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Apache is functioning normally

May 26, 2023 by Brett Tams

In the past 5 years there have been a plethora of startups popping up that offer an easy way to invest for the smaller investor.

As I was doing some research to find my top 5 companies to invest with I found a company that will allow you to invest with as little as $5. That company is called Stash Invest.

Stash not only lets you invest with small amounts and buy fractional shares, but also gives you a variety of interesting portfolios and investments that you can purchase. In fact, Stash offers more choices than many investment companies.

Here’s a review of Stash Invest, and a look at how they can help you to jump start your retirement savings.

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Stash Invest Background

Stash was founded by Brandon Krieg and Ed Robinson as a place for first time investors to invest in a diversified portfolio, without having to have a big bankroll. After receiving all of the regulatory approvals, they launched the iOS app in October 2015. Here are the details from Wikipedia:

Stash was founded in February 2015 by Brandon Krieg and Ed Robinson. Krieg and Robinson had previously worked together at Macquarie Group, an investment banking firm. Stash was launched as an iOS app in October 2015, and was made available on Android in March 2016. Within a year of its launch, Stash had signed up 215,000 users. As of January of 2019 Stash has $530M+ in assets under management. Through January 2019, the app had approximately 3 million users.

So they’re pretty new to the scene having launched in October of 2015, but have quickly added almost 4 million users as of 2019.

Co-founder Brandon Krieg explains the idea behind the company on the company’s about page:

“My co-founder Ed and I left our jobs to start Stash because we believe everyone should have access to financial opportunity. After a combined 30+ years in the business, we saw that Wall Street can be fundamentally unfair to smaller investors as they work to accomplish their goals. Stash will change that. “

Stash should be a pretty attractive option for newer investors, so let’s see what they have to offer.

How Does Stash Work?

Stash is a micro-investing and banking app that is mainly utilized via a mobile phone app for iOS or Android. You can start investing with as little as $5.

Anyone can open an account, you just have to be 18 years old, and live in the United States.

Opening an account with Stash should only take a few minutes, and if you do it now they currently have a bonus offer. You’ll get a $5 account bonus for signing up, which is enough to start investing.

Sign Up For Stash Here – Get A $5 Bonus

To get started, you will need to answer a series of questions and provide your Social Security number, and then link an external bank account.

Based on your level of acceptable risk (conservative, moderate or aggressive) you’ll be given recommendations for portfolios.

Stash Investment Portfolios

Stash’s investments are mainly ETF index funds and they have 250+ETFs and stocks in pre-built investments that you can use to build your portfolio.

When you first open your account, the app will recommend a mix of diversified stocks that suits your level of risk.

In addition to their main 3 portfolios, there are an abundance of other investment options including funds focusing on large blue chip companies, small companies, environmentally friendly investments, technology, health care, banking, entertainment and more.

They talk about “investing in things you believe in”, and if that’s something you’re interested in doing, there are plenty of niche focused investments to partake in.

You can invest in just about anything your heart desires with Stash, just be cognizant of what the “risk level” is for each fund, and what the fund management fees are for the individual ETF funds you’re choosing as they can range from very low cost, to less so.

Stash Online Banking

Stash has an optional online banking account and Visa debit card that you can sign up for with your account. ^1.

Some of the features of the account include:

Early payday (Get paid up to 2 days early)
No overdraft fees.
No monthly maintenance fees.
No minimum balance fees.
Access to thousands of fee-free ATMs.
Stock-Back^® Rewards for everyday spending.
Setup automatic transfers to keep the account funded.

This account is included in the regular monthly fee, and doesn’t have additional fees.

Stash Stock-Back^® Rewards

Stash introduced a cool feature a while back that they call “Stash Stock-Back^® Rewards” ². It’s a rewards program of sorts that works in conjunction with your Stash debit card and your online banking. Instead of getting cash back, however, you’re getting fractional shares of stock where eligible.

Here’s how it works. Make a purchase with your Stash Visa at any of 11 million businesses nationwide, and you’ll get rewards for that purchase in the form of a fractional share of stock for that company (or for a diversified ETF index fund if that company isn’t available).

For example, if you buy something on Amazon with your Stash debit card, you’ll earn AMZN Stock-Back^® as a reward.

As soon as you make a purchase using your Stash debit card, you should get a notification of the stock that you’ve earned. You’ll earn 0.125% Stock-Back^® rewards on everyday purchases, and up to $5 Stock-Back^® rewards at certain merchants. The stock will be added to your taxable brokerage account within your app. ³

Other Features of Stash

Here are some other important features and functionality of the app that are important to know about.

Stash Retire: Stash recently has moved into the retirement investing space and they now offer Traditional and Roth IRA accounts.⁴ Those accounts have a minimum of $15 to invest.
Smart-Save: Smart-Save functionality studies your spending and income patterns to figure out when you have cash to spare. Then it automatically saves small amounts of extra cash into your Stash account. There, it earns interest, or can be invested.
ASAP Direct Deposit: Get paid up to 2 days early.⁵
Automated investments: Set up a regular deposit and fund your account on an automated basis.
Fractional shares: You can buy fractional shares – buying a small fractional share of a single stock.
Educational materials: They have a decent array of educational materials available for newer investors in both the app, via email, and on their website.
Tools to forecast: The app has a tool to see the impact your saving and investing might have over time. It gives you insight into how your positive choices are impacting your future.
Security: Stash’s app uses 256-bit bank grade encryption to secure your personal information. Information sent between the app and their servers use SSL encryption, and they don’t store you your bank long information.
SIPC Coverage: Your investments in your account are covered by Securities Investor Protection Corporation (SIPC) through the clearing agency used by Stash, Apex Clearing Corp. The limit of SIPC protection at any brokerage is $500,000, which includes a $250,000 limit for cash.

Stash Service Fees And Minimums

Where the rubber meets the road is just how much you’ll be paying to use Stash. What are the fees and minimums for using the service?

First of all, there is a $5 minimum in order to have an account, and you only need $5 to invest.⁶ So the service is accessible to just about everyone, especially if you get the $5 bonus mentioned above.

Low Monthly Fees

The service offers three monthly subscription plans. There is the Stash Beginner account for $1/month⁷ that includes a personal investment account, debit Visa card account access, Stock-Back^® rewards program that helps you to earn stock for your normal spending, and free financial education.

Stash Invest pricing and account options

The $3/month⁷ Growth subscription will give you everything in the basic account, but also includes access to retirement accounts.

The $9/month⁷ plan gives you everything in the above plans but adds in the option of custodial accounts where you can start investing for 2 kids, a metal debit card that also gives you 2x earnings on Stock-Back^® rewards, as well as monthly market insights reports.

While $1/month isn’t really that much, the one caveat is that if you have a low balance account and you’re paying $1/month for the service, that fee could be a relatively large percentage of your assets in comparison to some other services. It might be something to consider. Stash becomes more cost effective in my opinion once your account reaches a higher dollar value, and at that point it’s very comparable to other investment sites like Betterment, Wealthfront and others.

Automated Investing With A Low Barrier To Entry

If you’re a newer investor and you don’t have a lot of money to start investing, Stash might be worth your time to get your feet wet. They have a low initial deposit of $5, and from there you can use dollar cost averaging to build your portfolio bit by bit. You can even start a Roth IRA or Traditional IRA and invest for retirement with Stash Growth.

Stash has a wide variety of investment options, and if you’re looking to hold a diversified portfolio, their basic mix portfolios can give you what you’re looking for.

While the fees aren’t the lowest, once the account grows to a reasonable level the fees are very comparable to other players in the space.

Try Stash for free with the currently available $5 account bonus!

Sign Up For Stash Invest Today!

1 Debit Account Services provided by and Stash Visa Debit Card issued by Green Dot Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc. Investment products and services provided by Stash Investments LLC, not Green Dot Bank, and are Not FDIC Insured, Not Bank Guaranteed, and May Lose Value. In order for a user to be eligible for a Stash debit account, they must also have opened a taxable brokerage account on Stash. Account opening of the debit account is subject to Green Dot Bank approval.

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

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

4 Stash does not monitor whether a customer is eligible for a particular type of IRA, or a tax deduction, or if a reduced contribution limit applies to a customer. These are based on a customer’s individual circumstances. You should consult with a tax advisor.

5 Early access to your direct deposit depends on deposit verification and when Green Dot Bank gets notice from your employer, and may vary from pay period to pay period.

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

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

Bible Money Matters is a paid Affiliate/partner of Stash. Investment advisory services offered by Stash Investments LLC, an SEC-registered investment adviser.

Stash

Rating

8.5/10

Pros

Low minimum deposit to start investing
Plenty of investment options
Beautiful app
Low fees on larger accounts
Educational content

Cons

Fees for smaller accounts

Source: biblemoneymatters.com

Apache is functioning normally

May 26, 2023 by Brett Tams

SoftPro, the nation’s top provider of title, closing, and escrow software, announced on Thursday that it has launched ClosingsLIVE, a cutting-edge communication portal for real estate settlements. The platform grants authorized parties secure access to order status, documents, and milestones, catering to the demands of clients and all transaction participants.

“ClosingsLIVE is a gamechanger app for SoftPro customers and the clients they serve,” Patrick Hempen, SoftPro’s chief customer officer, said. “We live in a world where people demand immediate, around-the-clock access to their data, and ClosingsLIVE is a tool that allows settlement agents to securely manage and share order data with their clients and other parties in the transaction, giving them a competitive advantage in a tight marketplace.”

