Let’s start off with everyone’s least favorite kind of data. Without checking, do you know how much you have in debt? And how much of that total is interest?
Are you cringing? I certainly am whenever I think about how much debt I owe.
Turns out, we’re not just worried about debt, we’re planning our lives around it. CBS News reports that 74% of student loan borrowers in Gen Z and 68% of Millennials are putting off critical financial decisions — like saving for emergencies and building a retirement fund — because of student debt.
This crisis means there’s a huge market for Changed, a microsaving app that funnels your spare change directly toward debt payments.
What is Changed?
Changed uses the “round up” model popularized by other spare change apps like Acorns. The Changed app rounds your purchases to the nearest dollar and transfers the rounded-up amount to a bank account, which then sends the money to your loan issuers.
Changed was founded by Dan Stelmach, who figured spare change installments could help his debt load go from ridiculous to manageable. And an automated savings app could do the work for him.
In 2018, Stelmach and his brother Nick Sky pitched Changed on the reality show Shark Tank, walking away with an investment to kickstart the company. At the time of this writing, they’ve helped borrowers pay down over $25 million in total loan costs.
Read more: Student Loan Debt: Understanding the Growing National Crisis
How Does the Changed App Work?
Download Changed on the Apple App store (for iOS) or Google Play store (for Android). There are links to download on the Changed website.
First, you enter your basic sign-up information (address, birthdate, phone number). This is only used to set up your account.
Next, Changed opens an FDIC-insured savings account for you through the financial software company SynapseFI. Banking info is encrypted and secure, as with any savings account. The account is for storing your funds until they’re transferred to the student loan provider.
Then, you’ll enter your student loan information by linking to your loan servicer. Changed links up to almost all federal and private loan servicers — if your lender isn’t listed, let Changed know and they’ll help you add the info manually.
Changed walks you through where to find all your student loan stats, like your account number and the date your loans were issued. You can round up from multiple accounts, and from more than one servicer. You can also pick which account you want to fund first.
Read more: How Student Loans Work
Finally, you’ll link your Changed account to your checking or primary spending account(s). Changed doesn’t store your checking account info, it just has you log in through the app.
From there, the app looks at your spending patterns and starts setting aside your spare change. If you’ve used other microsaving apps, this pattern will be familiar.
Each time you make a purchase, Changed rounds the purchase amount up to the nearest dollar and saves the difference. If you buy a cup of coffee for $3.45, Changed would round up to $4 and save the extra 55 cents.
Once your total round-ups reach $5, the app transfers the money to your Changed savings account. Round-up transfers are limited to $10 a day so you don’t overdraw your checking account by accident.
Once the round-up amount in your savings account reaches $50 or $100, the app transfers the money from savings to your debt balances. Until then, the money’s still available to you. Loan payments take about five to 10 days to process, and Changed limits them to $500 per week.
It’s worth noting here that Changed payments do not replace your regular payment plan. (That would be nice, right?) Instead, they help you reach your payoff goal a little faster — or a lot faster — without much effort on your part.
Read more: The Pros and Cons of “Spare Change” Investment Apps
How Much Does Changed Cost?
Changed charges users $3 a month. The app is free to download; charges kick in once you start using it.
The monthly fee covers the cost of maintaining your savings account and moving money to your loan servicer. There’s no free trial period — once you start, you’re committed. Changed auto-renews your subscription each month. But the $3 fee covers all the site’s features, so you won’t be hit with extra charges.
Changed Features
Progress Screens
Changed lets you see your repayment progress in real time, which can be super motivating.
You can toggle between a few different screens on the app. The home screen has a nifty visual to show how the money you’ve “squirreled” away is adding up.
Other screens show you:
Round-up amounts from each purchase
Extra payments applied to your loans each month
How much each payment saves you in student loan interest
How much you could save over time
How early you could pay off your loans
Pick Your Savings Speed
Changed has a few different savings speeds — Budget, Standard, and All mode — which you can select or change. This is a good feature for people whose income or expenses fluctuate.
You can also pause transfers for 15, 30, or 60 days if you need to budget money toward other goals for a while.
Extra Payments
On the other hand, if you want to accelerate your savings speed, Changed is all for it. The “BOOST” rocket on your home screen lets you make an additional single or repeated transfer of $1-20 toward your loan principal, on top of the money you’re already saving.
Read more: Principal Only Vs. Principal and Interest. Which is Better?
Link a Credit Card
If you can link your checking account to a credit card account, Changed will round up your credit card purchases. Round-ups go through the checking account so the charges don’t raise your credit card interest.
Have Another Payer Help Out
If a family member or loved one is chipping in to help you with loan costs, Changed lets them sign up for their own account. They’ll link their own checking accounts, but they’ll need your info to link their loans. You can also use this feature if you’re giving a helping hand to someone else.
Other Features
For those who want or need to refinance, Changed has a ton of bank offers on the site so you can compare interest rates.
If you have time and want to be really extra — by referring a friend, buying from a Changed sponsor, or taking their “Know Your Loan” course — Changed gives you “perk points” which enter your name in a weekly drawing to win free payments.
Read more: Student Loan Refinance Options
Stash My Cash
Changed can also help you build your savings accounts. You can choose to split your round ups and put some in savings and some to debt.
For example, you can choose to put 75% of your change towards debt but move 25% of the money into your savings account.
This will help you meet other goals while you still make progress towards your debt.
My Experience Researching Changed
I found Changed to be refreshingly forthcoming about the limits of their automated savings app. They follow federal guidelines about which loan costs to pay first — fees, interest, and principal, in that order — and they don’t promise that payments will go directly to the principal.
Their main communication method is email; I couldn’t even find a phone number on the site. I prefer email contact, so that’s fine with me.
But down to brass tacks: How much money would I save with this app? Changed, like most micro-saving apps, can’t give you an estimate before they look at your spending patterns — round-up amounts can be all over the place depending on your spending habits.
I figured many of us could spend enough to make $50 in round-ups in the average month. Then I crunched some of the latest available averages on student loans from Education Data:
The average federal student loan debt per borrower is about $37,693.
The average monthly student loan payment is around $460.
The average interest rate is a rounded 6%.
So, let’s say a borrower pays off a $37,693 loan at a 6% interest rate for 10 years.
Without any microsavings from Changed, they’d make an average monthly payment of $418.47. Their total interest would add up to $12,523.35.
With $50 a month in Changed microsavings, their average monthly payment would go up to $468.47. Their total interest would be lower, since they’re paying down the loan more quickly — just $10,648.63.
Changed would save this borrower $1,874.72 in total interest payments over the loan’s life. Even subtracting the $360 you’d pay in 10 years of Changed fees, that’s still $1,514.72 saved in interest.
These savings may be even higher if you have a larger loan principal or save more through round-ups.
It’s hard to argue with these numbers, so I may have to give Changed a try.
Who Should Use Changed?
People Who Struggle to Prioritize Extra Loan Payments
Part of the magic of spare change apps is that they take away the cognitive work of saving money, or the part where you have to remember to transfer a little extra into savings (on top of all the other things you have to remember).
If you’d like to make extra loan payments but you doubt you’ll actually make it happen, Changed may be for you.
People with Competing Financial Priorities
Micro-saving apps are designed so you don’t miss the extra round-up cash, because the transfers are so small. Maybe you want to apply heftier payments to other debts with higher interest rates, like credit cards. Changed makes sure you’re not neglecting your loans in the process.
Borrowers with Single or Multiple Loans
If you have more than one loan and you want to direct payments to a specific loan first, Changed can arrange this for you.
Borrowers in Deferments or Grace Periods with their Student Loans
Changed lets you get an early start on loan payments if you can, without affecting your repayment status.
Frequent Debit or Credit Card Spenders
The more you spend, the more round-ups you’ll have (within the $10 daily limit). If you already spend a lot on your debit or credit card each month, you’re likely to build savings quickly.
Who Shouldn’t Use Changed?
People Who Want Full-Service Repayment Assistance
While Changed has some borrower education, it doesn’t offer specific guidance — like comparing different repayment plans or exploring your options for loan forgiveness. It can work in tandem with other debt management resources, but not as your only resource.
People Who Use Other Round-Up Apps
More specifically, if you already use a no-fee spare change app or you’re already budgeting to make extra payments to your loan servicer, you probably don’t need Changed. The fee covers the work of Changed taking these steps for you.
People Who Want to Pay off Their Debt ASAP
Changed doesn’t pay your loan providers until you’ve gotten to $50 or $100 in your round-up savings, which could take some time. Setting aside extra money for student loan payments on your own may get the job done faster, if you have the funds to do so.
If you’re an active duty or veteran homeowner (or aspiring home buyer), chances are you’ve heard of Veterans United Home Loans.
They are the largest VA home purchase lender in the nation. And have been since 2016 (seven consecutive years).
Their specialty is providing financing to veterans looking to buy homes. And about 75% of their overall business consisted of purchase loans.
In 2022, the Missouri-based lender also took the overall lead in the VA lending category.
So chances are they’re pretty knowledgeable when it comes to helping military members buy homes. Read on to learn more.
Veterans United Home Loans Fast Facts
Direct-to-consumer mortgage lender
Founded in 2002, headquartered in Columbia, Missouri
A DBA of Mortgage Research Center, LLC
Focuses primarily on VA loans but offers FHA and conventional too
Licensed to do business in all 50 states and D.C.
The #1 VA lender nationally in 2022
Funded $26.5 billion in VA loans last year
30th largest home loan lender overall
Has physical branches in 17 states
As noted, Veterans United Home Loans is a juggernaut in the VA lending world, having ascended to the top of the pile in 2022, per HMDA data.
Last year, the company funded more than $31 billion in home loans, with about 95% of it VA loans.
They also doled out nearly $2 billion in conventional loans, FHA loans, and even some USDA loans. But they’re clearly best known for being a VA loan lender.
Veterans United acts as a direct-to-consumer retail mortgage lender, offering both home purchase loans and refinances.
The company got its start all the way back in 2002 and is headquartered in Columbia, Missouri.
Since inception, they’ve closed more than 500,000 VA loans with the help of many former military members that make up their staff.
The company also recently hired hilarious movie star (and former member of the United States Marine Corps Reserve) Rob Riggle as a spokesperson.
At last count, they also have physical branch locations in 17 states nationwide.
The company operates a network of Veteran-friendly real estate agents known as Veterans United Realty.
And offers credit consulting to help borrowers improve their credit scores to help qualify for a home loan.
How to Apply with Veterans United
To get started, you can call them directly, head to their website, or go to a physical branch if one is located nearby.
If you go the online route, they’ve got a quote generator that asks a series of questions, then puts you in touch with a loan officer.
From there, you can check eligibility, gather pricing, and eventually complete a VA loan application electronically.
Once your loan is submitted, you’ll be able to manage your application via myVeteransUnited.
The dashboard allows you to securely upload documents, sign forms and disclosures electronically, monitor your progress, get in touch with your lending team, and more.
They also offer a free smartphone app that allows you to get pre-approved for a mortgage, view your to-do list, or upload photos of requested documents.
All in all, they make it easy to get through the home loan process, and are well-versed in both VA eligibility and financing protocol overall.
This means you should be paired with knowledgeable staff, while having flexibility in terms of how you complete the loan process.
Loan Programs Offered by Veterans United
Home purchase loans
Refinance loans (IRRRL and VA cash out)
Jumbo VA loans
VA Energy Efficient Mortgages
Loans for first-time home buyers
FHA loans
Conventional loans (non-gov)
Veterans United offers both home purchase loans (their specialty) and refinance loans.
This includes the VA Interest Rate Reduction Refinance Loan (IRRRL), the VA cash out refinance, and even the VA Energy Efficient Mortgage (EEM).
You can also get a jumbo VA loan if purchasing or refinancing in an expensive region of the country.
Eligible property types include primary single-family homes, VA-approved condos, multi-unit properties, and even modular homes.
While they don’t seem to market non-VA loans, they did originate nearly $2 billion in conventional loans, FHA loans, and USDA loans last year.
So my assumption is they also offer those types of loans alongside their core VA offerings.
In terms of qualifying, they appear to require a minimum 620 FICO score, which might be a hurdle for some.
While the VA doesn’t have a minimum credit score, some lenders are more liberal than others. For example, Rocket Mortgage allows scores down to 580 for VA loans.
If your scores are below their minimum requirement, the company’s credit consulting group might be able to assist.
Veterans United says it does not lend on manufactured homes, nor does it offer VA construction loans.
