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Source: mint.intuit.com

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From food and agriculture to outdoor recreation, Maine is jam-packed with industry. But all those employees need banking services. The state has everything from online banks to large, corporate lenders with branches in Maine.

If you’re interested in a community bank, you can find those as well. This list of the best banks in Maine is designed to help you find the most convenient lender for your financial needs.

12 Best Banks in Maine

There are a few things to consider when you’re choosing a new banking provider. Customers often need to find a bank that reduces fees while also offering high interest rates on balances. You may also want to look at a bank with competitive rates on personal loans or rewards for purchases. Here’s a list of the 12 best banks in Maine to help you narrow down your options.

1. Camden National Bank

With branches in Maine and New Hampshire, Camden National Bank offers great customer service and multiple checking account options. ATMs are limited to the Camden National Bank service area, but you’ll get up to $10 in out-of-network ATM fees each month. If you travel frequently, consider the Premier Checking account, which provides unlimited rebates for ATM use both in the U.S. and internationally.

Pros:

  • Rebates for non-Camden National Bank ATMs
  • Multiple checking account options, from fee-free to interest-earning
  • Variety of wealth management services available

Cons:

  • Branches and ATMs limited to New Hampshire and Maine
  • Low rates on savings

2. Chime

Chime is one of the many online banks that partners with a nationwide network for ATM access. You’ll be able to withdraw cash using your debit card at more than 60,000 locations nationwide. Checking accounts come with no fees or minimum balance requirements, and savings accounts offer 2.00% APY.

Pros:

  • Fee-free withdrawals at more than 60,000 ATMs
  • Secured credit card helps you build credit with no credit check
  • High rates on savings

Cons:

  • No in-person customer service
  • No cash deposit options

3. Bank of America

If you prefer national banks, why not go with one of the biggest? With more than 3,900 branches and 15,000 ATMs nationwide, Bank of America offers a level of convenience you won’t get with a local bank, especially if you travel outside the New England area. However, the rates on savings and interest-bearing checking aren’t competitive with some local, regional, and online banking providers.

Pros:

  • Nationwide network of branches and ATMs
  • Robust app with advanced security features
  • BankAmeriDeals offers cash back on select purchases

Cons:

  • Low rates on savings accounts
  • Inconsistent customer service

4. Bangor Savings Bank

One of the best banks in Maine for those who like community banks is Bangor Savings Bank, which has branches throughout Maine. In addition to checking and savings, you’ll also get mobile banking options and competitive rates on CDs.

Bangor Savings has also won J.D. Power’s award for customer satisfaction, making it one of the top banks in New England for customer service. Although Bangor Savings ATMs are limited to the area, third-party ATM fees will be reimbursed, including outside the U.S.

Pros:

  • Fees refunded at all ATMs worldwide
  • Checking account with no maintenance fees available
  • Award-winning customer service

Cons:

  • Low rates on savings and money market accounts
  • $25 minimum deposit to open

5. TD Bank

TD Bank is a regional bank with branches in Maine, as well as Connecticut, Delaware, Florida, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia, and Washington, D.C.

You’ll find 2,600 TD Bank ATMs across the region, but if you regularly travel, you’ll pay a $3 out-of-network ATM fee if you withdraw money.

Pros:

  • $200-$300 bonus for new checking account
  • Checking account has no maintenance fees with $100 minimum daily balance
  • Competitive rates on CDs

Cons:

  • Low rates on savings
  • Free ATMs limited to Eastern U.S.

6. GO2bank

Although there are no branches or ATMs, GO2bank has all the features to fit your banking needs, including mobile banking, withdrawals at thousands of ATMs nationwide, and cash deposits at more than 90,000 retailers. Like many online financial institutions, a bank account with GO2bank comes with competitive rates on savings. You’ll earn 4.50% APY on up to $5,000 of your balance.

Pros:

  • No monthly maintenance fee on checking accounts
  • 7% cash back on gift card purchases
  • High rates on savings

Cons:

  • No in-person customer service
  • Direct deposit required to waive the $5 service fee

7. KeyBank

Another regional bank with branches in Maine is KeyBank. You’ll find ATMs across its 16-state coverage area, plus you’ll get the first two out-of-network transactions free each month. If you’re looking for a bank with a variety of customer service options, though, KeyBank is a great choice. Customers can choose from live chat, phone, or in-person service at a bank branch.

