Despite the ongoing pandemic, it’s turning out to be a very good time for companies to go public, especially mortgage lenders, which are seeing record volumes thanks to über-low mortgage rates.
The latest announcement comes from United Wholesale Mortgage, the largest wholesale mortgage lender in the country that works exclusively with mortgage brokers.
While they don’t offer home loans directly to the public, they still managed to crack the top-3 in terms of overall loan volume thanks to their legion of broker partners, who are client-facing.
United Wholesale Mortgage IPO
Going public via a special purpose acquisition company (SPAC) transaction
Will merge with Gores Holdings IV, sponsored by The Gores Group
Combined company expected to have equity value worth $16.1 billion at closing
Deal expected to close at some point in the fourth quarter of 2020
As opposed to a traditional initial public offering (IPO), the Pontiac, Michigan-based company is becoming a public company via a special purpose acquisition company (SPAC) transaction.
It will merge with already-public blank check company Gores Holdings IV, Inc., which is an affiliate of The Gores Group.
The deal is expected to close sometime in the fourth quarter of 2020, which is kind of fast-tracked to take advantage of the buzz in the mortgage space at the moment.
It’s the largest SPAC in history with a value of $16.1 billion, which is nearly 10x the company’s estimated 2021 adjusted net income of roughly $1.7 billion.
Like Rocket Companies Inc., parent of Quicken Loans, UWM appears to be cashing in on their hard work at an ideal time.
With mortgage rates breaking new records time and time again in 2020, homeowners are refinancing their mortgages in droves.
At the same time, home buying is also white-hot thanks to a lack of inventory and those low mortgage rates.
The result is fat profits for mortgage lenders, which makes these once-private companies look very attractive once they open their books.
Does a Mortgage Lender Make for a Good Stock Pick?
The big question mark is if they’ll be able to sustain such record profits if the mortgage biz proves to be cyclical.
For example, what happens when everyone has already refinanced their mortgage to a record low and they rise?
It’ll be difficult for mortgage lenders to continue to pump out new loans if homeowners have little incentive to tweak their existing home loans.
And home purchase lending won’t be able to pick up all that slack.
Conversely, these record low mortgage rates could be just the tip of the iceberg. Time and time again, mortgage rates have defied the odds and drifted lower.
In fact, last month UWM launched its popular Conquest loan program for 15-year fixed mortgages, offering a mortgage rate as low as 1.875%.
While that sounds too good to be true, it shows there’s still room for mortgage rates to go even lower over time.
If that’s the case, these red-hot mortgage lenders could be looking at several years of growth and record volume.
The mortgage market is also highly fragmented, with no one lender commanding a large amount of market share.
If UWM is able to keep growing, their stock might be attractive to investors, though unlike Rocket Companies, which likes to call itself a tech company, they seem to be more singularly focused.
Rocket Pro TPO vs. United Wholesale Mortgage
Speaking of Rocket Mortgage, the company also has a very large and growing wholesale division formerly known as Quicken Loans Mortgage Services (QLMS).
This week, it rebranded as “Rocket Pro TPO” to take advantage of the Rocket brand, which they refer to as “the most recognizable mortgage brand in the country.”
The company has spent billions of dollars to build out a brand-new white-labeled, “broker-branded origination hub” that features all the latest bells and whistles.
This includes e-signature technology and the ability for applicants to directly upload loan documents, along with tools for mortgage brokers.
Such as Guru, a search engine for mortgage origination, and The Answer, a tool powered by Google search that provides solutions to all mortgage questions.
So UWM certainly has its competition cut out for it, despite being the market leader today.
United Wholesale Mortgage has been the #1 wholesale lender in the nation for five years running, and hopes to continue that streak thanks to its own innovate programs like Conquest and Exact Rate.
It should be interesting to see how it all plays out.
Californians looking to buy a house face some of the country’s most expensive real estate prices and wildfires that threaten scores of housing tracts. Now there’s another obstacle: finding an insurer willing to cover their dream home.
State Farm General Insurance Co. said it’s no longer accepting new applications for property and casualty coverage in California last week, a year after Allstate Corp. also paused new policies, worsening what FAIR Plan, a state-mandated insurance pool, called a “looming insurance unavailability crisis.”
“We have a lot of people going naked, which means they have no insurance,” said Bill Dodd, a Democrat state senator representing fire-scarred Napa County and other parts of Northern California. “What my constituents want is insurance.”
The FAIR Plan, which offers minimal coverage and high rates is meant to be a provider of last resort, but enrollments have surged 70% since 2019 to 272,846 homes in 2022.
It’s a blow for the nation’s most populous state, which is already struggling with an exodus of residents, many of whom are escaping the high cost of living.
The Golden State is grappling with a roughly 1 million-unit housing shortfall, in part fueled by rising costs and zoning restrictions that have choked off new construction projects. On top of that, a series of catastrophic wildfires in recent years have increased calls from insurers to weaken the state’s consumer-friendly policies that have held down rates for decades.
Rate Increase
The average homeowners’ policy is $1,300 in California compared to over $2,000 in other states with wildfire risk and $4,000 in hurricane-prone Florida, according to Insurance Information Institute.
But new home buyers could be forced to pay more, regardless of their home’s proximity to wildfire dangers. Before State Farm’s announcement, the company requested a 28% rate hike on homeowners’ insurance, while Allstate has filed for a 39.6% increase.
The insurance crunch is affecting buyers across the state already, even in areas where the wildfire risk is low. In San Francisco, realtors say they have seen deals fall through because would-be buyers couldn’t get insured.
“What we’re hearing is that now, when buyers present an offer on a property we’re not only asking them for pre-approval for a lender, we’re also asking them if they’ve spoken to their insurance agent if they’ll insure the property,” said Joske Thompson, a realtor at Compass Inc. with 40 years experience in the area.
Home insurance is an essential step of purchasing a home. Mortgage lenders generally require proof of insurance before approving the transaction to protect their investment in the property. Without insurance. buyers would be forced to make an all-cash purchase in most cases.
Finding a Compromise
As the state’s insurance woes accelerate, the industry is taking aim at California’s marquee consumer protection law, Proposition 103, a ballot measure voters approved in 1988. The law has saved consumers tens of billions of dollars in reduced insurance rate hikes, according to the state’s insurance regulator.
“In the last six years, we lost 20 years’ worth of underwriting profit, and that was due to the catastrophic wildfires that we’ve faced,” said Janet Ruiz, a spokesperson with the Insurance Information Institute.
Harvey Rosenfield, the author of Prop 103 and founder of the Consumer Watchdog advocacy group, said climate change might require insurance companies to raise rates, but he argued that companies are using wildfire impacts to gouge customers.
“Insurance companies are very opportunistic,” he said. “They have seized on climate change as an excuse to escape from the regulatory protections that voters enacted.”
State lawmakers and industry representatives must find a compromise that would keep the insurance market viable while protecting consumers from excessive rate hikes, but that may mean Californians will have to pay more for home insurance in the future, said Dodd.
“You bite the bullet and you move forward,” said Dan Dunmoyer, president of the California Building Industry Association. Without rate increases, more insurers may leave the state, affecting everything from mortgage lending to housing supply, he said.”You have a market that is teetering on collapse.”
Are you a Millennial or Gen-Xer that has contemplated investing but doesn’t know where to begin? Micro-investing apps are a way to get your feet wet and are designed to encourage the younger generation to start investing.
If you are new to or know little about micro-investing, this guide will give you the information you need to get started. It will cover the best micro-investing apps for Millennials and everything you should know about micro-investing including what it is, how it works, and how to choose an app.
What’s Ahead:
Overview of the best micro-investing apps for Millennials
Acorns
This is one of the first and most popular micro-investing apps around. Account portfolios range from conservative to aggressive. This app will recommend portfolios based on your age, the risk you are willing to take, and what age you anticipate you will retire. Acorns takes the hassle out of investing by providing a micro-investing service. With one click, you can get started with any amount and automatically invest it according to your risk tolerance level–no more worrying about saving up money for each separate investment.
And if that’s not enough, Acorns also rewards its customers while shopping at partner stores through their Found Money program; they offer cash back without all the work because you’ll have an extra boost in your portfolio every time you shop online or offline. Acorns makes it easy for anyone to start investing – even kids. You can open accounts on behalf of those under 18 years old and build them up as parents monitor progress from afar via their family plan option.
Acorns has some really fun and interactive educational resources for those who are new to micro-investing, too. No minimum deposit is needed, so you can start investing with just $5. You’ll also get a referral bonus when you refer someone else or find a job offer — Acorns will match your investments up to the first year in which they work there. In other words, it’s free money.
The fees for micro-investing with Acorns are based on the level of account that you sign up for. The monthly fees can be as low as $3 per month or as high as $5 per month. You can choose between Personal and Family account levels:
Personal – $3 per month gives you the benefits from personal services such as a checking account with a debit card and no account fees or ATM fees and the ability to earn up to 10% bonus investments.
Family – $5 a month, and the entire family can invest. You can add any number of kids with no extra fees and access exclusive offers, in addition to the benefits from the Personal account type.