With regard to loan type, they only offer fixed-rate mortgages, such as a 30-year fixed or 15-year fixed.
No second mortgages or home equity loans/lines are offered.
Veterans United Mortgage Rates
One nice thing about Veterans United transparency-wise is they list their daily mortgage rates online.
So you don’t have to guess how competitive they are – simply head to their website and click on the “VA loan rates” link.
You’ll see daily rates for a 30-year fixed VA purchase loan and 30-year fixed VA refinance loan, along with the discount points required.
If you want to fine-tune rates, they allow you to customize your rate based on credit score.
For more accurate and robust pricing, reach out to a licensed loan officer for a quote.
While they do publicize their mortgage rates, it’s unclear what lender fees they charge.
Pay close attention to your quoted APR and read your loan estimate to see what lender fees are charged, if any.
Some lenders charge a loan origination fee and/or fees for underwriting, processing, etc., while others do not.
Take the time to compare their quote to other lenders, both those that specialize in VA loans and perhaps those that don’t. You can also include mortgage brokers in your comparison shopping.
Veterans United Reviews
Veterans United has no shortage of customer reviews.
Over at Trustpilot, Veterans United has an “excellent” 4.9/5 rating from nearly 10,000 customer reviews.
And at Zillow, a very good 4.78/5-star rating from over 5,100 customer reviews.
On Google, they’ve got a 4.8/5 rating from roughly 4,500 reviews, and a perfect 5.0 on Bankrate from 3,300 reviews.
What’s more impressive is 100% of reviewers on Bankrate would recommend them to others.
At LendingTree, they have a 5/5 score from 3,100+ reviews, a 99% recommended score, and landed in the top-10 for customer satisfaction in Q4 2022.
If that’s not enough, they’ve got a 4.9 out of 5 from nearly 3,000 reviews on Credit Karma.
They also have over 346,000 reviews on their own website, with a 4.8 out of 5 average satisfaction rating and a 98% recommend score.
Lastly, they are a Better Business Bureau (BBB) accredited company, and currently hold an ‘A+’ rating based on complaint history.
However, they have had 150 complaints over the past 3 years, per the BBB website.
On the upside, they have a 4.82/5 rating on the BBB website based on nearly 2,500 customer reviews, which is a pretty solid score.
To sum things up, Veterans United is probably one of the most experienced VA home loan lenders out there, especially when it comes to purchase loans.
But take the time to comparison shop and don’t overlook rates and fees, which can stay with you a lot longer than the month or two it takes to close on a mortgage.
Veterans United Pros and Cons
The Good
Can apply online, by phone, or at a branch
Offers a digital, mostly paperless mortgage experience
All major VA loan types available (and non-VA loans as well)
Displays their daily mortgage rates online
Excellent customer reviews across many ratings websites
A+ BBB rating, accredited company
Free smartphone app
The Maybe Not
Doesn’t lend on manufactured housing
No ARMs, second mortgages, or VA construction loans
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At a glance
BANKRATE AWARDS 2023 WINNER
Best auto insurance company overall (tie)
See why it won
4.4
Rating: 4.4 stars out of 5
Bankrate Score
Caret Down
Auto
Rating: 4.4 stars out of 5
4.4
Caret Down
Cost & ratings
Rating: 4.6 stars out of 5
4.6
Coverage
Rating: 4 stars out of 5
4.0
Support
Rating: 4.7 stars out of 5
4.7
Home
Rating: 0 stars out of 5
0.0
About Bankrate Score
Bottom Line
Policyholders who value cheaper car insurance and digital capabilities over bundling multiple insurance policies with the same company might consider Geico as their company of choice.
Low average premiums for high-risk drivers
Robust online and mobile app accessibility
Multi-policy discounts available
Avg. annual auto insurance premium for full coverage: $1,353
Avg. annual auto insurance premium for min coverage: $373
Avg. annual home insurance premium for $250k dwelling coverage: $
Customer service: 1-800-207-7847
Claims: Claims can be filed and managed online through Geico’s website or mobile app, or by calling its toll-free claim number at 1-800-841-3000. For a comprehensive list of claims numbers, please visit the company’s claims reporting page.
Emergency roadside assistance: This can be done online through Geico’s website or mobile app, or by calling 1-800-424-3426.
Answer a few questions to see personalized rates from top carriers
Geico car insurance
Geico car insurance received a Bankrate Score of 4.4 out of 5 points. To determine this Score, our insurance editorial team reviewed Geico’s average premiums, coverage options, discounts, customer satisfaction, financial strength and digital insurance features. The better a company performed in each of these categories, the higher its overall Bankrate Score.
Along with its high Bankrate Score, Geico was also named one of this year’s best car insurance companies overall, as well as the best budget car insurance company in the 2023 Bankrate Awards. Thanks in part to its overall lower-than-average premiums and plentiful discount opportunities, Geico may be a good choice for drivers looking for a cheap premium. Average Geico car insurance rates are also significantly cheaper than the national average when adding a young driver to the policy.
Bankrate Award winner for best auto insurance company overall and best budget auto insurance company
Bankrate’s insurance editorial team has decades of combined industry experience, and we use our expertise to uncover the best insurance companies through our annual Bankrate Awards.
Our goal is to give consumers an easy way to find a company that fits their unique circumstances. Based on our extensive research, we’ve recognized Geico as a 2023 Bankrate Award winner for the best overall auto insurance company and the best budget auto insurance company.
Why Geico won
Geico offers below-average auto insurance rates as well as a solid mix of coverage options, discounts and digital tools. These factors, combined with customer satisfaction and financial strength scores, earned Geico Bankrate Awards for best overall auto insurance company and best budget auto insurance company.
To choose the best overall auto insurance company, we started by gathering information from over 150 insurance companies. We researched average quoted annual premiums obtained from Quadrant Information Services for all 50 states and Washington, D.C., because we know that price is a top concern for many shoppers. We also know that service and financial strength are important, so we also evaluated third-party scores and ratings from J.D. Power, the National Association of Insurance Commissioners (NAIC), AM Best, Standard & Poor’s (S&P) and Moody’s. To ensure that we chose companies that offer the coverage that drivers need, we next reviewed available coverage options and discounts. Finally, we considered each company’s local agency presence, digital tool functionality, corporate sustainability and national availability (which we define as being available in at least 48 states, since Alaska and Hawaii often present unique challenges to insurers). While our Bankrate Awards can serve as a helpful guide, keep in mind that each insurance company has its own underwriting and pricing regulations, which means eligibility and rates will vary. We chose to feature two companies, Amica and Geico, as the best overall to help a wider range of drivers.
Price was the most important factor as we looked for the best budget auto insurance company. We obtained average quoted premiums from Quadrant Information Services for all 50 states and Washington, D.C., then analyzed the rates by a number of driver profiles. We weighed the national average rate most heavily in our analysis, but also considered coverage options, discounts, third-party scores and digital tools. Geico consistently offers low average rates and has a long list of discounts that could lower premiums even more.
Geico car insurance is available in all 50 states and Washington, D.C. Its coverage options are generally standard, and it does not have as many optional add-ons as some other car insurance carriers. The only additional options listed on Geico’s website are emergency roadside service, rental reimbursement and mechanical breakdown insurance.
Pros and cons of Geico car insurance
If you’re comparing auto insurance rates, considering Geico’s pros and cons might help you in your decision.
PROS
Checkmark
Average rates are lower than the national average
Checkmark
Average rates for drivers with an at-fault accident or moving violation on their record may be more affordable than competitors
Checkmark
Robust digital tools for online policy management
CONS
Close X
May have limited local agencies for those who want in-person support
Close X
Fewer optional coverage add-ons than competitors
Close X
Mobile app is highly-rated in the app store, but the company scored below the segment average for service in the J.D. Power U.S. Insurance Digital Experience Study
Geico car insurance cost
Based on Bankrate’s study of rate data from Quadrant Information Services, Geico is one of the cheapest car insurance companies. Its 2023 average cost of car insurance is $1,353 per year for full coverage and $373 per year for minimum coverage. This is notably lower than the 2023 national average cost of car insurance at $2,014 per year for full coverage.
Geico car insurance rates by driving history
Car insurance companies may weigh driving records heavily when it comes to calculating car insurance rates. An at-fault accident or moving conviction, such as a speeding ticket or DUI, could make your car insurance more expensive compared to a driver with no accidents or tickets on their record. Below is a comparison of rates for drivers with different driving histories. A DUI conviction has been excluded as some insurance carriers may not accept drivers with a DUI.
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Geico average monthly full coverage premium
Geico average annual full coverage premium
National average annual full coverage premium
Clean driving history
$113
$1,353
$2,014
Speeding ticket conviction
$138
$1,658
$2,427
At-fault accident
$166
$1,988
$2,854
Geico average monthly minimum coverage premium
Geico average annual minimum coverage premium
National average annual minimum coverage premium
Clean driving history
$31
$373
$622
Speeding ticket conviction
$38
$455
$748
At-fault accident
$46
$551
$892
Geico car insurance quotes by age
The age of a driver and the years of driving experience they’ve accumulated may also play an important role in determining car insurance rates. Young drivers and those who are newly licensed typically pay more for car insurance than drivers with more years of experience behind the wheel. Average insurance rates by age show that auto insurance premiums do tend to decrease over time until your 60s, but you may be able to find the best car insurance rate at any age by compiling car insurance quotes.
Below are comparisons that show young drivers both on and off their parents’ policy, as well as how they compare to other age groups. All rates are for drivers with a clean driving record.
Average cost of car insurance for drivers on their parents’ policy
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Geico average monthly full coverage premium
Geico average annual full coverage premium
National average annual full coverage premium
Age 16
$248
$2,977
$4,392
Age 17
$229
$2,753
$4,102
Age 18
$210
$2,523
$3,837
Age 19
$184
$2,212
$3,345
Age 20
$171
$2,054
$3,149
Geico average monthly minimum coverage premium
Geico average annual minimum coverage premium
National average annual minimum coverage premium
Age 16
$74
$886
$1,470
Age 17
$68
$811
$1,362
Age 18
$61
$733
$1,261
Age 19
$53
$633
$1,070
Age 20
$48
$580
$995
Average cost of car insurance for drivers on their own policy
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Geico average monthly full coverage premium
Geico average annual full coverage premium
National average annual full coverage premium
Age 18
$337
$4,048
$6,110
Age 25
$132
$1,584
$2,473
Age 30
$116
$1,389
$2,125
Age 40
$113
$1,353
$2,014
Age 60
$105
$1,264
$1,824
Geico average monthly minimum coverage premium
Geico average annual minimum coverage premium
National average annual minimum coverage premium
Age 18
$98
$1,175
$1,967
Age 25
$36
$432
$747
Age 30
$32
$379
$647
Age 40
$31
$373
$622
Age 60
$29
$352
$578
You may be eligible for a discount if you are a member or employee of a participating affiliate company or organization.
Both active duty and retired military policyholders, as well as members of the National Guard or Reserves, may save up to 15 percent on Geico auto insurance.
Geico provides up to 25 percent off car insurance for service members who experience an emergency deployment.
This usage-based telematics program tracks participating members’ driving habits and may offer premium discounts to safe drivers.
Geico may extend a discount to policyholders who insure multiple vehicles on the same policy.
Full-time students who maintain a strong academic record may receive a discount of up to 15 percent.
Geico car tools and benefits
Geico has partnered with TrueCar to create its Geico Car Buying Service. With this program, Geico policyholders can research their desired car’s market value and receive assistance from TrueCar’s Certified Dealers. After purchasing their vehicle, Geico members can use Geico Mobile’s Vehicle Care app, created through a partnership with CARFAX, to track their service history, access recall information and set maintenance reminders.
Drivers 50-years-old and older in certain states may qualify for policy renewal for life through Geico’s Prime Time contract. However, there are eligibility requirements. For example, there can be no drivers listed on the policy under the age of 25, no drivers on the policy can have received a violation or been involved in an accident in the past three years, and you can’t use your vehicle for business purposes. Still, this unique contract could provide peace of mind for those who are eligible.
Geico home insurance
Geico does not write its own home insurance policies, but it works with non-affiliated insurance companies to provide homeowners insurance quotes to interested customers. The policies are secured through GEICO Insurance Agency, LLC, and may require additional research to see if they offer the best homeowners insurance for your needs. Although coverage options and discounts may vary based on the partner company, Geico does advertise a bundling discount for auto insurance customers who add a property insurance policy through the carrier.
Geico life insurance
Similar to its home insurance policies, Geico life insurance is offered through partner companies.
