It might sound easy enough to do, but many parents actually don’t know the best way to save money for kids or, at the very least, where to start.
I am not saying my ways are the best, but they certainly work for me and my little ones. Depending on your current financial situation, they might help you figure out the best way to save money for your kids.
Using these tips has helped me come up with a way to secure a better financial future for my kids without overstretching or causing unnecessary financial strain in the now.
Why Is It Important to Save Money for Our Kids?
Healthy savings will get them off on the right foot when they leave home to start a life of their own, increasing their potential for a successful future.
The money savings process provides a platform to impart financial literacy, teach financial responsibility from a tender age, and teach discipline when it comes to things like budgeting and delayed gratification.
The savings also functions as an emergency fund should anything happen to us or our kids while they are still growing up. You will enjoy the peace of mind of knowing they are cared for in the case of almost any eventuality. A will or inheritance fund ensures the savings will be spent wisely for the benefit of your kids.
Your Best Practice Guide to Saving Money for Kids
Here are some excellent tips on the best way to save money for kids.
Define Your Savings Goal
The ideal savings option will vary for different parents based on their financial goals and circumstances. Motivation ranges from emergency funds to specific stages of the child’s future, like higher education, buying their first car, or even jump-starting retirement savings. Define what you are saving for, set targets, and draw up a plan.
Set Up a Savings Account(s) for the Kid(s)
Approach your preferred financial institution and set up an account designed for the savings you settled on. Similar solutions are structured differently across each financial institution.
Budgeting
As parents, we budget all the time. Budgeting is a great way to improve money management, ensuring you always leave something for your kid’s savings account (and your own fun fund for date night or vacation). Many sources of funds can be included in the savings plan.
You can set it up so that an amount is transferred from your own bank account to the kid’s account. Some parents, myself included, also deposit their work bonuses in their kids’ savings accounts up to a predetermined date.
Alternatively, you can agree to collect all the money the children earn from chores, lawn mowing, babysitting, or other side jobs they do on their own and then set that money aside in their savings accounts after giving them a weekly stipend for their hard work, of course.
Financial Education
All this planning and investment can be undone if your kid grows up without the financial education to develop positive money habits. Involve them in your financial planning at a young age so they grasp the concept of money. Teach them your ways, one might say.
Financial literacy involves more than what children learn from listening and observation. It involves practicing positive money management habits like restrained spending, taming the urge for instant gratification and budgeting.
Add a checking account to their savings account so they get used to financial tools like a debit card for younger kids and banking apps for teens. Most of these allow the parents to keep an eye on the child’s spending habits, too, so we can easily reign things in if they start running wild.
What Is the Best Way to Save Money for a Child?
Now that you are familiar with the territory, let’s look at the options available as our kids outgrow the piggy bank we have been filling with spare change since they were babies.
College Savings Plans
College is quite expensive, and it pays to have a head start on your child’s college savings so there is adequate time to accumulate funds gradually. A good education increases your child’s earning potential and job security, leading them to financial success.
The 529 Investment Plan
A 529 Investment Plan is a tax-advantaged investment account designed to encourage saving toward future education expenses. It’s named after Section 529 of the Federal Tax Code and is sponsored by the state or a state agency.
Savings are tax-deferred, and you can withdraw the funds tax-free to pay for qualified education expenses like tuition, books, and accommodation. It lets you save for your child’s future attendance at designated colleges or universities at prevailing rates.
Custodial Accounts
A custodial account offers another opportunity to save on your child’s behalf or gift them when you get a bonus or any other windfall. One party, the custodian (typically the parent), controls the funds on behalf of the minor (the beneficiary), who will gain access to the account when they come of age (this ranges from 18 to 21, depending on the state).
As a custodian, you are free to spend the funds on anything, provided it is for the benefit of the minor. While they don’t come with the tax benefits of a 529 plan, they cover a wider scope of expenses. Once your child attains the required age, you will relinquish control of the account to them, and they can claim full use of the funds.
Uniform Transfers to Minors Act (UTMA) Accounts and Uniform Gifts for Minors Act (UGMA)
UTMA and UGMA accounts are popular examples of custodial accounts. They are set up to hold gifts that a minor has received. Once the gift is granted or transferred to the account, it can’t be revoked and becomes the minor’s asset. It is held under their social security number and taxed as their income.
Custodial Brokerage Account
A custodial brokerage account refers to when the custodial account is used as an investment account to increase savings. Savings and gifts can be channeled to a mutual fund, invested in stocks or bonds, transferred to money market accounts or any other credible investment. You will manage these investments until your child comes of age. And then it is up to them to take over.
Creating a Trust Fund for Your Child
You can always get a lawyer, an accountant, or a team with both professions to set up a trust fund for your kid(s). Besides savings, the trust fund can incorporate assets you want to transfer to the kids as they age. The trust will dictate the process and ensure your assets are transferred to the right beneficiaries when the time comes.
How to Save Money for Kids in a Nutshell
There is no limit to the number of savings accounts you can have for your child. It is actually encouraged to spread your eggs in different baskets so that you can optimize them.
One might have competitive interest rates, while another allows you to invest in assets. You can also save for a particular item that requires a separate account without locking out subsequent gifts.
Just identify the combination that works for you and make sure you teach them about other aspects of financial health as they grow, and you can cross one more thing off your list of worries as a parent. Happy savings!
It might sound easy enough to do, but many parents actually don’t know the best way to save money for kids or, at the very least, where to start.
I am not saying my ways are the best, but they certainly work for me and my little ones. Depending on your current financial situation, they might help you figure out the best way to save money for your kids.
Using these tips has helped me come up with a way to secure a better financial future for my kids without overstretching or causing unnecessary financial strain in the now.
Why Is It Important to Save Money for Our Kids?
Healthy savings will get them off on the right foot when they leave home to start a life of their own, increasing their potential for a successful future.
The money savings process provides a platform to impart financial literacy, teach financial responsibility from a tender age, and teach discipline when it comes to things like budgeting and delayed gratification.
The savings also functions as an emergency fund should anything happen to us or our kids while they are still growing up. You will enjoy the peace of mind of knowing they are cared for in the case of almost any eventuality. A will or inheritance fund ensures the savings will be spent wisely for the benefit of your kids.
Your Best Practice Guide to Saving Money for Kids
Here are some excellent tips on the best way to save money for kids.
Define Your Savings Goal
The ideal savings option will vary for different parents based on their financial goals and circumstances. Motivation ranges from emergency funds to specific stages of the child’s future, like higher education, buying their first car, or even jump-starting retirement savings. Define what you are saving for, set targets, and draw up a plan.
Set Up a Savings Account(s) for the Kid(s)
Approach your preferred financial institution and set up an account designed for the savings you settled on. Similar solutions are structured differently across each financial institution.
Budgeting
As parents, we budget all the time. Budgeting is a great way to improve money management, ensuring you always leave something for your kid’s savings account (and your own fun fund for date night or vacation). Many sources of funds can be included in the savings plan.
You can set it up so that an amount is transferred from your own bank account to the kid’s account. Some parents, myself included, also deposit their work bonuses in their kids’ savings accounts up to a predetermined date.
Alternatively, you can agree to collect all the money the children earn from chores, lawn mowing, babysitting, or other side jobs they do on their own and then set that money aside in their savings accounts after giving them a weekly stipend for their hard work, of course.
Financial Education
All this planning and investment can be undone if your kid grows up without the financial education to develop positive money habits. Involve them in your financial planning at a young age so they grasp the concept of money. Teach them your ways, one might say.
Financial literacy involves more than what children learn from listening and observation. It involves practicing positive money management habits like restrained spending, taming the urge for instant gratification and budgeting.
Add a checking account to their savings account so they get used to financial tools like a debit card for younger kids and banking apps for teens. Most of these allow the parents to keep an eye on the child’s spending habits, too, so we can easily reign things in if they start running wild.
What Is the Best Way to Save Money for a Child?
Now that you are familiar with the territory, let’s look at the options available as our kids outgrow the piggy bank we have been filling with spare change since they were babies.
College Savings Plans
College is quite expensive, and it pays to have a head start on your child’s college savings so there is adequate time to accumulate funds gradually. A good education increases your child’s earning potential and job security, leading them to financial success.
The 529 Investment Plan
A 529 Investment Plan is a tax-advantaged investment account designed to encourage saving toward future education expenses. It’s named after Section 529 of the Federal Tax Code and is sponsored by the state or a state agency.
Savings are tax-deferred, and you can withdraw the funds tax-free to pay for qualified education expenses like tuition, books, and accommodation. It lets you save for your child’s future attendance at designated colleges or universities at prevailing rates.
Custodial Accounts
A custodial account offers another opportunity to save on your child’s behalf or gift them when you get a bonus or any other windfall. One party, the custodian (typically the parent), controls the funds on behalf of the minor (the beneficiary), who will gain access to the account when they come of age (this ranges from 18 to 21, depending on the state).
As a custodian, you are free to spend the funds on anything, provided it is for the benefit of the minor. While they don’t come with the tax benefits of a 529 plan, they cover a wider scope of expenses. Once your child attains the required age, you will relinquish control of the account to them, and they can claim full use of the funds.
Uniform Transfers to Minors Act (UTMA) Accounts and Uniform Gifts for Minors Act (UGMA)
UTMA and UGMA accounts are popular examples of custodial accounts. They are set up to hold gifts that a minor has received. Once the gift is granted or transferred to the account, it can’t be revoked and becomes the minor’s asset. It is held under their social security number and taxed as their income.
Custodial Brokerage Account
A custodial brokerage account refers to when the custodial account is used as an investment account to increase savings. Savings and gifts can be channeled to a mutual fund, invested in stocks or bonds, transferred to money market accounts or any other credible investment. You will manage these investments until your child comes of age. And then it is up to them to take over.
Creating a Trust Fund for Your Child
You can always get a lawyer, an accountant, or a team with both professions to set up a trust fund for your kid(s). Besides savings, the trust fund can incorporate assets you want to transfer to the kids as they age. The trust will dictate the process and ensure your assets are transferred to the right beneficiaries when the time comes.
How to Save Money for Kids in a Nutshell
There is no limit to the number of savings accounts you can have for your child. It is actually encouraged to spread your eggs in different baskets so that you can optimize them.
One might have competitive interest rates, while another allows you to invest in assets. You can also save for a particular item that requires a separate account without locking out subsequent gifts.