Pros:

  • Free checking account has no minimum balance requirement
  • Free ATM transactions, plus two free out-of-network transactions monthly
  • Automatic savings feature rounds up each purchase

Cons:

  • No branches or ATMs outside the 16-state service area
  • Low rates on savings

8. Northeast Bank

Northeast Bank is a community bank with branches throughout Maine. Although ATMs are limited, Northeast Bank will refund all fees at third-party ATMs. The PROPEL Free Checking account has no minimum balance requirements or monthly service charge, and CDs offer up to 4.85% APY. Although the standard savings account pays only 0.05% APY, PROPEL Plus pays 3.75% APY.

Pros:

  • Connect with a live banker with one click
  • Extended FDIC insurance available for higher balances
  • Competitive rates on CDs

Cons:

  • Limited branches
  • Low rates on savings

9. M&T Bank

Formerly People’s United Bank, M&T Bank has locations throughout the East Coast. You’ll find branches in 15 states, along with more than 1,600 ATMs from New York to Washington, D.C. M&T will also reimburse up to $2 in fees at any third-party ATM in the U.S.

Pros:

  • Variety of checking options, including a fee-free option
  • Fee-free access to 1,600 ATMs plus fee reimbursement at third-party locations
  • Competitive rates on CDs

Cons:

  • Overdraft fees higher than average
  • Low rates on savings

10. Machias Savings Bank

Machias Savings Bank is a local bank with 17 branches in Maine. Although Machias ATMs are limited, you’ll get up to $25 in third-party ATM fees refunded each month. The checking account requires $100 to open, but it comes with no monthly maintenance fees, and you’ll earn 5 cents on every debit card transaction.

Pros:

  • Rewards for debit card
  • Up to $25 in out-of-network ATM fees refunded monthly
  • Personalized customer service at local branches

Cons:

  • $100 minimum opening deposit for checking accounts
  • Low rates on savings, CDs, and money market accounts

11. Gorham Savings Bank

Gorham Savings Bank is one of the best banks in Maine if you like a local bank with online banking features. The checking accounts offer interest and rewards designed to motivate you to keep a higher balance. It’s not the best option if you’re looking to set money aside since the rates on its savings account and CDs are fairly low.

Pros:

  • Tiered checking customizes account features to your habits
  • Video tellers let you interact with bank representatives at ATMs
  • Out-of-network ATM fees reimbursed

Cons:

  • Limited branch distribution
  • Low rates on CDs and money market accounts

12. Partners Bank

Southern Maine residents looking for a small community banking experience should check out Partners Bank. The service area is limited to Southern Maine and New Hampshire, but you’ll get fee-free third-party ATM use with your Partners Bank Debit MasterCard. Small businesses also have a full suite of services, including fee-free business checking and a dedicated business MasterCard.

Pros:

  • Third-party ATM fee rebates available
  • Cash rewards on debit card purchases
  • Free business checking accounts

Cons:

  • Limited branches in Maine
  • Low rates on savings and money market accounts

Bottom Line

Most banks in Maine offer a suite of services that include deposit accounts, CDs, personal loans, mortgage loans, and other options. The above list can help you get a feel for the variety, but make sure you’re aware of the amenities that matter most to you before you make a final choice.

Source: crediful.com

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One of the obvious perks of working from home is the opportunity to cut some expenses.

Almost one in three workers remains fully remote in early 2023, and no wonder. When you no longer have to commute every day, you save time and money. You can prep lunch everyday versus buying a pricey takeout salad, and you don’t have to buy (or clean) work clothes anymore. You’re likely to notice some savings quite quickly.

However, there are other costs that might ratchet up just because you’re home more — and that includes energy costs. The extra time you may be spending on your laptop, watching Netflix, or even boiling water for a ramen lunch could nudge your energy usage upward — and your monthly electric bill.

If you have those bills set on autopay, you may not have noticed an increase. Or maybe you noticed the expense creep up but didn’t know what you could do to manage it.