ClosingsLIVE replaces SoftPro’s initial SoftPro LIVE portal, equipping settlement agents with secure, round-the-clock access to closing-related updates, events, and documents. The user-friendly platform is available on desktop and as a mobile application for iOS and Android devices.

The ClosingsLIVE app enables push notifications, directly alerting users when an order is shared, a milestone or document is updated, or an order is closed. Its sleek and clean interface offers immediate access to crucial order details, including property address, map, buyer and seller names, settlement date, and recently completed milestones.

Users seeking further information can delve deeper, accessing comprehensive order details such as associated milestones, their respective statuses, and overall progress.

ClosingsLIVE also offers branding options, providing SoftPro customers with enhanced marketing visibility to their clients and service partners. By incorporating settlement agents’ branding within the app, mobile users can quickly identify orders, particularly those working with multiple SoftPro customers.

For instance, a realtor may have multiple properties in progress with more than one settlement agent. Using the ClosingsLIVE app, the realtor can differentiate orders based on each settlement agent’s branding and easily view and respond to messages across all their orders from multiple settlement agents.

The app also features a feed displaying the latest activity across all the realtor’s properties in one convenient view. Users have the flexibility to customize their display to show different levels of details and sort orders by open date, closing date, milestone, and more. With ClosingsLIVE, settlement agents can efficiently manage their real estate closings directly from their mobile phones, ensuring all parties remain informed at any time.

SoftPro is a leading provider of title, closing, and escrow software in the United States. With an award-winning suite of products designed to increase volume and revenue, SoftPro offers innovative technologies that streamline the closing process.

This content was generated using AI, and was edited and fact-checked by RealTrends’ editors.

Source: housingwire.com

Apache is functioning normally

May 26, 2023 by Brett Tams

Disclaimer: Bible Money Matters has entered into a referral and advertising arrangement with Wealthsimple US, LTD and receives compensation when you open an account or for certain qualifying activity which may include clicking links. You will not be charged a fee for this referral and Wealthsimple and Bible Money Matters are not related entities. It is a requirement to disclose that we earn these fees and also provide you with the latest Wealthsimple ADV brochure so you can learn more about them before opening an account.

In the past couple of years I’ve written about quite a few investing startups that offer easy ways to invest that take the human component out of the equation.

They’re typically simple enough for anyone to understand, low cost and try to capture market returns via low cost ETF index funds. Many people call them robo-advisors.

As I was researching some of the best robo-advisors I came across one that had previously only been available in Canada, Wealthsimple. As of earlier this year they have now crossed the border, and are now available to U.S. users (You can also get up to a $10,000 managed for free as a reader of Bible Money Matters).

Wealthsimple is a hot company, and there is a lot to like about this newer online investment manager.

Today I thought I would take a close look at this automated investment advisor in this Wealthsimple review. How does Wealthsimple work? How do they invest your money? What are the pros/cons of their service?

Wealthsimple Background

Wealthsimple was founded in September of 2014 in Toronto, Ontario Canada. Shortly thereafter it acquired ShareOwner Investments, the country’s first robo-advisor.

Wealthsimple Financial Inc. is an online investment management service focused on making “investing easier for millennials.” The firm was founded in September 2014 by Michael Katchen and is based in Toronto. As of August 2019, the firm had over C$5,000,000,000 in assets under management.

Wealthsimple has over $5 billion Canadian dollars in assets under management ($3.75 million U.S.) and over 175,000 clients as of August 2019. They’re growing at a decent rate, and with the jump to the U.S. market in January 2017, that can only accelerate.

The company has garnered several awards in it’s first few years including:

Fintech 100 – Top 100 Global Financial Technology Companies
2017 Webby Winner – Best Financial Services/Banking Website.
2016 Webby Winner – Best Financial Services/Banking Website.
2016 – Fintech Five – Hottest and most promising financial technology companies.
2015 Product Hunt Toronto – Product of the Year Award.

How Does Wealthsimple Work?

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Wealthsimple was founded on the idea of simplifying and automating investing in order to give newer and experienced investors alike a diversified long term portfolio, without any hassle.

How do they do that? They create diversified stock and bond portfolios that are typically made up of ETF index funds. The funds are low cost and diversify your holdings across different sectors of the global economy to increase your gains, and lower your risk.

When you sign up you’ll be given a personalized portfolio, based on your answers to a survey at the beginning of the process. It will be tailored to your personal level of acceptable risk, be automatically re-balanced (so that your investments stay in line with your goals) and dividends will automatically be reinvested.

In short, it’s a simplified, low cost and automatic investment portfolio that can help you to reach your long term goals.

Opening A Wealthsimple Account (Get Up To $10,000 Managed Free!)

Opening an investing account with Wealthsimple is easy, and users in the USA, Canada and UK are eligible.

To get started, and to get your sign-up bonus, just go through this process:

Go to Wealthsimple.com via this link. (Our link gives you up to a $10,000 managed for free as a bonus.)
Start the online application: From the landing page click “Claim your bonus” and follow the prompts.
Enter basic details: Enter some basic personal information, answer a few questions about your previous investment experience and e-sign one or more Investment Management Agreements.
Bank verification:Verify your banking information via one of the approved methods.
DONE!

No need to worry about providing your banking details as Wealthsimple is fully secure, using 128 bit encryption. They’re also SIPC insured up to $500,000.

After you verify your banking information, your Wealthsimple account should be up and running within 5 business days, according to their FAQ.

Wealthsimple Basic Vs. Wealthsimple Black

When you’re opening your account and making your initial deposits, one thing you may want to consider is just how much your initial deposit is. With a deposit of less than $100,000 you’ll be signed up for a Wealthsimple Basic account, which gives you everything you need to invest in a diversified portfolio, at an annual fee of 0.5%. Signing up for the Basic account will give you a $50 bonus through our link.

If you deposit more than $100,000 in your account you’ll be upgraded to a Wealthsimple Black account, which means you’ll have a lower annual fee of 0.4%, along with the following benefits:

Financial planning with a Wealthsimple advisor
Access to tax-efficiency benefits like tax-loss harvesting and tax efficient funds.
VIP Priority Pass access for you and a guest to more than 1,000 airline lounges in over 400 cities.

If you already have a large amount to transfer in, the added benefits of Wealthsimple Black are nice to have, and in many cases puts Wealthsimple ahead of the competition. In addition to the $50 bonus for opening a new Wealthsimple account, you’ll get an additional $50 bonus if you deposit over $100,000 and open a Wealthsimple Black account.

Wealthsimple Investment Portfolios

The Wealthsimple portfolios mainly invest in diversified ETF index funds and are based on Nobel Prize winning ideas behind Modern Portfolio Theory. Here’s how they explain it:

Our approach is based on Modern Portfolio Theory, introduced by the Nobel Prize-winning economist Harry Markowitz, who proved you can minimize volatility (risk) and maximize reward (money!) by diversifying your investments. We invest your money across thousands of companies using Exchange Traded Funds (ETFs) that track different sectors of the global economy. This way, you bet on bigger slices of the economy while taking advantage of market diversification, without being impacted by the growth or loss of one company. In a few easy steps, we’ll determine the right mix of investments you should have based on your personal goals. We also designed a socially-responsible portfolio that prioritizes low carbon emissions, advances cleantech innovation, and promotes sustainable growth in emerging markets.

So their portfolios are based on a proven investment strategy, and are designed to maximize reward while minimizing risk. It’s a strategy similar to the ones used by other robo-advisors, although the details are a bit different.

Available Portfolios

When signing up there are 3 main portfolios that you can choose from:

Conservative: 65% Stocks, 35% Bonds
Balanced: 50% Stocks, 50% Bonds
Growth: 80% Stocks, 20% Bonds

As of 2017, the following low cost investments are in the portfolios:

Vanguard US Total Stock Market ETF (VTI)
Vanguard Mid-Cap Value ETF (VOE)
Vanguard Small-Cap Value ETF (VBR)
Vanguard FTSE Europe ETF (VGK)
WisdomTree Japan Hedged Equity Fund (DXJ)
Vanguard FTSE Emerging Markets ETF (VWO)
iShares National Muni Bond ETF (MUB)
iShares TIPS Bond (TIP)
Vanguard Total Bond Market ETF (BND)
VanEck Vectors Fallen Angel High Yield Bond ETF (ANGL)

Socially Responsible Investing

Wealthsimple recently released socially responsible investing options for investors who want to invest with their values. Those investments include:

iShares MSCI ACWI Low Carbon Target (CRBN)
PowerShares Cleantech Portfolio (PZD)
iShares MSCI KLD 400 Social ETF (DSI)
SPDR® SSGA Gender Diversity Index ETF (SHE)
PowerShares Build America Bond Portfolio (BAB)
iShares GNMA Bond ETF (GNMA)

Socially responsible investing options will carry a slightly higher fund cost associated with managing the funds to keep the investments “socially responsible”. Keep that in mind when choosing this option.

Investments in all of the portfolios can change over time, so check for current investment mix when you sign up.

Wealthsimple Roundup

Wealthsimple added a new feature in October of 2018 called Wealthsimple Roundup that helps you to save and invest in small increments, based on your daily spending in a linked account.

Spend $4.50 at Starbucks? The amount will get rounded up to the nearest dollar, $5 in this case, and once a week your combined roundups will be invested.

