However you’ve landed on needing a good milk alternative, we’re guessing you have your reasons. After all, plant-based milk alternatives (sometimes called “mylks”) have been known to cost as much as twice the price as regular dairy milks, according to a 2021 study from Food Dive.
Maybe you’ve developed a lactose intolerance or are simply looking for tastier new additions to your plant-based diet. Whatever has brought you to your search for the perfect milk alternative, this guide will help. As someone who’s spent the better part of the last five years trying every mylk option under the sun, I’ve learned a thing or two along the way about which brands and varieties taste best, what they pair well with, and how much they cost. Here’s our handy guide to the eight absolute best milk alternatives.
What’s the Deal With Plant Milks?
Before we dive into which milk alternatives made our list, it’s helpful to understand a bit about the plant milk industry, which provides insights into why these drinks cost so much, and also why they can be found seemingly everywhere these days.
The main reason for both of these things is that plant milk companies are required to spend a lot of money on processing, packaging, and marketing in order for their products to succeed. On the flip side, the same researchers behind that Food Dive study say the dairy milk companies don’t spend nearly enough on R&D and also that they price their products too low. Translation? Plant milk might not be expensive so much as it is accurately priced for profit.
But one thing’s for sure: The plant milk industry is on fire. In 2021, plant-based milks accounted for 16% of all retail milk dollar sales, to the tune of $2.6 billion in sales, according to a recent study from the Plant Based Foods Association.
The trajectory for plant-based milks doesn’t seem to be slowing down anytime soon either, since these numbers also represent a 33% growth in the industry over the past three years, which is part of a larger trend of the nearly 79 million American households now buying plant-based foods.
All of which is to say: If you’re buying plant-based milk, you’re in good company. Here are some of our favorites for you to consider next time you’re at the grocery store.
Best Plant Milks at a Glance
Best for Health Nuts: Pacific Foods Soy Milk Unsweetened Original
Best for Gluten Sensitivities: Almond Breeze Original Unsweetened Almond Milk
Best Eco-Friendly: Pacific Foods Hemp Unsweetened Original Beverage
Best for Cooking: Silk Organic Unsweetened Soy Milk
Best in Coffee: Silk Original Oatmilk
Best in Smoothies: SO Delicious Organic Unsweetened Coconut Milk
Best with Cookies: Great Value Extra Creamy Oat Milk
Best to Drink Plain: Silk Nextmilk
Adobe Stock
Best for Health Nuts: Pacific Foods Soy Milk
Price: $3.79 per 32 ounces
If you’re looking for a healthy alternative to cow’s milk, soy milk might be your best bet. That’s because nutritionally it has a similar profile to cow’s milk. More specifically, the Unsweetened Original soy beverage from Pacific Foods, currently priced around $3.79 per 32 ounces, offers 16% of your daily value of protein and 10% of your potassium intake.
Expensive though it may be, this soy milk is delicious and versatile, so you can use it in everything from baking to your bowl of cereal. I also like that these come in smaller, packable units that don’t require refrigeration—meaning you can stock up on a bunch and just open them as needed.
Something to keep in mind is that soy can be hard to digest for some people. If that sounds like you, then you might want to try something a bit easier on the gut.
Best for Gluten Sensitivities: Almond Breeze Original
Price: $3.79 per 64 ounces
Speaking of easier on the gut, Almond Breeze Original Unsweetened Almond Milk is a great choice for anyone trying to play it safe with a gluten allergy. Although most almond milks steer clear of any gluten additives, this company is a leader in the industry that you can trust won’t accidentally expose you to anything.
It’s also just a really delicious plant-based milk from a company that’s been selling almond products for years. Currently retailing for $3.79 per half gallon, this almond milk can also be found in a variety of flavors including vanilla, chocolate or extra creamy. The reason we chose the unsweetened original has to do with versatility. You can use this delicious and healthy milk in just about anything, but it’s especially good in recipes where you want a lighter milk (ie. less creamy).
Pro Tip
Don’t want to pay extra for plant milk? Consider making your own. Buying pricey nuts for a bit of milk won’t save you money, but other kinds of plant milks can be made inexpensively, like oat milk.
Best Eco-Friendly: Pacific Foods Hemp Unsweetened Original Beverage
Price: $3.80 per 32 ounces
You’ve likely heard the argument before: Almond milk uses a lot of water, and soy milk production contributes to deforestation. So which plant milk is actually okay for the environment? Each obviously has its own impact, but one of the best options we’ve found is hemp milk.