Fortunately, with some planning, you can probably minimize your energy bill. Here are some strategies that might help while you’re working from home:

In the Home Office

You may have put some thought into setting up your office in a way that works ergonomically and looks presentable on Zoom. But have you thought about making your workspace energy efficient?

Choosing Power-Saving Equipment

If there’s a choice, consider using a laptop instead of a desktop computer to do your work. According to Energy Saver, the U.S. Department of Energy’s (DOE) consumer resource, it takes much more power to run a desktop and its monitor than it does to run a laptop.

And with the laptop, there’s a battery for backup if the power fluctuates or there’s a brownout due to high electricity demand in your area.

Those who are new to working at home and purchasing their own office equipment may want to check out Energy Star-certified computers, monitors, and printers, which run more efficiently than standard equipment and use about half as much electricity.

💡 Quick Tip: Help your money earn more money! Opening a high-yield bank account online often gets you higher-than-average rates.

Unplugging at the End of the Day

Remote workers aren’t the only ones who can benefit from a break at the end of their day. The computers, phone chargers, and other pieces of office equipment they rely on may continue to draw power even when not in use.

For convenience, workers may want to consider attaching these “energy vampires” to a smart power strip, with just one easy-to-reach switch to flip when it’s time to call it quits.

Also: Not to be a Grinch, but come the holiday season, if you like to keep the holiday lights on all day to brighten your work area and deliver a holiday mood, you might rethink that. The cost of holiday lights can add up.

Recommended: Adjusting Your Budget for Working from Home

Letting Computers Take a Nap

Another way to save money on energy is to set a computer to sleep or hibernate if it’s going to sit idle for a while. This differs from using a screen saver, which actually may take extra energy to keep an animated display active on the screen.

When a computer enters sleep mode, the power is cut to any unneeded systems, and the memory receives just enough power to maintain data.

In hibernation mode, the computer saves open documents and running applications to the hard disk instead of to RAM, which means it uses zero power. It takes a little longer to start back up from hibernation, though, so sleep mode may be better for shorter breaks.

Recommended: Do You Qualify for Home-Office Tax Deductions?

Choosing the Right Light

Making the most of natural light in the layout of a home office can cut down on eye strain and energy use, so it can help to create a workspace by a window.

But if a desk lamp will be on for much of the day, using energy-efficient bulbs instead of traditional incandescent bulbs could decrease the amount of energy the light will use by as much as 80%.

Because LED light bulbs produce less heat, they also may help cut costs associated with home cooling. And LEDs, halogens, and compact fluorescent lamps typically last longer than traditional bulbs.

Elsewhere Around the House

Working from home typically means more time spent using appliances; opening and closing doors; and running the air conditioner, fans, or the heater.

Many power companies offer free home energy assessments with a custom report that shows a home’s past and current power use and offers tips on how to save energy in the future.

For those who prefer to DIY their audit, the Environmental Protection Agency provides the Home Energy Yardstick , which compares a household’s actual energy use (based on a year’s worth of utility bills) to that of similar households.

There are also companies that, for a fee, will come and inspect a home’s energy usage . They will also report on areas where the home and its residents could be more energy efficient (though it may require changing some old behaviors).

Making Chores More Efficient

If the local utility company offers “time of use” pricing plans — charging less for power consumed during off-peak hours — it might be another opportunity to save.

Taking advantage of lower pricing may require breaking some old habits — running the dishwasher in the morning, for example, or doing laundry in the late evening — but the reward might be a lower utility bill as well as a healthier planet.

Running full loads in the clothes washer, dryer, and dishwasher can be another way to save. Tempting as it may be to run a load just to get a favorite pair of jeans clean, you’re much better off waiting till you can fill the washer.

💡 Quick Tip: If you’re faced with debt and wondering which kind to pay off first, it can be smart to prioritize high-interest debt first. For many people, this means their credit card debt; rates have recently been climbing into the double-digit range, so try to eliminate that ASAP.

Adjusting the Thermostat

One of the easiest ways to be more energy efficient is to set the thermostat up or down a degree or two to keep a home’s heating or air conditioning from running constantly.

The DOE advises consumers to set the thermostat to 78 degrees — or as high as is comfortable — when home in the summer.

In the winter, the DOE recommends setting the temperature at 68 degrees when everyone is awake and turning it down when they’re asleep or not at home. (Using a smart thermostat that can be operated from a smartphone can make it easier to manage adjustments.)

