The client’s request seemed straightforward at first: Transform a bland guest bedroom into an elegant home office. But Barbara Elliot and Jennifer Ward-Woods, partners in the Atlanta-based design firm The Sisters and Company—part of Decorating Den Interiors, a collective of individually owned and operated design firms across the U.S.—soon saw there was a fine line to walk. The homeowner wanted the office to be distinctly masculine—a “casual gentleman’s space,” as the designers describe it. But because the room is situated just off the foyer and visible immediately upon walking in the front door, the decor still had to be cohesive with the rest of the home.
What’s more, though the office would serve as a retreat with an air of privacy, it had to simultaneously function as a somewhat public space, since its attached bath doubles as the home’s guest bathroom. What they needed to achieve here, they realized, was a paradox: a sanctuary that visitors nevertheless would feel welcome to enter.
Elliot and Ward-Woods solved the puzzle with a clever design that encompasses a fully functional workspace, yet looks like a luxurious (if mini) living room. Here are the guiding principles behind their transformation.
Forgo “office furniture”
The Sisters & Company | Decorating Den Interiors
The pair immediately dismissed the idea of a traditional, imposing executive desk—they wanted the room to feel open and inviting, not blocked off by a behemoth chunk of wood. Instead, they commissioned a wall of custom cabinetry that could accommodate the owner’s dual monitors (creating a space truly made to work in) as well as provide storage, leaving them free to select a desk for appealing aesthetics rather than pure practicality. Without weighty stacks of drawers on the sides, the wood-and-lacquer model they chose “floats” off the floor on slim legs, and its rounded-off corners and slim shape call to mind a high-design table rather a mere place for paperwork.
Similarly, while the bolster-back chairs—“our showstoppers for the space,” Elliot says—face the desk, at the ready for meetings, their eye-catching pattern and delicate hammered-metal frames feel just as suited to giving party guests a place to perch. To further that “come right in” vibe, Elliot and Ward-Woods placed a pedestal cocktail table nearby—a subtle signal that this room is not all work and no play.
The chair fabric, with its mix of black and earth tones, was also the jumping-off point for the room’s color palette, which the designers anchored with bold black paint for the walls and cabinetry. “I think it has a moody, casual, elegant feel to it,” Ward-Woods says. “It definitely screams ‘masculinity.’”
Style shelves to be seen
The Sisters & Company | Decorating Den Interiors
Another of the designers’ techniques for making the room both private and welcoming was to confine office supplies and other utilitarian items to closed storage. This allowed them to devote the open shelves to beautiful decoration—not just a place to put stuff, but an artfully curated display. Wallpaper threaded with quartz shimmers on the backs of the shelves, reflecting the colors in the room and achieving a textural effect that’s an ideal backdrop for the stone and ceramic art pieces and accents. The end result is a space that, from the vantage point of the guest chairs, telegraphs that it’s an office only via the two monitors.
Deliver a little dazzle
The Sisters & Company | Decorating Den Interiors
The client wanted the office’s bathroom—also the guest bathroom—to “feel like you were in a swanky nightclub,” Ward-Woods says. Achievement unlocked: The black-and-white color scheme, floor-to-ceiling dimensional tile, and dramatic crystal teardrop pendants are clearly meant to be seen and appreciated, and no one entering this splashy space could feel as though they’re intruding on someone’s personal turf. Especially not when the grand, backlit mirror and beckoning under-vanity lights turn on automatically when someone enters—one more ingenious detail that makes this home office as much about pleasure as business.
Welcome to the charming city of Binghamton, NY. With its rich industrial heritage, vibrant arts scene, and stunning natural landscapes, Binghamton offers a unique blend of urban amenities and small-town charm. So whether you’re searching for the perfect apartment in downtown Binghamton or eyeing a cozy farmhouse in the surrounding area, you’ve come to the right place.
In this Apartment Guide article, we’ll cut to the chase, breaking down the pros and cons of moving to Binghamton. Let’s get started and see what awaits in this picturesque city nestled in the heart of upstate New York.
Pro: Affordable cost of living
Binghamton offers a relatively affordable cost of living compared to other cities in New York state. The average rent in spring 2024 is only around $1,000 for an apartment. Housing costs, including home buying prices, are reasonable, allowing residents to enjoy a comfortable lifestyle without breaking the bank. This makes Binghamton an attractive option for anyone looking to stretch their budget while still enjoying the amenities of a city.
Con: Limited public transportation options
Binghamton has limited public transit coverage compared to larger cities. There is bus service within the city but it is not extensive. Busses are also available to travel between Binghamton and other cities in the area such as Albany, Buffalo, and New York City. However, the lack of robust public transport within Binghamton itself can pose challenges for residents who rely on public transportation for their daily commutes.
Pro: Rich cultural heritage
Binghamton boasts a rich cultural heritage, with a strong emphasis on the arts and history. The city is home to several museums, art galleries, and cultural institutions that showcase the region’s diverse heritage. The Bundy Museum, Phelps Mansion and Roberson Museum and Science Center are especially beloved. Residents can immerse themselves in local art, music, and theater, as well as explore the city’s historical landmarks and architecture, providing a deep sense of cultural appreciation and community pride.
Con: Harsh winters
Binghamton experiences harsh winters with heavy snowfall and cold temperatures, which can be challenging for residents who are not accustomed to extreme weather conditions. Snow removal and road maintenance become significant concerns during the winter months, impacting daily routines and travel logistics.
Pro: Outdoor recreational opportunities
Surrounded by natural beauty, Binghamton offers abundant outdoor recreational opportunities. The Ganondagan Hiking Trails are a highlight. They allow hikers to learn about the history of the area on three different themed hiking trails. Residents also enjoy trekking, biking, and picnicking in the nearby state parks and nature reserves. Confluence Park, at the intersection of the Susquehanna and Chanango Rivers, is a well-loved location for a stroll on nice days. The city’s proximity to the Finger Lakes region also provides access to water-based activities such as boating, fishing, and swimming, making it an ideal location for nature enthusiasts and outdoor adventurers.
Con: Healthcare access
Access to specialized healthcare services and medical facilities may be limited in Binghamton, requiring residents to travel to neighboring cities for certain medical treatments and healthcare needs. This can create logistical challenges and impact the overall accessibility of healthcare resources within the local community.