You can sign up for this micro-investing app through their website or by downloading their app on a device that uses iOS or Android operating systems. As with other micro-investing apps, you provide information about yourself, create a username and password, pick the type of account you want to sign up for, fund your account, and begin investing. One drawback of Acorns is that fees can add up for a low-balance account (the relative expense ratio gets smaller as you invest more), and transferring to another provider will cost $50 per ETF.
Learn more about Acorns or read our full review.
Robinhood
Robinhood is a micro-investing app that lets you buy and sell stocks, ETFs, options, and cryptocurrencies with zero trading fees. It’s the best place to start investing online because it’s the only free investment app on the market.
Robinhood was created by a couple of engineers who wanted to make stock trading more accessible for everyone. They had no idea that their little side project would eventually become one of America’s most popular financial apps.
The app is available for iOS or Android devices as well as through a web browser. To sign up for an account, you must be 18, with a valid ID to pass the company’s Know Your Customer (KYC) process. Robinhood also provides $3 – $225 in free stock when you sign up through their mobile app on iOS or Android device or their website.
Robinhood does not offer multiple account types to choose from but doesn’t charge any commission fees. Hence, trades are always at a flat rate of $0 per trade, making it a viable option for newer investors. Note that if you decide to transfer out of Robinhood, you’ll pay $75 – otherwise, there are no fees.
Learn more about Robinhood or read our full review.
Betterment
This app is designed for hands-off Millennial investors. Betterment works similar to other apps, with multiple portfolio options and automatic rebalancing of your portfolio. Betterment is a low-cost, automated investing service that takes care of everything for you. You can invest with as little as $25 and get the help of a financial advisor when you want it. It’s a robo-advisor that offers many different types of investments including index funds and exchange traded funds (ETFs) so your money will be diversified across multiple asset classes to reduce risk.
Betterment was founded in 2008 by Jon Stein who wanted to make investing easy and accessible for everyone. He created an automated system where users could set up their account, choose what type of portfolio they wanted, and then let Betterment take care of the rest – automatically rebalancing every day to keep things evened out.
There are two types of Betterment accounts:
Betterment Digital – 0.25% annually of assets managed featuring no minimum requirements, with the option to purchase a financial advisor package. You receive free automatic rebalancing of your portfolio when it drifts 3% or higher.
Betterment Premium – 0.40% annually of assets managed, and you must maintain a balance of $100,000. In addition to Betterment Digital features, you receive unlimited access to certified financial planners by phone or email.
You can purchase a consultation with financial advisors with packages ranging from $199 to $299 for individuals with a Betterment Premium account.
Betterment makes it easy to get started with your investing. Signing up is quick and accessible through the mobile app or web-based browser, you can link an account for deposits via bank transfer, wire transfers are also available but not recommended due to fees (for example $25 on top of any other charges).
Once signed up Betterment will set up a portfolio that reflects your goals based on questions asked when signing in such as what level of risk do I want? Based on these responses they’ll design a personalized investment plan just for you.
Learn more about Betterment or read our full review.
Twine
This micro-investing app allows you to invest and reach financial goals with a spouse, partner, or friend. Unlike other micro-investing apps, the focus is placed on low-cost ETFs instead of micro shares. Funding your account is done through recurring or one-time deposits, and you need $100 in your account to begin investing, though you can start an investment account with $5.
Twine was founded with the mission of making small, smart investments in people’s futures. They’re a micro-investing company that allows you to set up financial goals and an expected timeframe for these goals so they can reach them quicker than if it were on your own.
To do this, Twine has created three portfolio types: conservative, aggressive and moderate; which are designed specifically based on how much money is needed when investing as well as what time frame someone needs their goal met by.
There are two ways to get started: one being merely setting up a user account online or through an iPhone app (iOS). You can also invite another person to invest alongside you via email invitation – meaning not only will both of your funds grow together but Twine will help you reach your goals faster.
Twine micro-investment accounts are charged either $0.25 per month for every $500 invested or 0.60% annually with no minimum.
The process of signing up is similar to other apps. You provide your information, set a financial goal, invite someone else to invest with you, and begin funding and investing while monitoring your progress along the way.
On the downside, the mobile app is only for iOS operating systems only. It is more costly than other micro-investing apps and lacks the features that most of these apps offer, such as funding options and the option of fractional shares.
Learn more about Twine or read our full review.
Stash
Stash makes it easy and affordable for anyone to utilize and open an account. With Stash, you have more freedom and flexibility than other micro-investing apps.
Stash lets you invest in as little or much as you want and pick the companies, organizations, or causes that you trust. As your holdings grow, so does your potential to invest in what you believe in.
Stash eliminates any fees, commissions, or transaction charges–and they’re always working on adding more stocks to their portfolio for even more possibilities. With the new Stock-Back debit card featuring rewards in stocks opposed to store credit points (which can be converted into cash), it’s just a smarter way to use money every day.
There are two tiers of accounts with Stash:
Stash Growth – $3 a month gives you access to the benefits of Stash Beginner plus Smart portfolio and additional personal features. Smart Portfolio is a Stash feature that builds a custom portfolio for you based on research and risk level.
Stash+ – $9 a month allows you to enjoy the benefits of Stash Growth with bonuses. You can open accounts for your kids (max two kids), receive $10,000 in life insurance, and access additional and exclusive Stock-Back card bonuses.
There are three options you can choose from to add money to your Stash account.
Set recurring deposits to your Stash account.
Round-up purchases are made with your linked debit card, and the difference is invested.
Smart-Stash is a feature where your spending and earnings are analyzed, and money is stashed based on this information. You can then set transfer amounts to $5, $10, or $25 max.
The signup process is easy and straight-forward. You answer a few questions, pick a plan, add money to your account, sign up for the banking services offered to receive the Stock-Back debit card, and begin investing. You have the option to create and track your goals using the Stash app.
One minor drawback is the fees, as with any micro-investing app, are the biggest drawback of Stash. The subscription fees per month can add up if you have a low balance. The annual average expense ratio is roughly .25%.
Learn more about Stash or read our full review.
Public
This is a micro-investing app that incorporates the use of the social networking community with investing. It uses social networking as the basis for swapping strategies and learning from others.
Public is the easiest way to invest. You can invest in stocks, ETFs, and crypto-all in one place with any company and get their take on new money, wrapping up your earnings neatly at monthly intervals so that you don’t have to worry about throwing away all of your cash on material things.
It’s like an investment buffet where all of your favorite individual stocks are united in one easy-to-manage account with no minimum balance requirements and commission fees. All you need is a slice of Public, some greasy fries (tip not included), and the best TV binge ever.
You only pay fees when purchasing shares. There are no membership levels, no account fees, and you can begin using your account when you sign up.
The signup process is easy and convenient. You can sign up through the mobile app available from the Apple Store or Google Play Store.
The biggest drawback of the app is the risk of following advice from strangers about strategy and investing.
Learn more about Public or read our full review.
SoFi Invest
No account minimum and you can start investing with $1? Sign me up!
SoFi (social finance) is a financial planning company formed in 2011 and offers various products, including micro-investing. SoFi allows you to trade online through their app when you want and what you want. This micro-investing app is designed for Millennials looking for a lot of perks.
SoFi Invest is perfect for newbies who want to be hands off without sacrificing returns. You’ll still have plenty of options though – if you’re more adventurous and want control, go ahead and customize how your fund performs by adjusting frequency, risk tolerance, investment view, holdings duration, and cash flow strategy.
With this money-saving feature the only thing that will cost you is an ACAT transfer fee when transferring outside funds into your share class account through an ACH bank-to-bank or wire payment method – seriously easy stuff for any price-sensitive investor out there.
There are no account or asset management fees, and you do not need a minimum account balance to get started.
There are two options for signing up with SoFi Investing:
SoFi Active Investing – Allows you to control what you invest in based on your preferences, including the risk level you are comfortable with. You have access to a community of micro investors like yourself, certified financial planners, and other valuable resources at no cost.
SoFi Automated Investing – This is a more hands-off approach allowing you to use an automated platform to build and manage your portfolio. You receive the same perks offered with SoFi Active without investing time in researching and managing your portfolio.
You can sign up for SoFi Investing using a desktop or their mobile app. You will be asked for basic information. The signup process, including creating your account and scheduling a deposit, takes about 2-5 minutes to complete. It takes 1-2 business days for funds from your deposit to post to your account after your account is approved.
On the downside, SoFi does not offer tax-loss harvesting, and it has a limited track record compared to other micro-investing providers.
Learn more about SoFi Invest or read our full review.
Stockpile
This is a micro-investing app designed for young beginner investors who need something simple to get started with investing. You can access this app through a web-based browser or a device using iOS or Android operating systems.
Stock options can be complicated, but Stockpile makes it easy. With their fractional shares, you’ll have an easier time growing your investment portfolio and don’t have to worry about commissions.
It’s a great option for kids who want to get started early with their own investing or do so on behalf of others as well. When you’re ready to buy the gift that every investor loves, they offer physical stocks in addition to gift cards plus support from their customer service team if you need any assistance along the way.
There are different ways to fund a Stockpile account, link your bank account, and redeem a gift card. You can connect your checking account to move money in and out of your Stockpile account free of charge or use your debit card for a 1.5% convenience fee. If you use your debit card to fund your account, it is done instantly. Using your checking account takes 3-5 business days.