Just identify the combination that works for you and make sure you teach them about other aspects of financial health as they grow, and you can cross one more thing off your list of worries as a parent. Happy savings!
With the start of summer upon us, now may be a great time to evaluate your credit card portfolio. Credit card sign-up bonuses and welcome offers are the quickest and easiest way to rake in lots of points and miles, so we regularly update the roundup of our favorite current offers in our best credit cards guide.
But to help you keep up with an ever-changing list of bonuses, we’ve also compiled a list of the best card offers currently available — especially the ones that are worth an extra look right now because they are at all-time highs or may end soon.
Since many issuers have restrictions on how often you can earn a bonus on a card, it’s important to time your application for when there’s a good offer. Also, higher bonuses don’t always stick around for long, so if you’re considering one of these offers, you’ll want to hop on it sooner rather than later.
Finally, if you’re not ready to jump on a higher-end card, consider these great starter cards or even one with a 0% introductory annual percentage rate (APR) offer.
The best credit card offers for June 2023
Card
Sign-up bonus/welcome offer
Welcome offer value*
Annual fee
The Business Platinum Card® from American Express
120,000 points after you spend $15,000 on eligible purchases with the card within the first three months of card membership.
$2,400.
$695 (see rates and fees).
Ink Business Preferred Credit Card
100,000 points after you spend $15,000 on eligible purchases with the card within the first three months of card membership.
$2,000.
$95.
The Platinum Card® from American Express
80,000 points after you spend $6,000 in the first six months, though you may be able to get a higher bonus through the CardMatch tool (terms apply).
$1,600.
$695 (see rates and fees).
American Express® Green Card
60,000 points after you spend $3,000 on purchases in their first six months of card membership. Also, get 20% back on eligible travel and transit purchases in your first six months to earn up to $200 back.
$1,400 ($1,200 in points plus up to $200 in cash back).
$150 (see rates and fees).
Capital One Venture X Rewards Credit Card
75,000 miles after you spend $4,000 on purchases in the first three months of account opening.
$1,388.
$395.
Capital One Venture Rewards Credit Card
75,000 miles after you spend $4,000 on purchases in the first three months of account opening.
$1,388.
$95.
Chase Sapphire Reserve
60,000 bonus points after you spend $4,000 on purchases in the first three months of account opening.
$1,200.
$550.
Chase Sapphire Preferred Card
60,000 bonus points after you spend $4,000 on purchases in the first three months of account opening.
$1,200.
$95.
American Express® Gold Card
60,000 points after you spend $4,000 in the first six months of card membership, though you may be able to get a higher bonus through the CardMatch tool (terms apply).
$1,200.
$250 (see rates and fees).
Southwest Rapid Rewards Plus Credit Card, Southwest Rapid Rewards Premier Credit Card, and Southwest Rapid Rewards Priority Credit Card
60,000 bonus points plus a 30% off promo code after spending $3,000 on purchases in the first three months from account opening.
$900.
$69 (Plus), $99 (Premier) and $149 (Priority).
United Club Infinite Card
80,000 bonus miles and 1,000 Premier qualifying points (PQP) after you spend $5,000 on purchases in the first three months from account opening. Offer ends Aug. 9.
$880.
$525.
IHG Rewards Premier Business Card
165,000 points after spending $3,000 on purchases in the first three months from account opening.
$825.
$99.
Hilton Honors American Express Surpass® Card
130,000 Hilton Honors bonus points and a free night reward after spending $2,000 in purchases on the card in the first three months of cardmembership. Offer ends July 19.
$780.
$95 (see rates and fees).
* Welcome offer value is determined using TPG valuations and is not provided by nor reviewed by the issuer.
The Business Platinum Card from American Express
This business card stands out not only for its 120,000-point welcome offer but thanks to added travel perks that can easily cover the card’s $695 annual fee (see rates and fees). Cardholders enjoy automatic Gold status in both the Hilton Honors and Marriott Bonvoy loyalty programs, along with access to a wide variety of airport lounges — including Amex Centurion, Priority Pass and Delta Sky Club (when traveling on same-day Delta flights). Enrollment is required for select benefits.
Cardholders also enjoy 5 points per dollar on flights and prepaid hotels booked at American Express Travel, along with 1.5 points per dollar on eligible purchases in select business categories and eligible purchases of $5,000 or more (on up to $2 million of these purchases per calendar year).
Related: Amex refreshes Business Platinum Card with new perks, higher annual fee and a 120,000-point bonus
On top of that, the card comes with up to $200 in annual airline fee statement credits and a 35% points rebate for flights booked through Amex Travel in first or business class on any airline (up to 1 million points back per calendar year), or in any class on the U.S. airline of your choice each year. Non-travel benefits include up to $400 in annual statement credits toward U.S. Dell purchases, up to $360 in credits toward Indeed, up to $150 toward select Adobe purchases and up to $120 toward wireless telephone services.
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Enrollment is required for select benefits.
Read our review of the American Express Business Platinum Card for more information.
Official application link: The Business Platinum Card® from American Expresswith 120,000 points after you spend $15,000 on eligible purchases with the card within the first three months of card membership.
Ink Business Preferred Credit Card
Then there’s the Ink Business Preferred. According to TPG’s valuations, this card’s welcome bonus alone is worth $2,000 since you can take advantage of Chase’s excellent collection of airline and hotel transfer partners. Points redeemed through the Chase travel portal are worth 1.25 cents each, which isn’t bad, either.
Another factor in this card’s favor? Its tremendous earning rates. You’ll earn 3 points per dollar across the following categories on up to $150,000 in combined purchases (1 point per dollar thereafter):
Travel.
Shipping purchases.
Internet, cable and phone services.
Advertising on social media sites and search engines.
Depending on which categories you spend in, you could earn a whopping 450,000 bonus points per year if you maxed out that $150,000 cap.
Among the Ink Business Preferred’s unsung benefits are cellphone protection, primary rental car coverage (when renting for business purposes) and other travel and purchase protections. You can also add employee cards to your account for free.
Read our full review of the Ink Business Preferred Credit Card for more information.
Official application link: Ink Business Preferred Credit Card with 100,000 bonus points after you spend $15,000 on eligible purchases with the card within the first three months of account opening.
The Platinum Card from American Express
Often referred to as the king of the premium travel rewards cards, the Amex Platinum offers a slew of benefits — along with a $695 annual fee (see rates and fees). Cardholders enjoy perks such as automatic Gold status with both Hilton Honors and Marriott Bonvoy plus access to a wide range of airport lounges, including Amex Centurion, Priority Pass and Delta Sky Club (on same-day Delta flights). On top of that, you’ll get up to $200 in annual airline fee statement credits, an up-to-$200 hotel statement credit to use toward prepaid Amex Fine Hotels + Resorts or The Hotel Collection bookings (the latter of which requires a minimum two-night stay) via Amex Travel, and an up-to-$189 Clear Plus membership statement credit — along with numerous other perks. Enrollment is required for select benefits.
Related: It’s a ‘lifestyle’ card now: A closer look at the Amex Platinum’s 6 new benefits
Non-travel benefits include an up-to-$240 digital entertainment statement credit (split into monthly $20 credits) for Audible, The New York Times, SiriusXM, Peacock, The Wall Street Journal and services under the Disney umbrella — including Disney+, ESPN+ and Hulu.
Cardholders also receive an up-to-$155 Walmart+ credit (subject to auto-renewal; Plus Ups are excluded), an up-to-$300 SoulCycle bike credit and an up-to-$300 Equinox statement credit for eligible Equinox memberships (now available as an annual benefit rather than monthly credits). You also receive Uber VIP status and up to $200 in annual Uber Cash (split into monthly $15 credits for U.S. rides and Uber Eats orders plus a $20 bonus in December).
Enrollment is required for select benefits.
Finally, cardholders will enjoy enhanced earning rates on many travel purchases:
5 points per dollar on flights booked directly with airlines or with Amex Travel (on up to $500,000 on these purchases per calendar year).
5 points per dollar on prepaid hotels booked with Amex Travel.
1 point per dollar on other eligible purchases.
And while the current welcome offer provides solid value, be sure to check the CardMatch Tool to see if you can receive an even higher one (offers are targeted and subject to change at any time).
Read our review of the American Express Platinum Card for more information.
Official application link: The Platinum Card® from American Express with 80,000 points after you spend $6,000 on purchases in the first six months of card membership.
The American Express Green Card
The American Express Green Card provides a compelling offering in the mid-tier travel category. With 3 points per dollar on broader travel, restaurants and transit as well as annual statement credits for Clear and LoungeBuddy that more than cover its annual fee, the Green from Amex is a card that modern travelers should consider.
The earning rates and benefits of the American Express Green Card will be most attractive to young professionals and millennials (or millennials at heart) who travel for work, pleasure or both. The card earns 3 Membership Rewards points per dollar on travel, restaurants and transit, so you’ll want to consider this card if a large chunk of your budget goes toward these categories.
The Amex Green also offers annual up to $189 Clear Plus and up to $100 LoungeBuddy statement credits that can more than offset the $150 annual fee (see rates and fees) while making your time in the airport more efficient and relaxing. If you can utilize these statement credits, the card can easily be a worthwhile addition to your purse or wallet.
Read our review of the Amex Green for more information.
Official application link: Amex Green with 60,000 Membership Rewards points after you spend $3,000 on purchases in your first six months of card membership. Also, get 20% back on eligible travel and transit purchases in your first six months to earn up to $200 back.
Capital One Venture X Rewards Credit Card
The Venture X card is Capital One’s premium rewards card and offers great earning rates and incredible perks.
Aside from a hefty welcome bonus of 75,000 miles after spending $4,000 on purchases in the first three months – worth about $1,388 according to our valuations thanks to Capital One’s excellent airline and hotel transfer partners – the card gives members up to $300 back in statement credits annually for bookings made through Capital One Travel and 10,000 bonus miles every account anniversary, starting on their first anniversary (worth $100 toward travel, or $185 by our valuations).
As for earning rates, the Venture X racks up 10 miles per dollar on hotels and car rentals booked via Capital One Travel, 5 miles per dollar on flights booked via Capital One Travel, and an unlimited 2 miles per dollar on everything else.
