Balancing your checking account may seem like a task straight out of a bygone era, akin to winding a grandfather clock or sewing buttons onto a shirt.
However, the reality is quite different. It is an essential financial task, one that could help you dodge hefty overdraft charges, detect fraud early, and provide a true understanding of your spending patterns. So, let’s demystify this often misunderstood task.
The Importance of Balancing Your Checking Account
Regularly balancing your checking account is a cornerstone of sound money management. It’s not just about avoiding those pesky overdraft fees (though that is a significant bonus), it also provides invaluable insights into your spending habits. This will enable you to track your progress towards your money goals and make adjustments as necessary.
A balanced checkbook gives you a clear view of your financial accounts, showing you what’s going in, what’s going out, and most importantly, what’s left. By keeping track of all your transactions, you’ll be able to spot if a wrong amount has been deducted or if a direct deposit hasn’t been made. This can also help you to detect fraud at the earliest opportunity, helping to safeguard your hard-earned money.
Checking Account Basics: Understanding Key Terminologies and Concepts
To successfully balance your checking account, it’s crucial to comprehend the basic components of it. By understanding these terms, you’ll be better equipped to manage and reconcile your checking account.
Debit Card: Your bank will likely issue you a debit card that allows you to access the funds in your checking account electronically. When you make a purchase with your debit card, funds are withdrawn directly from your account. It’s important to keep track of all transactions made with your debit card to ensure your records accurately reflect your spending.
Pending Transactions: These are transactions that have been made but have not yet been fully processed by your bank. They are usually deducted from your available balance but may not be reflected in your current balance until the transaction has fully cleared.
Bank Balance: This is the amount of money in your checking account at any given time. It’s important to note that your bank balance can change frequently throughout the day as deposits and withdrawals are made.
Monthly Statement: This is a summary provided by your bank of all transactions into and out of your account over a particular period, typically a month. The monthly statement includes the dates and details of your transactions, the balance at the beginning and end of the period, and any charges incurred. It’s crucial to carefully review your monthly statement each month to identify any potential errors or fraudulent activity.
Automatic Payments: These are recurring payments set up to pay bills directly from your checking account. They are convenient for paying regular bills, such as utilities or subscriptions, but can lead to overdrafts if not properly accounted for in your balance.
Overdraft Fees: If you withdraw more money than you have available in your checking account, you’ll likely be charged an overdraft fee by your bank. Regularly balancing your checkbook can help you avoid these costly fees.
The tools you need for checkbook balancing can be as simple or as complex as you’d like them to be. The traditional approach involves using a paper checkbook register, a bank statement, a pen, and a calculator. But in our digital age, we have online and mobile banking tools at our disposal, and a host of other tools to make this process much simpler.
You might choose to use Google Sheets or another spreadsheet software to create a check register. You can also use mobile banking apps that provide real-time updates on your transactions, making it much easier to keep up with your account activity.
How to Balance Your Checking Account
So, how do you actually balance a checkbook? Here’s a step-by-step guide, using the traditional checkbook register method.
Step 1: Gathering Information
Start by gathering all your receipts, ATM slips, deposit slips, and bank statements. If you have access to online banking, make sure to check your account for any recent transactions that haven’t yet made it onto your paper statement.
Step 2: Recording Transactions
Write down every transaction in your checkbook register. This should include deposits, checks, debit card purchases, ATM withdrawals, bank fees, and any other financial transactions. Doing this ensures your records match your bank’s records, making it easier to detect any errors or discrepancies.
Step 3: Reconciling Your Check Register With Your Bank Statement
Review your bank statement for any additional charges or deposits that you might have missed. Make sure to update your check register with these transactions. Then, add up all the deposits, and subtract all the payments and withdrawals to calculate your checking account balance.
Step 4: Calculating Your Balance
The balance in your checkbook should match the current balance in your bank account. If they do not, you will need to check your calculations and go through each entry to identify any potential errors or discrepancies. This step helps you ensure the available balance matches your own records.
Step 5: Addressing Any Discrepancies
If the balances do not match, start by checking for common errors, such as transposing numbers or forgetting to record transactions. Check your receipts and the online banking portal to ensure you haven’t missed any transactions. If you find any transactions posted to your account that you did not authorize, contact your bank immediately.
Regular Maintenance and Good Habits
Balancing your checkbook is not a one-time activity. It’s a habit that needs to be developed and maintained. Aim to do this at least once a month when your bank statement arrives. For those who frequently use their debit cards, write checks, or have a lot of automated payments, weekly check-ins might be beneficial to ensure all transactions are recorded correctly.
Maintaining a balanced checkbook may also prevent you from spending more than what’s available, thereby avoiding overdraft charges. It also helps in tracking your spending habits and understanding your spending patterns, which can be instrumental in managing financial matters.
The Role of Technology in Balancing Your Checking Account
In our digital age, technology plays a significant role in simplifying the process of balancing checking accounts. Online and mobile banking apps provide a real-time view of your account, enabling you to check your current balance, deposit checks, and monitor transactions from anywhere, at any time. This gives you the flexibility to manage your financial tasks on the go, reducing the time and effort required for this task.
On the other hand, it’s crucial to understand that while these apps are incredibly handy, they should not replace the practice of keeping your own records. The balance shown on these apps might not reflect pending transactions or paper checks that haven’t cleared yet.
Conclusion
Balancing your checking account is an essential component of sound financial management. It’s not just about avoiding fees and detecting potential fraud. It’s about taking control of your money and understanding how you’re using it. With the right tools and a bit of discipline, you can make this task part of your regular financial routine.
Frequently Asked Questions
How often should I balance my checkbook?
It’s generally recommended to balance your checkbook once a month. However, if you frequently use your debit card or have numerous automatic payments, you might want to consider balancing your account on a weekly basis. Regularly keeping track of your financial transactions will help you avoid errors and keep a close eye on your spending habits.
Is it safe to balance my checkbook online?
Online and mobile banking apps are generally safe to use. Most banks provide strong encryption and security measures to protect your data. However, always ensure you’re using a secure network when accessing your bank account online and update your apps regularly to get the latest security features.
What should I do if I find a fraudulent transaction in my account?
If you notice a transaction that you did not authorize, you should report it to your bank immediately. Most banks have policies in place to protect customers from fraud, and you may not be responsible for any fraudulent charges if they’re reported in a timely manner.
What’s the difference between my current balance and my available balance?
Your current balance is the total amount in your account at the start of the business day. This includes all transactions, like deposits and withdrawals, that have been posted to your account. On the other hand, your available balance is your current balance minus any holds (like pending transactions).
How can I avoid overdraft fees?
One way to avoid overdraft fees is by keeping an accurate record of all your transactions. By knowing exactly how much money is in your account at all times, you can avoid spending more than what’s available. Some banks also offer overdraft protection services that link your checking account to a savings account or credit card to cover any overdrafts.
How can balancing my checkbook help with my budget?
Balancing your checkbook gives you a clear understanding of how much money is coming in and going out of your account. This can help you identify spending patterns, prioritize your spending, and set realistic budgets.
I rarely write checks. Do I still need to balance my checkbook?
Yes, even if you don’t write checks, balancing your checkbook is still essential. Any type of transaction, be it debit card transactions, automatic payments, or ATM withdrawals, can cause discrepancies in your account balance. By balancing your checkbook, you can ensure that your account has the correct balance and catch any errors or fraudulent transactions.
I’ve made a mistake and my account is overdrawn. What should I do?
If you realize that you’ve made a mistake and your account is overdrawn, it’s important to address it as quickly as possible. Deposit money into your account to cover the overdraft and any associated fees. Then, review your recent transactions to understand what led to the overdraft and how you can avoid it in the future.
Renting an apartment is an exciting but crucial decision, as it often becomes your home for a significant period. To ensure you make an informed choice and avoid potential surprises, it’s essential to get the info beforehand, whether you need to know more about lease terms, amenities, responsibilities and more. We’ve gathered the top questions to ask when renting an apartment, empowering you to make a confident and well-informed decision for your future living space.
19 questions to ask when renting an apartment
Whether it’s top-of-mind questions or typically forgotten-about details, this list ensures you have your bases covered to learn about the living experience curated by an apartment.
1. What is the monthly rent?
This is arguably the most important question to ask when you’re renting an apartment so you’re aware of how much you’ll be expected to pay monthly for rent. Before you go into any apartment tour or even before you begin your apartment search, it’s a good idea to calculate how much rent you can afford. That way you can determine if the apartment you’re touring is within your budget.
2. Are utilities included in the rent? If not, what utilities am I responsible for and how much do they typically cost?
Standard utilities may include electricity, gas, water, sewage, garbage and internet/cable. The cost of utilities can vary based on factors such as apartment size, location and local rates. Knowing if utilities are included in the rent helps you accurately budget your monthly expenses. If utilities are not included, you need to account for those additional costs and accounts you’ll need to set up.
3. How long is the lease term and what are the penalties for breaking the lease?
Understanding the lease term length allows you to plan your living situation accordingly. You may have specific needs or future plans that require a shorter or longer lease term. It helps you determine if the apartment is suitable for your intended duration of stay. In the same vein, asking about the penalties for breaking the lease helps you understand the flexibility you may have in case of a situation where you need to relocate or move out.
4. Are there any additional fees or deposits required, such as a security deposit or application fee?
Most of the time, you can expect a security deposit and an application fee at the beginning of your apartment renting journey. The application fee, while it isn’t refundable, covers the cost of running the renter’s background checks and processing the application.
The purpose of a security deposit is to provide the landlord with financial protection in case the renter causes any damage to the apartment or fails to fulfill certain obligations outlined in the lease agreement.
5. Is renters insurance required?
Renters insurance isn’t always required. Some landlords or property management companies may require tenants to have renters insurance as a condition of the lease. They will include this requirement in the lease agreement and explicitly state the purpose of this coverage is for the renter’s personal belongings and liability. Sometimes renters can even purchase this insurance through a provider recommended by the apartment, making this process easy.
6. What is your subletting policy?
Subletting is a great option for renters if they are ever in need of their lease being covered. By asking about the subletting policy during a tour, you are aware of the potential to have this option in case your future plans change.
7. What should I know about parking? How many guest spots can I expect to get?
When touring an apartment, asking about parking is important because it directly affects your convenience. Parking is sometimes included in rent but there are also cases where there’s an additional fee you pay for parking. If you live in a city where parking is a little less accessible, you may have to pay for a parking garage pass.
Asking about guest parking helps you understand the availability and convenience of parking for your visitors. It is especially important to ask these questions when renting an apartment if you frequently have guests or expect to entertain visitors. This will typically either be a guest parking pass or designated guest spots/ guest floors in the parking garage.
8. Are pets allowed, and if so, do you have any weight limits or breed limits that I should know about?
Most apartments are furry-friend-friendly. You’ll most likely run into an additional pet fee you’ll pay monthly on top of your rent and monthly utilities. In conjunction with this question, asking about breed and weight limitations is equally as important. Apartment complexes often have specific policies regarding pets to ensure the well-being of both the animals and the other residents.
9. Is the apartment furnished or unfurnished?
If you’re someone who prefers convenience and doesn’t want the hassle of buying or moving furniture, a furnished apartment might be a better fit than a standard, non-furnished apartment. Knowing whether the apartment comes with furniture helps you estimate your expenses and plan your budget accordingly, or determine if the furniture is an expense you want to take on.
10. What appliances are included in the apartment?
It’s good to know what appliances are in the apartment and what appliances you’ll need to purchase depending on your individual needs. Some apartments will lack in-apartment appliances but have communal kitchen and laundry appliances that you’ll share with the rest of the building residents.
11. Is there a maintenance staff available for repairs and how quickly are maintenance requests typically addressed?
This question gives you an idea of how to handle any repairs or malfunctions that happen in your apartment and how long you may have to wait for repairs if something in the apartment needs reparation.
12. Is there a designated area for trash and recycling? How often is it collected?
Whether the apartment offers valet trash services, designated trash areas or coordinated trash pickups, it’s an often forgotten-about part of the renting process. Many apartments will have trash rooms, recycling collection and/or valet trash, giving residents options and designated areas to dispose of waste.
13. Are there any amenities available, such as a fitness center, pool or community room? Are there any additional fees to use these amenities?
