Check cancellation, also known as a ‘stop payment request’, is a procedure initiated by an account holder instructing their financial institution to prevent payment on a check that has yet to be processed.
There are a variety of reasons why one might choose to cancel a check. From preventing a fraudulent check cashing, misplaced personal checks, to stop payments to an erroneous recipient, each scenario can merit a cancel request.
Risks and Limitations of Canceling a Check
Before initiating a stop payment, it’s important to understand the risks and limitations associated with this action. The most immediate consideration is the stop payment fees. Most banks and credit unions charge a fee for this service.
Additionally, there’s a time limitation for canceling a check. If the check has already been cashed or deposited into the recipient’s account, you may not be able to stop the payment. Therefore, it’s essential to act in a timely manner to ensure the effectiveness of your request.
How to Cancel a Check
Canceling a check can feel like a daunting task, especially if it’s your first time doing so. Fortunately, the process is relatively straightforward. Here’s what you need to do to cancel a check:
Verify the Check’s Status – Has It Cleared Yet?
Before initiating a stop payment request, your first step should be to determine whether the check in question has already cleared. A check that has cleared has been cashed or deposited by the recipient and the funds have been deducted from your account.
You can verify the status of your check by reviewing your transaction history through your online account or mobile banking app, or by calling your bank’s customer service. If the check has already cleared, it’s too late to stop the payment. However, if it hasn’t, you can proceed with the stop payment process. This crucial step can save you from unnecessary stop payment fees if the check has already cleared.
Contact Your Bank or Credit Union
The first step in canceling a check is to contact your financial institution promptly. Whether you bank with a credit union or a traditional banking institution, you’ll need to initiate the stop payment process as soon as you realize the need to cancel a check. Time is of the essence when it comes to preventing the payment of a potentially lost, stolen, or miswritten check.
Most financial institutions offer a variety of ways for you to contact them. This includes phone, in-person visits, online banking portals, or even mobile apps.
Information You’ll Need
Regardless of the method you choose to cancel a check, you’ll need specific information to initiate the process. Be prepared to provide the following:
Account Number
Your account number is essential in helping the bank or credit union identify which account the check is drawn from. You can typically find your account number on your bank statements, within your online account, or at the bottom of your checks.
Check Number
The check number helps the financial institution identify the exact check you wish to cancel. It can be found in the top-right corner of the check and is also printed at the bottom, right next to the account number.
Amount and Payee
You’ll need to know the exact amount the check was written for, as well as who the check was made out to, i.e., the payee. These details ensure that the bank cancels the correct check.
Confirmation of Stop Payment Request
Once you’ve provided the necessary information and initiated the stop payment request, your bank or credit union will typically provide a written confirmation of your request. This may be given in person, sent via mail, or provided digitally, depending on your chosen method of request.
This written confirmation serves as proof that you’ve requested the stop payment. It will typically include details such as the date and time of the request, the check number, and the stop payment fee (if applicable). Make sure to keep this document in a safe place for future reference.
How to Avoid Needing to Cancel a Check
While knowing how to cancel a check is important, preventing the need to do so in the first place is even more critical. Implementing safe practices when writing and issuing checks and using secure alternatives can greatly minimize potential problems.
Safe Practices When Writing and Issuing Checks
Confirm the Recipient’s Details
Before writing a check, double-check the recipient’s details. Confirm that you have spelled their name correctly and that you have the correct address if you’re mailing the check. This can prevent checks from going to the wrong address or being unable to be cashed because of a misspelled name.
Encourage Prompt Cashing
Once you’ve written the check, encourage the recipient to cash or deposit it as soon as possible. The longer a check is uncashed, the higher the risk of it being lost or stolen. Also, an uncashed check can make accounting and balance tracking more challenging, as you need to remember to account for that uncashed check in your available balance.
Use of Electronic Payment Methods
Electronic payment methods are a convenient and secure alternative to physical checks. They reduce the risk of checks being lost or stolen and eliminate the need to write checks manually. Here are a few options:
Direct Deposit
Direct deposit is a popular method for paycheck distribution but can also be used for other types of payments. It eliminates the need for a physical check and ensures that the funds reach the intended recipient’s bank account directly.
Online Banking Services
Most banks and credit unions now offer comprehensive online banking services, which include the ability to send money directly from your bank account to another. These transactions are secure and can be done from the comfort of your home or on the go. Many financial institutions even offer the ability to set up recurring payments, making it an excellent option for paying bills.
Mobile Payment Apps
Mobile payment apps have soared in popularity in recent years. Services like Venmo, PayPal, and Zelle allow users to send and receive money quickly and securely. These apps can be linked directly to your bank account or credit card and provide a convenient way to transfer funds without needing to write a check.
How much does it cost to cancel a check?
The cost to cancel a check varies by financial institution. Some banks may waive stop payment fees for premium account holders, such as those with America Advantage Relationship Banking or Citi Priority. However, for regular checking accounts or money market accounts, the stop payment fee can range anywhere from $15 to $35.
How long do you have to cancel a check?
The time frame to cancel a check depends on the specific bank or credit union. However, most financial institutions recommend that you initiate a stop payment request as soon as you realize a check needs to be cancelled. The sooner you can report a lost or stolen check, the better your chances of preventing unwanted transactions.
Can you cancel a cashier’s check?
Stopping payment on a cashier’s check is generally more complicated than stopping a regular check. Because cashier’s checks are guaranteed by the issuing bank, they are often treated as cash. However, if a cashier’s check is lost or stolen, the bank may issue a stop payment after a waiting period, typically 90 days.
Conclusion
Canceling a check is an essential skill for anyone who writes checks. It requires understanding your bank account policies, knowing how to navigate your financial institution’s website or customer service, and being proactive about spotting any potential issues with your personal checks.
Remember to keep a close eye on your transaction history and balance in your checking account or high-yield savings accounts. This will help ensure your hard-earned money stays right where it belongs. Remember, it’s not just about knowing how to cancel a check, but also knowing how to prevent the need for cancellation in the first place.
The gig economy was just beginning to blossom pre-pandemic. Between 2010 and 2020, the number of gig workers or side hustlers increased by 15%. Unlike many aspects of life, which stagnated during the pandemic, freelancing only grew. Statista reported that 73.3 million people work as freelancers in the U.S. right now, an increase from 57.3 million pre-pandemic.
Freelancing has tremendous benefits for many people. Freelancing or gig work can provide:
Flexibility
A better work-life balance
Increased income potential
But it can come with some financial complications, too.
As a freelancer, you’ll need to manage cash flow so that you’ll have money in your account to pay your bills. You’ll be responsible for paying your own taxes. And, with that in mind, you’ll want to track expenses carefully so that you can deduct the costs of running your freelance business from your bottom line.
That’s where having a business bank account can come in handy.
Why You Need a Bank Account If You Have a Side Hustle
According to tax laws, you don’t have to have a business bank account to run a side hustle or a freelance business. You can file your taxes using your Social Security number and receive a 1099 form as a sole proprietor.
But as your business grows, you may want to incorporate under a tax ID number. You may choose to register as a corporation like an S-Corp or, more commonly, a limited liability corporation or LLC. This can get confusing, so it’s important to speak to a tax account before you take this step.
If you incorporate your business, you’ll need a business checking account to keep your personal finances separate from your business expenses. You would pay yourself a salary out of your business account and use your personal bank account to pay for your daily living expenses, entertainment, and anything that isn’t considered a business expense.
Benefits of Business Accounts
Most small business owners, freelancers and side hustlers prefer to open a business account even if they aren’t incorporated. Having a dedicated business checking account makes it easier to track your business income and expenses, which makes filing taxes – and making quarterly estimated tax payments – easier. If you ever get audited, you’ll have a clear record of your personal and business finances.
Plus, if you do any sales and marketing for your freelance business, your business debit card can often pique people’s interest. You’d be surprised how having a debit card with your business name on it can help you generate leads in odd places, whether you’re at your favorite bar or paying for groceries.
If you’re ready to open a separate business account, it’s important to find one that will meet your needs.
Freelancer vs. Side Hustler vs. Entrepreneur
Before you choose a business account, you may be wondering about the differences between entrepreneurs, freelancers, and side hustlers. Which category do you fit in?
These are all loose terms to describe anyone who owns their own business or is self-employed. Self-employed is a tax designation, which means you are a 1099 contractor for other companies. This term would apply to most freelancers and side hustlers.
On the other hand, if you start your own business, you might consider yourself an entrepreneur. The dictionary defines an entrepreneur as someone who starts a business and is willing to take a financial risk in hopes of great success.
A freelancer may also take financial risks, including leaving a steady paying job. In a lot of cases, whether you describe yourself as an entrepreneur, small business owner, freelancer or side hustler is up to you.
Compare the Best Freelancer Checking Accounts
In most cases, business owners, freelancers and side hustlers can all benefit from a good business bank account. Read on as we compare the best business checking accounts for freelancers, gig workers, and entrepreneurs.
1. Lili Bank: Overall Best Bank for Freelancers
Lili calls itself “the one-stop shop for all your small business financial needs.” An online financial services company that provides business banking, accounting for freelancers, invoicing, and tax support, Lili is backed by Choice Financial Group Inc.
As a US-based bank, Choice is a member FDIC, which means your funds deposited in Lili are protected by the federal government up to $250,000 per account.
What sets Lili apart as one of the best bank accounts for freelancers?
In addition to all the other services it offers to business owners, Lili has no minimum balance requirements, no monthly fees for basic checking, and a network of 38,000+ fee-free ATMs nationwide. You can also open a business savings account and earn 1.50% APY at Lili.
Lili’s basic business checking account has no monthly fee, expense categorization for your purchases, and the ability to generate quarterly expense reports.
Alternatively, for $9 per month, you can earn 1.5% on savings, get a Visa business debit card with cashback rewards, overdraft protection up to $200 and tax, invoicing software, and accounting support.
