandals, socks or accessories. They’re a great way to keep items organized and give everything in your closet a proper place.

3. Add some organizational accessories

closet organization accessories

Once the closet itself starts to feel organized, it’s time to tackle the extra space. You may think, “What extra space?,” but doors, walls and even the sides of your closet system are all begging for organizational accessories to fit even more into your closet without sacrificing its nice and neat appearance. Some great items to add include:

Over-the-door shoe racks to hold shoes or store your jewelry
Stick-on hooks for walls and any vertical space. Positioned at varying heights, they’re great for everything from purses to belts.
A floor shoe rack for easy access to the sandals, sneakers and boots you wear every day
Hanging storage that fits right on the closet rod. With multiple compartments, they help you take advantage of vertical space.

Specialty hangers

Another accessory you might not immediately think of for organization are hangers. These essential closet components not only keep your clothes wrinkle-free, but they can create even more room in your closet. Substituting some of your regular hangers with specialty ones can free up space and keep your closet looking perfectly arranged.

Multiple and tiered hangers drop down, allowing you to use the footprint from a single hanger to hang more than one piece of clothing
Hangers with clips allow you to combine a top with bottoms on just one hanger
Hook hangers let you drape multiple items from a single spot

You can also transform a regular hanger into a specialty space-saver with the help of a few shower curtain rings. Attach them to your hanger and then store things like scarves, belts or hats. You can fit your entire collection on a single hanger rather than having it take up too much space in a stack.

4. Work in some decor

closet decor

There’s no reason your organized closet needs to look boring. The best way to organize your closet can include a few personal touches. This can help make the space feel welcoming and purposeful.

If you have room, add a mirror or small framed picture. Use hat boxes, vintage luggage, decorative boxes or decorative metal baskets as storage containers instead of more generic, plastic ones.

Get creative when storing small items, such as jewelry, gloves and sunglasses with cigar boxes, vintage lunch boxes or even a small (clean!) tackle box.

What’s the best way to organize your closet?

The best way to organize your closet is to do whatever makes it easiest for you to get to all your stuff. No matter the size, it’s time to embrace your closet’s potential. When you design a closet space that’s easy to access, it will surprise you how motivated you’ll be about neatly hanging up your clothes. Use these closet organization tips to maximize every inch and love your closet again.

Comments

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Source: apartmentguide.com

May 6, 2021

Marcus by Goldman Sachs Savings Account | The Simple Dollar

Marcus by Goldman Sachs is a smart choice for growing your money through its modern solution for online banking.

Savings APY

0.50%

Min. Deposit

J.D. Power Rating

N/A

SimpleScore

3.5 / 5.0

SimpleScore Marcus by Goldman Sachs 3.5

Savings APY 3

Customer Satisfaction N/A

Product Variety 2

Goldman Sachs is a financial behemoth most well-known for its wealth management and investment services. Marcus by Goldman Sachs is the institution’s foray into personal and online banking by offering certificates of deposit, personal loans and savings accounts. The original Goldman Sachs was founded in 1869 by Marcus Goldman and is headquartered in New York City, New York. The subsidiary, Marcus by Goldman Sachs, was brought to the market in 2016 as a way to help individuals reach their financial goals, without fees or unnecessary complexity.

Although it lacks brick-and-mortar locations, Marcus by Goldman Sachs benefits users with no fees, high APY and no minimum deposit.

Marcus by Goldman Sachs at a glance

	Min Deposit	APY	J.D. Power Survey Score	Key Benefit
Marcus by Goldman Sachs	$0	0.50%	N/A	High yield with no minimum deposit

*Rates accurate as of May 2021

What we like about it

Marcus online savings accounts offer excellent perks without the usual drawbacks of traditional banks like service fees and minimum deposits. There’s no minimum required to open a savings account. In fact, you can open up an account without any funds at all. There are also no monthly fees, transaction fees or service charges. Best of all, a 0.50% APY is a competitive rate that can help you grow your money over time.

If you like to bank on the go, the Marcus app is free to use and enables you to connect all of your Marcus accounts, talk to customer support agents and see how much interest you’ve earned in your savings account.

Things to consider

The Marcus high yield savings account has no option for a corresponding checking account, but you can get a CD account or personal loan. Marcus is only useful if you’re using a checking account somewhere else.

While Marcus won’t charge you any fees, your outside bank might charge fees for transfers and transactions. Furthermore, there is no ATM network to use for withdrawals and no branches for in-person banking services. If you want to deposit money via check, you’ll have to send it in via U.S. Mail — which is significantly more hassle for people accustomed to a few quick photos for a check e-deposit and near-instant fund availability.

What you need to know

The Marcus savings account delivers tons of benefits for users who want to benefit from the high APY of 0.50%. You can even open up your account without any funds, but you’ll need to deposit money within the first 60 days of account opening.

Marcus doesn’t use an automated phone system during business hours, so when you call the Marcus savings account support line, you’ll be able to talk to a U.S.-based representative. This is a huge perk for people who want to avoid talking to a robot on the other end of the line.

Marcus by Goldman Sachs savings accounts boast FDIC insurance coverage, just like traditional bank savings accounts. This means you’ll be covered for up to $250,000 if the bank fails.

To put money in your account, you can set up a direct deposit, use an electronic funds transfer, wire transfer or mail a check. To withdraw money, you can use an e-transfer or a wire transfer. Customers are limited to six withdrawals or transfers per monthly statement period, which is on par with other banking institutions. This is to help maintain a bank’s reserve, in accordance with a federal law called Regulation D.

To get the most bang for your buck with Marcus, view it as a complementary banking tool to your financial portfolio. A checking account somewhere else is necessary, especially if you want to be able to withdraw money from an ATM and e-deposit paper checks. However, if you don’t mind needing another financial institution to fill those needs, Marcus savings accounts can still be a boon for individuals who want to focus on growing their money.

Mobile app

The Marcus mobile app lets you check balances, schedule transfers to and from other banks and make loan payments. Marcus also allows you to monitor your progress toward any financial goals you’ve set. Plus, you can set up AutoPay and create a recurring deposit to increase savings.

With its intuitive graphics and user-friendly design, the Marcus app gives you simple insight into your accounts and goals. You can receive in-app alerts, review your bank statements, review tax documents and access customer support. All personal data is encrypted, and you can use multi-factor authentication to log in.

Fees and penalties

Marcus by Goldman Sachs has no monthly fees or overdraft fees to worry about eating into your savings. With that said, your external bank or third-party entities might charge you for transfers or require you to pay service fees.

You can make up to six withdrawals or transfers, but you’ll need to verify with your outside transfer partner (bank, app or other third-party) to determine if fees will be charged. There’s an outgoing transfer limit of $125,000 per transfer, and if you need to withdraw more, you’ll have to call the customer service line.