A huge part of your apartment living experience is the amenities offered outside of your individual apartment walls. Different individuals have varying preferences and priorities when it comes to amenities, so asking about them helps you determine if the apartment meets your needs and lifestyle.
14. What is the policy on renewing the lease after the initial term?
By asking about a lease renewal, you can assess whether the apartment is suitable for your long-term needs. Most apartments will send out renewal offers months before your lease terms, giving you time to decide if renewing your lease is the best fit for your future living needs.
15. How secure is the building? Are there security measures in place?
Peace of mind is important. It’s a good idea to ask about the security measures the building and apartment staff are taking as well as apartment-friendly security measures renters can take, like installing a doorbell camera. Some apartments will even have security guards for late hours that you can contact in case of an emergency.
16. Are there any decoration restrictions like painting the walls or hanging artwork?
The goal of this question is to ensure you get your security deposit back as well as evade additional charges when moving out. Most rental agreements have specific terms and conditions regarding modifications to the property space or apartment. By knowing your restrictions, you can decorate in a damage-free way.
17. What is the policy on rent increases? How often do they occur and by how much?
Depending on the area you’re living in, rent increases can range from small to large increases. Normally, residents will see rent increases when renewal offers are given to residents. You’ll typically have a few months to decide and calculate your budget or negotiate the increase. Landlords may have different rent increase schedules, so asking before you’re contractually obligated is a safe bet.
18. What is the policy on package deliveries?
Typically, residents receive mail and smaller packages in assigned mailboxes or at their doors. More recently, apartments are starting to install package lockers where residents can register a locker for packages. Asking this question helps you know if your packages are protected or the options you have for your mail delivery.
19. Is rent payment online or in-person? Are there any late payment fees or grace periods?
Being familiar with this process helps renters know how they pay and the budget they need to personally make around payments. Grace periods and late fees can vary from one property to another, and being aware of them allows you to understand any flexibility in a worst-case scenario or money you’ll tack on if you pay late.
Asking questions and take note of the answers
By asking these questions during a tour, you can gain a clear understanding of the overall renting experience you would have living in that apartment. This knowledge will help you make an informed decision about the fit of the apartment and ensure a smoother experience during your tenancy.
There are many renting options so finding the right fit for you ensures the best living experience possible. Start your apartment-hunting journey today!
If you are one of the many Global Entry applicants delaying program enrollment because you can’t schedule an interview, listen up.
On the first Monday of each month, U.S. Customs and Border Protection and Trusted Traveler Programs will release interview appointment slots for conditionally approved applicants to schedule at enrollment centers.
CBP will release appointments by 9 a.m. local time, accessible via applicants’ TTP dashboard.
“Given the unprecedented demand and continued interest in TTP, CBP is at an inflection point, where we must provide consistent, efficient, and accessible processing methods for applicants to select an appropriate enrollment option,” TTP director Michael Millich said in a statement. “This includes ensuring a coordinated release of interview appointments on a recurring basis.”
Mark your calendars for the next appointment release date on June 5.
Other enrollment tips
Enrollment on Arrival
Conditionally approved applicants can also complete the interview process when returning to the U.S. from abroad via CBP’s Enrollment on Arrival service.
Instead of scheduling and partaking in a formal interview at an enrollment center, you can finish the enrollment process at one of 65 airport locations as part of your trip home.
To complete this process, you’ll head to the customs line just as you would for the immigration process when returning to the U.S. after an international trip. From there, follow signs in the airport for the “Enrollment on Arrival” lanes. If you don’t see these signs, ask a CBP agent. An agent will complete your interview during your admissibility inspection.
Double-check that this service will be open during your arrival time, as EOA interviews are restricted to certain hours.
Sign up for our daily newsletter
Last-minute/day of appointments
If you cannot secure an interview slot during a Monday release, double-check on other mornings to see if there are last-minute openings due to day-of cancellations.
Appointment Scanner
If the traditional scheduling route does not get you the Global Entry interview appointment you need, consider trying an alternate service, such as Appointment Scanner.
For $29, users receive one month of appointment alerts (up to 25 per day) based on last-minute cancellations and newly released appointments at 20-plus enrollment centers.
Although it “can’t promise you’ll be able to schedule an interview,” it will refund any unsatisfied customers within 30 days.
Bottom line
This wave of appointments released on the first Monday of each month should help travelers who have already applied for Global Entry be able to use it sooner.
Even so, we expect these appointments to go as quickly as regular Global Entry appointments tend to go.
If you haven’t yet applied and plan on doing so, use a credit card that covers the $100 nonrefundable application fee for Global Entry. If you already have Global Entry, you can also use this credit to cover memberships for someone else.
As a reminder, CBP will release new appointments on the first Monday of each month, including June 5.
Get ready for bottomless mai tais: Nothing says summer like a great outdoor Tiki bar.
Just the idea quickly conjures up ocean breezes rustling through a palm-thatched roof while you sip a frothy drink, perhaps with a pineapple wedge garnishing the rim.
But you don’t have to go on a fancy vacation to belly up to one of these bars. You can enjoy your fruity cocktails year-round if you wind up with one of these half-dozen homes that come with Tiki bars and are on the market right now.
They’re all located in vacation destinations throughout the country, so if you own one, you could always rent it out for a little help with the mortgage payments.
Owning a home with its own outdoor tropical paradise might seem like a dream, but consider the options below. Your Tiki bar fantasy might just be within reach.
Price: $2,998,98 Bar and spa: Nothing makes every day feel like a vacation like a retreat in sunny San Diego. This palm-filled Tiki bar even has a hot tub right next to the counter, perfect for sipping a cold drink while soaking in jetted water.
The rest of the house ain’t bad either. It features four bedrooms and three baths, plus a rooftop deck with a fire pit and ocean views. The spacious primary suite comes with a balcony.
And here’s the icing on the coconut cake: There’s a two-bedroom, 1.5-bath accessory dwelling unit above a three-car garage. It’s currently rented out for $3,000 a month. This sweet income is due to the property’s location in Ocean Beach, where you can see the fireworks from Sea World and walk to all the great shops and restaurants the area has to offer.
———
Price: $1,499,000 Party in the back: The front exterior of this stately contemporary home doesn’t hint that the backyard is party central, with its thatch-roofed bar. This festive feature happens to sit on a private pier on Lake Conroe.
The property is part of the golf course community in Bentwater. It comes with a sun deck, a heated saltwater pool, a boathouse with a lift, and a sweet patio.
The interior of the four-bedroom, 3.5-bath, 3,457-square-foot home sports a nautical yet elegant aesthetic. Large windows across the back of the home offer water views. And there’s a chef’s kitchen, a first-floor primary suite, and an upstairs game room with a gas fireplace and a balcony.
———
Price: $840,000 Resort-style getaway: A waterfall, putting green, pool, lagoon, pier, Tiki bar—this waterfront home has all the resort-style amenities most people could ever desire.
The backyard comes with a private dock on a spring-fed lake, a lagoon-style heated pool with a rock waterfall and jets, and a three-hole putting green.
The thatched-roof Tiki bar is held up by barrels and comes equipped with a sink, a small fridge, and electrical hookups.
Inside the 1,892-square-foot house, there are three bedrooms, two baths, a billiard room, and a garage with an electric charging station. The home comes with hurricane protection.
———
Price: $739,000 Downtown compound: This spread contains two homes, a Tiki bar, a workshop, a garage, and a large deck with a hot tub.
The front home is a tastefully updated, three-bedroom, brick ranch. The back house is a two-story with two bedrooms and two baths, previously used as a short-term rental.
The Tiki bar sits between the homes, as does a wood-burning grill specially designed for an oyster roast.
The property comes fully furnished and is within walking distance of the Brooklyn Arts Center, Live Oak Pavilion, and just about everything else that makes downtown Wilmington so special.
———
Price: $1,295,000 Double delight: The owners love Tiki bars so much that they added two—one inside and one out—to their two-bedroom, 2.5-bath house. So when the weather is less than perfect, you can take the party inside. More cocktails for everyone!
Enhancing the vacation vibe of this 3,193-square-foot home is its location just across the street from the white-sand beaches of the Gulf of Mexico. Wrap-around porches offer spectacular water views.
Inside the colorful main house, you’ll find a kitchen with an island, a spiffed-up primary suite with dual closets and a luxe bath, and a gorgeous room at the top of the stairs with 360-degree views.
The property includes a saltwater pool and a guest cottage.
———
Price: $1,699,900 Better than a sports bar: With this newly built Tiki bar featuring a large-screen TV and full-size refrigerator-freezer, along with an oversized pool and hot tub, you’ll never need to leave. The high-quality outdoor sound system can serenade you with Jimmy Buffett tunes day and night.
Of course, the inside is comfy, too. The three-bedroom, 2.5-bath 1,758-square-foot home has been remodeled for rental purposes. You could make it your private getaway or offer it up as a short-term rental.
It’s located in the Matanzas Preserve, which is just a short walk or bike ride of Fort Meyers Beach and the Times Square Area, where there are shops, restaurants, and activities along 7 miles of coastline.
Non-QM lender First Guaranty Mortgage Corp. (FGMC) filed for Chapter 11 bankruptcy protection at the end of June — leaving four warehouse lenders on the hook for more than $415 million.
Sprout Mortgage imploded in early July, leaving its employees out in the cold. The lender so suddenly shuttered its doors it failed to file advanced notice of the layoffs, as required under federal law. It has since been sued by its former employees.
Just weeks later, a leaked text message from Flagstar Bank provided an inside look at how dire the current climate is for many non-QM lenders. The bank calls out 16 non-QM lenders in the text message, indicating it is ramping up scrutiny of its loan reviews, prior to advancing warehouse funding.
The examples, all within about a month, illustrate a non-QM lending world in disarray, turned upside down in recent months as originators battle an unassailable force over which they have no control: fast-rising interest rates. It’s an ongoing battle, which already has been lost by at least two lenders, FGMC and Sprout.
And others in the sector, warehouse lenders included, must now navigate the fallout, heed the warning signs and take action to avoid a similar fate. One executive said “it would be naïve” to think Sprout and FGMC will be the only casualties, given the current environment. In time, he said, they may well end up being “more of a trend than outliers.”
The Flagstar text message leaked to the media in mid-July confirmed, going forward, funding advances for non-QM mortgages will require advance approval by the lender’s warehouse lending arm. The bank also indicates it may adjust “haircuts” — the percentage of the loan the originator must fund itself to ensure it has skin in the game.
Thomas Yoon, president and CEO of Excelerate Capital, a full-service non-QM lender, said the move essentially means Flagstar now will “monitor every loan because they don’t want [to fund loans] that will be hard to sell in the open market, and then they’re stuck with that loan.”
“So, they are going to babysit now,” Yoon said, adding that from a business standpoint, it will slow down the loan originators’ processes. “Someone at Flagstar has to physically look at the deal and make sure it aligns with what they want before they’re able to fund, and that’s going to cause delays.”
Flagstar spokesperson Susan Cherry-Bergesen verified the authenticity of the text message when contacted by HousingWire and confirmed its content: The bank is adjusting its loan-review process. The leaked message included a list of 16 non-QM lenders that would be affected by the changes, according to published reports.
“We were at a meeting with one of our warehouse providers [recently] and … they asked a smart question: “Is Acra Lending on that list?” recalled Keith Lind, CEO of Acra Lending, a leading non-QM lender. “Of course we’re not.
“…If lenders didn’t take rates up fast enough, or they didn’t liquidate their positions fast enough, there’s going to be warehouse facilities where the loans [made to lenders] are worth less than the equity [skin in the game] that the originator posted. That’s probably a little more common than people think.”
Lind said many lenders are now trying to digest a plethora of lower-rate loans, essentially “orphaned by the market.” During the height of the refi boom and earlier this year, scores of loans were originated at interest rates much lower than current market rates, which have risen dramatically in recent months.
As a result, there exists a mismatch between those legacy lower-rate mortgages and the new higher-rate loans. That’s the case even though the lower-rate loans are widely considered to be well-underwritten, quality loans. As of mid-July, according to Freddie Mac’s purchase mortgage-market survey, the 30-year fixed mortgage stood at 5.54%, compared with 3.22% as of the first week of January 2022 and 2.88% in July 2021.