How can you take advantage? From their FAQ:

If you’re already a Wealthsimple client, open your mobile app and click on “Add funds.” There will be an option to turn on Roundup. Then just select the credit and debit cards you want to connect, and the Wealthsimple account you want your roundups to go to. Bingo, you’re done. Every time you spend money with one of your linked debit or credit cards, the amount gets rounded up to the nearest dollar, and once a week that money gets invested.

Investing 50 cents at a pop may not seem like much, but when the roundups are added together it can be a surprisingly significant amount of money.

In the past when I’ve used a roundup feature it can lead to saving $100-200 in a single month if I’ve spent enough. Definitely a cool feature and one to take advantage of.

Wealthsimple Mobile Apps

Wealthsimple has beautiful mobile apps for both iOS and Android. The apps were redesigned from the ground up at the end of 2016, and are now even more beautiful and functional.

Some of the functions you can perform in the app:

View your portfolio.
Track account activity.
Setup auto deposits, or make one time deposits.
Access educational content.
Update your profile information.

Wealthsimple Service Fees And Minimums

So how much will you be paying to use Wealthsimple? What are the fees and minimums for using the service?

Wealthsimple currently has no minimums on an account, and there are no trading, account transferring or rebalancing fees either. You can start investing when you deposit $500.

Low Annual Management Fees

The account management fees with Wealthsimple are pretty easy to break down.

$500-$99,999 invested: 0.50% annual management fee.
$100,000+ invested: 0.40% annual management fee.

While the fees for the service aren’t the lowest in the industry, they are often much lower than going with a traditional human advisor or a large mutual fund company. They are very much in line with much of the industry on pricing, especially if you’re investing more than $100,000 where they include meetings with advisors, lower fees and other perks.

Simplified & Automated Investing

Wealthsimple was launched in the U.S. market in January 2017, and has quickly become one of the premier options for people looking to have a simple, effective and automated investment portfolio. (If you’re a Canadian, check out this Wealthsimple review that was written specifically for a Canadian audience.)

Their portfolios are created and based on the ideas of Modern Portfolio Theory, and those proven strategies are the sound basis for a good long term investing portfolio for anyone.

Their fees are lower than you’d likely see when using a traditonal financial advisor, and are in the range of what other providers charge (although some are lower). The fact that they’re offering a $100 sign-up bonus through our link should give you plenty of time to test the service out, before deciding if you want to use them for the long term.

I think their service is top notch, and I’d recommend giving them a try.

Sign Up For Wealthsimple, Get Up To A $10,000 Managed Free!

Wealthsimple

Rating

8.3/10

Pros

Simple automated investing
Socially responsible investing options
Proven long term strategy
Retirement account options
No minimums

Cons

Cost a bit higher for low balances

Source: biblemoneymatters.com

Apache is functioning normally

May 26, 2023 by Brett Tams

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

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

20 Best Neobanks

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

1. Chime

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

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

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

You can read our full Chime review to learn more.

2. GO2bank

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

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

For a comprehensive overview, read our full GO2bank review.

3. Current

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

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

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

4. Revolut

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

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

To learn more, read our full Revolut review.

5. Quontic Bank

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

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

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

Read our full Quontic review for more information.

6. Dave

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

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

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

7. Albert

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

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

8. Varo

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

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

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

Read our Varo Bank review to learn more.

9. Aspiration

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

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

Read our full review of Aspiration to learn more.

10. Bluevine

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

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

11. SoFi

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

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

Read our full review of SoFi to learn more.

12. Acorns

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

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

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

13. One

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

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

14. Cheese

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

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

15. Unifimoney

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

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

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

16. NorthOne

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

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

17. Oxygen

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

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

18. Bella

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

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

19. Lili

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

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

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

20. Monzo

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

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

What is a neobank?

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

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

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

Are neobanks safe?

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

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

Neobanks vs. Traditional Banks

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

Neobanks

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

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

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

Traditional Banks

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

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

See also: Best Alternatives to Traditional Banks

Pros & Cons of Neobanks

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

Pros

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

Cons

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

Bottom Line

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

Source: crediful.com

Apache is functioning normally

May 25, 2023 by Brett Tams

With 12 million members, Navy Federal Credit Union services U.S. military members, veterans, Department of Defense members, and their spouses. Navy Federal offers a full suite of services, including checking accounts, savings accounts, certificates of deposit accounts (CDs), and money market accounts.

But even if you qualify for an account, it’s not your only choice. It’s important to take a close look at the fees, interest rates, and overall bank experience to make sure it’s the best choice for your finances.

Overview

Navy Federal Credit Union is available for service members, veterans, Department of Defense employees, and their families. Although Navy Federal does offer fee-free accounts and competitive rates on loans, their interest rates on savings, CDs, and credit cards aren’t competitive with online banking options. It’s important to shop around before settling on any lender, and Navy Federal is no exception.

What Is Navy Federal Credit Union?

Credit unions are like banks in that you can deposit and withdraw funds, earn interest on your savings, and borrow money. But banks are for-profit institutions. Credit unions, on the other hand, are nonprofits that typically limit membership to a specific business, organization, club, or geographic location. Members are considered owners, with a voice in how the credit union operates.

Navy Federal Credit Union began in 1933 as a lender serving a small group of naval officers and their families. Over the decades, though, membership expanded. Today, membership is open to:

Enlisted members and veterans of all branches of the military
Family members of former and enlisted military
Department of Defense members and their families

Navy Federal is member-owned, which means that any earnings go back to members. Often, these dividends are put toward reducing interest rates and improving offerings, but they’re also given to members in the form of account credits. Cashflow is publicly disclosed on Navy Federal Credit Union’s website.

Types of Accounts

Navy Federal Credit Union’s members have access to a variety of account options, from checking to savings to money markets and CDs. Their fee-free structure is typical of credit unions, and with most accounts, you’ll have no minimum deposit or balance requirement.

Here are some details on the accounts Navy Federal offers:

Checking Accounts

Navy Federal Credit Union offers a free checking account option to members. There are several checking accounts to choose from, and your choice will likely relate to your own unique needs.

All of Navy Federal Credit Union’s checking account holders enjoy checking with no monthly fees, a Navy Federal debit card with zero-liability protection, and access to 30,000 ATMs located throughout the U.S. and Canada.

Here are the current checking account options at Navy Federal:

Free Active Duty Checking: For both active duty and retired military members, this bank account issues ATM fee rebates, 0.05% annual percentage yield (APY), and a 0.05% dividend rate.
Free Easy Checking: For all your everyday banking needs, there’s this account, which includes ATM fee rebates, a 0.05% annual percentage yield, and a 0.05% dividend rate. This account comes with overdraft protection options.
Free Campus Checking: Designed for service members and family of service members ages 14-24, this account also includes ATM fee rebates, a 0.05% annual percentage yield, and a 0.05% dividend rate.
Free EveryDay Checking: This account is available to all credit union members as a simple, fee-free everyday checking account that has all the basics. It only comes with a 0.01% APY and a 0.01% dividend rate, however.
Flagship Checking: A Flagship checking account is for those members who want to earn more on their money. You’ll get a 0.35% to 0.45% APY and a dividend rate of 0.35% to 0.45%. However, this account comes with a balance requirement of $1,500 or more. A service fee of $10 a month applies for balances of less than $1,500.

Savings Accounts

A Navy Federal savings account comes with 0.25% APY. There is a $5 minimum balance requirement for the account to earn dividends, but it’s fee free. You can also divide this basic savings account into segments, naming each one. This allows you to set up an emergency fund, a vacation fund, a home buying fund, a Christmas gift account, or whatever else you need.

If you have specific savings goals, Navy Federal Credit Union also offers both Traditional and Roth IRAs. Self-employed members and those who work for participating employers can set up a simplified employee pension (SEP). These have higher contribution limits than IRAs.

Navy Federal members with children may want to take a look at the education savings accounts offered by the credit union. These Coverdell Education Savings Accounts (ESAs) allow you to put money into a tax-advantaged account for the specific purpose of paying for education expenses.

Certificates of Deposit

Investing can be a valuable part of financial planning. One low-risk way to boost your earnings is through a certificate of deposit (CD). Current rates range from 4.55% APY. Navy Federal has four tiers of CDs, each with its own yield and terms:

Standard Certificate: Get started saving with this CD that offers a competitive interest rate with terms of up to seven years. You can earn as much as 4.55% with only a $1,000 minimum deposit.
EasyStart Certificate: You can add money to this CD at any time, making it a great savings vehicle. Yields go as high as 4.45%, and you can choose terms from 6 to 24 months. Best of all, you can deposit as little as $50 to start.
Special EasyStart Certificate: Another CD that allows a $50 opening deposit, this option can earn up to 4.85%. It only comes with a 12-month term.
SaveFirst Account: Step up from a basic savings account with this CD, which offers up to 4% interest with terms of only three to 60 months. You can set up this account with a deposit as low as $5.

Money Market Accounts

If you want to boost your earnings without locking your money down, a Navy Federal money market account could be the perfect solution. You’ll need at least $2,500 to earn interest, but once you reach that threshold, interest rates are higher than the Navy Federal basic savings account.