Pro: Diverse dining scene
Binghamton’s diverse dining scene offers a wide range of culinary experiences, from cozy cafes and family-owned eateries to upscale restaurants and international cuisine. Food enthusiasts can savor a variety of flavors and dishes, including farm-to-table fare, ethnic delicacies, and innovative gastronomic creations, making the city a haven for foodies and those who appreciate culinary diversity. Residents love The Grove for casual eats and live music. For special occasions, Remlik’s serves gorgeous meals in a historic home.
Con: Limited job opportunities
While Binghamton offers a lower cost of living, the city also has limited job opportunities compared to larger metropolitan areas. Employment options may be more restricted, especially in certain industries, requiring residents to carefully consider their career prospects and potential for professional growth within the local job market. Major employers in the area include Lockheed Martin and Binghamton University.
Pro: Strong sense of community
Binghamton fosters a strong sense of community, with residents actively engaging in local events, volunteer opportunities, and neighborhood initiatives. The city’s close-knit neighborhoods and friendly atmosphere create a supportive and inclusive environment, where individuals can form meaningful connections and contribute to the overall well-being of the community.
Con: Seasonal fluctuations
Binghamton experiences distinct seasonal fluctuations, with hot and humid summers followed by cold and snowy winters. These weather extremes can pose challenges for residents, impacting outdoor activities, energy costs, and overall comfort levels throughout the year.
Pro: Access to higher education
Binghamton provides residents with access to quality higher education institutions. Binghamton University and SUNY Broome Community College are both located in the city. Students and lifelong learners can take advantage of academic and cultural resources, as well as attend lectures, performances, and events that enrich the intellectual and social fabric of the city.
Con: Urban sprawl and traffic congestion
Binghamton experiences urban sprawl and traffic congestion in certain areas, particularly during peak commuting hours. The city’s infrastructure and roadways may become congested, leading to longer travel times and potential frustrations for residents navigating through busy urban corridors.
Pro: Convenient transportation options
Binghamton offers convenient transportation options within the city such as bike lanes, and pedestrian-friendly pathways. The city’s accessibility allows residents to navigate the urban landscape and connect with neighboring communities, enhancing overall mobility and connectivity.
Have you been asking yourself, “Should I move to Chattanooga?” Located along the Tennessee River and surrounded by picturesque mountains, Chattanooga offers a blend of natural beauty, thriving cultural scene, and Southern charm. But is it the right fit for you? Before you start packing boxes, let’s take a closer look. In this article, we’ll dive into the pros and cons of living in this city to help you decide if the Scenic City should be your next home. Let’s jump in.
Chattanooga at a Glance
Walk Score: 29 | Bike Score: 35 | Transit Score: 18
Median Sale Price: $316,000 | Average Rent for 1-Bedroom Apartment: $1,400
Chattanooga neighborhoods | Houses for rent in Chattanooga | Apartments for rent in Chattanooga | Homes for sale in Chattanooga
Pro: Scenic beauty and outdoor activities
Chattanooga is renowned for its breathtaking natural scenery. The city is surrounded by mountains and waterways, offering endless outdoor activities. From hiking on Lookout Mountain to kayaking on the Tennessee River, residents have ample opportunities to enjoy nature. The iconic Walnut Street Bridge, one of the world’s longest pedestrian bridges, provides stunning views and a unique walking experience.
Con: Limited public transportation options
With a Transit Score of 18, the city’s public transportation system is not as developed as in larger metropolitan areas. While there are buses and a free electric shuttle in the downtown area, options are limited, especially outside the city center. This can make it challenging for those without personal vehicles to navigate the city efficiently.
Pro: Affordable cost of living
Chattanooga offers an affordable cost of living that’s 9% lower than the national average. Additionally, housing prices are relatively low with a median sale price about $100,000 less than the national average. This allows many locals to afford a comfortable lifestyle without the financial strain experienced in larger urban centers. This affordability extends to groceries, utilities, and entertainment, making it an attractive place to live for many.
Con: Traffic congestion
Despite its moderate size, Chattanooga faces traffic congestion, especially during rush hours. Although the city’s infrastructure tries to keep up with the growing population, major roads and intersections often see heavy traffic. This is particularly evident on the I-24 corridor, which is notorious for traffic jams.
Pro: Exceptional internet speed
Chattanooga is known as the “Gig City” for its ultra-fast internet. The city was one of the first in the U.S. to offer 1 Gbps internet speeds citywide. This makes it an attractive location for tech companies and remote workers seeking reliable and fast internet connectivity, fostering a growing tech community.
Con: Air quality concerns
In the past, Chattanooga has faced challenges with air quality. Industrial activity and vehicle emissions contributed to pollution, which was exacerbated by the city’s geographical location in a valley. Today, pollution and wildfire smoke can lead to smoggy conditions, particularly in the summer months. This is something to consider for those with respiratory conditions or any one concerned with air quality levels.
Pro: Community spirit and friendliness
Chattanooga is often praised for its strong sense of community and the friendliness of its locals. Neighborhoods host regular events, fostering a sense of belonging and togetherness. One specific example is the annual Riverbend Festival, a multi-day event that brings people from across the city together to enjoy live music, food vendors, and fun activities. This welcoming atmosphere makes it easy for newcomers to integrate and form lasting connections, enhancing the overall quality of life.
Con: Seasonal weather extremes
Chattanooga experiences a wide range of weather conditions, from hot, humid summers to occasionally cold winters. The summer heat can be intense, making outdoor activities uncomfortable during peak daytime hours. Winter brings its own challenges, with sporadic snowfall and ice that the city is often unprepared for.
Pro: Rich history and heritage
The city has a rich historical heritage, from its critical role in the Civil War to the famous Chattanooga Choo Choo. There are plenty of museums, historical sites, and monuments scattered throughout the city offering residents and visitors the opportunity to take a deep dive into the past. This historical richness adds a unique layer to the city’s cultural fabric.
Con: Limited nightlife options
For those seeking a bustling nightlife, Chattanooga might fall short. While there are bars, live music venues, and restaurants, the options are more limited compared to larger cities. The nightlife scene tends to be quieter and more subdued, which might not meet the expectations of all residents.
