Society’s obsession with celebrities is big biz! And when it comes to cashing in on it, paparazzi moguls François and Brandy Navarre are laughing all the way to the bank.
The couple just listed a palatial property in the upscale Los Angeles neighborhood of Pacific Palisades and they’re hoping to cash in $12,225,000 from their latest real estate venture.
Just the latest in a long streak of million dollar homes they bought (and later sold at a profit), François and Brandy Navarre’s house is listed with Zac Mostame and Santiago Arana of The Agency and Andreas Elsenhans of Westside Estate Agency.
From king & queen of the paparazzi to prolific real estate investors
Celebrity photos are a hot commodity. Whether an A-lister is caught canoodling with a beau, dropping their kids off at school, or simply out and about doing everyday errands, there’s big bucks in celebrity photos — which are taken by photographers dubbed ‘the paparazzi’.
Just ask François and Brandy Navarre, paparazzi moguls and real estate developers who are testament to the multi-million dollar industry of paparazzi pics.
The couple are co-founders and owners of the most successful celebrity gossip and paparazzi agency in Hollywood: X17.
Known for their aggressive tactics, hiding drones and long zoom lenses in pursuit of the perfect pic, the Navarres have built their dynasty off famous folks doing their ‘regular’ routines of getting groceries, exercising in their neighborhoods and going on the school run with their kids.
Of course, with great success comes great responsibility. Last year, X17 was sued by Prince Harry and Meghan Markle over unauthorized images of their son Archie. Jennifer Aniston also sued the couple over topless photos taken outside her Malibu home.
And many other celebrities — such as Kristen Bell, Dax Shepard, Halle Berry, Britney Spears and Jennifer Garner, to name a few — have been outspoken about the invasive and unsafe elements of having to deal with the paparazzi on a daily basis.
Like it or not, society’s obsession with celebrities is a money-making industry and the Navarres have profited in a big way — becoming as wealthy as their A-list clientele.
And as it turns out, their profitable paparazzi dynasty has afforded them some luxurious digs in the competitive Los Angeles real estate market.
A look at the Navarres’ past real estate ventures
According to Dirt, in 2021 the Navarres sold an 8,500-square foot estate in Los Angeles’ Pacific Palisades for $13.7 million.
And in 2005, they purchased a Pacific Palisades home for $5 million, which was located next door to Conan O’Brien’s estate, which they later listed for sale asking $15.9 million.
The former paparazzi couple also bought a beach house in 2000 for $1.7 million. The Malibu home has been for sale and for rent since 2016, with a listed price of $7.5 million and a summer rental rate at $45,000 per month.
Their latest home in Pacific Palisades has just hit the market
And now, the Navarres have listed another property for $12.225 million.
Located in their seemingly favorite upscale neighborhood of Pacific Palisades, the stunning estate is overlooking the Riviera surrounded by serene greenery and landscapes.
The midcentury modern home features 5 bedrooms, 4.5 bathrooms and a detached guest house.
Boasting an open floor plan and living area with vaulted ceilings and exposed beams, the luxurious Los Angeles home has jaw-dropping ocean views amid its 5,500-square feet.
The outdoor amenities include a pool, patio and plenty of gorgeous greenery to soak up the sweet California sunshine.
The plush property is listed by Zac Mostame and Santiago Arana of The Agency and Andreas Elsenhans of Westside Estate Agency.
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Conventional loans are the most popular kind of mortgage, but a government-backed mortgage like an FHA loan is easier to qualify for and may have a lower interest rate. FHA home loans have attractive qualities, but borrowers should know that mortgage insurance usually tags along for the life of the loan.
As of March 2023, new FHA borrowers will pay less for insurance. The Biden-Harris Administration announced it was reducing premiums by .30 percentage points, lowering annual homeowner costs by $800 on average. The administration hopes the cuts will help offset rising interest rates.
What Is an FHA Loan?
The Federal Housing Administration has been insuring mortgages originated by approved private lenders for single-family and multifamily properties, as well as residential care facilities, since 1934.
The FHA backs a variety of loans that cater to the specific needs of a borrower, such as FHA reverse mortgages for people 62 and older and FHA Energy Efficient Mortgages for those looking to finance home improvements that will increase energy efficiency (and therefore lower housing costs).
But FHA loans are most popular among first-time homebuyers, in large part because of the relaxed credit requirements.
Recommended: Tips to Qualify for a Mortgage
FHA Loan Requirements
If you’re interested in an FHA home loan to buy a single-family home or an owner-occupied property with up to four units, here are the details on qualifying.
FHA Loan Credit Scores and Down Payments
Borrowers with FICO® credit scores of 580 or more may qualify for a down payment of 3.5% of the sales price or the appraised value, whichever is less.
Those with a poor credit score range of 500 to 579 are required to put 10% down.
The FHA allows your entire down payment to be a gift, from a family member, close friend, employer or labor union, charity, or government homebuyer program. The money will need to be documented with a mortgage gift letter.
FHA Loan DTI
Besides your credit score, lenders will look at your debt-to-income ratio, or monthly debt payments compared with your monthly gross income.
FHA loans allow a DTI ratio of up to 50% in some cases, vs. a typical 45% maximum for a conventional loan.
FHA Mortgage Insurance
FHA loans require an upfront mortgage insurance premium (MIP) of 1.75% of the base loan amount, which can be rolled into the loan. As of March 2023, monthly MIP for new homebuyers is 0.15% to .75% — most often 0.55%.
For a $300,000 mortgage balance, that’s upfront MIP of $5,250 and monthly MIP of $137.50 at the 0.55% rate.
That reality can be painful, but MIP becomes less expensive each year as the loan balance is paid off.
There’s no getting around mortgage insurance with an FHA home loan, no matter the down payment. And it’s usually only shed by refinancing to a conventional loan or selling the house.
FHA Loan Limits
In 2023, FHA loan limits in most of the country are as follows:
• Single unit: $472,030
• Duplex: $604,400
• Three-unit property: $730,525
• Four-unit property: $$907,900
The range in high-cost areas is $1,089,300 (for single unit) to $2,095,200 (four-unit property); for Alaska, Hawaii, Guam, and the U.S. Virgin Islands, the range is $1,633,950 (for single unit) to $3,142,800 (for four-unit property).
FHA Interest Rates
FHA loans usually have lower rates than comparable conventional loans.
The annual percentage rate (APR) — the annual cost of a loan to a borrower, including fees — may look higher on paper than the APR for a conventional loan because FHA rate estimates include MIP, whereas conventional rate estimates assume 20% down and no private mortgage insurance.
The APR will be similar, though, for an FHA loan with 3.5% down and a 3% down conventional loan.
First-time homebuyers can prequalify for a SoFi mortgage loan, with as little as 3% down.
FHA Income Requirements
There are none. High and low earners may apply for an FHA loan, but they must have at least two established credit accounts.
Recommended: How to Afford a Down Payment on Your First Home
Types of FHA Home Loans
Purchase
That’s the kind of loan that has been described.
FHA Simple Refinance
By refinancing, FHA loan borrowers can get out of an adjustable-rate mortgage or lower their interest rate.
They must qualify by credit score and income, and have an appraisal of the property. Closing costs and prepaids can usually be rolled into the new loan.
FHA Streamline Refinance
Homeowners who have an FHA loan also may lower their interest rate or opt for a fixed-rate FHA loan with an FHA Streamline Refinance. Living up to the name, this program does not require a home appraisal or verification of income or credit.
The new loan may carry an MIP discount, but you’ll pay the upfront MIP in addition to monthly premiums. An exception: The upfront MIP fee of 1.75% is refundable if you refinance into an FHA Streamline Refinance or FHA Cash-out Refinance within three years of closing on your FHA home loan.
Closing costs are involved with almost any refinance, and the FHA doesn’t allow lenders to roll them into a Streamline Refinance loan. If you see a no closing cost refinance for an FHA loan, that means that instead of closing costs, a lender will charge a higher interest rate on the new loan.
You’ll continue to pay MIP after refinancing unless you convert your FHA loan to a conventional mortgage.
FHA Cash-Out Refinance
You don’t need to have an FHA loan to apply for an FHA Cash-Out Refinance. Whatever kind of loan the current mortgage is, if the eligible borrower has 20% equity in the home, the refinanced loan, with cash back, becomes an FHA loan.
The good news: Homeowners with lower credit scores may be approved. The not-great news: They will have to pay mortgage insurance for 11 years.
Any cash-out refi can trigger mortgage insurance until a borrower is back below the 80% equity threshold.
FHA 203(k) Loan
In addition to its straightforward home loan program, the FHA offers FHA 203(k) loans, which help buyers of older residences finance both the home purchase and repairs with one mortgage.
An FHA 203(k) loan can be a 15- or 30-year fixed-rate or adjustable-rate mortgage.
Some homeowners take out an additional home improvement loan when the need arises.
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FHA vs Conventional Loans
Is an FHA loan right for you? If your credit score is between 500 and 620, an FHA home loan could be your only option. But if your credit score is 620 or above, you might look into a conventional loan with a low down payment.
You can also buy more house with a conventional conforming loan than with an FHA loan. Conforming loan limits in 2023 are $726,200 for a one-unit property and $1,089,300 in high-cost areas.
Borrowers who put less than 20% down on a conventional loan may have to pay private mortgage insurance (PMI) until they reach 20% loan-to-value. But borrowers with at least very good credit scores may be able to avoid PMI by using a piggyback mortgage; others, by opting for lender-paid mortgage insurance.
One perk of an FHA loan is that it’s an assumable mortgage. That can be a draw to a buyer in a market with rising rates.
The Takeaway
An FHA home loan can secure housing when it otherwise could be out of reach, and FHA loans are available for refinancing and special purposes. But mortgage insurance often endures for the life of an FHA loan. The Biden-Harris Administration recently reduced monthly MIP for new homebuyers to help offset higher interest rates.
Some mortgage hunters might be surprised to learn that they qualify for a conventional purchase loan with finite mortgage insurance instead. And some FHA loan holders who have gained equity may want to convert to a conventional loan through mortgage refinancing.
SoFi offers conventional fixed-rate mortgages with competitive interest rates and cancellable PMI, as well as refinancing. Check out SoFi’s low rate home mortgages.
Qualifying first-time homebuyers can put as little as 3% down, and others, 5%.
View your rate today.
SoFi Mortgages Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility for more information. SoFi Loan Products SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender. Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances. Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners. SOHL0622007
Save more, spend smarter, and make your money go further
After a brutal winter, many of us are ready to embrace spring with open arms! The arrival of spring also signals seasonal cleaning duties such as cleaning windows, putting away the winter wardrobe and breaking out the flip flops.