Navy Federal Credit Union offers the following current rates on money market accounts:

$2,500-$9,999: 0.95% APY
$10,000-$24,999: 1.06% APY
$25,00-$49,999: 1.10% APY
$50,000 and over: 1.50% APY

If you have at least $100,000 to put into your account, you can earn even higher rates with one of the jumbo money market accounts Navy Federal offers. Those rates are as follows:

$0-$99,999: 0.25% APY
$100,000-$249,999: 1.65% APY
$250,00-$499,999: 1.85% APY
$500,000-$999,999: 2.05% APY
$1 million and over: 2.25% APY

Credit Cards

As a federal credit union member, you’ll get access to a variety of other account offerings. One such offering is a full suite of credit cards. Currently, you can earn $200 cash back with the CashRewards card as long as you spend $2,000 in the first 90 days.

Although Navy Federal Credit Union has cards that can help you build credit or earn cash back, you can find better deals through online banks and local lenders. Most come with high interest rates and no zero-interest introductory period.

Personal Loans

If you’re looking for a loan for home improvements or debt consolidation, this is where Navy Federal shines. The credit union offers competitive rates on personal loans with flexible terms. Personal expense loans start as low as 7.49% APR for a 36-month term.

Once you have some money in your savings account or CD, you’ll have a source of funding. You can borrow against the money and repay the funds with rates as low as your savings rate plus 2.00%.

Bank Experience

Navy Federal is a full service credit union with all the amenities. But it’s best for those searching for active duty checking. Branches and ATMs tend to be located near bases. Still, mobile banking and free access to a nationwide network of ATMs make it easy for armed forces veterans and their families to find in-person customer service when they need it.

Navy federal credit union’s website and mobile app offer a full suite of online banking options. You can transfer money, deposit checks, manage your credit and debit cards, and set up alerts to monitor account activity.

The mobile app is available for iOS, Android, and Amazon devices. You’ll also have access to Apple Pay and Google Pay using your Navy Federal Credit Union checking account on those supported devices. These are the same options you’ll have with other lenders, but they’re convenient if you like Navy Federal’s other options.

Fees and Penalties

One of the best reasons to go with a credit union is the lack of fees. For the most part, Navy Federal has fee-free services, but you will pay a monthly fee if you choose Flagship checking and can’t keep a $1,500 balance.

Navy Federal Credit Union does charge fees if your account goes into the negative. You can avoid the $29 insufficient funds fee by investing in overdraft protection, but Navy Federal charges a fee for moving the money. Some other lenders don’t charge for that.

Annual Percentage Yield on Accounts

Although Navy Federal has plenty of benefits, their interest rates on their high-yield savings accounts, CDs, and even checking accounts are lower than competitors. The money market savings account currently only pays up to 2.25% APY, and that’s with a $1 million balance.

Service members and veterans should shop around to make sure you’re getting the best rates. You might even keep your checking and basic savings with Navy Federal, then have a money market savings account or CD with one of the many online banks paying competitive rates.

Minimum Balance Requirement

With any Navy Federal Credit Union review, checking balances are worth a mention. For the most part, you won’t have a minimum balance or a minimum deposit requirement with any of Navy Federal’s accounts. There is one exception, though. If you choose the Flagship Checking Account, you’ll need to deposit at least $1,500 and maintain that balance over the life of your account. Otherwise, you’ll pay a $10 monthly service fee.

There is a minimum deposit requirement with Navy Federal’s savings account options, though. To earn dividends, you’ll need to deposit at least $5 and maintain that. To maintain a money market savings account with Navy Federal, you’ll need a balance of at least $2,500 to earn dividends.

If you qualify for a Navy federal credit union account, it’s well worth a look. But pay close attention to the offerings and compare them to other financial institutions to make sure you’re getting the best solution for your needs.

Source: crediful.com

Apache is functioning normally

May 24, 2023 by Brett Tams

Did the movie “The Big Short” go right over your head? Does Nasdaq sound more like a foreign country than a stock market index? When you hear about bear markets and bull markets, do you envision adorable cartoon mammals browsing for fresh produce at a local farmers market?

You’re not alone.

The stock market can be confusing, and if you’re not a financial wizard in the Wall Street inner circle, you might be tempted not to bother with stock and options trading at all. But you’d be missing out.

That’s where apps like Robinhood come in. In this Robinhood review, we’ll discuss how Penny Hoarders can go from novice traders to expert stock market gurus, no matter how much or how little they have to invest.

What Is Robinhood?

Robinhood offers a unique brokerage account with commission-free investing from your smartphone. Robinhood has been around for the better part of a decade — the company launched April 18, 2013. Its two founders, Vladimir Tenev and Baiju Bhatt, met at Stanford University as roommates and eventually moved to New York City to build finance companies.

Upon seeing firsthand how Wall Street insiders and powerhouse firms paid almost nothing when trading stocks while average Americans had to pay a commission fee for every trade, they instead headed to California to develop a financial product that allowed everyone to trade easily and affordably.

The resulting financial product, of course, was Robinhood. The company today is headquartered in Menlo Park, California.

Robinhood has not been without its challenges. It’s famous for serious outages during market surges in 2020 and its role in the early 2021 market chaos related to the Reddit forum called r/wallstreetbets, where it restricted member access to securities like GameStop, Nokia and AMC. More recently, Robinhood laid off 23% of its staff, just one example of the massive tech industry layoffs in 2022, and also has been in the news for questionable trades.

However, Robinhood’s overall mission to make stock market trading accessible for everyone is admirable, and it is one of many investment and trading tools that seeks to put power back in consumers’ hands to elevate the financial status of the average American.

That’s a product that, even with its flaws, we can get behind.

What Tradable Securities Does Robinhood Offer?

The Robinhood platform is a great solution for free(!) trading of stocks, options, ETFs (exchange-traded funds) and ADRs (American Depositary Receipts), as well as cryptocurrency trading. The trading platform requires no minimum balance, offers fractional shares and includes plenty of educational resources. While Robinhood is most known for trading stocks and crypto, you can also use it for cash management.

Robinhood does not, however, offer access to mutual funds and bonds.

In 2021, Robinhood began to offer IPO access, meaning investors could purchase shares of stock in new companies at the IPO price before they go public. And in 2022, it introduced individual retirement accounts, or IRAs.

What Can You Trade on Robinhood?

U.S. exchange-listed stocks
U.S. exchange-listed ETFs
Options contracts for U.S. exchange-listed stocks and ETFs
ADRs for more than 650 globally listed companies
Cryptocurrency

What Can’t You Trade on Robinhood?

Foreign-domiciled stocks
Select OTC equities
Preferred stocks
Tracking stocks
Stocks that trade on foreign exchanges
Royalty trusts
Units
Closed-end funds
Mutual funds
Bonds
Fixed-income trading
New York registry shares
Limited partnerships
Chinese securities affected by the Nov. 2020 executive order
Spanish ADRs

How to Get Started with Robinhood

To sign up with a Robinhood brokerage account, simply visit the website and press the black “sign up” button.

Hot Tip: Robinhood is currently offering one free fractional share upon signup. There are 20 fractional shares available to choose from. To generate its 20 offers, Robinhood chose the two largest S&P 500 companies within each of the top 10 sectors based on market cap.

To open an account with Robinhood, you have to meet a few individual requirements:

You must be 18 or older.
You need a valid Social Security Number (Note: You may not use a Taxpayer Identification Number).
You must be a legal U.S. citizen, U.S. permanent resident or have a valid U.S. visa and have an address in the 50 states or Puerto Rico (exceptions made for members of the U.S. military stationed outside the country).

The Robinhood trading platform is accessible via the web or app (iOS and Android).

The process of activating your account can take some time. You’ll start by submitting an application. While Robinhood reviews the application, you can queue one deposit to fund your account, but you won’t be able to use that money to make trades until account approval.

Typically, Robinhood will take a few days to either approve your application or request more information. If they request more information or documentation, be prepared to allow five to seven days for review.

How Much Does Robinhood Cost?

Trading with Robinhood is free. That’s the whole reason its founders launched the company: free stock trading for regular people. That means you won’t pay commissions on equity trades or options trades. However, you could wind up having to pay account transfer fees, wire fees, check fees and live broker fees, among others.

In addition, Robinhood Gold allows you to trade on margin at a 7.75% annual rate (11.75% for non-Gold members). It also allows you to make bigger deposits with faster fund access. This fee for the margin account is $5 per month.

Robinhood Gold, Explained

Margin trading means trading with borrowed money. If you invest in a bad stock and lose money on the investment, you’ll owe that money back.

For example, say you borrow $500 to invest in a stock worth $500. But that stock plummets to $100. You will still owe the remaining $400 back to Robinhood. That’s what makes margin trading a little too risky for novice traders.

Not only that, but if you borrow more than $1,000 to trade on margin, you’ll owe 7.75% yearly interest on that borrowed money above that $1,000.

Because Robinhood is targeted at new investors — and margin trading is a risky practice that can break even the savviest stock market gurus — we recommend that you invest with your own money, and make sure it’s money that, if lost, will not financially ruin you.

In fact, one of our biggest stock trading tips for beginners is to stay away from margin trading.

So How Else Does Robinhood Make Money?