Gift cards cost $2.99 for the first stock. Additional stocks are $.99 each. Purchasing gift cards with credit or debit have an additional fee of 3% of the gift card’s value. Physical plastic cards cost an additional fee ranging from $4.95 – $7.95, depending on the card’s value.
The cost to trade on Stockpile is $0.99 per buying/selling trade. There are no annual or account management fees associated with the account.
The process for opening a Stockpile micro-investing brokerage account is simple. You create an account by providing basic information, fund your account, and begin choosing from the available stocks and ETFs.
Despite the user-friendly interface and simplicity of this app, there are drawbacks. This includes limited account and investment options and minimal tools available to analyze and research stocks.
Learn more about Stockpile.
Summary of the best micro-investing apps for Millennials
App
Minimum to start
Unique features
Acorns
$0
Family plan includes a checking account, retirement account, and custodial accounts for children
Robinhood
$0
Invest in cryptocurrency
Betterment
$0
Tax-loss harvesting
Twine
$0
Shared savings and investment goals for couples
Stash
$0
Get “stock-back” on debit card purchases
Public
$0
Follow and engage with others a la social media, only with investments
SoFi Invest
$0
Ability to connect with Certified Financial Planners
Stockpile
$0
Buy stocks with any dollar amount
How we came up with our list of the best micro-investing apps for Millennials
When we were looking for apps to include on this list, there were a few things we wanted to focus on. Before you decide on an app, you need to compare different brokerages and what they have to offer. That said, we looked at apps that had strong reviews, were easy to navigate, and most of all, had little to no fees, including:
Withdrawal fees.
Cancellation fees.
Transaction or investment fees.
Account opening fees.
Monthly or annual fees.
Expense ratio fees.
You want to make sure that you know the actual cost of micro-investing apps and how fees are charged. This includes a flat rate or percentage of transactions.
What is a micro-investing app?
Micro-investing is a way to invest without needing a lot of money to get started. These apps are designed to get the younger generation involved with investing and overcome barriers that prevent Millennials from investing. The funds placed in these accounts are used to invest in fractional shares or ETFs.
Depending on the micro-investing app you select, you can link your debit card and have purchases that you make with the card rounded up to the next dollar then deposited into your account. You can also have automatic transfers of a specific amount placed in the account. A few apps will monitor and analyze your spending and earnings and set money aside that can be transferred to your account to purchase micro shares of ETFs or fractional shares of stock.
Why should you use a micro-investing app?
Micro-investing is a new platform when it comes to investing. However, it is gaining popularity among Millennials that don’t have a lot of money to invest. The main feature of this type of platform can invest micro amounts of cash. Other features are considered bonuses.
Here are other benefits of micro-investing:
Automated process including rebalancing portfolio and transfers of funds to a portfolio account.
Minimal management fees.
No minimum requirements to begin investing.
Some providers have an option for purchasing fractional shares.
Most apps allow you to manage your account from an iOS or Android device.
Why shouldn’t you use a micro-investing app?
If you’re a more advanced investor and you want more control over the individual stocks you invest in, a micro-investing app may not be the right option for you. Micro-investing apps are designed to make investing easy and accessible to newer investors (or investors who don’t want to deal with the hassle). That often comes at the cost of lacking some features more advanced investors would enjoy – like stock charts and the ability to do intense analysis.
Most important features of a micro-investing app
When you’re looking for an excellent micro-investing app, there a few key features you need to be aware of:
Good reviews
The first thing you’ll notice when you download the app is the number of customer reviews and how well the app is rated. It helps to look through what other customers are saying about the app before you decide on one. For example, some apps get buggy with new versions or newer phones.
Clean interface
The last thing you want when you’re trying to simplify your investing experience is a cluttered interface that makes investing confusing. Look at the screenshots of the app. Download it to play around with it. Watch videos of it on YouTube. Get a sense as to whether it will be easy for you to use before deciding.
Little to no cost
Most micro-investing apps make their money in ways that aren’t hitting you. Meaning, they might not pay an interest rate on your balance (and instead take that for themselves), or they might collect interchange fees when you use your debit card. Either way, micro-investing apps shouldn’t cost you an arm and a leg, so be sure to understand the pricing structure before you sign up.
If you reside in the Pacific Northwest, you might wonder who the top mortgage lenders in Washington State are.
Yes, I’m referring to the state of Washington, not the nation’s capital, the District of Columbia.
Last year, the Evergreen State accounted for about 4% of all home loans, per HMDA data for 2021.
This made it one of the more active of the 50 states, only bettered by the likes of California, Florida, New York, Texas.
As to which company did the most home loan lending in the state, it was none other than nonbank Caliber Home Loans.
Top Mortgage Lenders in Washington State (Overall)
Ranking
Company Name
2021 Loan Volume
1.
Caliber Home Loans
$12.2 billion
2.
Rocket Mortgage
$11.8 billion
3.
Wells Fargo
$8.3 billion
4.
Chase
$8.0 billion
5.
Fairway Independent
$7.1 billion
6.
loanDepot
$6.8 billion
7.
UWM
$6.3 billion
8.
BECU
$5.2 billion
9.
Guild Mortgage
$4.9 billion
10.
KeyBank
$4.9 billion
Caliber Home Loans seems like an unlikely candidate, but still managed to beat out of the rest of competition, even Rocket Mortgage.
The Texas-based mortgage lender funded $12.2 billion in the state of Washington last year, according to HMDA data from Richey May.
This was enough to take out the nation’s number one mortgage lender, Rocket Mortgage, which managed only $11.8 billion.
Coming in third place was San Francisco-based depository Wells Fargo with $8.3 billion in home loan volume.
JP Morgan Chase came in fourth with $8.0, while nonbank Fairway Independent Mortgage grabbed the fifth spot with $7.1 billion.
Others that landed in the top-10 included loanDepot, United Wholesale Mortgage, Boeing Employees Credit Union, Guild Mortgage, and KeyBank.
So just one of the top 10 lenders in Washington is actually based in the state, none other than Boeing Employees Credit Union, or BECU for short.
Bellevue-based Evergreen Home Loans managed to land in the top-20, while Umpqua Bank nearly cracked the top-10 list.
Top Mortgage Lenders in Washington State (for Home Purchases)
Ranking
Company Name
2021 Loan Volume
1.
Caliber Home Loans
$6.1 billion
2.
Fairway Independent
$4.0 billion
3.
Wells Fargo
$3.9 billion
4.
Chase
$3.3 billion
5.
KeyBank
$2.5 billion
6.
Guild Mortgage
$2.2 billion
7.
UWM
$2.2 billion
8.
Rocket Mortgage
$2.0 billion
9.
U.S. Bank
$1.9 billion
10.
Homebridge
$1.9 billion
Now let’s fine-tune the list to only consider home purchase loans, as opposed to both purchase loans and refinances.
This list focuses on mortgages for home buyers instead of existing homeowners. As such, it looks quite a bit different.
Caliber Home Loans still led the way with a strong $6.1 billion in loan origination volume, but Rocket Mortgage fell to 8th place.
In second was Fairway Independent Mortgage with $4.0 billion in home purchase loans, followed by Wells Fargo with $3.9 billion.
Chase and KeyBank took the fourth and fifth spots with $3.3 billion and $2.5 billion, respectively.
The rest of best included Guild Mortgage, UWM, U.S. Bank, Homebridge Financial Services.
Top Refinance Lenders in Washington State (for Existing Homeowners)
Ranking
Company Name
2021 Loan Volume
1.
Rocket Mortgage
$9.7 billion
2.
Caliber Home Loans
$6.1 billion
3.
loanDepot
$5.1 billion
4.
Chase
$4.6 billion
5.
Wells Fargo
$4.2 billion
6.
UWM
$4.1 billion
7.
BECU
$3.5 billion
8.
Pennymac
$3.4 billion
9.
Freedom Mortgage
$3.4 billion
10.
Fairway Independent
$3.1 billion
We discussed who the top home purchase lenders were, now let’s look at the refinance leaders.
These companies had a strong focus on existing homeowners, helping them snag a lower interest rate via a rate and term refinance.
Or pull equity out of their properties via a cash out refinance.
This is where Rocket Mortgage tends to shine, taking the top spot easily with $9.7 billion in refinance volume in the state.
Caliber Home Loans trailed the company by a wide margin with $6.1 billion in refis, followed by loanDepot with $5.1 billion.
Chase and Wells Fargo once again made the list, in the fourth and fifth positions with $4.6 and $4.2 billion, respectively.
The bottom half of the top-10 included UWM, BECU, Pennymac, Freedom Mortgage, and Fairway Independent Mortgage.
No big surprises here as the list consisted of many of the same names from above.
The only newcomer other than Freedom was Pennymac, which is typically acts a correspondent lender as opposed to a retail, consumer-facing one.
Top Mortgage Lenders in Seattle
Ranking
Company Name
2021 Loan Volume
1.
Caliber Home Loans
$7.5 billion
2.
Rocket Mortgage
$6.0 billion
3.
Chase
$5.7 billion
4.
Wells Fargo
$5.5 billion
5.
loanDepot
$4.8 billion
6.
KeyBank
$3.9 billion
7.