Marcus by Goldman Sachs vs. Citi

Citibank offers promising features with more traditional account options. Individuals will get the highest savings rates with a Citi Accelerate Savings Account. There is no required minimum amount to open a savings account, but to waive monthly account fees, you’ll need a minimum account balance. The minimum account balance ranges from $1,500 to $200,000; the amount is conditional upon the account you choose. Unfortunately, Citi charges account fees between $10 to $30, so you’ll have to keep that in mind while you’re weighing your options.

Marcus is still a better choice if you want fewer fees, but if you prefer all your banking with one entity, Citibank can give you a wider variety of accounts and services.

Compare top bank accounts

Too long, didn’t read?

For those who want to avoid unnecessary fees and already have a checking account somewhere else, Marcus by Goldman Sachs is an excellent choice. With competitive rates and easy-to-use banking features, Marcus by Goldman Sachs is a great choice for users who want convenience and a safe place to grow their money.

We welcome your feedback on this article. Contact us at inquiries@thesimpledollar.com with comments or questions.

Source: thesimpledollar.com

May 5, 2021

What Is a Credit Union vs. a Bank – Differences, Pros & Cons

Banks and credit unions have a fair amount in common. Both provide comparatively safe places to hold cash for spending and saving. Both make loans and extend lines of credit. Both provide basic financial services, like cutting bank checks.

Yet these two types of financial institutions are anything but interchangeable. Credit unions aren’t better than traditional banks, nor vice versa. But each has strengths and weaknesses that would-be users need to understand before opening that first deposit account or applying for a loan.

The seeds of this understanding lie in the details of the products, services, and guarantees banks and credit unions offer their members. Fortunately, those details aren’t too difficult to parse. Consider this your guide to doing just that.

Key Features of Banks and Credit Unions

It bears repeating that banks and credit unions have a lot in common, but key differences do emerge upon closer inspection. Credit unions tend to restrict membership in ways that banks don’t, for example, while generally offering higher interest rates on savings deposits and lower interest rates on loans.

Membership Requirements and Account Availability

As you decide between a credit union and a traditional bank, the institutions’ respective membership requirements — or lack thereof — will be among the first points of distinction you notice.

Membership Requirements and Account Availability at Banks

Banks tend to be more open to new customers than credit unions. To the extent that banks restrict membership or account availability at all, it’s on the basis of geography — that is, community banks or regional banks may not accept applications from would-be customers in states where they don’t have a physical presence. (Online banks like GO2Bank usually don’t restrict applications by geography.)

Otherwise, individuals and couples with Social Security numbers or taxpayer identification numbers and U.S. addresses can generally apply for deposit accounts without restriction.

Membership Requirements and Account Availability at Credit Unions

Credit union customers are known as “members,” which hints at the potential restrictions around opening accounts with this type of institution.

Historically, credit unions restricted membership in fairly drastic ways. For example, some were open only to employees of particular companies or members of particular labor unions, while others accepted members only from very narrow geographical areas.

While some smaller credit unions continue to restrict membership, many larger ones now have gaping loopholes in their membership criteria that allow basically anyone to join. For example, Andrews Federal Credit Union, which has about 120,000 members and a branch network serving the mid-Atlantic states, only asks that prospective members join the American Consumer Council and pay the organization’s nominal membership fee.

If you live in an area served by multiple credit unions, membership requirements aren’t likely to pose a serious hurdle to joining one that fits your needs. In more sparsely populated areas with limited local credit union coverage, you may need to join an out-of-state institution and potentially pay a nominal fee to secure your spot.

Branch and ATM Access

Most credit unions and many banks have physical branches where customers can make deposits, get cash, speak with loan officers, and conduct other financial business in person. Virtually all credit unions and banks also have their own branded ATMs or belong to low-fee or free ATM networks.

Banks’ Branch and ATM Networks

Banks’ branch networks come in all shapes and sizes. National and multinational giants like Bank of America and JPMorgan Chase have thousands of locations littered about the country, while single-branch community banks might serve a single small town or handful of rural communities. That said, more traditional banks have regional, superregional, or national branch networks than credit unions.

Most banks also belong to national ATM networks that include thousands or tens of thousands of in-network ATMs that charge few if any fees for cash withdrawals and other basic financial transactions. These networks may be entirely in-house — for example, Chase Bank has thousands of branded ATMs scattered about the United States — or shared by many different banks, like the Allpoint or MoneyPass networks. Most branchless banks (online banks) belong to one of the major fee-free ATM networks.

Credit Unions’ Branch and ATM Networks

Even larger credit unions that accept members nationwide tend to have smaller physical footprints, either in contiguous geographies (Andrews Federal Credit Union’s branches extend from the D.C. area in the south to New Jersey in the north) or clustered in areas where lots of members live and work.

However, hundreds of U.S. credit unions participate in the Co-Op Financial Services shared branch network, which has more than 5,000 branches across the United States. Co-Op Financial Services credit unions offer reciprocity to members of other participating credit unions, allowing them to deposit and withdraw funds and perform other basic banking tasks while traveling or otherwise far removed from their own credit union’s home territory. And the Co-Op Financial Services has about 30,000 fee-free ATMs in its network, just a bit fewer than Allpoint and MoneyPass.

Financial Products and Services Available

All banks and credit unions offer one or more types of deposit accounts, most often checking accounts (spending accounts) and savings accounts. Many banks and virtually all credit unions also offer credit products, including home loans (mortgages), auto loans (car loans), credit cards, and personal loans.

Financial Products and Services Available at Banks

Every bank, from the leanest mobile bank to the biggest multinational, offers some sort of deposit account. Some stop there, while others offer less common types of deposit accounts (such as money markets) and investment (brokerage) accounts, along with credit products ranging from credit cards and personal loans to secured loans like mortgage and auto loans. Most traditional banks do make loans, historically a key revenue stream for financial companies; some online banks don’t issue loans directly.

The biggest financial institutions typically have the widest breadth of financial products and services, often complemented by private banking or wealth management services designed to craft bespoke financial solutions for wealthier clients. If you want to do all your banking, investing, and financial planning in a single location, you might naturally be drawn to a traditional bank built to do just that.

Financial Products and Services Available at Credit Unions

All credit unions offer savings accounts. These are usually known as “share” accounts because a portion of their balance — usually $5 or $10 — represents the member’s ownership stake in the institution.

Virtually all credit unions also offer checking accounts. And, as the “credit” in “credit union” suggests, virtually all issue mortgages, auto loans, business loans, and other common types of credit products.

Credit unions generally can’t match big banks’ breadth of financial products and services, however. Although some credit unions offer in-house financial planning and wealth management services, they rarely operate their own brokerages — a disadvantage for self-directed investors — and may not offer access to alternative asset classes like forex or cryptocurrency. And credit unions’ credit options might be of the one-size-fits-all variety, with just one or two credit card options available at small and midsize unions, compared with dozens of choices from national issuers like American Express and Chase.