If Robinhood is commission-free and not everyone uses Robinhood Gold, how does Robinhood make money off you? Robinhood spells this out transparently on its website:

Rebates from market makers and trading venues: Robinhood has developed relationships with market makers and trading venues that pay Robinhood rebates for directing orders to those makers and venues. In the industry, this is known as payment for order flow (PFOF).
Stock loans: Robinhood can loan stocks held in your account to traders and hedge funds for short selling. Robinhood gets to keep the money it makes from this; you as the investor do not share in the wealth.
Income from cash: If you have idle cash sitting uninvested but haven’t moved it into a cash management account, Robinhood earns interest on that cash.
Cash management account: Every time you use the debit card for your cash management account, Sutton Bank (the card issuer) earns a fee, which it shares with Robinhood.
Robinhood Gold: Robinhood makes money off every Gold subscription, both from the monthly fee and from margin interest.

Robinhood Review: Key Features

In this section, we will break down some of the hallmark features of Robinhood.

Robinhood: At a Glance

Feature	Details	More Details
Trading fees	$0	n/a
Account minimum	$0	n/a
Tradable securities	Stock options	ETFs ADRs; crypto
Mobile app rating	4.2 on App Store	4 on Google Play
Customer support	Talk to a live agent 24 hours a day, 7 days a week	30-minute guarantee
Other key features	Fractional shares	IPO access
Beginner perks	Educational resources	Free stock at sign-up

Commission-Free

Robinhood’s schtick has long been that it offers commission-free trading. That means you will spend $0 for stock trading and $0 for options trading. ETFs also are commission-free.

This was the original mission of the founders, but in the time since launching their revolutionary idea, some of the bigger, traditional players, like Fidelity and Charles Schwab, have latched onto the same idea — and are backed by a better customer support system and a better-supported platform.

That has meant the Robinhood trading platform has had to find new ways to differentiate, like cryptocurrency and fractional shares. More on these below.

No Account Minimum

Of course, you will need to put money in your account to invest, but Robinhood does not have an account minimum, nor does it charge you for having a low or zero balance. And with fractional shares being an option, you can get started investing with as little as a dollar in your account.

Note: To purchase a security on margin (through Robinhood Gold), you need to have at least $2,000 in your account. This is not a Robinhood requirement but rather a regulation set by the Financial Industry Regulatory Authority (FINRA).

Cryptocurrency Trading

Cryptocurrency is still a foreign concept to many investors, but just because something is new and scary (also, it’s been around since 2009, so it’s hardly new anymore) doesn’t mean you shouldn’t invest. Not all brokers allow you to buy and sell cryptocurrency, but Robinhood offers support for multiple cryptocurrencies, including Bitcoin, Dogecoin and Ethereum, with Robinhood Crypto (open 24/7).

In keeping with the whole “Robinhood is free” theme, Robinhood charges 0% for crypto exchanges. Some competitors charge up to 4%.

Fees

Not only does Robinhood offer free trades on stocks, options, ETFs and ADRs, it also has no account fees, inactivity fees or ACH transfer fees. Robinhood Gold, as mentioned, currently costs $5 a month.

Mobile App

Robinhood was created in the heart of Silicon Valley in Menlo Park, so, unsurprisingly, its mobile app is streamlined and easy to use. At the time of writing, the Robinhood app had 4.2 stars in the App Store based on more than 4 million reviews.

Its website, too, is streamlined. It doesn’t have a lot of extras, which is great if you are a novice trader. A more senior investor may find the site lacking, however.

Customer Support

While Robinhood offers customer support, this seems to be the biggest issue raised by members. Customer review sites often are littered with complaints that customer service is virtually nonexistent, especially pre- and post-market.

In an effort to improve its relatively low-rated customer support options, Robinhood rolled out a new customer service feature in 2021. This allows customers to request a call back, 24/7. Robinhood promises an agent should call within 30 minutes.

No Mutual Funds and Bonds

While commission-free stocks, options, ETFs and even crypto are a big pro of Robinhood, its lack of mutual funds and bonds can be frustrating for traders who want to diversify. As far as retirement accounts go, mutual funds are a key part of a retirement investment strategy.

Fractional Shares

True to its goal of making growing financial wealth more accessible to average Americans, Robinhood released fractional share options in late 2019. This means, if you can’t afford an expensive stock valued at, say, $1,000, you could instead buy a fraction of the stock, maybe $100 worth of it, or even just $10.

Right now, Robinhood allows you to buy as small as one-millionth of a share. Just like full shares, trading of fractional shares can be done in real time and is commission-free.

Recurring Investments

Another tool that Robinhood has introduced in recent years is recurring investments, which is a nice pairing with a fractional share investment strategy. For example, if Company X’s stock hovers around $200, you can set up a recurring investment in a fractional share at $25/week. Within roughly eight weeks, you could own a full share.

Most brokers structure recurring investments as buying by the share, which typically leaves your account funded with some uninvested cash. But Robinhood’s recurring investments are structured as buying by a dollar amount, which makes the best use of all your invested cash.

IPO Access

New in 2021, Robinhood gave customers access to purchase stocks in upcoming IPOs (initial public offerings) at the IPO price. No minimum account balances or special status requirements are necessary.

Cash Management Account

Another cool feature of Robinhood is the associated cash management account. You can have your paycheck deposited here, use it to pay bills and deposit checks, and, of course, fund your account. Like a proper bank account, this account gives you access to more than 75,000 fee-free ATMs (pretty much everywhere Mastercard is accepted) and comes with a debit card. And the best part: It earns 1.5% APY (4.65% APY for Gold members). For reference, the FDIC says the average interest rate for a savings account is 0.33% APY. And because the account is operated through a network of banks, you’ll get more than the typical $250,000 FDIC insurance; instead, the account is insured up to $1.25 million.

Educational Resources

A lot of now-outdated Robinhood reviews mention the lack of educational resources. We couldn’t find anything to be less true of Robinhood. Perhaps in response to some of those reviews, Robinhood has stepped up its game, with plenty of online resources on the website as well as a daily financial newsletter called Robinhood Snacks. Robinhood markets it as a “3-minute newsletter with fresh takes on the financial news.”

Pro Tip

Serious investors keep up with this kinds of news. It may not have the same appeal as celebrity gossip, but it will help you make wise decisions investments decisions.

Robinhood makes it easy to access news from Reuters, Cheddar, WSJ Markets, etc. Upgrading to Robinhood Gold gets you access to Morningstar, Nasdaq and Nasdaq Totalview Level 2 Market Data.

What Customers Are Saying About Robinhood

Because of Robinhood’s role in the recent GameStop market chaos and following layoffs in 2022, many angry investors and emboldened Redditors spoke their minds online, meaning Robinhood’s current ranking on sites like the Better Business Bureau (BBB) and Google Play is suffering. This is more a reflection of reviewers’ overall criticisms of capitalism, hedge fund managers and the 1% than it is on Robinhood, which, if you take a step back, is really trying to help the average investor.

Pros and Cons of Robinhood

There’s a lot to love about Robinhood, especially if you are a new trader. More experienced traders may prefer a different approach to trading, however. Weigh these pros and cons before deciding on a Robinhood brokerage account.

Pros

The educational content is great if you are new to the stock market and want to learn the language.
The cash management account makes it easy to fund your investments and earns a decent APY.
You can strategize by combining fractional shares and recurring investments to diversify your assets and minimize uninvested cash, no matter how much you have to invest.
The commission-free trading and no account minimum truly make this accessible to anyone who wants to invest.
Robinhood gives you the option of investing in cryptocurrency and access to IPOs.
The mobile app and online trading platform are known for their ease of use.
There are no account or trading fees, nor are there account inactivity or ACH transfer fees
Robinhood is running a promotion wherein you get free fractional share upon signing up.

Cons

The role Robinhood played in limiting investments in squeeze stocks (like GameStop) in early 2021 brought the original mission of the company into question. The 2022 layoffs didn’t help.
Customer support is lacking, especially compared to larger brokers. Robinhood customers complain that customer service is especially challenging pre- and post-market.
Robinhood lacks mutual funds and bonds.
By not charging investors commission, Robinhood instead makes money through the payment for order flow, a common standard among online brokers. Some critics say this is a conflict of interest.

Are There Alternatives to Robinhood?

If you want to stay away from major players like TD Ameritrade and Charles Schwab, Robinhood is arguably the most popular trading tool.

Its most notable competitor is Webull. Both Robinhood and Webull have their advantages; it truly comes down to your personal preferences. But Robinhood and Webull aren’t your only options. In fact, we’ve rounded up the best investment apps currently offered; choosing the right app depends on your own specific needs and investment strategy.

Frequently Asked Questions (FAQs) About Robinhood

Still have questions about opening a Robinhood account? We’ve provided answers to some of the questions our readers are most commonly asking.

Is Robinhood Safe?

Yes, Robinhood is a safe platform for investing. Robinhood is a member of the SIPC (Securities Investor Protection Corporation), meaning your funds are insured up to $500,000. Robinhood also is regulated by the Securities and Exchange Commission (SEC).

Is Robinhood a Brokerage Account?

Yes, Robinhood offers a brokerage account as its key offering, but you can also open a cash management account with Robinhood.

Does Robinhood Pay Dividends?

Robinhood processes your dividends automatically, crediting cash to your account by default.

Is Robinhood Gold Worth It?

Most investors will be fine with Robinhood’s free investing accounts. Being a Robinhood Gold member is ideal for margin trading, but we don’t recommend this unless you are a more seasoned investor.