Pro: Thriving arts scene
The city boasts a vibrant arts scene that caters to a variety of tastes. The Hunter Museum of American Art displays a remarkable collection, while the Chattanooga Symphony and Opera provide high-quality musical performances. The Bluff View Art District offers galleries, shops, and cafes in a picturesque setting, making art accessible to everyone.
Jenna is a Midwest native who enjoys writing about home improvement projects and local insights. When she’s not working, you can find her cooking, crocheting, or backpacking with her fiancé.
TheUniversity of Michigan’s Index of Consumer Sentiment registered at 77.2 in April, down from 79.4 in March. The university’s index of Current Economic Conditions also fell in April, to 79.0, from 82.5 in March.
The Conference Board’s Consumer Confidence Index fell for the third consecutive month in April, hitting 97.0 after reaching 103.1 in March.
What is consumer sentiment?
Consumer sentiment, also known as consumer confidence, is an index of how U.S. consumers are feeling about the current and future state of the economy, and all that folds in to the economy: the job market, wages, business conditions and their personal finances. It’s a valuable tool for economists, as consumer sentiment can be used as an early predictor of economic changes.
How people feel about the economy can directly impact the economy, because consumers’ attitudes often affect how much they spend on things like food, transportation, household goods, entertainment and more. In 2023, consumers’ personal spending made up 67.9% of the U.S. GDP, or gross domestic product, according to the Federal Reserve Bank of St. Louis. That’s a significant majority of the nation’s GDP, so keeping a close eye on consumer sentiment is key in foreseeing potential economic slumps or rallies.
When the economy is in a recession, consumer sentiment falls. On the flip side, when the economy is expanding, consumer sentiment rises. The index does typically peak before a recession, though. Unlike other indexes, such as the Consumer Price Index (CPI), consumer sentiment isn’t calculated using spending data or hard figures. Instead, economists rely on two major surveys of consumer confidence: The University of Michigan’s Surveys of Consumers and the Conference Board’s Consumer Confidence Survey. Each survey collects the general attitudes and opinions of hundreds of U.S. consumers. Then, those opinions are assigned numeric values and aggregated into one number, or index.
The University of Michigan’s Index of Consumer Sentiment
The Index of Consumer Sentiment is one of three indexes derived from the University of Michigan’s Surveys of Consumers, which started in 1946. Originally conducted annually, the surveys switched to a monthly cadence in 1978. The surveys have a sample size of roughly 600 people selected randomly from the 48 adjoining U.S. states and the District of Columbia.
The surveys include roughly 50 questions covering personal finances, business conditions and buying conditions. From those surveyed, three indexes are produced: the Index of Consumer Sentiment, the Index of Consumer Expectations and the Index of Current Economic Conditions.
The Index of Consumer Sentiment is the most commonly cited index of the bunch. It’s derived from these five questions:
“We are interested in how people are getting along financially these days. Would you say that you (and your family living there) are better off or worse off financially than you were a year ago?”
“Now, looking ahead: Do you think that a year from now you (and your family living there) will be better off financially, or worse off, or just about the same as now?”
“Now, turning to business conditions in the country as a whole. Do you think that during the next twelve months we’ll have good times financially, or bad times, or what?”
“Looking ahead, which would you say is more likely: that in the country as a whole we’ll have continuous good times during the next five years or so, or that we will have periods of widespread unemployment or depression, or what?”
“About the big things people buy for their homes, such as furniture, a refrigerator, stove, television, and things like that. Generally speaking, do you think now is a good or bad time for people to buy major household items?”
Historically, the surveys have been conducted by phone. Starting in July 2024, they’ll be conducted online, with researchers aiming for 900 to 1,000 respondents.
The Conference Board’s Consumer Confidence Index
Meanwhile, the Conference Board’s Consumer Confidence Survey was launched in 1967 as a mail survey conducted every other month. Today, the survey is conducted online, on a monthly basis, with a sample size of roughly 3,000 respondents.
The Conference Board issues a five-question survey to calculate three distinct indexes: the Consumer Confidence Index, the Present Situation Index and the Expectations Index. Once the surveys have been completed, each question is given a relative value. Then, those values are compared against their relative values from 1985 — the survey’s benchmark year, with an index set at 100.
The Consumer Confidence Index is the average index for all five questions. The Present Situation Index is calculated using the average indexes for the first two questions, and the remaining three questions determine the Expectations Index.
Present Situation Index
Respondents’ appraisal of current business conditions.
Respondents’ appraisal of current employment conditions.
Expectations Index
Respondents’ expectations regarding business conditions six months hence.
Respondents’ expectations regarding employment conditions six months hence.
Respondents’ expectations regarding their total family income six months hence.
Consumer Confidence Index
This is the average index for all five questions above.
What is consumer sentiment like right now?
The University of Michigan’s Index of Consumer Sentiment, released on April 5, dipped only slightly from its March reading, making for the third month in a row of relatively stable results. It registered at 77.2, which is a 2.8% decrease from the previous month.
The index measuring Current Economic Conditions was at 79.0 in April, compared to 82.5 in March. And the Index of Consumer Expectations was at 76.0 — a 1.8% decrease from March, when it was at 77.4.
Meanwhile, the Conference Board’s Consumer Confidence Index declined for the third month in a row. The index fell to 97.0 in April, compared to 103.1 in March. Its Present Situation Index fell to 142.9 in April, compared to 146.8 in March. And the Expectations Index registered at 66.4, compared to 74.0 in the previous month.
When does the next report come out?
The University of Michigan’s next Surveys of Consumers will be released on Friday, May 10. The Conference Board will release its next Consumer Confidence Survey on Tuesday, May 28.
Do you want to learn how to get free PayPal money? Yes, there are actually many ways to get cash straight in your own PayPal account. Receiving PayPal cash for the extra income you make is great because PayPal cash can be used for almost all online shopping. If you want to increase your budget…
Do you want to learn how to get free PayPal money?
Yes, there are actually many ways to get cash straight in your own PayPal account.
Receiving PayPal cash for the extra income you make is great because PayPal cash can be used for almost all online shopping.
If you want to increase your budget without working extra hours, earning free PayPal money could be the solution. Many legitimate platforms offer tasks like surveys, watching videos, or trying new apps in exchange for cash directly deposited into your PayPal account.