Geico’s partnered life insurance offerings are available in three policy types: term life, whole life and universal life insurance. Term life insurance provides coverage for a specific amount of time, such as 10 or 30 years, and is typically used to replace lost income and cover future expenses if the policyholder passes away during the policy term. Customers may be able to obtain a term life insurance policy through Geico’s partner companies with no medical exam, but they will likely still have to fill out a health and lifestyle questionnaire.
Whole life insurance and universal life insurance are both types of permanent life insurance. These policies do not have a policy end date as long as policy terms are fulfilled. In addition to helping with income, permanent life insurance policies could also be an integral part of estate planning.
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Geico customer satisfaction
Bankrate analyzes a variety of metrics to evaluate an insurance company’s customer satisfaction, including third-party scores issued by J.D. Power. Every year, J.D. Power studies customer satisfaction, claims satisfaction and digital experience for various insurance companies across the country and issues them scores in each subject, with 1,000 being the highest score possible.
Our editorial team also considers the National Association of Insurance Commissioners (NAIC) complaint index. The NAIC keeps track of how many complaints are lodged against an insurance company and translates this data into a complaint index score. To understand this data, know the baseline (or average) amount of customer complaints is 1.0. A complaint index score higher than 1.0 means the company receives more complaints on average for its size and vice versa.
Geico auto satisfaction
Geico’s scores in the J.D. Power 2022 U.S. Auto Insurance Study vary depending on the region. Although it often scored above the segment average, it fell short in Texas and the Mid-Atlantic and Southeast regions. Additionally, it landed just above the industry average for claims satisfaction in the J.D. Power 2022 U.S. Auto Claims Satisfaction Study.
Geico’s full-service mobile app and online customer portals may be a big perk for tech-savvy shoppers. While it is true that the app is highly-rated on the App store and Google Play, the company fell under the segment average in the service category in the J.D. Power 2022 U.S. Insurance Digital Experience Study. Consumers may be more satisfied with Geico’s online sales flow as the company scored above average in the shopping category.
Regarding the NAIC complaint index, Geico has fewer complaints, on average, about its private passenger auto insurance for a company of its size, with a complaint index of 0.68. This index may indicate that Geico’s auto insurance policyholders are generally happy with the company’s service.
How to file a claim with Geico
Filing a claim with Geico can be done online through its website or the mobile app. Policyholders may also call the company’s claims line at 800-841-3000.
As Geico homeowners insurance is offered through partner companies, contact information for property claims may vary based on the company that writes your policy. A comprehensive list of property claims contact numbers can be found on Geico’s website.
Geico availability
Geico is available in all 50 states and Washington, D.C.
Other Geico perks worth considering
Auto insurance may be Geico’s most popular product, but customers can also access the following:
Travel insurance: Offered through Berkshire Hathaway Travel Protection, this insurance could help insure your travel costs including trip cancellations, lost or stolen travel documents or unplanned medical costs.
Jewelry insurance: Geico has partnered with Jewelers Mutual Insurance Group to help customers insure valuable and sentimental jewelry against theft, damage and loss.
Pet insurance: Caring for a pet can be a major expense, but pet insurance may help decrease some of the costs. Geico works with partner insurance carriers to provide coverage for most accidents, non-pre existing illnesses, dental care and more.
Geico corporate sustainability
Geico supports three main initiatives through the Geico Philanthropic Foundation: education, community engagement and equity, justice, diversity and inclusion. The Foundation has donated an average of $6-8 million annually to over 7,000 charities in the last twenty years. It encourages policyholders and the wider public to submit their 501(c)(3) non-profit organizations for donation consideration, provided that the non-profit meets Geico’s criteria. Nominations can be made from the start of the year to November 30.
Not sure if Geico is right for you?
If you’re still wondering if Geico could be a good fit for your insurance needs, you may want to consider requesting quotes from the companies below:
Geico vs. Esurance
As a fully digital insurance company, Esurance offers a robust digital app experience and may be another good option for those who want to manage their own policies. Its telematics DriveSense mobile app may allow Esurance customers and non-policyholders to earn rewards and discounts by tracking real-time driving habits and behaviors. However, Esurance does not advertise as many discounts as Geico and has higher average auto insurance premiums.
Learn more: Esurance Insurance review
Geico vs. Nationwide
Low-mileage drivers and those who want to build safe driving habits may appreciate Nationwide’s two telematics programs: SmartMiles and SmartRide. Nationwide could also be an option for those who want to bundle home and auto insurance with the same carrier, as the company writes its own homeowners insurance policies. Consumers should note that Nationwide did score below the industry average in J.D. Power’s auto claims satisfaction study.
Learn more: Nationwide Insurance review
Geico vs. Progressive
Progressive offers a long list of car insurance discounts as well as numerous home insurance discounts for those looking to save on both policy types. The company’s Name Your Price tool may also help customers take a price-first approach to their car insurance and find coverage that fits their budget. Progressive auto insurance is available in all 50 states, but homeowners insurance is not, so potential customers may want to verify availability when researching this carrier.
Learn more: Progressive Insurance review
Is Geico a good insurance company?
Bankrate’s insurance editorial staff includes three licensed agents, and we aim to share our intimate industry knowledge to help our readers choose the best insurance company that suits their needs. Insurance is complex, and we know that finding the right carrier isn’t always easy. That’s why we spend hundreds of hours each year conducting in-depth insurance company reviews.
Bankrate’s Geico insurance review also revealed that the company does not underwrite many insurance products other than car insurance. However, its partnerships with non-affiliated companies could allow customers to purchase most types of insurance including home, umbrella and life. Additional research may be required on these carriers to see if they’re the right fit.
Clock Wait
46
years of industry expertise
122
carriers reviewed
20.7K
ZIP codes examined
Dollar Coin
1.2M
quotes analyzed
Methodology
Auto
Bankrate utilizes Quadrant Information Services to analyze 2023 rates for ZIP codes and carriers in all 50 states and Washington, D.C. Rates are weighted based on the population density in each geographic region. Quoted rates are based on a 40-year-old male and female driver with a clean driving record, good credit and the following full coverage limits:
$100,000 bodily injury liability per person
$300,000 bodily injury liability per accident
$50,000 property damage liability per accident
$100,000 uninsured motorist bodily injury per person
$300,000 uninsured motorist bodily injury per accident
$500 collision deductible
$500 comprehensive deductible
To determine minimum coverage limits, Bankrate used minimum coverage that meets each state’s requirements. Our base profile drivers own a 2021 Toyota Camry, commute five days a week and drive 12,000 miles annually.
These are sample rates and should only be used for comparative purposes.
Age: Rates were calculated by evaluating our base profile with the ages 18-60 (base: 40 years) applied. Depending on age, drivers may be a renter or homeowner. Age is not a contributing rating factor in Hawaii and Massachusetts due to state regulations.
Incidents: Rates were calculated by evaluating our base profile with the following incidents applied: clean record (base), at-fault accident and single speeding ticket.
Bankrate Scores
Our 2023 Bankrate Score considers variables our insurance editorial team determined impacts policyholders’ experiences with an insurance company. These rating factors include a robust assessment of each company’s product availability, financial strength ratings, online capabilities and customer and claims support accessibility. Each factor was added to a category, and these categories were weighted in a tiered approach to analyze how companies perform in key customer-impacting categories.
Like our previous Bankrate Scores, each category was assigned a metric to determine performance, and the weighted sum adds up to a company’s total Bankrate Score — out of 5 points. This year, our 2023 scoring model provides a more comprehensive view, indicating when companies excel across several key areas and better highlighting where they fall short.
Tier 1 (Cost & ratings): To determine how well auto and home insurance companies satisfy these priorities, 2023 quoted premiums from Quadrant Information Services (if available), as well as any of the latest third-party agency ratings from J.D. Power, AM Best and the NAIC, were analyzed.
Tier 2 (Coverage & savings): We assessed companies’ coverage options and availability to help policyholders find a provider that balances cost with coverage. Additionally, we evaluated each company’s discount options listed on its website.
Tier 3 (Support): To encompass the many ways an auto insurance company can support policyholders, we analyzed avenues of customer accessibility along with community support. This analysis incorporated additional financial strength ratings from S&P and Moody’s and factored a company’s corporate sustainability efforts.
Tier scores are unweighted to show the company’s true score in each category out of a possible five points.
Half of Americans Won’t Be Able to Afford Their Standard of Living in Retirement: Here’s What You Can Do | SmartAsset.com
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Will you have to downsize in your retirement?
Many families plan to adjust their lifestyles in retirement. They swap the family house, say, for a smaller home. Or they move to a less expensive community. When this is a choice, it can be an excellent way to slow down and stretch the value of your portfolio.
Unfortunately, for many households, downsizing won’t just be an option. It will be a necessity.
That’s the result of a recent study published by Boston College’s Center for Retirement Research. The CRR researches the many different financial and lifestyle issues that surround modern retirement and publishes a statistic called the National Retirement Risk Index. This index measures how many households have less in retirement savings than they will need in the years ahead.
For hands-on help planning your retirement, consider matching for free with a vetted financial advisor.
What the CRR Study Says
The CRR’s findings are stark. Fully half of the nation’s working-age households will not have enough money to maintain their standard of living once in retirement. Making matters worse, this study assumes a strong working and saving life in which people work until age 65 and annuitize their assets, and even accounts for Social Security income.
Instead, according to the CRR’s findings, millions of households will have to cut back on both luxuries and necessities in order to survive. The specifics will range based on the needs of any given individual. In some cases, retirees won’t be able to enjoy some of the same things that made them happy in their working years. They might have to go out for dinner less often, for example, or they may no longer be able to travel.
For other people the situation will get more dire. In order to survive, retirees will have to sell valued assets like a family home or may have to skip necessities like food and medication.
The National Retirement Risk Index is based on the concept of income replacement. Essentially, how effectively can the proceeds of a retirement portfolio replace working income? It isn’t a one-to-one relationship, because, once retired, most households need less money to maintain the same standard of living on a day-to-day basis. You no longer have to save for retirement, for example. You typically pay less in taxes, no longer have dependents to support, have paid off the mortgage on your house and in general have fewer costs. For many households, the rule of thumb is that your retirement portfolio needs to replace 80% of your working income in order to maintain the same standard of living.
Yet half of all households will fall short of even that 80% mark by at least 10 points, the level at which the NRRI considers a household “at risk.”
Underprepared For Retirement – A Wider Trend
This is the latest survey to emphasize what financial experts have been warning of for years: There is a retirement crisis brewing in America.
Around the late 1970s and the early 1980s, the economy shifted from what is called “defined benefit” retirement planning to “defined contribution.” Instead of receiving a guaranteed pension from their employers, most workers were enrolled in the now-common 401(k) plans. This has system has struggled to keep up with workers’ needs, however, and in the decades since there has been a growing concern that households simply have not been able to save up the money they will need to pay for retirement.
The National Retirement Risk Index has found this consistently to be the case. Since 2004, it has found that about half of households surveyed do not have the money they will need to maintain their standard of living in retirement.
Previously, older generations were less at risk, as in 2004 many older households still reflected the more generous retirement plans and pay scales of a previous era. In the most recent publication, however, that difference has been erased. Now the NRRI finds equal risk across all age groups. The center has also found this broadly true across most income groups as well. Even across high-income households (defined as $85,000/$248,000 or more for single/married households), 41% of all households surveyed fall below their own replacement level of savings.
As to what policymakers can do to address this crisis, there are many proposed solutions. Yet arguably two of the biggest issues when it comes to addressing retirement shortfalls are time and money.
From the perspective of time, effective solutions will differ across various households. Policymakers may be able to help younger households through a series of employer- and tax-based options, helping people to get more income and to save up more in their retirement accounts during their working lives. This can be an effective solution for someone who has decades of growth left ahead of them. However this problem is equally stark for households that are just a few years away from retirement, and they likely do not have the time to catch up through savings and investment. Households approaching retirement are likely to founder without a simple plan to get them more money.
Which is the other problem. Ultimately, the retirement crisis is about money. Households need more of it, and it will have to come from somewhere. Whether the government spends this money directly through Social Security overhauls or whether an employer does so by reintroducing pensions or boosting benefits and pay, this comes down to somebody, somewhere cutting a check. Finding those funds remains one of the biggest problems when it comes to solving the retirement crisis.
That solution needs to come soon, however, because the Boston College findings are quite clear. For millions of Americans, retirement will not be something to look forward to. It will be an era of struggle and want.
But this does not have to be your own experience.