But don’t forget to include your personal finances in your spring cleaning “to do” list! Spring is the perfect time to tackle financial clutter–from refreshing budgets to going paperless to cleaning up your credit score.
Here are 5 tips that make it easy to do a financial clean sweep this spring:
1. Refresh your budget
Kick off your financial spring cleaning by refreshing your budget. Revisit the financial goals you set January 1. How are you doing so far? If you’re over budget, look at where you can make changes and cut back on spending. Remember to adjust your budget to satisfy current needs as well as long-term savings goals.
2. Reduce financial clutter – go paperless
You know that amazing feeling when you get rid of clothes you haven’t worn in years? Getting rid of that filing cabinet filled with old bills and credit card statements can feel just as freeing. A good way to cut down on clutter is to opt for electronic bill payments using a free bill-paying app like Mint Bills – which allows you to pay all your bills and schedule bill payments via an easy to use web and mobile platform.
3. Check your credit score
If you haven’t checked your credit score, now might be a great time. This number is a critical part of a consumer’s financial portfolio. Understand your score and the factors impacting it so you can learn how to improve it. If your credit score is low, commit to making your payments on time and focus on chipping away at large balances on your credit cards.
4. Pay off holiday debt once and for all
Cleaning up this debt quickly can put you in a much better financial position for the rest of the year. Start by clearing up your credit lines and pay off the purchases you made over the holiday season. If you have to, put yourself on a stricter debt payoff plan specifically focused on paying off the debt you accumulated over the holidays.
5. Sell unwanted items
Instead of throwing away your belongings to reduce clutter, consider selling your stuff to help boost your savings goals or earn extra money. Getting rid of old furniture? Try Craigslist. Cleaning out your closet? Try selling your clothing and accessories on Threadflip, a site that helps list, price, and ship the items for you.
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If you don’t pay your credit card bill, you could face more severe consequences than you might think. Though it will depend on your credit card issuer, you can generally expect to be charged a late fee as well as a penalty interest rate which is higher than the regular purchase APR.
Life happens, and, from time to time, payments are missed, especially if you’re dealing with emergencies such as losing a job or a family crisis. In the event you have skipped a credit card payment, it’s crucial you understand what can happen. That way, you can take steps to reduce the odds of it having a major impact on your financial health.
Here, you’ll learn more about this topic, including:
• What happens if you don’t pay your credit card bills?
• What if you miss one credit card payment?
• What happens if you only can make minimum payments?
• How can you pay off credit cards?
What Happens If You Don’t Pay Your Credit Card?
Consequences for missed credit card payments could include being changed late fees and possibly losing your grace period. It may also negatively affect your credit score since issuers report your payment activity to the credit bureaus — in most cases after 30 days.
There may be other consequences depending on how late your payment is and whether it’s your first time missing a payment.
Accruing Interest
When you don’t pay your credit card, interest will accrue and will continue to do so as long as you have a balance on your card. In essence, you are paying more for your initial purchase thanks to that interest.
The longer you go without paying your credit card, the more you risk your rate going up. Your credit card issuer may start imposing a penalty annual percentage rate (APR), which tends to be higher than your regular purchase APR. If this happens, you’ll end up paying more in interest charges. The penalty APR may apply to all subsequent transactions until a certain period of time, such as for six billing cycles.
Collections
Depending on your credit card issuer, your missed payments may go into collections if it goes unpaid for a period of time. You’ll still continue to receive notices about missed payments until this point.
More specifically, if you don’t pay your credit card after 120 to 180 days, the issuer may charge off your account. This means that your credit card issuer wrote off your account as a loss, and the debt is transferred over to a collection agency or a debt buyer who will try to collect the debt.
Once this happens, you now owe the third-party debt buyer or collections agency. Your credit card issuer will also report your account status to the major credit bureaus — Experian, TransUnion, and Equifax. This negative information could stay on your credit report for up to seven years.
It’s hard to tell what third-party debt collectors will do to try and collect your debt. Yes, they may send letters, call, and otherwise attempt to obtain the money due.
Some collections agencies may even try to file a lawsuit after the statute of limitations expires. In rare cases, a court may award a judgment against you. This means the collections agency may have the right to garnish your wages or even place a lien against your house.
If your credit card bill ends up going to collections, take the time to understand what your rights are and seek help resolving the situation. Low- or no-cost debt counseling is available through organizations like the National Foundation for Credit Counseling (NFCC).
Bankruptcy
You may find that you have to declare bankruptcy if you still aren’t able to pay your high credit card debt and other financial obligations. This kind of major decision shouldn’t be taken lightly. You will most likely need to see legal counsel to determine whether you’re eligible.
If you do file bankruptcy, an automatic stay can come into effect, which protects you from collection agencies trying to get what you owe them. If successfully declare bankruptcy, then your credit card debt will most likely be discharged, though there may be exceptions. Seek legal counsel to see what your rights and financial obligations are once you’ve filed for bankruptcy.
Making Minimum Payments
A minimum payment is typically found in your credit card statement and outlines the smallest payment you need to make by the due date. Making the minimum payment ensures you are making on-time payments even if you don’t pay off your credit card balance. Any balance you do carry over to the next billing cycle will be charged interest. You can also avoid late fees and any other related charges by making a minimum payment vs. not paying at all.
What Happens if You Miss a Payment
If you can’t pay your credit card for whatever reason, it’s best to contact your issuer right away to minimize the impact. Let them know why you can’t make your payment, such as if you experienced a job loss or simply forgot. For the latter, pay at least the minimum amount owed as soon as you can (ideally before the penalty or higher APR kicks in).
If this is your first time missing a payment but otherwise paid on time, you can try talking to the credit card company to see if they can waive the late fee.
Some credit card issuers may offer financial hardship programs to those who qualify, such as waiving interest rates, extending the due date, or putting a pause on payments (though interest may still accrue) until you’re back on your feet.
15/3 Rule for Paying Off Credit Cards
The 15/3 payment method can help you keep on top of payments and lower your credit utilization — the percentage of the credit limit you’re using on revolving credit accounts — which can impact your score.
Instead of making one payment when you receive our monthly statement, you pay twice — one 15 days before the payment due date, and the other three days beforehand. This plan is useful if you want to help build your credit history and pay on time.
The Takeaway
Missing your credit card payment may not be a massive deal if it just happens once or twice, but it can turn into one if you continue to ignore your bill. While it’s not exactly fun to have to pay a late fee, you may be able to negotiate with the credit card issuer to waive it if you are otherwise a responsible user. Even if not, it’s better than being bumped up to the penalty APR or, worse still, having your account go to collections.
Are you looking for your first or a new credit card? Consider the SoFi Credit Card. With perks like cash back rewards on all purchases, no foreign transaction fees, and Mastercard ID Theft Protection, it may be just the right choice for your personal and financial goals.
The SoFi Credit Card: The smarter way to spend.
FAQ
How long can a credit card go unpaid?
The statute of limitations, or how long a creditor can try to collect the debt owed, varies from state to state, which can be decades or more.
What happens if you never pay your credit card bill?
If you never pay your credit card bill, the unpaid portion will eventually go into collections. You could also be sued for the debt. If the judge sides with the creditor, they can collect the debt by garnishing your wages or putting a lien on your property.
Is it true that after 7 years your credit is clear?
After seven years, most negative remarks on your credit report, such as accounts going to collections, are generally removed.
Photo credit: iStock/MStudioImages The SoFi Credit Card is issued by The Bank of Missouri (TBOM) (“Issuer”) pursuant to license by Mastercard® International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated. 1See Rewards Details at SoFi.com/card/rewards. Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances. Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website . This article is not intended to be legal advice. Please consult an attorney for advice. Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners. SOCC0523007
Save more, spend smarter, and make your money go further
In case you missed it, last week we hosted a Twitter chat on the topic of #HowWeSpend, where we covered everything from the biggest spending trends of 2014, tips on spending wisely in 2015 to hot topics like mobile payments and millennial spending habits.
With over 128 Twitter chat contributors and 697 mentions of #HowWeSpend, the chat was packed with great content and tips from consumer financial experts, Mint partners and Minters alike.
Check out some of our favorite tips and chat highlights below, or to follow all that was shared during last week’s chat, just plug #HowWeSpend in the Twitter search bar.
Thanks again to all of you who followed along!
#HowWeSpend Twitter Chat Highlights:
Q: How do you expect spending trends to vary in 2015 vs. 2014?
I expect that there will be a rise in spending by the “IndieWoman”: 27 & older, lives alone & has no kids. – @TheBudgetnista
Many economists predict 2015 may be the year more millennials finally enter the housing market – @Glink
Low gas prices and a strong dollar will mean more travel spending. Budget travel tips: http://bit.ly/1EBacox – @hperez
Q: How are mobile payments changing #HowWeSpend?
Mobile is convenient 4 sure, but avoid impulse purchases and monitor spending. – @hperez
I pay every bill that comes in mail or email via my bank’s mobile app. Easy way to track spending. – @sharon_epperson
Pay all your bills (utility, cable, credit cards) w/the #MintBills app – it’s easier than ever to stay on top of it all – @mintbills
Q: Let’s talk millennials. How are they saving differently than their parents?
Studies show millennials less likely to have savings to cover unexpected expenses. – @CHLebedinsky
Mint survey found millennials focus on fulfilling immediate needs (like rent, student loans) more than future saving – @mint
Millennials are far more comfortable with using smartphones, apps and online tools to help spend & save – @TheBudgetnista
Q: Best tip on finding the right balance between spending vs. saving?
Think of life on both sides of the = sign. income should be >/= to expenses and if not, one side needs adjusting – @OysterRiverPart
It’s important to understand the difference between items you actually NEED & those you simply WANT – @EFXFinanceBlog
Spend, spend, spend will lead to poverty while save, save, save will lead to resentment. Be responsible but also have fun! – @Steve_Repak
Q: What’s your personal secret to financial success?
Automate savings and bill paying. Use app such as #Mint to track spending. Don’t try to keep up with Joneses – @CHLebedinsky
Make saving and budgeting into a social game and enjoy it! When your having fun you will always succeed. – @pennypinchbros
My secret to financial success: 1. (again, my) BUDGET –@TheBudgetnista
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Do you want to make your money work for you?
I know what you’re thinking—money doesn’t grow on trees.
It takes money to make money.
That is a true case, but it doesn’t mean you have to be a millionaire to start. You can invest $100 to make $1000.
But there are a few things that will help any of us start seeing some green: time, patience, and perseverance.