I have personally used many of the apps below on a regular basis and have earned a lot of free PayPal money over the years.
Recommended reading: How To Get $20 PayPal Now
How To Get Free PayPal Money
Here are some places where you can start earning free PayPal money:
Below is more detailed information about each method for getting free PayPal cash in your PayPal account.
1. Swagbucks
Swagbucks is a well-known rewards website that gives you PayPal cash as a reward. It has been downloaded over 5 million times and has paid out over $500 million in rewards.
On Swagbucks, you can earn points called “SB” by answering surveys, getting cash back when you shop through their platform, and watching short videos.
With the points you earn on Swagbucks, you can put money directly into your PayPal account. You can redeem your points starting at $5 (this is 500 points) all the way up to $250 (25,000 points).
I began using Swagbucks about 10 years ago, and since then, I’ve earned over 110 free gift cards for myself, including a lot of PayPal cash. I don’t spend a lot of time on it – just every now and then.
Sign up for Swagbucks here and get up to a free $10 bonus.
2. User Interviews
User Interviews is a company that pays for online studies. These are more in depth than paid online surveys, and you can earn around $50 to $100 per hour or more for sharing your opinions and feedback.
They launch over 2,000 studies monthly, and they have paid over 85,000 people in the last year.
These are typically completed over the phone or in a video call where an interviewer is asking you questions.
The average study pays over $60. When you participate in User Interviews, you can receive payments in various forms such as cash, a check, PayPal, Amazon gift cards, Visa gift cards, and more.
You can click here to sign up for User Interviews.
Recommended reading: User Interviews Review – Make $50 To $100 An Hour Sharing Your Opinion
3. KashKick
KashKick is a rewards platform where you can get rewards for doing things like answering questions and playing games online. You can then turn these rewards into free PayPal money.
They have games like Monopoly GO, Yahtzee, Bingo Blitz, Scrabble Go, and others where you can earn $100 or more per game.
You need just $10 to cash out.
Sign up for KashKick here.
4. Ibotta
Ibotta is an app that gives you money back when you buy groceries. Just upload your receipts after you shop to earn cash that you can use as free PayPal cash.
Here’s how Ibotta works:
Browse offers – Check the Ibotta app to see what cash back offers are available before you go shopping (like for granola bars or toothpaste).
Shop in store – Go to the store and make your purchases.
Upload your receipt – Take a picture of your grocery receipt using the Ibotta app on your phone to earn cash back.
Some examples of the cash back you might be able to earn include: $0.50 cash back for buying body wash, $3.00 cash back for buying laundry detergent, and $1.00 cash back for buying cereal.
You need $20.00 to cash out to PayPal in the Ibotta app.
You can join Ibotta here.
5. Upside
Upside is an app that gives you cash back when you buy gas at certain gas stations. You can earn about $150 per year in cash back. Not all gas stations nearby are part of the app, but many are, so you’ll likely find some that qualify near you.
When you use the app for the first time, you can get a higher cash back amount to help you get familiar with it. In my first experience with the app, I received $0.74 back per gallon. I bought 12.62 gallons of gas and saved $9.33 just by using the app for the first time. It’s super easy and was a no-brainer to use.
Getting cash back on your gas is nice, especially with how expensive gas is these days!
To complete a PayPal cash-out on Upside, you need just $1.00 in your account.
You can sign up for Upside here.
6. Sell your old phones on Decluttr
Decluttr is a website where you can sell your old phones, CDs, DVDs, books, video game consoles, and more. It’s one of the most popular places to buy and sell electronics and tech items because they pay well and quickly.
Here’s how Decluttr works:
Open the Decluttr app and get a free valuation for the items you want to sell. It takes just a few moments to see what your item is worth.
Tell them the make, model, and condition of what you are selling. If you’re selling DVDs, CDs, or games, then you just enter your barcode or take a picture of the barcode with the Decluttr cell phone app.
If you’re satisfied with the offer for your item from Decluttr, just find a box that will keep it safe during shipping. Pack the item in the box, and Decluttr will provide a free shipping label. Simply print out the label and tape it to your box to send it off.
Finally, once Decluttr receives and checks your item, you’ll get paid the next day through direct deposit to your bank account or PayPal.
You can check out Decluttr here.
7. American Consumer Opinion
American Consumer Opinion is a site where you can take online surveys and earn points.
Their surveys pay around $1 to $5 each and once you earn enough points, you can redeem them for free PayPal money.
You need at least 1,000 points before you can withdraw and get free PayPal cash.
Click here to join American Consumer Opinion.
8. Survey Junkie
Survey Junkie is a paid online survey site where you can earn free PayPal cash for answering paid online surveys.
You can earn around $40 in free PayPal cash each month by completing around three short surveys each day.
You can redeem your points for free PayPal money starting at just $5 or 500 points.
Please click here to sign up for Survey Junkie.
9. Branded Surveys
Branded Surveys rewards you with points for answering survey questions. Surveys typically take 5 to 15 minutes and pay between $0.50 and $5.00 each. You can redeem these points for free PayPal cash.
You might have noticed there are several survey sites listed here. Companies pay you to answer questions because they want to improve their products and advertising. By understanding more about you, they can make better decisions. The best part is that these surveys are simple to answer, and you can join as many survey sites as you like.
You can click here to join Branded Surveys for free.
10. PrizeRebel
PrizeRebel is a website where you earn points by taking surveys, watching videos, and referring new members. You can redeem these points for free PayPal cash.
Just a few days ago I logged in to PrizeRebel, and I realized that I had enough points for around $150 in free PayPal cash. I redeemed them all at once, and now I have some nice extra spending money!
On PrizeRebel, you can get free $5 PayPal cash for 500 points. You can also choose any custom amount to redeem as well in PayPal cash.
Click here to sign up for PrizeRebel.
11. PayPal Honey
PayPal Honey is a free browser extension that automatically finds and applies coupon codes for you when you shop online. By using it, you earn points that you can redeem for extra money.
You can redeem your points for cash, gift cards, or free PayPal shopping credits.
Sign up for PayPal Honey by clicking here.