Saving for retirement is a massive project that should last for your entire career. Ideally, you can begin setting aside money as early as possible. Even just a small amount of savings in your 20s can add up to a significant nest egg by the time you reach your 60’s. If you have children, you can do the same for them. Making modest contributions to a portfolio that can grow over 60 years will be one of the best ways you can help young children get a head start on life. But no matter what age you’re at, it’s never too soon or too late to start.
Beyond that, the rule of thumb is 10%. Whenever possible, set aside 10% of your salary into retirement savings. If you have an employer with a matching 401(k), maximize that, followed by Roth IRA and Roth 401(k) accounts.
Don’t just rely on rules of thumb though. Use tools like our retirement calculator to reverse engineer your savings plan. Start with a sense of how much money you will need in retirement, then work backwards to figure out how much you should be contributing in order to reach that goal. Even if the numbers are large, it’s better to have a clear plan than a best-guess approach.
Finally, if you do need to change your standard of living in retirement, begin planning for that early. Again, by understanding what you can contribute and how that can grow over time, you will have a sense of what’s possible from your retirement account. Make your plans from there. That will give you a degree of control over how you have to change your lifestyle, so that you’re making cuts that you’re comfortable with instead of scrambling to meet your needs as they arise.
Bottom Line
The Center for Retirement Research at Boston College released its latest National Retirement Risk Index, and its findings are grim. Fully half of all Americans will need to cut their standard of living in order to ever retire.
Retirement Tips
You’ve worked. You’ve saved. You have a portfolio that’s humming along. So, with all of that going for you, how can you know when you’re ready to retire?
But the best way to know how your retirement plan is to get professional help. A financial advisor can help you save and plan for retirement. Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Eric Reed
Eric Reed is a freelance journalist who specializes in economics, policy and global issues, with substantial coverage of finance and personal finance. He has contributed to outlets including The Street, CNBC, Glassdoor and Consumer Reports. Eric’s work focuses on the human impact of abstract issues, emphasizing analytical journalism that helps readers more fully understand their world and their money. He has reported from more than a dozen countries, with datelines that include Sao Paolo, Brazil; Phnom Penh, Cambodia; and Athens, Greece. A former attorney, before becoming a journalist Eric worked in securities litigation and white collar criminal defense with a pro bono specialty in human trafficking issues. He graduated from the University of Michigan Law School and can be found any given Saturday in the fall cheering on his Wolverines.
Webull is an online brokerage that offers commission-free trading on stocks, options, and ETFs. Key features of the platform include real-time market data, advanced charting tools, and a customizable newsfeed.
With most investing apps now offering commission-free trading, online brokers must find more creative ways to stand out. Robinhood, for example, is now offering a 1% match on IRA contributions. Webull, on the other hand, tries to place the focus on the customer by offering free stocks, fractional share investing, a user-friendly trading platform, extended hours trading, and 24/7 support.
But is Webull a suitable platform for beginner investors? In this Webull Review, I cover Webull’s trading platform, key features, pros and cons, and more.
About Webull
Launched in 2017, New York City-based Webull is a self-directed investment platform that offers commission-free trading. You can buy and sell stocks, options, exchange-traded funds (ETFs), and even cryptocurrencies. And unlike many newer online brokers, you can trade over-the-counter (OTC) stocks with Webull.
Webull describes itself as “a financial company with the customer at heart, the Internet as our foundation, and technology as our lifeblood.” The company delivers on this description by providing a user-friendly investment platform, free real-time quotes, multiplatform accessibility, full extended hours trading, and 27/7 online support.
Key Features
Zero Commissions
No deposit minimums
Hold crypto alongside stocks, ETFs, etc.
Taxable or IRA accounts available
Supports margin trading
Paper trading option
Access to initial public offerings (IPOs).
Webull Community allows you to share investment strategies with other investors on the platform.
24/7 online customer support
Free stock bonus, as well as a referral bonus program
Is Webull Legit?
Yes, Webull is 100% legitimate. They are a US-based broker-dealer, and a FINRA, SIPC, NYSE, and NASDAQ member. It’s estimated that Webull has more than 12 million users and over $40 billion in Assets Under Management (AUM).
At the time of this writing, the company has a rating of 4.4 out of five stars from more than 174,000 Android user reviews on Google Play and 4.7 out of five stars among more than 275,000 iOS user reviews on The App Store.
Unfortunately, they rate poorly with other major rating agencies.
Webull has a Better Business Bureau “F,” the lowest rating on a scale of A+ to F. It scores 1.07 out of five stars, though that rating is based on just 54 reviews.
The company doesn’t do much better with Trustpilot, where it rates 1.3 out of five stars, or “Bad”. However, it’s worth noting the Trustpilot rating is based on just 137 reviews.
Webull Account Types
Webull offers two taxable account types: cash and margin. With the cash account, your buying power is limited to the funds you have on deposit. The margin account allows you to use leverage for the purchase of securities in excess of the cash value of your account.
The margin account requires a minimum of $2,000 to be maintained in the account at all times. Since a margin account will involve leverage, you must maintain a minimum account balance of $25,000 for unlimited day trades (see below).
You can also open a Traditional, Rollover, or Roth IRA with Webull. Each user can have one IRA account, but you must have an individual account before you can open an IRA.
Day Trading Rules
According to FINRA rules, you can make no more than 4 day trades in a margin account within five business days; otherwise, you will be flagged as a pattern day trader (PDT). That will trigger the requirement of the $25,000 minimum balance.
Margin accounts are also available for LLCs, C-Corps, and S-Corps with 2X overnight leverage and 4X day trading leverage.
Webull Trading Platform
The platform offers intuitive tools and support for traders and supports extended hours of trading, both before and after the market closes.
You can do the following on the Webull trading platform:
Real-time quotes
Customizable screens
Stock market trading ideas from top traders
Sort stocks between top gainers, top losers, and most active and best-performing industries.
More than 50 technical indicators and 12 charting tools.
Quant Ratings to provide an overall rating for each stock based on objective data.
The ability to analyze your past trading performance to look for areas of improvement.
Real-time stock alerts to notify you of price action and technical conditions.
In addition, you can execute the following orders:
Limit order
Market order
Stop order
Stop-Limit order
Trailing Stop order.
Stop-Loss/Take-Profit orders (Bracket orders)
One-Triggers-the-Other order (OTO)
One-Cancels-the-Other order (OCO)
One-Triggers-a-One-Cancels-the-Other order (OTOCO).
Margin Trading
Webull offers margin trading for both long- and short positions. You must maintain a minimum account balance of $2,000 in your margin account to qualify for margin trading. The account will provide up to 4X buying power per day trades and 2X for overnight trades.
Webull Paper Trading
Webull offers their Paper Trading feature to help you learn how to trade or to become a better trader without risking real money. And unlike some paper trading accounts offered by other brokers, Webull Paper Trading comes with unlimited virtual cash.
You can take advantage of real-time quotes, explore integrated charts with indicators, and set up price alerts, the same as you would with live trading. The feature offers more than 50 technical indicators and 12 charting tools. Paper trading can be used for options trading practice.
Initial Public Offerings (IPOs)
IPOs are when a private corporation offers stock to the public for the first time. The stocks are in registration and awaiting listing on the secondary market. The registration phase allows the issuing company to raise capital from public investors, who will be the first to receive the stock as of the listing date. In theory, it’s an opportunity for investors to get in on a newly listed company as it is going public.
Webull makes IPOs available to investors. You can locate IPOs by going to the Market page, then to the IPO Center for a list of available offerings. You can even subscribe to notifications of upcoming IPOs as they become available.
Cryptocurrency
You can trade cryptocurrency on Webull commission-free. As is the case with most cryptocurrency exchanges, Webull charges a spread of 100 basis points on both the purchase and sale of crypto. You will need a minimum of $1 to begin trading crypto.
Crypto trading requires either a cash or margin account for crypto trading (no IRAs). You can trade 44 cryptos, including Bitcoin, Ethereum, Litecoin, Dogecoin, Stella Lumens, Ethereum Classic, Cardano, Tazos, USD Coin, and many more.
Crypto trading hours are from 5:30 p.m. to 6:30 PM, Eastern time, seven days per week (23 hours per day).
Crypto Wallet. Webull offers a crypto wallet so you can buy, sell, store, and transfer crypto to and from the wallet.
Stock Lending Income Program
This program allows you to earn extra income on fully paid stocks in your account. If you allow Webull to borrow certain stocks, you’ll be paid interest while those stocks are loaned out.
Apex Clearing, Webull’s clearing agency, will identify fully paid stock in your account, which is considered “in demand” based on the market. You will be paid 15% of the interest earned by Apex Clearing on the loaned stock.
For example, if Apex earns 10% per year, you’ll earn 1.5%. Interest earned through the program is credited daily and paid monthly.
Webull Community
Webull adds a social component to its investment platform. You can participate with millions of other Webull investors to discuss market and exchange strategies, and swap ideas with other investors.
How Does Webull Make Money if they Don’t Charge Fees?
Webull charges very few fees, but they do charge some. After all, they can’t stay in business without any revenue. Here is a list of Webull revenue sources:
Payment for Order Flow (PFOF). This is a common practice among commission-free retail brokers. When Webull sends trades to market makers, they receive rebates for the practice. This income flow is part of the reason why brokers can allow commission-free trading.
Securities lending. This is another common practice in the brokerage industry. Webull uses the services of Apex Clearing as their clearing agent. Through the Stock Lending Income Program, Apex can loan out investors’ shares to other investors and institutions, usually for short sales. Those borrowers will pay interest to Apex, a portion of which is rebated to Webull.
Interest on cash balances. Since Webull doesn’t pay interest on uninvested cash held by investors, the company retains any interest earned on those funds from outside sources.
Interest on margin trades. When you use margin to purchase securities, Webull charges interest which represents income to the company.
Deposit and withdrawal fees. Webull charges fees of between $8 and $45 per transfer for both deposits and withdrawals made by wire.
The basis point spread on crypto trades. Webull earns a 100-basis point spread on the purchase and sale of cryptocurrencies.
Other Features
Income Tax Reporting
Webull provides a consolidated Form 1099, which includes reporting information from 1099-B (transactions), 1099-DIV (dividend income), 1099-INT (interest), and 1099-MISC (other income and information). The form can be downloaded from the Webull app.
Account Protection
Webull is a fully regulated broker-dealer, and your account is protected by SIPC insurance for up to $500,000 in cash and securities, including $250,000 in cash. For additional protection, Webull offers two-factor authentication for an added step on accessing your account and to prevent unintended parties from entering your account.
Free Stock Bonus and Referral Bonus
Webull is currently offering a free stock bonus to include free fractional shares in two stocks. The stock will be worth between $3 and $3,000, which could make the bonus as high as $6,000 in total. You must be new to Webull and meet other eligibility requirements.
You can also receive fractional shares in four, eight, or 10 free stocks by depositing any amount into your new account within ten days. Each fractional share will be valued between $3 and $300. That means you can earn up to 12 fractional shares with a total value of as much as $9,000. Stock rewards must be claimed within 30 days, or the offer will expire.
Under the Webull Referral Bonus, refer family and friends to Webull, and you’ll receive three free shares of stock. Refer three friends, and you’ll receive nine shares. Once you’ve received nine shares, each successful referral will provide you with two free stocks. Each share of stock will be worth between $12 and $1,400.
Your referral must use your unique referral link, and the free stock will be issued when the new user opens a brokerage account with an initial deposit of at least $100.
How to Sign Up for a Webull Account
You can sign up for Webull from either the website or the mobile app by clicking “SIGN UP” at the top of the page. You’ll need to enter your phone number and a referral code if you have one.
Webull will require you to supply your name, US residential address, date of birth, taxpayer identification (Social Security number or individual taxpayer ID number), telephone number, and citizenship.
To verify your identity, Webull may ask for copies of your driver’s license, passport, or other information as necessary.
Due to Webull’s review process, it will take a minimum of 24 hours to open your account. More time may be needed if manual verification of information is required. Webull will perform a soft credit check, which will not negatively impact your credit score.
Funding Your Account
You’ll need to connect a bank account to fund your Webull account. Webull will make two micro-deposits to your account to confirm a valid account connection. Once verified, you’ll be able to begin transferring funds to and from Webull.
The easiest way to fund your account is through ACH transfers, which are free to complete. (Note that Webull charges domestic and international wire transfer fees.)
ACH deposits initiated before 4:00 PM Eastern time will give you instant buying power, enabling you to begin trading immediately. However, the instant buying power feature is a provisional credit representing a portion of the deposit. Full ACH deposits are generally available on the fourth or fifth business day after the ACH is initiated.