Interest Rates, Account Yields, and Account Fees

It’s worth drilling down a bit more on what bank and credit union customers can expect to pay or receive, respectively, on credit and deposit balances. Credit costs and account yields vary subtly but noticeably by institution type, although it’s also true that prevailing benchmark rates and applicant creditworthiness are far more important determinants of borrowing costs.

Bank Interest Rates, Account Yields, and Account Fees

Banks are for-profit institutions that answer first to their shareholders, not their customers. Unfortunately, this often manifests in higher interest rates on loans, relative both to credit unions and direct lenders, and higher account fees than credit unions. It’s not impossible to find free checking accounts at big banks, but customers often have to jump through hoops like minimum balance, monthly direct deposit, or transaction requirements or hold substantial assets across multiple accounts to avoid monthly service fees.

Likewise, traditional banks often pay lower interest rates on savings accounts than credit unions. Big-bank savings accounts have particularly low yields that make them more-or-less useless in the eternal fight against inflation.

Credit Union Interest Rates, Account Yields, and Account Fees

As nonprofit, member-owned institutions, credit unions aren’t as focused on the bottom line as for-profit banks. This enables them to charge lower rates on credit products and levy fewer (and lower) account fees relative to banks.

Credit unions may also pay higher interest rates (yields) on deposit account balances, although many online banks outcompete brick-and-mortar credit unions on this point. More sophisticated credit unions that market digital money management services on a national basis, like Signature Federal Credit Union, generally offer yields on par with or better than online banks.

Financial Technology

At this point, virtually all banks and credit unions operate secure websites that offer basic online money management services (online banking) and enable remote customer-staff interactions. But customers should be aware that the sophistication and scope of these capabilities can vary significantly by institution type — and by size, with many smaller banks having more in common with small and midsize credit unions on the technology front.

Financial Technology Available at Banks

Online banks and larger traditional banks have the resources and technical ability to design sophisticated online banking portals and mobile banking apps that can replicate most if not all of the in-branch banking experience and offer convenient services like early payday, instant person-to-person transfers, digital bill paying, and built-in savings buckets. To be sure, larger credit unions are increasingly attentive to the tech demands of younger digital natives and can compete with bigger or online-only banks at this game, but most smaller and midsize credit unions can’t.

Financial Technology Available at Credit Unions

Many credit unions still don’t have mobile banking apps and offer only rudimentary digital banking platforms that leave out capabilities most consumers take for granted, like peer-to-peer transfers. If you expect to be able to do most of your day-to-day banking digitally, you should investigate the tech capabilities of any credit union you’re thinking about joining and steer clear of institutions that don’t seem up to snuff. A general rule of thumb: If the credit union’s website feels dated and doesn’t work well on a mobile device, it probably won’t offer a quality digital banking experience.

Deposit Insurance

Rest assured: Whether you keep your money with a bank or credit union, it’s insured against institutional failure up to legally mandated limits. Some banks, especially, are even more generous with deposit insurance than legally required.

Deposit Insurance Available at Banks

All reputable U.S.-based banks carry deposit insurance through the Federal Deposit Insurance Corporation (FDIC), which insures deposits up to $250,000 per account type, per institution. Some financial institutions, especially those that offer cash management accounts, go even further. Deposit insurance limits of $1 million or more are increasingly common on this type of account.

Deposit Insurance Available at Credit Unions

The National Credit Union Administration (NCUA) provides an identical level of deposit insurance on member balances at participating (“member NCUA”) institutions: $250,000 per account type, per institution. Higher limits aren’t as common, but the $250,000 threshold is more than enough for most account holders.

The Verdict: Should You Choose a Bank or Credit Union?

It’s clear that banks and credit unions are distinct in important ways. It’s equally certain that neither is better or worse than the other — just that each is different. Your choice will depend on your personal finance needs, preferences, and priorities.

You Should Choose a Bank If…

A bank could be a better fit for your financial needs if you value any of the following.

Doing All Your Banking and Borrowing in One Place. Many credit unions offer a solid mix of basic financial products and services: checking accounts, savings accounts, CDs, mortgages, auto loans, personal loans, SBA loans. But few if any can match the breadth and depth of products and services available from major consumer banks. If you want to be able to do all of your banking, borrowing, self-directed investing, and financial planning in one place, you’re better off in the banking world.
Excellent Online and Mobile Functionality. As a group, banks offer a better online and mobile banking experience than credit unions. There’s a great deal of variation within the banking sector, of course, with traditional, branch-based community banks noticeably behind online-only and nationwide banks on the tech front. But many credit unions are even further behind, to the point that they’re simply not useful for people who prefer not to bank in-branch.
Few Eligibility Requirements to Open an Account. With notable exceptions like age-restricted senior checking accounts, banks generally don’t restrict account availability or membership except by geography — and people who do business with online banks don’t have to worry about that. By contrast, all credit unions impose some sort of restriction on membership, although it’s often possible for the general public to join by making nominal donations to affiliated organizations.

You Should Join a Credit Union If…

Consider joining a credit union if you see your financial priorities represented here.

Personalized Service and Responsive Staff. If there’s an upside to being behind the times technologically, it’s that most credit unions still invest heavily in branch-based service and local support staff. If you value the opportunity to meet with a banker or get one on the phone basically on demand, a credit union is likely to be a better fit than a bigger, more impersonal bank.
Lower Loan Rates (On Average). A nonprofit, customer-centric business model allows credit unions to undercut for-profit banks with lower interest rates on loans and other credit products, including credit cards. Not all credit unions actually do charge lower rates; you should always shop around for the best rates rather than assuming your credit union is the best you can do. But the average credit union user does see real financial benefit from membership — a 2018 analysis by the Credit Union National Association found that the average New York State credit union member reaped benefits worth $85 per person or $178 per household, per year.
Simpler Account Terms With Less Nickel-and-Diming. Although plenty of banks distinguish themselves with simple, reasonable fee structures, credit unions make a business model out of it. As a credit union member, you’re unlikely to pay a monthly maintenance fee on a checking or savings account, and you’ll probably pay lower fees for things like overdrafts and returned checks too.
A Member-Owner Model. The typical credit union member doesn’t see any obvious benefit from being a member-owner — it’s not like credit union shareholders get eye-popping dividend checks every year, as big shareholders in corporate banks do. But, on top of the lower rates and fees the model allows, it can feel good to be part of a like-minded credit union community.

Both Are Great If…

Both banks and credit unions are excellent options if:

You Want a Safe Place to Hold Money for Spending and Saving. Both banks and credit unions carry ample deposit insurance — at least up to $250,000 per account type, per institution, and more at some banks. If your bank or credit union fails, you won’t have to worry about losing insured deposits.
You Want Access to Lots of ATMs. As long as your credit union is a member of the Co-Op Financial Services network, you’ll have access to tens of thousands of ATMs across the United States — just as you would as a customer of a bank in the Allpoint or MoneyPass ATM networks.