Timothy Moore covers banking and investing for The Penny Hoarder from his home base in Cincinnati. He has worked in editing and graphic design for a marketing agency, a global research firm and a major print publication. He covers a variety of other topics, including insurance, taxes, retirement and budgeting and has worked in the field since 2012. Freelancer Lauren Richardson contributed to this post.

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Source: thepennyhoarder.com

Apache is functioning normally

May 24, 2023 by Brett Tams

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.

Changed Shark Tank

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

Changed Boost

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.

Source: moneyunder30.com

Apache is functioning normally

May 24, 2023 by Brett Tams

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No financial institution can be all things to all people, but some come pretty close.

BMO Harris Bank is one of those banks. It’s a full-service bank with hundreds of branches in the United States (mainly in the Midwest and Southwest) and thousands of fee-free ATMs. With a comprehensive array of checking and savings accounts, plus credit cards, auto loans, and more, BMO Harris Bank is about as close as a bank can come to being a one-stop shop.

Does that mean BMO Harris Bank is right for you? Not necessarily. Plenty of other high-quality banks vie for your deposits every day. See whether BMO is the best fit — or whether you should see what else is out there instead.

What Is BMO Harris Bank?

BMO Harris Bank N.A. is an American bank that provides consumer and business banking services online and through a network of physical branches. Eligible deposits with the bank are FDIC-insured up to statutory limits set by Congress.

Its deposit accounts include checking, savings, money market, and certificates of deposit (CDs), and it also offers credit products like credit cards, mortgages, auto loans, personal loans, and private student loans. BMO Harris Bank has a wealth management division that focuses on relatively high net worth individuals and families, but no self-directed brokerage platform.

Is BMO Harris Bank a good place to park your cash, borrow money, and invest for the future? I’ve reviewed dozens of online banks and brick-and-mortar financial institutions over the years, and I believe BMO Harris Bank is in the upper echelon of the brick-and-mortar group. In other words, it’s one of the best traditional banks to work with — in part because it has embraced technology and innovation in a way that many of its competitors haven’t.

How BMO Harris Bank Stacks Up

BMO Harris Bank is a full-service financial institution that consistently ranks among the top traditional banks for U.S.-based consumers.

It competes not only with other big banks like Chase Bank and Citibank but with major online banks as well. If you’re torn between an “innovative incumbent” like BMO Harris Bank and an “established upstart” like Ally Bank, see for yourself how the two compare.

	BMO Harris Bank	Ally Bank
Monthly Maintenance Fees for Checking	None on the BMO Harris Smart Advantage™ Account	None
Savings Account Yields	Relatively low	3.60% APY
CD Yields	Up to 4.50% APY	Up to 4.25% APY
Credit Products	Credit cards, mortgages, credit-builder loans, home equity products, personal loans, auto loans, private student loans	Credit cards, mortgages, home equity products, auto loans
Self-Directed Brokerage	No, managed investments only	Yes
Physical Branches	Yes, in Illinois, Arizona, Wisconsin, Indiana, Florida, Missouri, Kansas, and some other states	No

What Sets BMO Harris Bank Apart?

Where does BMO Harris Bank get its edge? Out of all the bank’s advantages and selling points, three things really stand out:

A Checking Account With No Monthly Maintenance Fee, Period. The BMO Harris Smart Advantage™ Account is a truly free checking account. It doesn’t charge a monthly maintenance fee, period, regardless of balance or relationship status with BMO, yet it’s packed with features. It’s rare to find an account like this at a big bank.
One-Stop Shop for Credit. Even Ally Bank, probably the best online bank for borrowers, doesn’t bother with certain credit products. BMO Harris Bank has a comprehensive lineup of loans and lines of credit, from home and auto loans to personal and student loans.
Excellent CD Rates (For a Traditional Bank). BMO Harris Bank’s CD rates are competitive with the top online banks for CD customers. And they blow most traditional banks’ CD rates out of the water.

Key Features of BMO Harris Bank

BMO Harris Bank has a comprehensive lineup of deposit accounts and loans, plus some nice value-adds like account opening bonuses and a handy digital app. See what to expect from its products and how to determine which, if any, are right for you.

Account Opening Bonus Opportunities

BMO Harris Bank has some fantastic new account opening bonus opportunities for new checking customers.

BMO Harris Premier^TM Account — $350 Cash Bonus

This one is best for higher-income folks who have no problem meeting the direct deposit requirement. Here’s how it works:

Open a new BMO Harris PremierTM Account by July 14, 2023, and receive a total of at least $7,500 in qualifying direct deposits during the first 90 days of account opening. If you do, you’ll get a $350 cash bonus in your account.

This new checking account offer is not available for current BMO Harris personal checking customers, nor to customers who closed a personal checking account within the past 12 months. Open on-line or in branch; accounts subject to approval.

BMO Harris Smart Advantage^TM or BMO Harris Smart Money^TM Account — $200 Cash Bonus

If you can’t notch $7,500 in qualifying direct deposits during the first 90 days, this bonus could be right for you. It’s nearly as generous:

Open a new BMO Harris Smart AdvantageTM or Smart MoneyTM Account by July 14, 2023, and receive a total of $4,000 in qualifying direct deposits within 90 days of account opening. Do this and you’ll get a $200 cash bonus in your account.

The same restrictions apply to this offer — you must be a new BMO Harris personal checking customer and can’t have had a BMO Harris personal checking account within the past 12 months.

Checking Accounts

BMO Harris Bank offers three consumer checking accounts, each with its own clear use case. All offer access to in-branch and online banking, plus low- or no-fee transactions at more than 40,000 in-network ATMs:

BMO Harris Smart Advantage™ Account: With no monthly maintenance fee, this account is ideal for folks with modest incomes and low-ish balances — folks who wouldn’t be able to avoid monthly maintenance fees at most big competitor banks.
BMO Harris Smart Money^TM Account: Is a $5 monthly maintenance fee worth it for no overdraft fees, ever? If you occasionally dip into the red, probably yes. And there’s no maintenance fee if you’re under age 25, making this a solid student checking account.
BMO Harris Premier™ Account: BMO’s fanciest checking account entitles you to relationship benefits like up to $25 in monthly out-of-network ATM fee reimbursement and 0.50% off your home equity line’s interest rate. Benefits increase with your total BMO deposit balance.

Like all banks, BMO charges some account fees beyond the headline monthly maintenance fees (where present). Here’s how the Smart Advantage Account’s fee schedule looks:

Fee Type	Fee Amount
Monthly Maintenance Fee	$0
Allpoint and BMO Harris ATM transactions	$0
Non-BMO ATM transactions	$0
Paper statements	$2, but $0 when you opt into paperless
Check images	$3, but $0 when you opt into paperless
Overdraft fee	$15, but $0 when you opt into overdraft services
Minimum opening deposit	$25

Savings Builder Account

The Savings Builder Account is BMO Harris Bank’s standard savings account. There’s a $25 minimum opening deposit and no monthly maintenance fee.

Savings Builder’s defining feature is a $5 reward for each month you save at least $200 during the first year. Save $200 per month for all 12 months of the first year from account opening and you’ll clear a cool $60 in extra cash.

Moving forward, the Savings Builder Account has a negligible yield — just 0.01% APY. First-year deposit bonus aside, it’s not suitable if you’re looking for a high-yield savings account. On the bright side, it doesn’t have the usual savings account transaction limit. You’re free to make as many withdrawals as you like without incurring a penalty.

Money Market Account

BMO Harris Bank’s money market account has a higher yield than the Savings Builder Account. However, the yield requires a paired Premier checking account, and your actual return depends on how much you have on deposit across all BMO accounts.

To get the best rates — 2.00% higher than the baseline — you need at least $250,000 in deposits with BMO. And you need at least $10,000 in the money market account to avoid the $10 monthly maintenance fee.

Needless to say, this one’s better if you have a lot of cash on hand.

Certificates of Deposit

BMO Harris Bank offers standard CDs with terms ranging from three months to 60 months (five years). All require a minimum opening deposit of $1,000 and charge interest penalties if you withdraw principal before maturity.

BMO’s standard CD rates are not competitive. The longer-term products earn less than 0.50%, compared with 4.00% APY or higher at the best online banks for CDs.

BMO does offer CDs with competitive rates though. These special CDs, as they’re known, earn upwards of 4.00% APY on terms ranging from 13 to 59 months. They require a minimum deposit of $5,000, but if you can swing that, they’re well worth it.

You can structure select CDs as individual retirement accounts (IRAs) and enjoy tax-deferred or tax-free growth.

Individual Health Savings Account

BMO Harris Bank is one of relatively few banks that offer direct-to-consumer health savings accounts (HSAs). If you’re enrolled in an individual or family high-deductible health plan (HDHP) not through your employer, a BMO Harris Bank HSA can help you save for planned and unplanned medical expenses — or save for retirement if you stay healthy.

BMO’s HSA is delivered by Lively, a leading provider of individual HSAs. There are no ongoing or hidden service fees or monthly fees — you pay nothing out of pocket for the account — and you can withdraw money at any time to cover eligible health care expenses without paying taxes. Your contributions may be tax-deductible as well.