Getting Creative When Cooking

If eating at home more often is giving the oven a workout (and heating up the house in the summer), consider using the microwave, slow-cooker, or toaster oven to save on electricity and keep things cooler.

So can using the charcoal or gas grill out on the deck, and that might lend a party atmosphere to your regular dinner.

💡 Quick Tip: When you feel the urge to buy something that isn’t in your budget, try the 30-day rule. Make a note of the item in your calendar for 30 days into the future. When the date rolls around, there’s a good chance the “gotta have it” feeling will have subsided.

Keeping the Fridge Filled

A well-stocked freezer operates more efficiently than one that’s sitting half-empty, so feel free to load it up (but look for ways to save money on groceries when doing so). And, of course, if you are buying a new fridge, look for an Energy Star one.

Showering Responsibly

According to the DOE, about 18% of the energy consumed in the average home is from heating water. That means long, hot showers, or even standing at the sink shaving with the water running, can drive up energy bills. So can using the hot water setting on the washing machine or rinsing dishes in hot running water.

One option is to turn down the temperature on the water heater. That will help cut your energy bill when you’re working at home without impacting your comfort much at all. Shortening those showers (which can also help you save on water bills) and changing other habits, regardless of whether you are working from your kitchen table or an office, also can help conserve energy and save money. Extra points awarded to those who air-dry their hair or use the same bath towel more than once.

Ready for a Better Banking Experience?

Open a SoFi Checking and Savings Account and start earning 1% APY on your cash!

The Takeaway

Whether this is a temporary situation or working from home becomes a regular thing, you may find you’ll have to rethink your budget to accommodate the changes to your lifestyle. While typically your energy bill may go up when you are spending more time at home (at your laptop and perhaps peeking in the fridge), it’s possible, with a little effort, to manage your power costs.

Better banking is here with up to 4.20% APY on SoFi Checking and Savings.

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2023 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.

The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

SoFi members with direct deposit can earn up to 4.20% annual percentage yield (APY) interest on Savings account balances (including Vaults) and up to 1.20% APY on Checking account balances. There is no minimum direct deposit amount required to qualify for these rates. Members without direct deposit will earn 1.20% APY on all account balances in Checking and Savings (including Vaults). Interest rates are variable and subject to change at any time. These rates are current as of 4/25/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
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Source: sofi.com

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If you’re like many people today, one of your main modes of shopping is online. It’s quick, it’s convenient, and it’s sometimes even one-click easy. But, like purchasing in any other manner, you’ll want to make sure you are getting the best deals online. Why pay more than you have to?

Read on to learn some clever hacks that will help you get the best possible deals when shopping online.

Ways to Find Deals Online

1. Finding the Right Coupon Codes

Coupon codes are lurking all over the internet to help people find the best deals at their favorite retailers. For example, many online retailers will give customers a little discount for newsletter signup or for their first purchase. Others hide discount codes, but a simple Google search can yield great results for coupon hunters.

An easier way to dig up coupons to online retailers may be to search on coupon websites like RetailMeNot or Coupons.com.

Digital shoppers also can try downloading Chrome extensions like Honey, which automatically searches the internet for the best discount codes and applies them at checkout.

Recommended: 7 Budgeting Methods to Try

2. Using Free Shipping or In-Store Pickup

Online shopping tips don’t stop at coupons. Another way to save is to find free shipping options. If you don’t need an item ASAP, free shipping is typically an option at checkout.

Many online retailers also offer free shipping with a minimum order amount. To find free shipping deals and codes, check out websites like FreeShipping.com.

Another option may be to order an item online and then pick it up at the store for free. If it’s close enough to grab in person, it may be worth it to avoid shipping costs altogether.

💡 Quick Tip: Tired of paying pointless bank fees? When you open a bank account online you often avoid excess charges.

3. Giving a Price Watcher a Go

Consumers who aren’t in a rush to purchase an item may be able to take advantage of price tracking tools. Price tracking tools help shoppers stay informed about price drops and sales so they can click “buy” at just the right time. These might even be able to help you be more patient if you are an impulsive shopper. Knowing that a better price may be in the offing could help you slow down.