Frequent travelers will also enjoy taking advantage of access to Capital One’s developing network of airport lounges as well as the ability to enroll for Priority Pass membership for entry into more than 1,300 lounge locations worldwide (though this no longer includes participating restaurants). It also added the ability to access Plaza Premium lounges worldwide in 2022 and launched The Premier Collection in 2023, giving cardmembers on-property perks at a curated set of luxury hotels.
Read our review of the Capital One Venture X card for more information.
Official application link: Capital One Venture X Rewards Credit Card with 75,000 bonus miles after you spend $4,000 on purchases in the first three months from account opening.
Capital One Venture Rewards Credit Card
The Venture Rewards packs a pretty good punch for a mid-tier credit card. It earns a flat 2 miles per dollar spent on all purchases worldwide, but you can earn 5 miles per dollar on hotels and car rentals booked through Capital One Travel. The miles you earn with this card can be transferred to Capital One’s 17 airline and three hotel partners or redeemed through the Capital One Travel portal.
The card stands out for offering an application fee credit for Global Entry or TSA PreCheck every four years; many other cards that offer this benefit have annual fees of $400 or more. This TSA PreCheck/Global Entry application fee credit alone is worth up to $100. When making everyday purchases, you may also get Warranty Manager Service which can be used for extended warranty protection. The Venture Rewards card doesn’t impose foreign transaction fees, so you can use the card overseas without accumulating extra charges.
Read our review of the Capital One Venture Rewards Card for more information.
Official application link: Capital One Venture Rewards Credit Card with 75,000 bonus miles after you spend $4,000 on purchases in the first three months from account opening.
Chase Sapphire Reserve
This is one of the best premium credit cards available.
It earns a whopping 10 points per dollar on Lyft (through March 2025), Chase Dining booked through Ultimate Rewards, and hotel and car rental purchases through the Ultimate Rewards Travel portal. Cardholders also earn 5 points per dollar on airline travel booked through the Ultimate Rewards Travel portal, 3 points per dollar on travel (after using the $300 travel credit) and dining, and 1 point per dollar on everything else.
Chase defines travel and dining quite broadly, including everything from parking fees to Airbnb stays and food delivery orders. Perks of the card include a $300 annual travel credit, Priority Pass membership, a $5 monthly DoorDash in-app credit (through December 2024), a complimentary DashPass membership and an impressive array of travel protections.
Read our review of the Chase Sapphire Reserve for more information.
Official application link: Chase Sapphire Reserve with 60,000 points after you spend $4,000 on purchases in the first three months of card membership.
Chase Sapphire Preferred Card
If you can’t justify a high annual fee or want a solid card with an appealing set of perks, the Chase Sapphire Preferred is an ideal fit. It earns 5 points per dollar on all travel purchased through Chase Ultimate Rewards; 3 points per dollar on dining, including eligible delivery services, takeout and dining out; 3 points per dollar on select streaming services; 3 points per dollar on online grocery purchases (excluding Target, Walmart and wholesale clubs); 2 points per dollar on all other travel; and 1 point per dollar on all other purchases.
The points you earn with this card can be transferred to Chase’s airline and hotel partners or redeemed for 1.25 cents each through the Chase Ultimate Rewards portal. Benefits include a $50 annual credit on hotel stays purchased through Ultimate Rewards, at least 12 months of DashPass membership (when activated by Dec. 31, 2024), primary rental car coverage, up to $500 in trip delay reimbursement if you’re delayed more than 12 hours or overnight, up to $10,000 in trip cancellation and interruption insurance and up to $100 per day for up to five days in baggage delay reimbursement if your bag is delayed more than six hours.
Read our review of the Chase Sapphire Preferred for more information.
Official application link: Chase Sapphire Preferred with 60,000 points after you spend $4,000 on purchases in the first three months from account opening.
American Express® Gold Card
The Amex Gold card is a favorite of many TPG staffers thanks (in large part) to its terrific earning rates:
4 points per dollar on dining at restaurants (including takeout and delivery in the U.S.)
4 points per dollar at U.S. supermarkets on up to $25,000 in purchases per calendar year (1 point per dollar after that).
3 points per dollar on flights booked directly with airlines or through Amex Travel.
1 point per dollar on all other eligible purchases.
The card also offers up to $120 in annual credit for Uber rides and Uber Eats purchases and up to $120 in statement credits for select dining purchases (enrollment is required for select benefits) — all for a manageable annual fee of $250 (see rates and fees)
And while it’s not providing a limited-time bonus for new cardmembers, you can often find elevated welcome offers through the CardMatch tool. The card currently features a public welcome offer of 60,000 points after you spend $4,000 on eligible purchases within the first six months of card membership. However, some new customers can earn a 75,000-point or even 90,000-point welcome offer via the CardMatch tool after meeting the same minimum spending requirements. Note that these elevated offers are targeted and subject to change at any time.
Alternatively, you can refer a friend through the Amex referral program — and when your friend applies for a new account by June 7, you can earn an additional +5 rewards per dollar (as either points or cash back, depending on the card) on eligible U.S. supermarket purchases for three months after they’re approved (starting from the first date the referred friend’s account is opened), on up to $25,000.
Additionally, new applicants for the Amex Gold through a referral link will be eligible for an up to $200 statement credit after reaching minimum spending requirements, on top of that card’s usual welcome offer.
Read our review of the American Express Gold Card for more information.
Official application link: American Express® Gold Card with 60,000 points after you spend $4,000 in the first six months of card membership.
Southwest personal cards
All three personal of Southwest’s personal credit cards — the Rapid Rewards Plus, Rapid Rewards Premier and Rapid Rewards Priority — are currently sporting identical welcome offers: 60,000 bonus points plus a 30% off promo code after spending $3,000 on purchases in the first three months from account opening. This is the first time Southwest has offered a promo code as part of a sign-up bonus on a credit card.
The code will appear directly in your Southwest.com account within eight weeks of meeting the spending requirement. It can be used — only once — on a single one-way or round-trip Wanna Get Away, Wanna Get Away Plus, Anytime and Business Select fare, and is available for use until October 31, 2024.
Given it is a single-use promo code, it would be best to save this for a more expensive ticket. You’ll get the biggest savings when using the code for round-trip travel and/or during peak travel periods like the summer or the holidays.
Read more about the three cards and this limited-time offer.
Official application link: Southwest Rapid Rewards Plus
Official application link: Southwest Rapid Rewards Premier
Official application link: Southwest Rapid Rewards Priority
United Club Infinite Card
The United Club Infinite Card is the ideal card for United lounge access — bar none.
The United Club Infinite Card’s $525 annual fee sounds high until you factor in the United Club membership included with the card. Membership normally costs $650 per year for non-elite members.
In addition, one of the primary disadvantages of many airline credit cards is a low return on spending, even on branded purchases, as most airline cards only offer 2 or 3 points per dollar on airline purchases. But the United Club Infinite Card sets a new standard with an impressive 4 points per dollar on United purchases.
If you spend thousands of dollars on United flights each year, the United Club Infinite Card is worth considering.
Read our review of the United Club Infinite for more information.
Official application link: United Club Infinite with 80,000 bonus miles and 1,000 Premier qualifying points (PQP) after you spend $5,000 on purchases in the first three months from account opening. Offer ends Aug. 9.
IHG Rewards Premier Business Card
New applicants for the IHG Rewards Premier Business card can earn 165,000 bonus points after spending $3,000 on purchases within three months from account opening.
Your bonus will come in the form of IHG points, which TPG values at half a cent each. Thus, this bonus is worth $825.
Generally speaking, you won’t get fantastic earning rates on most hotel credit cards — especially on broad categories like dining and groceries. That said, the IHG Premier Business card could be a solid option, especially at participating IHG properties.
When you use your card at IHG hotels and resorts, you’ll earn 10 points per dollar spent on your stay. This is in addition to the 10 base points that all IHG One Rewards members accrue at most participating brands. And since you have automatic Platinum Elite status with the card, that’ll give you another 60% bonus on top of the base points. When combined, that translates to a total of 26 points per dollar spent on most IHG stays — or a 13% return on spending, based on TPG’s valuations.
Beyond IHG purchases, cardholders of the IHG Premier Business will earn points at the following rates:
5 points per dollar spent on travel, dining and gas purchases.
5 points per dollar in select business categories, such as social media and search engine advertising and at office supply stores.
3 points per dollar spent on all other purchases.
You’ll also receive a free night certificate (worth up to 40,000 points) every year when you renew your card and enjoy your fourth night free on award stays of four nights (or longer)
Read our full review of the IHG Rewards Premier Business for more information.
Official application link: IHG Rewards Premier Business card with 165,000 bonus points after spending $3,000 on purchases within three months from account opening.
Hilton Honors American Express Surpass® Card
The Hilton Honors American Express Surpass® Card provides solid earnings at Hilton properties and automatic Hilton Gold elite status, which offers complimentary breakfast, increased earnings and space-available upgrades when you stay at Hilton properties.
Hilton Honors Gold status is one of the best mid-tier hotel loyalty statuses you can obtain. As a Hilton Gold elite member, you’ll get complimentary breakfast, space-available room upgrades and improved earnings when staying at Hilton brands. Luckily, you can easily earn and maintain Hilton Gold status since it is an automatic perk of the Hilton Honors American Express Surpass Card.
The Hilton Surpass card is an ideal choice for those who stay at Hilton properties often and want a cobranded credit card with a modest annual fee and valuable perks.
Read our full review of the Hilton Surpass for more information.
Official application link: Hilton Surpass with 130,000 bonus points and a free night reward after spending $2,000 in purchases on the card in the first three months of cardmembership. Offer ends July 19.
*Bonus offer value is based on TPG valuations and not provided by issuers.
For Capital One products listed on this page, some of the above benefits are provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply
For rates and fees of the Amex Platinum card, click here. For rates and fees of the Amex Business Platinum card, click here. For rates and fees of the Amex Gold card, click here.
For rates and fees of the Amex Green card, click here.
For rates and fees of the Hilton Honors Amex Surpass, click here.
Additional reporting by Ryan Wilcox and Eric Rosen.
Wyndham Rewards just started a new status match and challenge offer. This offer lets you match your status from another hotel loyalty program to Gold, Platinum or Diamond in Wyndham Rewards for 90 days. Plus, you can keep your matched status through Dec. 31 of the next calendar year if you stay a specific number of qualifying nights within 90 days of an approved match.
You can also earn Wyndham Rewards elite status — including top-tier Diamond status — relatively easily through cobranded Wyndham Rewards credit cards.