Alternatively, you can transfer securities from another broker into your Webull account. The transfer securities must match those available through Webull.
Webull Pros and Cons
There’s plenty to like about Webull, but the platform also has limitations. Here’s my list of Webull pros and cons.
Webull Pros:
No minimum initial investment
Commission-free trading
Get free stock when you open an account and make a deposit
Available crypto wallet where you can manage your cryptocurrency holdings
Connect with millions of investors in the Webull Community
24/7 online support
Webull Cons:
No joint taxable accounts, custodial or trust accounts
You can’t invest in mutual funds, penny stocks, or bonds
Must have a taxable account to open an IRA
No dividend reinvesting option
No interest on uninvested cash
Fees for domestic and international wire deposits and withdrawals.
Webull Alternatives
Before signing up with Webull, I recommend checking out these alternatives, which offer many of the same features as Webull.
Robinhood
Robinhood is a popular online brokerage that offers zero-commission trades of stocks, options, ETFs, and cryptocurrency. No minimum deposit requirement exists, but like Webull, Robinhood doesn’t allow bond or mutual fund trades. One very interesting feature: Effective December 2022, Robinhood now offers IRA accounts with a 1% match, the first online brokerage to do so.
According to Robinhood, “the IRA Match is an extra 1% that Robinhood adds to eligible contributions to your IRA. It’s not counted toward your annual contribution limits and is typically available to invest immediately.” For more information, check out our full Robinhood Review.
Public
Public is an easy-to-use trading app that is geared toward new investors. Like Webull and Robinhood, Public doesn’t charge any trading fees. You can also buy fractional shares and connect with other users in the Public social community. That said, intermediate traders will want to steer clear of Public due to their lack of advanced trading options – they don’t offer IRA accounts and have little in the way of market research tools.
Learn more in our Public Review.
Interactive Brokers
Interactive Brokers (IBKR) is a truly global trading platform offering investors access to 150 markets in 33 countries. You can also trade in more than 24 currencies. Like Webull, there are no commission fees on stock and ETF trades. Interactive Brokers is hands down the more powerful platform for sophisticated traders looking for access to global markets, but it may be overwhelming for new and intermediate investors.
Webull FAQs
Is Webull good for beginners?
Webull is a safe trading platform for new investors. Accounts are protected by SIPC insurance for up to $500,000, and the platform uses numerous security features, including two-factor authentication.
We also like that Webull has no minimum initial investment requirement, though you will need to deposit funds to begin trading. And as a beginning investor, you can certainly benefit from the paper trading account with unlimited virtual cash.
However, other investment brokers may be a better choice for new investors. Webull is designed primarily for active traders and those with at least an intermediate level of experience. Larger brokerage firms will be able to provide higher levels of customer service and a greater variety of account tools and educational services.
What is the minimum deposit for Webull?
There is no minimum deposit requirement for a Webull account, but a $2000 minimum balance is required for all margin accounts.
What is the downside to Webull?
The main drawbacks to Webull include the lack of a dividend reinvestment program and the inability to buy fixed-income and mutual fund investments.
Does Webull work in Canada?
Webull is a US-based online broker. Because it’s not registered in Canada, it’s not available to Canadian citizens.
Final Thoughts on Webull
Webull is an intuitive trading app where you can trade more than 40 cryptocurrencies on the same platform where you hold more traditional investments. They offer plenty of investment tools, including margin trading, day trading, and short sales.
And if you’re new to Webull or have friends to refer, you can take advantage of free stock bonuses.
While Webull is geared more toward intermediate and advanced traders, its intuitive trading platform shouldn’t overwhelm new traders. That said, beginner investors may want to give Robinhood and Public a long look before signing up with Webull.
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Many Americans have income that fluctuates from week to week. When incomes are unsteady, any unexpected expense can leave you coming up short. If you don’t have a fully funded emergency fund, you may find yourself looking around for loans to bridge the gap and get you to your next paycheck. Payday loans are out there, but at a high cost to borrowers. Before taking out a payday loan you may want to first make a budget. You can work with a financial advisor who can help you make a long-term financial plan that you can budget your finances to meet.
Payday Loans: Short-Term Loans with a High Price
What are payday loans? Say you’re still 12 days away from your next paycheck but you need $400 for emergency car repairs. Without the $400 your car won’t run, you won’t make it to work, you’ll lose your job and possibly lose your housing too. High stakes.
If you go to a payday lender, they’ll ask you to write a future-dated check for an amount equal to $400 plus a financing fee. In exchange, you’ll get $400. You’ll generally have two weeks or until your next paycheck to pay that money back. Say the financing fee is $40. You’ve paid $40 to borrow $400 for two weeks.
If you pay back the money within the loan term, you’re out $40 but you’re not responsible for paying interest. But the thing is, many people can’t pay back their loans. When that happens, the money they borrowed is subject to double-digit, triple-digit or even quadruple-digit interest rates. It’s easy to see how a payday loan can lead to a debt spiral. That’s why payday loans are illegal in some places and their interest rates are regulated in others.
When your loan term ends, you can ask your payday loan lender to cash the check you wrote when you agreed to the loan. Or, you can roll that debt into a new debt, paying a new set of financing fees in the process. Rolling over debt is what leads to a debt spiral, but it’s often people’s only choice if they don’t have enough money in their account to cover the check they wrote.
Are Payday Loans a Good Idea?
Not all debt is created equal. An affordable mortgage on a home that’s rising in value is different from a private student loan with a high-interest rate that you’re struggling to pay off. With payday loans, you pay a lot of money for the privilege of taking out a small short-term loan. Payday loans can easily get out of control, leading borrowers deeper and deeper into debt.
And with their high-interest rates, payday loans put borrowers in the position of making interest-only payments, never able to chip away at the principal they borrowed or get out of debt for good.
Payday Loans and Your Credit
Payday loans don’t require a credit check. If you pay back your payday loan on time, that loan generally won’t show up on your credit reports with any of the three credit reporting agencies (Experian, TransUnion and Equifax). Paying back a payday loan within your loan term won’t boost your credit score or help you build credit.
But what about if you’re unable to repay your payday loan? Will that payday loan hurt your credit? It could. If your payday lender sells your debt to a collection agency, that debt collector could report your unpaid loan to the credit reporting agencies. It would then appear as a negative entry on your credit report and lower your credit score. Remember that it takes seven years for negative entries to cycle off your credit report.
Having a debt that goes to collections is not just a blow to your credit score. It can put you on the radar of some unsavory characters. In some cases, debt collectors may threaten to press charges. Because borrowers write a check when they take out a payday loan, debt collectors may try to press charges using laws designed to punish those who commit fraud by writing checks for accounts with non-sufficient funds (these are known as NSF checks).
However, future-dated checks written to payday lenders are generally exempt from these laws. Debt collectors may threaten to bring charges as a way to get people to pay up, even though judges generally would dismiss any such charges.
Alternatives to Payday Loans
If you’re having a liquidity crisis but you want to avoid payday lenders, there are alternatives to consider. You could borrow from friends or family. You could seek a small personal loan from a bank, credit union or online peer-to-peer lending site.
Many sites now offer instant or same-day loans that rival the speed of payday lenders, but with lower fees and lower interest rates. You could also ask for an extension from your creditors, or for an advance from your employers.
Even forms of lending we don’t generally love, like credit card cash advances, tend to have lower interest rates than payday loans do. In short, it’s usually a good idea to avoid payday loans if you can. Instead, consider working on a budget that can help you get to your next paycheck with some breathing room, and make sure you have a rainy day fund.
The Bottom Line
When considering a short-term loan, it’s important to not just look for low-interest rates. Between fees and insurance policies, lenders sometimes find ways to bump effective interest rates to triple-digit levels even if they cap their APRs. The risks of taking a payday loan bring home the importance of working hard to build up an emergency fund that you can draw on.
Tips for Retirement Planning
If you’re not already preparing for retirement then it’s a good idea to create a retirement plan and make sure you’re contributing to it regularly. If you’re overwhelmed or don’t know where to begin, a financial advisor can help you map it all out. Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Not sure how much you need to save for retirement? Consider using our free retirement calculator to get the number you need so that you can start making the right progress.
Amelia Josephson
Amelia Josephson is a writer passionate about covering financial literacy topics. Her areas of expertise include retirement and home buying. Amelia’s work has appeared across the web, including on AOL, CBS News and The Simple Dollar. She holds degrees from Columbia and Oxford. Originally from Alaska, Amelia now calls Brooklyn home.
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Real estate offers myriad investment choices, from single-family homes to data centers. The ideal asset for you depends on factors such as your investment size and strategy. Over the past several decades, investors have diversified their portfolios by capitalizing on emerging market opportunities like self-storage.
Self-storage facilities serve as secure storage solutions for individuals and businesses, accommodating various products, materials and more. Given the high demand for spaces to store household belongings and business equipment, self-storage facilities have become indispensable nationwide.
For help figuring out your personal investing strategy, consider working with a financial advisor.
Self-Storage Investing Basics
Self-storage investing means investing in storage units that individuals and businesses use to stow their spare belongings and assets. For example, a homeowner might need room for seasonal lawn equipment. For businesses, storage units can be used for surplus inventory instead of throwing it away. In either case, they’ll pay a storage facility a monthly fee to place their items in a secure unit. As an investor, you can own and operate a storage facility or purchase shares in a facility.
Self-storage is a solid investment for several reasons investors find attractive. First, the asset has high earning potential. Storage units cost less than residential real estate and other forms of commercial buildings, meaning more money in your pocket. For example, IBISWorld reported that the profit margin for storage units is 41%. In addition, storage revenue has increased by 2.1% over the past five years, making the industry worth over $29 billion.
Second, demand for self-storage continues to grow as baby boomers downsize and businesses shrink their workspaces.
Resultingly, the risk of investing in self-storage is low because of high profit margins and continuous demand. Customers need storage whether the economy is strong or a market downturn occurs. Therefore, the industry is a viable way to diversify your portfolio.
The Self-Storage Market
Here’s how the self-storage business works: the storage property owner (you) charges customers to use the space for storing their belongings. These storage spaces are available for rent every month and come in different sizes according to the customers’ needs.
The specific type of storage unit you will promote depends on your client base. For example, if your ideal customers are sports enthusiasts, they may prefer padding, shelving and slat walls to store their equipment. On the other hand, a family moving across town might only need a bare unit to store their belongings temporarily. Therefore, understanding your target customers is vital in determining the type of units you purchase or build.
In addition, the lease contract terms are the backbone of the business, and you can adjust them monthly. This feature allows you to adjust prices from one month to another, unlike traditional real estate contracts, which do not apply to the self-storage market. As a result, you can change with the market and cater to your customers’ needs.
Fortunately, investors of all scopes and financial backgrounds can invest in storage units. For example, suppose you want to experiment with a modest investment in the self-storage industry. In that case, you can purchase shares in self-storage facilities. So, you can actively invest in self-storage (through ownership of a facility) or take the route of less commitment and risk through passive investment (shares in a company).
Types of Self-Storage Facilities
Self-storage facilities can be classified based on their purpose and capacity. Each type of facility has its advantages and disadvantages.
Climate-Controlled Storage
Certain items and materials are susceptible to damage from heat, cold or extreme humidity. For example, art, furniture and musical instruments benefit from climate control. To safeguard these items, climate-controlled storage units are available.
As a result, a regulated environment and security are top priorities when storing fragile possessions. Because climate-controlled storage units cater to various market needs, they are more expensive, and investors can charge higher prices for their specialized services.
Drive-Up & Outdoor Storage
Outdoor or drive-up storage is the most widespread type. It consists of rows of units resembling garages. By pulling up the door, the customer has complete access to their storage unit. These facilities are the most affordable option available.
One of the benefits of outdoor storage facilities is that they require minimal maintenance and employees. In addition, they are user-friendly, making them popular among individuals needing storage space. Lastly, these storage centers can bolster their security through cameras, electronic gates and security guards.
Mixed-Use Storage
The self-storage industry serves a diverse range of customers with varying needs. To meet these niche demands, many storage facilities combine different services, resulting in mixed-use storage facilities.
A significant advantage of mixed-use storage facilities is the ability to cater to various needs. For example, a self-storage facility strategically located in an urban setting can help nearby residents with extra belongings while serving local businesses. As a result, mixed-use storage facilities are flexible assets, offering solutions to a wide customer base.
Vehicle Storage
Self-storage facilities also help customers with vehicles such as cars, boats or RVs. Vehicle storage is an ideal solution for those seeking a sheltered, locked parking spot.