We all know that money is a powerful tool. It helps us get what we want, live the way we want to, and achieve our goals. But how do you make your money work for you?
If you’re new to financial success or are looking for some fresh ideas on increasing your wealth, then you are in the right place!
That’s where this post comes in! In it, we delve into the five best ways to grow your wealth and show you how they work.
How can you make your money work for you?
There are many ways to grow your wealth. You can invest in stocks, bonds, and other securities. You can also start your own business or invest in real estate. Whatever you choose to do, make sure you are diversified and have a plan.
Making your money work for you is all about creating passive income streams.
This means finding ways to make money without having to actively work for it. Some examples include investing in stocks, real estate, and businesses.
How to Make Your Money Work for You: The [Best Ways] to Grow Your Wealth.
Your money is a powerful tool that can help you save, invest and grow your wealth, but only when you know the ways to make it work for you.
This is something that many people don’t learn and don’t invest the time to understand.
The best way to grow wealth is by taking your time and doing the research necessary for you to understand what it takes. You have to know how much money you need, where it will come from, and how you will invest it.
#1 – Create Financial Goals
It’s important to have specific financial goals because they give you something to work towards and help keep you motivated. Having specific goals also makes it easier to measure your progress and see how far you’ve come.
To create specific financial goals, start by thinking about what you want to achieve.
Do you want to save for a down payment on a house?
Are you looking to pay off debt?
Looking to increase your saving percentage?
Or do you want to retire early?
Once you know what your goal is, break it down into smaller steps that you can take to get there. For example, if your goal is to save for a down payment on a house, your first step might be saving $2000 for a down payment fund. Then, once you have that saved up, your next step might be saving $1,000 for the down payment fund.
Keep breaking your goal down into smaller and smaller steps until it feels achievable.
When setting financial goals, avoid setting goals that are too vague or unrealistic. For example, don’t set a goal of “saving money” without specifying an amount or timeline. Also, avoid setting goals that are so small they’re not worth achieving (like saving $5 over the course of a year).
#2 – Develop Passive Income Streams
Passive income is a type of earnings that does not require active work to generate. This can include earnings from investments, rental properties, and other business ventures in which you are not actively involved.
There are several different types of passive income:
Interest and dividends from investments: This can include earnings from stocks, bonds, and other investment vehicles.
Rental income: This can come from renting out a property you own, such as an apartment or vacation home.
Business income: This can come from owning a business in which you are not actively involved in the day-to-day operations. For example, you could own a franchise or be a money-only investor.
Royalty payments: These are payments made to you for the use of your intellectual property, such as patents, copyrights, or trademarks, a book, or a song.
Other types of passive income include blog or affiliate revenue. For example, if you have a blog and it generates ad revenue or affiliate income from referrals to third-party products, that would be considered passive income.
Passive income is money you earn without having to work directly for it. It can come from any number of sources. Remember, passive income is different than active income, which is money you earn through a job or business ownership.
In fact, most millionaires have at least 3 passive income streams (source).
Passive income is the Holy Grail for online marketers. It’s automatic. Effortless. But, not at first. In the beginning, it’s grueling. I liken this to doing the most amount of work for the least initial return. However, over time as your passive income begins to increase, your reliance on an active income plummets.
That’s when the real magic starts to happen.
#3 – Plan for Each Dollar
The first step to making your money work for you is creating a budget. This will help you track your income and expenses so you can see where your money is going. You can use a budgeting app or spreadsheet to do this.
When it comes to managing your finances, it’s important to have a plan for each dollar that comes in. You should make conscious choices about where to spend your money and what type of accounts to use.
Your highest priorities should be determined by what is most important to you.
It is also important to remember that every penny counts- so use your money wisely!
#4 Pay Yourself First
One of the best ways to grow your wealth is to save first. This means putting away money into savings or investments before you spend it. This will help you reach your financial goals more quickly.
When you get paid, make sure to put some money into savings or investments before spending it. This way, you are prioritizing your own financial well-being.
Automating your finances is a great way to make sure your bills first are always paid on time and that you are saving regularly. You can set up automatic transfers from your checking account to savings or investment accounts
#5 – Get Out of Debt
Debt can be a major financial burden, preventing you from achieving your financial goals. It’s important to get out of debt as soon as possible so that you can free up your money to save and invest for the future.
In fact, this is one of the first steps we stress here at Money Bliss – pay off debt!
There are a few different ways to get out of debt. You can try negotiating with your creditors, consolidating your debts, or making more money to pay off your debts faster. Whatever method you choose, make sure you have a plan and stick to it.
There are a few things you should avoid when trying to get out of debt.
First, don’t miss any payments or make late payments, as this will damage your credit score.
Second, don’t use credit cards while you’re trying to pay off debt, as this will only add to your balance.
Finally, don’t take on any new debts while you’re trying to get out of debt – focus on paying off the debts you already have first.
#6 – Start an online business
This can be a great way to create passive income and build wealth over time. There are many different types of online businesses that you can start, so do your research and find the one that is best suited for you.
Starting an online business is a great way to make some extra money on the side. It can be done relatively easily and doesn’t require much upfront work. Once you have the foundation in place, it’s easy to start generating income without any additional effort.
In fact, learning how to make money online for beginners is a hot topic!
The internet provides a unique opportunity to start and grow an online business. With the right tools, you can use the internet to your advantage and build a successful business.
#7 – Invest in the stock market
There are many ways to invest in the stock market, but the most common is through buying and selling shares on a stock exchange. You can also invest in mutual funds, which pool money from many different investors and then invests it in a portfolio of stocks or other securities. Another way to invest is through exchange-traded funds (ETFs), which are similar to mutual funds but trade like stocks on an exchange.
Before you start investing in the stock market, there are a few things you should consider.
First, you need to decide what your investment goals are. Are you looking to grow your wealth over time, or do you need access to your money quickly?
Second, you need to understand the risks involved with investing in the stock market. While there’s always the potential for making money, there’s also the potential for losing money.
Finally, you need to research different investments and choose one that fits your goals and risk tolerance.
Investing in the stock market comes with a number of risks, including the potential for losing money. While there’s always the potential for making money, there’s also the potential for losing money. Before you invest, you should understand the risks involved and make sure you’re comfortable with them.
#8 – Automate your finances
Automating your finances means setting up automatic payments for your bills and other regular expenses. This can help you to stay on top of your finances and avoid late payments or overdraft fees.
There are a few different ways that you can automate your finances. You can set up automatic payments through your bank or credit card company. Alternatively, you can use a service like Quicken to track your spending and create a budget.
Automating your finances can save you time and money. It can help you to stay on top of your bills and avoid late fees or overdraft charges. Additionally, it can free up more of your time so that you can focus on other aspects of life.
#9 – Habit of Automatic Savings
Automatic savings works similarly to automating your finances, but instead of paying bills, money is automatically transferred into a savings account each month. This can help you build up your savings without having to think about it.
With automatic savings, you can grow your savings without extra work; however, if you need access to the money in your savings account quickly, it may take a few days for the funds to transfer back into your checking account.
Challenge yourself to save more than the average 5% personal saving rate.
Overall, automating your finances can be a great way to stay on top of your bills and save money. Just be sure to consider the pros and cons of each method before you decide which one is right for you.
#10 – Use a Rewards Credit Card and Pay It Off Each Month
When you use a rewards credit card, you earn points for every purchase you make. These points can be redeemed for cash back, merchandise, travel, or other perks. Some cards also offer bonus points for spending in certain categories, such as gas or groceries.
To get the most value from your rewards card, it’s important to pay off your balance in full each month. This way, you’ll avoid paying interest on your purchases and will actually save money by earning rewards.
This is something we do on a regular basis and helps us to pay for our travel.
There are both pros and cons to using a rewards credit card. On the plus side, you can earn valuable rewards just by making everyday purchases. And if you pay off your balance in full each month, you’ll avoid paying interest and will actually save money.
On the downside, if you carry a balance on your card from month to month, the interest charges will outweigh any benefits you earn from the rewards program. Additionally, some cards have annual fees that can offset any savings you might accrue from using the card.
#11 – Learning How to Budget
A budget is an estimation of revenue and expenses over a specified future period of time. A budget is often created annually, but may also be created more or less frequently like biweekly or by paycheck.
Budgeting is important because it allows you to track your income and expenses so that you can make informed financial decisions. It also enables you to save money by identifying areas where you can cut back on spending.
Simple Budgeting tips:
Make sure your income and expenses are realistic
Track your progress over time
Don’t be afraid to adjust your budget as needed
Keep your long-term financial goals in mind
Budgeting shouldn’t feel constricting – just that you are able to do what you want to do.
#12 – Save Your Money
Saving money is a key component of building wealth. You need to have money saved in order to invest, and you need to be investing in order to grow your wealth. There are a few different ways that you can save money.
One way to save money is to create a budget and stick to it. This will help you track your spending and make sure that you are not spending more than you can afford.
Another way to save money is to make sure that you are taking advantage of all of the tax breaks that are available to you. This can help you keep more of your hard-earned money in your pocket.
Finally, another way to save money is by automating your savings so that you do not have to think about it every month.
Try to save your money wherever you can, even if it is a small amount. Every little bit counts in the long run!
#13 – Now, Invest Your Money
Investing your money is one of the best ways to grow your wealth over time.
When you invest, you are essentially putting your money into something that has the potential to grow over time. This can be done through stocks, bonds, mutual funds, real estate, and other investments.
The key is finding an investment that has the potential for growth and then holding onto it for the long haul.
Especially learn how to flip money!
#14 – Put Money away for retirement
How much you need to save for retirement depends on a number of factors, including how long you expect to live and what kind of lifestyle you want in retirement.
A general rule of thumb is that you’ll need 70% to 80% of your pre-retirement income to maintain your standard of living in retirement.
There are a number of different options for where to save for retirement, including 401(k)s, IRAs, and annuities. Each has its own set of benefits and drawbacks, so it’s important to do your research before choosing one.
The main benefit of saving for retirement is that it gives you a nest egg to help cover expenses for retirement. Additionally, many employer-sponsored retirement plans offer matching contributions, which can help boost your savings.
#15 – Invest in yourself
The most important thing you can do with your money is to invest in yourself by getting higher education or learning new skills. By investing in yourself, you are ensuring that you will be able to earn a higher income and grow your wealth over time.
There are a few different ways you can invest in yourself.
One way is to invest in your education by taking courses or attending seminars that will help you learn new skills.
Another way is to invest in your health by eating healthy foods and exercising regularly.
Finally, you can also invest in your relationships by spending time with positive people who will support and encourage you.