Final Word

Since the turn of the 21st century, the widespread adoption of online and mobile banking has fueled pronounced shifts in the broader public’s financial behaviors and expectations, upending consumer finance. Parallel changes have come about thanks to regulatory reforms and consumer protection legislation implemented in the wake of the global financial crisis of the late 2000s, such as the creation of the Consumer Financial Protection Bureau.

One of the more noticeable consequences of technological and regulatory change has been a convergence — if not a total melding — of banks’ and credit unions’ respective business models. In terms of technological sophistication and product scope, larger credit unions now resemble midsize banks. Meanwhile, smaller, leaner, higher-tech banks and fintech platforms seek to replicate credit unions’ customer experience and stand apart from big, impersonal banks.

This is all to the benefit consumers, who have more choice than ever — and more reason than ever to expect financial institutions to treat them with the respect they deserve. Whether you ultimately decide to use a bank or credit union for your day-to-day and long-term financial needs, you can surely agree that’s good news.

Source: moneycrashers.com

May 5, 2021

Best Checking Accounts for 2021 | The Simple Dollar

Chances are, if you’re an adult you use banking products. The financial account that likely sees the most activity is a checking or debit card account. These accounts get used for everything from automatic payments to impulse purchases, which means finding the best checking accounts to meet all your needs is important.

Right now, the best banks for checking accounts are offering low account minimums to open, along with fee-free services, access to an ATM network and some form of interest or account rewards.

The 5 best checking accounts of 2021

N26 — Best mobile app
Ally Bank — Best for high APY
Capital One — Best for overdraft protection
Discover — Best for cash back rewards
PNC Bank — Best for digital tools (basic virtual wallet)

Best checking accounts at a glance

Provider	Min. Deposit	Monthly Fee	ATM Network	APY	Key Benefit
N26	$0	$0	55,000+	Not listed	Get paychecks two days early
Ally Bank	$0	$0	43,000+	0.10% to 0.50%	Reimbursement for ATM use outside network
Capital One	$0	$0	39,000+	0.20%	Several overdraft assistance options
Discover	$0	$0	60,000+	1% cash back	Monthly cash back on debit purchases
PNC Bank	Not listed	$0 to $25	15,000+	Not listed	New account bonuses available

Best mobile app – N26

Digital bank N26 has a checking account option that comes with some notable perks.

Min. Deposit

Overdraft Protection

J.D. Power Rating

N/A

SimpleScore

3.5 / 5.0

SimpleScore N26 3.5

Min. Deposit 5

Overdraft Protection 3

Customer Satisfaction N/A

Additional Accounts 1

First, the bank’s mobile app is driven by artificial intelligence to simplify and streamline banking processes for users. An account with N26 also comes with a debit card and access to free cash withdrawals at over 55,000 ATM locations throughout the world.

Still, while the number of ATMs is one of the highest on this list, it’s important to remember that the ATMs are spread throughout six different countries.

One additional perk of an N26 checking account is that users who receive direct deposit paychecks can get their money on Wednesdays instead of Fridays — two days early. This is not in the form of a loan, either, but rather the bank simplifying backend processes to approve the deposit faster.

Best for high APY – Ally

Those of you looking to earn interest on the money in your checking account may like the APY rates offered on a high yield checking account from Ally Bank.

Min. Deposit

Overdraft Protection

J.D. Power Rating

5/5

SimpleScore

4.6 / 5.0

SimpleScore Ally 4.6

Min. Deposit 5

Overdraft Protection 3

Customer Satisfaction 5

Additional Accounts 5

For balances under $15,000, the rate is 0.10%. If you keep a minimum daily balance over $15,000, that APY jumps to 0.50%. This is lower than what you’d get through a savings account, but is higher than many checking account options offer.

Plus, you won’t see those interest earnings gobbled up by fees, because Ally does not charge monthly maintenance fees or fees on many common banking processes, like ACH transfers, incoming wires or cashier’s checks.

Best for overdraft protection – Capital One 360

Checking account users earn 0.20% APY on the money in their accounts, regardless of the balance size.

Min. Deposit

Overdraft Protection

J.D. Power Rating

2/5

SimpleScore

4.4 / 5.0

SimpleScore Capital One 360 4.4

Interest APY 5

Overdraft Protection 5

Customer Satisfaction 2

Additional Accounts 5

For many people, a checking accounts require constant supervision to prevent overdraft charges, especially when direct deposits and payments post on different schedules. Capital One’s online checking account comes with four different overdraft protection options to limit the need for meticulous monitoring. These options include auto-decline, an overdraft line of credit, free savings transfer and next day grace.

Best for cash back rewards – Discover, Member FDIC

Instead of giving users an APY return, Discover offers monthly cash back on checking accounts of 1% on up to $3,000 in purchases.

Min. Deposit

Overdraft Protection

J.D. Power Rating

5/5

SimpleScore

4.6 / 5.0

SimpleScore Discover, Member FDIC 4.6

Min. Deposit 5

Overdraft Protection 3

Customer Satisfaction 5

Additional Accounts 5

If you regularly use your checking account for purchases rather than your debit card, the cash back option makes Discover’s checking account attractive. All of Discover’s checking accounts come with terms that include no account minimums, no maintenance fees and access to over 60,000 ATMs throughout the nation.

More passive spenders might be better served with a high yield checking account regardless of spending, and may want to consider using a savings account for some of their funds.

Best for digital tools (basic virtual wallet) – PNC Bank

PNC Bank refers to its online checking account options as virtual wallets. According to PNC, these virtual wallets offer innovative online tools for managing your money and checking account, which is what makes it stand out against the competition. It also includes online banking, online bill pay, online statements and mobile banking, options that are also offered by a lot of the other banks on this list, at least to some degree.

Savings APY

Varies by location

1Y CD Rate

0.02%

J.D. Power Rating

829/1,000

SimpleScore

3.2 / 5.0

SimpleScore PNC Bank 3.2

Savings APY 2

1Y CD APY 2

Customer Satisfaction 3

Mobile App 4

Product Variety 5

Some of PNC’s checking accounts come with fees, so depending on the level of checking account you select, you may be subject to monthly service fees that range from $7 to $25. These fees are avoidable, though, by meeting certain monthly requirements. The easiest way to avoid the fees is to keep the required minimum daily balance. For the basic virtual wallet account, that is $500. For the highest-tier account, that amount is $5,000.

One nice perk about the PNC accounts is that they come with new account bonuses of $50, $200 or $300. Customers will need to meet the bank’s list of eligibility requirements to qualify.

What is a checking account?

A checking account is a bank account that holds your money and is designed for high-traffic use. Typically, checking accounts come with the ability to store funds with the bank and withdraw those funds via check, electronic transfer or through the use of a debit card. If you currently have a debit card, you have a checking account (unless it is a prepaid debit cards).

Compared to savings accounts, checking accounts offer lower interest rates so your money earns less, but they do offer more access to your money. Savings accounts are limited to six transactions monthly, but checking accounts rarely have any such limits.