BECU
$3.6 billion
8.
Fairway Independent
$3.6 billion
9.
UWM
$3.2 billion
10.
Bank of America
$2.9 billion
Top Mortgage Lenders in Spokane
Ranking
Company Name
2021 Loan Volume
1.
Spokane Teachers CU
$722 million
2.
Rocket Mortgage
$700 million
3.
UWM
$399 million
4.
Numerica CU
$377 million
5.
Washington Trust Bank
$333 million
6.
Wells Fargo
$317 million
7.
Caliber Home Loans
$265 million
8.
Freedom Mortgage
$254 million
9.
Pennymac
$231 million
10.
U.S. Bank
$223 million
Should You Use One of the Largest Mortgage Lenders in Washington State?
The answer to this question will depend on your personality type. Are you only comfortable working with a big, household name?
Or do you prefer the more boutique-feel of a local credit union or mortgage broker?
It also may depend whether your transaction is a home purchase or a mortgage refinance.
Either way, put in the time to do your due diligence and investigate the company you plan to work with.
Ensure they offer quality service, are competent (can actually fund your loan), and have competitive pricing when it comes to closing costs and mortgage rates.
And even if you’re set on one lender, take the time to gather one or two more quotes to see how they stack up.
The mortgage will likely stay with you for some time, so getting the pricing piece right should be paramount.
Current is a digital banking app designed to simplify banking in the modern world. It also includes features for teens and young adults that can help them learn to manage money.
So, how does Current work and what does it cost? We’ll answer all of these questions and more in the Current review below.
What is Current?
Current is not a bank. It’s different from other financial institutions in that it’s a financial technology with a mission to help people make smart decisions about money.
It comes with several perks, like faster paycheck access, savings pods, spending insights, and cash back rewards. Best of all, there are no minimum balance requirements or overdraft fees.
Founded in June 2015 by Stuart Sopp, Current has raised over $400M and landed big name partners and investors, including Mr. Beast, the well-known YouTube star.
Its banking services are provided by Choice Financial Group and Metropolitan Commercial Bank, Members FDIC. In addition, the Current Visa Debit Card is issued by Choice Financial Group and Metropolitan Commercial Bank.
To date, there are about 4 million Current users. Current accounts are currently mobile only as there is no desktop account access or in-person branch network. You can download the Current app on your Android or iOS advice.
Current Features
Current offers several account features that you might find useful, including:
Faster Paycheck Access
Sometimes, you can’t wait until payday and need your hard earned money sooner. That’s where Current’s paycheck access comes in. It will deposit the funds from your paycheck up to two days faster than the typical direct deposit.
Current is unique in that it disregards the date your employer intends to release your paycheck funds. Instead, it works like a prepaid debit card and credits your account immediately after receiving it.
Gas Hold Feature
There’s no denying that the price of gas has skyrocketed. As a result, many gas stations have begun placing holds on the cards of customers. For example, a gas station might place a $100 hold on your card, even if you only purchase $50 worth of gas.
This will ensure you’ll have enough funds to cover the total cost. It can take anywhere from a few hours to a few days for the gas station to release the hold. Current will remove the hold right away so that the funds are readily available to you and you don’t have to wait.
Teen Banking
Current offers a teen account that enables parental supervision and strives to educate teens about proper money management. Its parental features include cashless convenience, instant transfers to teen cards, purchase notifications, and the ability to block specific merchants.
Parents can also use Current’s teen account to set spending limits and chores as well as automate allowance payments. In addition, multiple family members may add funds as they wish.
Savings Pods
With Current’s savings pods, you can meet various saving goals. Here’s how it works: You name a savings pod and deposit money into it from your account or qualifying direct deposit.
You can also add money through the round up feature where you round up to the nearest dollar from any debit card purchases you make.
At the time this article was written, Current offers 4% APY on $6,000. To take advantage of the interest feature, transfer money from your spending balance to your savings pods.
Note that the type of membership you have will determine how many savings pods you can open. If you’re a basic customer, you’re limited to one pod whereas premium customers get up to three pods.
Cash Back Rewards
Current members can reap the benefits of a generous rewards program. As a member, you can earn up to 15x points on purchases you make at over 14,000 retailers. These retailers include Rite Aid, Cold Stone Creamery, Rite Aid, Subway, Forever 21, Burger King, and others that are listed in the Points tab in the Current app.
You may redeem these points for cash back in your Current account. You’ll receive the points right after you make a qualifying purchase and can redeem 100 points per dollar.
According to Current, its members have the potential to earn $165 cash back per year by simply using their card at participating gas stations. Keep in mind that Premium customers have the potential to earn more points and cash back than Basic customers.
Instant Cash Deposit
Current lets you easily deposit cash into your account. You may instantly add cash at over 60,000 at convenient places like local grocery and convenience stores, including Walmart and CVS. This is a huge selling point.
To deposit cash with Current, find a nearby cash deposit location, tap “view barcode” from the map, show the barcode to a cashier, and give them the funds. You can add up to $500 per transaction or up to $1,000 per day and $10,000 per month. The money will show up in your Current bank account immediately.
Overdraft Protection
The app does more than eliminate overdraft fees. If you overdraft your account by accident, you’ll get a free pass. The Overdrive feature offers a fee-free overdraft of up to $200 on in-store and online purchases.
To qualify for it, you must be 18 years or older and receive $500 or more in eligible direct deposits each 30-day period. A qualifying deposit can be an ACH transfer from your employer, payroll company, or Social Security. Unfortunately, mobile check deposits and peer-to-peer transfers don’t count.
Cryptocurrency
With Current, you can buy and sell cryptocurrency from the same app. Fortunately, you don’t have to worry about any trading fees or wait days for your trade to settle. You can purchase 27 popular coins, like Bitcoin, Dogecoin, Ethereum, and Shiba Inu. Once you sell a coin, you’ll notice the cash in your Current account immediately.
Money Management
Current’s money management tools can come in handy if you’re looking for a way to take control of your personal finance and make the most out of your money. The Spending Insights feature, for example, is available on your home screen.
It lists your recent purchases and assigns them a spending category so you can easily see where your cash is going. You may also sign up for real-time notifications that will appear any time you make a debit card purchase.
While the Spending Insights feature is designed to help you track your spending, the Budgets tool if your goal is to prevent overspending. You can create budgets for various categories. As you approach your budget or spending limit on an account ownership category, you can receive updates and make changes accordingly.
Current Pay
Current Pay works a lot like Apple Pay, Venmo, Zelle, and PayPal. If you know others that use the app, you can pay and request money from them instantly. Best of all, the process is easy and doesn’t involve any fees.
Does Current Have Transaction Limits?
Despite all of Current’s handy features, the app does impose transaction limits you should be aware of. These include a $500 daily maximum in ATM withdrawals, $2,000 daily maximum in card purchases, and $5,000 maximum transaction amount for peer-to-peer payments through Current Pay.
Are There Any Fees?
Now it’s time to discuss Current review fees. You may be surprised to learn that Current doesn’t charge monthly maintenance fees or have any minimum balance requirement requirements.
Additionally, there are no overdraft fees, or money transfer fees for money transfers from an internal bank account or external bank account or ATM fees at 40,000+ Allpoint ATMs. This is great news if you’d like to try it out with no strings attached.
But keep in mind that you may face out-of-network or third-party fees. For example, if you use Current at an out-of-network ATM, you’ll get charged $2.50. International withdrawals cost $3 each.
In addition, if you’d like, you can upgrade from the Basic membership plan to the Premium account or membership plan. While this will come with an additional monthly fee of $4.99, you’ll get access to more features, like additional savings pods and the chance to earn more cash back.
Who is Current best for?
Current might be worth exploring if you don’t mind mobile banking. It can help you meet smaller savings goals with a high interest rate. It’s also ideal if you use your credit card frequently and hope to earn generous cashback rewards.
In addition, you may benefit from Current if you’re a parent or guardian that wants an account for your teen and wishes to instill healthy money habits. We also recommend Current if you’re unable to qualify for a traditional banking account and are looking for a viable, cost-effective alternative.
Current Pros and Cons
Just like any digital banking app or online bank, Current comes with several benefits and drawbacks, including:
Pros
No monthly fees: You can use Current without committing to monthly usage fees.
Generous APY: Current offers 4% APY on up to $6,000 in savings to help you expedite your savings goals.
Cash back: Unlike most debit cards, Current rewards you with cash back every time you make a purchase at 14,000+ participating retailers.
Early paycheck access: You may access the money from your paycheck up to two days sooner.
Instant gas hold removals: If a gas station places a hold on your account, Current will remove it immediately.
Teen features: Current comes with plenty of features you can use to help your teen become responsible with money.
Cons
No online or in-person banking: You can only use Current on your iOS or Android device as Current’s mobile app currently doesn’t support online or in-person banking at a local branch.
No checks: The Current app doesn’t offer checks so you’ll have to find an alternative payment solution.
Email-based support: If you have a question or concern, Current will only be able to help you via email support is not available.
Mobile check deposit feature is slow: It can take up to 5 business days for a check deposit to clear.
How to Use Current
If you’d like to sign up for Current, follow these easy steps.
Download the app on the Google Play Store or Apple App Store. You can also enter your phone number on Current’s website and receive a download link.