Apps like Honey have tools like Droplist that allow consumers to save items for later and be informed when an item on the list has a price drop.

Other apps like CamelCamelCamel track prices on Amazon, and PriceBlink will find even more deals across the Web, too. It works by showing how much an item costs at several online stores so shoppers can pick the best one.

Recommended: How Many Bank Accounts Should I Have?

4. Trying Online Price Matching

Many larger retailers like Walmart and Target participate in price matching programs, which means if you find a price at one retailer you may be able to get it at another.

This used to mean bringing in a printed coupon or proof that the product was on sale for a lower price at a different retailer, but now, it can all be done online. All a shopper needs to do is reach out to customer service, which may be able to help out.

Ready for a Better Banking Experience?

Open a SoFi Checking and Savings Account and start earning 1% APY on your cash!

5. Checking Reviews

To get the best deal when shopping online, you’ll want to be sure you are getting the best product. And one way to do that is to check online reviews. Customers all over the internet leave reviews on products they’ve purchased, alerting others to potential issues or potential great buys.

On websites like Amazon, search for “verified purchase” to know that the review is legit. While online reviews should be taken with a grain of salt, they are one more tool to add to your decision-making arsenal for online shopping.

Before purchasing a product, is it really something you want or need, or will bring joy? If so, check reviews to make sure it’s the perfect fit before clicking “buy.”

💡 Quick Tip: If you’re creating a budget, try the 50/30/20 budget rule. Allocate 50% of your after-tax income to the “needs” of life, like living expenses and debt. Spend 30% on wants, and then save the remaining 20% towards saving for your long-term goals.

6. Waiting for Bigger Sales

Throughout the year, larger retailers will likely host online shopping sales. These sales are known to occur around the holidays, specifically on Black Friday, the day after Thanksgiving, and Cyber Monday, the following Monday, a day that’s packed with online deals.

Other major sales usually occur around holidays like Presidents Day, Memorial Day, and Labor Day, as well as midsummer. During this time, you may be able to score major discounts, so if you can wait for a purchase, try to hold off until then. Knowing that deep discounts are coming could help you avoid shopping out of boredom. It gives you an incentive to wait.

One more “holiday” to keep an eye out for is Amazon Prime Day. During the sale, retailers across the website offer steep discounts on products.

However, to get in on the deal, you must be an Amazon Prime member, which comes with a subscription. But Amazon Prime members get free shipping on most products, which can add up in the long run.

7. Following Favorite Brands on Social Media

One more way to potentially find the best deals online is to follow brands and retailers on social media. Brands love to give their loyal customers something special, so they may share insider discounts and offers on their social media pages and newsletters before anywhere else.

Give your favorite brands a follow on Twitter, Instagram, or Facebook to stay aware of when sales may be happening, and maybe get inspired about new things to buy along the way, too. Just be sure when you are purchasing that you are on the verified account of the brand. There are some scams out there that you’ll want to avoid.

💡 Quick Tip: When you feel the urge to buy something that isn’t in your budget, try the 30-day rule. Make a note of the item in your calendar for 30 days into the future. When the date rolls around, there’s a good chance the “gotta have it” feeling will have subsided.

8. Earning Cash Back for Purchases

If you’re not interested in having to do all this legwork to get a good deal while shopping online, there is another option: Use a credit card that gives you cash back. You may even be able to bundle and increase the credit card reward if you shop online at specific retailers at certain periods of time.

The Takeaway

Shopping online is already, as you undoubtedly know, quick and easy. But there are ways to make it even more affordable, by tracking prices, using coupon sites, and knowing when to purchase to get the lowest possible price. By deploying these and other hacks, you can get the goods you want at the most budget-friendly price.

Better banking is here with up to 4.20% APY on SoFi Checking and Savings.

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2023 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.

The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

SoFi members with direct deposit can earn up to 4.20% annual percentage yield (APY) interest on Savings account balances (including Vaults) and up to 1.20% APY on Checking account balances. There is no minimum direct deposit amount required to qualify for these rates. Members without direct deposit will earn 1.20% APY on all account balances in Checking and Savings (including Vaults). Interest rates are variable and subject to change at any time. These rates are current as of 4/25/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
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Source: sofi.com

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Louisiana is a unique state, packed with interesting attractions, delicious food, and beautiful landscapes. But the state is also home to millions of residents in need of banking services. The best banks in Louisiana offer plenty of amenities, including low-fee checking accounts and ATM access where you need it.