How should I choose the right checking account?

Finding the best checking account involves looking at several different factors and determining what is most important to you. Many people choose their checking account solely based on the interest rate or APY offered. Yes, it’s important to have your money working for you when you can, but you should be looking at more than just the rates.

Most customers will be actively using their checking accounts in daily life. This makes things like customer service, fees, access to ATM networks and security important factors to consider. Ultimately, you want the checking account that pays the highest rates while still meeting all of your needs.

Too long, didn’t read?

Having a checking account that you can count on is necessary for day to day life. For many, your checking account is how you make your purchases, where you deposit your paychecks and ultimately the lifeblood of your economic life. Taking the time to find the best checking account option for you and your family can help to mitigate future headaches and set you up for financial success.

We welcome your feedback on this article and would love to hear about your experience with the checking accounts we recommend. Contact us at inquiries@thesimpledollar.com with comments or questions.

Methodology

SimpleScore

The SimpleScore is a proprietary scoring metric we use to objectively compare products and services at The Simple Dollar.

For every review, our editorial team:

Identifies five measurable aspects to compare across each brand
Determines the rating criteria for each aspect score
Averages the five aspect scores to produce a single SimpleScore

Here’s a breakdown of the five aspect scores and their rating criteria for our review of the best checking accounts of 2020.

Why do some brands have different SimpleScores on different pages?

To ensure the SimpleScore is as helpful and accurate as possible, we developed unique criteria for every category we compare at The Simple Dollar. Since most brands offer a variety of financial solutions, their products and services will score differently depending on what we’re scoring on a given page.

However, it’s also possible for the same product from the same brand to have multiple SimpleScores. For instance, if we compare the savings account offered by Chase, it scores a 3.8 out of 5. However, when we compare the checking account offered by Chase with the checking account SimpleScore metrics, it scores a 4.4 out of 5. We change and tweak the methodologies for different categories based on industry standards to paint a complete picture of products and brands.

Have questions about our methodology?

Email Hayley Armstrong at hayley@thesimpledollar.com.

Minimum deposit

We awarded checking account providers that require low or no minimum deposits to open an account.

Overdraft protection

It sucks when your account gets overdrafted and you’re hit with fees. Brands that offer more overdraft protections are awarded higher SimpleScores.

Customer satisfaction

Customer support

The checking account providers that have the most channels of customer support score higher than providers that don’t. We considered e-chat, email, phone, mobile app support and social media as channels of support for this metric.

Additional products

When it comes to banking, it’s nice to have options. If you want a checking and savings account in one place, that’s great, but we also considered other financial products like MMAs, CDs, IRAs, loans and more. Providers that have more additional products score higher.

Source: thesimpledollar.com

May 4, 2021

Choosing the Best Savings Accounts for May 2021

Storing your cash in a duffel bag under the bed has its perks — immediate access when you need it and the feeling of completely controlling your own finances.

But hoarding hard-earned money in your own home puts it at risk of theft or loss to natural disasters, and it’s doing you no favors in terms of interest.

Savings accounts at an FDIC-insured bank, on the other hand, keep your money secure and can earn you more money in the process.

Nowadays, the best savings accounts are typically with online banks due to higher interest rates, but brick-and-mortar banks still have some (though not many) benefits.

So which savings account should you choose? We’ve ranked the very best savings accounts available today to get you started.

What is a Savings Account?

A savings account is a bank account where you store your money until you need it. To see a detailed explanation to how it differs from a traditional checking account, visit our checking vs savings account comparison.

The best savings accounts are secured by the Federal Deposit Insurance Corporation (FDIC) for up to $250,000. That means that if you store your money with a bank and it goes under, you won’t lose your money.

Savings accounts are perfect for achieving your savings goals — for a car, a house, a wedding, vacations, you name it. More importantly, they are the best tool to build your emergency fund.

Most experts agree your emergency savings should total six months’ worth of necessary expenses in the case of job loss or another unpredictable emergency. Necessary expenses might include rent/mortgage, car payments, insurance, medical bills, utilities and groceries.

Don’t sweat it if you don’t have six months’ worth saved up. It takes time to build up your savings. Even if you can deposit $50 a month, you will eventually reach your goal.

One thing a savings account is not is an investment account. Savings accounts have historically low interest rates (or APY — annual percentage yield), but they are inherently low risk.

Pro Tip

After you have padded your savings account with enough cash to cover emergency expenses and your other savings goals, your money is better spent on investments like IRAs, 401(k)s and stocks.

Common alternatives to savings accounts include certificates of deposit (CDs), where you store your money for a fixed term for a slightly higher interest rate, and money market accounts, which typically offer a higher APY but have significantly higher minimum balance requirements.

So just how much interest will you earn in a savings account? That depends on the amount you’ve saved and your APY.

Online Banks vs. Brick-and-Mortar Banks

Before the advent of the internet, brick-and-mortar banks (and credit unions) were the only place to store your money, if not in your duffel bag.

But over the last couple decades, online banks have transformed the way we think of safely storing our money, and because of their low overhead (fewer staff and few or no physical locations), they can offer much better interest rates on savings accounts.

Pros of Online Savings Accounts

Two women smile as they withdraw money from the ATM. — Getty Images

When online savings accounts first surfaced, bank customers were hesitant to store their money with companies they had never heard of and were fearful of internet security issues.

Today, many of these same customers now see far more pros to online savings accounts than their traditional physical banks.

Higher Interest Rates

This is easily the most important distinction between brick-and-mortar banks and online banks. The national average APY for a savings account is 0.70%, but many brick-and-mortar banks offer just 0.01% interest rates on their savings accounts.

Online banks, on the other hand, tend to offer savings rates that are better — sometimes a lot better

Availability

Online banks are always open. The most competitive online banks offer around-the-clock service over the phone or online, and typically have more user-friendly apps and websites.

Some national banks and credit unions may offer 24/7 service, but their physical locations are typically limited to the 9-to-5 business hours.

Pros of Brick-and-Mortar Savings Accounts

There are advantages to brick-and-mortar banks. However, if these benefits do not hold massive weight for you, we highly recommend an online savings account.

Easy Access to Account Funds

Emergencies wait for no one. If you have an unexpected need for $10,000, it would be nice to be able to immediately access that.

Many online savings accounts take several days to get you your funds via ACH deposit or a written check, though wait times for ACH deposits have dramatically decreased in recent years.

(You can also speed up the process by opening a checking account with your online bank or choosing an online savings account with ATM benefits. Prioritize online banks that offer free checking accounts or ATM convenience cards.)

Brick-and-mortar banks, however, can allow major withdrawals at any of their locations. No waiting necessary.

In-Person Support

Some people prefer to resolve their issues over the phone or online, but many others find comfort in face-to-face communication. By opening a savings account with a bank that offers physical locations, you’ll be able to get in-person help from financial experts during regular business hours.