The market’s interest rate woes contributed to non-QM lender FGMC’s downfall. FGMC and its affiliate, Maverick II Holdings LLC, filed for Chapter 11 bankruptcy protection June 30, leaving four of the country’s major warehouse lenders with claims totaling $418 million, according to court filings.
Those warehouse lenders are Customers Bank, Flagstar Bank, JVB Financial Group and Texas Capital Bank.
Another non-QM lender also was swept up in the “orphaned” loan market. Sprout Mortgage on July 6 closed its doors suddenly, leaving hundreds of employees without jobs and paychecks. Real estate agents and their clients also received no advance warning and multiple deals fell through as a result, sources told HousingWire. The lender also did not file a WARN Act notice — required of any employer of more than 100 that has a mass layoff at one location involving more than 50 employees.
“The New York State Department of Labor has not received a WARN notice from Sprout Mortgage,” states an email from the department sent in response to a HousingWire inquiry. “We do not comment (confirm nor deny) on potential or pending investigations.”
The failure to provide proper notice of the layoffs prompted a class-action lawsuit by former Sprout employees. The litigation — lodged in early July in U.S. District Court for the Eastern District of New York — seeks to recover wages due the workers.
The current interest-rate spread pressure-cooker tends to be even more acute in the non-QM sector, compared with the prime-mortgage market, according to John Toohig, managing director of whole loan trading at Raymond James in Memphis.
“[There’s] a lot of underwater coupons due to rapidly rising rates,” Toohig said. “The problem with non-QM is that most banks won’t be the liquidity source for those loans in whole-loan form [purchasing] vs. the aggregators putting them into RMBS [private label securitization deals] — which doesn’t work right now [either].
“So, I wouldn’t be surprised that there is some pain coming at the warehouse-line level [revolving lines of credit used to fund mortgage originations] as loans start to age. The good news for prime jumbo [is] banks want to own those loans and balance-sheet them. The same cannot necessarily be said for non-QM.”
Non-QM mortgages include loans that cannot command a government, or “agency,” stamp through Fannie Mae or Freddie Mac. The pool of non-QM borrowers includes real estate investors, property flippers, foreign nationals, business owners, gig workers and the self-employed, as well as a smaller group of homebuyers facing credit challenges, such as past bankruptcies.
Because non-QM, or non-prime, mortgages are deemed riskier than prime loans, in a normal market they generally command an interest rate about 150 basis points above conforming rates, according to Excelerate’s Yoon.
Excelerate and Acra each raised rates rapidly starting early in the first quarter of this year to stay ahead of the fast-rising interest rate curve, according to Yoon and Lind. The rapid surge in rates in the market is being fueled, in part, by the Federal Reserve’s ongoing benchmark rate bumps, intended to battle inflation. The consequence of failing to anticipate the velocity of rate increases could result in a lender getting stuck with millions of dollars in underwater loans — mortgages that are well-underwritten but valued under par, the lending executives said.
In other words, these lower-rate — now “scratch and dent” — loans are at a competitive disadvantage in terms of pricing in securitization and loan-trading liquidity channels because they are worth less than the newer crop of higher-rate mortgages. Lind put it this way: “These aren’t bad loans, just bad prices.”
“I don’t think [Sprout and FGMC] are the only two lenders that are in a bind,” Lind said. “I’m sure there’s other originators that are in difficult situations, given this movement in rates and probably their inability to get liquidity or to sell loans fast enough.”
Yoon said the Sprout and FGMC failures are likely going “to be more of a trend than outliers.”
“A lot of lenders took on, or funded, these really low-coupon loans,” Yoon continued. “And they probably had them sitting in their gestation pipelines thinking that the things will get better, and they could sell them off. That day never came.
“What I’ve been told through warehouse lenders and Wall Street aggregators is that there’s several billion dollars’ worth of these [low-coupon] loans out there, still sitting on balance sheets. At some point, they [lenders] will have to pay the piper, right? It’s naive to assume we’re not going to see more casualties.”
***
Q&A
HousingWire contacted half a dozen non-QM lenders seeking interviews for this story, including Angel Oak Cos., Deephaven Mortgage, CarVal Investors, Verus Mortgage Capital, Acra Lending and Excelerate Capital. All the lenders, as well as the now-failed Sprout Mortgage, participated in a prior story on the same subject — the state of the non-QM market, which was published in April.
This time around, only Acra and Excelerate agreed to participate. Representatives of the other lenders declined to comment or make executives available for an interview, with most saying the executives didn’t have time. The top executives at Acra and Excelerate, Lind and Yoon, respectively, each declined to comment on specific competitors in the non-QM market, but they did share their views on current market conditions and the challenges faced today by non-QM lenders in general.
Lind and Yoon stressed they are not predicting with certainty other non-QM lenders will fail, nor do they hope that will be the case. Both, however, predict due to the runup in rates, there will likely be painful losses incurred by some non-QM lenders, which will have to be dealt with somehow.
All non-QM lenders now face the same economic challenge — coping with the fallout from interest rates rising at a faster clip than the market has seen in decades. Following are comments from Acra’s Lind and Excelerate’s Yoon on a range of issues affecting the non-QM lending space.
Interest Rates
We saw the market [earlier in the year] and knew it would only get worse, at least in the short-run, and we put our rates above market at that time sharply. …We’re positioned really well to navigate the current market. That doesn’t mean it’ll be easy, but you know, we’re positioned better than most, so we feel fortunate about that. … When we raised our rates that significantly in the first quarter, it essentially blew up our pipeline in the short-run, but we felt like we needed to do that. …Going into October, November, December [of last year] and into January [2022], everyone was thinking, including us, that we’re going to have a banner 2022. Then the market changed on us overnight. There was only a handful of us that that made the move [to raise rates sharply], and they are positioned well going forward. — Thomas Yoon of Excelerate Capital
We’ve moved rates 18 times in 2022 [to date] — mostly up, with maybe one or two down. Listen, everyone’s got a different execution or [liquidity] outlet. I can just tell you that we’re breaking even or making a little bit of money in the first few quarters [of this year], and our rates are higher than others. I don’t know how some of these other people [lenders] have been able to do it. But if they have, then kudos to them. …You’ve probably heard this before: Don’t fight the Fed [the Federal Reserve]. The Fed is bigger than everyone. Well, guess what? So is the housing market, and you don’t fight the housing market. Everyone’s like, “Oh, I’m going to keep rates low because I need market share.” I think it’s always better to be prudent and pay attention to rates. It’s not a race [or sprint]. This is a marathon to be successful in this business. That’s the way we look at it. — Keith Lind of Acra Lending
Warehouse Lenders
The biggest problem in non-QM right now is the fear of liquidity, right? It’s whether they’re able to sell off their closed loans. If they don’t, then it becomes a burden and a debt. The biggest, I think, challenge that these non-QM platforms face — outside of what’s happening in the market — is will they maintain a stable relationship with their warehouse lines. …I expect lower limits in warehouse funding capabilities and more haircuts, so that they [warehouse lenders] feel that they’re protected. Oftentimes, warehouse divisions are a real profit-maker for banks, but we’re going through a cycle change, and originations have dropped 40-plus percent nationally. It means that everyone’s taken a hit. …Most warehouse lenders are banks and, of course, they’re feeling it too. —Yoon of Excelerate Capital
Regional banks [who are warehouse lenders] have a lot more exposure now and could be holding loans that are underwater. I’ve heard some of them are comfortable with the risk, and they’ll just wind down these positions over time. It’s still a good return for the bank. Others are looking for exit strategies. … Some of these regional warehouse lenders may ultimately do a full turbo feature where they collect all interest and principal, and the originator gets nothing. It’s going to be harder for the little guy [smaller originators] to come back because warehouse providers, as well as people that are lending money [generally], are going to demand more capital. — Lind of Acra Lending
Raising Capital
If you’re a [non-QM] executive and have a $300 million negative on the balance sheet [due to underwater loans], any company that’s going to provide capital is going to question whether [the leadership of the lender] knows how to run a mortgage-banking platform in this marketplace. …It’s not like they will be using that capital to build technology or to hire more great talent or [launch] a new system. To be clear, it’s to make themselves whole, right? That’s a tough, tough sell in today’s market. — Yoon of Excelerate Capital
You don’t throw good money after bad, right? — Lind of Acra Lending
Market Share
We took flack for raising our rates and recalibrating ourselves. A lot of our competition, for example, kept their rates really low and kept them low for all of the first quarter. They took on a massive risk, and their logic was that the market will turn for the better … and they’ll be able to sell these [loans] off at a profit, instead of just breakeven. They looked at it as an opportunity to gain market share. Everyone that did that, you know, they were wrong. — Yoon of Excelerate Capital
The originators that have made it through the first two quarters in [good] financial shape absolutely I would expect all of us to gain market share. There are going to be [originators] that go out of business, as we’ve seen, and they’re probably not the last, and then others are probably going to struggle. — Lind of Acra Lending
Survival Strategies
Our liquidity channels are still really viable. We have strong relationships with our aggregators and outlets. We’re very fortunate, but we also recognize how volatile [this market] is. We have to be nimble. So, we have a plan A, but we also have plan B and C ready, just in case. …The market is moving so quickly, so we’re shooting higher [on rates] than we normally would to make sure that the collateral bought is worth something when they securitize it — [a process that can take months]. The dramatic move [in rates] that we saw in the first quarter and second quarter, I don’t think it’s going to be that exaggerated [going forward], but we’re constantly chasing the bogey here, so to speak. — Yoon of Excelerate Capital
There are three aspects that we focus on. First of all, we focus on rates. And I told you, we’ve moved rates 18 times since January 3. We were at a 4.5% coupon, and now we’re low 8% [range] in terms of where our portfolio is. …Two is liquidity. If you don’t have strong liquidity, and you’re not getting off loan sales fast enough and at the [right] prices, that’s going to be difficult. So, rates, liquidity and then lastly operational expenses. Are you managing your expenses? We took our headcount from 450 down to 350. We did that two months ago. And we’re still looking at that, to make sure that that we are managing expenses and salaries. We’ve not only reduced headcount, but we’ve made adjustments to salaries. — Lind of Acra Lending
Downturn Duration
We’re going to go into a recession — if we’re not already in it right now. I hope that it’s a mild recession. We’re prepping as if this is going to be a 12- to 24-month downcycle for us as an industry. If it [ends] earlier, we look at that as very fortunate. But we anticipate that this year and the bulk of next year is going to be trying times for us. We’re taking a very conservative approach. — Yoon of Excelerate Capital
I’m going to take the view that until we have a better understanding of where we are with inflation and taming it, that this market is going to be choppy. And when the overall market has a more comfortable understanding of where inflation is, and that it’s under control, I would think that things will fall back into order. …There’s still a lot of tailwinds in the housing market, however. We’re short [some] 5 million homes [in the housing market], and I think from an investor perspective, depending on the price and the homes picked, there’s good cash flow every month. I think that’s why you’re seeing more and more people, as far as mom-and-pops [small landlords, who are non-QM borrowers] getting into the housing market as opposed to the equity market moving forward. I like the tailwinds in housing, for sure. — Lind of Acra Lending
Recently I had a female that was inquiring about obtaining life insurance.
She initially had researched guaranteed acceptance life policies because she was fearful that she would get denied.
She had been diagnosed with epilepsy at a very young age and because of it experienced several seizures along the way.
Her epilepsy is now controlled as she hasn’t experienced a seizure in well over five years.
It was reassuring to her knowing this as she does have controlled epilepsy that getting approved for a term life insurance policy should not be an issue.
Many people that suffer from high risk conditions such as epilepsy or seizures believe that they’ll never get approved for life insurance, but that’s totally not the case.
In fact, even with pre-existing conditions like epilepsy, there are still plenty of affordable life insurance options. Don’t automatically assume that you have to go with a no-exam policy or guaranteed policy. Both of these are fine options, but they are going to cost you much more every month.
There are several insurance companies that will approve you especially if the epilepsy is controlled.
What are insurance companies looking for regarding epilepsy?
As I told the client, as I tell anyone that is applying for life insurance, it’s better to be upfront and transparent with your entire health history. When you have a high risk condition like epilepsy that holds true even more.
When applying for life insurance and having a condition such as epilepsy here is some of the information that the underwriters are going to want to know:
Date of diagnosis. Typically the month and year.
Condition degree. Is your epilepsy mild, moderate, or severe?
Have you ever been treated for your condition?