Lili integrates with third-party services that gig workers may use, including Etsy, Shopify, Venmo, QuickBooks, and your PayPal business account.
When you compare the prices of other invoicing and online accounting services, you may find that Lili offers tremendous value for the money as one of the overall best banks for gig workers you can find.
Bluevine: Best for Business Interest Checking Account
Like Lili, Bluevine is a financial technology company. It is backed by Coastal Community Bank, Member FDIC to protect your deposits. The Bluevine business checking account offers 2.0% interest, which sets it apart from competitors.
To take advantage of the interest, you’ll need to either spend $500 per month with your Bluevine Business Debit Mastercard or receive $2,500 per month in customer payments to your Bluevine business checking account.
There are no monthly fees or minimum balance requirements and you can make unlimited transactions with no fees. Like Lili, Bluevine also offers other services for business owners.
If you are looking for a business interest checking account with value-added services, consider Bluevine. Your account integrates easily with QuickBooks, with no fees involved. Plus, you can set up sub-accounts to easily manage your money, add authorized users, and pay bills via ACH or wire transfer from your Bluevine account.
While many credit providers offer business credit cards, Bluevine is one of only a few business checking accounts that offers a business line of credit. You may qualify for a credit line of up to $250,000, with a rate as low as 6.2% interest. This interest rate is much lower than the national average of 20.46% for business credit cards right now, as reported by The Balance. Plus, you could get approved in as fast as five minutes, according to the Bluevine website.
For entrepreneurs seeking to purchase tools or resources, or freelancers in need of business equipment, Bluevine’s line of credit could provide you with the financial security you need to grow. Take note that you’ll need a credit score of 625 or more to qualify and $40,000 in monthly revenue. This is probably not a service for a gig worker, but for a seasoned entrepreneur.
Even so, it’s never too early to get started with a business checking account, especially one with no monthly fees.
Amex: Best for Debit Card Rewards and Bonus Offer
American Express is a renowned name in business and consumer rewards credit cards. But you might not be aware that the company also offers a business checking account with 1.30% APY on balances up to $500,000.
American Express also has no monthly maintenance fees, no fees on domestic ACH payments, and no fees at MoneyPass ATMs. The American Express Business Blueprint app makes it easy to manage your account.
Amex stays true to its credit card rewards roots with a rewards business debit card. Earn 1 Membership Reward point for every $2 on eligible purchases. You can combine points earned with Membership Rewards points accrued with other Amex cards, and use those points for travel, gift cards, or cash back. You can also convert those points into cash deposits directly into your new business checking account.
Amex’s bonus offer stands out to us. Earn 30,000 Membership Rewards points after you deposit $5,000 or more within the first 30 days of account opening, maintain that balance for the next 60 days, and make five or more qualifying transactions within those first 60 days.
NBKC Business Checking: Best for No Fees
If finding a business bank account with no fees is most important to you, a nbkc Business Checking account might fit the bill. The bank offers unlimited transactions with no fee, no minimum balance requirements, no monthly fees, and no opening deposit requirements either. You can also have out-of-network atm fees reimbursed for up to $12 per month.
If you are a freelancer just getting started or just looking to supplement your full-time income with a side hustle, you’ll find nbkc bank a low-cost and convenient option among free business checking accounts.
NBKC lacks some of the bells and whistles of the top choices on our list. You won’t get integrations with common business software or invoicing and accounting support. But a nbkc business checking account is free with your personal account and provides an easy way to keep your business and personal funds separate.
Novo: Best for Payment and P2P Money Transfer App Integration
Novo is another choice with no monthly maintenance fee, no monthly fee, free ACH transfers, and no minimum balance needed. Like many of the business bank accounts on this list, Novo is a financial technology company. It’s backed by Middlesex Savings bank, a Member FDIC, which means your money is protected up to $250,000 per account.
Novo is the best for business owners looking for an easy way to process payments or transfer funds. You’ll get free ACH transfers from another checking or savings account and refunds on all out-of-network ATM fees.
Novo integrates with many P2P payment apps, including Square, Shopify, and Stripe, as well as Etsy, eBay, Amazon and more.
When you use Novo Boost, you can get paid 95% faster through Stripe, or two business days before the funds would ordinarily appear in your account.
Plus, it’s quick and easy to open an account online, with approval as fast as 10 minutes – rather than days with some other online bank accounts.
Axos Bank: Best for New or Scaling Businesses
Many freelancers don’t think about opening a business account until they have incorporated their company to make that transition from self-employed to entrepreneur. If this sounds like you, Axos Bank could have the best bank accounts for you. The online bank is offering business owners who incorporated after June 2020 an extra $200 in their new business bank account.
If you aren’t newly incorporated, you can earn a $100 bonus.
Like many of the best business accounts on this list, Axos has no monthly fee, no minimum monthly average balance to hold, ATM fee reimbursements for all domestic transactions, and no minimum opening deposit. The bank accepts cash deposits or you can transfer money from other checking accounts via ACH.
Unlike many online banks, Axos offers business owners a dedicated relationship manager to help point you to the products and services that are best for your growing business.
Chase Business Complete Banking: Best for Credit Card Processing
As the largest U.S. bank, with assets of $3.31 trillion, Chase is a traditional bank that offers all the convenience of online banks. This includes personalized service, stellar fraud protection, and a host of other features and benefits we’ve come to expect from any financial institution.
The Chase Business Complete Banking account is ideal for entrepreneurs, offering unlimited transactions and no monthly fee (if you meet certain requirements). These requirements are relatively easy to meet with a $2,000 minimum balance, $2,000 in purchases on your Chase Ink Business credit card, a link to a Chase Private Client Checking account, or $2,000 in deposits from QuickAccept or Chase eligible merchant services.
The best aspect of Chase Business Complete Banking is the ability to process credit card transactions and receive funds the same day through Chase QuickAccept. (Additional fees apply.)
You can open an account with no minimum deposit to get started.
Wave Money Business Banking: Best for Free Business Banking
Wave Money integrates a free checking account with easy bookkeeping for freelancers and solopreneurs. Wave is best for those who want to improve cash flow with instant pay and want bookkeeping tools to make tax prep easier.
Wave has no monthly fee or transaction fees, so you keep more of what you earn. You can use the mobile check deposit feature for convenience, and make ACH transfers easily. There are no transaction limits with Wave, and you can also connect third party payment processors.
Wave is another fintech company, with banking provided by Community Federal Savings Bank, Member FDIC. That means your funds are insured for up to $250,000 per account.
TIAA Bank: Best for Business Investments
Besides checking accounts, TIAA Bank offers a variety of banking products for entrepreneurs and gig workers that sets it apart.
If you’re considering business savings accounts, TIAA offers CDs and money market accounts to earn interest at a rate higher than you may get with another account. Currently, TIAA’s one-year business CD offers an APY of 3.75%.
TIAA’s checking accounts offer easy online banking and mobile check deposit, along with personalized service from a business solutions specialist.
LendingClub Bank Tailored Checking: Best for Earning Checking Account Rewards
The LendingClub Bank tailored checking account for freelancers is one of the few banks on our list where you can earn interest on your checking balance, plus 1% cash back rewards when you use your debit card.
Account holders earn 1.5% APY on balances up to $100,000 and 0.10% APY on the portion of your balance that exceeds $100,000.
LendingClub Bank reimburses fees if you use an out-of-network ATM. The bank also supports QuickBooks, Quicken and Mint for budgeting and bookkeeping. You can also send digital invoices and get paid directly to your LendingClub account, making LendingClub Bank Tailored Checking one of the more robust and affordable online banks for freelancers.
Just make sure to maintain an average daily balance of at least $500 to have the monthly fee waived.
How to Choose the Best Bank Account for Your Business
When you’re evaluating business bank accounts, you’ll want to consider your needs and the features that are most important to you.
It should go without saying that you want an account with no monthly fees or no monthly fees. Unless you’re an established business owner, you may also want no minimum balance requirements. You don’t want to get saddled with fees if your business runs into cash flow problems or you have a down month.
If you run a high-volume business, look for a bank account with no transaction limits, no in-network ATM fees, and unlimited ATM fee rebates.
Need a way to manage contracts, collect invoices, and help with taxes?
Your business bank can represent much more than just a place to deposit cash and a means to pay your bills. Many of the best bank accounts on this list also offer freelancer invoicing, tax assistance, and ways to manage contracts.
Budgeting and Savings Features to Look For
When you’re a freelancer, it’s convenient to have an easy way to track your expenses and budget for not just expected costs, but surprise opportunities or financial emergencies.
Just as you should have a personal bank account established with emergency savings, you want a business savings account. In fact, you may want multiple business savings accounts or the ability to divide money into various buckets for known costs – like taxes – and unexpected expenses, such as car repairs or a new phone.
Some budgeting and savings features are nice to have, such as an interest-earning checking account and cash back on debit card purchases.
Why We Chose Lili as the Best Business Bank Account
Lili graces the top of our list because the fintech company offers so many value-added services for entrepreneurs that it’s virtually a one-stop shop for freelancers. However, the other banks on our list for best business accounts have their own benefits you might want to consider.
Should You Use Different Banks for Personal and Business Finance?
If you already have a separate bank account for your personal finance, there is something to be said for opening a business account through the same bank. You may get extra perks and benefits or waived fees. Best of all, it’s easier to use one app to manage all your personal and business banking.
But if you opt for an online financial services company, instead, it is typically easy to transfer funds between accounts. Also, companies like Lili and Bluevine specialize exclusive in business accounts, which means they have services tailored specifically to your needs.
Bottom Line
A lot of factors go into choosing the best bank account for your business checking needs. Knowing your must-haves, nice-t0-haves, and those features that don’t really matter to you can help make the decision easier.
FAQs
What is a business bank account?