12. Rakuten
Rakuten lets you earn cash back on your everyday purchases from over 3,500 stores like Target, Walmart, Lululemon, Macy’s, Lowe’s, and Best Buy. When you make a purchase, you get a percentage of your spending back in cash.
When you shop through Rakuten, you get cash back as a percentage of what you spend. For example, if a store offers 5% cash back and you spend $200 there, you’d earn $10.00 in rewards in your Rakuten account.
You can receive your earnings via a check or PayPal once every quarter.
I have received over $1,000 in PayPal cash from Rakuten over the years. It’s a no-brainer if you want to easily save money when shopping online.
You can sign up for a free account on Rakuten here.
13. Find free PayPal money giveaways
If you’re looking to earn free PayPal money, entering sweepstakes and giveaways can be a fun way to try your luck. Companies host giveaways to attract new followers and keep existing followers and customers excited about their brand.
You can find free PayPal money giveaways by searching and/or following related hashtags on social media, such as #freepaypalmoney, #giveaway, #giveawayalert, and #freebie.
You can also follow online sweepstakes websites that list current giveaways.
Entering giveaways doesn’t guarantee free PayPal cash since they’re contests, but it’s quick and easy. I used to spend about an hour a week entering giveaways and have won gift cards and cash prizes.
14. Honeygain
The Honeygain app pays you up to $30 a month to share your internet connection with companies that use it as a tower.
You’re paid based on the amount of traffic that goes through your connection, earning $1 for every 10 GB of traffic.
Please click here to sign up for the Honeygain app.
15. Prime Opinion
If you want to learn how to get free money on PayPal, then Prime Opinion makes that possible with easy minimum threshold payout amounts to reach. You can get free PayPal cash starting at just 500 points, which is $5.
Prime Opinion is a survey website where you can earn money by sharing your opinions from home. They have lots of surveys available, and when I logged in recently, I had almost 50 surveys that I could take right away.
Please click here to join Prime Opinion and get up to a $5 free bonus.
16. Five Surveys
Five Surveys is a market research company that pays you to complete surveys. You just need to complete five surveys and then you can earn $5.
I signed up for Five Surveys myself to test it out for you. One thing I really like about Five Surveys is the number of available surveys. On the first day, there were 42 surveys I could start with, and more are being added all the time.
To withdraw from your Five Surveys account, just choose your preferred method. Options include PayPal cash, bank transfer, Venmo, and gift cards.
Please click here to sign up for Five Surveys.
17. Dosh
Dosh is a quick and simple app that automatically gives you cash back when you shop at certain stores like Costco, Sam’s Club, AT&T, American Eagle, and over 10,000 other companies.
Just link your debit or credit card (or even your Venmo or bank account) to the app, and everything else is handled for you. When you shop and pay with your linked card, you’ll automatically receive cash back into your Dosh account, which you can then transfer to your bank or PayPal account.
Once you accumulate $15 in your Dosh account (this is the minimum payout threshold), you can transfer it to your bank, PayPal, or Venmo. Alternatively, you can choose to donate your cash back to charity.
Recommended reading: 14 Best Apps To Scan Receipts for Money
Frequently Asked Questions
Below are answers to common questions about how to get free PayPal money.
How do I get money from PayPal for free?
You can earn free money on PayPal by completing online surveys, watching videos, selling your old stuff, and getting cash back when shopping online.
How do gamers receive PayPal funds by playing online games?
Apps like KashKick will pay you in points to play their online games. The points that you earn can then be redeemed for free PayPal funds straight in your personal PayPal account. YouTubers can also get paid to play online games and stream what they are doing.
What methods are available to secure a quick $10 on PayPal?
You can quickly earn $10 on PayPal by completing tasks such as taking surveys, reading emails, or shopping online through websites like Rakuten. These sites allow you to cash out once you reach a minimum amount. You can also become a freelancer on Fiverr and get paid in PayPal cash for hard or simple tasks. This wouldn’t be free money because you would have to work for it, but it is another option.
How do I check my PayPal balance?
To check your PayPal balance, you will have to log in to your PayPal account. Right after you log in, your PayPal balance will be listed for you to easily see.
Can you get PayPal money right away?
Some platforms may pay instant payouts to your PayPal account, while others may have a processing time or a minimum threshold before you can cash out. Always check the payout terms of the website or app you’re using to understand how and when you can access your earnings. Sometimes, it may take a couple of days before it lands in your personal PayPal account.
If you really need money right away, then another option may be to ask someone that you know for help or to ask for donations.
Best Ways To Get Free PayPal Money
I hope you enjoyed this article on how to get free money on PayPal.
Getting free PayPal money is great because it is just like extra cash. You can pay for your online purchases with it at almost all stores, and PayPal also has the PayPal Debit Card (so, this is kind of like getting a free PayPal gift card), so that you can buy things in-store too. Or you can also transfer it to your bank account and withdraw it just like cash.
Now, there are PayPal cash scams out there, so I do recommend that you be careful. If you are ever suspicious, do as much research as you can.
I have personally used many of the sites above and have earned well over $1,000 in free PayPal money over the years for doing things just in my spare time.
Online and mobile banking are now woven into many people’s daily lives. With just a few clicks or taps, you can check your balances, pay bills, and make other financial transactions from virtually anywhere, at any time.
Banks are not only convenient, they also implement numerous security measures to help safeguard your accounts. With hackers finding increasingly sophisticated ways to try to access your information, however, it’s also important to be aware of steps you can take on your own to keep your financial and personal details out of the hands of cyber thieves and hackers. Here’s what you need to know.
Tips on Securing Your Bank Account from Hackers
These days cyber thieves are getting increasingly savvy, even setting up fake bank websites and banking apps designed to steal your personal information — and, in turn, the contents of your checking or savings account.
There are a few simple things you can do, however, to help secure your accounts. What follows are six easy strategies that can help you stay ahead of scammers and hackers and protect your hard-earned cash. 💡 Quick Tip: Are you paying pointless bank fees? Open a checking account with no account fees and avoid monthly charges (and likely earn a higher rate, too).
Choose Trustworthy Financial Apps
Whether it’s your bank’s mobile app or any other type of financial app (like a budgeting app), be sure to only download verified apps from a trusted platform, like the App Store for iPhone or iOS users or the Google Play Store for Android users. Fraudulent activity can often occur through fake apps or those downloaded from unofficial sources.