Have you had to have a neurological evaluation because of your condition?
What type of seizures do you have? This ranges from Petit Mal, Grand Mal, myoclonic, atonic, simple partial, complex partial, febrile, reflex or nocturnal.
They want to know you last seizure dates.
The number of seizures per year.
Has you seizure lasted longer than 30 minutes?
Typically if the type of seizure that you’re having are myoclonic, Petite Mal, or absence and your last seizures was over two years ago, there are several insurance companies that will offer you a standard rate.
If the seizures are more recent, two years or less, and so long as you don’t have any other health conditions you may be able to qualify at a standard table two or table four.
Note: Anytime you go up a table rating, table two, three, or four, expect a 25% increase on your insurance premium.
With the other types of seizures it really just depends on how controlled they are. With my client that applied since she was in the greater than five-year window qualifying for a standard policy was rather simple. If you have epilepsy or a seizure disorder don’t think that you can’t get approved for life insurance. If you already have been approved for insurance it might be worth investigating to see if you can get a cheaper rate from another insurance company that specializes in writing epileptic individuals.
Ads by Money. We may be compensated if you click this ad.Ad
What Life Insurance Companies Look For in Epileptics
It’s not so much the actual seizures that life insurance companies fear when underwriting a client with epilepsy. It’s accidents that could occur from a direct result from a seizure. They will look at the severity and frequency of your seizures.
If it has been several years since your last episode, this may also give you incentive to revisit your current life insurance rate. If you have epilepsy and are looking for an affordable life insurance policy, contact our office today and speak with one our life insurance specialists that can help you today.
What else will the Life Insurance Company Look at?
Aside from all of the details regarding your epilepsy, the insurance company is also going to look at your general health and see what condition you are in.
After you complete the paperwork for your policy, the insurance company will require a health exam (unless you choose a no medical exam policy).They will want to know your blood pressure, heart rate, weight, and they will also take a blood and urine sample to test for any chronic or hidden conditions.
Getting Lower Rates
Because the insurance company weighs the risk based on your health, improving your health can drastically lower your rates. Before you apply for a life insurance policy, spend some time focusing on your health. Aside from following your doctor’s orders for managing your epilepsy, we are going to give you some techniques for saving money.
Losing any extra weight can work wonders on your health and your life insurance rates. Losing weight will help lower your blood pressure, cholesterol, and reduce your risk of having other severe health complications later in life. Being overweight drastically increases your chances of becoming diabetic or having cardiovascular problems. The higher your chances of having problems, the more risk you are to the insurance company to insure you, the higher your premiums.
Additionally, kicking bad habits like smoking are an excellent way to save money every month. Being classified as a smoker on your life insurance applications will make your premiums double or even triple in some cases.
The one tip which we give to every applicant is to do some shopping around. You should always take the time to compare dozens of different companies that you can choice from. Each company is different and they will all view your applications differently. It’s important that you find a company that is going to view your epilepsy more favorably.
Unlike company’s agents, our independent agents don’t work for one specific insurance company, instead they represent some of the highest rated companies across the country. Working with one of our agents like working with 50 companies all at once. There is no quicker way to find the cheapest life insurance.
Life Insurance, Don’t Wait
Life insurance isn’t one of the most fun purchasing decisions that you can make. Nobody wants to think about their death and what would happen to their family, but not planning ahead can have dire consequences. Think about how many additional unpaid expenses your family would be responsible for, it’s probably a staggering number. This is why life insurance is so important. These policies give your loved ones the money they need to pay off all of your debt if something tragic happens to you. Losing a family member is difficult enough, don’t add any additional strain by putting your loved ones under a mountain of debt with no way to get out.
You never know what is going to happen to you tomorrow, but you can always plan for the worst. Every year we hear countless stories of families that lost someone unexpectedly, and while going through the pain of death, they are also put under significant financial stress. Don’t wait until it’s too late to get the protection that you and your family deserve.
Connecticut is a great place to live and work. It’s in a prime location that makes it easy to get to large cities like New York and Boston. Plus, there are plenty of outdoor recreation opportunities thanks to all the mountains, lakes, and beaches as well as top-notch schools.
Whether you’re new to the Constitution State or have lived there for years, you might be in search of a bank to manage and store your hard-earned money. Fortunately, you’ve come to the right place as we’ve researched the various regional banks and national banks available.
12 Best Banks in Connecticut
Below is our carefully curated list of the best banks in Connecticut. This list is compiled based on a variety of factors such as customer feedback, range of services, accessibility, and financial strength.
1. Liberty Bank
Based in Middletown, Liberty Bank has more than 50 branches in Connecticut. It’s been around for more than 200 years and provides a plethora of financial products and services. These include personal banking, business banking, mortgages, personal and business loans, insurance, and wealth management.
No matter which one of its four checking accounts you can choose, you can expect digital wallet access and online bill pay with no minimum balance requirement.
In addition, Liberty Bank offers three savings accounts with tiered interest rates. While you can visit a local branch, another option is to take advantage of online and mobile banking. With online and mobile banking, you’ll be able to pay bills, set up account alerts for if your account dips below a certain amount, and more.
2. Bank of America
Bank of America is one of the largest banks in the country. It has many branches with local people in more than 60 cities and towns throughout Connecticut, like Hartford, Bridgeport, New Haven, and Danbury.
With Bank of America, you can also manage your cash on the go with its highly rated mobile banking app. When it comes to checking accounts, you have three options, including the Advantage Plus Checking, which is the most popular option.
You can also save your money in the Advantage Savings account, which requires a $100 initial deposit and $8 monthly maintenance fee that you can avoid if you maintain a daily balance of $500 or more or join the Preferred Rewards program.
As a Preferred Rewards member, you’ll lock in perks, such as higher interest rates, waived or discounted fees with a special promo code, and cash back rewards for qualifying transactions.
3. CIT Bank
CIT Bank is an online bank with a focus on savings. If you’d like a checking and savings account, you might consider the CIT Money Market account. You’ll be able to earn interest and access your funds at any time.
CIT also offers the Premium High Yield Savings and Savings Builder accounts. Even though there are no physical branches in Connecticut, you can bank online or via a mobile app. CIT Bank also offers CDs and home loans.
4. Webster Bank
Headquartered in Stamford, Webster Bank has hundreds of branches and ATMs throughout the state. Its checking accounts come with low minimum balance requirements and free online bill pay. If you sign up for the Webster Bank Visa and use it to make everyday purchases, you’ll earn one point for every dollar you spend and won’t have to pay an annual fee.
Webster Bank also offers a wide variety of other products and services, such as savings accounts, Certificates of Deposit (CDs), Health Savings Accounts (HSAs), loans, wealth management services, and commercial banking.
5. Citizens Bank
Citizens Bank is a national bank with more than 30 branches in Connecticut. Its One Deposit checking account is a solid choice because you won’t have to pay monthly maintenance fees as long as you make one deposit per month. Plus you can open the account without a minimum balance requirement. Other popular products include savings accounts, money market accounts, CDs, and IRAs.
With the Citizens Peace of Mind overdraft protection program, you’ll receive an alert if you overdraft your account. In addition, the bank will provide a grace period so you can avoid overdraft fees. Also, if you set up direct deposit with Citizens, you can get paid two days early during every statement cycle.
6. M&T Bank
M&T Bank’s branches and ATMs can be found in many Connecticut cities, such as Stratford, Fairfield, Westport, Monroe, and Trumbull. Its personal banking products include checking accounts, savings accounts, CDs, credit cards, loans, mortgages, and insurance.
If you download its mobile app, you’ll be able to send and receive money via Zelle, deposit checks on the go, and keep tabs on your spending habits. The bank also offers mortgage assistance programs to help you cover your mortgage costs as you deal with financial hardship.
In addition, its lineup of small business banking products for small businesses, like business checking accounts, business credit cards, and merchant services can help you meet your business goals.
7. Union Savings Bank
Union Savings Bank is a local bank in Connecticut with a focus on customer relationships and customizable banking solutions. It has branch locations in Bethel, Brookfield, Danbury, Canton, Goshen, Litchfield, and many other cities throughout the Constitution State.
Union’s lineup of personal banking products is vast and features checking accounts, savings accounts, credit cards, mortgages, and HELOCs. This hometown bank has robust digital services including digital wallets, Spending Insights, online banking, mobile banking, and Zelle. As a Union customer, you can work with a certified FutureTrack coach, design a customized plan, and meet your financial goals.
8. Bankwell Bank
Bankwell Bank was established in 2002 and serves individuals and small business owners in Fairfield and New Haven County. You can choose from its personal banking products, such as the Smart Checking, Smart Savings, Smart Money Market, and Smart IRA accounts.
The bank also offers a Switch Kit so you can easily transition to it. Additionally, you may opt for its treasury management services to manage your business finances. Treasury management services include business banking online, account analysis, account reconciliation, wire transfers, ACH origination, commercial credit cards, mobile check deposit, and zero balance accounts.
9. First County Bank
First County Bank is an independent bank in Fairfield. It strives to make money management easy through checking accounts, savings accounts, credit cards, loans, insurance, and online banking.
If you’re in the market for a home, you’ll appreciate First County’s mortgage center, which offers mortgages with attractive rates and terms, home equity products, and a plethora of mortgage resources.
Its wealth management services are specifically tailored to individuals and families, women, family businesses, and nonprofit organizations. In addition, the First County Foundation awards grants to support a variety of causes.
10. Dime Bank
Dime Bank serves southeastern Connecticut and Rhode Island. As a Dime customer, you can choose from five checking accounts that come with perks like free ATM withdrawals, a cell phone protection plan, digital banking tools, and roadside assistance.
If you’re in need of a savings account, you may opt for a traditional savings account, Club accounts for holidays and special trips, and a money market account with higher returns. Dime also offers a plethora of consumer loans, such as mortgages, home equity loans, home equity lines of credit, construction loans, vehicle loans, and personal loans.
11. Capital One
Capital One is a national bank with a variety of banking products like accounts for adults, children, and teens, credit cards, loans, and CDs. Even though there are no branches in Connecticut, we still believe it qualifies as a best bank in Connecticut because you can enjoy online banking via an online portal or banking app.
Additionally, you’ll have access to over a hundred fee-free ATMs in the state. The Capital One 360 Checking is a free checking account with no monthly service fee or minimum balance requirements. There’s also the 360 Performance Savings, which is a high-yield savings account with a competitive APY. Additionally, Capital One does not charge overdraft fees.
12. Chase Bank
Chase Bank has a large presence in the U.S. and over 50 branches in Connecticut to help you meet various banking needs. Its full suite of products includes checking accounts, credit cards, loans, and wealth management services. The bank also provides banking solutions for children, teens, and young adults.
The most popular account at Chase is the Total Checking account, which comes with perks like online bill pay, mobile check deposit, account alerts, free credit reports, and Zelle transfers. If you open a new checking account, you may qualify for a generous sign-on bonus.
Bottom Line
Connecticut is home to a variety of banks. The best bank for you depends on the products you’re seeking, whether you prefer in-person or online banking, and your particular financial goals. Best of luck in your search for a bank in the Constitution State.
Frequently Asked Questions
What are the largest banks in Connecticut?
The largest banks in Connecticut are M&T Bank, Webster Bank, and Bank of America. While a large bank has many advantages, like a vast selection of banking products, it might not be the best choice if your goal is personalized banking service.
How do I open a bank account in Connecticut?
It’s easy to open a bank account in the Constitution State. All you need is a government-issued ID like a driver’s license or passport, your Social Security, and some money to fund the account. Some online banks will also require you to set up direct deposit.
Should I choose a bank or credit union in Connecticut?
A bank is typically a solid option if you’re looking for diverse products and services. However, credit unions might make more sense if you want to become a member in exchange for personal advice and service.
What is the oldest bank in Connecticut?
Liberty Bank is the oldest bank in Connecticut. It was founded in 1825 and offers a plethora of personal and business banking products.
What are some regional banks in Connecticut?
There are many regional banks in Connecticut. Several examples include Bankwell Bank, Dime Bank, Jewett City Savings Bank, Newtown Savings Bank, Eastern Connecticut Savings Bank, Northwest Community Bank, Ion Bank, Chelsea Groton Bank, and Milford Bank.
Are online banks safe?