Investing in yourself has many benefits that are normally overlooked.
First, it will help you earn a higher income which means you will be able to save more money and grow your wealth faster. Second, it will improve your health so that you can live a longer and happier life. Third, it will help improve your relationships so that you can have more supportive and positive people in your life.
This can help you earn more money over time and set you up for success.
Bonus Tip = Be Generous
When you give to others, you are actually helping yourself. Numerous studies have shown that giving makes us happier and can even improve our health.
There are many ways to be generous. You can give your time, your money, or your talents. You can also simply be kind and helpful to others. Whatever way you choose to give, make sure it is something that feels good for you.
Many people ask what to give and there is no one answer to this question. It depends on what you have to offer and what would be most helpful to the person or cause you are supporting.
Things to consider when putting money to work
When it comes to making money, there are a lot of different ways you can go about your little endeavor. But before we get into the specifics of how and when you should put your change to work, we have some general tips to help you along the way.
Where are you today?
First, start by looking at your current spending and saving habits. If you’re not saving anything right now, start small by setting aside $50 from each paycheck into a savings account. Once you have a cushion built up, you can start thinking about investing your money.
Also, think about your long-term financial goals and how much money you’ll need to save to reach them. Automate your savings so that it’s easier to stay on track.
How Much are You Spending?
You should also be mindful of your spending habits as they can have a big impact on your ability to grow wealth over time. Try to live below your means and avoid unnecessary purchases so that more of your money can go towards savings and investments.
It can also be helpful to create a budget so that you have a better idea of where your money is going each month. This will allow you to make adjustments as needed in order to free up more money for savings and investing.
Are you Investing?
Investing is one of the best ways to grow your wealth over time. When you invest, you’re essentially putting your money into something that has the potential to earn more money in the future. This can be done through stocks, bonds, mutual funds, and other investment vehicles.
It’s important to do some research before investing so that you understand the risks involved and don’t end up losing all of your hard-earned money.
Is Debt Holding You Back?
Last but not least, debt can also impact your ability to grow wealth over time. High-interest debt, such as credit card debt, can eat away at your savings and make it difficult to invest.
If you have high-interest debt, it’s important to focus on paying it off as quickly as possible. You may need to make some sacrifices in other areas of your life in order to do this, but it will be worth it in the long run.
How to Make Your Money Work for You FAQs
1. Invest in stocks: This is one of the most popular methods of growing wealth. When you invest in stocks, you are buying a piece of a company that will be worth more in the future. The key to making money with stocks is to buy low and sell high.
2. Invest in real estate: Another popular way to grow your wealth is to invest in real estate. When you invest in real estate, you are buying a property that will increase in value over time. The key to making money with real estate is to make sure your portfolio is set up for high probability of success.
3. Invest in bonds: Bonds are another way to grow your wealth. When you invest in bonds, you are lending money to a company or government that will pay you back over time with interest.
Saving money is one of the best ways to use your money. It allows you to have a cushion in case of an emergency, and it also allows you to save for future goals. There are many different ways to save money, but some of the best include setting up a budget and sticking to it, setting up a savings account, and investing in yourself.
Investing your money is another great way to use it. When you invest, you are essentially putting your money into something that has the potential to grow over time. This can be a great way to build your wealth over time and secure your financial future. Some of the best things to invest in include stocks, bonds, and mutual funds.
Of course, you can also use your money by spending it on things that you need or want. While this may not seem like the most productive use of your money, it is important to remember that spending is necessary in order to live a comfortable life. Therefore, it is important to find a balance between saving and spending so that you can enjoy both now and in the future.
Keep your money in a safe place.
Invest in a good financial institution.
Diversify your investments.
Review your insurance coverage regularly.
Have an emergency fund.
Money Works for You
In this article, we covered a few different ways to grow your wealth.
Making your money work for you is a great way to grow your wealth without having to put in a lot of extra effort. By following the tips and tricks in this guide, you can easily make your money work for you and watch your wealth grow over time.
If you are looking for where to put your money to make it work for you, we uncovered the 15 best ways to make your money work for you.
Whichever method you chose is up to you.
The best answer is to diversify your portfolio and create multiple streams of income.
So what are you waiting for? Get started today and see the results for yourself!
Know someone else that needs this, too? Then, please share!!
Would you like to open a checking account, but you’re worried that your bad credit and past banking history might get in the way? With these issues, it can be difficult to open a new bank account.
20 Best Bank Accounts for Bad Credit
Regardless of your banking history, there are numerous banks and credit unions that offer bad credit checking accounts, all with unique features and benefits.
1. Chime
Our Top Pick
No minimum opening deposit or monthly service fee
Over 60,000 fee-free1 ATMs
Get paid up to 2 days early with direct deposit2
No credit check or ChexSystems
With Chime®, a bad credit score is no longer a deal-breaker. They offer an award-winning financial app and debit card with no credit check.
You can open a Chime Checking Account online with no monthly fees. And by that, we mean no overdraft fees, no monthly maintenance fees, no foreign transaction fees, and no minimum balance fees—ever.
Chime also offers a new way to build your credit with the Chime Credit Builder Secured Visa® Credit Card7. It’s a secured credit card with no annual fees, no credit checks, and no interest1 charges.
They offer access to over 60,000 MoneyPass® and Visa® Plus Alliance ATMs. Plus, you can get your paycheck up to 2 days earlier with direct deposit. You can also deposit cash for free at over 8,500 Walgreens.
Chime is definitely the best option on this list.
2. U.S. Bank
$400 sign-up bonus
Monthly service fee can be waived
Over 40,000 fee-free ATMs
$25 minimum opening deposit
U.S. Bank is now offering the Bank Smartly® Checking account, a popular choice that can be applied for online in 26 states throughout the U.S.
If you’re based in any of the following states – AR, AZ, CA, CO, IA, ID, IL, IN, KS, KY, MN, MO, MT, NC, ND, NE, NM, NV, OH, OR, SD, TN, UT, WA, WI, or WY – you’re eligible to apply.
By opening a Bank Smartly® Checking account and a Standard Savings account, and completing qualifying activities, you have the potential to earn up to $400. Subject to certain terms and limitations. Offer valid through June 20, 2023. Member FDIC.
The account itself provides a variety of benefits, including a complimentary debit card that can be locked or unlocked if ever misplaced or stolen. U.S. Bank ATMs offer free transactions, as do over 40,000 MoneyPass Network ATMs.
Although U.S. Bank uses ChexSystems, it’s typically known to be more accommodating with its regulations than many other banks. Unless there’s a history of fraud or any money owed to U.S. Bank, opening a checking account is a possibility.
The checking account requires just a $25 minimum opening deposit, with a monthly service fee of $6.95. The monthly fee can be waived by maintaining a minimum balance of $1,500, or by having a minimum monthly Direct Deposit of $1,000.
3. GO2bank
4.50% APY on savings up to $5,000
No minimum opening deposit
Build credit with no annual fees
Overdraft protection up to $200
GO2bank is a neobank developed by Green Dot, is a neobank developed by Green Dot, a well-established fintech known for its prepaid debit cards and banking services.
The bank offers a checking account with savings subaccounts known as vaults, and the best part is that there is no minimum balance required to open an account online.
The savings account offers an attractive 4.50% APY on savings up to $5,000. Additionally, you can deposit cash at any of the 90,000 retail locations or withdraw funds from any of the 19,000 fee-free ATMs.
You can also use the mobile app’s check deposit feature to deposit checks directly into your checking account.
With direct deposit, you can even receive your pay up to 2 days early or your government benefits up to 4 days early. Opt-in for overdraft protection and be eligible for up to $200 in coverage with eligible direct deposits.
Responsible use of the GO2bank Secured Visa Credit Card can also help you build your credit over time.
If you receive a payroll or government benefits direct deposit in the previous monthly statement period, your monthly fee is waived. Otherwise, it is only $5 per month.
4. Chase
$100 bonus after 10 purchases in 60 days
No credit check or ChexSystems
Over 16,000 fee-free ATMs
$4.95 monthly fee
Chase is one of the most popular banks in the U.S. And now, they offer an account called Chase Secure Banking that doesn’t require a credit check, doesn’t use ChexSystems, and doesn’t charge overdraft fees.
Account holders also get access to over 16,000 ATMs, free online bill pay, and free money orders and cashier’s checks.
With 4,700 locations across the country, this is an excellent option for anyone who prefers having access to physical branches.
Opening a Chase Secure Banking account comes with a $100 cash bonus when you use the card for 10 purchases within 60 days.
Account approval is immediate and you’ll receive your debit card within days. There is a small monthly service fee of $4.95; however, there is no minimum deposit to get started.
5. mph.bank
Earn 4.70% APY on unlimited savings
No minimum balance to open
Get paid up to two days early
Free withdrawals at over 55,000 ATMs
mph.bank, created by Liberty Savings Bank, F.S.B. and a Member FDIC, is a banking option that truly stands out for its unique approach. MPH, which stands for ‘Makes People Happy’, is not just a slogan – it’s a philosophy that permeates every aspect of their banking services.
They offer five different bank accounts, but the standout offering is their Future Account. This account lets you earn an impressive 4.70% APY on your savings, with no minimum balance to open and no maximum balance for the rate.
Alongside this, mph.bank offers a Spend account that allows you to receive your paycheck two days earlier.
Accessing your money is easy with mph.bank, as they are part of the Allpoint network, offering you free access to over 55,000 ATMs.
In addition to these features, mph.bank has a host of financial tools available. From planning for your future to managing your finances on one page, mph.bank ensures that you have the necessary resources at your fingertips.
6. Current
No credit check or ChexSystems
No minimum deposit or maintenance fees
Get paid up to two days faster
Overdraft up to $200 without any overdraft fees
Current is one of the fastest-growing mobile banking solutions in the U.S., with over one million members. However, Current is a financial technology company, not a bank. Most importantly, Current does not use ChexSystems or pull your credit.
Some features of the Current mobile app and debit card include fee-free overdraft protection of up to $100, 40,000 fee-free Allpoint ATMs, and no minimum balance or hidden fees.
You can also get paid up to two days sooner with direct deposit and earn up to 15x points, and get cashback.
7. Walmart MoneyCard
No monthly fee with direct deposits of $500 or more
Earn up to 3% cash back on purchases
Overdraft protection covering up to $200 with eligible direct deposits
2% APY on savings
The Walmart MoneyCard is a prepaid debit card that offers a robust alternative to traditional checking accounts.