So why should you care about the status match offer? Here’s what you need to know.
Related: The 12 best Wyndham hotels in the world
What’s special about Wyndham Rewards’ elite status?
Some hotel loyalty programs offer generous perks to elite members, while others offer minimal perks. Wyndham Rewards generally falls into the latter category, offering only modest perks even for members with top-tier Diamond status. But here’s an overview of the standout perks at each Wyndham Rewards elite status tier:
Blue (requires zero nights per calendar year): Free Wi-Fi during stays.
Gold (typically requires five nights per calendar year): 10% bonus points on stays, a preferred room within the same category upon request and late checkout upon request (subject to availability).
Platinum (typically requires 15 nights per calendar year): 15% bonus points on stays, Caesars Rewards status match and early check-in upon request (subject to availability).
Diamond (typically requires 40 nights per calendar year): 20% bonus points on stays, complimentary snack or beverage when checking into select hotels and suite upgrades upon request (subject to availability at check-in).
Despite the limited elite perks, it’s worth earning Wyndham Rewards elite status for some travelers. After all, you’ll enjoy perks and higher earning rates on stays at Wyndham properties. And although Caesars halted its status merry-go-round with Wyndham in 2022, Platinum members and higher can still match earned Wyndham Rewards status to Caesars Rewards.
Wyndham Rewards status obtained through a status match shouldn’t be eligible to match to Caesars Rewards, and it’s unclear whether status obtained through a status challenge will be eligible. But we know that Wyndham status earned through stays or a cobranded Wyndham Rewards credit card can be matched to Caesars Rewards.
Once you have Caesars Rewards Diamond status, you can enjoy waived resort fees at participating Caesars Rewards properties, a complimentary stay at Atlantis Paradise Island in the Bahamas and free parking at Caesars Rewards properties in Las Vegas.
Related: Which credit card should you use for Wyndham stays?
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Wyndham Rewards status match and challenge
Wyndham Rewards occasionally lets members match their status from other hotel loyalty programs. Specifically, here are the statuses you can match to each Wyndham Rewards elite status tier:
Gold: Marriott Bonvoy member, World of Hyatt member, Hilton Honors member, IHG One Rewards member, Choice Privileges member, Best Western Rewards Blue, Radisson Rewards Club member and Omni Select Guest Gold.
Platinum: Marriott Bonvoy Silver Elite; World of Hyatt Discoverist and Explorist; Hilton Honors Silver; IHG One Rewards Silver Elite and Gold Elite; Choice Privileges Gold and Platinum; Best Western Rewards Gold, Platinum and Diamond; Radisson Rewards Silver and Gold; and Omni Select Guest Silver Elite and Gold Elite.
Diamond: Marriott Bonvoy Gold Elite and higher, World of Hyatt Globalist, Hilton Honors Gold and higher, IHG One Rewards Platinum Elite and higher, Choice Privileges Diamond, Best Western Rewards Diamond Select, Radisson Rewards Platinum and Omni Select Guest Platinum Elite and higher.
To request a match, go to this page on Wyndham’s website, sign in to your account and complete the status match request form. You’ll need to submit proof of your hotel loyalty program status and then wait five to seven business days for validation of your match via email.
Once Wyndham validates your status match, you’ll have your matched status for 90 days. But if you complete specific stay requirements during the 90 days, you can keep your matched status through Dec. 31 of the following calendar year. You must stay one qualifying night to keep Gold, four qualifying nights to keep Platinum and 10 qualifying nights to keep Diamond.
Luckily, Wyndham Rewards counts most paid nights and award nights as qualifying. So, you can even redeem Wyndham points to get qualifying nights toward your status challenge.
Related: What are hotel and airline status matches, and how do you get one?
Earning Wyndham status through a credit card
Several cobranded Wyndham credit cards offer elite status as a perk for as long as you’re a cardholder:
Wyndham Rewards Earner® Card: Primary cardholders automatically receive Wyndham Rewards Gold status within two to eight weeks of opening this no-annual-fee card (see rates and fees).
Wyndham Rewards Earner® Plus Card: Primary cardholders automatically receive Wyndham Rewards Platinum status within two to eight weeks of opening this $75-annual-fee card (see rates and fees).
Wyndham Rewards Earner® Business Card: Primary cardholders automatically receive Wyndham Rewards Diamond status within two to eight weeks of opening this $95-annual-fee card.
The information for the Wyndham Earner Card, Wyndham Earner Plus, and Wyndham Rewards Earner Business Card has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.
If you value having Wyndham Diamond status but don’t stay with Wyndham hotels 40 nights a year, the Wyndham Rewards Earner Business Card could be well worth its $95 annual fee. And if you use Wyndham Diamond status to match to Caesars Rewards, you may get significantly more value than the card’s annual fee each year from an Atlantis stay and waived resort fees at Caesars properties in Las Vegas.
Related: 7 things to know before booking a stay at Viva Wyndham Azteca
Bottom line
You can earn Wyndham Rewards elite status through stays. But a status match and challenge can be a good way to quickly earn elite status if you want to switch your loyalty. And Wyndham credit cards offer an easy, ongoing path to status — including top-tier Diamond status. If you value Caesars Diamond perks and a 20% bonus on earnings at Wyndham hotels, it may be worth getting and keeping the Wyndham Rewards Earner Business Card to maintain Wyndham Rewards Diamond status.
Welcome to the bustling metropolis of Atlanta, GA, where history, culture, and Southern charm converge in a captivating blend. As one of the most vibrant cities in the United States, Atlanta is a treasure trove of fascinating stories and hidden gems waiting to be discovered. In this Redfin article, we invite you to test your knowledge and embark on a journey through 15 fun facts about Atlanta. Whether you’re a long-time resident or you’re considering renting an apartment in Atlanta, prepare to be captivated by the city’s rich heritage, iconic landmarks, and surprising trivia. So, fasten your seatbelts and join us as we unravel the secrets of Atlanta, GA—your gateway to Southern hospitality and urban excitement.
1. It’s the birthplace of Martin Luther King Jr.
Atlanta holds significant historical importance as the birthplace of civil rights leader Dr. Martin Luther King Jr. The Martin Luther King Jr. National Historic Site, which includes his childhood home, the Ebenezer Baptist Church where he preached, and the King Center, his final resting place, honors the life of the civil rights icon. These sites are a must-visit bucket list item in Atlanta and offer a chance to connect with the legacy of one of America’s most influential figures.
2. Atlanta’s residents take pride in their Southern hospitality
Expect warm smiles, friendly gestures, and a genuine eagerness to make newcomers feel welcome. You’ll often find strangers striking up conversations, lending a helping hand, or sharing recommendations, creating a sense of community that is truly heartwarming.
3. Coca-Cola was invented and founded in Atlanta
Did you know that another? The World of Coca-Cola museum offers an interactive experience, taking visitors on a journey through the history, production, and global impact of this iconic soft drink. Sample over 100 beverages from around the world and marvel at the impressive collection of Coca-Cola memorabilia.
4. Lights, camera, Atlanta: The Big Peach is a film and television hub
Atlanta has emerged as a major hub for film and television production, earning the nickname “Hollywood of the South.” Thanks to its diverse range of landscapes, favorable tax incentives, and world-class production facilities, the city has attracted numerous blockbuster movies and popular TV shows, such as Stranger Things and The Blind Side. Keep an eye out for familiar filming locations while exploring Atlanta’s neighborhoods.
5. Atlanta is home to vibrant neighborhoods
Atlanta is renowned for its neighborhoods, each with its own distinctive charm. From the historic streets of Grant Park and Inman Park to the trendy vibes of Midtown and the upscale ambiance of Buckhead, there’s a neighborhood to suit every taste. Explore their unique shops, restaurants, parks, and cultural offerings to find your perfect corner of the city.
6. Atlanta is one of the few cities that has a professional team for almost every sport
For sports enthusiasts, Atlanta offers a thrilling experience. The city is home to professional sports teams like the Atlanta Braves (baseball), Atlanta Falcons (football), Atlanta Hawks (basketball), and Atlanta United FC (soccer). Catching a game at the state-of-the-art Mercedes-Benz Stadium or the iconic Truist Park is an exhilarating way to immerse yourself in Atlanta’s vibrant sporting culture.
7. From hip-hop royalty to soulful rhythms, Atlanta’s music scene won’t disappoint
Atlanta has made significant contributions to the music world, particularly in the genres of hip-hop, R&B, and gospel. The city has nurtured numerous talented artists, including Outkast, TLC, Usher, Ludacris, and many more. Explore the Atlanta Music Hall of Fame, visit iconic recording studios, and catch live performances at legendary venues like The Tabernacle and the Fox Theatre to immerse yourself in the city’s vibrant musical heritage.
8. You’ll experience festivals galore
Atlanta hosts a wide range of cultural festivals and events throughout the year, offering residents an opportunity to celebrate diversity and engage with different communities. From the Atlanta Jazz Festival and the Atlanta Film Festival to the Atlanta Dogwood Festival and the Dragon Con parade, there’s always something exciting happening in the city. These events showcase Atlanta’s artistic talents, culinary delights, and multicultural fabric, creating a vibrant and inclusive atmosphere for all.
9. Dive into the wonders of the deep at the largest aquarium in the world
One fun fact about Atlanta is that the city is home to the Georgia Aquarium, one of the largest aquariums in the world. This spectacular attraction allows visitors to immerse themselves in an underwater wonderland, featuring thousands of marine creatures, including beluga whales, manta rays, and whale sharks. You can also participate in unique experiences like swimming or diving with the aquarium’s gentle giants. The Georgia Aquarium offers an awe-inspiring journey into the depths of the ocean without having to leave the city.
10. You don’t have to leave the city to get your nature fix
Despite its urban nature, Atlanta boasts an abundance of green spaces and parks. Piedmont Park, located in the heart of the city, offers picturesque walking trails, beautiful views, and numerous recreational activities. The Atlanta BeltLine, a former railway corridor turned pedestrian-friendly trail, connects several neighborhoods and provides a fantastic space for outdoor enthusiasts.
11. Atlanta’s flavorsome fusions will surely delight
Atlanta’s culinary scene is a delightful fusion of traditional Southern flavors and innovative gastronomy. From down-home barbecue joints like Fox Bros. Bar-B-Q to fine dining establishments such as Marcel, food enthusiasts will find an array of mouthwatering options to satisfy their cravings. Don’t miss the chance to savor classic Southern dishes like fried chicken, biscuits, and peach cobbler while exploring the city.