A business bank account is a dedicated account separate from your personal accounts that you use to deposit cash, checks, or other customer payments earned through your business. You should also use your business checking account to pay for business expenses.
Do You Need a Business Bank Account if You’re a Freelancer?
Freelancers are not required by law to have a separate business banking account. But if your business is incorporated as an S-corp, C-corp, or LLC, you are required to keep your business and personal accounts separate.
Should You Have a Separate Bank Account If You’re a Freelancer?
Even though it’s not required by law, it’s a good idea to have an account separate from your personal checking account to help you keep track of business income and expenses.
What Makes a Business Bank Account Ideal for Freelancers?
Business bank accounts often have many of the same features as some of the best personal bank accounts. That would include low or no minimum balance requirements, no monthly maintenance fee, no transaction fees, and no hidden fees.
You may also look for features like mobile check deposit, unlimited electronic deposits, and low wire transfer fees if you have a lot of customers, clients, or vendors outside the U.S.
Methodology: How We Select the Best Bank Accounts for Freelancers and Side Hustlers
We evaluated the best bank accounts for freelancers based on the ability to earn interest, monthly maintenance fees, minimum balance requirements, the ease of making cash deposits, customer service, and more.
Some banks are better for freelancers who don’t maintain a high balance or only have a few transactions per month. Entrepreneurs with fast-growing businesses looking to scale may prefer a business checking account with unlimited transactions and the ability to accept credit card payments through the same bank.
Some business owners may want to be able to integrate their Quickbooks accounting system through their bank.
We have banks on this list designed for small business owners, freelancers and side hustlers at every stage of business growth.
It may be nicknamed “the garden state,” but New Jersey isn’t just known for its agriculture. Multiple industries thrive in the state, drawing people looking for career opportunities. The best banks in New Jersey offer plenty of checking and savings account options to help you find the right fit.
9 Best Banks in New Jersey
If you’re in the market for a bank account, the options can feel overwhelming. But whether you’re looking for a local bank, a regional or national bank, or a credit union, there’s a financial institution to fit. Here are the nine best banks in New Jersey to help kick off your search.
1. Valley National Bank
Regional banks like Valley National Bank bring the benefits of a local bank while still offering expanded ATM and branch reach. Valley National Bank has locations throughout New Jersey, as well as in Alabama, Florida, and New York. If you travel outside those areas, though, you’ll pay a $2 fee for using an ATM outside the Valley National Bank network, and that’s in addition to fees charged by the ATM owner.
Currently, Valley National Bank is offering a $250 reward to new checking customers with its My Loyalty Checking. You’ll just need to set up bill pay or have at least one qualifying direct deposit. With My Loyalty Checking, you’ll also have up to $10 in out-of-network ATM fees refunded each month.
Fees:
No monthly maintenance fees
$36 overdraft fee
Balance requirements:
$100 minimum deposit to open
No minimum balance requirements
ATMs:
Fee-free at Valley National Bank ATMs
$2 for each non-Valley National Bank ATM transaction
Interest on balance:
0.85% APY on savings accounts
Up to 5.35% APY on CDs
Up to 1.75% APY on money market savings accounts
Additional perks:
Valley National Bank My Loyalty Checking account offers $250 reward
Teen, college, and business checking accounts
2. Chime
Online banking lets you manage your money from wherever you are. Chime is an online bank that offers banking solutions like mobile check deposit, bill pay, and easy transfers from checking to savings. Chime does work best if you have direct deposit activity each month, though, since its biggest perks require it.
If you’re working to build your credit, one of Chime’s best features is its secured credit card. No credit check is required to set up the card, and you may be able to increase your FICO score by 30 points, on average.
Fees:
No monthly maintenance fees
No overdraft fees
Balance requirements:
No minimum deposit required to open
No minimum balance required
ATMs:
Fee-free at 60,000+ ATMs nationwide
$2.50 out-of-network ATM fee
Interest on balance:
2.00% APY on savings account
Additional perks:
Access to paycheck up to two days early
SpotMe covers up to $200 in overdrafts
3. Capital One
If you’re looking for banking services that follow you wherever you go, national banks can be a great option. Capital One is one of the biggest banks in New Jersey, with 19 branches throughout the state. You’ll get fee-free access to cash at more than 70,000 locations, including MoneyPass and Allpoint ATMs.
One of the biggest benefits of banking with Capital One is that all overdraft fees are waived. You can set up your overdraft protection preferences to either automatically decline transactions or transfer funds from your savings or money market account.
Fees:
No monthly maintenance fees
No overdraft fees
Balance requirements:
No minimum opening deposit
No minimum balance required
ATMs:
Fee-free at Capital One ATMs
Fee-free at any Allpoint or MoneyPass ATM
$2 out-of-network ATM fee
Interest on balance:
Up to 4.10% APY on savings accounts
Up to 4.75% APY on CDs
Additional perks:
Cash deposit access at any CVS location
Some branches include cafés with Wi-Fi
4. Chase Bank
Small business owners in New Jersey should take a look at Chase, a national bank with 190 branches throughout the state. Business checking accounts can earn up to $500 in bonuses, and business credit cards currently get a $750 bonus cash back with qualifying activities. Chase also offers a variety of business loans, including lines of credit and commercial financing.
But bonuses aren’t limited to large and small business owners. Currently, new Chase Total Checking account customers can earn a $200 bonus with direct deposit. You’ll get access to personal service at branches across the country, including cafés, which offer free Wi-Fi and gourmet coffee.
Fees:
$12 monthly fee (waived with requirements)
$34 overdraft fee
Balance requirements:
No minimum opening deposit
No minimum balance
ATMs:
Fee-free at 15,000+ Chase ATMs
$3-$5 out-of-network ATM fee
Interest on balance:
0.01% APY on savings accounts
Up to 3.75% APY on CDs
Additional perks:
$200 cash bonus for new checking account customers
Autosave feature helps you set money aside
5. PNC Bank
Another option if you prefer national banks is PNC Bank, which has 193 branches in New Jersey. You’ll have fee-free access not only to PNC ATMs, but you can also withdraw cash at more than 60,000 partner ATMs nationwide.
PNC’s basic checking account is Virtual Wallet, which comes with no monthly fees as long as you receive at least $500 in direct deposits or keep a balance of at least $500 across all your PNC checking or savings accounts. Currently, PNC is paying a $50 bonus for its lower-tier account, but if you go with Virtual Wallet with Performance Spend or Performance Select, your bonus increases to $200 or $400, respectively.
Fees:
$7 monthly fee (waived with requirements)
$36 overdraft fee
Balance requirements:
$25 minimum opening deposit
No minimum balance
ATMs:
Fee-free at PNC ATMs
Fee-free at 60,000 partner ATMs nationwide
$3 out-of-network ATM fee
Interest on balance:
Up to 0.03% APY on savings accounts
Up to 4.00% APY on CDs
Additional perks:
Up to $400 bonus for new Virtual Wallet checking accounts
Wealth management services built into app
6. Wells Fargo
Wells Fargo is another of many national banks in New Jersey. You’ll get fee-free cash access at more than 12,000 Wells Fargo ATMs nationwide. Currently, Wells Fargo is offering a $300 bonus for opening a new checking account and receiving $1,000 or more in qualifying direct deposits.
If you’re in the market for a new savings account, Wells Fargo has a deal there, too. You can earn a $525 bonus on a new savings account as long as you add $25,000 to the account in the first 30 days. You’ll need to maintain that minimum balance for at least 90 days to receive the bonus.
Fees:
$10 monthly fee (waived with requirements)
$35 overdraft fee
Balance requirements:
No minimum opening deposit
No minimum balance
ATMs:
Fee-free at Wells Fargo ATMs nationwide
$2.50 out-of-network ATM fee
Interest on balance:
Up to 2.51% APY on savings accounts
Up to 4.75% APY on CDs
Additional perks:
$300 bonus on new checking accounts
Robust mobile banking features
7. TD Bank
With nearly 200 locations in New Jersey, plus branches and ATMs nationwide, TD Bank is one of the best banks in New Jersey for its mobile and online banking experience. TD offers a variety of deposit accounts, as well as personal loans and credit cards.
TD has multiple checking account options, including the Essential Bank Account, which comes with a $4.95 service fee and no minimum requirements. The fee is waived for those between the ages of 13 and 17, so this could be a great starter account for your high schooler. TD offers higher-than-average interest rates on savings accounts and CDs, so it’s worth checking out for that reason alone.
Fees:
$4.95 monthly service fee
No overdraft fees
Balance requirements:
No minimum deposit to open
No minimum balance
ATMs:
Fee-free at 2,600 TD Bank ATMs nationwide
$3 out-of-network ATM fee
Interest on balance:
Up to 3.51% APY on savings accounts
Up to 5.00% APY on CDs
Additional perks:
Live online customer service available 24 hours a day
$200 bonus for new checking accounts
8. GO2bank
Another online banking option is GO2bank, which offers all the features you need to manage your account online. The checking account is fee-free as long as you have an electronic deposit coming in each statement period. This qualifying deposit also gives you access to your paycheck a couple of days early.
GO2bank is one of many online bank accounts, but one differentiating feature is its high-yield savings account. You’ll earn 4.50% APY on your savings account balance, but that interest is limited to the first $5,000 in combined balances. Any funds above that amount won’t earn interest at all.
Fees:
$5 monthly service fee (waived with requirements)
$15 overdraft fee
Balance requirements:
No minimum deposit to open
No minimum balance
ATMs:
No ATM fees at Allpoint ATMs nationwide
$3 out-of-network ATM fee
Interest on balance:
4.50% APY on savings accounts
Additional perks:
Cash deposit access at 90,000+ retailers nationwide
Secured credit card helps you build credit with no credit check required
9. American Heritage Credit Union
American Heritage Credit Union is a Pennsylvania credit union with a branch in Cherry Hill, New Jersey. Like many credit unions, American Heritage has membership requirements. In this case, you’ll need to live, work, worship, or go to school in one of the approved Philadelphia-area communities, work for one of the workplace partners, or be related to a qualifying member. However, anyone can join by simply becoming a member of the Kids-N-Hope Foundation.