Absolutely! Even though online banks use mobile apps and online portals, most of them are member FDIC, which means your money will be covered by the federal government if the bank shuts down for any reason. As an added bonus, online banks have lower fees than brick-and-mortar banks.
With the start of summer upon us, now may be a great time to evaluate your credit card portfolio. Credit card sign-up bonuses and welcome offers are the quickest and easiest way to rake in lots of points and miles, so we regularly update the roundup of our favorite current offers in our best credit cards guide.
But to help you keep up with an ever-changing list of bonuses, we’ve also compiled a list of the best card offers currently available — especially the ones that are worth an extra look right now because they are at all-time highs or may end soon.
Since many issuers have restrictions on how often you can earn a bonus on a card, it’s important to time your application for when there’s a good offer. Also, higher bonuses don’t always stick around for long, so if you’re considering one of these offers, you’ll want to hop on it sooner rather than later.
Finally, if you’re not ready to jump on a higher-end card, consider these great starter cards or even one with a 0% introductory annual percentage rate (APR) offer.
The best credit card offers for June 2023
Card
Sign-up bonus/welcome offer
Welcome offer value*
Annual fee
The Business Platinum Card® from American Express
120,000 points after you spend $15,000 on eligible purchases with the card within the first three months of card membership.
$2,400.
$695 (see rates and fees).
Ink Business Preferred Credit Card
100,000 points after you spend $15,000 on eligible purchases with the card within the first three months of card membership.
$2,000.
$95.
The Platinum Card® from American Express
80,000 points after you spend $6,000 in the first six months, though you may be able to get a higher bonus through the CardMatch tool (terms apply).
$1,600.
$695 (see rates and fees).
American Express® Green Card
60,000 points after you spend $3,000 on purchases in their first six months of card membership. Also, get 20% back on eligible travel and transit purchases in your first six months to earn up to $200 back.
$1,400 ($1,200 in points plus up to $200 in cash back).
$150 (see rates and fees).
Capital One Venture X Rewards Credit Card
75,000 miles after you spend $4,000 on purchases in the first three months of account opening.
$1,388.
$395.
Capital One Venture Rewards Credit Card
75,000 miles after you spend $4,000 on purchases in the first three months of account opening.
$1,388.
$95.
Chase Sapphire Reserve
60,000 bonus points after you spend $4,000 on purchases in the first three months of account opening.
$1,200.
$550.
Chase Sapphire Preferred Card
60,000 bonus points after you spend $4,000 on purchases in the first three months of account opening.
$1,200.
$95.
American Express® Gold Card
60,000 points after you spend $4,000 in the first six months of card membership, though you may be able to get a higher bonus through the CardMatch tool (terms apply).
$1,200.
$250 (see rates and fees).
Southwest Rapid Rewards Plus Credit Card, Southwest Rapid Rewards Premier Credit Card, and Southwest Rapid Rewards Priority Credit Card
60,000 bonus points plus a 30% off promo code after spending $3,000 on purchases in the first three months from account opening.
$900.
$69 (Plus), $99 (Premier) and $149 (Priority).
United Club Infinite Card
80,000 bonus miles and 1,000 Premier qualifying points (PQP) after you spend $5,000 on purchases in the first three months from account opening. Offer ends Aug. 9.
$880.
$525.
IHG Rewards Premier Business Card
165,000 points after spending $3,000 on purchases in the first three months from account opening.
$825.
$99.
Hilton Honors American Express Surpass® Card
130,000 Hilton Honors bonus points and a free night reward after spending $2,000 in purchases on the card in the first three months of cardmembership. Offer ends July 19.
$780.
$95 (see rates and fees).
* Welcome offer value is determined using TPG valuations and is not provided by nor reviewed by the issuer.
The Business Platinum Card from American Express
This business card stands out not only for its 120,000-point welcome offer but thanks to added travel perks that can easily cover the card’s $695 annual fee (see rates and fees). Cardholders enjoy automatic Gold status in both the Hilton Honors and Marriott Bonvoy loyalty programs, along with access to a wide variety of airport lounges — including Amex Centurion, Priority Pass and Delta Sky Club (when traveling on same-day Delta flights). Enrollment is required for select benefits.
Cardholders also enjoy 5 points per dollar on flights and prepaid hotels booked at American Express Travel, along with 1.5 points per dollar on eligible purchases in select business categories and eligible purchases of $5,000 or more (on up to $2 million of these purchases per calendar year).
Related: Amex refreshes Business Platinum Card with new perks, higher annual fee and a 120,000-point bonus
On top of that, the card comes with up to $200 in annual airline fee statement credits and a 35% points rebate for flights booked through Amex Travel in first or business class on any airline (up to 1 million points back per calendar year), or in any class on the U.S. airline of your choice each year. Non-travel benefits include up to $400 in annual statement credits toward U.S. Dell purchases, up to $360 in credits toward Indeed, up to $150 toward select Adobe purchases and up to $120 toward wireless telephone services.
Sign up for our daily newsletter
Enrollment is required for select benefits.
Read our review of the American Express Business Platinum Card for more information.
Official application link: The Business Platinum Card® from American Expresswith 120,000 points after you spend $15,000 on eligible purchases with the card within the first three months of card membership.
Ink Business Preferred Credit Card
Then there’s the Ink Business Preferred. According to TPG’s valuations, this card’s welcome bonus alone is worth $2,000 since you can take advantage of Chase’s excellent collection of airline and hotel transfer partners. Points redeemed through the Chase travel portal are worth 1.25 cents each, which isn’t bad, either.
Another factor in this card’s favor? Its tremendous earning rates. You’ll earn 3 points per dollar across the following categories on up to $150,000 in combined purchases (1 point per dollar thereafter):
Travel.
Shipping purchases.
Internet, cable and phone services.
Advertising on social media sites and search engines.
Depending on which categories you spend in, you could earn a whopping 450,000 bonus points per year if you maxed out that $150,000 cap.
Among the Ink Business Preferred’s unsung benefits are cellphone protection, primary rental car coverage (when renting for business purposes) and other travel and purchase protections. You can also add employee cards to your account for free.
Read our full review of the Ink Business Preferred Credit Card for more information.
Official application link: Ink Business Preferred Credit Card with 100,000 bonus points after you spend $15,000 on eligible purchases with the card within the first three months of account opening.
The Platinum Card from American Express
Often referred to as the king of the premium travel rewards cards, the Amex Platinum offers a slew of benefits — along with a $695 annual fee (see rates and fees). Cardholders enjoy perks such as automatic Gold status with both Hilton Honors and Marriott Bonvoy plus access to a wide range of airport lounges, including Amex Centurion, Priority Pass and Delta Sky Club (on same-day Delta flights). On top of that, you’ll get up to $200 in annual airline fee statement credits, an up-to-$200 hotel statement credit to use toward prepaid Amex Fine Hotels + Resorts or The Hotel Collection bookings (the latter of which requires a minimum two-night stay) via Amex Travel, and an up-to-$189 Clear Plus membership statement credit — along with numerous other perks. Enrollment is required for select benefits.
Related: It’s a ‘lifestyle’ card now: A closer look at the Amex Platinum’s 6 new benefits
Non-travel benefits include an up-to-$240 digital entertainment statement credit (split into monthly $20 credits) for Audible, The New York Times, SiriusXM, Peacock, The Wall Street Journal and services under the Disney umbrella — including Disney+, ESPN+ and Hulu.
Cardholders also receive an up-to-$155 Walmart+ credit (subject to auto-renewal; Plus Ups are excluded), an up-to-$300 SoulCycle bike credit and an up-to-$300 Equinox statement credit for eligible Equinox memberships (now available as an annual benefit rather than monthly credits). You also receive Uber VIP status and up to $200 in annual Uber Cash (split into monthly $15 credits for U.S. rides and Uber Eats orders plus a $20 bonus in December).
Enrollment is required for select benefits.
Finally, cardholders will enjoy enhanced earning rates on many travel purchases:
5 points per dollar on flights booked directly with airlines or with Amex Travel (on up to $500,000 on these purchases per calendar year).
5 points per dollar on prepaid hotels booked with Amex Travel.
1 point per dollar on other eligible purchases.
And while the current welcome offer provides solid value, be sure to check the CardMatch Tool to see if you can receive an even higher one (offers are targeted and subject to change at any time).
Read our review of the American Express Platinum Card for more information.
Official application link: The Platinum Card® from American Express with 80,000 points after you spend $6,000 on purchases in the first six months of card membership.
The American Express Green Card
The American Express Green Card provides a compelling offering in the mid-tier travel category. With 3 points per dollar on broader travel, restaurants and transit as well as annual statement credits for Clear and LoungeBuddy that more than cover its annual fee, the Green from Amex is a card that modern travelers should consider.
The earning rates and benefits of the American Express Green Card will be most attractive to young professionals and millennials (or millennials at heart) who travel for work, pleasure or both. The card earns 3 Membership Rewards points per dollar on travel, restaurants and transit, so you’ll want to consider this card if a large chunk of your budget goes toward these categories.
The Amex Green also offers annual up to $189 Clear Plus and up to $100 LoungeBuddy statement credits that can more than offset the $150 annual fee (see rates and fees) while making your time in the airport more efficient and relaxing. If you can utilize these statement credits, the card can easily be a worthwhile addition to your purse or wallet.
Read our review of the Amex Green for more information.
Official application link: Amex Green with 60,000 Membership Rewards points after you spend $3,000 on purchases in your first six months of card membership. Also, get 20% back on eligible travel and transit purchases in your first six months to earn up to $200 back.
Capital One Venture X Rewards Credit Card
The Venture X card is Capital One’s premium rewards card and offers great earning rates and incredible perks.
Aside from a hefty welcome bonus of 75,000 miles after spending $4,000 on purchases in the first three months – worth about $1,388 according to our valuations thanks to Capital One’s excellent airline and hotel transfer partners – the card gives members up to $300 back in statement credits annually for bookings made through Capital One Travel and 10,000 bonus miles every account anniversary, starting on their first anniversary (worth $100 toward travel, or $185 by our valuations).
As for earning rates, the Venture X racks up 10 miles per dollar on hotels and car rentals booked via Capital One Travel, 5 miles per dollar on flights booked via Capital One Travel, and an unlimited 2 miles per dollar on everything else.
Frequent travelers will also enjoy taking advantage of access to Capital One’s developing network of airport lounges as well as the ability to enroll for Priority Pass membership for entry into more than 1,300 lounge locations worldwide (though this no longer includes participating restaurants). It also added the ability to access Plaza Premium lounges worldwide in 2022 and launched The Premier Collection in 2023, giving cardmembers on-property perks at a curated set of luxury hotels.
Read our review of the Capital One Venture X card for more information.
Official application link: Capital One Venture X Rewards Credit Card with 75,000 bonus miles after you spend $4,000 on purchases in the first three months from account opening.
Capital One Venture Rewards Credit Card
The Venture Rewards packs a pretty good punch for a mid-tier credit card. It earns a flat 2 miles per dollar spent on all purchases worldwide, but you can earn 5 miles per dollar on hotels and car rentals booked through Capital One Travel. The miles you earn with this card can be transferred to Capital One’s 17 airline and three hotel partners or redeemed through the Capital One Travel portal.
The card stands out for offering an application fee credit for Global Entry or TSA PreCheck every four years; many other cards that offer this benefit have annual fees of $400 or more. This TSA PreCheck/Global Entry application fee credit alone is worth up to $100. When making everyday purchases, you may also get Warranty Manager Service which can be used for extended warranty protection. The Venture Rewards card doesn’t impose foreign transaction fees, so you can use the card overseas without accumulating extra charges.
Read our review of the Capital One Venture Rewards Card for more information.
Official application link: Capital One Venture Rewards Credit Card with 75,000 bonus miles after you spend $4,000 on purchases in the first three months from account opening.
Chase Sapphire Reserve
This is one of the best premium credit cards available.
It earns a whopping 10 points per dollar on Lyft (through March 2025), Chase Dining booked through Ultimate Rewards, and hotel and car rental purchases through the Ultimate Rewards Travel portal. Cardholders also earn 5 points per dollar on airline travel booked through the Ultimate Rewards Travel portal, 3 points per dollar on travel (after using the $300 travel credit) and dining, and 1 point per dollar on everything else.