10 Best Banks in Louisiana

Whether you’re looking for a national bank or a small regional bank, the best banks depend on the features that matter most to you. Here are some of the top banks in Louisiana to help you narrow down your options.

1. Hancock Whitney Bank

Based in nearby Gulfport, Mississippi, Hancock Whitney Bank has branches in Louisiana, Mississippi, Alabama, Florida, and Texas. If you’re looking for a regional bank with plenty of physical branches, Hancock Whitney could be a great choice. The checking accounts do come with monthly maintenance fees and a minimum deposit, but you’ll get competitive rates on CDs and personalized customer service.

Fees:

  • $7 monthly service fee
  • No overdraft fees

Balance requirements:

  • $25 minimum opening deposit
  • No minimum daily balance required

ATMs:

  • Fee-free at Hancock Whitney ATMs from Florida to Texas
  • $2 per out-of-network ATM transaction

Interest on balance:

  • Up to 5.00% APY on CDs

Additional perks:

  • Great rates on small business loans
  • IDProtect ScoreTracker helps you track your monthly credit score

2. Chime

Chime is an online banking option that has no local branches. You’ll get a totally free checking account and an online savings account that pays 2.00% APY. As long as you have at least $200 directly deposited into your account each month, you can qualify for Spot Me, which covers you for up to $200 in overdrafts.

Fees:

  • No monthly service fee
  • No overdraft fees

Balance requirements:

  • No minimum opening deposit
  • No minimum daily balance required

ATMs:

  • Fee-free at more than 60,000 AllPoint and MoneyPass locations
  • $2.50 per out-of-network ATM transaction

Interest on balance:

  • Up to 2.00% APY on savings accounts

Additional perks:

3. Gulf Coast Bank

Gulf Coast Bank is a local bank with branches in Baton Rouge and New Orleans. You’ll get personalized customer service and a checking account with no monthly fees. You can get fee-free ATM access at any Gulf Coast or Community Cash ATM nationwide.

Fees:

  • No monthly service fee
  • $35 overdraft fee

Balance requirements:

  • $20 minimum opening deposit
  • No minimum daily balance required

ATMs:

  • Fee-free at Gulf Coast ATMs
  • Fee-free at Community Cash ATMs
  • $1.50 per out-of-network ATM transaction

Interest on balance:

  • Up to 0.60% APY on savings accounts

Additional perks:

  • Nearly Virtual Mortgage provides a mostly paperless lending process
  • Check your credit score at any time in the Gulf Coast Bank dashboard

4. CIT Bank

CIT Bank is a mobile and online banking option with checking and savings accounts. Although the bank has no branches or ATMs, the interest-bearing checking account offers 0.10% APY on your checking balance, which bumps up to 0.25% APY once your balance reaches $25,000. CIT’s savings accounts and CDs come with impressive rates as well.

Fees:

  • No monthly service fee
  • No overdraft fees

Balance requirements:

  • $100 minimum opening deposit
  • No minimum daily balance required ($25,000 to earn higher interest rate)

ATMs:

  • No ATMs provided, but no CIT Bank fees for ATM use
  • Up to $30 in third-party ATM fees reimbursed monthly

Interest on balance:

  • Up to 0.25% APY on checking
  • Up to 4.50% APY on savings
  • Up to 5.00% APY on CDs

Additional perks:

  • Set travel alerts to avoid issues while away from home
  • Award-winning customer service

5. Red River Bank

With branches and ATMs across Louisiana, Red River Bank is a great local bank. You’ll get excellent customer service and checking accounts with no monthly fees. Red River offers ATM access at its own ATMs across Louisiana. You can also withdraw cash at Hancock Whitney ATMs in Louisiana and across the U.S.

Fees:

  • No monthly service fee
  • $34 overdraft fees

Balance requirements:

  • $50 minimum opening deposit
  • No minimum daily balance is required

ATMs:

  • Fee-free at Red River and Hancock Whitney ATMs throughout Louisiana and the U.S.