There are some reasons to sign up for American Heritage even if you don’t have a branch nearby. American Heritage offers great deals on accounts for consumers and small business owners, and you’ll also get ATM access at more than 30,000 locations nationwide.
Fees:
No monthly fees
$10-$15 overdraft fee
Balance requirements:
No minimum deposit to open
No minimum balance
ATMs:
Fee-free access at American Heritage ATMs
Fee-free access to 30,000+ ATMs nationwide
Up to 10 out-of-network ATM fees reimbursed monthly
Interest on balance:
Up to 3.55% APY on savings accounts
Up to 5.00% APY on CDs
Additional perks:
Competitive interest rates on auto and home loans
Wide range of business banking services
Frequently Asked Questions
Banking solutions come in a variety of formats, so it’s only natural you’ll have some questions. Here are some frequently asked questions about the best banks in New Jersey.
What should I expect from a bank in New Jersey?
From local New Jersey banks to national banks with branches in the state, there’s no shortage of options. But all these choices mean you can easily sort through the best banks to find the right one for you.
Customer service is an important feature of any New Jersey bank. Whether this means the in-person experience you get with local banks or around-the-clock service via online chat, it’s important that a bank offer a method to suit your preferences. If you’re comparing the same account terms across multiple banks and credit unions, this is one factor that can become a final decider.
What do you need to open a bank account with banks in NJ?
If you’re opening a new checking or savings account in New Jersey, there are a few things you’ll need. You’ll save time and trouble by gathering all your documentation before applying.
For online and mobile banking options, you may need to either scan and upload, snap a photo, or mail a photo ID. Some of the best checking accounts will also require you to deposit money to open them. This can be anywhere from $10 to $100. Make sure you have the funds to make this deposit at account opening.
Do banks in New Jersey have online accounts?
Some of the best financial institutions in New Jersey aren’t located in the state at all. You can find online checking accounts that pay more interest and require fewer fees than the same accounts from a national, regional, or local bank.
If saving money is your priority, don’t rule out online banking for those, either. Savings accounts, CDs, and money market accounts will often accrue interest at an interest rate that’s higher than what you’d earn with accounts at local Jersey banks or banks with branches in the state.
Where can you open a savings account in New Jersey?
Although you can find a high-yield checking account that pays interest on your balance, you’ll usually get a better deal on savings. There are plenty of local, national, and regional banks that pay a competitive interest rate, but some of the best deals come from mobile banking apps that have no local presence.
If you’d prefer a brick-and-mortar option, though, pay attention to interest rates. You can find savings rates in the 4% to 5% range online, so when you’re looking at a particular account, keep that in mind. It’s not unusual for consumers to have checking accounts locally but move their savings to an online-only bank for a better deal.
How much tax do you pay in New Jersey for interest you earned?
When you earn interest on your bank account balances, you’ll have to pay taxes. All your banking interest earned has to be reported on your federal taxes each year. This will be summarized on Form 1099-INT, which your bank will send at tax time.
New Jersey residents also pay state income tax. Your income interest is lumped in with your other income and taxed at the current rates. New Jersey uses a graduated tax rate. The higher your income, the more you’ll pay, with a maximum of 10.75%.
Whether you go with mobile banking or a bank with local branches, it’s important to find the bank that best fits your needs. Some banks make cash deposits easy while others give you everything you need to manage your money. Interest rates and fees can be the final decider when you’re choosing a partner for your New Jersey banking needs.
The Federal Reserve is pressing pause on its series of interest rate hikes designed to tame inflation – for now at least.
The Federal Reserve Open Market Committee announced Wednesday that it would leave the federal funds rate unchanged, forgoing what would have been an 11th consecutive rate hike. Those increases, which began in March 2022, have brought the federal funds rate from near zero to its current target range of 5-5.25%.
A financial advisor can help you protect your money from the effects of inflation. Find an advisor today.
The increases have been the central bank’s primary weapon in its fight against inflation, which crested at 9.1% in June 2022 but has since receded to 4%. Despite inflation’s recent downward trajectory, it remains well above the Fed’s long-term target of 2%. In fact, officials signaled they expect to see two more quarter-point increases.
What It Means for Retirees
While inflation’s downward trend feels encouraging, retirees and those on fixed incomes remain vulnerable as inflation is still double the Fed’s target range.
“It’s like saying, ‘He’s getting much better because he only robs four people a week and he used to rob 20 people a week.’ Inflation is a kind of robber which steals the value from retirees’ savings accounts and monthly pensions,” said Christopher Manske, founder and president of Manske Wealth Management in Houston.
“The fact that inflation is now stealing a bit less is still too much theft.”
Here are a few things retirees should be thinking about related to inflation and current interest rates:
Put Interest Rates in the Proper Context
High interest rates have made various savings vehicles, including certificates of deposit (CDs) and money market funds, more attractive. But Hao Dang, an accredited investment fiduciary at Consilio Wealth Advisors in Bellevue, Washington, says retirees should remember that the net return on their savings is barely outpacing inflation.
Yet, there is still a benefit to holding more cash at higher rates.
“Safe money can help them sleep better at night and help withstand any future sell-offs in the stock and bond markets,” he said. “If a retiree typically holds six months’ worth of expenses in cash, it could help to increase that to nine months to a year.”
And while a traditional portfolio of stocks and bonds benefits from diversification, savers can also stand to benefit from diversifying their cash position with an eye toward the future.
“Bonds are sensitive to rate hikes so if there are more rate increases down the line, there could be some losses in even the safest bonds,” Dang added.
“Enjoy higher rates while they can but start anticipating where to place cash for two to three years down the line.”
Good News for Pensions?
High interest rates not only mean better yields on bonds, they can also boost the investment returns of public pensions. In fact, a 2019 study conducted by the Federal Reserve Bank of Boston found that low interest rates often lead public pensions to assume more investment risk in an attempt to generate higher yields. This was especially true for funds that were underfunded or affiliated with states that had weaker public finances, the researchers found.
When Will the Fed Lower Rates?
If you’re expecting the Fed to lower interest rates this year, at least one heavyweight in the financial services industry says you may be setting yourself up for disappointment.
Vanguard economists say it’s far more likely that the Fed will either raise interest rates or leave them at their current target as opposed to cutting them this year. In fact, Vanguard’s model predicts that the Fed won’t start to lower rates until the middle of 2024.
“Our model suggests that it’s nearly three times as likely that the Fed will raise its target for the federal funds rate or keep it on hold this year than that it will cut rates,” Asawari Sathe, a Vanguard senior economist, said in a recent edition of Vanguard Perspective. “Our model’s output underscores our conviction that the Fed’s fight against inflation hasn’t yet reached an inflection point.”
As a result, if a saver is looking to open a new savings account or lock in a long-term CD, they’ll want to do so in the next six to 12 months, says Mark Hayes, a certified financial planner (CFP) and founder of Infinitive Wealth Advisory in Fishers, Indiana.
“Savers should consider taking action soon to lock in rates while borrowers might want to hold off,” he said.
Bottom Line
The Federal Reserve chose to leave interest rates untouched at the June meeting of the central bank’s Federal Open Market Committee. The pause comes after 10 consecutive interest rate hikes that brought the federal funds rate from near zero to its current target range of 5-5.25%. With more rate hikes potentially on the way, retirees may want to reevaluate their debt and even consider refinancing, as well as diversify their cash positions.
Retirement Planning Tips
A financial advisor can help you navigate the complexities of retirement planning. Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Social Security and portfolio withdrawals are two vital components of a retirement income plan. But how much income do you expect to generate in retirement? SmartAsset’s retirement calculator can help you estimate how much money your portfolio
Patrick Villanova, CEPF®
Patrick Villanova is a writer for SmartAsset, covering a variety of personal finance topics, including retirement and investing. Before joining SmartAsset, Patrick worked as an editor at The Jersey Journal. His work has also appeared on NJ.com and in The Star-Ledger. Patrick is a graduate of the University of New Hampshire, where he studied English and developed his love of writing. In his free time, he enjoys hiking, trying out new recipes in the kitchen and watching his beloved New York sports teams. A New Jersey native, he currently lives in Jersey City.
Open a BMO Harris Premier™ Account online and get a $500 cash bonus when you have a total of at least $7,500 in qualifying direct deposits within the first 90 days of account opening. Expires 9/15. Conditions Apply.
Unless you have hundreds of thousands of dollars (or more) in cash to save or invest, big banks don’t want your money. They won’t tell you that directly, but they make it plain with paltry yields on standard savings accounts and high asset requirements to avoid common banking fees.
Fortunately, high-yield savings accounts abound, mainly at online and community banks that (still) seem to put regular customers first. The Upgrade Premier Savings account is among the best of the bunch, at least if your top priority is getting the most for your money.
Upgrade Premier Savings isn’t perfect, but it’s a big step up from many savings accounts. Get to know its features, capabilities, and pros and cons to decide if it’s right for you.
What Is the Upgrade Premier Savings Account?
The Upgrade Premier Savings account is a high-yield online savings account with no minimum balance to open and no monthly or annual maintenance fees. It has one of the highest savings yields on the market (currently 4.81% APY on balances above $1,000) and FDIC insurance up to $250,000 through Upgrade’s banking partner, Cross River Bank.
You can open and fund an Upgrade Premier Savings account without a corresponding checking account with Upgrade. In addition to its checking account, Upgrade also offers credit cards and personal loans.
What Sets the Upgrade Premier Savings Account Apart?