… And a Toss-Up

When it comes to access to ATMs, there is no clear winner. Obviously, brick-and-mortar banks and credit unions offer ATMs at all their locations, where you can easily withdraw your money.

Many online banks, however, offer fee-free withdrawals at select ATMs, and the best online banks will reimburse you for fees incurred out of network.

Best Savings Accounts of May 2021, Ranked

So what are the best savings accounts of May 2021? That depends on what you value most.

In determining our top nine, we reviewed more than 20 popular savings accounts and considered what elements seem to be most universally important:

Best savings rates
Stellar mobile app and/or web experience
Convenience of transfers (easy access to funds)

We considered only savings accounts that were FDIC-insured or NCUA-insured and had no monthly fees.

Because physical branch access is becoming increasingly less important, all accounts on our list are online or hybrid (online with some brick-and-mortar bank locations).

So what didn’t we consider when making our list that you might also want to look for?

Bonuses: Because banks regularly add, remove or replace their bonuses, we did not include them in our criteria. If you’re stuck between two or three comparable savings accounts, see which one offers the best sign-on bonus. We highly recommend checking out our current bank promotions list to help earn bonus cash or incentives when signing up for a new savings account.

Customer service: Quality of customer service is subjective. Read reviews and ask friends and family about their experiences when considering banks.

To truly determine how you feel about the level and quality of customer service, give the bank a call and ask some questions about the account. From that interaction, you should be able to feel out how much each bank values customers and prospects.

1. Synchrony Bank High-Yield Savings Account

We ranked Synchrony’s account as the very best savings account of May 2021 because it has the perfect combination of the most important elements of a bank.

APY: 0.40%.

Monthly fees: None.

Minimum balance requirement: None.

Additional fee for withdrawals: None.

ATM card: No fee for in-network ATMs, $5 monthly reimbursement for out-of-network ATM fees

Access to funds: ATM, electronic transfer to an external account, wire transfer or a paper check in the mail.

Mobile app: Yes. At the time of this writing, the app has a 4.5 rating on the App Store and 3.7 on Google Play.

Details: Synchrony Bank High-Yield Savings account.

2. CIT Savings Builder Account

CIT Savings Builder is another solid account option, but you have to meet certain conditions to earn it:

APY: To earn up to 0.40% APY, either your account needs $25,000 in it, or you must make a monthly minimum deposit of $100 to the account. The latter option should be more feasible and is a good incentive to save each month.

Minimum balance requirement: $100.

Additional fee for withdrawals: None.

ATM card: None.

Access to funds: Electronic transfer, wire transfer (free if you have $25,000 or more in the account) or paper check.

Mobile app: Yes. At the time of writing, the app has a 4.6 rating on the App Store and 4.2 on Google Play.

Details: CIT Savings Builder.

A woman smiles as she checks her phone at night in her bed. — Getty Images

3. Ally Online Savings Account

Though savings accounts are different from checking accounts — and thus should not be thought of as a place to quickly and easily get money — Ally does make it easier than most to access your funds when you need them. Just open a free checking account (ranked 5th in the best online checking accounts of 2020), and you can easily transfer your money over.

APY: 0.50%.

Minimum balance requirement: None.

Additional fee for withdrawals: After the six permitted withdrawals a month, you’ll pay $10 per transfer with Ally.

ATM card: None.

Access to funds: You can transfer money via direct deposit, electronic transfer, wire transfer or paper check.

Mobile app: Ally’s mobile app is highly rated at 4.7 stars on the App Store and 3.7 on Google Play.

Details: Ally Online Savings account.

4. Alliant High-Rate Savings Account

The Alliant High-Rate Savings account is offered via the Alliant Credit Union, so instead of FDIC insurance, it carries insurance through the National Credit Union Administration, but the benefits are the same.

Because it is a credit union, joining Alliant can be a little more challenging. You need to fulfill one of these four requirements:

Be a current or retired employee of a business that is partnered with Alliant.
Have an immediate family member or domestic partner who banks with Alliant.
Be a member of an Alliant-related organization/association.
Become a member of Foster Care to Success, Alliant’s partner charity.
Live in one of the communities near the Alliant headquarters in Chicago, Illinois.

APY: 0.55%. You need an average daily balance of $100 for the APY to kick in.

Minimum balance requirement: $5.

Additional fee for withdrawals: Hard limit on six federally regulated withdrawals.

ATM card: Money access is super convenient with a free ATM convenience card that qualifies at more than 80,000 ATMs nationwide.

Access to funds: If you live in the Chicago area, you’ll even have access to brick-and-mortar locations.

Mobile app: It’s got a solid app (4.7 on the App Store and 4.6 on Google Play)

Details: Alliant High-Rate Savings account

5. Discover Savings Account

The Discover Savings account offers a substantial APY and easy access to funds via a rewards checking account.

APY: 0.40%.

Minimum balance requirement: None.

Additional fee for withdrawals: The bank may refuse to pay transactions that exceed the six monthly permitted withdrawals.

ATM card: While Discover doesn’t offer an ATM card for its FDIC-insured savings account, you can sign up for the Discover Cashback Debit (it’s free!), which earns up to 1% cash back on up to $3,000 a month.

Access to funds: The linked debit account provides an easy way to transfer funds; otherwise, you can rely on electronic transfers, wire transfers and paper checks.

Mobile app: Discover’s app has a 4.8 rating on the App Store and a 4.5 rating on Google Play.

Details: Discover Savings account

Learn more: Discover Bank review

6. Capital One 360 Savings Account

While it’s certainly not the savings account with the best interest rate, it makes up for it with no monthly fees, easy integration with other Capital One 360 accounts (including a checking account for easy funds transfer) and a killer app.

APY: 0.40%.

Minimum balance requirement: None.

Additional fee for withdrawals: Hard limit on six federally regulated withdrawals.

ATM card: None.

Access to funds: If you don’t open a linked checking account for the easy ATM access, you can still access your funds via the traditional (but slower) means.

Mobile app: In 2018, the Capital One 360 mobile app was ranked No. 1 in customer satisfaction in the banking category for the second year in a row in J.D. Power’s U.S. Banking App Satisfaction Study.

The app has a 4.8 rating on the App Store and a 4.7 rating on Google Play.

Details: Capital One 360 Savings account

7. Barclays Online Savings Account

Barclays has its cons, like challenging access to funds, but its high APY and strong mobile app earned it a spot on this list.

APY: Barclays is one of three banks on this list to offer the competitive 0.40% APY.

Minimum balance requirement: None.

Additional fee for withdrawals: Withdrawals that exceed the monthly limit will result in a fee.

ATM card: None.

Access to funds: You can deposit and withdraw funds in a number of ways, through direct deposit, an electronic transfer, paper check and more.

Mobile app: Yes, but the Barclays US Online Savings mobile app is not the most user-friendly based on its ratings: a 3.7 on the App Store and a 2.4 on Google Play.