This card stands out with its cash back rewards program, offering up to 3% cash back when shopping at Walmart.com, 2% at Walmart fuel stations, and 1% at Walmart stores, up to a total of $75 each year.
Users can also enjoy the peace of mind offered by the overdraft protection feature, covering up to $200 for purchase transactions with opt-in and eligible direct deposits.
The ASAP Direct Deposit feature is another great perk, allowing users to receive their pay up to two days earlier and benefits up to four days earlier.
Additionally, with the Walmart MoneyCard, you can earn a 2% APY on savings and have chances to win cash prizes each month. The monthly fee of $5.94 can be waived with a direct deposit of $500 or more in the previous monthly period.
8. Revolut
No monthly fee
Earn up to 4.25% APY on savings
Cash withdrawals at more than 55,000 ATMs
Commission-free stock trading
Revolut is a financial app that comes with a prepaid debit card from Visa or Mastercard. However, you don’t need to wait for the physical card to get started. You can use the digital card right away on Apple Pay or Google Pay.
The Revolut debit card gets you fee-free access to over 55,000 ATMs, and no cost out-of-network ATM withdrawals up to $1,200 per month. You’ll also get 10 zero-fee international transfers per month.
This account offers cashback, discounts from top brands, a savings account, and more. Plus, your funds are insured by the FDIC for up to $250,000.
* Please note that Revolut is frequently updating its products and features, see the Revolut Terms and Conditions for the latest offerings.
* Revolut is a financial technology company. Banking services provided by Metropolitan Commercial Bank, (Member FDIC).
9. TD Ameritrade
No monthly fee
Unlimited fee refunds for U.S. ATMs
Free TD Bank debit card
Free checks and unlimited check-writing capabilities
TD Ameritrade offers a brokerage account with a comprehensive cash management checking account. As a client, you get unlimited checks. Once you open the brokerage account, you can complete the checking account application online.
A Cash Management account also gives you access to free online bill pay, as well as a free debit card with nationwide rebates on all ATM fees.
In addition, there is no monthly fee if you maintain a $100 minimum daily balance. However, it’s important to note that a TD Ameritrade checking account is not FDIC-insured or bank guaranteed.
10. Albert
No minimum balance
Cash advances up to $250
No maintenance fees
Free ATMs at over 55,000 locations
Albert is an innovative fintech banking platform that presents a powerful alternative to traditional bank accounts.
It sets itself apart with its attractive cashback rewards program attached to its free Mastercard debit card, making it your perfect shopping companion.
Moreover, it offers an around-the-clock personal finance help feature, “Ask a Genius”, ensuring you’re never in the dark about your money matters.
In addition, with Albert, you can have your paycheck up to 2 days early thanks to the direct deposit feature. This takes financial planning to a whole new level by ensuring you’re always ahead.
Albert is also a cost-saving alternative. There are no minimum balance requirements, no monthly maintenance fees, and you enjoy access to more than 55,000 ATMs, fee-free if you’re a Genius subscriber.
Finally, Albert ensures your money’s safety with FDIC protection up to $250,000. This adds an extra layer of security to your funds, allowing you to bank with confidence.
11. SoFi
With the SoFi Checking and Savings account, you won’t have to worry about being charged any overdraft fees, minimum balance fees, or monthly fees.
Plus, it offers free access to ATMs at over 55,000 locations within the Allpoint® Network. Similar to Chime and Current, you can get your paycheck up to two days sooner when you set up direct deposit.
You’ll also get a 1% APY on your checking and savings accounts and up to 15% cash back at local establishments with your SoFi debit card.
12. Navy Federal Credit Union
If you are an active-duty or retired member of the military, including the Armed Forces, National Guard, Coast Guard, or Department of Defense, you may be eligible for Navy Federal Credit Union membership.
NFCU doesn’t utilize ChexSystems or EWS. They also offer a free checking account alternative with no monthly service fees for those with qualifying direct deposits.
Additionally, NFCU offers its members convenient access to over 30,000 ATMs situated at both credit unions and retail locations across the United States and Canada through the CO-OP Network.
13. Aspiration
With the Aspiration Spend & Save account, you get an online checking account and savings account that has the potential to earn up to 5% APY.
Aspiration also offers unlimited cash withdrawals at over 55,000 ATMs. The minimum initial deposit is $10. Deposits are FDIC insured and you can get paid up to two days sooner.
The Aspiration debit card is made from recycled plastic. Deposits are 100% fossil fuel-free. And this online bank even gives you the option to plant a tree with every card swipe.
14. Southwest Financial Federal Credit Union
Southwest Financial presents a reliable banking option that prioritizes the financial wellbeing of its members. With no monthly service fees, it offers a cost-effective solution to managing your everyday finances.
Opening an account is easy and requires no minimum deposit. As a member of Southwest Financial Federal Credit Union, you enjoy the convenience of accessing your funds through a shared network of ATMs.
15. FSNB
FSNB (formerly Fort Sill National Bank) offers a hassle-free Basic Checking account to its customers, with a $5 minimum deposit requirement.
With the Basic Checking account, you need to maintain a minimum daily balance of $75. Otherwise, you’ll be charged a monthly fee of $5.50.
This account comes with a host of convenient features, including a Visa CheckCard that allows you to make purchases and withdraw cash at ATMs worldwide. Additionally, FSNB offers free online banking services, giving you access to your account from the comfort of your home or office.
16. Wells Fargo
Wells Fargo’s Clear Access Banking offers a practical, accessible checking account designed to suit various banking needs. While there is a $5 monthly service fee, this fee is waived for primary account owners aged 13 to 24.
With a minimal opening deposit of just $25, setting up Clear Access Banking is straightforward and affordable. As an account holder, you’ll have the convenience of accessing your funds through Wells Fargo’s extensive network of 13,000 ATMs and 5,300 branches across the country.
17. United Bank
United Bank has locations in Maryland, Ohio, Pennsylvania, Virginia, West Virginia, and Washington, DC. You can open a bank account with a $50 minimum initial deposit. You do not have to maintain a minimum balance and they don’t charge monthly fees.
You can also upgrade to rewards checking, where you earn cashback rewards on debit card purchases. You also get discounts on movies, theme parks, and prescriptions. The monthly service charge is $10, but you can have it waived if you reach 15 purchase transactions monthly or have a minimum of $500 in regular deposits.
18. Huntington National Bank
Huntington has locations in Arizona, Colorado, Illinois, Indiana, Michigan, Minnesota, Ohio, South Dakota, and Wisconsin.
Huntington Bank uses ChexSystems, but you can still qualify for a checking account as long as you don’t owe the bank any money. However, applicants with an EWS record may not qualify.
For Huntington’s basic account, there is no minimum opening deposit and no minimum balance requirement.
19. Varo
Varo is an online-only bank that offers a hassle-free banking experience with no monthly fees. As a Varo customer, you’ll gain access to early direct deposit payments, which means that your funds will typically be available on the same day they’re received.
Varo Bank knows that just because you need second chance banking doesn’t mean you want sub-standard service. The checking account comes with a free Visa debit card, access to over 55,000 Allpoint ATMs, and free paper check mailing.
20. Regions Bank
You’ll need a minimum opening deposit of $50 to open a Simple Checking Account at Regions Bank. This account doesn’t come with too many bells and whistles. However, it’s a suitable option for anyone with bad credit who wants a basic checking account.
Regions Bank will lower your monthly maintenance fee from $8 to $5 if you sign up for online statements. And you’ll have the option to open a savings account through Regions Bank as well.
What is a bank account for bad credit?
A bank account for bad credit is a type of account designed for people with negative banking records. These people are usually turned away from traditional banks and credit unions because of past instances of bounced checks, overdrawn accounts, or unpaid non-sufficient fund fees.
Fortunately, some financial institutions provide bad credit bank accounts that offer basic banking services such as a debit card, online banking access, and check writing privileges. Direct deposit is also available with some of these bank accounts, which makes it easy to access your income sources.
Bad credit checking accounts are typically easy to open, with minimal fees and most importantly, no credit checks or ChexSystems reports.
How do banks evaluate new account applications?
Opening a bank account can be a straightforward process, but it’s not uncommon for applicants to be turned down or offered limited options. That’s because financial institutions have criteria they use to determine who qualifies for a bank account and what type of account they can offer.
One of the most important factors that banks consider when you apply for a new account is your banking history. To assess this, most banks will check your ChexSystems report, which is a database of your past banking transactions. This report includes information such as any unpaid fees or overdrafts, closed accounts due to fraudulent activity, and other negative marks.
If you have a negative history in ChexSystems, such as unpaid fees or a history of overdrafts, it can be more challenging to open a bank account. In some cases, the bank may decline your application altogether or offer you a limited account that doesn’t allow you to write checks or use a debit card.
Another factor that banks make consider is your credit history. Some banks may pull your credit report from the three major credit bureaus Equifax, Experian, and TransUnion, but most don’t.
Your credit report is typically accessed by credit card issuers and lenders to assess your creditworthiness when you apply for loans or credit cards. But for bank accounts, your ChexSystems record is generally more important.
What is ChexSystems?
ChexSystems is a consumer reporting agency that collects user data from banks and credit unions. One of the things this data is used for is to create consumer reports that financial institutions can use to screen customers.
When attempting to open a new bank account, most financial institutions will pull your ChexSystems report. This report will show your past banking history including overdrafts, bad checks, check fraud, negative balances, or excessive withdrawals.
If you’ve had any of these issues in the past five years, it will likely be on your ChexSystems record. Fortunately, there are several reputable banks that don’t use ChexSystems or check credit to qualify customers. There are also numerous banks that offer second chance checking accounts for people with bad credit.
Can you open a bank account with no credit check?
Opening a no-credit-check bank account is easier than ever, with plenty of reliable banking services to choose from. There are two types of bank accounts for bad credit: banks that don’t use ChexSystems and second chance checking accounts.
Banks that Don’t Use ChexSystems
Some banks simply do not use ChexSystems to evaluate new accounts. These banks offer no-credit-check bank accounts for people with bad credit or a negative banking history.
The good news is that these accounts come with the same features as regular bank accounts offered to everyone else. You can expect to have access to online banking, direct deposit, and a debit card.
Second Chance Checking Account
With a second chance bank account, financial institutions may conduct a credit check or refer to ChexSystems, but they’re willing to give you a second chance regardless of your banking history. Second chance bank accounts usually come with a monthly maintenance fee.
The best second chance checking accounts still have some of the same features as ChexSystems banks and credit unions, such as overdraft protection, online banking, and bill pay. Additionally, it should be possible to upgrade to a standard checking account after demonstrating responsible banking habits.