Vehicle storage often offers additional services, such as temperature-controlled units to ensure the preservation of classic cars. As a result, customers turn to these facilities annually to protect their vehicles, especially near high-demand spots such as airports and harbors.
How to Invest In Self-Storage
There are four primary ways you can get involved in a self-storage venture:
1. Purchase Shares in a Real Estate Investment Trust (REIT)
If you aren’t comfortable owning and operating an entire facility, you can invest in a real estate investment trust (REIT) instead. These companies spread investors’ money across various sectors and can have a particular focus. So, finding a REIT specializing in storage units can give you exposure to this profitable industry.
2. Invest in a Publicly Traded Storage Business
Similarly, you can buy shares in corporate storage companies on the stock market. If the company does well and the stock price increases, you can sell your shares for a profit.
3. Buy an Existing Facility
You can get more involved by purchasing a self-storage facility of your own. This option means running the business (or hiring workers to do so) and collecting monthly payments from your customers. As a result, you have higher earning potential than investing in a REIT.
4. Develop Your Own Facility
If there aren’t any facilities for sale near you, building one yourself is another option. Remember, you must purchase a suitable plot of land and manage the facility’s construction. While doing so takes additional time and money, it’s a way into owning a storage facility and enjoying the profits.
Drawbacks of Investing in Self Storage
Despite the advantages of investing in self-storage, it’s essential to understand the potential challenges in this type of venture. Depending on your business model, financial circumstances and location, you’ll face different obstacles. Fortunately, you can adjust your approach as needed to overcome such hurdles.
First, clients can be demanding, requiring a composed demeanor and a focused strategy. For instance, a customer who just lost their job and housing can come in, desperate for help and lacking the resources for a monthly payment. As the owner, you’ll have to decide how to go about the situation and risk losing money.
Furthermore, when competing against rivals who offer affordable storage spaces in prime locations like the city center, it’s best to research the local market. Then, you can evaluate your position compared to the competition and modify your approach to enhance your business.
Is Investing in Self-Storage Right For You?
With all the preceding information in mind, you can decide how self-storage would fit into your portfolio. If you’re interested in real estate, self-storage is an excellent method because it is less expensive than typical commercial real estate. In addition, it requires less upkeep than residential buildings and can provide a steady cash flow every month.
Remember, a lump sum (usually tens or hundreds of thousands of dollars) is needed up front to invest in self-storage. You’ll purchase partial or full ownership of a facility or construct a facility from scratch. So, you must save up the required money or borrow it from a lender. Either way, these startup costs can be prohibitive to investors without the cash.
Lastly, you can take a less intense approach by investing in a REIT. If you like the self-storage business but don’t want to run a company, you can still enjoy the industry’s robust profit margin by putting money into shares in a self-storage business.
The Bottom Line
Investing in self-storage means purchasing a business or shares in a business that protects people’s possessions. Because this industry has a low overhead and charges monthly rent, investors can make substantial gains. To get a foothold in the business, you’ll need to select which type of storage you want to invest in, analyze your local market and find a need unmet by the competition. On the other hand, a self-storage REIT is a solid choice for those who prefer a less hands-on approach.
Tips for Investing in Storage Units
Self-storage units are excellent assets for a financial plan. However, it can be challenging to know how much cash to allocate toward it versus your other investments and priorities. Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Self-storage is just one method for real estate investing. To explore the topic more deeply, here are three more ways to add real estate to your portfolio.
Ashley Kilroy
Ashley Chorpenning is an experienced financial writer currently serving as an investment and insurance expert at SmartAsset. In addition to being a contributing writer at SmartAsset, she writes for solo entrepreneurs as well as for Fortune 500 companies. Ashley is a finance graduate of the University of Cincinnati. When she isn’t helping people understand their finances, you may find Ashley cage diving with great whites or on safari in South Africa.
Since its inception in June 2017, Zelle’s instant payment service has exploded in popularity. It has established itself as one of the most widely used methods of money transfer in the United States.
Zelle, a digital payment network, is housed under the umbrella of Early Warning Services, LLC (EWS). EWS is a private financial services company jointly owned by some of the largest names in banking. These include Bank of America, Capital One, JPMorgan Chase, PNC Bank, Truist, U.S. Bank, and Wells Fargo.
How does Zelle work?
Zelle users can quickly send money to other registered Zelle users for free. Anyone can download the Zelle app. However, if your bank or credit union partners with Zelle, you can enroll through your bank’s mobile banking app or website.
To send money via Zelle, all you need is the recipient’s phone number or email address. Once you’ve confirmed the payment, they will receive a text message or email with a link to accept it.
There are currently more than 1,190 banks that use Zelle in the U.S. Below is the full list.
Full Listing of Banks That Use Zelle (A-Z)
Banks Starting With # or A
1st Bank of Sea Isle City
1st Century Bank
1st Colonial Community Bank
1st National Bank
1st Source Bank
1st State Bank
1st Trust Bank
Abington Bank
Academy Bank
ACCESSbank Omaha
ACNB Bank
Adirondack Bank
Advancial
Albany Bank & Trust
Alden State Bank
ALEC
Algonquin State Bank
Alliance Bank
Allied First Bank
Ally Bank
Alma Bank
Alpine Bank
Altamaha Bank and Trust
Amalgamated Bank of Chicago
Amalgamated Bank (NY)
Amarillo National Bank
Ambler Savings Bank
Amegy Bank
Amerant Bank
American Bank
American Bank and Trust
American Bank of Missouri
American Bank, N.A.
American Commercial Bank Trust
American Community Bank NY
American Community Bank Trust
American First National Bank
American Investors Bank
American National Bank & Trust
American National Bank of MN
American National Bank of TX
American Savings Bank
American State Bank and Trust
Ameris Bank
AMG National Trust Bank
Anchor Bank
Anderson Brothers Bank
Andrew Johnson Bank
Anstaff Bank
Apple Creek Banking Company
Arbor Bank
Arizona Bank & Trust
Armed Forces Bank
Armstrong Bank
Arthur State Bank
Arvest Bank
Aspire Banking
Associated Bank N.A.
Astra Bank
Atlantic Capital Bank
Atlantic Union Bank
Banks Starting With B
Banks Starting With C
Banks Starting With D
DL Evans Bank Mobile
Dacotah Bank
Dairy State Bank
Dallas Capital Bank, NA
Dean Bank
Dedham Savings
Desjardins Bank N.A
Dewitt Savings Bank
Dime Community Bank
Discover Bank
Dogwood State Bank
Dollar Bank, FSB
Dominion Bank
Drake Bank
Dubuque Bank & Trust
DuGood
Dundee Bank
Banks Starting With E
Eagle Bank
East West Bank
Eastern Bank
Eastern Colorado Bank
Eastern Michigan Bank
Eclipse Bank
Edmonton State Bank
Elements Financial
Embassy Bank For Lehigh Valley
Embassy National Bank
Empire State Bank
Endeavor Bank
Englewood Bank & Trust
Enterprise Bank
Enterprise Bank & Trust
Enterprise Bank & Trust Co.
Enterprise Bank of SC
Envision Bank
Ephrata National Bank
Equitable Bank
Erie Bank
ESSA BANK & TRUST
Eureka Savings Bank
Exchange Bank
Exchange Bank (CA)
Exchange Bank of NE Missouri
Excite Mobile Banking
Banks Starting With F
Banks Starting With G
Gate City Bank
Gateway First Bank
Generations Bank
Genesis Bank
Geo D. Warthen Bank
Georgia Banking Company
Georgia Community Bank
German American Bank
Gibsland Bank & Trust
Glens Falls National Bank
Glenwood State Bank
Golden Valley Bank
Gorham Savings Bank
Grand Ridge National Bank
GrandSouth Bank
Grandview Bank
Great Plains National Bank
Great Plains State Bank
Greater Community Bank
GreenLeaf Bank
Greenville Savings Bank
Grove Bank
Grove Bank & Trust
Grundy Bank
GTE Financial
Guadalupe Bank
Guaranty Bank
Guaranty Bank – MS
Guaranty Bank & Trust
Guaranty Bank (SFC)
Guardians
Gulf Capital Bank
Guthrie County State Bank
Banks Starting With H
Habib American Bank
Haddon Savings Bank
Hanmi Bank
Hanover Bank
Happy State Bank
Harrison County Bank
Hawthorn Bank
Hearthside Bank
Heartland Bank (NE)
Hendricks County Bank
Heritage Bank (KY)
Heritage Bank MN
Heritage Bank of Commerce
Heritage Bank of Schaumburg
Heritage Community Bank
Heritage Community CreditUnion
Heritage Southeast Bank
Hickory Point Bank and Trust
Highland Bank
Hillcrest Bank
Hilltop Bank
Hinsdale Bank and Trust
Holcomb Bank
Home Bank
Home Federal Bank of TN
Home National Bank
Home Savings Bank
Home State Bank
Home State Bank, IL
Home Trust & Savings Bank
Home-Federal Bank
Homeland Community Bank
HomeStreet Bank
HomeTrust Bank
Horizon Bank
Hoyne Savings Bank
Huntingdon Valley Bank
Huntington Bank
Huntington FSB
Huron Community Bank
Hyperion Bank
Banks Starting With I
Idaho Trust Bank
iGObanking
Illiana Financial
Illinois Bank & Trust
InBank
IncredibleBank
Independence Bank – Montana
Independent Bank
Infinity Bank
INSOUTH Bank
Integrity Bank for Business VA
Interamerican Bank
International Finance Bank
Intracoastal Bank
INTRUST Bank
Investar Bank
Investors Bank
Iowa State Bank
Iowa Trust and Savings Bank
Ireland Bank
Iron Workers Bank
Iroquois Federal Savings
Isabella Bank
Israel Discount Bank of NY
Ixonia Bank
Banks Starting With J
JBT
JCBank
JD Bank
Jefferson Bank
Jersey Shore State Bank
John Marshall Bank
Johnson Financial
Jones Bank
Jonesburg State Bank
Banks Starting With K
Kalamazoo County State Bank
Karnes County National Bank
Katahdin Trust Company
Kearny Bank
KEB Hana Bank USA
Kennebunk Savings Bank
KeyBank
KeySavings Bank
KeysBank
Keystone Bank
Kingston National Bank
Banks Starting With L
Ladysmith Federal
Lafayette State Bank
Lake City Bank
Lake Forest Bank
Lake Shore Savings
Lakeland Bank
Lakeside Bank
Lakeside Bank Chicago
Lamar National Bank
Landmark National Bank
Laona State Bank
LCFB
Lea County State Bank
Lead Bank
Leader Bank
Ledyard National Bank
Lee Bank
Lee Bank Mobile Banking
Legacy National Bank
Legend Bank
Level One Bank
Lexicon Bank
Liberty Bank
Liberty Bank for Savings
Liberty Capital Bank
Liberty National Bank
Liberty National Bank (OH)
Liberty Savings Bank
Libertyville Bank
LifeStore Bank
Lisle Savings Bank
Llano National Bank
Logansport Savings Bank
Lone Star National Bank
Lone Star State Bank of WT
Longview Bank
Longview Bank & Trust
Louisiana National Bank
Lowry State Bank
Loyal Trust Bank
Lubbock National Bank
Lumbee Guaranty Bank
Luther Burbank Savings
Luzerne Bank
Lyons National Bank
Banks Starting With M
M AND P BANK
M C Bank
M&F Bank
M&M Bank
M&T Bank
M1 Bank
MA Bank
Mabrey Bank
Machias Savings Bank
Magnifi Financial
Magnolia State Bank
Magyar Bank
Main Street Bank
Malvern National Bank
Manasquan Bank
Maple Bank
Marblehead Bank
Marion Center Bank
Marquette Bank
Marquette Savings Bank
Mars Bank Mobile Banking
Marthas Vineyard Bank
Maspeth Federal Savings
MCBank
McClain Bank
McHenry Savings Bank
McIntosh County Bank
MCNB Banks
Meade County Bank
Meadows Bank
Mediapolis Savings Bank
MemoryBank
Mercer County State Bank
Merchants & Farmers Bank Green
Merchants Bank
Merchants Bank of Indiana
Merchants National Bank
Meredith Village Savings Bank
Meridian Trust
Merrimack County Savings Bank
Metairie Bank
Metro City Bank
Metropolitan Bank
Metropolitan Commercial Bank
Mi BANK
Mid America Bank
Mid America Bank – Kansas
Mid Penn Bank
Middlefield Bank
Middletown Valley Bank
MidFirst Bank
Midland States Bank
MidSouth Bank
MIDWEST BANK
Midwest Bank – Minnesota
Midwest BankCentre
Midwest Bk
Midwest Community Bank
Midwest Heritage
MidWestOne Bank
Milford Federal
Millennium Bank
Minnesota Bank & Trust
MINNSTAR BANK
Minster Bank
MNB Bank
Monifi
Monona Bank
Monson Savings Bank
Montecito Bank & Trust
Montgomery Bank Mobile Banking
Monticello Banking Company
Morgan Stanley
Mound City Bank
Mountain Valley Bank
Mountain View Bank of Commerce
MPH Bank
Banks Starting With N
Nano Banc
Natbank, N.A.