The Upgrade Premier Savings account stands out for a few reasons, not all of them good:
Very high yield on eligible balances. Upgrade Premier Savings has an industry-leading yield on eligible balances. As long as you can meet the minimum balance requirement, it’s difficult to do better.
No fees or minimums to open or maintain. You can fund your new Upgrade Premier Savings Account in any amount, and there’s no ongoing maintenance fee to worry about.
Minimum balance required to earn interest. You do need to keep at least $1,000 in your account to earn interest on the balance. Otherwise, your interest rate drops to zero on all balances.
Key Features of the Upgrade Premier Savings Account
The Upgrade Premier Savings Account is a basic (if generous) savings account, but it has some features and capabilities worth spelling out in detail.
Account Yield
Upgrade Premier Savings pays 4.81% APY in any statement cycle during which you maintain a balance of $1,000 or more. The interest rate applies to the whole balance, not just the portion above $1,000.
If your balance drops below $1,000 in a statement cycle, you earn no interest on the entire balance for the period. So it’s critical to keep at least $1,000 in your account at all times.
Account Fees & Minimums
This account has no monthly or annual maintenance fees. There’s no minimum to open and fund an account either. But because you earn no interest if your balance drops below $1,000, that’s the effective minimum balance.
Transfer Limits
Upgrade sets inbound and outbound transfer limits on all Premier Savings accounts. The actual limits vary by customer and may depend on your creditworthiness — Upgrade doesn’t explain how they’re set. But they always fall within these ranges:
Between two and seven inbound transfers during any seven-day period
Between $2,000 and $15,000 in total inbound transfer dollar value during any seven-day period, regardless of the number of transfers
Between $2,000 and $15,000 in total outbound transfer dollar value during any seven-day period
There’s no limit on the number of outbound transfers you can make as long as you don’t exceed your allotted dollar value during any seven-day period.
Ownership Type
Upgrade allows only individual account holders. You can’t open a Premier Savings account jointly with a spouse, domestic partner, or anyone else.
Mobile Features
Upgrade has a robust mobile app and mobile banking dashboard that can do anything the regular online dashboard can. However, the Premier Savings account lacks some mobile-friendly features common in other online bank accounts, such as mobile check deposit and person-to-person transfers.
Deposit Insurance
Upgrade Premier Savings offers FDIC insurance through its banking partner, Cross River Bank. Insurance covers balances up to $250,000.
Pros & Cons
Upgrade Premier Savings has some clear advantages and disadvantages. The upsides include no maintenance fees and an excellent yield, while the downsides include a minimum balance to earn interest and limited options to access your funds.
Excellent yield
No minimum balance to open
No maintenance fees
Minimum balance required to earn interest
No ATM card or mobile check deposit
Transfer limits may affect usability
Pros
Upgrade Premier Savings offers one of the best yields in the business and has no maintenance fees or minimums. It’s part of a much larger universe of Upgrade financial products too.
Industry-leading yield. This account’s yield (currently 4.81% APY when you keep a balance of $1,000 or more) is better than the vast majority of competing savings accounts.
No minimum balance to open. You can open this account with any amount of money, though keep the minimum interest-earning balance in mind.
No maintenance fees. Upgrade charges no monthly or annual maintenance fees on this account.
Easy to manage online. Upgrade Premier Savings is a straightforward savings account that’s easy to manage online with the Upgrade online dashboard or mobile app.
Links with a suite of other financial accounts and products from Upgrade. Premier Savings isn’t the main attraction at Upgrade. It got its start as a personal loan and credit line provider and now offers a slew of credit cards alongside those products. It has a generous rewards checking account as well.
Cons
Upgrade Premier Savings falls short on its minimum balance to earn interest, limited withdrawal and deposit options, and money transfer limits.
$1,000 minimum balance to earn interest. You need to keep at least $1,000 in your account to earn interest. If your balance falls below that threshold, you earn no interest for the entire statement period.
No ATM card or mobile check deposit. Electronic transfer is the only way to deposit or withdraw funds into or out of your Upgrade Premier Savings account. This might not be a deal-breaker, but it would be nice to have a mobile check deposit option at least.
Transfer limits could impact your ability to move money. Upgrade’s inbound and outbound transfer limits probably won’t affect your day-to-day money management, but they could come into play if you need to move a lot of money at once — for example, to make a down payment on a new house.
How the Upgrade Premier Savings Account Stacks Up
Before you apply for the Upgrade Premier Savings account, see how it compares to another popular option with a two-tiered interest rate: the Platinum Savings account from CIT Bank.
Upgrade Premier Savings
CIT Bank Platinum Savings
Maximum Yield
4.81% APY
Up to 4.75% APY
Minimum Yield
None
0.25% APY
Minimum Balance
$0
$100
Minimum Interest Balance
$1,000
$5,000
Maintenance Fee
$0
$0
Upgrade Premier Savings has a slightly better maximum yield and a lower balance threshold to earn that yield, so it’s a better fit for most users. CIT Bank Platinum Savings only makes sense if you want to earn at least some interest when your balance is below the high-yield threshold.
Final Word
The Upgrade Premier Savings account is one of the best high-yield savings accounts on the market right now. That’s because it does what you’d expect a high-yield savings account to do: pay an extremely competitive interest rate on eligible balances.
Otherwise, Upgrade Premier Savings isn’t especially notable. And its minimum balance to earn interest is a problem for savers with limited cash. But once you have at least $1,000 to put away, it’s difficult to do better.
The Annual Percentage Yield (“APY”) for the Premier Savings account is variable and may change at any time. There is no minimum balance to open your account, but you will only earn the APY on days when the closing balance of your Premiere Savings account is or exceeds $1,000. On days where the account closing balance drops below $1,000, the APY will be 0%.
There are no account fees, overdraft fees, or transfer fees associated with Premier Savings accounts.
Upgrade is a financial technology company, not a bank. Premier Savings accounts are provided by Cross River Bank, Member FDIC. Upgrade VISA® Debit Cards issued by Cross River Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc. Personal Loans made by Upgrade’s bank partners. Personal Credit Lines are issued by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. The Upgrade Card is issued by Sutton Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc.
Editorial Note:
The editorial content on this page is not provided by any bank, credit card issuer, airline, or hotel chain, and has not been reviewed, approved, or otherwise endorsed by any of these entities. Opinions expressed here are the author’s alone, not those of the bank, credit card issuer, airline, or hotel chain, and have not been reviewed, approved, or otherwise endorsed by any of these entities.
The Verdict
Our rating
Upgrade Premier Savings Account
The Upgrade Premier Savings account has a higher yield than the vast majority of high-yield savings accounts. If you can clear the $1,000 minimum balance threshold to earn interest and don’t mind adding and withdrawing funds via electronic transfer, it’s a superior online savings account.
@media (max-width: 1200px)
body .ns-buttons.ns-inline .ns-button-icon width: 100%; .ns-inline .ns-button –ns-button-color: #000000;
Brian Martucci writes about credit cards, banking, insurance, travel, and more. When he’s not investigating time- and money-saving strategies for Money Crashers readers, you can find him exploring his favorite trails or sampling a new cuisine. Reach him on Twitter @Brian_Martucci.
Managing your money starts with one essential tool: a reliable checking account. This account isn’t just for your everyday transactions – it’s a safe place for your money, allows you to pay bills easily, and gives you a clear record of payments.
While there are many banks out there ready to provide you with a checking account, Bank of America, a Member of FDIC, stands out with its versatile and customer-friendly options. This guide will walk you through the steps to open a Bank of America checking account, exploring the Advantage Banking account options along the way.
Requirements for Opening a Bank of America Checking Account
Before exploring the various checking account options available, it’s essential to gather the required information to begin the account opening process. Similar to other banks, Bank of America mandates specific personal details for setting up your account.
Basic Information Needed for Opening the Account
The basic details you’ll need to provide include:
Your current residential address
Social Security number
Email address
An existing checking account number, if applicable
Same set of information for any co-account holder, if any
Validating Your Identity: Primary ID Requirements
Additionally, you’ll need to validate your identity with two forms of ID. Your primary ID can be one of the following:
Driver’s license
State-issued ID with photo
U.S. passport
Military ID with photo
Bank of America-branded debit or credit card with photo
Secondary ID Requirements
For your secondary ID, you’ll need something that affirms your primary identification. These can include:
Credit card issued by a different financial institution
Retail credit card from a national department store or retail company
Debit card with a Visa or Mastercard logo from another financial institution
U.S. college or university ID
U.S. Student ID card from a local high school
U.S.-issued employment or work ID card or badge
Choosing the Right Bank of America Checking Account
When deciding which Bank of America checking account best suits your financial needs, the bank provides three primary offerings under their Advantage Banking portfolio. Each account is designed to serve a different type of user based on their unique needs and financial behaviors.
Bank of America Advantage Plus Banking®
Ideal for individuals, especially students, the Bank of America Advantage Plus Banking® account is a suitable option for those who require a low minimum balance. This account demands a minimum opening deposit of $100 and a monthly maintenance fee of $12.
However, the monthly service fee can be waived for account holders under certain conditions. You must be under 25, have a qualifying direct deposit of $250, maintain a minimum daily balance of $1,500, or be enrolled in Preferred Rewards.
Account holders have the convenience of paying through a debit chip card, Zelle®, a digital wallet, and also paper checks if they choose to purchase them.
Bank of America Advantage Relationship Banking®
The Bank of America Advantage Relationship Banking® account is specifically designed for individuals who maintain high balances in their accounts. Account holders have the potential to earn interest based on their balance. They also enjoy several benefits, including waived monthly maintenance fees and free incoming domestic wires.
Additionally, they can open extra checking or savings accounts without any monthly fees. However, without maintaining a combined balance of $10,000 across all Bank of America accounts or being a member of the Preferred Rewards program, a monthly service fee of $25 is charged. Payment options include a debit chip card, Zelle®, a digital wallet, and paper checks, if requested or purchased.