Before downloading a third-party money management app, it’s also a good idea to look up online reviews of the providers from reliable sources, research the app’s security policies, and look for any past data breaches.
Recommended: 50/30/20 Budget Rule: What It Is and Tips On Using It
Choose Strong and Unique Passwords
It’s wise to choose a unique password for every bank account, and avoid repeating any ones you use for other online accounts, even non-financial ones. That way, if a fraudster is able to uncover your Facebook password, they won’t be able to access your savings account.
To create a secure password, try to combine uppercase and lowercase letters, numbers, and special characters. You generally want to avoid using easily guessable information such as birthdates, kids’ names, or sequential numbers. To keep the login information for all of your accounts organized, you might want to use a physical or online password manager.
Use Multi-Factor ID
Whenever possible, it’s a good idea to enable two- or multi-factor authentication. This adds another layer of security by requiring one or more forms of verification in addition to a password, such as a pin sent to your mobile device via email or SMS. If hackers are able to access your bank account login credentials, it would be difficult for them to log in without your second verification.
You may also want to take advantage of biometric authentication methods, such as fingerprint or facial recognition, if offered by your bank. Biometrics protect your account by using unique physical characteristics to verify your identity, making it harder for hackers to gain unauthorized access.
Recommended: Avoiding Mobile Deposit Scams, Fakes, and Hacks
Set Up Account Alerts
You can typically set up banking alerts via email, text, or your bank’s app to monitor unusual activity, such as large withdrawals, a profile/password update, new linked external account, or an unusual login attempt. This allows you to identify suspicious activity quickly and report any unusual or unauthorized transactions to your bank right away. You can then work with the bank to swiftly resolve the issue. 💡 Quick Tip: Help your money earn more money! Opening a bank account online often gets you higher-than-average rates.
Watch Out for Phishing Attempts
Phishing scams are ever more prevalent and sophisticated. These scams trick you into providing your personal and banking information that can then be used for fraudulent activity.
For example, you could receive an email, supposedly from your bank, saying there’s been a problem with your account and sharing a link where you are asked to login and update your information. The website you are led to could look just like your bank’s website. If you input your details, hackers will have access to your login information. A few ways to avoid online bank scams:
• If you get a communication that says it’s from your bank and asks you to click a link, don’t. Log into your banking website or app, and check messages there to see what’s going on. Or call your bank to ask if the message is legitimate.
• Hover over the email sender’s address. You may be surprised to see the message is coming from a different identity than the one it’s pretending to be. If that’s the case, don’t click on anything; mark the email as spam.
• Never download attachments from unknown sources, as they may contain malware designed to steal your login credentials.
Recommended: Are Online Savings Accounts Safe?
Be Wary When Using Public Wifi
The public wifi at your favorite coffee shop or local library can help you stay connected when you’re out and about, but you can’t count on it to be entirely secure. While it’s generally fine to use public wifi for browsing the web, it’s best to avoid using it for any activities that require login information, such as signing in to your bank account. The open connection could potentially give cyber thieves a chance to grab your username and password as they move between you and your bank’s website.
To make public wifi more secure, consider putting a virtual private network (VPN) app on your device. A VPN encrypts your data as it passes to and from your device and acts as a protective pathway so that your data is not visible as it passes through a network.
Recommended: What Do You Need to Open a Bank Account?
The Takeaway
Online banking is generally safe and convenient, but it’s also important to take precautions to minimize the risk of getting hacked or scammed. Luckily, there are steps you can take to reduce the risk of your bank account being compromised. These include using strong passwords and multi-factor authentication, only downloading apps from reputable platforms, never clicking on links in communications that are (supposedly) from your bank, and never logging into your bank account using public wifi.
Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.
Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall. Enjoy up to 4.60% APY on SoFi Checking and Savings.
FAQ
Can hackers steal money from a bank account?
Hackers may be able to steal money from a bank account if they gain access to your account credentials. They might be able to do this by using deceptive emails and websites to trick you into revealing your bank details or exploiting vulnerabilities in a bank’s security systems to access sensitive data.
Fortunately, banks implement numerous security measures to safeguard your accounts. You can also help keep your accounts safe by using strong passwords, enabling multi-factor identification, and being wise to phishing scams.
Who pays if your bank account is hacked?
If your bank account is hacked and unauthorized transactions occur, the bank will likely reimburse the stolen funds, provided you report the incident quickly.
As soon as you see something suspicious, you’ll want to call the number on the back of your bank card and go through the fraud department’s recovery process.
Am I protected if my bank account is hacked?
Yes, you are usually protected if your bank account is hacked, as long as you let the bank know about the fraudulent transaction in a timely manner.
Generally, if you report an unauthorized bank transaction within 48 hours, your liability will be limited to no more than $50. However, if you wait months to report an incident, you might have difficulty recovering any of your lost funds.
Can someone hack your bank account with a routing number and an account number?
Having access to your routing number and account number can potentially lead to some negative outcomes, such as fraudulent payments, the creation of checks for your account, and possibly online shopping with retailers that only require bank account information.
However, a routing number and account number is typically not sufficient on its own for hackers to gain direct access to your bank account. Most banks employ multiple layers of security measures, including authentication protocols and monitoring systems, to prevent unauthorized access to customer accounts.
Photo credit: iStock/insjoy
SoFi members with direct deposit activity can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a deposit to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.
SoFi members with Qualifying Deposits can earn 4.60% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant.
SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.60% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.
SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.
Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.
Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Our account fee policy is subject to change at any time. Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
GRAND FORKS – Customers who wander into Flippin’ Happy Home Decor & More, located in the former location of Picks on South Washington, are often a little surprised to see all the vivid colors, said Keera Sullivan, who owns and operates the store with her husband Duane Sullivan.
They may be expecting the sort of merchandise they’re used to seeing at Picks.
Picks, which closed in December, offered merchandise that leaned toward neutral colors, such as black, white and cream, and more subdued colors – more “farm-house-y” in style, Keera said.
But Flippin’ Happy Home Decor & More offers a menagerie of products that in no way shies away from intense, bright colors. They show up in all kinds of items, including restored or repurposed furniture, hand-painted greeting cards, paintings and other artwork, pottery, candles, embroidered jean jackets, photographs, soap, stuffed animals and toys, jewelry and, of course, all manner of home decor.