Credit Cards

BMO Harris Bank has four consumer credit cards, although its lineup has changed in the past and could in the future:

BMO Harris Bank Platinum Rewards Mastercard®. Earn 2 points per $1 spent on eligible gas and groceries, up to $2,500 in combined purchases each calendar quarter. Plus, get 10% bonus points on your cardmember anniversary each year (based on prior-year spending) and 0% introductory APR on balance transfers for 12 months from date of first transfer (must be completed within 90 days from date of account opening).
BMO Harris Bank Premium Rewards Mastercard®. Earn 3 points per $1 spent on eligible dining, hotels, and airfare, up to $2,500 in combined spend each calendar quarter, plus 15% bonus points on your anniversary. The same first-year balance transfer promotion applies, but there’s a $79 annual fee after the first year.
BMO Harris Bank Cash Back Mastercard®. Get 5% cash back on eligible streaming and cable/satellite TV purchases and 3% cash back on eligible gas and grocery purchases, up to $2,500 in combined spend per calendar quarter. Plus, get up to $400 in cellphone protection (restrictions apply) and the same first-year balance transfer deal.
BMO Harris Bank Platinum Mastercard®. If you need to finance a major purchase, this is your card. Enjoy 0% APR for 15 months from account opening on purchases and balance transfers.

Loans and Lines of Credit

BMO Harris Bank offers a full lineup of loans and lines of credit:

Mortgage loans, including fixed-rate and variable-rate conventional loans, jumbo loans, and specialty loans like VA and FHA mortgages
Home equity products, including home equity loans and lines of credit
Specialty property loans for bank-owned properties — BMO is one of the few banks that connects consumers with distressed property opportunities
Unsecured personal loans and lines of credit
Savings secured loans — borrow against your savings balance
Credit-builder loans — ideal for people just beginning their credit journeys
Auto loans
Private student loans and student loan refinancing

Premier customers may qualify for rate discounts and other benefits on select loan products.

Wealth Management Services

BMO Harris Bank has a team of in-house wealth advisors who offer financial planning and investment management services customized to your needs. One thing to note here: BMO doesn’t have a self-directed brokerage, so if you prefer to manage your own funds, you’ll need to look elsewhere.

Mobile Banking App

The BMO Harris mobile banking app is compatible with Android and iOS devices. It’s capable of handling most everyday banking functions, including online bill pay, money transfers, and statement review.

Advantages of BMO Harris Bank

BMO Harris Bank has a lot going for it. These are its most notable advantages.

Actually Has a Free Checking Account With No Minimum Balance. BMO Harris Bank is one of the few big banks that has a truly free checking account: the Smart Advantage Account. Most competitors require you to jump through some sort of hoops to avoid a monthly fee or impose age-based restrictions you can’t avoid.
Offers a Health Savings Account for Individuals. BMO Harris Bank’s individual HSA is another rarity among big banks. And it’s backed by Lively, a leader in the HSA space.
Built-in Free Overdraft Protection With Smart Money. BMO’s Smart Money Account doesn’t charge for overdrafts, period. Call it complimentary overdraft protection — it’s a big deal if you sometimes cut it close.
Impressive Range of Deposit Accounts and Loans. BMO Harris has three checking accounts, several savings products, and just about every major type of consumer loan you can imagine. It’s a one-stop shop for consumer financial products and services.
Competitive Rates on Special CDs. If you can meet the $5,000 minimum balance requirement, BMO’s special CDs are a great deal. Yields range from 2.00% to 3.00% annual percentage yield and appear responsive to changes in benchmark interest rates.

Disadvantages of BMO Harris Bank

Consider these potential drawbacks before opening an account with BMO Harris Bank.

Poor Savings Account Yields. BMO’s Savings Builder Account has a very poor yield. It’s not even worth talking about, frankly — if you’re in the market for a high-yield savings account, look elsewhere.
Standard CD Rates Aren’t Competitive. BMO’s standard CD rates aren’t competitive either. Fortunately, as long as the special CDs are available, you don’t have to bother with them.
Special CDs Have High Minimum Balance Requirements. BMO’s special CDs have high minimum balance requirements ($5,000). If that’s tough for you to swing, you may need to look elsewhere for competitive CDs.
Premier Benefits Have High Balance Requirements. BMO’s Premier relationship tiers offer lots of potentially valuable perks and benefits, but you have to hold up your end of the bargain by bringing tens of thousands of dollars to the table. The juiciest perks are reserved for people with at least $250,000 in eligible BMO accounts.

Is BMO Harris Bank Legit?

Yes, BMO Harris Bank is legit. It’s the eighth largest bank in North America by assets and serves more than 12 million customers on both sides of the U.S.-Canada border. It has been in business for nearly 200 years and has paid dividends to shareholders for virtually all of that time — dividends that have steadily increased over the decades.

For U.S.-based customers, BMO Harris Bank is a Member FDIC institution, which means eligible deposits are insured up to statutory limits by the Federal Deposit Insurance Corporation. When you open a checking, savings, money market, or CD account with BMO Harris, you can rest assured that your money is backed by the full faith and credit of the U.S. government — up to $250,000 per account type.

Final Word

BMO Harris Bank is a full-service financial institution that has been in business for hundreds of years and serves millions of customers in the U.S. and Canada. It’s accessible through a network of physical branches (mostly in the Midwest and Southwest), through thousands of in-network ATMs, and online and through the BMO Harris Bank mobile app from anywhere.

BMO Harris Bank stands out for several reasons. It has one of the best no-maintenance-fee checking accounts of any big bank. It offers a comprehensive lineup of savings products, although its actual savings accounts don’t have competitive yields. And it’s basically a one-stop shop for consumer credit, from credit cards and auto loans to mortgages and education financing.

If you’re in the market for a new bank, I’d encourage you to give BMO Harris Bank serious consideration. It’s not perfect, to be sure, but it’s better than most.

Editorial Note:
The editorial content on this page is not provided by any bank, credit card issuer, airline, or hotel chain, and has not been reviewed, approved, or otherwise endorsed by any of these entities. Opinions expressed here are the author’s alone, not those of the bank, credit card issuer, airline, or hotel chain, and have not been reviewed, approved, or otherwise endorsed by any of these entities.

Brian Martucci writes about credit cards, banking, insurance, travel, and more. When he’s not investigating time- and money-saving strategies for Money Crashers readers, you can find him exploring his favorite trails or sampling a new cuisine. Reach him on Twitter @Brian_Martucci.

Source: moneycrashers.com

Apache is functioning normally

May 24, 2023 by Brett Tams

One of the keys when it comes to investing for the long term is to make sure you’re minimizing the fees you’re paying to invest your money.

Whether it’s plan administration fees for the company you’re investing with, mutual fund expense ratios and fees, or fees for added account functionality, the more you can minimize how much you’re paying, the better.

Morningstar reports that the average expense ratio for actively-managed equity mutual funds is 1.2% and investment-grade bond funds have an expense ratio of 0.9%. For me, I prefer to invest in mainly low-cost index funds with expense ratios that are much lower.

Beyond saving money on the expense ratios, I also would love to save money on the administration fees I pay in order to invest. My company 401(k) has fees just under 1%, which is way too much for my tastes. I’ve stopped investing there first since there is no company match.

This past week I was doing some research on the new slate of robo advisors that have popped up. One of them jumped out at me because the company is extremely affordable, but it also has shown some of the best results in the past couple of years. Not only do they invest your money for you in a slate of well-diversified ETF index funds, and rebalance your holdings on a regular basis, but they charge you a pretty minimal fee to do it.

This all sounded too good to be true, so I decided to do a full review of this new automated investing service called Axos Invest Managed Portfolios, to see what they are all about.

Axos Invest History

Axos Invest launched several years ago under the name WiseBanyan. They had the goal of being the world’s first completely free financial advisor.

Here’s their reasoning behind why they launched their site.

Herbert Moore and Vicki Zhou founded WiseBanyan after seeing that the incentives between financial advisors and clients were often misaligned. They saw this firsthand while working in asset management and investment banking respectively, and later as colleagues at a quantitative asset management firm. They realized that the main cause of misalignment was a conflict of financial interests, which often resulted in high fees, unnecessary tax consequences, and unreasonable account minimums for the clients. As a result, they set out to build a company that was not incentivized to earn money at its clients’ expense.

WiseBanyan began with the idea that investing is a right – not a privilege. Our mission is to ensure everyone can achieve their financial goals, which starts with investing as early as possible. This is why there is no minimum to start and we do not charge high fees. We hope you are as excited about WiseBanyan as we are, especially what it means for you, your friends, and society as a whole.

Axos Invest was launched with the hope of making investing easy, accessible, and cheap – even for beginning investors who could only invest a small amount every month.

While the service is no longer free (They started charging a 0.24% annual assets under management fee in 2020), they still practice the values of making investing more accessible and affordable for everyone.

WiseBanyan Holdings was acquired by Axos Financial, and as of October 2019 and moving forward the company formerly known as WiseBanyan is now known as Axos Invest.

Axos Invest has become a part of the Axos Financial online banking platform. Check out our full review of Axos Bank.

Axos Invest Account Types – Managed Portfolios Vs. Self-Directed Trading

After reading up a bit about Axos Invest I was intrigued enough to sign up for one of their accounts. I went to their site to find that there are a couple of different account types you can sign up for.

I was mainly interested in signing up for Managed Portfolios since I intended to use this as a robo-advisor to automatically invest, rebalance and reinvest my dividends for me. I wanted it to be hands-off.

If you prefer to research and invest in your own choices of individual stocks, the commission-free Self Directed Trading account may be a better choice for you.

If you’re an advanced trader the Self Directed Trading account has the “Axos Elite” subscription which gives you real-time market data, TipRanks market research, extended trading hours, margin trading, stock lending, and more for a monthly fee.