Bank of America Advantage SafeBalance Banking®
The Bank of America Advantage SafeBalance Banking® account is a unique option for those who prefer a “checkless” banking experience, thereby eliminating traditional paper check writing.
A minimum opening deposit of $25 is required, and there’s a monthly service fee of $4.95. However, it can be waived for students under 25 or members of the Preferred Rewards program. The payment methods include a debit chip card, Zelle®, and a digital wallet.
Compare Bank of America to the other best national banks of 2023.
Bottom Line
Bank of America provides a broad spectrum of checking accounts to cater to the diverse needs of their customers. Whether you’re a student looking for low minimal balance requirements, a high-balance holder seeking benefits, or someone who prefers digital transactions over paper checks, Bank of America has an account for you. Always consider your financial habits, lifestyle, and needs when choosing the right checking account.
If you have a disability that affects your daily life, you may qualify for government or private funding programs. Whether you want to make your home more accessible, find decently priced health insurance, or start a business, there are financial resources designed for you.
Note: though people with disabilities earn across the income spectrum, some of the resources on this list are reserved for people with low incomes (or people whose disabilities make it tough to find employment). If you earn above a certain threshold, some suggestions here won’t apply to you. Others are available to all people with disabilities, regardless of income.
Unless noted otherwise, the resources in this article are specific to people who live in the United States.
What’s Ahead:
Housing
Public housing programs
Depending on availability where you live, you can get on the list for low-cost public rental housing through the federal office of Housing and Urban Development (HUD). You apply at the local level through your state agency.
Note that there are income limits based on the median income in your area, and typically a long waiting list.
Rental assistance for private housing
It’s also possible — and maybe less of a wait — to qualify for rental assistance on private housing of your choice. This map directs you to available housing and other financial help in your city and state.
Vouchers for renting or buying
HUD’s housing choice voucher program, otherwise known as Section 8, includes people with disabilities in its voucher-eligible pool. Vouchers give you financial help to pay all or part of the rent.
You can pick the home or apartment where you want to live, unlike with public housing assistance. But you’re responsible for finding the place and filling out the application.
The income requirements are similar to those for public housing. If you earn less than 50% of the median income for your area or county, you’re eligible.
Non-elderly disabled (NED) voucher program
This voucher program is designed for people with disabilities who wouldn’t otherwise qualify for housing assistance.
There are a few different kinds of NED vouchers. Some help you pay for rentals on the private market. Others set aside units in certain Section 8 housing developments for applicants with disabilities.
Buying a home
For people ready to buy, housing choice vouchers can help pay the mortgage and other miscellaneous homeownership costs. Note that this voucher program is for first-time homeowners, and not every public housing agency offers it.
Find your public housing agency here to learn their voucher specifics.
Read more: Home affordability calculator
Home repair
Government loans for rural homeowners
The U.S. Department of Agriculture (USDA) has grants and loans for rural homeowners who want to retrofit or modify a home to make it more accessible. Use their map to check if your neighborhood qualifies as “rural.”
Grants are reserved for elderly homeowners, but loans up to $40,000 are open to all qualified applicants (at 1% interest, which you really can’t beat).
Home repair for veterans
If your disability is connected to your time in the military, you may qualify for a government grant to buy or repair your home.
These grants are substantial — over $100,000 for fiscal year 2022.
Private home repair aid
Rebuilding Together is a volunteer organization that completes home upgrades and repairs at no cost to homeowners with disabilities.
The National Directory of Home Modification and Repair Resources has links to several funding opportunities, including local loans and grants.
To search state-by-state for home repair grant assistance, try the Rehabilitation Engineering Society of North America’s Catalyst Project directory.
Education
Grants, scholarships, and loans
There are diverse financial resources for students with disabilities at the undergraduate, graduate, and professional levels. Many are geared towards certain disabilities, but some are more general.
Read more: Money Under 30’s guide to filling out the FAFSA
Federal student loan discharge
Student loan borrowers with total and permanent disabilities can apply to have their federal loans partially or fully discharged. You’ll need some documentation to confirm your disability. (Note that this program only applies to certain federal loans).
Savings
ABLE accounts
Achieving a Better Life Experience (ABLE) accounts are tax-advantaged savings accounts (meaning you don’t pay taxes on income you earn from them).
Designed to meet disability-related expenses, ABLE accounts are less expensive alternatives to most trust funds. You can contribute up to $16,000 a year.
If your disability onset occurred before you turned 26, you may be eligible to open an ABLE account. And if you’re taking advantage of income-contingent programs like housing vouchers or food stamps, ABLE account savings won’t affect your eligibility.
Health insurance
Medicaid
You may already know about Medicaid, but in case you don’t, this low-cost (sometimes free) government-funded healthcare coverage is available to people with disabilities and low incomes. Each state has slightly different Medicaid requirements.
Medicare
Medicare, while also free or low-cost, isn’t attached to income. Younger people with disabilities qualify for Medicare, and they can work while receiving Medicare.
If you’re eligible, you can have both Medicare and Medicaid (depending on your health care needs, the extra coverage may be worthwhile).
Read more: What to do when you get medical bills you can’t afford
Paying for prescriptions
Once you qualify for Medicare, you’re automatically eligible for a range of pharmaceutical savings programs, including Medicare Extra Help and state-based assistance for certain prescriptions.
Other financial resources for medication access include:
Living expenses
Social Security Disability Insurance
Social Security Disability Insurance (SSDI) has pretty strict requirements. You may qualify if your disability makes you unable to work, if it’s designated as a total (not partial or temporary) disability, and if you’ve previously worked long enough to pay Social Security taxes.
Its benefits include monthly financial assistance, at a higher amount than its sister program Supplemental Security Income (SSI).
Supplemental Security Income (SSI)
SSI monthly benefits are easier to qualify for than SSDI. You don’t need to have paid into Social Security, but your income can’t be above a certain amount.
You can have a part-time or full-time job and stay on SSI through their “work incentives” program. The goal is generally to transition participants off SSI once they’ve saved enough cash, but each case is different.
Read more: Why disability insurance is the most important financial product you didn’t realize you needed
Employment
If you’re entrepreneurially-minded, the Small Business Administration has a list of resources — including grants, loans, and professional networks — designed for business owners with disabilities.
People with blindness or significant disabilities can browse the job boards and make connections at AbilityOne.
For people on SSI or SSDI benefits, the Ticket to Work program gives referrals, training, and other employment assistance.
Summary
If you need some help paying bills, relocating, or meeting a savings goal, there’s likely to be a disability-related program that matches your needs.
And if you’re financially independent, it’s still worthwhile to check out your aid options — public and private resources can keep more money in your pocket for the future.
I earned $200 in less than an hour the other day, without removing any of my clothes. A bank gave me the money (or will, a few months from now) in exchange for opening a business checking account.
Why would a bank or a credit union give away that kind of money? To get people through the doors.
Once you’re there, bank officials hope you’ll take advantage of their other services, making you a loyal and profitable customer. Not to make that $200 sound like a gateway drug, but once a bank has you chances are you’ll be hooked. (Not always, though. More on that later.)
After all, that checking account is probably connected to a debit card. The customer might want a credit card, too. Down the road he might be in the market to finance a car, take out a small-business loan or apply for a mortgage.
If you’ve had just about enough of your current bank’s sneaky fees and indifferent service, this is a golden opportunity: Other banks will pay you to dance with them!
And if you prefer to dance with those what already brung you? Open a new account anyway, for the quick profit and/or to designate a dream. (More on that later, too.)
Getting Started
Naturally the banks don’t want you to open accounts just to get free fundage. Supermarkets don’t want you to buy just the loss leaders, either. But that’s the risk businesses take when they offer incentives. It would be cheaper for banks to offer toasters, the way they did in the old days, but most of us would rather have the cash.
I found one such offer in a “student survival kit” coupon book while attending the University of Washington. You may see posters at the bank you already use, walk by a sign at your local credit union, or even hear a radio or TV ad. Or do it the 21st-century way, by looking for bank promotions online.
Note: Some banks will check your credit report when you open an account, which is “usually a 5-point ding,” according to MSN Money columnist Liz Pulliam Weston, author of “Your Credit Score: How to Improve the 3-Digit Number That Shapes Your Financial Future.”
Each bank has a different set of conditions. You may have to deposit at least $100, or leave the account open for at least six months before your bonus comes through. You could be required to set up direct deposit, or to complete a certain number of transactions in a set time period.
This can be fairly easy to do. For example, the online checking account necessitated making several debit-card purchases. I used the card to buy a few small, cheap and necessary grocery items.
The Academy Award for “Best Gaming of the System” goes to an unknown frugalist posting at TipHero.com. He or she opened a $25 checking account to get a $50 supermarket gift card. Next the bank sweetened the deal: Write four checks and get another $25. So the account holder wrote four $1 checks — for cash.
Suppose you don’t have an extra $100 lying around loose. (Hi there, recent grads with huge student loans!) See if you can borrow from a relative or friend, with a written promise that once the bank makes good you’ll withdraw the original funds. Or just get creative about scraping together a few dollars here and there; for ideas, see my previous GRS column, “Think you can’t afford an emergency fund? Think again!”
Dodging the $1,500 Frisbee
In the past four years I’ve opened four other accounts just to get the bonuses:
A local credit union offered $25, which became the start-up funds for my contribution to my daughter’s no-frills wedding.
An online bank offered $50 to open a checking account
Two national banks that offered $75 and $100 for checking accounts
See a pattern here? The checking account is important to banks because it encourages you to set up direct deposit and online bill-pay.
Be very clear on the terms and conditions before you agree to the account. Is that free checking? Must you keep a minimum balance? Will you have to pay for a box of checks? (Those are cheaper if you buy them from check-printing companies, and cheaper still if you access such a company through a cash-back shopping site such as Mr. Rebates or Fat Wallet. That is, assuming you still write checks.)