In recent weeks, Keera Sullivan has noticed that customers come into the store and “they’ve realized it changed – but they’re not disappointed,” she said. “They say, this is really fun.”
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That’s exactly what she is aiming for.
“We try to make it more of a fun experience for customers,” she said.
Color is certainly a distinguishing factor in the store’s merchandise.
For example, Sullivan, who specializes in refurbishing vintage furniture, is working on a hot pink – “and I mean, really hot pink” – hutch, she said. It will be trimmed with gold accents. She plans to install a chandelier to further enhance the one-of-a-kind piece.
And the Sullivans have found that these bright-colored items appeal to customers of all ages, they said.
Since January, in the first few store openings, “we’ve had nothing but good feedback,” Keera Sullivan said. “People comment on how clean it is, how bright it is, and the variety (of merchandise).”
‘Good business decision’
The popular Picks store sold vintage, houseware, repurposed and home decor items – kind of a cross between thrift store and estate sale, the owner Kelley Palmiscno told the Herald last year.
For the Flippin’ Happy Home Decor & More store, the move – after three years at 418 N. Washington – to 1224 S. Washington in late January has been a good business decision, Keera Sullivan said.
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“Picks closing created a void in the community,” she said. “A lot of people enjoyed shopping there.” Some of the Picks vendors have joined the Sullivans’ business.
The South Washington location offered the couple about three times more space and a tried-and-true spot where customers were accustomed to finding locally-sourced, vintage and repurposed items.
“It’s a big popular space, and a busier location,” Keera Sullivan said. “Since moving, we almost tripled our sales in the first couple of months.”
In addition, she said, “Local shopping has been on the rise,” she said. “A lot of people want to support local makers.”
During the last weekend in February, the nice weather “sparked a fire in people,” Duane Sullivan said, with his wife adding, “There were so many people here, I was overwhelmed.”
The store, which features hand-made, upcycled, repurposed products, “is pretty special,” she said. “I think we’re only going to go up from here. Each week has been better than the last.”
The store is open on an intermittent basis – Wednesdays to Sundays – two or three times a month. This month, the dates are March 6-10 and 20-24. For more information, go to
www.flippinhappyhomedecor.com
or call (612) 581-2279.
Vendors like family
The Sullivans know their vendors well; they started out in December 2020 with eight vendors at their North Washington location and have grown to about 30, Keera Sullivan said.
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As part of their contract, the vendors work at the store, meeting customers, explaining their process and products, and handling sales, she said. “We like to have that face-to-face contact” between artist and customer.
“We like to put that personalization behind it,” Sullivan said, noting that customers seem to enjoy interacting with and getting to know vendors.
“People will ask, do you ever paint furniture in red? Or, do you do this in blue?” she said. “So vendors find out what customers want and what else they could be making.”
She and her husband share information about the artist and the products, if the vendor does not happen to be in the store.
One vendor, Chrissie Fisher of Grand Forks, makes crocheted stuffed animals.
“She puts so much detail” in each of her items, Sullivan said. “And, she makes sure her creations are kid-safe. … (One of my daughters) likes to eat eyes off them – and, with these, she can’t.”
The store contracts with vendors who wish to have a designated booth in the store, and with general vendors whose products are intermingled with others in a different space. The store receives a commission on each item sold. The booths are all full, but the Sullivans are always looking for vendors whose products do not duplicate items already in the store.
“We’re always looking for new and creative talent,” Sullivan said.
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But the creative people who are connected with Flippin’ Happy Home Decor & More are not just business associates, said Kristen Peterson, of Grand Forks, one of the first vendors to join the store.
“Keera has done something remarkable with this business, in bringing together the artists and vendors and also growing it to the point where it (became) necessary to move to another location to support its growth.”
Speaking for vendors, Peterson said, “She has given us a place to sell our artwork and crafts and merchandise. She also created a team that has grown to be a family. …
“We have gotten to know each other’s children and spouses,” she said. “There is a very supportive nature about the women who are vendors … If one is sick or having health problems, we try to rally and send our support or provide ears to listen.
“If someone needs advice on a project or is looking for materials or help, we are there to offer whatever is needed.”
Along with another vendor who has also been with the business since the beginning, Peterson said, “For us, it feels like a home.”
Peterson also emphasized how important it is to have a place for vendors to show and sell their products.
“There is only one major craft show in the area per year,” she said. “And I know that I, as an artist, have struggled to find venues and galleries in Grand Forks that are willing to show my work. I have a great relationship with Artwise Gallery here in town, but otherwise, it has not been easy. Keera has brought us together and given us a place where we can show our work and be ourselves. That really means a lot to us.”
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And from Sullivan’s perspective, she said, “we are pretty proud of these vendors. We actually couldn’t do this without (them). It’s really a team effort.”
SEATTLE — Mortgage rates, now hitting 7%, are putting heavy pressure on potential homebuyers.
According to Bankrate Analyst Alex Gailey, it may be time to rent rather than buy.
“A housing shortage, rising home prices, and high mortgage rates are tipping the housing market in favor of renting, at least in the short term, all across the country,” said Gailey.
A new Bankrate study reveals the Seattle metro area ranks third in the nation as the least affordable area to buy versus rent. Only Silicon Valley and the Bay Area are more expensive.
“You see home prices really high in Seattle, well above the national median sale price. In Seattle, the median sale price of a home is roughly around $800,000. That compares to the national median sale price, which is closer to $400,000. And so, that really makes a huge difference in the monthly mortgage payment you’re making,” said Gailey.
The Seattle-Tacoma-Bellevue area has the third-largest gap between renting and buying costs, with the average rent in the area at nearly $2,200 a month, while the typical mortgage payment is over $4,900. That’s a buy-to-rent ratio of 125%.
Gailey’s advice: If you want to buy right now you should make sure you’re in it for the long haul.
“Time in the housing market is more important than trying to time the housing market,” said Gailey.
While affordability is one of the main obstacles for aspiring homeowners, if you can afford it, then buying is a smart financial choice in the long term.
In Washington state, on average, you need a combined income of $150,000 annually to afford to buy, and more than half of aspiring homeowners say they can’t get there.