What to Look for in a Bad Credit Checking Account
If you’re struggling with poor credit history, you might be wondering how to find a checking account that meets your needs while also helping you rebuild your financial reputation. Fortunately, there are several banks that offer checking accounts for bad credit. Here are some key factors to consider:
No Credit Checks
The first thing to look for is a bank or credit union that doesn’t look at your credit report or ChexSystems record when opening a checking account.
Many institutions also offer “second chance” or “fresh start” checking accounts designed specifically for individuals with poor credit or past banking issues. These checking accounts provide an opportunity to rebuild your financial standing, and often offer the option to upgrade to a traditional checking account after a certain period of time.
Low or No Minimum Balance Requirement
When you’re trying to rebuild your credit, every dollar counts. Look for a checking account that doesn’t require you to maintain a specified balance. This way, you won’t be charged fees for falling below a certain balance threshold. This will help you keep more money in your pocket and avoid unnecessary expenses.
Reasonable Account Fees
It’s important to be aware of the fees associated with checking accounts, especially if you have bad credit. Be sure to compare the monthly maintenance fees, overdraft fees, and any other charges associated with the account.
Many online banks offer checking accounts with no monthly fees or waive them if certain conditions are met, such as maintaining a minimum account balance or setting up direct deposit.
Online and Mobile Banking Features
In today’s digital age, having access to online and mobile banking is essential. Look for a checking account that offers a user-friendly mobile app and website, enabling you to manage your money on-the-go. These features should include the ability to check your balance, transfer money, pay bills, and deposit checks remotely.
Account Alerts and Notifications
Opt for a checking account that offers customizable account alerts and notifications. These can help you stay on top of your account activity, track your spending habits, and avoid a potential overdraft fee. You can typically set up alerts for low balance, large transactions, or unusual activity.
Overdraft Protection
Overdraft fees can be a significant burden, especially for people with bad credit. Look for a checking account that offers overdraft protection, which can help you avoid costly overdraft fees. Some banks may offer linked accounts, lines of credit, or small-dollar loans to cover overdrafts.
FDIC or NCUA insurance
Ensure that your checking account is insured by the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Administration (NCUA). This insurance protects your cash deposits up to $250,000 per account holder in case the bank or credit union fails.
Opportunities for Financial Education
Finally, look for a financial institution that offers resources and tools to help you improve your financial literacy. This might include budgeting tools, educational articles, or workshops. The more you understand about managing your money, the better your chances of rebuilding your credit and maintaining a healthy financial future.
Bottom Line
Having poor credit doesn’t mean you can’t get a bank account. But, it does mean that your selection will be somewhat limited. We also show you how to clear your name and remove yourself from ChexSystems so that you can get a bank account anywhere.
It may take some time to get your name removed. Meanwhile, some of the banks we’ve listed above are just as good, if not better, than any account on the market right now. So, it’s a good idea to start with one of those.
Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank N.A. or Stride Bank, N.A.; Members FDIC. Credit Builder card issued by Stride Bank, N.A.
1. Out-of-network ATM withdrawal fees may apply with Chime except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.
2. Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. Chime generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.
7. To apply for Credit Builder, you must have received a single qualifying direct deposit of $200 or more to your Checking Account. The qualifying direct deposit must be from your employer, payroll provider, gig economy payer, or benefits payer by Automated Clearing House (ACH) deposit OR Original Credit Transaction (OCT). Bank ACH transfers, Pay Anyone transfers, verification or trial deposits from financial institutions, peer to peer transfers from services such as PayPal, Cash App, or Venmo, mobile check deposits, cash loads or deposits, one-time direct deposits, such as tax refunds and other similar transactions, and any deposit to which Chime deems to not be a qualifying direct deposit are not qualifying direct deposits.
If you haven’t had a chance to book a stay, know that Monday is the final day to book World of Hyatt properties before the award rates for many popular spots increase.
Starting Tuesday, 214 hotels in the World of Hyatt portfolio will require more points.
Across the properties going up, there will be an average price increase of more than 5,000 World of Hyatt points … per night. That’s not great news, but there is still time to lock in redemptions at some of our favorite hotels before prices increase.
Related: Suddenly, my Hyatt free night certificates feel worthless
At most properties, you can lock in stays for 13 months out (through April 2024) at the current award rates. Also, the vast majority allow free cancellations if your plans ultimately change.
However, there are a few exceptions to that general rule, especially around the winter holiday week, when some stays are nonrefundable. Some all-inclusive properties, such as some Secrets properties, charge a $50 cancellation fee at any point that you change your mind.
Read the fine print carefully before making a booking you are unsure about keeping, but know that most bookings are penalty-free until a few days before check-in.
If you want to make bookings but don’t currently have Hyatt points in your account, there are a few ways to do that.
First, if you have Hyatt Globalist status, you can have Hyatt make you some bookings without points needed until you get closer to check-in. Beyond that option, a few credit card transferable points programs, including Chase and Bilt, can typically transfer points instantly to Hyatt.
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Here’s a guide on how to book Hyatt stays without enough points in your account.
Here are some properties to prioritize if you want to lock in some stays today before they cost more starting Tuesday.
Hotels going from Category 4 to 5
Unfortunately, there are many popular properties that will soon be out of reach via the most common Hyatt free night certificates.
These awards are given out in several ways, including via the World of Hyatt Credit Card or by reaching certain qualifying night thresholds during the year.
Here’s a partial list of those properties that will no longer be eligible.
Andaz San Diego.
Chicago Athletic Association.
The Eliza Jane.
Hyatt Regency Grand Reserve Puerto Rico.
Grand Hyatt Jeju.
Grand Hyatt Seoul.
Park Hyatt Saigon.
Hyatt Regency Amsterdam.
Thompson Madrid.
Hyatt Place Moab.
Hyatt House Naples/5th Avenue.
Lahaina Shores Beach Resort, a Destination by Hyatt Residence.
Let’s take a closer look at three of these properties that represent particularly great value.
Related: The 23 best Hyatt hotels in the world
Andaz San Diego
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Andaz San Diego. CLINT HENDERSON/THE POINTS GUY
Why you should stay there
Andaz San Diego is a nice property in the heart of San Diego’s Gaslamp Quarter, close to popular restaurants and a ton of nightlife. The rooms are contemporary and the service is friendly and efficient, from the front desk to the restaurant staff. There is a hopping rooftop bar with great views of the city.
What it will cost
The Andaz San Diego will go from Category 4 to Category 5. When this change takes effect, it will go out of range of a Category 4 award certificate.
Award nights for standard rooms increase from 12,000-18,000 points per night to 17,000-23,000 points per night.
Chicago Athletic Association
1 of 4
Chicago Athletic Association. HYATT
Why you should stay there
Chicago Athletic Association is housed in a classic building — formerly an 1890s-era private athletic club. The building may date to the late 19th century, but the rooms are refreshed and midcentury modern.
The central Chicago location is also a selling point, as the property sits near Millennium Park and the Art Institute of Chicago. It even has an on-site Shake Shack and a bocce ball court.
What it will cost
Chicago Athletic Association is going from Category 4 to Category 5. When this change takes effect, it will go out of range of a Category 4 award certificate.
Award nights for standard rooms increase from 12,000-18,000 points per night to 17,000-23,000 points per night.
Related: Book this, not that in Chicago
The Eliza Jane
1 of 4
The Eliza Jane. HYATT
Why you should stay there
The Eliza Jane was a sweet spot for many looking to visit New Orleans as it was new, trendy, well located and still eligible for the Hyatt Category 1-4 award nights.
What it will cost
Eliza Jane is going from Category 4 to Category 5. When this change takes effect, it will go out of range of a Category 4 award certificate.
Award nights for standard rooms increase from 12,000-18,000 points per night to 17,000-23,000 points per night.
Related: Here’s how to quickly stock up on Hyatt points for your next vacation
Hotels going from Category 7 to 8
Unfortunately, Hyatt is also making some properties out of reach for even its more exclusive free night certificates. Category 1-7 free night certificates are provided when you pass 60 elite nights and qualify for World of Hyatt Globalist status.
These properties are moving out of range of that valuable certificate:
Alila Marea Beach Resort Encinitas.
Carmel Valley Ranch.
Hyatt Carmel Highlands, Overlooking Big Sur Coast & Highlands Inn, A Hyatt Residence Club.
Park Hyatt Beaver Creek Resort and Spa.
Hyatt Centric Key West Resort & Spa.
Wentworth Mansion.
The Lodge at Spruce Creek.
Ksar Char-Bagh.
Viceroy Bali.
Hotel Gajoen Tokyo.
Keemala.
Hotel Excelsior Dubrovnik.
Hotel Martinez.
Le Narcisse Blanc Hotel & Spa.
Boheme Hotel.
Mykonos Riviera Hotel & Spa.
7Pines Resort Sardinia.
Ca’Sagredo Hotel.
Grand Hotel Cocumella.
La Villa del Re.
Margutta 19.
Villa Spalletti Trivelli.
Villa Geba.
El Lodge Ski and Spa.
Nobu Hotel Marbella.
Grand Hotel Villa Castagnola.
Park Hyatt Zurich.
Villa Orselina.
Park Hyatt Zurich
1 of 3
Park Hyatt Zurich. CAPE PEMBROKE/HYATT
Why you should stay there
The Park Hyatt Zurich is a sleek and modern midrise in the heart of the financial capital of Zurich. The modern artwork hanging on nearly every hotel wall is worth a visit alone.
What it will cost
The Park Hyatt Zurich is going from Category 7 to Category 8. When this change takes effect, it will go out of range of Category 1-7 award certificates.
Award nights for standard rooms increase from 25,000-35,000 points per night to 35,000-45,000 points per night.
Park Hyatt Beaver Creek
1 of 5
Park Hyatt Beaver Creek. SUMMER HULL/THE POINTS GUY
Why you should stay there
Park Hyatt Beaver Creek is a five-star option in essentially every way if you want a ski-out Colorado mountain vacation.
Standard rooms routinely cost over $1,000 per night during the peak ski season. Staying with points is a way to have a ski vacation that’s as easy as stepping out onto the snow and being right next to the gondola without spending thousands of dollars on lodging.
Booking with points also means you get to skip the nightly resort fee. Those with Hyatt Globalist status luck out, too, with saving on mountain prices for breakfast each day.
What it will cost
The Park Hyatt Beaver Creek is going from Category 7 to Category 8. When this change takes effect, it will go out of range of a Category 7 award certificate.
Award nights for standard rooms increase from 25,000-35,000 points per night to 35,000-45,000 points per night.
Expect ski season nights to be at the high end of that range.