Head on over to the Axos site via my exclusive invite link below to get started on your Axos Invest account now:

Open Your FREE Axos Invest Account Now

Open an Axos Self Directed Trading account and deposit at least $2000, and you’ll get a $250 bonus for a limited time!. Open Axos Self Directed Trading

Opening An Account With Axos Invest

After going to the Axos Invest site to open my Managed Portfolios account, it dropped me right into a brief questionnaire to assess my risk tolerance, investment time horizon, and more.

While you’re answering the questions you’ll see a progress bar and a “current risk score” listed to the right, telling you just how conservative or aggressive Axos Invest believes you are.

My risk score went up and down throughout the survey based on my answers, and when I finally completed it gave me a risk score of 7.2. That would give me an estimated asset allocation of 65% stocks to 35% bonds – which seems about what most would suggest as I’m relatively conservative in my investments, and the bond allocation roughly matches my age (put your age in bonds!)

I decided that I wanted to change my risk score and asset allocation to be a bit more aggressive, however, and you can do that simply by moving the slider to the right (or left if you’re more conservative). I ended up with closer to 75/25 stocks to bond allocation.

After completing the survey you click on the “Open My Account” button, which takes you into the account opening process. It will ask for all of your personal information including an email, password, employment information, and Social Security number (like you would have to at any brokerage).

Once you’re done entering your personal information you’ll be asked to choose an account type. Currently, you can choose:

Taxable Investment Account
Roth IRA
SEP IRA
Traditional IRA

After you choose an account type you’ll be asked to link a bank to fund your account. You can then choose to fund the account with as little as $500. If you want, you can also set it up to automatically invest for you every month. I have it set to automatically invest $300 for me on the 15th and 30th of the month.

Once you’re done your account will be sent to Axos Financial for approval. Their site says it takes about 5 business days for an account to be approved.

Axos Invest Investment Philosophy

Axos Invest will invest your funds based on Modern Portfolio Theory (MPT).

We use the tools of Modern Portfolio Theory to design the optimal portfolio for a given level of risk. In addition, we further optimize our investment process to minimize tax consequences and streamline the reinvestment of dividends and contributions.

Their investment philosophy is built upon four main pillars:

The value of diversification
Keeping fees as low as possible
The value of passive investing
Starting sooner rather than later

Axos Invest will attempt to give you a portfolio that is well-diversified, low-cost, and at low minimums so just about anybody can get started now. They’ll use the ideas behind MPT to give you the optimal portfolio for your given risk score.

The Actual Investments

So what are you getting when you invest with Axos Invest? You’re getting a well-diversified portfolio that contains passively managed exchange-traded funds (“ETFs”).

The funds held with Axos Invest have an average fund fee of 0.12% – the only fees you’ll pay to invest. Here is the breakout for the individual funds they use (the funds used by Axos is subject to change, and probably will) and their expense ratios:

Vanguard Total Stock Market ETF (VTI): 0.03%
Schwab U.S. Broad Market (SCHB): 0.03%
Vanguard FTSE Developed Markets ETF (VEA): 0.05%
Schwab International Equity (SCHF): 0.06%
Vanguard FTSE Emerging Markets ETF (VWO): 0.15%
iShares Core MSCI Emerging Markets (IEMG): 0.14%
Vanguard REIT Index Fund (VNQ): 0.12%
iShares U.S. Real Estate (IYR): 0.42%
iShares Investment Grade Corporate Bond ETF (LQD): 0.15%
Vanguard Intermediate-Term Corporate Bond Index (VCIT): 0.05%
Vanguard Intmdte Tm Govt Bd ETF (VGIT): 0.05%
iShares Barclays TIPS Bond Fund (ETF) (TIP): 0.19%
State Street Global Advisors Barclays Short Term High Yield Bond Index ETF (SJNK): 0.40%
PIMCO 0-5 Year High Yield Corporate Bond Index (HYS): 0.56%
Vanguard Short-Term Corporate Bond (VCSH): 0.05%

As you can see they have a broad diversification that also includes real estate via the Vanguard REIT Index fund, which isn’t something that Betterment gives you.

The performance of Axos Invest has been pretty good. As you can see from the screenshot from Barron’s “Ranking the Robos” article below, WiseBanyan/Axos Invest had the second-best two-year annualized return, through 6/30/19. Not too bad!

Axos Invest - returns comparison Barrons

Axos Invest Mobile App

When the service first came out one of the complaints some users had was that there was no mobile app for the service. A mobile-optimized app for iOS was released shortly thereafter, as well as an app for Android users.

From the app, you can now do things on the go like check your balances, view your allocations, make a quick deposit, and more. The apps really are very pretty to look at and are a pleasure to use.

Axos Invest Fees & Account Charges

One of the biggest draws for Axos Invest when they started was the fact that they were essentially a fee-free service. While that is no longer the case, they are still very low-cost, one of the lowest-cost robo-advisors on the market.

Here are a few of the fees (or lack thereof) that you’ll see with the service:

Managed Portfolios

Management fee: 0.24% of assets under management. Accounts less than $500 pay $1/month.
Trading fees: FREE
Rebalancing fees: FREE
Dividend reinvestment fee: FREE

Self-Directed Trading

Stock Trading fees: FREE
ETF Trading Fees: FREE
Options trading: $1 per contract

Self-Directed Trading – Axos Elite

Axos Elite is the premium self-directed investing service that offers more powerful investment tools, real-time market data, extended trading hours, lower fees, stock lending, and margin trading.

Monthly fee: $10/month
Stock Trading fees: FREE
ETF Trading Fees: FREE
Margin Trading: 5.5%
Options trading: $0.80 per contract with Axos Elite

So essentially the Axos Invest service is very low cost with only the 0.24% AUM fee for Managed Portfolios. There are no trading fees, and no fees to rebalance your account or reinvest dividends. Competing services often charge much higher annual management fees, so with Axos being one of the very lowest when it comes to fees, you’re saving on those fees right off the bat.

There are some fees related to transferring funds via wire transfer, or do a full account transfer out, although regular electronic funds transfers (EFT) are free.

Electronic Fund Transfer (EFT) fee: FREE for deposits or withdrawals.
Wire transfers in: FREE (although your bank may charge).
Wire transfers out: $30 per domestic wire transfer.
Account closing fee: FREE.
Full account transfer out fee: $75 per account.
Partial account transfer out fee: $5 per security ($25 minimum/$75 max).
Disbursement of funds by check by mail: $10 per check.
Returned check fee: $40 per occurrence.

As mentioned above, Axos Invest’s product and service is very low cost and there are only a few small fees for certain types of transfers or check disbursements.

Premium Add-On Products & Services

There are several premium packages in your Axos Invest account that have a fee associated with them. You can turn them off and on whenever you want.

Currently, the premium packages include:

Portfolio Plus: The ability to create your own custom portfolio from an expanded list of investments. You can choose from lists of different investment classes and types and add up to 20 investments to each portfolio you create. It costs $3/month to use this add-on package.
Quick Cash: When activated this gives you quick same-day deposits, auto-deposit scheduler, and overdraft protection. It costs $2/month to use this add-on package.
Tax Protection: This package will give you tax loss harvesting, selective trading (to remove ETFs you hold elsewhere to avoid the potential for wash sales) and IRAutomation, which helps you to maximize the use of your retirement account deposits, setup auto deposit plans and more. Each month the cost will be the lesser of 0.02% of your average Axos Invest account value (0.24% annually) or $20. So if you have $5,000 in your account, the monthly cost would be $1.

Using these add-on packages is purely optional, but even if you were to turn them all on it likely isn’t going to cost you more than a few bucks per month.

Axos Invest: Great For Cost-Conscious Investors

When I first read about Axos Invest I dismissed it out of hand because I thought that there had to be a catch somewhere, there’s no way they were offering this service for such a low cost when others are charging anywhere from .35%-1.0% annual management fees for similar services.

After looking into it further, however, it does truly seem like Axos Invest is committed to offering a low-cost investing service for both self-directed investors and those who want their portfolios managed for them.

Axos Invest does seem like a good option for newer investors. Not only can you start investing with no account minimums, and low management fees – but you can buy fractional shares with as little as $10 and get a highly diversified portfolio that should match the market in the long term.

The account has SIPC protection that covers up to $500,000 per client as well, so if Axos Invest were to go under you’d be covered.

I’ve signed up for my own Axos Invest account and have been with them now for years. They are my go-to recommendations for new (and even experienced) investors.

Open your own account below via my invite link.

Get Started With Axos Invest Now!

Axos Invest

Ease of use

9.5/10

Design

9.5/10

Cost efficiency

10.0/10

Investment strategy

10.0/10

Available tools

9.5/10

Pros

Low management fees
No trading or rebalancing fees
Proven strategy
Low minimum investment
Auto investing

Cons

Cash can take a bit to be invested

Source: biblemoneymatters.com

Apache is functioning normally

May 24, 2023 by Brett Tams

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.

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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Webull Review

Product Name: Webull

Product Description: Webull is an online brokerage that offers commission-free trading on stocks, options, and ETFs.

Summary

Advanced traders will appreciate Webull’s real-time market data, advanced charting tools, and customizable newsfeeds.

Cost and Fees
Customer Service
User Experience
Product Offerings

Overall

4.4

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

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.

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