Pay attention to that fine print or your bonus could drip right out of the account — and maybe even take some of your hard-earned funds with it. Just ask my boss: J.D. admitted in print to having paid about $1,500 in fees over the years for a simple checking account. (Of course, he did get a free Frisbee.)
“Take advantage of the offer while making sure it isn’t costing you money,” says Todd Sandler, of head of product strategy for ING Direct.
What’s the Catch?
My online bank account is still open but holds less than $20. If the bank nagged me to close it I guess I would. For now, it just sits there.
Money would still be sitting in one of those national-bank accounts if the institution hadn’t decided it would assess fees for accounts with (relatively) low balances. This announcement, incidentally, was on the back of the monthly statement. Sneaky bastards!
A small part of me wanted to keep that account open in case I ever move back to Alaska. But about seven-eighths of me was feeling uber-stressed: I was up to my hairline in deadline and unable to handle one more curveball. The last time that happened I wound up paying for ringtones I didn’t order, so I just closed the account.
Relax: Credit scores typically aren’t affected by bank account closures, according to Weston — unless, of course, the account was closed by the bank because you hung a lot of bad paper.
I closed the credit union account after my daughter’s DIY nuptials, because the closest branch was not convenient for making deposits. Which brings me to my list of potential drawbacks:
Scattered funds. Your money’s all over the map. Suppose you needed a big chunk of cash right away? (Job loss, bail bondsman.) Having to go to four or five different places could be a pain.
Scattered attention. If you haven’t made any recent deposits, it’s easy to ignore the statements. As noted above, you might lose money to newly created monthly fees.
No interest. Incentives tend to be for opening checking accounts, which usually don’t pay interest, or pay much of it, anyway. Not that savings accounts or certificates of deposit are sagging under the weight of interest payments, but you might be able to get a slightly higher percentage at some online banks.
Abandonment issues. Ignore an account long enough and it might be handed over to the state as “abandoned.” (Oh, and the bank gets to take a fee. How nice for it.) Generally it takes at least three years for that to happen, but laws vary; in Texas, for example, the rule is “one or more years.”
Let the Bank Buy the Drinks?
Maybe you’ll use the new financial institution for everyday bill-paying. But you could also designate the account, and its bonus bucks, for a specific goal:
Seed money for your emergency fund.
Vacation savings. Let the bank spring for $200 worth of margaritas on the beach.
College fund. Put in whatever you can during gestation, and add any checks from the delighted new grandparents. Later you can put it in a 529 account or whichever vehicle you choose.
Savings accounts for your kids. Watch for online bank promotions that offer not just bonuses for them, but also referral fees for you.
Snowflaking your debt.
Holiday shopping. That bonus is the start of a cash-only Christmas in 2012. (Hint: Use some of it to build an evergreen gift stash starting with the post-holiday clearance sales.)
Someday fund. Want to pay cash for your next car, or save a down payment for a home of your own? The longest journey begins with a single buck.
If you’re funding a dream, vow to beef up the account even if it’s $5 at a time. I did that, depositing into my credit-union account the proceeds from mystery shopping, manufacturer’s rebates and the occasional Craigslist sale. It wasn’t much — that was a tough couple of years — but as I recall I set aside a few hundred bucks. Every little bit helped, given that the bride was then on disability and the groom got laid off shortly before the wedding.
Of those four extra accounts, two are now closed and the online one might as well be. But the fourth one is not only active, but hopeful. It’s my own big-dreams fund: I call the account “Home” and have been squirreling away any extra money I can.
Note: You will have to pay income tax on the “free” money the bank gave you. But how else could somebody like me make $200 in an hour? Legally, I mean.
So I’ll pay my taxes with a smile, because what’s left is mine to keep. Yours too, if you start saving now. Bonus: You get to keep your clothes on.
How To: Make
Your Money Work for You with Cash-Out Refinance Funds
Whether you just bought a new home or have been an established homeowner for years, chances are you’ve heard of refinancing as a viable option to make your property more affordable. But did you know that you can refinance to tap into the value of your home and gain money to put toward just about anything?
It’s possible
with cash-out refinancing. Let’s take a few minutes to explore just some
of the many opportunities you’ll have with cash-out refinance funds.
What is a
Cash-Out Refinance?
Simply put, a cash-out refinance is when you replace your current mortgage with something bigger and take the difference in a lump sum of cash.
An example: you have a mortgage with a remaining balance of $170,000 and get a new loan of $200,000 with a cash-out refinance. This would leave you with $30,000 in cash to put toward anything you want!
Of course, it’s
important to remember that you’ll still have a mortgage to pay off after
cash-out refinancing. Since you’ll increase your loan amount to include the
cash you’d like to take out, your mortgage payment may be slightly higher;
however, if you’ve already paid down a significant amount of your loan, the
difference in payment may not even be noticeable. The amount of cash you get
from this type of refinancing will also depend on the value of your home, the
lender you do business with and more – so be sure to review your financials and
speak with an advisor to determine whether cash-out refinancing is the right
option for you.
Now that we’ve
covered the basics, it’s time to see some of the best ways you can utilize
cash-out refinance funds as a long-term source of income.
Invest in
another property
Depending on the
amount of cash you get from refinancing, you can invest in a secondary property
that could provide reliable income for years. This could be as simple as owning
a single-unit apartment or more involved with properties like multi-family
homes. Regardless, renting out space is almost never a bad idea if you’re
looking for passive income – and cash-out refinance funds can get you there.
Here’s a couple of ideas with proven success to get you started:
House Hacking: invest in a multi-family
home and live in one of the units, using the passive income generated by your
tenants to pay off your mortgage. Normally this is done at a primary residence,
but the same principle still applies; you can use the cash-out refinance funds
from your primary home to purchase a second rental property as a source of
income. Learn more about the benefits of house hacking here.
The B.R.R.R.R. Method: buy, rehab, rent,
refinance, repeat – a great method for those interested in building wealth with
a more disciplined approach to real estate. If you have the funds available to
you, you may consider buying a home, making renovations, renting it out,
refinancing it when the time is right, and using those refinance funds to do it
all over again. In the right circumstances, the B.R.R.R.R. Method can be a
great source of income that grows with each property purchase. Learn more about it
if you’re interested!
If you do choose
to dedicate your cash-out refinance funds to property investment, be sure to
consider the same things you did when you purchased your first home. Proper
care and a great location will go a long way when your listing is on the market
– and if your investment property checks all the boxes, it’ll offer reliable
monthly income for years.
Consolidate
your debt
Among the most popular uses of cash-out refinance funds is debt consolidation – the act of moving high-interest debt to long-term, low-interest debt to save on interest in the long run. This is a great option for those who may be struggling with credit card debt; with the current credit card interest rate at an average of about 16 percent, it could take years for cardholders with outstanding debt to pay it off. But with a cash-out refinance, you can take a slight increase in your mortgage and do away with those interest costs entirely.
Let’s say you
have a credit card that’s gained a significant amount of debt. Even if you
reliably meet your minimum payment requirement, that debt will continue to rise
based on your interest rate and will result in you taking longer to pay off the
loan. Let’s also say, however, that you did a cash-out refinance that put that
$30,000 from our earlier example right into your pocket; you may be getting a bigger
mortgage by refinancing, but you can use the cash sum to pay off your credit
card debt and prevent years of interest costs – that’s a lot of savings in the
long term.
Of course, this
only works if you’re a disciplined spender and know not to fall back into
credit card debt after paying it off. Speak with a financial advisor
to evaluate your situation and determine whether this would be the right use of
cash-out refinance funds for you.
Purchase collectibles,
antiques or memorabilia
Everyone has
their thing – and for some, it’s buying physical objects at auction for a
significant price. Despite our continuous transition into a digital-focused
culture, many find value in owning props, memorabilia, collectibles, antiques
and more. If you have the cash-out refinance funds to spare, it may not be a
bad idea to put some toward things that may have a higher value in the future.
Here’s an
example: a 2003-2004 LeBron James basketball card sold for
$1.8 million in July 2020. That’s a significant value increase over a span
of about 17 years – and that’s just for a modern trading card!
Here’s another,
more extreme example: just this month (August 2021), a Honus Wagner baseball
card issued sometime between 1909 and 1911 sold
at auction for $6.6 million, making it the most valuable sports card to
date. We can’t all wait 100 years to sell our collectibles, of course, but it’s
important to recognize that these physical things can gain immense value over
time.
So if you’re
looking to put your cash-out refinance funds toward collectibles, always aim to
make a return on your investment and know that it might not happen for a long
time. Make sure you have faith in the collectibles you invest in and most
importantly, do research! Objects related to events that are prominent right
now will likely grow in value over time as demand increases and availability
decreases. And as long as you verify the legitimacy of your collectibles, you’ll
be setting yourself up for a future return on your investment – especially if
you find the right buyer.
Do nothing,
but make money anyway with high-yield savings
If you’re not
sure how to use your cash-out refinance funds, you can deposit them into a
high-yield savings account that will accrue interest over time. Unlike
traditional savings accounts, these include significantly higher rates that
apply not only to your principal balance, but to the interest your account
earns as well. And depending on how often your interest compounds, you’ll earn much
more than a standard savings account by simply letting that money sit in the
bank.
For example, a certificate
of deposit (CD) is ideal for anyone interested in earning high-yield savings
with minimal risks. CDs are federally insured and often remain at the same rate
for the duration of their term. To some a fixed rate may seem unattractive, but
consider this: if you have an excess of cash-out refinance funds, why not put a
small portion of it toward a passive source of income? Even just a few years of
having funds in a CD will result in a noticeable return – even more so if you
work with the right lender and get a good rate.