Chase defines travel and dining quite broadly, including everything from parking fees to Airbnb stays and food delivery orders. Perks of the card include a $300 annual travel credit, Priority Pass membership, a $5 monthly DoorDash in-app credit (through December 2024), a complimentary DashPass membership and an impressive array of travel protections.
Read our review of the Chase Sapphire Reserve for more information.
Official application link: Chase Sapphire Reserve with 60,000 points after you spend $4,000 on purchases in the first three months of card membership.
Chase Sapphire Preferred Card
If you can’t justify a high annual fee or want a solid card with an appealing set of perks, the Chase Sapphire Preferred is an ideal fit. It earns 5 points per dollar on all travel purchased through Chase Ultimate Rewards; 3 points per dollar on dining, including eligible delivery services, takeout and dining out; 3 points per dollar on select streaming services; 3 points per dollar on online grocery purchases (excluding Target, Walmart and wholesale clubs); 2 points per dollar on all other travel; and 1 point per dollar on all other purchases.
The points you earn with this card can be transferred to Chase’s airline and hotel partners or redeemed for 1.25 cents each through the Chase Ultimate Rewards portal. Benefits include a $50 annual credit on hotel stays purchased through Ultimate Rewards, at least 12 months of DashPass membership (when activated by Dec. 31, 2024), primary rental car coverage, up to $500 in trip delay reimbursement if you’re delayed more than 12 hours or overnight, up to $10,000 in trip cancellation and interruption insurance and up to $100 per day for up to five days in baggage delay reimbursement if your bag is delayed more than six hours.
Read our review of the Chase Sapphire Preferred for more information.
Official application link: Chase Sapphire Preferred with 60,000 points after you spend $4,000 on purchases in the first three months from account opening.
American Express® Gold Card
The Amex Gold card is a favorite of many TPG staffers thanks (in large part) to its terrific earning rates:
4 points per dollar on dining at restaurants (including takeout and delivery in the U.S.)
4 points per dollar at U.S. supermarkets on up to $25,000 in purchases per calendar year (1 point per dollar after that).
3 points per dollar on flights booked directly with airlines or through Amex Travel.
1 point per dollar on all other eligible purchases.
The card also offers up to $120 in annual credit for Uber rides and Uber Eats purchases and up to $120 in statement credits for select dining purchases (enrollment is required for select benefits) — all for a manageable annual fee of $250 (see rates and fees)
And while it’s not providing a limited-time bonus for new cardmembers, you can often find elevated welcome offers through the CardMatch tool. The card currently features a public welcome offer of 60,000 points after you spend $4,000 on eligible purchases within the first six months of card membership. However, some new customers can earn a 75,000-point or even 90,000-point welcome offer via the CardMatch tool after meeting the same minimum spending requirements. Note that these elevated offers are targeted and subject to change at any time.
Alternatively, you can refer a friend through the Amex referral program — and when your friend applies for a new account by June 7, you can earn an additional +5 rewards per dollar (as either points or cash back, depending on the card) on eligible U.S. supermarket purchases for three months after they’re approved (starting from the first date the referred friend’s account is opened), on up to $25,000.
Additionally, new applicants for the Amex Gold through a referral link will be eligible for an up to $200 statement credit after reaching minimum spending requirements, on top of that card’s usual welcome offer.
Read our review of the American Express Gold Card for more information.
Official application link: American Express® Gold Card with 60,000 points after you spend $4,000 in the first six months of card membership.
Southwest personal cards
All three personal of Southwest’s personal credit cards — the Rapid Rewards Plus, Rapid Rewards Premier and Rapid Rewards Priority — are currently sporting identical welcome offers: 60,000 bonus points plus a 30% off promo code after spending $3,000 on purchases in the first three months from account opening. This is the first time Southwest has offered a promo code as part of a sign-up bonus on a credit card.
The code will appear directly in your Southwest.com account within eight weeks of meeting the spending requirement. It can be used — only once — on a single one-way or round-trip Wanna Get Away, Wanna Get Away Plus, Anytime and Business Select fare, and is available for use until October 31, 2024.
Given it is a single-use promo code, it would be best to save this for a more expensive ticket. You’ll get the biggest savings when using the code for round-trip travel and/or during peak travel periods like the summer or the holidays.
Read more about the three cards and this limited-time offer.
Official application link: Southwest Rapid Rewards Plus
Official application link: Southwest Rapid Rewards Premier
Official application link: Southwest Rapid Rewards Priority
United Club Infinite Card
The United Club Infinite Card is the ideal card for United lounge access — bar none.
The United Club Infinite Card’s $525 annual fee sounds high until you factor in the United Club membership included with the card. Membership normally costs $650 per year for non-elite members.
In addition, one of the primary disadvantages of many airline credit cards is a low return on spending, even on branded purchases, as most airline cards only offer 2 or 3 points per dollar on airline purchases. But the United Club Infinite Card sets a new standard with an impressive 4 points per dollar on United purchases.
If you spend thousands of dollars on United flights each year, the United Club Infinite Card is worth considering.
Read our review of the United Club Infinite for more information.
Official application link: United Club Infinite with 80,000 bonus miles and 1,000 Premier qualifying points (PQP) after you spend $5,000 on purchases in the first three months from account opening. Offer ends Aug. 9.
IHG Rewards Premier Business Card
New applicants for the IHG Rewards Premier Business card can earn 165,000 bonus points after spending $3,000 on purchases within three months from account opening.
Your bonus will come in the form of IHG points, which TPG values at half a cent each. Thus, this bonus is worth $825.
Generally speaking, you won’t get fantastic earning rates on most hotel credit cards — especially on broad categories like dining and groceries. That said, the IHG Premier Business card could be a solid option, especially at participating IHG properties.
When you use your card at IHG hotels and resorts, you’ll earn 10 points per dollar spent on your stay. This is in addition to the 10 base points that all IHG One Rewards members accrue at most participating brands. And since you have automatic Platinum Elite status with the card, that’ll give you another 60% bonus on top of the base points. When combined, that translates to a total of 26 points per dollar spent on most IHG stays — or a 13% return on spending, based on TPG’s valuations.
Beyond IHG purchases, cardholders of the IHG Premier Business will earn points at the following rates:
5 points per dollar spent on travel, dining and gas purchases.
5 points per dollar in select business categories, such as social media and search engine advertising and at office supply stores.
3 points per dollar spent on all other purchases.
You’ll also receive a free night certificate (worth up to 40,000 points) every year when you renew your card and enjoy your fourth night free on award stays of four nights (or longer)
Read our full review of the IHG Rewards Premier Business for more information.
Official application link: IHG Rewards Premier Business card with 165,000 bonus points after spending $3,000 on purchases within three months from account opening.
Hilton Honors American Express Surpass® Card
The Hilton Honors American Express Surpass® Card provides solid earnings at Hilton properties and automatic Hilton Gold elite status, which offers complimentary breakfast, increased earnings and space-available upgrades when you stay at Hilton properties.
Hilton Honors Gold status is one of the best mid-tier hotel loyalty statuses you can obtain. As a Hilton Gold elite member, you’ll get complimentary breakfast, space-available room upgrades and improved earnings when staying at Hilton brands. Luckily, you can easily earn and maintain Hilton Gold status since it is an automatic perk of the Hilton Honors American Express Surpass Card.
The Hilton Surpass card is an ideal choice for those who stay at Hilton properties often and want a cobranded credit card with a modest annual fee and valuable perks.
Read our full review of the Hilton Surpass for more information.
Official application link: Hilton Surpass with 130,000 bonus points and a free night reward after spending $2,000 in purchases on the card in the first three months of cardmembership. Offer ends July 19.
*Bonus offer value is based on TPG valuations and not provided by issuers.
For Capital One products listed on this page, some of the above benefits are provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply
For rates and fees of the Amex Platinum card, click here. For rates and fees of the Amex Business Platinum card, click here. For rates and fees of the Amex Gold card, click here.
For rates and fees of the Amex Green card, click here.
For rates and fees of the Hilton Honors Amex Surpass, click here.
Additional reporting by Ryan Wilcox and Eric Rosen.
Getting life insurance is an important part of most any good – and complete – financial plan. By having this important coverage, you can help to ensure that your loved ones won’t need to face financial hardship in the event of the unexpected.
These proceeds may be used for a variety of situations, including the payment of funeral and final expenses, the payment of large debt obligations such as a mortgage balance, and / or for paying ongoing living expenses. This can be especially beneficial if your loved ones count on you for some or all of their financial support.
When applying for a life insurance policy, it is essential to understand what type of coverage you are purchasing. The amount of life insurance protection is also paramount so that you can ensure that loved ones will have enough to provide for their needs. However, another key factor to be aware of is the insurance carrier that you are obtaining the policy through.
In this case, you will want to know that the insurance carrier is strong and stable financially, as well as that it has a positive reputation for paying out its claims to its policyholders. One company that ranks highly in this area is Allianz.
The History of Allianz Life Insurance Company
Allianz Life Insurance Company is a leading provider of life insurance, as well as income-producing products and overall retirement solutions. This company has been in the business of offering products to its customers for more than 115 years.
This company has held strong through both bull and bear markets – and it consistently has received high ratings from the insurer rating agencies. Because of this, customers who own insurance and financial products from Allianz can be more assured that the company will be there if or when the time comes for filing a claim.
Allianz has a conservative investment philosophy that is diversified across a variety of different asset classes. The company, when investing for its portfolio, seeks long-term financial results.
A Review of Allianz Life Insurance Company
Today, Allianz Life Insurance Company has more than 85 million customers around the world. The company is considered to be the 31st largest company worldwide, and it is the world’s third-largest money manager. It is also the second largest company in the diversified insurance industry, based on both market value, as well as on assets. In 2015, Alliance Life collected more than $11 billion in life insurance premiums.
It is the company’s overall cash reserves that allow it to back its insurance guarantees. As of year-end 2015, Allianz held more than $7.5 billion in equity. Therefore, the company can help to ensure that the funds and the policies that are entrusted with it will be there when the money is needed the most.
Allianz Life Insurance Company’s Ratings and BBB Grade
Due to its strong financial backing, Allianz has been given high marks in terms of its overall financial strength ratings. These include the following:
A+ (Superior) from A.M. Best
A2 (Good) from Moody’s
AA (Very Strong) from Standard and Poor’s
Allianz is not presently an accredited company of the Better Business Bureau (BBB). However, the BBB has provided Allianz Life Insurance Company of North America with a grade of A+. This is on an overall grade scale of A+ through F. The company, over the past three years, has closed no complaints via the Better Business Bureau. And, there are no customer reviews for Allianz that are posted on the BBB’s website.
Life Insurance Products Offered By Allianz
Allianz Life Insurance Company offers a wide variety of life insurance products. Because of that, its customers are able to find the type of coverage that can best fit their need – and policyholders can also revise their coverage should their ongoing needs change.
There are numerous benefits to owning life insurance coverage. The funds that are received by the policy’s beneficiary are income tax-free. This means that, instead of having to pay a large portion of the proceeds to Uncle Sam, 100 percent of these funds can be put to work by your loved ones for paying off debt, paying ongoing living expenses, or any other potential need that they may have.
With permanent life insurance coverage, there is both death benefit protection, as well as the ability to build up a nice amount of savings through the cash-value component of the policy. Here, funds are allowed to grow on a tax-deferred basis. This means that there will be no taxes due unless or until the money is withdrawn. Money may be either borrowed or withdrawn from the cash component of a life insurance policy for any reason – including the supplementing of retirement income, the payoff of debt, and / or for taking a nice vacation.
One of the primary forms of life insurance coverage that is offered via Allianz Life Insurance Company of North America is fixed index universal life. This type of coverage offers a flexible death benefit option, as well as the ability to earn interest in the cash component that is based on a variety of crediting methods and index allocation options. These policies also offer additional riders that may be added. Doing so may help to provide more customized life insurance protection to policyholders. The life insurance plans that are offered by Allianz include the following:
Allianz Life Pro+ Fixed Indexed Universal Life Insurance Policy
This policy begins with an income tax-free death benefit. It also provides the opportunity to accumulate cash value based on positive changes in the underlying market index of the policy. Riders are available to help policyholders with meeting specific needs.