Details: Barclays Online Savings account

Learn more: Barclay’s Bank review

A woman works on her laptop while dipping her feet into a pool. — Getty Images

8. American Express Personal Savings Account

You might rely on American Express for your credit card, but the bank offers an online savings account worth your consideration as well.

APY: 0.40%.

Minimum balance requirement: $1.

Additional fee for withdrawals: Hard limit on nine withdrawals, though this is more than most of its competitors.

ATM card: A major drawback of the American Express account is the lack of ATM card.

Access to funds: Electronic transfer, wire transfer and paper check are the only ways to access your money.

Mobile app: It currently has a 4.9 rating on the App Store and a 4.2 rating on Google Play.

Details: American Express Personal savings account

9. Marcus Online Savings Account by Goldman Sachs Account

Our final online savings account is by Goldman Sachs. It offers a competitive APY and fairly new mobile app.

APY: 0.50%.

Minimum balance requirement: None.

Additional fee for withdrawals: Due to a change in federal law, Goldman Sachs currently doesn’t impose a limit on withdrawals.

ATM card: None.

Access to funds: Withdrawals are limited to electronic transfer and wire transfer (you also cannot deposit checks via the app).

Mobile app: Yes. It has a 4.9 rating on the App Store and a 3.9 rating on Google Play.

Details: Marcus Online Savings Account

6 Tips for Choosing a Savings Account

You should be aware that banks can change interest rates, develop better apps and update their bonuses, so it is important to understand how to determine the best savings account for yourself.

Here are a few tips:

1. Consider Your Needs

We prioritized high savings rates, ease of funds transfer and mobile apps in our rankings, but maybe for you, two-factor authentication and customer service are top considerations.

Build your own ranking system based on your top two or three criteria. You won’t find a perfect bank that offers everything, but at the very least, you’ll find banks that can meet all of your top needs.

2. Stick With Online

Put your money in an online savings account, unless you have a good reason not to, such as a high interest savings account at a brick-and-mortar credit union or a regular need to get in-person help.

3. Save Only With Insured Banks

Do not put your money into any bank that is not insured by the FDIC. Or, if you go the credit union route, make sure it is insured by the NCUA. We did not include any banks on our list that were not insured.

4. Don’t Be Tempted by Sign-on Bonuses Alone

Earning cash for starting an account with a bank feels awesome, but don’t let the appeal of $100 now prevent you from putting your savings into an account that will earn you $500 over a couple years.

5. Find a No-fee Account

Be wary of accounts with monthly maintenance fees, statement fees or any other miscellaneous charges. You’re more likely to find these fees with a brick-and-mortar bank.

Ideally, find a bank that has an associated free checking account for easy and fast funds transfers.

6. Read the Fine Print

Know what you are signing before you sign it.

If an APY sounds too good to be true, it’s possible there are strings attached — or that the rate is only temporary.

Ask questions and do research when you are confused by any of the terms and conditions, and don’t deposit your savings until you are satisfied with the agreement.

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Source: thepennyhoarder.com

May 4, 2021

5 Tips for Approaching the Open House

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For decades, sellers and their agents have been using open houses to help generate interest in their listings. Open houses give the general public the chance to view a home without scheduling a private showing. While open houses do get a lot of curious neighbors and casual browsers, they can be a good opportunity for serious buyers to decide if a home is worth pursuing further, or a way to get a better grasp on neighborhood home values.

In fact, 59% of home buyers attended an open house during their shopping process last year and 43% of buyers said attending the open house was very or extremely important to determining if the home was right for them.* On average, home buyers attended 2.6 open houses before buying.

Whether you’re a sincere buyer or simply curious about the inside of a home, you should know how open houses work and understand how you can be a good open house attendee.

Note: If open houses are restricted or unavailable due to public health concerns, work with your agent to arrange a private tour or video tour. All Zillow-owned homes include a self-tour option — just use our app to unlock the door and tour at your convenience.

What is an open house?

An open house is an event during which potential buyers can tour a home that’s on the market. It’s usually hosted by the seller’s listing agent, or by the seller themselves, in case of a for-sale-by-owner (FSBO) listing. Open houses usually take place on weekends, during a set range of hours — typically midday.

Open house benefits for buyers

No scheduling required: Unlike a private showing, you don’t need to set up a specific appointment to see a home. Simply show up during the open house hours and view the home at your own pace.

Scope out the competition: If you’re interested in a home, attending the open house can help you gauge interest from other buyers. This can be helpful when determining how quickly you need to submit an offer and how much you should offer.

Understand current home values: Seeing what homes are selling for in your area and what you can buy at a particular price point can be helpful if you’re just starting your search.

Redefine your nonnegotiable home features: Checking out homes in person can help you redefine your list of must-haves: Do you really need that extra bedroom? What does a backyard of this size really look like?

How do open houses work?

Not every seller or listing agent will hold one, but here’s the typical process for sellers setting up an open house:

The seller and their agent determine a day and time for the open house.
The agent lists the open house on the local MLS.
The agent advertises the open house on social media, online and with print ads or flyers.
The agent prepares for the open house — purchasing refreshments, printing flyers, setting up signs and adding little touches to make the home feel welcoming to buyers. (Yes, as a shopper, you can eat the cookies.)
The agent hosts the event, greeting buyers and answering questions about the property and community.
Buyers remove their shoes, tour the home, take pictures and video (if allowed) and jot down important notes.
Any buyer who liked the house will contact their own agent. They’ll then set up a private showing to see the home again or they’ll submit an offer right away — the latter is common in fast-moving real estate markets.

Who hosts an open house?

The person hosting an open house could be any one of the following:

Listing agent: As the person hired to sell the home, the listing agent should be an expert on the property.
Listing agent’s team member or associate: A busy listing agent may also send another agent in their place — either someone on their team or another agent in their office. They should be experts in the local market, but may not be as familiar with the individual home.
Homeowner: If a home is for sale by owner (FSBO), the homeowner will be hosting their own open house. They’re undoubtedly the expert on the home, but their local market expertise may be limited.

How to prepare for an open house

There are times when you might just stumble upon an open house while you’re on a walk or running errands. But if you’re intentionally looking for open houses as part of your home-buying strategy, try these tips.

Seek out relevant open houses

If you plan to visit multiple open houses in one day, make sure you’re focusing on listings that fit your criteria for budget and location. It’s not worth wasting time looking at homes outside your budget or those that are too far from your work or school.

Tip: With Zillow’s home search tool, buyers can filter by homes with upcoming open houses (this filter can be applied in addition to other search filters like price, bedrooms, bathrooms, square footage and location). When you use the open houses filter in conjunction with filters for your other criteria, you can easily find the right open houses for your search.

You can also tour most Zillow-owned homes any time between 6 a.m. to 8 p.m., any day of the week — just select the tour option on the listing. Although the listing agent will not be present, you can avoid a busy open house and rest assured the property is in move-in ready condition.