Share basic personal information including your name, phone number, email address, residential address, and Social Security number.
If you’d like, connect Current to a debit card or bank account to fund your account.
Once you sign up, you’ll receive a Current debit card by mail. It should arrive via USPS within 7 to 10 business days but you can use Current before then. Current will give you a virtual card you can add to your digital phone wallet while you wait for your physical card.
Current Reviews
Before you go ahead and sign up for the Current app, you might be wondering what other Current account holders have to say about it. Here’s an overview of the various reviews we found online.
TrustPilot
On TrustPilot, Current earned 3.8 out of 5 stars. Most reviewers praise the app but there are several complaints about Current customer support and challenges with disputes.
Apple App Store
Current users gave it a 4.7 out of 5 stars on the Apple App Store. There are over 84K reviews and any of the negative ones relate to customer service.
Google Play
When it comes to the Google Play Store, Current ranked well as well with 4.8 out of 5 stars from over 89K reviews. Again, the negative reviews are about customer service and resolving disputes.
It’s no surprise that customer service is Current’s most noteworthy downfall as it’s only available via email and in-app chat that sometimes doesn’t work. If you have an urgent question while using the app, you won’t be able to make a phone call and receive a quick response. Depending on when you send the email, you may have to wait a few business days or even longer to hear back.
Speaking of customer service, you might want to know how to go about it. You can use the in-app chat feature or fill out an email form and wait for an email response. As stated, there’s no way to call the Current team for faster support.
The good news is the app is fairly intuitive and you shouldn’t come across too many issues while using it, especially if you consider yourself tech savvy. Plus you can check out Current’s frequently asked questions on its website for answers to simple, less urgent questions.
Current Alternatives
While Current is a solid online banking app for many adults, teens, and young adults, it’s not for everyone. If you find that Current isn’t right for you or are wondering about alternative options, here are a few to consider.
Chime®
Just like Current, Chime is a financial technology company or fintech company with modern features you may not find at a traditional bank, credit union, or brick-and-mortar financial services company. It offers early direct deposit2, savings roundups, and no-fee overdrafts5.
Compared to Current, it’s more like a high yield savings account8 in that it lets you earn a better APY on your savings on your entire balance, rather than just up to $6,000.
In addition, there’s a Credit Builder7 account you can use to boost your credit without a credit check. Just keep in mind that Chime doesn’t offer a teen account like the Current teen account.
Read our in-depth Chime review here.
See also: Chime vs. Current: Which Is Better?
Greenlight
While Current is intended for teens and their parents, Greenlight’s online banking services are geared toward younger children in elementary school. Both apps come with parental controls and features such as spending limits, chore rewards, transaction monitoring, and the chance to blacklist set retailers. Greenlight also lets you invest in the stock market.
Bottom Line
Current offers a long list of features that make it a smart choice if you want a digital banking platform with no monthly fees or hidden fees. You can enjoy early paycheck deposit, no overdraft fees, teen savings accounts, cash back rewards, savings pods, and more.
As long as you’re okay with limited customer service and don’t mind using the app on your mobile device, it’s certainly worth exploring.
Current FAQs
Here are a few of the most common questions that many people ask about the Current digital banking app.
Is Current safe?
It’s a risk to use any type of mobile or online banking platform. But Current checking accounts and teen accounts are backed by FDIC insurance of $250,000 in the event of a bank failure. Plus just like many reputable online banks, the app uses bank-level data security measures and you can sign up to receive push notifications any time current detects account fraud.
Does Current have any physical branches?
At this time, Current does not have any physical branches. This means you won’t be able to receive in-person service. The good news, however, is it does offer fee-free cash withdrawals at over 40,000 Allpoint ATMs throughout the country.
Can you deposit cash into your Current account?
Yes, Current lets you deposit cash. However, cash deposits aren’t free and you will have to pay $3.50 for every cash deposit transaction.
What happens if you overdraft your Current account?
Thanks to the Overdrive feature, it’s no big deal if you overdraft your account. You can enjoy a fee-free overdrive of up to $200 on any purchase you make in-store and online.
Can you earn rewards or bonuses with Current?
Absolutely! As long as you use the Current Visa debit card at participating retailers, you can earn cash back. Plus you can earn $1 every time you refer a friend who signs up for a Current account.
Is Current worth it?
If you’re looking for a free checking account with plenty of bells and whistles or a teen banking account, the Current mobile app should be on your radar. But if you prefer a more traditional banking experience, you might be better off with an account at a local bank or credit union.
Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank N.A. or Stride Bank, N.A.; Members FDIC. Credit Builder card issued by Stride Bank, N.A.
2. Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. Chime generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.
5. Chime SpotMe is an optional, no fee service that requires a single deposit of $200 or more in qualifying direct deposits to the Chime Checking Account each at least once every 34 days. All qualifying members will be allowed to overdraw their account up to $20 on debit card purchases and cash withdrawals initially, but may be later eligible for a higher limit of up to $200 or more based on member’s Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. Your limit will be displayed to you within the Chime mobile app. You will receive notice of any changes to your limit. Your limit may change at any time, at Chime’s discretion. Although there are no overdraft fees, there may be out-of-network or third party fees associated with ATM transactions. SpotMe won’t cover non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. See Terms and Conditions.
7. To apply for Credit Builder, you must have received a single qualifying direct deposit of $200 or more to your Checking Account. The qualifying direct deposit must be from your employer, payroll provider, gig economy payer, or benefits payer by Automated Clearing House (ACH) deposit OR Original Credit Transaction (OCT). Bank ACH transfers, Pay Anyone transfers, verification or trial deposits from financial institutions, peer to peer transfers from services such as PayPal, Cash App, or Venmo, mobile check deposits, cash loads or deposits, one-time direct deposits, such as tax refunds and other similar transactions, and any deposit to which Chime deems to not be a qualifying direct deposit are not qualifying direct deposits.
8. A Chime Checking Account is required to be eligible for a Savings Account.
JPMorgan Chase plans to close 21 First Republic Bank branches by the end of the year, representing about a fourth of the locations the Wall Street giant acquired in its takeover of the failed California lender.
The locations being shuttered are spread across eight U.S. states, according to a spokesperson for New York-based JPMorgan. The bank took over 84 First Republic branches when it bought San Francisco-based First Republic a month ago.
“These locations have relatively low transaction volumes and are generally within a short drive from another First Republic office,” the JPMorgan spokesperson said in an emailed statement. “Clients should expect to continue to receive the same level of service with seamless access to their money.”
The closures will affect about 100 employees, who will be offered six-month transition assignments before becoming eligible to apply for other roles at JPMorgan, Reuters reported earlier Thursday. The announcement comes a week after the bank notified nearly 1,000 First Republic employees that they wouldn’t be given jobs — even temporarily — at the combined company.
JPMorgan beat out rivals in a government-led auction for First Republic. As part of its winning bid, JPMorgan acquired about $173 billion of First Republic’s loans, $30 billion of securities and $92 billion in deposits. First Republic was the second-biggest bank failure in U.S. history, and the fourth regional lender to collapse since early March.
Sign up for the AAdvantage Aviator Red World Elite MasterCard and receive a signup bonus of 70,000 AAdvantage miles after you make your first purchase in the first 90 days and pay the $99 annual fee
Card Details
No foreign transaction fee
Annual fee of $99 is not waived the first year
First checked bag free, for the primary cardmember and up to 4 companions on eligible bags when traveling on domestic itineraries operated by American Airlines
Group 5 boarding, for the primary cardmember on domestic itineraries operated by American Airlines
25% inflight savings on food, beverages, and headsets on American Airlines-operated flights
Earn 2x miles on all eligible American Airlines purchases
Earn 1x points on all other purchases
Our Verdict
We recently had on-and-off a 60,000 offer with annual fee waived. This 70,000 offer without the fee waiver will be a better deal for some people. This is probably the best offer on a card with no minimum spend.
We’ll be adding it to our best credit card bonus list. Read through these things you should know about Barclaycard credit cards before asking any basic questions in the comments.
One of my money resolutions is to switch banks. I’ve been a long-time customer of a big bank that, in recent years, has stood out among headlines that reveal sneaky and unethical business practices. That’s not the only reason I’m switching, but it does help me want to change. So, it has got me thinking bank vs. credit union?
Some people think credit unions aren’t terribly convenient — maybe they don’t have online banking, or maybe it’s hard to find an ATM when you’re traveling. But I’ve found that, despite the potential inconveniences, there are advantages to consider when it comes to a credit union. Here are a few things I’m keeping in mind as I make my decision.
Interest Rates
The main draw I’ve often heard about credit unions is they offer lower interest rates on loans and higher Datatrac analyzed the average interest rate differences between credit unions and banks. When it came to car loans, banks’ interest rates were about two percent higher. When it came to mortgages, rates were very similar.
Savings yields
The National Credit Union Administration also regularly analyzes the average rates of credit unions and banks. Their latest data (June 2013) found that the average “regular savings” rate for a credit union was 0.14 percent. The national average for banks was 0.13 percent.
But when it comes to choosing what works for you, you’re probably less interested in average and more interested in best. According to Datatrac, the “bank high” savings rate is 1.06 percent. The credit union high is 3.00 percent, which is awesome, but not necessarily accessible.