12. Centennial Olympic Park serves as a legacy to the 1996 Summer Olympics
Atlanta played host to the 1996 Summer Olympics, and as a result, Centennial Olympic Park was created as a lasting legacy. This beautiful park spans 21 acres in downtown Atlanta and serves as a gathering place for locals and tourists alike. It features fountains, green spaces, walking paths, and the iconic Olympic Rings fountain. The park also hosts various events and concerts throughout the year, providing entertainment and recreational opportunities for all.
13. High Museum of Art unveils a world of masterpieces in Atlanta
Art enthusiasts will find a haven in the High Museum of Art, one of the leading art museums in the Southeast. The museum houses a diverse collection of artwork from around the world, including American art, European art, African art, and contemporary pieces. The striking architecture of the museum itself is a sight to behold. Visitors can explore the permanent collections, rotating exhibitions, and participate in educational programs that offer a deeper appreciation of the arts.
14. Ponce City Market, now a popular dining and shopping venue, was formerly a Sears
Located in the historic Sears, Roebuck & Co. building, Ponce City Market is a vibrant mixed-use development that seamlessly blends retail, dining, and entertainment. This trendy destination features an array of shops, local boutiques, artisanal food stalls, and rooftop bars with panoramic city views. From delectable cuisine to unique shopping experiences, Ponce City Market offers a lively atmosphere that showcases the city’s creative spirit.
15. Atlanta’s street art scene paints the city in beautiful murals
Atlanta is home to a thriving street art scene, with captivating murals adorning buildings and walls throughout the city. The Atlanta Street Art Map highlights numerous vibrant artworks created by local and international artists. A unique activity to do in Atlanta is to take a walking tour or explore the neighborhoods to discover these remarkable displays of creativity and self-expression that contribute to the city’s vibrant visual landscape.
Atlanta, GA, is a city that continues to captivate residents with its rich history, diverse culture, and dynamic lifestyle. From its historical landmarks and world-famous attractions to its welcoming communities and thriving arts scene, there are countless reasons to move to Atlanta. Embrace the charm of this Southern gem and explore the countless fun facts that make Atlanta a truly unique and delightful place to call home.
When dealing with interest-bearing bank accounts, it’s important to understand the difference between annual percentage yield (APY) and interest rate. The two are similar, but they’re not exactly the same. Knowing the distinction between the two terms will help you know how much return to expect on your deposits and investments.
Here’s what you need to know about APY vs. interest rate.
APY vs. interest rate: What’s the difference?
APY reflects the total amount of interest you earn on money in an account over one year, while an interest rate is the rate at which interest is earned on the original amount. Both are expressed as percentages.
The key difference between APY and interest rate is compound interest.APY includes interest that’s earned on the original balance as well as the amount of compound interest earned in one year. Interest rate only accounts for interest earned on the original amount.
SoFi Checking and Savings
Min. balance for APY
$0
Bask Interest Savings Account
Min. balance for APY
$0
CIT Bank Platinum Savings
Min. balance for APY
$5,000
Interest-bearing accounts: APY vs. interest rate
Financial institutions are required to show rates as APY, but can also show the corresponding interest rate. When it comes to your savings account, it’s more important to know the APY, because knowing the compound frequency (that is, how often interest is paid) will give you more precise information about how much you will earn within the year.
APY vs. interest rate in your bank account
Here’s an example showing how APY is different from interest rate:
Suppose you have $10,000 and earn an interest rate of 4.17% at a bank, paid after one year, without compounding. The amount of interest you earn is $417 ($10,000 x 4.17% = $417).
Now, instead of waiting one year, suppose the bank deposits a proportional share of the interest earned after one month (that is, 1/12th of the 4.17% APY). This means the total bank balance will be a little more than $10,000: $10,034.75.
After the next month, the bank deposits another proportional share of interest. When that happens, the interest earned the previous month compounds, meaning that it also earns interest. So in the second month, you’re earning interest on $10,034.75. At the end of the second month, you’ll earn $34.87 in interest and the total bank balance will be $10,069.62.
If the interest continues to compound each month at the same rate, then at the end of one year, the account would actually earn about $425. This means that with compounding, the APY would be around 4.25% ($10,000 x 4.25% = $425). You can use a savings calculator to calculate balance amounts and try other scenarios with daily, monthly and annual compounding.
So in this example, where interest is compounded monthly, the interest rate is 4.17% and APY is 4.25%.
Frequently asked questions
What’s the difference between APY and interest rate?
The difference between APY and interest rate is that APY includes compound interest, and interest rate doesn’t.
Why is APY higher than the interest rate?
APY is higher than the corresponding interest rate because APY includes interest on the original amount and compound interest. In contrast, the interest rate only features interest on the original amount, with no compounding interest.
Many people want to get better about budgeting but don’t know where to begin. Some people will like using apps, others the envelope method, but others may find that a basic online spreadsheet is the best way to keep track of the money coming in and going out.
Here, you’ll learn how to easily do that last option using Microsoft’s Excel spreadsheet program. It has some impressive features that can make it user-friendly and efficient as you budget. It can help you manage your money and hit those financial goals.
Step 1: Opening a Workbook and Creating the First Month
To begin creating a budget, the user will open a fresh Workbook in Excel by hitting File > New > Blank Workbook. Before diving into building the perfect budget, they need to save this file somewhere safe. After completing the first draft, it may be worth it to back it up on a USB drive or on a cloud-based platform. After saving the file, they’ll move on to building out the budget.
One way to keep track of this monthly budget, and review past months’ spending and saving progress is to create a tab for each month of the year. For extra convenience, the budgeter could consider beginning by creating a “template” tab to build the initial budget in and then copy it over each month and edit it as needed.
💡 Quick Tip: If you’re saving for a short-term goal — whether it’s a vacation, a wedding, or the down payment on a house — consider opening a high-yield savings account. The higher APY that you’ll earn will help your money grow faster, but the funds stay liquid, so they are easy to access when you reach your goal.
Step 2: Adding Income
Before creating a spending budget, the user will start by looking at expected income for the month. Doing so makes it easier to formulate a budget that is realistic, making them more likely to stick to it. To begin building the proper formulas to help calculate income, the user will take the following steps:
Select cells A3-A11 (if more space is necessary later on, expand this selection past A11) and hit “Merge and Center.” Then write the word “income” and center it.
Merge the cells B3 and C3. Label these cells as “Source” which will show where the income is coming from. Some may have consistent income sources such as “Paycheck 1” and “Paycheck 2.” Others may have more sources they need to track “Side Hustle Income” or “Unexpected Income.” After choosing income sources and properly labeling them, merge every row from B and C through row 11 or whatever the chosen stopping point is.
While not necessary, one can label cell D3 “Date” which is where the budgeter can track which day they received a type of income. If they have predictable sources of income, this option may not be worthwhile, but for those with flexible incomes (say, seasonal workers who earn an hourly rate or entrepreneurs), it can help them stick to a budget and follow up on missing payments.
For the final step of the income section of the budget, which is more of a benefit to those with varying monthly income, label section E3 as “Planned” to identify what the originally planned income is. Then label F3 as “Earned” to identify how much money was in fact earned from each labeled source of income. For G3, label it “Difference.” This cell will automatically calculate the difference between the expected income and the income actually earned after adding the proper formula.
To create the formula needed to automatically track the difference between expected and earned income, add the formula “=SUM(F4-E4)” after every row it should apply to. Then replace the F4 and E4 with the cells that correspond to the “Earned” and “Planned” income sections.
💡 Quick Tip: When you overdraft your checking account, you’ll likely pay a non-sufficient fund fee of, say, $35. Look into linking a savings account to your checking account as a backup to avoid that, or shop around for a bank that doesn’t charge you for overdrafting.
Step 3: Adding Expenses
After wrapping up the income section of this project, the budgeter can start planning what their typical monthly expenses may look like. (Make sure to add those commonly forgotten expenses, too.) They can do this on the same tab that they calculated their income in or they can create a separate tab. How they organize their budget is totally their call!
They’ll use the same format for building out expenses as they did with their income (although if they choose to continue working in their original sheet, they’ll need to adjust the row letter and column number accordingly) and will name this section of the budget “Expenses.” Using the same labels from the income section is fine, as is creating new ones.
They’ll only have to make one major change to this process, which is to use a different formula for the “Difference” column. In order to best calculate expenses, they can use the following formula: “=SUM(Planned Number-Actual Number)” which will calculate how much they overspent.
When creating spending sources, instead of income sources, they can make as many or as few as they’d like. For example, someone may want to make one row that represents all utilities or they may want to designate a row for every single utility they pay. Another budgeter may want to budget for overarching categories such as living, automobile, entertainment, food, travel, and savings. It really depends how detailed someone wants to get about their budgeting.
For those drawn to a more detailed budget, they can create multiple sections for their expenses, they don’t have to be all lumped together. It’s fine to repeat this process again and again to create more detailed categories such as basic living expenses or business expenses.
Recommended: 15 Causes of Overspending
Step 4: Adding Some Goals
For those who want to expand their budgets past basic incomes and expenses, they can repeat the process used to create the income section of the budget and make some more specific savings goals.
One way would be to create a category that tracks how much they hope to save that month in general, another would be to break it down by savings category. Similar to expense sources, it’s possible to break goals down into separate sections, such as one that provides a more detailed look at saving for retirement or tracks a big expense they’re saving for, such as a down payment on a home or a wedding.
Using the same basic formulas for tracking expected income and how much income is actually earned in a month, the user can track what they hope to save and how much they actually do end up saving.
💡 Quick Tip: When you feel the urge to buy something that isn’t in your budget, try the 30-day rule. Make a note of the item in your calendar for 30 days into the future. When the date rolls around, there’s a good chance the “gotta have it” feeling will have subsided.
Step 5: Customizing a Premade Template
If someone’s not interested in learning how to create a budget in Excel from scratch, they can use a premade budgeting template provided by Excel or one of the many free or for-purchase options that are available online.
Even when using a premade template, it can be helpful to review the tips for creating an Excel budget from scratch shared above, as they may allow the budgeter to customize the template to their needs.
At the end of the day, creating a template from scratch will allow the user to truly customize it to their needs, especially if they follow a particular budgeting method. That being said, a template can save a lot of time, especially for those who aren’t comfortable using Excel.