Interest on balance:

  • 0.10% APY on checking

Additional perks:

  • Penny RoundUP moves money from each debit card purchase to your savings account
  • Wide variety of personal loans

6. GO2bank

Another mobile banking option with competitive offerings is GO2bank. You’ll get a fee-free checking account as long as you have at least one payment directly deposited to your account each month. But the real winner is GO2bank’s savings accounts, which offer 4.50% APY. Unlike other online banks, GO2bank also allows you to deposit cash at retail locations nationwide for a small fee.

Fees:

  • No monthly service fee with qualifying direct deposits
  • $15 overdraft fee

Balance requirements:

  • No minimum opening deposit
  • No minimum daily balance required

ATMs:

  • Fee-free at AllPoint ATMs nationwide
  • $3 per out-of-network ATM transaction

Interest on balance:

  • 4.50% APY on savings accounts

Additional perks:

  • Cash deposits at nearly 90,000 retail locations nationwide
  • Secured credit card that helps you build credit

7. First Horizon Bank

It may have started as First Tennessee Bank, but First Horizon Bank has expanded to locations across the U.S., including Louisiana. It’s one of the best banks in Louisiana for those looking for a free checking account with local branches in 12 states. The interest rates are fairly low, but there is a money market savings account that offers up to 1.75% APY.

Fees:

  • No monthly service fee
  • $35 overdraft fee

Balance requirements:

  • $50 minimum opening deposit
  • No minimum balance requirements

ATMs:

  • Fee-free at First Horizon ATMs
  • $3 per out-of-network ATM transaction

Interest on balance:

  • Up to 1.75% APY on money market savings accounts
  • 0.30% APY on traditional savings accounts
  • Up to 0.10% APY on CDs

Additional perks:

  • Wealth management services available
  • Account recommender helps you choose between checking accounts

8. Chase Bank

There are some perks that come with a national bank, and Chase Bank is a good example of that. You’ll get a full suite of banking services, including multiple checking options and a free debit card that you can use at ATMs across the nation. If you prefer a bank with in-person service, Chase has 4,700 branches.

Fees:

  • $12 monthly service fee (waived with minimum deposit)
  • $34 overdraft fee

Balance requirements:

  • No minimum opening deposit
  • No minimum balance requirement ($1,500 or $500 direct deposits to waive $12 service fee)

ATMs:

  • Fee-free at more than 15,000 Chase ATMs
  • $3 per out-of-network ATM transaction

Interest on balance:

  • 0.01% APY on savings accounts

Additional perks:

  • $200 bonus on new checking accounts
  • Overdraft Assist gives you extra time to repair overdrafts

9. Regions Bank

One of the best regional banks in Louisiana is Regions Bank, which has branches in Louisiana, as well as Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Mississippi, Missouri, North Carolina, South Carolina, Tennessee, and Texas.

The basic checking account’s requirements to avoid monthly service charges include maintaining a $1,500 minimum balance or $500 in direct deposits.

Fees:

  • $8 monthly service fee (waived with minimum deposit)
  • $36 overdraft fee

Balance requirements:

  • $50 minimum opening deposit
  • No minimum balance requirement ($1,500 or $500 direct deposits to waive $12 service fee)

ATMs:

  • Fee-free at more than 2,000 Regions ATMs
  • $3 per out-of-network ATM transaction

Interest on balance:

  • Up to .01% APY on savings
  • Up to 4.75% on CDs

Additional perks:

  • $50 Visa Reward Card for referring new account holders
  • 1% annual savings bonus for connected savings account

10. Ally Bank

Ally Bank’s online banking options include an interest checking account that earns 0.25% APY. You’ll also get competitive interest rates on your savings account and CDs. Although there are no physical locations, you’ll have access to ATM withdrawals at 43,000 ATMs. If you regularly need to make cash deposits, though, Ally might not be the best bank for you.

Fees:

  • No monthly service fee
  • No overdraft fee

Balance requirements:

  • No minimum opening deposit
  • No minimum balance

ATMs:

  • Fee-free at more than 43,000 AllPoint ATMs
  • Refund of up to $10 in out-of-network ATM fees per cycle

Interest on balance:

  • 0.25% APY on checking
  • 3.75% APY on savings
  • Up to 4.50% on CDs

Additional perks:

  • Advanced investment services including Robo Portfolios
  • Spending buckets help you manage your finances

Bottom Line

Whether you’re looking to avoid monthly service fees or enjoy the conveniences of an online bank, it’s important to compare multiple accounts. The best banks in Louisiana may not be the ones that have the lowest fees. Instead, you may find that the convenience of a bank with higher fees makes it worth the extra cost.