Related: Review of the Park Hyatt Beaver Creek
Popular leisure and big-city destinations increasing
In addition to the painful number of properties climbing from Category 4 to 5 and Category 7 to 8, plenty of hotels are moving up other levels on the award chart.
Many popular leisure resorts and busy city destinations will inch up from Category 6 to 7, meaning extra points for stays booked as of March 28.
Here’s a breakdown of some popular spots that you should strongly consider booking now before prices increase.
Grand Hyatt Kauai Resort & Spa
1 of 6
Grand Hyatt Kauai. SUMMER HULL/THE POINTS GUY
Why you should stay there
Grand Hyatt Kauai is a large, lush Hawaiian resort in sunny Poipu. It has one of the best pool complexes you’ll find anywhere, with a 1 1/2-acre saltwater lagoon, 150-foot waterslide and multiple layers of pools for playing, sunning and swimming.
This hotel also has an above-average club lounge, so those who have or purchase access can save on food costs by indulging there.
Standard rooms can cost close to $1,000 per night during peak times, making this a popular award redemption location.
What it will cost
The Grand Hyatt Kauai is going from Category 6 to Category 7.
Award nights for standard rooms increase from 21,000-29,000 points per night to 25,000-35,000 points per night.
Related: Review of the Grand Hyatt Kauai
Andaz 5th Avenue
1 of 2
Andaz 5th Avenue. BENJI STAWSKI/THE POINTS GUY
Why you should stay there
It’s hard to beat the location of the Andaz 5th Avenue, given its proximity not only to Fifth Avenue but the New York Public Library, Bryant Park, Broadway and more. It’s close to almost everything without being in too frantic of a location.
What it will cost
Andaz 5th Avenue is going from Category 6 to Category 7.
Award nights for standard rooms increase from 21,000-29,000 points per night to 25,000-35,000 points per night.
Related: Review of the Andaz 5th Avenue
Hyatt Regency Maui Resort and Spa
Why you should stay there
The Hyatt Regency Maui offers an excellent location near Lahaina on Maui. It’s set on 40 acres on Kaanapali Beach and has a giant feature-filled swimming pool with a grotto bar, waterslide and bridge right next to the beach.
There are a total of 806 guest rooms and 31 suites, many with dramatic views of the ocean. This has traditionally been a great way to redeem World of Hyatt points (when available). However, cash prices have soared since the pandemic.
What it will cost
The Hyatt Regency Maui goes from Category 6 to Category 7.
Award nights for standard rooms increase from 21,000-29,000 points per night to 25,000-35,000 points per night.
Related: A review of the Hyatt Regency Maui
Hyatt Regency Aruba Resort Spa and Casino
1 of 4
Hyatt Regency Aruba Resort Spa and Casino. HYATT
Why you should stay there
The Hyatt Regency Aruba Resort Spa and Casino has many amenities in a central location on the beach. On top of that, it has a large pool complex with a waterslide, activity pool and adults pool. Rooms were recently renovated, and as the name implies, there’s an on-site casino.
What it will cost
The Hyatt Regency Aruba Resort Spa and Casino goes from Category 6 to Category 7.
Award nights for standard rooms increase from 21,000-29,000 points per night to 25,000-35,000 points per night.
Grand Hyatt Vail
Why you should stay there
Grand Hyatt Vail is a full-service ski hotel without quite as high a price tag as the Park Hyatt Beaver Creek. That will still be true, but both are going up in award cost.
Right now, the maximum you’ll pay for mountain-adjacent lodging at the Grand Hyatt is just 29,000 Hyatt points per night, which is a great deal while you can lock it in.
This is not as ski-out as the Park Hyatt. However, during the heart of the season, an on-site ski lift will take you up the mountain, though you need to be an advanced beginner to an intermediate skier to traverse that terrain. In other words, new skiers will still need to take the shuttle to ski school.
What it will cost
The Grand Hyatt Vail is going from Category 6 to Category 7.
Award nights for standard rooms increase from 21,000-29,000 points per night to 25,000-35,000 points per night.
Expect standard rooms to fall at the top end of those ranges during much of the ski season.
Related: Guide to visiting Vail
All-inclusive resorts are going up
The all-inclusive resorts in the World of Hyatt program will also take a hit. Some will go from costing 25,000 points per night for double occupancy to 40,000 points per night. Hyatt uses a letter system for all-inclusives instead of numbered categories.
Lots of properties are increasing one category (for example, from C to D), and some are going up two categories (C to E). Some of the popular all-inclusive resorts changing categories are:
Zoetry Agua Punta Cana.
Zoetry Casa del Mar Los Cabos.
Zoetry Montego Bay Jamaica.
Hyatt Zilara Cap Cana.
Hyatt Ziva Cap Cana.
Hyatt Zilara Rose Hall.
Hyatt Ziva Rose Hall.
Hyatt Ziva Cancun.
Hyatt Zilara Cancun.
Hyatt Ziva Los Cabos.
Hyatt Ziva Puerto Vallarta.
Secrets Papagayo Costa Rica.
Secrets Wild Orchid Montego Bay.
Secrets St. James Montego Bay.
Breathless Montego Bay Resort & Spa.
However, before locking in your stays, carefully review the cancellation policy. Many of these properties impose a $50 fee if you need to cancel — and most require this at least four days prior to arrival.
Related: These are the most luxurious all-inclusive resorts
Zoetry Agua Punta Cana
1 of 3
ZOETRY AGUA PUNA CANA/FACEBOOK
Why you should stay there
The Zoetry brand has multiple properties going up in award cost, including the Zoetry Agua Punta Cana. It’s next to the water with multiple on-site restaurants and standard rooms that start at over 700 square feet.
What will cost
Zoetry Agua Punta Cana is going from Category C to Category E (moving up two categories).
Award nights for standard rooms increase from 25,000 to 40,000 World of Hyatt points per night.
Hyatt Ziva and Zilara Cap Cana
1 of 5
Hyatt Ziva and Zilara Cap Cana. HYATT
Why you should stay there
The Hyatt Ziva and Zilara Cap Cana in the Dominican Republic are side-by-side resorts, one dedicated to adults and the other for family travelers. There’s an on-site beach, pool and even a water park, making for a fun one-stop-shop resort.
What it will cost
The Hyatt Ziva and Zilara in Cap Cana are going from Category C to Category E (increasing two categories).
Award nights for standard rooms increase from 25,000 to 40,000 World of Hyatt points per night.
Hyatt Zilara and Ziva Rose Hall
Why you should stay there
The Hyatt Zilara Rose Hall and the Hyatt Ziva Rose Hall are two of the best all-inclusives in Jamaica. They have been favorite redemptions for folks at TPG over the years, offering good value in a setting where food and drinks are included.
Between the two neighboring resorts (one is adults-only, one family-friendly), you’ll find multiple pools, beaches and lounge areas.
What it will cost
The Hyatt Zilara and Ziva Rose Hall in Montego Bay, Jamaica, are going from Category C to Category D.
Award nights for standard rooms increase from 25,000 per night to 30,000 World of Hyatt points per night.
Bottom line
If you want to maximize your free night awards and World of Hyatt points at any of the 214 properties going up in price (view the full list), you need to do it Monday.
As mentioned, you can book future stays as far out as the calendar allows, typically 13 months. These changes go into effect for bookings made or modified on or after Tuesday.
The ongoing pandemic has thrown the real estate market off balance, and New York City took the brunt of it. Office spaces throughout the city are left empty as companies embrace remote work, while many renters chose to flee the crowded city and head to quieter — and perhaps safer — places.
However, we must not forget that NYC is resilient. Its charm cannot be easily replicated and its unique appeal continues to draw people in, even in the most dire of circumstances.
The city’s real estate market, one of the priciest and most coveted in the world, has definitely taken a hit, but don’t be fooled, it’s still going strong.
The proof is in the pudding, and in this case, the pudding is real estate listings. We found a few amazing homes for sale in NYC that will remind you of the best this city has to offer.
They are luxurious, exuding timeless elegance, and conveniently located in probably the most desirable place in the world — Manhattan. Let’s check them out.
#1 130 West 30th Street, Apt 3B | Chelsea | $2,495,000
All the properties we’re looking at today are unique, but this one is truly something else.
The two-bedroom, three-bathroom apartment is located at 130 West 30th Street, also known as The Cass Gilbert. If you’re at all passionate about architecture, that name will likely ring a bell.
The building was designed by the same architect responsible for the Woolworth Building, the New York Life Building, and the United States Supreme Court Building in Washington, D.C., among many others.
Unit 3B is selling for $2,495,000, and is currently listed with Marilyn Blume of Warburg Realty. The price tag is worth it just for the chance to own a piece of historic NYC architecture, but there’s much more to it than that.
This sun-flooded home is a corner unit with 11-foot ceilings, which means it offers plenty of natural light and nice views. Adding to that are hardwood floors, present throughout the loft-like home, and an additional office perfect for a work-from-home situation.
The large master bedroom has a seating area and a custom-fitted walk-in closet.
#2 110 West 25th Street, 3rd Floor | Chelsea | $3,285,000
This gorgeous three-bedroom, two-bathroom Chelsea gem is another unique property that you’re unlikely to find anywhere else outside of NYC.
Nestled within a historic prewar building completed in 1901, this 2,500-square-foot home works perfectly as a live/work/play space, which is exactly what most people are looking for right now.
The full-floor apartment is listed with Michael J. Franco of Compass. It is accessed via its own private, key-locked elevator, which leads into a massive, 38-foot living room with 17 (!) windows that offer unrivaled views of the city.
If you lived here, you probably wouldn’t feel the need to go out too often.
The apartment features a spa-size master bath adorned in floor-to-ceiling marble, a full library spanning over 20 feet in length, as well as a home office/third bedroom with sunny garden views to the east.
If you do feel the need to go outside, there’s no better place to be. 110 West 25th Street is just steps away from the High Line, Madison Square Park, and Hudson Yards.
This home basically offers the best of both worlds: the historic architecture of Chelsea, mixed with the modern, state-of-the-art developments of the Hudson Yards neighborhood.
#3 130 East 67th Street, Apt 3C | Lenox Hill | $2,995,000
A chic modern renovation meets classic details and grand prewar proportions in this lovely three-bedroom residence.
With its bright, sun-flooded living room, oversized windows overlooking a tree-lined East 67th Street, decorative crown molding and beam ceilings, this apartment oozes elegance and comfort.
All three bedrooms are generously sized and have plenty of storage options, not to mention custom millwork, and outfitted California Closets.