Step 6: How to Track Spending and Stick to a Budget
For those who have been hard at work creating their Excel budgets, it’s time to take advantage of that budget. It seems unlikely that anyone wants their Excel efforts going to waste, so one might want to make a budgeting check-in plan that they can easily stick with.
At the end or beginning of every month, it is a good idea to sit down and review if one went over or under last month’s budget, as well as take some time to build out the new month’s budget. That may involve simply copying over the template created earlier or the user might need to make a few tweaks based on how much they earned and spent last month.
As tempting as it can be to set it and forget it, the budgeter should try to check in on their budget more than once a month. Setting a quick weekly check-in date with their budget will allow them to update how much they’ve earned and spent so far during the month. That way, they’ll know if they need to scale back on spending in a certain category or if they can relax in another category.
While it takes a decent amount of self discipline and motivation to stick to a budget, awareness can be the first step in staying on track. By checking in with their budget frequently, savvy planners will remember their short-term goals and longer-term ones and hopefully will be a little extra motivated to meet them.
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Open a SoFi Checking and Savings Account and start earning 1% APY on your cash!
The Takeaway
There are many effective budgeting tools, and using an Excel spreadsheet can be one of them. It can allow you to track your income and your spending and saving, while making updates in real time. This can help you manage your finances and contribute to meeting your financial goals.
Better banking is here with up to 4.20% APY on SoFi Checking and Savings.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., 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.
SoFi members with direct deposit can earn up to 4.20% annual percentage yield (APY) interest on Savings account balances (including Vaults) and up to 1.20% APY on Checking account balances. There is no minimum direct deposit amount required to qualify for these rates. Members without direct deposit will earn 1.20% APY on all account balances in Checking and Savings (including Vaults). Interest rates are variable and subject to change at any time. These rates are current as of 4/25/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. 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. SOBK0523046U
In today’s highly competitive financial climate, with thousands of banks and neobanks nationwide, rewards checking accounts are growing more common.
If you have to keep your money someplace, you may as well earn cash back rewards on debit card purchases or a high interest rate.
Best of all, most rewards checking accounts have no overdraft or monthly service fees. After all, if you have to pay any monthly fees or maintenance fees, it will reduce the overall amount you can earn in cash back.
Rewards checking accounts come in two forms: Those that offer cash back rewards and those that let you earn interest on your money, even if it’s in your checking rather than savings.
Regardless of what you’re looking for in a financial institution, you can find it in one of these rewards checking accounts.
11 Best Rewards Checking Accounts
We’ve read consumer reviews, evaluated bonus offers, and read all the fine print to find 11 of the best rewards checking accounts available online or at local branches today.
1. LendingClub Rewards Checking: Best for High Balances
LendingClub offers an online Rewards Checking account with a straightforward 1% cash back on all signature-based debit card purchases. Ranked on Newsweek’s America’s Best Banks list in 2022, the checking account has many desirable features.
First, earn an unlimited 1% cash back on all signature-based debit card purchases and on transactions processed online as a credit purchase once you meet requirements.
You also earn 0.10% interest on your checking account balance of $2,500 to $99,999.99 and 0.15% annual percentage yield APY on balances of $100,000 or more.
LendingClub provides account holders with access to fee-free ATMs within the MoneyPass or SUM networks and unlimited reimbursement for out-of-network ATMs fees. LendingClub says that account holders save more than $180 annually thanks to ATM fee reimbursement.
Like many of the best rewards checking accounts on this list, LendingClub has no monthly fees, no overdraft fees, and no fees for incoming wire transfers.
You will need a $25 minimum deposit to open an account. There are no minimum balance requirements after that. However, to earn interest, you need to deposit cash to maintain at least $2,500 in your account.
To qualify for cash rewards, you must keep your account open for at least 30 days and receive at least $2,500 in recurring monthly direct deposits or maintain a $2,500 or more average monthly balance.
You may also receive direct deposits from your employer as soon as two days earlier than with many other banks.
2. Axos Bank Rewards Checking: Best for High APY and Cash Back Rewards
Axos Bank is a nationally chartered online bank in business since 2000. The bank offers three checking accounts, all with no monthly maintenance fees, unlimited ATM fee reimbursements domestically, and no overdraft fees.
Axos Bank Rewards Checking is the financial institution’s most popular checking account. It pays up to 3.30% APY when you meet certain requirements.
If you receive monthly direct deposits of $1,500 or more, you’ll earn 0.40% APY to start.
You can increase that interest rate with other activities, such as:
Using your Axos Bank debit card 10X a month or sign up for Axos Bank’s free Personal Finance Manager “Account Aggregation” in online banking
Maintaining minimum average daily balances of $2,500 or more in an Axos Invest Managed Portfolios account or an Axos Invest Self Directed Trading Account
Making Axos Bank loan payments (such as mortgage, auto loans, or personal loans)
Plus, you can earn a $100 cash bonus when you open your Axos Bank Rewards checking before June 30, 2023, and have qualifying direct deposits of at least $1,500 each month in the first three months of opening your account.
If you’re willing to sacrifice the $100 cash bonus – or you don’t meet the requirements to earn the maximum APY with an Axos Bank Rewards checking account– you might consider the Axos Bank Cashback Checking account.
This cash back account gives you a straight 1% cash back on all signature-based eligible debit card purchases up to $2,000 per month.
You’ll need to maintain a $1,500 average daily balance to earn this amount. Otherwise, you’ll earn 0.50% of the average daily balance for that month.
You will need a $50 minimum opening deposit to open your Axos Bank Rewards Checking or Axos Bank Cashback checking account.
3. Consumers Credit Union: Best High Interest Checking Account
Consumers Credit Union is one of two excellent credit unions on our list offering checking accounts with rewards or high yield interest rates.
Of the two, Consumers Credit Union is free for virtually anyone to join. As such, it also earned a place on our list of best free checking accounts.
New members will need to pay a one-time $5 membership fee to the Consumers Cooperative Association. But you’ll get that cash back when you fund your account.
The main attraction to a Consumers Credit Union checking account is the 5% annual percentage yield APY on balances up to $10,000 when you meet minimum deposit requirements and make a minimum number of debit card purchases.
To earn the maximum 5% APY, you must have qualifying direct deposits, mobile check deposits or ACH deposits of at least $500 monthly and make $1000 or more in purchases with your Consumers Credit Union Visa credit card each month.
In addition to the high annual percentage yield APY, CCU also offers early direct deposit up to two days before many other banks, and out-of-network ATM fee reimbursement with no limits each month.
CCU works with a network of 30,000 ATMs and more than 5,000 shared branches that are part of the CU Service Center Network co-op.
Convenient, affordable, and profitable with checking account interest rates ranging from 3% to 5% APY, Consumers Credit Union could be an excellent choice.
If you are considering banking with a credit union instead of a traditional or online bank, this may be the best rewards checking account for you.
4. Discover Cashback Checking Account: Best for No Fee Checking
Discover Bank has a cashback debit account with no monthly fees and a host of other benefits. The program is straightforward and there are no minimum deposit requirements or other qualification requirements to earn cash back.
Simply earn 1% cash back on up to $3,000 in debit card purchases each month for up to $360 in extra cash back each year.
Your Discover Cashback Debit account has no fees of any kind, except $30 for an outgoing wire transfer. You will receive free overdraft protection with automatic transfers from your linked Discover Savings. You will not pay a fee at any of 60,000+ ATMs in the network.
You don’t even have to pay fees for bank checks, check reorders, or expedited shipping of a replacement debit card if you lose yours. If you do lose your card, you can easily “lock” it in the app to prevent unauthorized charges.
Like many online checking accounts, Discover offers early direct deposit, mobile check deposit, and an intuitive and user-friendly mobile app.
5. Schwab Bank Investor Checking: Best for Investors
It’s not always easy to find a rewards checking account with no fees and a high yield on your checking account balance. The Schwab Bank Investor Checking account was rated highest in customer satisfaction from J.D. Power and Associates for four years running.
This account is ideal for those who already have a brokerage account with Charles Schwab or who are thinking of opening one. When you open your High Yield Investor Checking account, you will also receive a brokerage account if you don’t already have one.
You can access both accounts online or in the mobile app with a single log in, and transfer money between both accounts with no fees. There is also no monthly maintenance fee.
Schwab pays interest at the rate of 0.45% APY. You must have a minimum deposit of just one penny in your account to earn interest.
When you fund your account with an opening deposit of $100 within 7 to 10 business days, you will receive free checks, deposit slips, mailing labels, and pre-addressed, postage-paid envelopes for depositing checks through the mail into your Investor checking account. You can also use the app for mobile check deposits or deposit money at an ATM.
When you open your high yield checking account, you will receive a Schwab Bank Visa Platinum Debit Card. The debit card provides unlimited ATM fee reimbursements, even in foreign countries, and no fees when you use a Schwab Bank ATM.
There are also no foreign transaction fees when you use your debit card for purchases outside the U.S.
6. Quontic Bank: Best for Fee Free ATM Access
Quontic offers three choices of the best rewards checking accounts, all with no monthly maintenance fees:
High Interest checking with an interest rate of 1.10% APY
Cash Rewards checking
Bitcoin Rewards checking
Plus, you can earn a 4.25% APY with linked Quontic savings accounts. You won’t pay any ATM fees when you use your Quontic debit card at any of 90,000+ ATMs in the AllPoint, MoneyPass, SUM Program, or Citibank networks nationwide.
Quontic’s High Interest checking delivers up to 1.10% APY when you make at least 10 qualifying debit card purchases of $10 or more per statement cycle. Otherwise, you’ll earn 0.01% APY for that month.
The High Interest checking account has no monthly maintenance fees and no overdraft fees. You will need a $100 minimum deposit to open your account.
Quontic’s Cash Rewards Checking has the same features, including no monthly maintenance fees and no overdraft charges. It is a cash back checking account that delivers 1% on all debit card purchases.
Quontic’s Bitcoin Rewards checking offers 1.5% back in Bitcoin on all qualifying debit card purchases. Like the other Quontic rewards checking accounts, the Bitcoin Rewards checking account has no monthly service fees or maintenance fees and no overdraft fees.
You will need a minimum opening deposit of $500 to open your account. This account is not available to residents of North Carolina or Hawaii.