Rental rates in the area are high as well but more comparable to the national average. The average rental unit prices at $2,200, compared to a national average of about $1,950.
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When you open a new checking or savings account, some financial institutions require you to make a minimum opening deposit, which might be anywhere from $25 to $100. In some cases, you may also need to meet certain ongoing minimum balance requirements to avoid fees or qualify for a certain annual percentage yield (APY).
Fortunately, there are banks, credit unions, and other financial institutions that don’t require a minimum deposit so you can stash and spend your money even if you’re low on cash. Here are key things to know about minimum deposit and balance requirements for bank accounts.
What Is a Minimum Deposit?
A minimum deposit is the lowest amount of money you need to open a new bank account with a bank or credit union. It can also refer to the minimum balance you must maintain in order to receive certain perks or avoid fees.
Minimum deposits vary depending on the type of account and the financial institution. Some banks do not request a minimum deposit to open a basic checking or savings account, while others require between $25 and $100. Generally, higher minimum deposits are associated with premium services and higher APYs.
If you’re in the market for a bank account, it’s a good idea to check with the bank or credit union to determine whether an initial deposit is required, your options for depositing the funds, and if there are any ongoing balance requirements.
Types of Minimum Balance Requirements
When researching checking and savings accounts, keep in mind that there are typically two types of minimum balance requirements. Let’s clarify those terms, since they can sometimes be used interchangeably and cause confusion.
Minimum Opening Deposits
A minimum opening deposit is the amount of money required to activate a new account, such as a checking, savings, or money market account, or a certificate of deposit (CD). Generally, a money market account or CD will come with a higher opening deposit than a basic savings or checking account.
You can usually make a minimum opening deposit by transferring money from an account at another bank or from an account you already have at that same bank. You can also usually make an opening deposit using a check, money order, or debit card. Keep in mind you are not limited to making the minimum opening deposit — you can typically open a bank account with more than the required minimum.
There are some financial institutions that offer accounts with no minimum opening deposits. However, it’s important to read the fine print. In some cases, these accounts may require you to make a deposit within a certain timeframe (such as 60 days) in order to keep the account open.
Minimum Monthly Balance
A minimum monthly balance is the amount of money that must be maintained in the account each month to enjoy certain benefits or avoid fees. These minimums can range anywhere from $100 to $2,500, depending on the institution and type of account. If you opt for an account with a balance minimum, you may be able to set up alerts on your bank’s app to let you know when your funds are slipping below a certain threshold.
Minimum balance requirements can vary in their specifics, but typically fall into one of these three categories.
• Minimum daily balance: This requirement means you need to maintain a minimum amount of money in your account each day to avoid fees or qualify for certain benefits, like earning interest.
• Average minimum balance: Banks calculate this by adding up the balances in your account at the end of each day over a statement period, then dividing that total by the number of days in the period.
• Minimum combined balance: This involves averaging the total amount of money you have across multiple accounts, such as a checking and a savings account, each month. This combined average must meet the minimum balance requirement to avoid fees or earn benefits.
How Do Minimum Deposits Work?
Minimum deposits work by setting a threshold that must be met to open or maintain a bank account. The minimum opening deposit is required to open a new account, while the minimum monthly balance must be maintained each month (or day) to avoid fees or earn a higher interest rate. It’s important to note that the minimum opening deposit is a one-time requirement, while the minimum monthly balance must be maintained on an ongoing basis.
In addition, some accounts may require a minimum monthly deposit (such as direct deposit of your paycheck) to qualify for certain account benefits, such as earning a higher APY or avoiding a monthly fee.
Real World Example of a Minimum Deposit
Let’s say you decide to open a savings account at XYZ bank. The bank has a $50 minimum deposit to open the account and to start earning interest, so you transfer $50 into the account from an account you have at another bank.
XYZ bank also requires you to maintain a monthly minimum balance of $250 to avoid a $3 service fee. You’re not a fan of fees, so you keep tabs on your account and make sure you always have at least $250 in the account. To help, you set up an automatic alert on your banking app to let you know when the account dips below $250 so you can top up the account and avoid fees.
What Happens If You Don’t Maintain a Minimum?
If you fail to maintain the minimum monthly balance required by your bank, you may be charged a fee, lose any interest you were set to earn that month, or forgo other perks. The specific consequences vary depending on the financial institution and the type of account.
The Takeaway
Minimum deposits are an important aspect of managing a bank account. When you open a new checking or savings account, you may need to make a certain initial deposit to activate the account. You may also be required to keep the balance in the account above a certain threshold in order to avoid a monthly service fee or earn a certain interest rate.
It’s important to be aware of the minimum deposit requirements for your bank account. This helps ensure that you get all the perks of your bank account, while avoiding any unexpected costs.
Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.
Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall. Enjoy up to 4.60% APY on SoFi Checking and Savings.
FAQ
What is a minimum opening balance and how much is it?
A minimum opening balance is the initial deposit required to open a bank account. This amount varies depending on the bank and the type of account. For example, some banks may require as little as $25 to open a basic savings account, while others may require several hundred dollars for a checking account that earns interest.
What is a minimum monthly deposit and how much is it?
A minimum monthly deposit is the amount of money you must deposit into your bank account each month to avoid fees or earn certain perks, like a higher interest rate. This requirement varies by bank and account type. Some banks may not have a minimum monthly deposit requirement, while others may require a certain amount, such as $500 or $1,000, to be deposited each month to avoid fees.
What bank has no minimum balance?
Several banks and credit unions offer accounts with no minimum balance requirement. These banks include Ally, NBKC, SoFi, Discover, Connexus Credit Union, Ally, Capital One, and Chime.
Why do banks require an initial deposit?
Banks require an initial deposit to open an account for several reasons. First, it helps ensure that the account is legitimate and that the customer is serious about opening and maintaining the account. Second, it helps cover the costs associated with opening the account, such as processing paperwork and issuing a debit card. Finally, it helps the bank establish a relationship with the customer, which can lead to additional business in the future.
Photo credit: iStock/pinstock
SoFi members with direct deposit activity can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a deposit to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.
SoFi members with Qualifying Deposits can earn 4.60% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant.
SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.60% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.
SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.
Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.
Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.
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