National Bank of Arizona
National Bank of Blacksburg
National Bank of Indianapolis
National Capital Bank
NBC Oklahoma
NBT Bank
Nebraska State Bank & Trust Co
NebraskaLand Bank
Needham Bank
Neighborhood National Bank
Nokoosa Port Edwards Bank
Nevada State Bank
New Frontier Bank
New Mexico Bank & Trust
New Millennium Bank
New York Community Bank
Newburyport Bank
Newtown Savings Bank
NexTier Bank
NGNB
Nicolet National Bank
Noah Bank
NobleBank & Trust
North Dallas Bank & Trust Co
North Shore Bank, FSB
North Star Bank
North State Bank
Northbrook Bank
Northeast Bank
NorthEast Community Bank
Northern Trust
Northfield Bank
NorthSide Community Bank
Northumberland National Bank
Northwest Bank
Northwest Bank & Trust Co
Northwest Bank (PA)
Northwestern Bank
Northwestern Bank (IA)
Norway Savings Bank
Banks Starting With O
Oak Bank
Oakwood Bank
Oakworth Capital Bank
OCEAN Bank
Ocean Financial
Oconee Federal
Ohio State Bank
Old Dominion National Bank
Old Missouri Bank
Old National Bank
Old Plank Trail Bank
Old Point National Bank
Old Second Bank
OMB
One Florida Bank
OneWest Bank
Open Bank
Opportunity Bank of Montana
Orange Bank & Trust Company
Origin Bank
Osgood State Bank
Ozarks Federal Savings & Loan
Banks Starting With P
Pacific Alliance Bank
Pacific City Bank
Pacific Premier Bank
Pacific West Bank
Park Bank
Park National Bank
Park Ridge Community Bank
Parkway Bank
Partners Bank
Pathfinder Bank
Patterson State Bank
PCB Bank
Peapack-Gladstone Bank
Pegasus Bank
Penn Community Bank
Peoples Bank
Peoples Bank & Trust Co
Peoples Bank (IN & IL)
Peoples Bank (TX)
Peoples Bank (WA)
Peoples Bank IA
Peoples Bank of Alabama
Peoples Bank of East Tennessee
Peoples Bank of Altenburg
Peoples Bank of Graceville
Peoples Bank of Kankakee City
Peoples Bank of Kentucky
Peoples Bank of Paris Texas
Peoples National Bank
Peoples State Bank (WI)
Peoples State Bank Plainview
Peoples State Bank, Hville
Peoples Trust Company
PeoplesBank
Persons Banking Company
Peru Federal Savings Bank
Peshtigo National Bank
Philo Exchange Bank
Phoenixville Federal B&T
Piedmont Federal Savings Bank
Pinnacle Bank
Pinnacle Bank (CA)
Pinnacle Bank (GA)
Pinnacle Bank Texas
Pinnacle Bank Wyoming
Pinnacle Financial Partners
Pioneer Bank
Pioneer Bank (VA)
Pioneer Bank MN
Piscataqua Savings Bank
Pittsfield Cooperative Bank
PlainsCapital Bank
Planters Bank Mobile Banking
Platte Valley Bank NE
Platte Valley Bank WY
Plus International Bank
PNC Bank
Poca Valley Bank
Points West Community Bank
Ponce Bank
Port Washington State Bank
Prairie Community Bank
Preferred Bank
Premier Bank of the South
Premier Valley Bank
PremierBank Wisconsin
Primebank
PrimeSouth Bank
Primis
Progressive Bank
PromiseOne Bank
Prospect Bank
Prosperity Bank
Provident Bank
Provident Bank (CA)
Prudential Bank
PyraMax Bank
Banks Starting With Q
Quad City Bank & Trust
Quail Creek Bank
Quaint Oak Bank
Queenstown Bank
Quontic Bank
Banks Starting With R
R.Bank
Red River Bank
Redstone Bank
Redwood Capital Bank
Regions Bank
Reliabank
Reliance Bank
Reliance Bank (PA)
Renasant Bank
Republic Bank
Republic Bank of Chicago
Rhinebeck Bank
Richwood Bank
Riddell National Bank
Ridgewood Savings Bank
Rio Bank
Rising Bank
River Bank
River City Bank
River City Bank (KY)
Roanoke Rapids Savings Bank
Rochelle Bank
Rockland Savings Bank
Rockland Trust
Rockpoint Bank
Rocky Mountain Bank
Round Top State Bank
Royal Business Bank
RSI Bank
Banks Starting With S
S&T Bank
Sabine State Bank and Trust
Salem Five Cents Savings Bank
San Luis Valley Federal Bank
Sandhills Bank
Sandhills State Bank
Sandy Spring Bank
Sanibel Captiva Community Bank
Santa Cruz County Bank
Santander Bank
Saratoga National
Savings Bank of Walpole
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Schaumburg Bank
Schuyler Savings Bank
Scottsdale Community Bank
Seacoast Bank
SECURITY BANK (OK)
Security Bank Laurel NE
Security Federal Bank
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Security National Bank IA
Security National Bank of SD
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Settlers Bank
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Shore United Bank
Silicon Valley Bank
Simmons Bank
Skyline National Bank
SmartBank
SNB Bank, N.A.
Solutions Bank
Somerset Savings
South GA Banking Co
South Shore Bank
South Story Bank & Trust
SOUTHERN BANK
Southern Bank and Trust Co
Southern First Bank
Southern Independent Bank
Southern Michigan Bank and Trust
SouthPoint Bank
Southside Bank
SouthStar Bank
SouthState
Southwest Missouri Bank
Southwestern National Bank
SpiritBank
Spratt Savings Bank
Spring Bank
Spring Bank Brookfield WI
Springs Valley Bank & Trust Co
SSB Kenyon
St. Ansgar State Bank
St. Charles Bank
Starion Bank
State Bank Financial
State Bank of Cross Plains
State Bank of Southern Utah
State Bank of the Lakes
Stephenson National B&T
Stockman Bank of Montana
Suffolk Federal
Sullivan Bank
Summit Bank
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Sundance State Bank
Sunflower Bank, N.A.
Sunstate Bank
Surrey Bank
Susquehanna Community Bank
Susser Bank
Sutton Bank
Synovus Bank
Banks Starting With T
Tandem
TBK Bank, SSB
TC Federal Bank
TCBT
TD Bank N.A.
Terrabank
Territorial Savings Bank
Texas Bank and Trust Company
Texan Bank NA
Texas Capital Bank
Texas First Bank
Texas National Bank RGV
Texas National- Jacksonville
Texas Regional Bank
Texas Security Bank
The Andover Bank
The Bank
The Bank & Trust ssb
The Bank of Elk River
The Bank of Hemet
The Bank of Missouri
The Bank of New Glarus
The Bank of Princeton
The Bank of Southside VA
The Bank of Tampa
The Bank of Tescott
The Berkshire Bank
The Callaway Bank
The Citizens Bank
The Citizens Bank-Enterprise
The Citizens National bank KS
The Cornerstone Bank
The Dart Bank
The Dime Bank
The Farmers and Merchants Bank
The Farmers Bank
The Farmers Bank of Appomattox
The Federal Savings Bk
The Fidelity Bank (NC)
The First National Bank of LI
The Grant County Bank
The Gratz Bank FKA Linkbank
The Hamler State Bank
The Harbor Bank of Maryland
The Marblehead Bank
The Milford Bank
The MINT National Bank
The National Bank of Texas
The Neffs National Bank
The Peoples Bank
The Peoples Bank-Gambier OH
The Peoples State Bank
The Piedmont Bank
THE SAVINGS BANK
The State Bank
The State Bank Group
The Tri-County Bank
The Union Bank Co.
Think Bank
Third Coast Bank SSB
Thomaston Savings Bank
Thomasville National Bank
TIAA Bank
Timberline Bank
Touchstone Bank
Town and Country Bank
Town Bank
TowneBank
Tradition Capital Bank
Traditions Bank
Tri City National Bank
Troy Bank and Trust
Truist
Trustco Bank
TruStone Financial
TrustTexas Bank
Twin Valley Bank
Banks Starting With U
U.S. Century Bank
UBank
UBank TN
Ulster Savings Bank
Umpqua Bank
Unified Bank
Union Bank & Trust
Union Bank Monticello, AR
Union Bank
Union Savings Bank
Union State Bank
United Bank
United Bank & Trust
United Bank (AR)
United Bank of MI
United Business Bank
United Community Bank
United Community Bank, LA
United Cumberland Bank
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United Fidelity Bank
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Unity Bank
Unity Bank WI
Unity National Bank
Universal Bank
Universal City Studios
University Bank
Univest Bank and Trust Co.
URSB
U.S. Bank
US Metro Bank
USAA Federal Savings Bank
Banks Starting With V
Valley Bank
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Varsity
Vectra Bank Colorado
Veritex Community Bank
Village Bank
Village Bank & Trust
Village Bank (VA)
Vinton County National Bank
Virginia National Bank
VisionBank
Banks Starting With W
WaFd Bank
Wallis Bank
Walpole Co-operative Bank
Washington Savings Bank
Washington Savings Bank Lowell
Waterford Bank, N.A.
Wauchula State Bank
Waumandee State Bank
Wayne Bank
Wayne Bank (PA & NY)
WCF Financial Bank
Webster Bank, former SNB sites
Wells Fargo Bank
WEOKIE
WesBanco Bank
West Alabama Bank
West Gate Bank
West Point Bank
West Shore Bank
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Western Bank
Western Commerce Bank
Western State Bank (KS)
Western States Bank
Westfield Bank
Westmoreland Federal Savings
WestStar Bank
Wheaton Bank
Willamette Valley Bank
Wilson Bank & Trust
William Penn Bank
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Winnsboro State Bank (WSB)
Winter Hill Bank (WHB)
Winter Park National Bank
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Wood & Huston Bank
Woodford State Bank
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WoodTrust Bank
Woori America Bank
Wrentham Cooperative Bank
WSFS Bank
Wyoming Bank & Trust
Wyoming Community Bank
Banks Starting With Y
Yakima Federal Savings
Yampa Valley Bank
Banks Starting With Z
Zions Bank
Frequently Asked Questions
How do you receive money from Zelle?
If someone sends you money via Zelle, you’ll receive an email or text about their payment. Once you do, click on the link in the email or text. Then, download the Zelle app in the Apple App Store or Google Play if you haven’t already.
Click, “get started” and enter your email address or phone number, depending on how the funds were sent to you. Select “continue” and find your bank. As soon as you add your billing address on the next screen and click “continue,” you’ll be able to receive the transfer and any other transfers in the future.
What are the pros and cons of Zelle?
Just like any other digital payment provider, Zelle comes with pros and cons you should consider, including:
Pros
No fees to send or receive money
Available to customers at almost 10,000 U.S. banks and credit unions
Quick transfers, often within minutes
Chance to earn interest on money kept in checking and savings accounts connected to Zelle
Convenience of no contactless payments
Cons
Can’t cancel a payment after you send it if the recipient is already signed up with Zelle
Inability to link Zelle to a credit card
May require a smartphone
No chance to maintain a cash balance
Only for U.S. customers
Is there a fee for using Zelle?
Zelle doesn’t charge fees to send or receive money. But it’s a good idea to contact your bank or credit union to find out whether any additional fees may apply.
Is Zelle safe?
Since Zelle was created by banks and uses data encryption, it’s safe in most cases, especially when you compare it to alternative options like Venmo and Cash App. Despite this, Zelle doesn’t offer fraud protection for authorized payments.
This means if you use Zelle to make an online purchase, there’s not much you can do if you never receive the item. To avoid all safety concerns, only use Zelle to pay people you know and trust.
What’s the difference between Zelle, PayPal, and Venmo?