For example, I researched the credit unions in my community that I might be approved to join. On the high end, those credit unions offered an APY of 0.25 percent. My current bank offers 0.50 percent, and the bank I’m considering offers 0.85 percent. So while credit unions have the overall reputation of having higher interest rates, I guess it really depends on what’s available to you in your community. But with a credit union high of 3 percent APY, it’s definitely worth looking into.
If you’re getting a car loan, it’s probably best to go with a credit union. But I’m not a big fan of car loans in the first place (though I understand people have their reasons), nor do I think I’ll need one anytime soon. At this point in my life, I’m only concerned with interest rates when it comes to saving. On average, credit unions have better rates, but I’m not sure I have access to the high rates mentioned on these reports.
Related >> Why I plan on driving my car into the ground
Fees
Credit unions are known for having low to no fees on their accounts. And while they may offer free checking and even checking with interest, I’ve come across a couple of banks that offer the same thing. Many credit unions require no minimum to open; the bank I’m considering doesn’t require a minimum deposit either.
Related >> Checking Accounts
What’s more, according to a July 2013 article from the Washington Post, credit unions have been hiking up their overdraft fees faster than banks.
“The report shows that banks have held the median overdraft charge at $30 a transaction for the past four years, while credit unions have upped their price from $25 to $28 a transaction in the past two years.”
Related >> Getting Over the Overdraft: How I Started Saving
On the other hand, “fees are still lower on average at credit unions as of the first three months of 2013.” I’m not planning on using overdraft protection, so this doesn’t really affect me, but I thought it worth noting. An article from The Street also confirms the misunderstood stereotype that credit unions = no fees.
“Unfortunately, many who make the switch assume mistakenly that just because they’re banking with a credit union, they’re not going to be charged fees. The truth is that credit union members are just as vulnerable to fees as bank customers — a fact that is rarely shared or acknowledged.”
Most people with credit unions love them and attest that they don’t pay fees. And I’m not saying most banks don’t assess ridiculous fees, but it does seem like the whole “no fee” thing with credit unions might be a little overrated. I’m not knocking credit unions; I’m just saying, if I switch, I don’t think fees will play a huge part in my decision.
Business Model
Structure
Here’s where credit unions win, by far — the way they’re structured.
Credit unions have a reputation of being more personal and focused on community, and there’s a reason for that. When you open an account with a credit union, you become a shareholder. In fact, the operators of credit unions are members themselves. As Michele Lerner explained in a Get Rich Slowly question:
“First, unlike banks, credit unions are financial membership organizations. You don’t open an account at a credit union, you become a member and use your deposits to buy shares in the business.”
Credit unions are also community-focused because a lot of their members belong to a similar group. My old company, for example, had a credit union. My university had a credit union. In Los Angeles, there are a lot of entertainment-industry-related credit unions.
Theoretically, credit unions are private cooperatives that are owned and operated by their own members, the advantage being that local money stays within the community. Many people like the idea of that and, according to credit union members, it usually translates to a better “customer” experience.
Profit
While banks want to make money and appeal to investors, credit unions are not-for-profit, and their investors are their members. Any profit made from a credit union is supposedly returned to its members in the form of low interest rates or lower fees (although there’s been some recent controversy over the industry overusing these profits on advocacy efforts).
Overall, though, a non-profit structure usually translates to: a) not feeling like your financial institution is trying to take advantage of you, and; b) not seeing your financial institution’s name next to the words “crooked” and “discrimination.”
While they’re certainly not immune to questionable practices, the structure of a credit union seems to provide a better overall experience, and most credit union members attest to that.
Overall, I suppose it depends on what you’re looking for in a financial institution. Both options — credit union or bank — have their advantages and disadvantages. There’s also the long term to think about. You might feel that, in the long term, the structure of a credit union may serve you better. In the long term, rates may be significantly better. Either way, in making a decision, there are a handful of things to consider. Loans, rates, business model, fees and convenience are all factors that could affect one’s decision.
I’m still deciding, so I’d like to read your thoughts. Do you use a credit union or a bank, and what are some benefits and drawbacks of each?
From the Kansas City Chiefs to St. Louis’s Gateway Arch, Missouri has plenty to offer both residents and visitors. As a result, there are plenty of Missouri banks. In fact, it can be tough to narrow down the options.
17 Best Banks in Missouri
From online banking apps to small community banks and large financial institutions, Missouri has a little of everything. Here are some of the best Missouri banks to kick off your search.
1. First Midwest Bank
Founded in Poplar Bluff, First Midwest Bank has branches and ATMs in Poplar Bluff, Columbia, Greenville, Piedmont, Puxico, Van Buren, and Williamsville. Currently, First Midwest is offering $.10 cash back per swipe of your First Midwest Dime-a-Time debit card.
Recently, First Midwest merged with Old National Bank to expand its service area and offerings to Indiana, Illinois, and Kentucky.
Pros:
Cash back with each debit card purchase
No monthly maintenance fees with most checking accounts
Wide variety of account options
Cons:
2. U.S. Bank
Missouri residents looking for a national bank with branches in Missouri might like U.S. Bank. You’ll find branches and ATMs in 25 different states, along with a mobile app that allows you to transfer funds, pay bills with bill pay, and split a check with Zelle.
U.S. Bank’s current special on CDs means you can earn up to 4.75% APY. Small business owners should consider U.S. Bank’s current checking bonus, which offers $500 if you open a new account and deposit $5,000. Deposit $15,000 and earn a $750 bonus.
Pros:
Robust mobile banking features
Up to $750 bonus for business checking account
Wide range of banking services
Cons:
3. Chime
Chime is a mobile banking solution with competitive interest rates on savings accounts. You’ll get fee-free1 ATM access nationwide at any MoneyPass, Allpoint, and VisaPlus Alliance ATM, as well as access to your direct deposit up to two days early2. Electronic deposit customers also qualify for up to $200 in overdraft protection through SpotMe5, although Chime charges no fees for overdrafts.
Pros:
No fees on checking account
Up to 2.00% APY3 on savings accounts
No overdraft fees
Cons:
No physical branches
No cash deposit options
4. GO2bank
GO2bank is an online banking solution with a full-featured mobile app and access to free ATM withdrawals and deposits through partners. Your account with GO2bank will include a checking account with no maintenance fees and a high-yield savings account.
If you’re interested in building credit, you can qualify for a GO2bank Secured Visa Credit Card, which reports your on-time payments to credit bureaus and requires no credit check.
Pros:
Fee-free checking account with direct deposit
Up to 4.50% APY on savings accounts
Cash deposits at 90,000+ retail locations nationwide
Cons:
No physical branches
Direct deposit necessary for free checking
5. Commerce Bank
Kansas City residents should consider Commerce Bank, a community bank with locations throughout the area. You’ll also find ATMs and branches throughout Missouri, as well as in 10 other states. You’ll find a wide variety of checking account and loan options, as well as savings accounts and CDs.
Not only will you get in-person customer service at a branch, but you can chat with a live banker at any time in the Commerce Bank CONNECT app. You’ll choose the banker and connect with the same representative every time.
Pros:
Branches and ATMs in 11 states
Free account includes full mobile banking services
Competitive rates on loans
Cons:
No fee-free ATMs outside the service area
Low interest rates on savings accounts and CDs
6. Regions Bank
With branches in Missouri, Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee, and Texas, Regions Bank is a great option if you travel within the Midwest and Southeast.
Regions Bank offers a variety of banking services, including wealth management services and support for small business owners. With DepositSmart ATMs, you can skip the branch and deposit your funds at an ATM.
Pros:
DepositSmart ATMs let you deposit cash and checks without visiting a branch
Flexible requirements to waive checking account fees
Checking accounts for students and seniors
Cons:
Low rates on savings accounts
No branches or ATMs outside the Midwest and South
7. Axos Bank
If you don’t need a local branch, online banking might be an option. Axos Bank offers online services through its website and mobile banking app. There are multiple checking account options, including accounts with no monthly maintenance fees and rewards.
Axos offers unlimited ATM fee reimbursements, so you can use your debit card anywhere in the U.S. Currently, Axos has a $100 bonus for new checking account holders who open an account and have at least $1,500 in electronic deposits within the first 30 days.
Pros:
$100 bonus for new rewards checking account
Up to 3.30% APY on checking accounts
Unlimited reimbursements for out-of-network ATM fees
Cons:
No physical branches
Low interest rates on savings accounts
8. Central Bank
Central Bank is a regional bank with more than 130 locations in Missouri, Kansas, Illinois, and Oklahoma. You’ll find multiple checking account options, including a fee-free account with all the basic features.
You’ll enjoy free ATM transactions at any Central Bank ATM, as well as more than 37,000 ATMs nationwide. Central Bank also has robust business banking options, including loans and multiple checking options.
Pros:
Fee-free ATM withdrawals at 37,000+ MoneyPass locations nationwide
Personalized customer service at branches
Wide range of loan options available
Cons:
$50 minimum deposit to open
Branches in Missouri are mainly in the southwest and central part of the state
9. Bank of America
There are benefits to going with a national bank, including access to banking services while traveling and a broad range of features. As one of the largest national banks, Bank of America has competitive offerings, including a variety of checking account options and wealth management services.