There are two windowed full bathrooms, including a spa-like primary bath with a double vanity and an over-sized seated shower.
Other features of this beautiful home include a lacquered powder room, wide plank oak herringbone floors, 9’4″ high beamed ceilings, and generous wall space for displaying art. It’s currently listed with Allison Chiaramonte and Tania Isacoff Friedland of Warburg Realty.
#4 465 West End Avenue, Unit PH | Upper West Side | $2,775,000
Our list wouldn’t be complete without a staple penthouse unit; and we found one of the best ones out there.
This 2-bed, 2-bath penthouse at 465 West End Avenue is perched atop a 12-story pre-war building built in the Italian Renaissance style. Its design bears the signature of acclaimed architect D. Everett Waid, who also lent his creative genius to the MetLife building at 1 Madison Ave.
Priced at $2,775,000, the penthouse has striking features, including a solarium that’s currently used as a dining room but that can easily be converted into a second bedroom.
There’s also a 2,900-square-foot wraparound terrace with plenty of space for gatherings and views that rival some of the best buildings in the city. And the terrace is accessible from every room in the property.
The stunning views have everything to do with the unit’s location — as the penthouse sits on West End Avenue’s coveted Gold Coast (between 82nd and 83rd Streets), which places it near Riverside Park, the Hudson River Greenway, excellent shopping and dining, as well as the Children’s Museum of Manhattan. The property is listed with Compass’ Martin Eiden.
#5 611 West 138th Street | Hamilton Heights | $2,195,000
Nowadays, Manhattan is famous for its state-of-the-art, glossy skyscrapers. But the property we’re about to look at offers something completely different, and it stands as a veritable piece of NYC history in itself.
The five-bedroom, two-bathroom brownstone has 3,150 square feet of living space, all lovingly restored and preserved.
One of the highlights of this property (it’s hard to pick just one) is the kitchen, which features perfectly preserved, wall-to-wall, original wood cabinetry dating from the late 1800s. That’s not something you’ll find too often in the city, and it’s truly something special.
Another highlight of this home, listed with Warburg Realty’s Samantha Rose Frith, is a 750-square-foot, impeccable landscape private garden.
The home is currently being used as a single-family dwelling, but it can also be split into a three-bedroom, one-bathroom duplex with two-bedroom, one-bathroom rental on the third floor. There is also a 1,050-square-foot basement level that’s being used as a laundry room and storage space.
More luxury homes in the city
443 Greenwich St. building & the 12 biggest celebrities that lived here
The San Remo building and its famous residents
The Dakota, New York’s first luxury apartment building
Full-Floor Residence at the Newly Built Flatiron House
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MetLife could be a good choice for various life, health or other medical insurance policies. However, its options are only sold as employer-provided group insurance plans. Additionally, MetLife no longer sells auto or home insurance policies; those products are now provided by Farmers Insurance.
Extra benefits, including financial planning and grief counseling, are available
Numerous other types of medical coverage available
General customer service: 1-800-638-5433
Individual life insurance (existing customers only): 1-800-638-5000
Group universal life insurance: 1-800-523-2894
Group variable life insurance: 1-800-756-0124
Group term life insurance: 1-866-492-6983
Additional contact details by product line are available on MetLife’s website
Info
What’s new with MetLife?
In April 2021, Farmers Insurance finalized the acquisition of MetLife’s home and auto insurance divisions. Going forward, MetLife Insurance will focus on life, health and pet insurance, as well as financial products like Health Savings Accounts (HSAs) and employer-sponsored retirement plans.
MetLife life insurance
MetLife life insurance could be a good choice if the company provides your employer’s group life or health offerings. MetLife got its start in 1863 and has grown tremendously in the time since. Although Farmers Insurance purchased MetLife’s auto and home business, Metropolitan Life Insurance Company continues to operate independently. The company provides life insurance through employer-sponsored plans and groups.
However, the life insurance coverage types are relatively limited. Additionally, MetLife uses numerous underwriting companies, so your coverage may not actually come directly from MetLife. Our MetLife life insurance review breaks down the company’s offerings, to help you choose the right type of life insurance for your needs:
Term: MetLife offers basic, supplemental and dependent term life coverage. Some types of coverage are employer-paid, while others are paid by the employee. Term life insurance may be especially popular with young families or for those who only need coverage for a short period of time, usually 10, 20 or 30 years.
Permanent: MetLife offers two types of permanent life insurance coverage: group universal and group variable universal life. There is no whole life insurance. Permanent policies may be a better choice for older adults who need the coverage to last the rest of their lifetimes.
Group universal: Universal life insurance offers flexible options, allowing you to adjust your death benefit and premium as your needs change. MetLife’s universal life insurance offering is only available as a group plan.
Group variable universal: Variable universal life is similar to a standard universal life policy, but it includes an investment component that makes it a more complex financial product. To learn more about MetLife’s group variable universal life policy, contact the company directly.
MetLife life insurance endorsements
If you’re searching for the best life insurance, you may want to consider adding endorsements to your policy to more closely align your coverage with your needs. Unfortunately, MetLife does not list any information about riders on its website. This may be because MetLife focuses on employer-sponsored plans; different endorsement options might be available based on the agreement with each employer. To learn about life insurance riders from MetLife, contact the company directly or discuss your options with your employer (if MetLife provides your group life insurance options).
Keep in mind that riders will likely increase the cost of your life insurance, so you may not get the cheapest life insurance policy if you add them. However, the added protection may be well worth the extra cost, depending on your situation.
MetLife life tools and benefits
In addition to life insurance, MetLife also offers additional services to its members. Beneficiaries may be able to take advantage of the company’s grief counseling and checklists to help foster a sense of stability when a loved one passes. The company also offers funeral discounts, funeral planning services, will preparation services and transition planning.
MetLife customer satisfaction
If you’re shopping around and comparing life insurance quotes, customer satisfaction is an important area to consider. Life insurance rates may not vary between companies as much as home or auto insurance rates do — rates mostly depend on your age, health, the policy type you choose and how much life insurance you need — so looking at other aspects of each company can help you find the right option.
J.D. Power is a consumer data analytics company that puts out several service-oriented studies each year. MetLife has an above-average score in the 2022 J.D. Power U.S. Individual Life Insurance Study. Remember that MetLife no longer sells individual life insurance policies, so this score reflects its service to the customers who already own individual policies. However, it could still be a helpful metric, knowing that individual life customers seem to be generally satisfied with the service experience.
The National Association of Insurance Commissioner (NAIC) does give MetLife a complaint index for group life policies, which may be more helpful. A complaint index of 1.00 represents a normal or average number of complaints. MetLife’s group life insurance product has a score of 0.61. This means that the NAIC received fewer complaints about MetLife than average, which indicates a high level of service.
Finally, a company’s financial strength can be a useful tool, as it showcases a company’s historical ability to pay claims. MetLife has several different AM Best financial strength ratings, based on the underwriting companies it uses. Two of its companies, Metropolitan Life Insurance Company and Metropolitan Tower Life Insurance Company, have A+ (Superior) AM Best financial strength ratings. American Life Insurance Company and MetLife Insurance K.K. (which operates in Japan) are not rated by AM Best.
How to file a claim with MetLife
Filing a life insurance claim is an emotional endeavor, but MetLife seeks to make it as seamless as possible. If you are the beneficiary of a MetLife life insurance policy and need to file a claim, you can:
If you call for help, you’ll likely still have to fill out a claim form, but you may be guided by a licensed agent to ensure you choose the correct one. You may also need to provide additional documentation, such as a death certificate.
MetLife availability
MetLife is available in all 50 states and Washington, D.C. Product offerings may vary by state and MetLife’s agreement with your employer.
Other MetLife perks worth considering
MetLife’s product offerings are more limited as it no longer sells personal lines insurance coverage, but you may be interested in a few of its additional offerings:
Dental insurance: MetLife offers a number of dental insurance plans, including PPO plans, HMO/managed care plans and plans for veterans.
Vision insurance: MetLife’s various vision insurance options may help you save on exams, glasses and contacts. Some plans even offer discounts on LASIK eye surgery.
Pet insurance: Pet insurance is like healthcare coverage for your animal. This is one of the few plans that MetLife sells both individually and through employers.
Retirement solutions: In addition to insurance products, you might be able to use MetLife for your retirement plan too, if your employer offers this perk.
Keep in mind that MetLife doesn’t sell individual policies any longer. If your employer offers group life insurance through MetLife, you’ll need to work with your employer to gain access to these products.
MetLife corporate sustainability
MetLife could be a great option for consumers who are looking for companies with strong social responsibility programs. Since 1976, the MetLife Foundation has donated nearly $1 billion to help strengthen communities. The company is also focused on sustainability and has won numerous awards for its sustainability program. Finally, MetLife is focused heavily on diversity, equity and inclusion (DEI), outlining priorities to help foster a more diverse environment.
Not sure if MetLife is right for you?
Finding the right life insurance company for your needs involves doing some research to see which carriers closely align with your situation. One of the first steps is figuring out how much coverage you need, which you can do with the help of a licensed agent or even a life insurance calculator. Next, take a look at your needs and decide what policy type is best for you. Then you can start to look at carriers to see if they offer what you need. If you’re not sure if MetLife is right for you, these companies could be good options:
MetLife vs. Nationwide
If you’re looking for universal life coverage, Nationwide could be a good fit. The carrier offers high coverage limits and highly customizable policies that could fit a wide range of needs. Nationwide also offers auto and home insurance, along with numerous other insurance and financial products, and its life insurance products are available to individuals.
Learn more: Nationwide Insurance review
MetLife vs. MassMutual
If you need whole life insurance, which MetLife does not offer, MassMutual could be worth a look. The company has the highest AM Best financial strength rating possible and a long list of whole life insurance riders for personalization. MassMutual also offers universal and variable universal life, if you’re looking for those options without having to be part of a group plan like you would with MetLife.
Learn more: MassMutual Life Insurance review
MetLife vs. State Farm
The insurance behemoth could be a great choice for those seeking the best term life insurance. Additionally, the availability of local offices may be appealing to those who like to handle their insurance needs in person. State Farm offers numerous other insurance products and banking products, too, so it could be a good choice if you want to keep all your financial products in one place.
Learn more: State Farm Insurance review
Is MetLife a good insurance company?
MetLife might be a good life insurance company if your employer offers coverage for you. The company has generally high customer satisfaction reviews and offers helpful tools to beneficiaries, like funeral planning services and grief counseling. However, MetLife no longer sells individual policies like many of the other life insurance carriers we’ve reviewed, so it won’t be an option unless you can purchase coverage through your employer.