Source: crediful.com

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[UPDATED, 2021]

Pay Private Mortgage Insurance (PMI) or play the wait-and-save game? That’s the dilemma for a majority of would-be homebuyers. It’s rarely an easy (or fun) choice.

The Dilemma

Coming up with a 20% down payment can take years. With home prices increasing 5-10% annually, the home of your dreams is sure to cost quite a bit more in 2026. Rather than save, some homebuyers opt to pay PMI instead. Most future homeowners don’t know what PMI is and how much it may cost them.

What’s the Purpose of PMI?

Usually you purchase insurance to protect yourself. PMI works differently: basically you pay to protect the mortgage lender in the event you can’t pay the mortgage. It’s basically a mortgage lender’s insurance to protect themselves if a borrower stops making payments.

In general, mortgage lenders consider buyers who put at least 20% down to have enough skin in the game that they’re low risk. That makes everyone that puts down less than 20% a riskier investment, so they require them to pay PMI.

The Upside of PMI

The good news about PMI is that it’s not too expensive and you don’t pay it forever. Your lender typically requires you to pay PMI until you get to a Loan-to-Value (LTV) ratio of 80% loan to 20% equity. Once you do, you can request your PMI be cancelled, unless you’ve taken out a FHA loan (PMI never falls off when you choose this loan type). PMI also doesn’t cost too much, although the amount you pay can vary. Below are a few ways to lower your payment.

Commonly Asked PMI Questions

How much will I pay in PMI?

Homebuyers required to pay PMI typically pay around 0.5% annually of the total amount borrowed, with the cost split across all 12 months. Here’s some examples:

  • $180,000 loan ($200,000 with 10% down), PMI $75/mo
  • $285,000 loan ($300,000 loan with 5% down), PMI $125/mo

When will I be done paying PMI?

This depends on what type of loan you take out. Here’s a quick guide:

  • FHA: If you take out an FHA loan, mortgage insurance continues for the life of the loan. Ouch. You’d have to refinance your loan to get rid of it.
  • Conventional: On a conventional loan you only pay PMI until your equity reaches 20%.

How can I avoid paying PMI entirely?

Your house is probably your biggest expense, and the thought of spending extra money each month is as appealing as week-old sushi. Do you have to pay PMI? No, not if you do any of the following:

  • Put 20% down. Call the parents, check in with Grandma, collect every debt from your former roommates. When you put 20% down, you don’t pay PMI at all.
  • Opt for an 80-20 piggyback loan. 80-20 mortgage is paid through two loans, a first and a second mortgage. The 80 first mortgage covers the home loan; the 20 second mortgage is the down payment. The second loan in a piggyback loan usually has a higher interest rate.
  • Look for owner financing. In some situations, owner financing works like rent-to-own, in which case you probably won’t be required to pay 20% down or PMI.
  • Shop for homes at a lower price point. Consider the difference in down payment for a $250,000 home versus a $300,000 home: (we’ll save you the math: it’s $10,000). Lower price homes may fit your savings account better—and you can trade up or add on later.
  • Check out Homie Loans™. Homie Loans™ can look at your personal financial situation and tell how you can lower your PMI. Homie Loans™ may be able to help you with a new loan.

To Pay or Not to Pay? The Decision is Yours

No one wants to pay extra each month for their home, but if paying PMI means you can buy a $300,000 home now vs. waiting five years while you save, paying a few thousand in PMI over that same period can make a lot of financial sense. Plus, the $300,000 home you purchase now starts building equity ASAP and will likely increase in value each year you live there.

We’re Here to Help

There’s a lot to consider when choosing to pay PMI vs. wait and save for a 20% down payment, but we hope we’ve given some helpful tips to guide you in the right direction. If you have any additional questions, or would like to begin the home buying process, click here to learn more about how to get started. We’d be happy to help you start your search for your dream home!

Source: homie.com