Business customers can earn a $200 bonus for opening a new account and depositing $5,000 in the first 30 days. Individual banking customers should check out the $200 rewards bonuses on new credit cards.
Pros:
3,900 branches and 15,000 ATMs nationwide
Robust free mobile banking features
Wide range of personal and business credit cards
Cons:
Low interest rates on savings accounts
Long waits for customer service
10. Great Southern Bank
Great Southern is headquartered in Springfield, with branches in Missouri, Arkansas, Iowa, Kansas, Minnesota, and Nebraska. You’ll find multiple checking account options, with a free basic checking account.
Although Great Southern’s checking accounts require minimum deposits, there are three options with only a $25 minimum opening deposit required. That includes a second chance account designed to help those who struggle to establish an account due to their banking history.
Pros:
Fee-free ATM transactions at Allpoint ATMs nationwide
Branches across six states
Competitive rates on personal loans
Cons:
Checking accounts require a minimum deposit to open
Limited customer service hours
11. Belgrade State Bank
Belgrade State Bank is a local bank with checking and savings accounts. While there are limited ATMs and branches, Belgrade’s out-of-network ATM fee is only $1. This is in addition to the fees that will be charged by the third-party bank.
Belgrade has robust business banking options, including a fee-free checking account that includes 1,000 items per month, with a $0.25 charge per transaction after.
Pros:
Free checking with enrollment in e-statements
No minimum balance requirement for checking accounts
Competitive rates of personal loans
Cons:
Limited branch and ATM footprint
$50 minimum deposit to open
12. PNC
PNC is one of the biggest national banks with 26 branches in Missouri. Although PNC only has branches in 29 states, you’ll enjoy fee-free access to your cash at more than 60,000 ATMs nationwide, thanks to PNC’s partner network.
Pros:
Access to more than 60,000 ATMs nationwide
Branches in 29 states
Competitive mobile banking features
Cons:
Low interest rates on savings account
Accessible banking services, including support for non-English-speaking customers
13. Mid-Missouri Bank
Mid-Missouri Bank is one of the best banks for both the small business owner and the consumer. You’ll find 14 branches across Missouri, as well as ATMs within the coverage area. There are two checking accounts.
One issues an annual percentage yield on your balance, while the other offers cash back on debit card purchases. Mid-Missouri offers competitive rates on personal loans, including auto, home, and home equity lines of credit.
Pros:
14 branches across Missouri
Basic account earns cash back or APY
Up to $25 in ATM fees refunded each month
Cons:
Lower APY on savings account than competitors
Limited number of branches and ATMs
14. Bank of Missouri
Bank of Missouri is one of the best banks in Missouri for its checking account perks. You’ll have three options: a bank account that earns 3.05% APY, an account that earns cash back on debit transactions, and an account that offers iTunes, Amazon, or Google Play refunds each month.
This bank’s checking accounts come with no monthly maintenance fees and refunds on up to $25 monthly in out-of-network ATM withdrawals.
Pros:
Rewards and interest-bearing checking accounts
No monthly fee on checking and savings accounts
Competitive rates on CDs
Cons:
Low rates on savings account
Limited number of branches and ATMs
15. UMB Bank
UMB Bank is one of the longest-running Missouri banks, having been in existence for more than a century. You’ll find branches throughout Missouri, as well as in Illinois, Colorado, Kansas, Oklahoma, Nebraska, Arizona, and Texas.
UMB also offers online banking options that make it easy to transfer funds and deposit checks. One downside to UMB is its ATM footprint. You’ll pay $2 if you can’t find a UMB ATM, and those are limited to its service area.
Pros:
Robust mobile banking options
Fee-free checking account available
Competitive rates on CDs
Cons:
Minimum deposits required for all checking accounts
Low interest rates on savings account
16. Simmons Bank
If you’re looking for the best checking account among banks in Missouri, consider Simmons Bank, which offers impressive checking and savings accounts with plenty of branches throughout Missouri.
You’ll get fee-free cash withdrawals nationwide at MoneyPass ATMs, along with fee-free checking that requires no minimum balance or opening deposit.
Pros:
Fee-free checking options
Multiple checking and savings accounts
Fee-free cash access at MoneyPass ATMs nationwide
Cons:
Competitive rates on CDs
Minimum deposit on savings account
17. First State Community Bank
First State Community Bank has more than 50 branches throughout Missouri for that in-person customer service. You’ll also get free access to ATMs in the MoneyPass network for cash withdrawals while you’re traveling.
The basic account, Free eChecking, offers all the features you’ll likely need with no monthly fee as long as you sign up for electronic statements.
Pros:
Fee-free cash access at MoneyPass ATMs nationwide
Fee-free checking option when you sign up for electronic statements
Round up debit transactions to boost your savings
Cons:
Opening deposit required for checking
Limited branch locations
Frequently Asked Questions
What is the most popular bank in Missouri?
Like most states, Missouri has plenty of large corporate banks with branches in the area. Some consumers will always prefer that option due to the wealth of banking services and access to ATMs nationwide. Bank of America has a strong presence in Missouri, as does U.S. Bank.
But when it comes to popularity, locals tend to cite smaller banks. Central Bank is often mentioned as a favorite, in part due to its heavy presence throughout Missouri. Commerce Bank also often tops lists of the best banks in Missouri.
If you go with a local bank, look for one that’s covered by the Federal Deposit Insurance Corporation and pay close attention to whether you’ll have access to cash withdrawals at ATMs while traveling.
What is the best bank for small businesses in Missouri?
Those looking for business accounts typically have different criteria than those searching for personal accounts. You might be more interested in being able to invoice customers, for instance, or track spending for tax purposes.
If you’re a freelancer in Missouri, take a look at Axos for your small business banking. U.S. Bank has great money management features, so if that’s a priority, take a look at its small business banking services.
Which Missouri bank has the best customer service?
As valuable as it can be to have a bank account with no monthly maintenance fees or plenty of ATMs, sometimes it’s all about getting help when you need it. If you like in-person service, go with a small brick-and-mortar option with branches that are convenient to you. First State and Bank of Missouri are both great traditional banking options.
For some people, though, the best banks are those that offer easy-to-use remote customer service. Whether that means getting help via a chatbot or connecting with a representative by phone, narrow the options to something that works for you. Ally Bank has been recognized for its 24/7 customer support, primarily because you’ll get an estimate of how long you’ll have to wait on hold before you launch the call.
Which Missouri bank is the most reliable?
As long as you go with an FDIC-insured bank, your funds will be protected up to $250,000. Still, nobody wants to stress over a bank eventually going under. Large corporate banks like Bank of America and U.S. Bank have a long history and an impressive asset value that protects them from default.
But there are plenty of reliable local banks in Missouri as well. First State has been in business for 150 years, and Central Bank was founded in 1902. Both are unlikely to go anywhere and if they did, it would be to merge with another bank or join a parent company.
The best banks are the ones that fill your needs while also keeping fees at a minimum. It’s important to compare at least a few options to make sure you’re getting the best deal for your Missouri banking needs.
1. Out-of-network ATM withdrawal fees may apply with Chime except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.
2. Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. Chime generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.
3. The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is accurate as of May, 22, 2023. No minimum balance required. Must have $0.01 in savings to earn interest.
5. Chime SpotMe is an optional, no fee service that requires a single deposit of $200 or more in qualifying direct deposits to the Chime Checking Account each at least once every 34 days. All qualifying members will be allowed to overdraw their account up to $20 on debit card purchases and cash withdrawals initially, but may be later eligible for a higher limit of up to $200 or more based on member’s Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. Your limit will be displayed to you within the Chime mobile app. You will receive notice of any changes to your limit. Your limit may change at any time, at Chime’s discretion. Although there are no overdraft fees, there may be out-of-network or third party fees associated with ATM transactions. SpotMe won’t cover non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. See Terms and Conditions.
Editor’s note: This is a recurring post, regularly updated with new information and offers.
The American Express® Gold Card and the American Express® Green Card are two of the most iconic credit cards offered — the Amex Green alone has been around for more than 50 years.
But classic doesn’t mean outdated, as these cards have both received dramatic makeovers in recent years, resulting in two competitive products aimed at different market segments. The Amex Green is more focused on travel, while the Amex Gold is better suited for everyday spending on groceries and eating out.
Today, we’ll take a deep dive into the features and benefits of these two products and see which one might be the better fit for you.
Comparison of benefits
Benefit detail
American Express Green Card
American Express Gold Card
Annual fee
$150 (see rates & fees).
$250 (see rates & fees).
Welcome bonus
Earn 60,000 Membership Rewards points and 20% back on eligible travel and transit purchases made during your first six months of cardmembership (up to $200 back) after you spend $3,000 on purchases on your new card in your first six months of card membership.
Earn 60,000 Membership Rewards points after you spend $4,000 on eligible purchases with your new card within the first six months of cardmembership.
Earning categories
3 points per dollar on travel (including flights, hotels, transit, taxis, tours and ridesharing services).
3 points per dollar at restaurants.
1 point on all other purchases.
Terms apply.
4 points per dollar at U.S. supermarkets on up to $25,000 spent per calendar year (then 1 point per dollar).