Do research on the market beforehand

With help from your agent or on your own, find out how each home you’re planning to visit stacks up against others nearby. Is the price in line with similar listings in the area? Are there any defects? Has it gone under contract recently and then returned to the market? Are there a lot of other interested buyers? Has it been sitting on the market for a long time? (“Days on market” is an indicator of a stale listing, but the standard number of days on market can vary based on where you live.)

Stay open-minded

If you’re searching on a tight budget in a hot neighborhood, there’s a good chance that the home that fits the bill will need some TLC. Fortunately, attending an open house can give you a better idea of the home’s condition and potential, while also giving you the opportunity to ask renovation-related questions — e.g., the location of load bearing walls and the details of local regulations.

How to attend an open house

Now that you’ve done your research and are prepared to add some open houses to your home search, here’s what you should do once the day arrives.

Ask questions

An open house is your best opportunity to ask the listing agent (or their associate) your questions — don’t be shy. Ask questions that you wouldn’t be able to answer just by reading a home’s listing description, such as:

What are the HOA restrictions?
Has the seller done a property tax appeal?
Have there been any recent renovations or repairs?

Tip: If you’re not currently working with an agent and you ultimately decide you aren’t interested in a particular home you tour, the open house could help you see if the listing agent might be the right person to represent you — many agents represent both buyers and sellers.

Be honest

If anyone other than the listing agent or the homeowner is hosting the open house, they’re likely an agent hoping to find potential buyer clients. If you’re already working with an agent (or if you have no real interest in buying), be honest.

Check for damage and disrepair

Professional or edited photos can make a home look a lot better online than it is in person. At an open house, take the opportunity to closely evaluate a home’s condition and take note of any potential defects that would factor into your offer price.

Assess the windows: Look for flaking paint, misaligned sashes and condensation due to air leaks. These could be signs of windows that need replacement.

Check for water damage: Look for warped baseboards, ceiling stains and musty smells.

Make note of cracks: Noticeable cracks in the ceiling or drywall could indicate foundation issues.

Test functions: Open cabinets, doors and drawers. Run the faucets. Check the water pressure. An open house is a good opportunity to make sure every part of the home is in good working order.

Gauge potential renovation needs: Home improvements can really add up. As you walk through a home, keep an eye out for urgent renovation needs like floors, fixtures or large repainting projects.

Open house tips for buyers

Whenever you attend an open house, put yourself in the seller’s shoes — you’re letting a bunch of strangers walk through your home while you’re not there. While every seller wants their open house to net a buyer, they also want to keep their home safe and their furnishings free of damage.

Do

Take off your shoes or wear booties if requested.
Greet the host and provide your name.
Sign in if necessary or requested (this is a safety issue for the seller and their agent).
Take notes on your phone about your likes, dislikes and follow-up questions.
Ask if you can capture a video (if the listing doesn’t already include a video).
Respect other buyers and guests.
Wait for others to exit a room before you enter.
Provide feedback if requested.
Thank the person hosting the event.

Don’t

Refuse to comply with an agent or homeowner’s house rules.
Criticize the home or the owner’s style.
Listen in on other visitors’ conversations.
Touch the owner’s belongings.
Let kids run around without supervision.
Bring food or beverages in (except water).
Reveal information that would compromise your negotiating power, like your budget or level of interest in the home.
Bring pets.

*Zillow Group Consumer Housing Trends Report 2019 survey data

Source: zillow.com

May 4, 2021

Tips to Troubleshoot Slow Internet Speed

For apartment dwellers who depend on their connection to the Web, it’s a drag when a slow one seems to stop time online.

With a little bit of know-how, you can troubleshoot a solution when the information superhighway leaves you on the side of the road. Keep these details in mind.

Consider the time of day

Time of day is a typical culprit – one that you might be able to avoid. Joining a lot of people online at once can tax servers and slow down overall response time. If you happen to be connecting at a peak hour – say, in the early evening – you can expect slower loading. Consider what you are doing online, as well. Streaming video or music is more of a burden for the connection than sending an email.

Consider your computer

Maybe your own machine is contributing to the frustration. An older machine, especially one with less memory or a slower chipset, might not play well with the Web. Or perhaps your computer is not optimally set to connect with the Net. Too many open programs, large active downloads, or even virus activity could slow you up significantly.

Wireless woes

For all its convenience, connecting wirelessly can pose its own set of challenges. For one, many devices in the typical household operate on wireless frequencies, and these devices compete with each other over airwaves. (When you live in an apartment community, you may even see several of your neighbors’ networks listed on your device. The walls aren’t keeping all these wireless signals from intermingling!) One simple thing you might try is moving your router to sniff out a better signal.

More tips regarding your apartment utilities:
Ready to Ditch the Landline and Go Cell Phone Only?How to Transfer Utility Services When You MoveTune In with These Budget-Friendly Alternatives to Cable

Consider your hardware set-up

If you find you cannot connect at all, ask yourself the basic questions: Is everything plugged in and turned on? Are your electrical outlets in working order? A bad modem or out-of-date router software or firmware all might contribute to connection problems. If you suspect one of these culprits, contact your service provider for specific advice regarding your particular set-up.

Possible solutions for a crawling Web

Before you give up and read a book, there are a few fairly straightforward things you might try to stoke your time online.

Try another browser. If the particular browser you’re using seems slow, try a different one. Firefox and Google Chrome are good choices.
Simplify what you’re doing online. Close extra, unneeded programs or tabs, or avoid streaming or downloading if these activities are especially slow.
Start a virus check. It never hurts to run your virus protection program to search for any unwanted virus visitors which may be clogging up your connection.
But don’t be afraid of harmless cookies! Set your browser preferences to enable cookies. The computer kind won’t add to your waistline, and they just might speed up your computing experience by helping your machine remember your personal preferences on various websites. (You should, however, be wary about the sites you visit!)
Check your browser toolbar. An unexpected change in the look of your browser might mean you have inadvertently downloaded a piece of software which has changed your interface, like a new toolbar. While the change may not be malicious, tracking still might slow your computer’s performance.

Photo credit: Shutterstock / Zurijeta

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Source: apartmentguide.com

Tag: Convenience

The Best Way to Organize Your Closet

1. Complete a purge

2. Create a closet system

Shelving

Bins

3. Add some organizational accessories

Specialty hangers

4. Work in some decor

What’s the best way to organize your closet?

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Marcus by Goldman Sachs Savings Account | The Simple Dollar

Marcus by Goldman Sachs at a glance

What we like about it

Find High-Yield Savings Accounts

Things to consider

What you need to know

Mobile app

Fees and penalties

Marcus by Goldman Sachs vs. Citi

Compare top bank accounts

Too long, didn’t read?

In this article

Tips to Troubleshoot Slow Internet Speed

Consider the time of day

Consider your computer

Wireless woes

Consider your hardware set-up

Possible solutions for a crawling Web

Comments