7. SoFi Plus: Best for Perks
SoFi is an online only bank offering cash management accounts providing you with easy access to your money and generous rewards.
One area where SoFi stands out is the additional perks and the variety of services it offers to account holders. It is also one of the few banks offering both cash back and high yield checking and savings.
Your basic SoFi bank account is a free account with no monthly fee, no minimum balance requirements, no ATMs fees when you bank through any of the 55,000+ ATMs in the Allpoint Network nationwide.
Through a partnership with SoFi Stadium in Los Angeles, California, members also get 25% cash back on stadium purchases with their SoFi debit card, express entry and VIP access to concerts, Rams, and Chargers games.
SoFi also gives members access to savings “Vaults,” where you can set aside money for specific purposes – from emergency savings to a family vacation.
Your deposit account is insured for up to $2 million through SoFi’s partner banks. Each bank offers FDIC coverage up to the $250,000 federal limit, but deposits may be split between financial institutions to increase coverage limits.
If you want to upgrade to SoFi Plus, you’ll unlock a host of other benefits. SoFi Plus is the online bank’s premium offering, but there’s no monthly fee when you establish direct deposit of any amount, with no other minimum balance requirement or deposit requirements.
Your SoFi Plus rewards checking account offers 15% cash back when you use your SoFi debit card at select local retailers. Plus, earn 1.20% on checking and 4.20% on savings and Vault balances.
You’ll also get a personal loan rate discount of 0.25%. SoFi Plus members also get 2X rewards points, which you can redeem for cash, special member events, and experiences within the SoFi mobile app.
SoFi has a referral program, allowing you to earn cash or Rewards points when friends and family sign up for SoFi cash management accounts using your link.
Plus, right now, new SoFi customers receive up to $250 in cash when they open an account and set up a qualifying direct deposit. If your direct deposit is $1000 to $4,999.99, you’ll get $50 in cash. If you deposit $5,000 or more, you’ll earn $250.
Few banks offer so many perks or financial services under one umbrella, which is why SoFi consistently earns “Best Online Bank” accolades from top personal finance sites.
8. Connexus Credit Union: Best Credit Union
Connexus is one of two credit unions on our list of best rewards checking accounts. The Connexus Xtraordinary account offers a 1.75% APY when you meet certain requirements, which include signing up for e-statements and making 15 qualifying debit card purchases or spending $400 in debit card transactions monthly.
Connexus has a vast network of more than 67,000 fee free ATMs, partnered with co-op and MoneyPass networks.
You will also receive $25 in ATM fee rebates monthly. When you link your Connexus savings account to your Xtraordinary checking, you can also take advantage of free overdraft protection.
Connexus also has a similar rewards checking account for teens. With no direct deposit requirements or debit card purchase requirements, teens can earn 2% APY on the funds in their Connexus rewards checking account.
To qualify for membership in Connexus credit union, you must reside in certain cities in Illinois, Wisconsin, Ohio, or Minnesota.
You can also qualify if you work at one of dozens of Midwest companies, institutions, or organizations, or simply pay a $5 one-time donation to join the Connexus Association.
Connexus Teen and Connexus Xtraordinary checking accounts have no monthly service fees and no minimum account balances required to earn interest.
You must make a minimum opening deposit of $5 into your linked Connexus savings account to become a member.
9. TD Bank Beyond Checking: Best for Sign-up Bonus
If you are looking for the convenience of a traditional bank and the money-saving benefits of online banking, a TD Bank Beyond Checking account could be the best rewards checking account for you.
The TD Bank Beyond Checking account pays an interest rate of 0.01% APY on all balances. This is lower than the national average, but you’ll also get other perks with your account. First, let’s discuss the generous sign-on bonus of $300 and how you can earn it.
When you open your account and make $2,500 in qualifying direct deposits within 60 days, you’ll earn $300 cash back.
Keep in mind, there is a $25 monthly maintenance fee associated with the account, but it’s fairly easy to waive, especially if you have other TD deposit accounts.
You can waive the monthly maintenance fee by:
Receiving monthly direct deposits of $5,000 or more or
Maintaining a $2,500 minimum daily balance or
Having $25,000 or more in combined balances across eligible TD accounts, which includes deposit accounts, mortgages, home equity loans, and home equity lines of credit.
In addition to the sign-on bonus and interest on your checking balance, TD offers a free linked Simple Savings account, overdraft protection, easy mobile and online bill pay, and 24/7 fraud monitoring on your TD accounts.
The bank also reimburses numerous common fees, including fees for non-TD ATM transactions, outgoing wire transfer fees, rush bill payments, and up to two overdraft fees waived per year.
The TD Overdraft Relief service allows you more time to get your account out of the negative and also allows you to link your TD Savings account for overdraft protection through automatic transfers.
10. Aspiration Plus: Best for Helping the Planet
Crediful’s rating
Aspiration is a neobank with a straightforward cash management account called Aspiration Spend Save and a premium account called Aspiration Plus.
Aspiration Spend Save account holders can choose to pay monthly fees as low as zero. Each month, you can pay whatever amount you feel is fair for your bank account.
If you want to upgrade to Aspiration Plus, you will pay $7.99 per month. If you pay upfront, annually, you’ll save $2 each month for a total of $71.88 for the year.
Your Aspiration Spend Save account offers 3% to 5% in cash back rewards when you shop with a network of preferred, eco-friendly and socially conscious companies known as the Conscience Coalition.
Some of the retailers in the Conscience Coalition include Warby Parker, Blue Apron, Imperfect Foods, Toms, Brightly, Got Bag, and more.
Aspiration Plus members earn 10% back at Conscience Coalition retailers. Aspiration Plus members also receive one out-of-network ATM fee reimbursement each month and Purchase Assurance on items bought with their Aspiration debit card if they are lost or stolen within 90 days.
Aspiration Plus members also help to fund carbon offsets with each fuel purchase. For every gallon of fuel purchased with your card, Aspiration buys carbon offsets equal to the CO2 emissions generated by that gasoline.
Your Aspiration Plus account also pays 3% interest on money in the Save portion of your account. Regular Aspiration members only earn 1% interest on savings. In both cases, you’ll need at least $500 worth of qualifying debit card purchases in a month to earn interest.
There is a $10 minimum deposit to open an account. There are no ATM fees with Aspiration when you use one of the 55,000+ ATMs in the AllPoint network, plus you get one ATM fee reimbursement each month.
In addition to unlimited cash-back and high yield savings, your Aspiration account also has many other perks and benefits.
When you use the “Plant the Change” program, you can round up your debit card transactions to be deposited into your Save account and Aspiration plants a tree each time you do.
You can read our full Aspiration review here.
11. Truist Bank: Best for Younger Savers
Crediful’s rating
In May 2022, Truist Bank acquired Long Game, an award-winning gamification savings app. The partnership gives Truist bank account holders access to one of the most unique rewards programs in personal finance.
Long Game makes setting savings goals – and reaching them – fun by allowing you to play phone games similar to Fruit Ninja and Candy Crush based on cash deposits you make into your Truist Savings Account.
You can earn extra cash each time you play, as well as earning interest of 0.01% APY on your savings balance. You can also earn coins to play games by answering trivia questions.
Your Truist One checking account delivers rewards of its own when you open select Truist credit cards. Your bonus rewards, which can be 10% to 50% more cash back or miles than you’d normally receive, depend on your Truist One checking account monthly average balance.
Your Truist One checking account comes with a debit card, but you can upgrade to a Delta SkyMiles Debit Card if you pay the $95 annual fee. Truist One checking accounts also include linked Truist One savings accounts with no monthly maintenance fee and a $100 negative balance buffer.
To qualify for overdraft forgiveness, you’ll need to have your account open for at least 35 days with a positive balance, and have a qualifying direct deposit of at least $100 for two consecutive months. Truist Bank never charges overdraft fees, but without negative balance protection, transactions may be declined.
Your Truist One checking account has a $12 monthly service fee, but there are five easy ways to waive that monthly service fee.
To waive the monthly fee, you must meet one of the following requirements:
Make $500 or more in qualifying direct deposits monthly
Maintain a combined balance of at least $500 in Truist deposit accounts
Have a Truist credit card, mortgage or consumer loan
Have a linked Small Business checking account
Be a student under the age of 25
Methodology: How We Select the Best Rewards Checking Accounts
When we evaluated the best rewards checking accounts, we took many features, benefits, and costs into consideration. We also recognized that people’s needs vary. Some may want an online only bank, while others prefer a credit union or even a traditional, brick-and-mortar financial institution.
Rewards on Debit Card Purchases
When most people think of a rewards checking account, they imagine receiving cash back on debit card purchases. Banks that offer cash back on everyday purchases gained favor and a spot on our list.
Account Yield
Some rewards come in the form of a high interest rate on money held in a checking account. Several interest bearing checking accounts with an interest rate of 1% or higher made our list. It is even better if you don’t have to maintain a minimum account balance to receive the highest interest rate.
Fees
On our list of the best rewards checking accounts, we gave preference to accounts with no monthly fees. We also considered other fees, such as overdraft fees, transfer fees, and ATM fees. Banks that offer unlimited ATM fee rebates or even some ATM fee reimbursements each statement cycle were considered favorably.
Minimum Requirements
You should be rewarded by your bank whether you have a large balance or small. For that reason, we gave preference to banks with no minimum deposit requirements and no minimum balance requirements to earn rewards. In some cases, you may need to receive a direct deposit each statement cycle to earn rewards or to receive the highest annual percentage yield APY.
Account Opening Bonus
Some banks offer a generous account opening bonus or even referral rewards when you share your referral link with friends who open an account. It’s nice to start your new bank account with a cash back from a sign-up bonus.
Overdraft Protection
Bank accounts that offer overdraft protection, either through linked savings accounts or by providing a grace period to bring your account back into the positive, earned points on our list.
ATM Network
One way to avoid fees is to find a bank with a large ATM network. Many of the banks on this list use the Allpoint or MoneyPass ATM network with more than 60,000 machines nationwide. We also looked for banks that provide ATM fee reimbursements for using teller machines out of the bank’s ATM network.
Nationwide Availability
We made sure that consumers nationwide could open an account online or in person. We didn’t choose regional banks or credit unions with limited availability, although a small, local bank might meet your needs.
One credit union that made our list, Consumers Credit Union, is available to anyone over the age of 18 willing to pay a $5 membership fee to join the Consumers Cooperative Association. The other credit union we chose also has similarly broad membership requirements. Anyone can join if they make a $5 donation to the Connexus Association or meet certain membership requirements based on city of residence or occupation.