4 points per dollar at restaurants.
3 points per dollar on flights booked directly with airlines or through Amex Travel.
1 point per dollar on all other purchases.
Terms apply.
Travel benefits
Up to $189 annual credit for Clear Plus.
Up to $100 annual LoungeBuddy credit.
Car rental loss and damage.*
Baggage insurance.**
Trip delay insurance.***
Up to $120 in Uber Cash annually ($10 monthly credits) for U.S. services. Must add card to Uber app to receive benefit.
$100 experience credit for your stay of at least two nights at The Hotel Collection.
Car rental loss and damage.*
Baggage insurance.**
Trip delay insurance.***
Additional benefits
ShopRunner free 2-day shipping on eligible items. Enrollment is required.
Purchase protection.**
Extended warranty protection.**
Entertainment access.
No foreign transaction fees (see rates & fees).
Up to $120 annual dining credit at select restaurants (up to $10 per month) per calendar year. Enrollment is required.
ShopRunner free 2-day shipping on eligible items. Enrollment is required.
Purchase protection.**
Extended warranty protection.**
Entertainment access.
No foreign transaction fees (see rates & fees).
*Eligibility and benefit level varies by card. Not all vehicle types or rentals are covered, and geographic restrictions apply. Terms, conditions and limitations apply. Visit americanexpress.com/benefitsguide for details. Policies are underwritten by AMEX Assurance Company. Coverage is offered through American Express Travel Related Services Company, Inc.
**Eligibility and benefit level varies by card. Terms, conditions and limitations apply. Visit americanexpress.com/benefitsguide for details. Policies are underwritten by AMEX Assurance Company.
***Eligibility and benefit level varies by card. Terms, conditions and limitations apply. Visit americanexpress.com/benefitsguide for details. Policies are underwritten by New Hampshire Insurance Company, an AIG Company.
Welcome offer
Both cards have an attractive welcome offer.
The Amex Green currently offers 60,000 Membership Rewards points and 20% back on eligible travel and transit purchases made during your first six months of cardmembership (up to $200 back) after you spend $3,000 on purchases on your new card in your first six months of cardmembership. This is the best offer we’ve seen available to the public.
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The Amex Gold, on the other hand, offers 60,000 Membership Rewards points after you spend $4,000 on eligible purchases with your new card within the first six months.
Because TPG currently values Membership Rewards points at 2 cents each, both points bonuses are worth $1,200. But you can get up to an additional $200 back with the Amex Green bonus.
Sometimes, the cards have offered higher targeted welcome offers through the CardMatch Tool (offer subject to change at any time), so be sure to check this tool before applying for a card.
Note that if you’ve held either of these cards before, you’re almost certainly ineligible for a welcome offer. Despite the revamps both cards have received in the past few years, they’re still considered the same products. In addition, American Express also considers other factors to determine welcome-bonus eligibility, though it should notify you of your status before you submit your application and face a hard inquiry.
Winner: Given the additional 20% back on travel and transit purchases as part of its welcome offer, the Amex Green comes out ahead in this category.
Related: Ultimate guide to credit card application restrictions
Earning categories and bonuses
The Amex Green offers 3 points per dollar on travel — including transit purchases such as taxis and ride-hailing services. You also earn 3 points per dollar at restaurants around the world and 1 point per dollar on all other eligible purchases.
The Amex Gold Card offers 4 points per dollar at restaurants and on purchases of up to $25,000 spent each calendar year at U.S. supermarkets (then 1 point per dollar). You’ll also earn 3 points per dollar on airfare purchased directly with the airline or through Amex Travel. For all other purchases, you’ll earn 1 point per dollar.
When you compare these rates, the Amex Gold offers you 33% more points at restaurants than the Amex Green, and it also offers 4 points per dollar when you buy groceries (or anything else) from a supermarket in the U.S (up to $25k in purchases each calendar year; then 1 point per dollar.)
And although they both offer 3 points per dollar on select travel purchases, the Amex Green Card opens up the bonus points to all travel-related purchases. This means anything coded as “travel” on your monthly statement will receive the bonus points.
For the Amex Gold Card, you’ll only earn 3 points per dollar on a limited number of airline-specific purchases, which includes purchasing airfare from the airline directly (not an online travel agency) or through Amex Travel. This means you’ll only earn 1 point per dollar for hotels, cruises, transit and many other travel-related purchases.
Winner: If you’re a commuter or a frequent traveler (and don’t spend much at U.S. supermarkets) and don’t have another card that offers you bonuses for travel spending, then the Amex Green has a strong advantage. Otherwise, the Amex Gold Card will likely offer more points for most people’s spending.
Related: What counts as travel on the Amex Green card?
Travel benefits
A standout benefit of the Amex Green is its up to $189 annual credit toward a Clear Plus membership, which is enough to fully cover the cost of one adult membership.
The Amex Green Card also offers an annual up to $100 LoungeBuddy credit, which can be applied to the admission fee for hundreds of lounges worldwide. This could be somewhat valuable to those who don’t already have a Priority Pass Select benefit from a different credit card. Enrollment is required.
The Amex Gold Card offers up to $120 in Uber Cash. With this benefit, you’ll receive up to $10 monthly in Uber Cash credit, which can be used on Uber Eats orders or Uber rides in the U.S. The fact that you can use these credits on takeout means card members should have no problem using the cash — which puts a full $120 value on the perk.
Both cards offer car rental loss and damage coverage (secondary coverage)*, baggage insurance** and trip delay protection.*** However, the Amex Gold also provides access to benefits and discounts when booking accommodations through The Hotel Collection (minimum two-night stay required).
The trip delay protection is typically the most valuable to many cardholders since you’ll be reimbursed up to $300 per eligible trip if your trip is delayed more than 12 hours. This will cover unexpected out-of-pocket expenses, such as meals, lodging and personal use items.
Winner: Given that both cards offer the same travel protections, the Amex Green comes out ahead with its valuable Clear and LoungeBuddy credits.
Related: What your card’s trip protection covers
*Eligibility and benefit level varies by card. Not all vehicle types or rentals are covered, and geographic restrictions apply. Terms, conditions and limitations apply. Visit americanexpress.com/benefitsguide for details. Policies are underwritten by AMEX Assurance Company. Coverage is offered through American Express Travel Related Services Company, Inc.
**Eligibility and benefit level varies by card. Terms, conditions and limitations apply. Visit americanexpress.com/benefitsguide for details. Policies are underwritten by AMEX Assurance Company.
***Eligibility and benefit level varies by card. Terms, conditions and limitations apply. Visit americanexpress.com/benefitsguide for details. Policies are underwritten by New Hampshire Insurance Company, an AIG Company.
Shopping benefits
The Amex Gold Card has an up to $120 annual restaurant credit at select establishments, including The Cheesecake Factory, Goldbelly, Wine.com, Milk Bar and select Shake Shack locations. If none of those appeal to you, you can apply that credit to delivery or takeout orders from Grubhub. Because it’s so easy to use, most cardholders can get the full $120 value from this benefit. Enrollment is required.
You’ll also notice that both cards offers purchase protection* and extended warranty benefits* — an important card feature to have for many purchases (especially those that can break easily). The Amex Gold Card comes out slightly ahead in this department since the purchase protection perk covers your purchase up to 90 days from the day of purchase, up to $10,000 per claim and $50,000 per year.
While the Amex Green Card also includes the same 90-day benefit, you’re capped at $1,000 per claim and $50,000 per year. For an expensive purchase, the Amex Gold Card is preferable, but most cardmembers will find the maximum to be more than sufficient with the Amex Green Card.
Additionally, both cards come with free ShopRunner two-day delivery from select online merchants and the American Express Entertainment Access program that gives you preferred access to shows and sporting events.
Winner: With its dining credit and more valuable purchase protection coverage, the Amex Gold easily comes out ahead in this category.
*Eligibility and benefit level varies by card. Terms, conditions and limitations apply. Visit americanexpress.com/benefitsguide for details. Policies are underwritten by AMEX Assurance Company.
Related: Complete guide to the Amex Gold dining credit
Bottom line
Although the American Express Green Card has much to offer, its more upscale sibling — the American Express Gold Card — is still a better fit for most.
Using the Amex Gold Card to earn more at restaurants and U.S. supermarkets is likely more attractive to most people than the Amex Green’s bonus earning on a wider range of travel purchases. In addition, the higher annual fee of the Amex Gold is offset by up to $240 in annual credits.
Still, with a lower annual fee, useful travel credits and broad bonus categories, the Amex Green is a solid option.
No matter which you choose, you can rest assured you’re adding a great card to your wallet.
For more details, check out our full reviews of the Amex Green and Amex Gold.
Official application link: Amex Gold Card with a welcome bonus of 60,000 points after you spend $4,000 within your first six months of cardmembership.
Official application link: Amex Green Card with a welcome bonus of 60,000 Membership Rewards points and 20% back on eligible travel and transit purchases made during your first six months of cardmembership (up to $200 back) after you spend $3,000 on purchases on your new card in your first six months of cardmembership.
For rates and fees of the Amex Gold, please click here. For rates and fees of the Amex Green, please click here.
Additional reporting by Emily Thompson, Benét J. Wilson and Jason Steele