It’s important to
note that not all high-yield savings accounts offer fixed rates. Depending on
your lender, some may involve more risk with a variable rate that could
fluctuate and change. As with all financial decisions, it would be beneficial
to meet with an advisor to determine if this would be the right investment
opportunity for you.
Wrapping up
At the end of
the day, cash-out refinance funds can be used for almost anything – but if
you’re going to use them, be sure to put them toward something that will
improve your financials, serve as a money-making investment, or both. A few
viable options include:
Investing in secondary/multiple properties
Purchasing collectibles to sell for more at a
later date
Consolidating debt to save on interest
Taking advantage of high-yield savings accounts,
and
Renovating your home to increase its future
value
As long as
you’re in a good position to refinance, cashing out on part of your home’s
equity can be a great move to build long-term wealth. If cash-out refinancing
sounds right for you, contact a
Total Mortgage loan officer and get started today.
New Hampshire is rich in culture and history, but it’s also packed with businesses and families. Finding the right bank can be essential to achieving your financial goals. Whether you’re setting up a new checking account or considering changing banks, there are a few things to consider.
10 Best Banks in New Hampshire
New Hampshire is packed with great banks, each with its own benefits. Your first priority should be verifying that a bank is insured by the Federal Deposit Insurance Corporation. Once you’ve checked that box, you can look for features like the minimum balance required for free checking or competitive rates on savings accounts and auto loans. Below are some of the top banks in New Hampshire.
1. TD Bank
TD Bank is one of the biggest national banks with branch locations in New Hampshire. You’ll find 1,100 branches and 2,600 ATMs spread across the East Coast, including 58 in New Hampshire. If in-person banking is your priority, TD can compete with even the best local bank, thanks to its extended hours.
One of the standout features of TD Bank is its debit card replacement program. If you lose your card, you can typically get a replacement card at a local branch the next day. Some locations even offer curbside service for picking up your new card.
Pros:
Plenty of branches and ATMs in the service area
$200 bonus for new checking accounts with qualifying direct deposit
Next-day replacement of lost debit card
Cons:
$100 daily balance to waive monthly maintenance fees on checking accounts
Not all states have TD Bank ATMs
Savings accounts have lower-than-average interest rates
2. Chime
Chime is an online banking option with competitive offerings. The checking account comes with no monthly fees or minimum balances, and you’ll get overdraft coverage of up to $200 if you have qualifying direct deposit set up. The savings account offers an interest rate of 2.00% APY, which is lower than some online bank competitors but higher than what you’ll find with many national and local banks.
Like many online-only bank accounts, though, you’ll need to think about access to your bank account while traveling. Chime gives you access to cash at more than 60,000 ATMs across the country, but if you occasionally need to deposit cash, Chime might not be the best bank for you.
Pros:
No minimum balance requirements or monthly fees
Fee-free ATM withdrawals at more than 60,000 ATMs nationwide
SpotMe covers up to $200 in overdrafts
Cons:
No cash deposit options
Lower interest rates on savings accounts than other online banking options
Direct deposit required for maximum benefits
3. GO2bank
Online banks have plenty to offer, particularly if mobile banking is your priority. Like other online banking solutions, GO2bank offers the best deal if you’re on direct deposit. You’ll need qualifying electronic deposits and activity to get the highest level of fee-free overdraft protection.
If you’re looking to build credit, GO2bank offers a secured credit card. There’s no credit check required. You’ll transfer a $100 deposit from your checking account to secure the card and cover your purchases.
Pros:
No monthly maintenance fee
Deposit cash at 90,000+ retailers nationwide
Secured credit card helps you build credit
Cons:
Direct deposit required to waive monthly service fee
Balances above $5,000 in savings accounts don’t earn interest
4. Citizens Bank
With more than 1,000 branch locations across the Northeast, as well as 3,000 ATMs, Citizens Bank is a great option if you’re looking for a New Hampshire bank with locations outside the state. Citizens offers free checking accounts to those who have at least one monthly deposit.
Citizens Bank customers have access to fee-free transactions at ATMs within its network, but if you travel outside the service area, it will cost you. Citizens charges a fee in addition to what you’ll pay the third-party ATM owner.
Pros:
Citizens Virtual Assistant provides access to live tellers at select ATMs
Early access to direct deposit
Free checking account as long as you set up direct deposit
Cons:
Fee-free ATM withdrawals limited to Citizens Bank locations
Rates on savings accounts and CDs are lower than some competitors
5. Holy Rosary Credit Union
While you’re considering local New Hampshire banks, don’t forget credit unions, which come with plenty of perks of their own. Holy Rosary Credit Union is open to anyone who lives, works, attends school, or worships in New Hampshire or York County, Maine.
Like many credit unions, Holy Rosary offers competitive rates on personal loans and mortgages, so having deposit accounts with the bank can help you save money as you make major purchases over the years.
Another feature typically found with membership-limited financial institutions is higher rates on your balance. Holy Rosary lives up to those expectations with its savings accounts and CDs, but money market accounts and IRAs aren’t quite as competitive as those rates.
Pros:
Competitive rates on loans
Access to cash at 30,000+ ATMs nationwide
Great rates on CDs and savings accounts
Cons:
Limited branches
Money market account rates lower than some competitors
6. Bank of America
National banks bring plenty of benefits, including access to cash and branches while traveling. If that’s a priority, Bank of America is one of the largest banks in the country. The impressive app makes activities like mobile check deposit, bill pay, and funds transfers easy.
Another impressive feature is Bank of America’s up to 4.75% annual percentage yield on CDs, which is higher than many traditional banks. Although Bank of America still has an overdraft fee, it dropped from $35 to $10 per transaction last year. You can sign up for Balance Connect overdraft protection, which moves money from your other accounts when you’re overdrawn.
Pros:
Competitive interest rates on CDs
Robust mobile banking services
Preferred Rewards members get rewards and perks
Cons:
Lower interest rates on savings accounts than many competitors
Requirements to waive monthly service fees on savings accounts
7. Bank of New Hampshire
For almost two centuries, the Bank of New Hampshire has served communities that include New Hampshire and Southern Maine. You’ll find 21 branches throughout the service area, along with fee-free access to cash at any Allpoint ATM nationwide.
If you’re looking for that personal banking service experience, you’ll find bank branches throughout the service area. There are several checking account options, including a fee-free option as long as you have at least one qualifying deposit monthly.
Pros:
Monthly maintenance fees on checking waived with direct deposit or at least one mobile check deposit
Fee-free cash access at 55,000 Allpoint ATMs nationwide
Competitive rates on CDs
Cons:
Low interest rates on savings accounts
Bank branches limited to New Hampshire and Southern Maine
Mobile app not as robust as competitors
8. Digital Federal Credit Union
Digital Federal Credit Union serves New Hampshire and Massachusetts, with fee-free access to cash at Co-Op ATMs nationwide. That same network also offers branch access while traveling outside the service area. You’ll just need to look at the branch locator to find one near you.
Membership is limited to those who work for employers and live in communities on the approved list. However, you may qualify if your employer has a presence there, or if you have a family member in the area. Since Digital Federal Credit Union has great financial products and full-featured mobile services, it can serve like online banks do in giving you the best bang for your banking buck.
Pros:
Fee-free checking offers 0.20% APY
Higher rates on savings than most financial institutions
Competitive rates on loans
Cons:
Strict membership requirements
Charges overdraft fees
9. Enterprise Bank
Enterprise Bank is a New Hampshire Bank that’s headquartered in Massachusetts. This local bank offers multiple accounts, including checking accounts with easily waived fees. Enterprise’s Rewards Checking lets you accrue points on your debit purchases.
One downside of Enterprise Bank is its limited ATM service area. If you regularly travel outside New Hampshire and Maine, you’ll want an account that reimburses third-party ATM fees each month. The basic account requires a minimum daily balance of $250 to have up to $5 in monthly ATM fees refunded.
Pros:
Multiple small business banking features
Wealth management services available
Monthly maintenance fee waived with one monthly deposit
Cons:
$50 minimum deposit required to open
Limited service area
10. M&T Bank
A well-known New Hampshire bank, People’s United Bank, joined the M&T Bank family in 2021, so you’ll find a heavy M&T Bank presence in the state. People’s United Bank migrated all its customer accounts to M&T, which now offers 30 branches in the state. You’ll find multiple checking accounts, including a fee-free option.
Small business owners may want to consider M&T Bank for its robust business offerings. Business credit cards come with rewards for purchases, and entrepreneurs will find a variety of loan options and cash management services.
Pros:
Competitive rates on CDs
Rewards-earning personal and business credit cards
Wide range of business banking services
Cons:
Limited ATM service area
Lower interest rates on savings accounts than other online banking options
Fee-free overdraft protection only available to higher-tier accounts
What to Look for in a New Hampshire Bank
When it comes to personal finance, individual needs vary. You might need conveniences like online bill pay and mobile check deposit, for instance, while someone else prefers access to physical locations for that personalized banking experience. It’s likely your ideal bank operates in New Hampshire, but first, you need to identify what matters most to you.
Access to Funds
Despite the conveniences of managing your account online, online-only banks can fall short. Your best local bank, for instance, may make it easy to withdraw and deposit cash while you’re in town.
But what about when you travel? No matter which bank you choose, it’s important to make sure you’ll be able to withdraw cash and get help when you’re away from home. Some local and online banks offer nationwide access through partnerships with ATM networks or co-ops.
Other Accounts Available
If you prefer a full-service banking solution, pay attention to other accounts the bank offers. Someday you might open a small business, for example, and having a bank that offers solutions for that can help.
But even more important are the savings vehicles a bank offers. A bank that offers competitive rates on money market accounts and retirement accounts could be a better option than one that cuts fees but has low rates.
Finding a great bank in New Hampshire doesn’t have to be challenging. Pay attention to the amenities and fees charged by each bank and narrow down the options to those that will best meet your needs.