Those who are age 80 and younger are eligible to apply for this policy. Although there are several different risk classes. These include:
Juvenile – For age 0 to 17
Tobacco – For ages 18 to 75
Non-tobacco – For ages 18 to 80
The minimum amount of death benefit on this policy is $100,000, and proceeds may be applied for up to $65 million. There are also several different ways in which the death benefit on this policy is structured. For example:
Level – With the level death benefit option, the amount of coverage will remain the same throughout the life of the policy.
Increasing – With the increased death benefit option, the death benefit amount will be equal to a specified amount, plus the accumulation value.
Return of Premium Option – There is also a return of premium option available. With this option, the death benefit will be equal to a specified amount, plus the amount that the policy holder paid into the policy.
If the insured lives to age 120, the death benefit amount will equal the amount of the policy’s accumulation value. At this time, no additional premiums will be accepted by Allianz, unless they are deemed as necessary for keeping the policy in force.
There are some indexes that may be selected with this policy. These include the Barclay’s U.S. Dynamic Balance Index ll, the S&P 500 Index, or a blended index that includes the Dow Jones Industrial Average (DJIA), the Barclay’s Capital U.S. Aggregate Bond Index, the Russell 2000 Index, and the EURO STOXX 50 Index.
There are also several additional riders that may be placed on this policy to help with customizing the plan to best fit a policy holder’s specific needs. These are:
Waiver of Specified Premium Rider
Convertible Term Rider
Enhanced Liquidity Rider
Loan Protection Rider
Child Term Rider
Additional Term Rider
Other Insured Term Rider
Allianz Life Pro+ Survivor Fixed Index Universal Life Insurance Policy
The Allianz Life Pro+ Survivor Fixed Index Universal Life Insurance policy is a good and cost effective way to insure two individuals at the same time. The proceeds of this policy will be paid out upon the death of the second insured. This type of plan can be more cost effective than the purchase of two individual life insurance policies. Also, in the event that an insured is diagnosed with a terminal or a chronic illness, a portion of the policy’s benefits may then be accessed.
Those who are between the age of 30 and 80 are eligible to apply for this particular plan. The death benefit amount starts at $100,000 and can go to $65 million, within certain guidelines. There are different options for how the death benefit will be structured, which include level, increasing, or a return of premium option. There are also optional riders available, including:
Chronic Illness Accelerated Benefit Rider
Terminal Illness Accelerated Benefit
Other Products Offered
In addition to just life insurance coverage, Allianz also provide other types of financial and income tools. These include:
Annuities
Allianz provides retirement annuities to its customers, as these products can help to ensure that they can receive ongoing income – regardless of how long they may live. The company offers several different types of annuities so that clients may choose the one that will be best for their goals. The types of annuities that are offered are:
Fixed Index Annuities – A fixed index annuity offers returns that are based on an underlying market index. If for example, the index performs well during a given period, then the value of the account will rise, up to a stated cap or percentage. If, however, the underlying index performs poorly in a given period, then the value of the account will not endure a loss, but rather will typically be credited with a 0% for that period. These annuities also allow for tax-deferred growth inside of the account, meaning that there is no tax due each year on the gain until the funds are withdrawn. When the annuity is converted over to income, annuity holders will have several options for how – and how long – they wish to receive the payout. One of these is the lifetime option, which will pay out an income for the remainder of the individual’s life, regardless of how long that may be. In many cases, another individual such as a spouse or partner may also be able to receive lifetime income from the annuity as well.
Variable Annuities – A variable annuity has its funds invested in sub-accounts, which can typically include equity options such as mutual funds. Here, the opportunity to earn a nice return is available. However, due to potential market volatility, there is also more risk with this type of annuity.
Index Variable Annuities – An index variable annuity will also allow its holder to participate in potential market gains, yet with a level of protection against market downturns.
Allianz also offers a myriad of retirement planning tools. These include materials that can help individuals and couples to plan for the future, as well as financial calculators to help determine if you are on track.
How to Get the Best Life Insurance Premium Quotes
When shopping for a life insurance policy quote, it is typically best to work with either a company or an agency that has access to more than just one single life insurance carrier. This way, you will be able to more directly compare the benefits, the companies, and the premium prices that are available to you.
If you are ready to move forward, we can help. We work with many of the best life insurance companies in the marketplace today, and we can provide you with the details that you need. All you have to do in order to get started fill out the form on the side of this page.
We understand that purchasing life insurance can seem a bit confusing. But we can help you to ensure that you are going in the right direction with the type of plan that you choose, and the premium that is charged. So, contact us today – we’re here to help.
In today’s highly competitive financial climate, with thousands of banks and neobanks nationwide, rewards checking accounts are growing more common.
If you have to keep your money someplace, you may as well earn cash back rewards on debit card purchases or a high interest rate.
Best of all, most rewards checking accounts have no overdraft or monthly service fees. After all, if you have to pay any monthly fees or maintenance fees, it will reduce the overall amount you can earn in cash back.
Rewards checking accounts come in two forms: Those that offer cash back rewards and those that let you earn interest on your money, even if it’s in your checking rather than savings.
Regardless of what you’re looking for in a financial institution, you can find it in one of these rewards checking accounts.
11 Best Rewards Checking Accounts
We’ve read consumer reviews, evaluated bonus offers, and read all the fine print to find 11 of the best rewards checking accounts available online or at local branches today.
1. LendingClub Rewards Checking: Best for High Balances
LendingClub offers an online Rewards Checking account with a straightforward 1% cash back on all signature-based debit card purchases. Ranked on Newsweek’s America’s Best Banks list in 2022, the checking account has many desirable features.
First, earn an unlimited 1% cash back on all signature-based debit card purchases and on transactions processed online as a credit purchase once you meet requirements.
You also earn 0.10% interest on your checking account balance of $2,500 to $99,999.99 and 0.15% annual percentage yield APY on balances of $100,000 or more.
LendingClub provides account holders with access to fee-free ATMs within the MoneyPass or SUM networks and unlimited reimbursement for out-of-network ATMs fees. LendingClub says that account holders save more than $180 annually thanks to ATM fee reimbursement.
Like many of the best rewards checking accounts on this list, LendingClub has no monthly fees, no overdraft fees, and no fees for incoming wire transfers.
You will need a $25 minimum deposit to open an account. There are no minimum balance requirements after that. However, to earn interest, you need to deposit cash to maintain at least $2,500 in your account.
To qualify for cash rewards, you must keep your account open for at least 30 days and receive at least $2,500 in recurring monthly direct deposits or maintain a $2,500 or more average monthly balance.
You may also receive direct deposits from your employer as soon as two days earlier than with many other banks.
2. Axos Bank Rewards Checking: Best for High APY and Cash Back Rewards
Axos Bank is a nationally chartered online bank in business since 2000. The bank offers three checking accounts, all with no monthly maintenance fees, unlimited ATM fee reimbursements domestically, and no overdraft fees.
Axos Bank Rewards Checking is the financial institution’s most popular checking account. It pays up to 3.30% APY when you meet certain requirements.
If you receive monthly direct deposits of $1,500 or more, you’ll earn 0.40% APY to start.
You can increase that interest rate with other activities, such as:
Using your Axos Bank debit card 10X a month or sign up for Axos Bank’s free Personal Finance Manager “Account Aggregation” in online banking
Maintaining minimum average daily balances of $2,500 or more in an Axos Invest Managed Portfolios account or an Axos Invest Self Directed Trading Account
Making Axos Bank loan payments (such as mortgage, auto loans, or personal loans)
Plus, you can earn a $100 cash bonus when you open your Axos Bank Rewards checking before June 30, 2023, and have qualifying direct deposits of at least $1,500 each month in the first three months of opening your account.
If you’re willing to sacrifice the $100 cash bonus – or you don’t meet the requirements to earn the maximum APY with an Axos Bank Rewards checking account– you might consider the Axos Bank Cashback Checking account.
This cash back account gives you a straight 1% cash back on all signature-based eligible debit card purchases up to $2,000 per month.
You’ll need to maintain a $1,500 average daily balance to earn this amount. Otherwise, you’ll earn 0.50% of the average daily balance for that month.
You will need a $50 minimum opening deposit to open your Axos Bank Rewards Checking or Axos Bank Cashback checking account.
3. Consumers Credit Union: Best High Interest Checking Account
Consumers Credit Union is one of two excellent credit unions on our list offering checking accounts with rewards or high yield interest rates.
Of the two, Consumers Credit Union is free for virtually anyone to join. As such, it also earned a place on our list of best free checking accounts.
New members will need to pay a one-time $5 membership fee to the Consumers Cooperative Association. But you’ll get that cash back when you fund your account.
The main attraction to a Consumers Credit Union checking account is the 5% annual percentage yield APY on balances up to $10,000 when you meet minimum deposit requirements and make a minimum number of debit card purchases.
To earn the maximum 5% APY, you must have qualifying direct deposits, mobile check deposits or ACH deposits of at least $500 monthly and make $1000 or more in purchases with your Consumers Credit Union Visa credit card each month.
In addition to the high annual percentage yield APY, CCU also offers early direct deposit up to two days before many other banks, and out-of-network ATM fee reimbursement with no limits each month.
CCU works with a network of 30,000 ATMs and more than 5,000 shared branches that are part of the CU Service Center Network co-op.
Convenient, affordable, and profitable with checking account interest rates ranging from 3% to 5% APY, Consumers Credit Union could be an excellent choice.
If you are considering banking with a credit union instead of a traditional or online bank, this may be the best rewards checking account for you.
4. Discover Cashback Checking Account: Best for No Fee Checking
Discover Bank has a cashback debit account with no monthly fees and a host of other benefits. The program is straightforward and there are no minimum deposit requirements or other qualification requirements to earn cash back.
Simply earn 1% cash back on up to $3,000 in debit card purchases each month for up to $360 in extra cash back each year.
Your Discover Cashback Debit account has no fees of any kind, except $30 for an outgoing wire transfer. You will receive free overdraft protection with automatic transfers from your linked Discover Savings. You will not pay a fee at any of 60,000+ ATMs in the network.
You don’t even have to pay fees for bank checks, check reorders, or expedited shipping of a replacement debit card if you lose yours. If you do lose your card, you can easily “lock” it in the app to prevent unauthorized charges.
Like many online checking accounts, Discover offers early direct deposit, mobile check deposit, and an intuitive and user-friendly mobile app.
5. Schwab Bank Investor Checking: Best for Investors
It’s not always easy to find a rewards checking account with no fees and a high yield on your checking account balance. The Schwab Bank Investor Checking account was rated highest in customer satisfaction from J.D. Power and Associates for four years running.
This account is ideal for those who already have a brokerage account with Charles Schwab or who are thinking of opening one. When you open your High Yield Investor Checking account, you will also receive a brokerage account if you don’t already have one.
You can access both accounts online or in the mobile app with a single log in, and transfer money between both accounts with no fees. There is also no monthly maintenance fee.
Schwab pays interest at the rate of 0.45% APY. You must have a minimum deposit of just one penny in your account to earn interest.
When you fund your account with an opening deposit of $100 within 7 to 10 business days, you will receive free checks, deposit slips, mailing labels, and pre-addressed, postage-paid envelopes for depositing checks through the mail into your Investor checking account. You can also use the app for mobile check deposits or deposit money at an ATM.
When you open your high yield checking account, you will receive a Schwab Bank Visa Platinum Debit Card. The debit card provides unlimited ATM fee reimbursements, even in foreign countries, and no fees when you use a Schwab Bank ATM.
There are also no foreign transaction fees when you use your debit card for purchases outside the U.S.
6. Quontic Bank: Best for Fee Free ATM Access
Quontic offers three choices of the best rewards checking accounts, all with no monthly maintenance fees:
High Interest checking with an interest rate of 1.10% APY
Cash Rewards checking
Bitcoin Rewards checking
Plus, you can earn a 4.25% APY with linked Quontic savings accounts. You won’t pay any ATM fees when you use your Quontic debit card at any of 90,000+ ATMs in the AllPoint, MoneyPass, SUM Program, or Citibank networks nationwide.
Quontic’s High Interest checking delivers up to 1.10% APY when you make at least 10 qualifying debit card purchases of $10 or more per statement cycle. Otherwise, you’ll earn 0.01% APY for that month.
The High Interest checking account has no monthly maintenance fees and no overdraft fees. You will need a $100 minimum deposit to open your account.
Quontic’s Cash Rewards Checking has the same features, including no monthly maintenance fees and no overdraft charges. It is a cash back checking account that delivers 1% on all debit card purchases.