PayPal and Venmo are digital payment providers, which are similar to Zelle. However, unlike Zelle and Venmo, PayPal allows you to send and receive payments internationally. Many online retailers use PayPal as well.
Venmo is unique in that it’s a combination of a digital wallet and social media as you can comment with emojis when you send and receive payments. Zelle is not a digital wallet because you can only use it to transfer money from one account to another. While Zelle is generally free to use, PayPal and Venmo do charge fees in some situations.
The Best States for Higher Education in 2018 – SmartAsset
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It’s hard to overstate the value of an education. According to Census Bureau data from 2016, the average worker with a bachelor’s degree earns $51,600 per year. That is roughly $22,000 more than the average worker with a high school diploma earns and $30,000 more than a worker without a high school diploma earns. But as everyone knows, getting an education can be expensive and is getting increasingly so. From 2006 to 2016, the cost of college tuition and fees increased by 63%, according to the Bureau of Labor Statistics.
Compounding that problem is the fact that many students take on massive amounts of student debt to pay for college, hindering their ability to save for retirement or buy a home. However, in some states, public colleges are still affordable and offer students excellent earning opportunities. Below we rank the best states for higher education.
In order to come up with our rankings we looked at five factors. Specifically, we compared the states across student-to-faculty ratio, average net price, undergraduate graduation rate, in-state attendance rate and the 20-year return on investment. Check out our data and methodology below to see where we got our data and how we put it together.
This is SmartAsset’s fourth annual study on the best states for a higher education. Read the 2017 study here.
Key Findings
Consistency – For the third year in a row, Virginia and California occupy the top two spots. Eight of last year’s top 10 also ranked in the top 10 this year.
Mixed bag – No one area dominates more than another. Some Northeast states, like New York and New Jersey, rank well, as do some Southern states like Virginia and North Carolina. California also gets an A grade while in the Midwest, Michigan secures a top 10 spot.
1. Virginia
This makes four years in a row in which Virginia was either the best or second-best state for higher education. Schools in this state have a graduation rate of 71%, or second-highest in our study, and offer their students great long-term value. Our data shows that schools in Virginia offer a 20-year average return on investment of $417,711, or fourth-most in the study.
Attending college in Virginia is on the more expensive side, this state ranks in the bottom 10 for average net price.
2. California
California once again secured a spot among the top two. This state ranked well in all but one of our metrics. Schools here have the second-highest 20-year return on investment and the fifth-lowest average net price.
However, for students who prefer an intimate class experience California may not have the best options. According to our data, California has a student-to-faculty ratio above 24, the highest in our study.
3. Wyoming
The Cowboy State takes third. This state ranks highly because of how many locals attend state colleges. Around 62% of high school graduates in Wyoming end up attending local 2-year or 4-year institutions. For that metric, Wyoming ranks 10th.
Wyoming schools also have low student-to-faculty ratios. Its student-to-faculty ratio is 14, fifth-best in our study. With some improvement in the graduation rate (currently 55%), Wyoming might be able to climb into one of the top two spots.
4. Iowa
No public colleges do a better job at graduating its students than Iowa. Overall, 72% of students in public colleges in Iowa graduate, the highest rate in our study. Students tend to do well once they graduate, as well. The 20-year return on investment for graduates of public schools in Iowa is $369,400, ninth most in the country.
5. North Carolina
Once again North Carolina scores well in in higher education. Not only does North Carolina score well in this study, but this state contains many of the best community colleges in the country.
On average, attending one of North Carolina’s public colleges is fairly affordable. The average net price for the 2015-2016 school year, according to The Integrated Postsecondary Education Data System, was $11,500. North Carolina ranks 12th in that metric. Most students who attend North Carolina public colleges graduate, according to our data. North Carolina public colleges and universities had an average graduation rate of just under 61%.
6. Connecticut
Connecticut ranked sixth this year, jumping half a dozen spots from last year. Public colleges and universities in this state have some of the lowest student-to-faculty ratios in the country. At 13.9 only three states have a lower student-to-faculty ratio than Connecticut. But perhaps more important is the graduation rate. Around 66% of students at public institutions in Connecticut graduate, the fourth-highest rate.
Connecticut’s score is hurt by the fact that most graduates of Connecticut high school decide to go out of state for their higher education.
The newfound money that many college graduates come into following their exodus from school can be daunting to manage. In turn, we’ve outlined the top financial advisor firms in Connecticut.
7. New Jersey
The Garden State takes the seventh spot. Public colleges and universities in New Jersey do a successful job graduating their students. Our data shows that the average New Jersey public institution has a graduation rate around 68%, the third-highest rate in our study.
New Jersey schools also have a low student-to-faculty ratio and a better than average 20-year return on investment.
8. Delaware
Delaware secured another top 10 spot in this study. This makes four years running where the Delaware state university system was rated in the top 10.
What makes attending Delaware state institutions so good for its students is the long-term value. According to our data, the average Delaware public college or university has a 20-year return on investment of $423,000. Combine that with Delaware having the seventh-lowest student-to-faculty ratio and it’s no surprise this state ranks so high.
9. New York
New York has some good all-around scores. The average public college or university has a student-to-faculty ratio of 15.7 and an average net price of just under $12,000. Both of those scores are in the top 20. New York has a graduation rate of 55% and 20-year return on investment of $356,000, also two scores which beat the majority of other states.
In fact the state only has a below-average score in one metric: percent of high school graduates who attend an in-state public college or university.
10. Michigan
Our list ends in the Great Lake State. Overall Michigan gets a B+. This state’s public institutions seem to be well-loved by its high school graduates. According to our data, around 62% of Michigan high school graduates went on to attend one of Michigan’s 2-year or 4-year public colleges. While Michigan had no top 10 scores it also had no below-average grades.
Data and Methodology
To find the best states for higher education, SmartAsset looked at data for the following five metrics:
Undergraduate graduation rate. Data comes from the Integrated Postsecondary Education Data System. Data is for the 2015-2016 school year.
Average net price. This metric considers the average yearly price for first-time, full-time undergraduate students. Data comes from the Integrated Postsecondary Education Data System and is for the 2015-2016 school year.
Student-faculty ratio. This metric also comes from the IPEDS data center. It’s from the 2016-2017 school year.
20-year return on investment. This is the difference between 20 years of median pay for a graduate with a bachelor’s degree minus the costs for attending the higher education institution for four years and 24 years of median pay for a high school graduate. Data comes from Payscale.
In-state attendance rate. This is the percentage of students who graduated from high school in 2015 who went on to attend an in-state college. Data comes from the Integrated Postsecondary Education Data System and the Western Interstate Commission for Higher Education.
Data for metrics were found using a weighted average of the schools in each state.
We ranked each state in the five metrics. We then found each state’s average ranking, giving a double weighting to graduation rate. Using this average ranking we created our final score. Our score was graded on a curve with the top 15% of states getting an A and the bottom 15% getting an F.
Tips for Managing Student Debt
Deduct it from your taxes. While there was some talk of eliminating the student loan interest deduction the new Trump tax plan left it in place. This means you can deduct up to $2,500 in student loan interest payments from your taxable income.
Refinance. If you find yourself struggling to pay off your student debt, one option may be to refinance. If you refinance all your student loans it is possible to get access to lower rates or to extend the life of the loan to lower monthly costs.
Derek Miller, CEPF®
Derek Miller is a graduate of the University of Edinburgh where he studied economics. He is passionate about using data to help people make better financial decisions. Derek is a Certified Educator in Personal Finance® (CEPF®) and a member of the Society for Advancing Business Editing and Writing. He is a data journalist whose expertise is in finding the stories within the numbers. Derek’s writing has been featured on Yahoo, AOL, and Huffington Post. He believes the biggest financial mistake people make is waiting too late to save for retirement and missing out on the wonders of compounding interest. Derek lives in Brooklyn.
What Percentage of Your Income Should Safely Go to a Mortgage? – SmartAsset
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Buying a home is one of the biggest financial decisions many people will ever make. And it can also be one of the most complex. Even the simple question of what percentage of your income should safely go to a mortgage doesn’t have a single clear answer that applies equally to every situation.
A financial advisor can help you find ways to help you achieve your financial goals.
Mortgage Payments and Income
The people and organizations that make home loans naturally are interested in lending money only to people who have the means to repay the mortgage. To make this determination, they use a variety of methods, particularly debt-to-income ratios.
These metrics are well-suited to creating mortgages that can be packaged and sold to investors. And borrowers have to keep them in mind when they are applying for a loan. However, they aren’t always as useful to someone who is primarily concerned with their personal financial well-being.
People deciding how much of their own income they can safely devote to a mortgage payment can take a variety of approaches to making that important determination. Here are some of the approaches many have found useful.
Safe Mortgage Principles
There’s more than one way of calculating the safe percentage of your income you can plan to commit to making your mortgage payment. Some approaches are good for certain circumstances, while others fit different situations best.
Evaluate your own position and, if possible, use more than one of the following techniques in deciding how much of your income you can safely spend on a house payment. Here are some of the options:
Debt-to-income ratio (DTI)
Your lender generally will calculate your debt-to-income ratio (DTI) and look for a certain result to reassure themselves and the investors who will buy your mortgage that you can cover the payments while also staying current on car loans, student loans, credit cards and other debt payments.
After adding up all your monthly loan payments, including the mortgage, lenders typically want the total to be no more than 43% of your gross monthly income.
For example, say you have a $500 car payment, must pay a $175 minimum monthly toward your credit card, owe $225 a month toward a student loan and want to buy a home with a $2,000 mortgage payment. You will typically need approximately $6,744 in monthly gross income to qualify for a loan at most lenders.
To figure this out, add up all your debt payments like this: $500 + $175 + $225 + $2,000 = $2,900.
Now, divide that by 43: $2,900 / 43 = $6.74419. Multiply that result by 100 to get the required monthly gross income, $6,744.19, for a 43% DTI.
The 30% Rule
Another way to calculate the amount of your income you can devote to a mortgage is to simply multiply your gross income by 30%. This will produce a number that you can hypothetically afford to pay toward your mortgage every month.
For instance, if you make $5,000 per month, 30% of that is $1,500. The calculation looks like this $5,000 x 0.3 = $1,500.
This rule may also be stated as the 28% rule and calculated the same way. It differs from the DTI because it doesn’t specifically account for other debt payments you may have.
Income Divided by Two and a Half
You’ll get a slightly different number if you assume that your mortgage payment can be two and a half times your gross income. To do this, start with your gross income and divide it by 2.5.
For instance, if you make $5,000 per month, the calculation would be $5,000 x 2.5 = $2,000. This suggests that $2,000 is a safe amount you can commit to your monthly mortgage payment.
This is clearly a more liberal method than the 30% principle and, like it, may not adequately account for other payments you must make.
Limitations of Safe Mortgage Calculations
Every borrower and every mortgage are a little bit different. While these techniques for calculating the percentage of your income you should spend on a monthly mortgage payment are helpful heuristics, to generate a more reliable figure, you’ll need to account for some other variables.
Other important factors include the size of the down payment you make, the amount of closing costs, the type of mortgage, the interest rate, your credit score and other costs including homeowner’s association or condo fees, hazard insurance and property taxes.
It’s usually wise to bear in mind that the amount of money a lender will loan to you may be more than you can safely borrow.
Bottom Line
You can use more than one method to determine how much of your income you should devote to a mortgage. Lenders will often be satisfied with a certain debt-to-income ratio, but this doesn’t mean you will be comfortable making the payment. Typically, it’s advisable to use more than one approach to making this calculation and make an effort to include as many aspects of your personal situation as you can.
Mortgage Tips
You may want to consider talking to a financial advisor making highly consequential decisions such as buying a home. SmartAsset’s free tool matches you with up to three vetted financial advisors in your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
After deciding how much of your income you can devote to a mortgage it’s necessary to figure out what the mortgage payment on a given property is likely to be. You can do this with the help of SmartAsset’s Mortgage Calculator.
Mark Henricks
Mark Henricks has reported on personal finance, investing, retirement, entrepreneurship and other topics for more than 30 years. His freelance byline has appeared on CNBC.com and in The Wall Street Journal, The New York Times, The Washington Post, Kiplinger’s Personal Finance and other leading publications. Mark has written books including, “Not Just A Living: The Complete Guide to Creating a Business That Gives You A Life.” His favorite reporting is the kind that helps ordinary people increase their personal wealth and life satisfaction. A graduate of the University of Texas journalism program, he lives in Austin, Texas. In his spare time he enjoys reading, volunteering, performing in an acoustic music duo, whitewater kayaking, wilderness backpacking and competing in triathlons.