Customer Service
Whether you choose an online only bank or one of the traditional financial institutions on this list, you want to make sure you have access to the best customer service. We chose banks that generally received high marks for customer service on consumer review websites and offered multiple ways to reach customer service reps by phone, email, or online chat.
Tips for Finding the Best Rewards Checking Account
Before you open a rewards account, ask about minimum deposit requirements. Also find out if you need to maintain a minimum balance or set up direct deposits to avoid fees. Look for a bank with a large ATM network and ATM fee reimbursements for using machines outside the network.
Rewards Checking FAQs
Find out what people are asking about the best rewards checking accounts.
How does a rewards checking account work?
Rewards checking accounts pay you money for banking with them. In some cases, you will receive cash back on debit card purchases. Other rewards checking accounts pay interest on your balance. Some also offer additional perks, such as loan rate discounts, access to special events, ATM fee reimbursements and money management tools.
Should you apply for a rewards checking account?
If you are looking to put extra cash in your pocket, a rewards bank account is one way to do so. Most rewards checking accounts do not require a credit check or an application fee to apply. If you are opening a new bank account or considering switching banks, it’s worth considering how you can earn checking account rewards for things you do daily, such as using your debit card or depositing money.
How much does rewards checking cost?
Most of the top rewards checking accounts have no monthly fee, fee-free ATMs, and at least some ATM fee refunds each statement cycle.
Editor’s note: This is a recurring post, regularly updated with new information.
From paid ticket sales to redemption promotions, there are endless opportunities to book travel at a discount.
However, few sales are as reliable as the Promo Rewards we see each month from Air France-KLM Flying Blue.
These deals regularly appear on the Flying Blue website and offer discounts on flights to and from select cities or region pairs. All discounts are only bookable through the end of the month, and there’s a set travel window.
This month, there are one-way economy flights to various European cities for less than 12,000 miles. This is a fraction of what many competing programs charge for the same award tickets. It can be an excellent deal if you’re looking for a summer or fall trip to Europe.
Deal basics
Airline: Air France and KLM. Routes: Economy awards between Europe and Detroit Metropolitan Wayne County Airport (DTW), Newark Liberty International Airport (EWR), Miami International Airport (MIA), Dallas Fort Worth International Airport (DFW), Houston’s George Bush Intercontinental Airport (IAH), Hartsfield-Jackson Atlanta International Airport (ATL), Austin-Bergstrom International Airport (AUS) and Minneapolis-St. Paul International Airport (MSP). Business-class awards are available from Montreal-Trudeau International Airport (YUL) and Toronto Pearson Airport (YYZ). Cost: Varies by the airport, with economy-class awards starting at 11,250 miles. Travel dates: Travel from June 1 through Nov. 30. You must book by June 30.
Related: The ultimate guide to earning and redeeming with Air France-KLM Flying Blue
Promo Rewards between North America and Europe
The cheapest awards are from Detroit and Newark.
There’s also award space for 12,750 miles from Miami.
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As you can see from this calendar search, economy-class award space from Houston to Marseille Provence Airport (MRS) is plentiful:
We also found some business-class award space from 41,250 miles from Amsterdam to Toronto:
Related: The best ways to get to Europe using points and miles
How to book
Book Promo Rewards tickets on the Air France or KLM website. Log in to your account and click the “Book with Miles” button on the home screen. Then, enter your desired itinerary and click the “Search flights” button.
Now, select the flight you’d like to book and follow the on-screen prompts to complete your booking.
If you plan to transfer points to book this award, find award space first and then transfer your points; you never want to transfer points without concrete dates in mind.
If you want to add a free stopover at Amsterdam Airport Schiphol (AMS) or Paris-Charles de Gaulle Airport (CDG) to an eligible itinerary, you’ll need to call Flying Blue to book your itinerary.
Related: When should I transfer points to airline and hotel partners?
Earning Flying Blue miles
Boosting your Flying Blue balance is easy since the program partners with all major transferable points currencies.
You can transfer points at a 1:1 ratio from American Express Membership Rewards, Bilt Rewards, Capital One, Chase Ultimate Rewards and Citi ThankYou Rewards. You can also transfer Marriott points at a 3:1 ratio, with a 5,000-mile bonus for every 60,000 points you transfer.
Based on our tests, Amex, Bilt, Capital One, Chase and Citi transfers should post almost instantly. However, that wasn’t the case with our test transfer from Marriott, which took three days to arrive in our Flying Blue account. Because of this, credit card points are your best bet if you hope to book right away, although Flying Blue generally allows three-day holds on award tickets when you call.
Related: Use Flying Blue miles to fly to Hawaii for just 35,000 miles round-trip
Maximize your purchase
Use a card that earns additional points on airfare purchases to pay taxes and fees on your award ticket.
Some of the best cards include The Platinum Card® from American Express (5 points per dollar on airfare booked directly with the airline or through Amex Travel, on up to $500,000 on these purchases per calendar year), the Citi Premier® Card (3 points per dollar on air travel; see rates and fees), the Chase Sapphire Reserve (3 points per dollar on travel), the American Express® Gold Card (3 points per dollar on airfare when booked directly with the airline or through Amex Travel) and the Chase Sapphire Preferred Card (2 points per dollar on travel).
Bottom line
Few sales are as reliable as the Promo Rewards we see each month from Air France-KLM Flying Blue. Boosting your Flying Blue balance is easy since the program partners with all major transferable points currencies. Book Promo Rewards tickets on the Air France or KLM website.
Related reading:
Additional reporting by Ehsan Haque, Clint Henderson, Andrew Kunesh and Benji Stawski.
Saving for the future can be a real challenge. It’s human nature to want to enjoy things now, so sacrificing today to put money aside for the years or even decades ahead is difficult for many.
As the saying goes, though, good things certainly come to those who wait. The sacrifices that you make now can have a profound impact on your future finances. In fact, you could easily have an extra half-million dollars for retirement, with only a little dedication and patience today.
How Much Could You Save in 30 Years?
Thanks to compound interest, the dollars you set aside today will continue to grow and grow over the years. The longer you let that money sit and compound, the larger your balance will grow.
Let’s say you decided to save $125 a week now (or $500 a month) in a high-yield savings account. You plan to contribute monthly, and don’t intend to touch that money for the next 30 years.
Over three decades, the actual contributions into your savings account would total an impressive $180,000. This number alone is nothing to scoff at, of course; with the power of compound interest, though, your balance could be expected to balloon by tens of thousands of dollars.
Of course, it’s impossible to know what interest rates will do in the years to come. We could see skyrocketing rates just as we could see APYs (annual percentage yield) plummet. However, let’s just see the math at today’s high-yield savings rates, for simplicity’s sake.
Image source: Investors.gov.
Using the calculator at Investor.gov, we can see that a $500 monthly contribution into a savings account earning 1.7% APY grows to $233,123.75 over time. That’s more than $53,000 in “free” money, thanks to compound interest.
Choose to put your savings in a certificate of deposit (CD) instead, and you may be able to earn even more. For instance, some CDs today offer around 2.2% APY. At that rate, your savings would grow to over $252,141 in 30 years, earning you an extra $72,141.72 on top of your monthly contributions.
With $500 monthly contributions
Earning an average of 1.2% APY
Earning an average of 1.7% APY
Earning an average of 2.2% APY
After 30 years
$180,000
$215,845.76
$233,123.75
$252,141.72
Growth
n/a
+$35,845.76
+$53,123.75
+$72,141.72
Where You Save Your Money Matters
As you can already see, it is important to put your money in an account that earns as much as possible, while also maintaining a risk level that keeps you comfortable. While a savings account or CD is a safe choice that still earns a modest return, you could earn even more by putting that extra $500 into a different savings vehicle.
Historically, 401(k) retirement savings accounts have an average rate of return somewhere in the 5-8% range. While your actual return is always contingent on market trends and the investments/risk tolerances you select, putting extra savings in your portfolio is a better way to earn even more than you would with a savings account.
“Between 1926 and 2018, the average annual return of the S&P 500 was about 10%. Adjust that 10% for inflation, and that brings you to an average annual, real return of 7%,” wrote The Motley Fool’s Catherine Brock.
Individual years may return more or less. Over decades, however, investing broadly in the stock market has actually been very predictable (though it’s always important to remember that past performance does not guarantee what happens in the future).
As an example, if you contribute $500 a month and earn an average return of 6.5% annually, your retirement account could easily grow to over $530,000 in 30 years. Even earning a below-average annual return of 4.5% would result in a balance of over $367,000, more than doubling your cash contributions in 30 years!
If you put your contributions in a…
Savings account earning 1.7% APY
CD earning 2.2% APY
401(K) with an average return of 4.5% annually
401(K) with an average return of 6% annually
Your balance after 30 years will be…
$233,123.75
$252,141.72
$375,404.70
$490,128.23
Of course, investments involve added risk and expenses, and returns aren’t guaranteed. However, you can easily see how much it matters when choosing where to put your savings.
If You Can’t Spare $500 a Month…
I understand setting aside $500 a month might be a stretch for some households. If that’s the case for you right now, don’t fret — you can still build an impressive nest egg by putting aside whatever you can.
For instance, let’s say you’re only able to save $100 a month. After 30 years, you will have contributed $36,000 out of your own pocket into savings, but thanks to compound interest, you may see a balance that’s much higher.
With $100 monthly contributions
Earning an average of 1.2% APY
Earning an average of 1.7% APY
Earning an average of 2.2% APY
After 30 years
$36,000
$43,169.15
$46,624.75
$50,428.34
Growth
n/a
+$7,169.15
+$10,624.75
+$14,428.34
Even earning a mere 1.2% APY with your savings account would earn you an extra $7,169. That’s money you didn’t work to earn, which can go toward your retirement expenses (or even a fun family vacation).
Save Now, Spend Later
The most important rule in saving is to set aside as much as you can as early as possible. Whether you’re able to put $500 a month into savings today or not, strive to put as much as possible into the account of your choosing.
Compound interest will work to grow your money over the years. The longer you save, the higher your savings will grow. And of course, as your career progresses and your financial situation changes, you can always increase those monthly contributions to earn even more.
With a little dedication (and some key discipline), today’s savings could easily be tomorrow’s comfortable nest egg.