Quontic’s Bitcoin Rewards checking offers 1.5% back in Bitcoin on all qualifying debit card purchases. Like the other Quontic rewards checking accounts, the Bitcoin Rewards checking account has no monthly service fees or maintenance fees and no overdraft fees.
You will need a minimum opening deposit of $500 to open your account. This account is not available to residents of North Carolina or Hawaii.
7. SoFi Plus: Best for Perks
SoFi is an online only bank offering cash management accounts providing you with easy access to your money and generous rewards.
One area where SoFi stands out is the additional perks and the variety of services it offers to account holders. It is also one of the few banks offering both cash back and high yield checking and savings.
Your basic SoFi bank account is a free account with no monthly fee, no minimum balance requirements, no ATMs fees when you bank through any of the 55,000+ ATMs in the Allpoint Network nationwide.
Through a partnership with SoFi Stadium in Los Angeles, California, members also get 25% cash back on stadium purchases with their SoFi debit card, express entry and VIP access to concerts, Rams, and Chargers games.
SoFi also gives members access to savings “Vaults,” where you can set aside money for specific purposes – from emergency savings to a family vacation.
Your deposit account is insured for up to $2 million through SoFi’s partner banks. Each bank offers FDIC coverage up to the $250,000 federal limit, but deposits may be split between financial institutions to increase coverage limits.
If you want to upgrade to SoFi Plus, you’ll unlock a host of other benefits. SoFi Plus is the online bank’s premium offering, but there’s no monthly fee when you establish direct deposit of any amount, with no other minimum balance requirement or deposit requirements.
Your SoFi Plus rewards checking account offers 15% cash back when you use your SoFi debit card at select local retailers. Plus, earn 1.20% on checking and 4.20% on savings and Vault balances.
You’ll also get a personal loan rate discount of 0.25%. SoFi Plus members also get 2X rewards points, which you can redeem for cash, special member events, and experiences within the SoFi mobile app.
SoFi has a referral program, allowing you to earn cash or Rewards points when friends and family sign up for SoFi cash management accounts using your link.
Plus, right now, new SoFi customers receive up to $250 in cash when they open an account and set up a qualifying direct deposit. If your direct deposit is $1000 to $4,999.99, you’ll get $50 in cash. If you deposit $5,000 or more, you’ll earn $250.
Few banks offer so many perks or financial services under one umbrella, which is why SoFi consistently earns “Best Online Bank” accolades from top personal finance sites.
8. Connexus Credit Union: Best Credit Union
Connexus is one of two credit unions on our list of best rewards checking accounts. The Connexus Xtraordinary account offers a 1.75% APY when you meet certain requirements, which include signing up for e-statements and making 15 qualifying debit card purchases or spending $400 in debit card transactions monthly.
Connexus has a vast network of more than 67,000 fee free ATMs, partnered with co-op and MoneyPass networks.
You will also receive $25 in ATM fee rebates monthly. When you link your Connexus savings account to your Xtraordinary checking, you can also take advantage of free overdraft protection.
Connexus also has a similar rewards checking account for teens. With no direct deposit requirements or debit card purchase requirements, teens can earn 2% APY on the funds in their Connexus rewards checking account.
To qualify for membership in Connexus credit union, you must reside in certain cities in Illinois, Wisconsin, Ohio, or Minnesota.
You can also qualify if you work at one of dozens of Midwest companies, institutions, or organizations, or simply pay a $5 one-time donation to join the Connexus Association.
Connexus Teen and Connexus Xtraordinary checking accounts have no monthly service fees and no minimum account balances required to earn interest.
You must make a minimum opening deposit of $5 into your linked Connexus savings account to become a member.
9. TD Bank Beyond Checking: Best for Sign-up Bonus
If you are looking for the convenience of a traditional bank and the money-saving benefits of online banking, a TD Bank Beyond Checking account could be the best rewards checking account for you.
The TD Bank Beyond Checking account pays an interest rate of 0.01% APY on all balances. This is lower than the national average, but you’ll also get other perks with your account. First, let’s discuss the generous sign-on bonus of $300 and how you can earn it.
When you open your account and make $2,500 in qualifying direct deposits within 60 days, you’ll earn $300 cash back.
Keep in mind, there is a $25 monthly maintenance fee associated with the account, but it’s fairly easy to waive, especially if you have other TD deposit accounts.
You can waive the monthly maintenance fee by:
Receiving monthly direct deposits of $5,000 or more or
Maintaining a $2,500 minimum daily balance or
Having $25,000 or more in combined balances across eligible TD accounts, which includes deposit accounts, mortgages, home equity loans, and home equity lines of credit.
In addition to the sign-on bonus and interest on your checking balance, TD offers a free linked Simple Savings account, overdraft protection, easy mobile and online bill pay, and 24/7 fraud monitoring on your TD accounts.
The bank also reimburses numerous common fees, including fees for non-TD ATM transactions, outgoing wire transfer fees, rush bill payments, and up to two overdraft fees waived per year.
The TD Overdraft Relief service allows you more time to get your account out of the negative and also allows you to link your TD Savings account for overdraft protection through automatic transfers.
10. Aspiration Plus: Best for Helping the Planet
Crediful’s rating
Aspiration is a neobank with a straightforward cash management account called Aspiration Spend Save and a premium account called Aspiration Plus.
Aspiration Spend Save account holders can choose to pay monthly fees as low as zero. Each month, you can pay whatever amount you feel is fair for your bank account.
If you want to upgrade to Aspiration Plus, you will pay $7.99 per month. If you pay upfront, annually, you’ll save $2 each month for a total of $71.88 for the year.
Your Aspiration Spend Save account offers 3% to 5% in cash back rewards when you shop with a network of preferred, eco-friendly and socially conscious companies known as the Conscience Coalition.
Some of the retailers in the Conscience Coalition include Warby Parker, Blue Apron, Imperfect Foods, Toms, Brightly, Got Bag, and more.
Aspiration Plus members earn 10% back at Conscience Coalition retailers. Aspiration Plus members also receive one out-of-network ATM fee reimbursement each month and Purchase Assurance on items bought with their Aspiration debit card if they are lost or stolen within 90 days.
Aspiration Plus members also help to fund carbon offsets with each fuel purchase. For every gallon of fuel purchased with your card, Aspiration buys carbon offsets equal to the CO2 emissions generated by that gasoline.
Your Aspiration Plus account also pays 3% interest on money in the Save portion of your account. Regular Aspiration members only earn 1% interest on savings. In both cases, you’ll need at least $500 worth of qualifying debit card purchases in a month to earn interest.
There is a $10 minimum deposit to open an account. There are no ATM fees with Aspiration when you use one of the 55,000+ ATMs in the AllPoint network, plus you get one ATM fee reimbursement each month.
In addition to unlimited cash-back and high yield savings, your Aspiration account also has many other perks and benefits.
When you use the “Plant the Change” program, you can round up your debit card transactions to be deposited into your Save account and Aspiration plants a tree each time you do.
You can read our full Aspiration review here.
11. Truist Bank: Best for Younger Savers
Crediful’s rating
In May 2022, Truist Bank acquired Long Game, an award-winning gamification savings app. The partnership gives Truist bank account holders access to one of the most unique rewards programs in personal finance.
Long Game makes setting savings goals – and reaching them – fun by allowing you to play phone games similar to Fruit Ninja and Candy Crush based on cash deposits you make into your Truist Savings Account.
You can earn extra cash each time you play, as well as earning interest of 0.01% APY on your savings balance. You can also earn coins to play games by answering trivia questions.
Your Truist One checking account delivers rewards of its own when you open select Truist credit cards. Your bonus rewards, which can be 10% to 50% more cash back or miles than you’d normally receive, depend on your Truist One checking account monthly average balance.
Your Truist One checking account comes with a debit card, but you can upgrade to a Delta SkyMiles Debit Card if you pay the $95 annual fee. Truist One checking accounts also include linked Truist One savings accounts with no monthly maintenance fee and a $100 negative balance buffer.
To qualify for overdraft forgiveness, you’ll need to have your account open for at least 35 days with a positive balance, and have a qualifying direct deposit of at least $100 for two consecutive months. Truist Bank never charges overdraft fees, but without negative balance protection, transactions may be declined.
Your Truist One checking account has a $12 monthly service fee, but there are five easy ways to waive that monthly service fee.
To waive the monthly fee, you must meet one of the following requirements:
Make $500 or more in qualifying direct deposits monthly
Maintain a combined balance of at least $500 in Truist deposit accounts
Have a Truist credit card, mortgage or consumer loan
Have a linked Small Business checking account
Be a student under the age of 25
Methodology: How We Select the Best Rewards Checking Accounts
When we evaluated the best rewards checking accounts, we took many features, benefits, and costs into consideration. We also recognized that people’s needs vary. Some may want an online only bank, while others prefer a credit union or even a traditional, brick-and-mortar financial institution.
Rewards on Debit Card Purchases
When most people think of a rewards checking account, they imagine receiving cash back on debit card purchases. Banks that offer cash back on everyday purchases gained favor and a spot on our list.
Account Yield
Some rewards come in the form of a high interest rate on money held in a checking account. Several interest bearing checking accounts with an interest rate of 1% or higher made our list. It is even better if you don’t have to maintain a minimum account balance to receive the highest interest rate.
Fees
On our list of the best rewards checking accounts, we gave preference to accounts with no monthly fees. We also considered other fees, such as overdraft fees, transfer fees, and ATM fees. Banks that offer unlimited ATM fee rebates or even some ATM fee reimbursements each statement cycle were considered favorably.
Minimum Requirements
You should be rewarded by your bank whether you have a large balance or small. For that reason, we gave preference to banks with no minimum deposit requirements and no minimum balance requirements to earn rewards. In some cases, you may need to receive a direct deposit each statement cycle to earn rewards or to receive the highest annual percentage yield APY.
Account Opening Bonus
Some banks offer a generous account opening bonus or even referral rewards when you share your referral link with friends who open an account. It’s nice to start your new bank account with a cash back from a sign-up bonus.
Overdraft Protection
Bank accounts that offer overdraft protection, either through linked savings accounts or by providing a grace period to bring your account back into the positive, earned points on our list.
ATM Network
One way to avoid fees is to find a bank with a large ATM network. Many of the banks on this list use the Allpoint or MoneyPass ATM network with more than 60,000 machines nationwide. We also looked for banks that provide ATM fee reimbursements for using teller machines out of the bank’s ATM network.
Nationwide Availability
We made sure that consumers nationwide could open an account online or in person. We didn’t choose regional banks or credit unions with limited availability, although a small, local bank might meet your needs.
One credit union that made our list, Consumers Credit Union, is available to anyone over the age of 18 willing to pay a $5 membership fee to join the Consumers Cooperative Association. The other credit union we chose also has similarly broad membership requirements. Anyone can join if they make a $5 donation to the Connexus Association or meet certain membership requirements based on city of residence or occupation.
Customer Service
Whether you choose an online only bank or one of the traditional financial institutions on this list, you want to make sure you have access to the best customer service. We chose banks that generally received high marks for customer service on consumer review websites and offered multiple ways to reach customer service reps by phone, email, or online chat.
Tips for Finding the Best Rewards Checking Account
Before you open a rewards account, ask about minimum deposit requirements. Also find out if you need to maintain a minimum balance or set up direct deposits to avoid fees. Look for a bank with a large ATM network and ATM fee reimbursements for using machines outside the network.
Rewards Checking FAQs
Find out what people are asking about the best rewards checking accounts.
How does a rewards checking account work?
Rewards checking accounts pay you money for banking with them. In some cases, you will receive cash back on debit card purchases. Other rewards checking accounts pay interest on your balance. Some also offer additional perks, such as loan rate discounts, access to special events, ATM fee reimbursements and money management tools.
Should you apply for a rewards checking account?
If you are looking to put extra cash in your pocket, a rewards bank account is one way to do so. Most rewards checking accounts do not require a credit check or an application fee to apply. If you are opening a new bank account or considering switching banks, it’s worth considering how you can earn checking account rewards for things you do daily, such as using your debit card or depositing money.
How much does rewards checking cost?
Most of the top rewards checking accounts have no monthly fee, fee-free ATMs, and at least some ATM fee refunds each statement cycle.