Since nearly all parts of this relatively unfussy plant get used, and it actually enriches the soil it grows in, hemp has risen to the top of our list for eco-friendly plant milks. It’s also a pretty delicious milk for everyday use, and this particular one from Pacific Foods has an especially nutty taste and creamy texture that I’ve come to love. Currently retailing at $3.80 per 32 ounces, this milk is definitely on the higher end of the price spectrum.
Best for Cooking: Silk Organic Unsweetened Soy Milk
Price: $4.49 per 64 ounces
If you plan to use your plant milk to make lots of creamy soups or sauce recipes, then you’re going to want to choose a milk that’s high in fat, like this Organic Unsweetened Soy Milk from Silk, currently priced at $4.49 per half gallon.
Versatile enough to be used in baking sweet treats or concocting up a savory dish, this milk also has a relatively smooth flavor profile, meaning it won’t overpower whatever recipe you’re going for.
Pro Tip
Cooking lots of curries? Try a can of Thai Kitchen Unsweetened Coconut Milk. Since it’s creamy with lots of fat, this will take your next Indian or Thai-inspired dish to the next level.
Best with Coffee: Silk Original Oatmilk
Price: $5.49 per 64 ounces
I’m a pretty big coffee drinker, so you can trust me when I say I’ve tried a lot of milks in my homemade lattes. But by far the most delicious of these has been the Silk Original Oatmilk. Slightly sweet and incredibly creamy, this plant milk alternative checks all the right boxes whether you’re mixing a dirty chai, or just adding a splash to your morning brew.
Out of all the milks on this list, this one is probably my favorite taste-wise, and you can almost always find it in my fridge. Currently retailing at $5.49 per half gallon, this plant milk certainly isn’t cheap, but it still beats the cost of going out for coffee.
Best in Smoothies: SO Delicious Organic Unsweetened Coconut Milk
Price: $6.49 per 64 ounces
Although you will need to actually like the taste of coconut to benefit from this suggestion, this highly-drinkable carton of coconut milk is one of my favorites for smoothies and other blended drinks (Pina Colada anyone?). Since coconut is naturally sweet, I prefer this unsweetened version, which also has 120% of your DV in Vitamin B12.
You can currently buy this delicious coconut milk for roughly $6.49 per half gallon.
Best with Cookies: Great Value Extra Creamy Oat Milk
Price: $3.79 per 59 ounces
There are certain nostalgic milk-food pairings that aren’t easily mimicked with plant-based milks, but this Extra Creamy Oat Milk from Walmart’s in-house brand comes pretty darn close.
Another reason I love this milk (and that it’s my No. 2 favorite on this list)? The price. Currently going for $3.78 per 59 ounces, this oat milk is significantly cheaper than the competition. It also, as the name would suggest, has that extra creamy flavor profile that makes it the perfect choice for drinking alongside your favorite sweet treat (like a choco-chip cookie).
Best to Drink Plain: Silk Nextmilk
Price: $5.89 per 59 ounces
For those reading this who just want plain old deliciously satisfying, can’t-tell-it’s-not-milk milk—this one’s for you. The aptly named Silk Nextmilk is the company’s own proprietary blend of oatmilk, coconut milk, soy and a whole slew of added vitamins that creates the closest thing to milk (while still being plant-based) that I’ve ever tasted.
Available for $5.89 per 59 ounces either in a full fat and reduced fat version, this highly drinkable beverage is also versatile enough to be used in cooking, with your morning cereal or just about any other way you’d normally consume a dairy milk.
Contributor Larissa Runkle specializes in finance, real estate and lifestyle topics. She is a regular contributor to The Penny Hoarder.
As rent prices continue to soar all over the country, you may be finding yourself entering your first real estate search.
You’re not alone. According to the National Association of Realtors, millennials are ending their leases and buying homes in large numbers. Those in their late 20’s to early 30’s now make up the fastest-growing segment of buyers today. But how to even shop for a home these days?
First-time buyers might remember being dragged to Sunday open houses with their looky-loo parents, but those days are gone. Everything is online, and many real estate apps have sprung up to help buyers find their dream homes.
Between for-sale-by-owner and official properties, it provides users access to over 135 million property listings.
Con
The “Zestimate” algorithm uses tax records to produce home value estimates, which sometimes are inaccurate.
The Zillow house-hunting app app is the most downloaded real estate app on the Apple store and Google Play — and for good reason. Its database constantly updates and has 36 million users monthly. You can set up push notifications for new real estate listings that meet your search criteria so you’ll never miss out on your potential dream home.
The app allows you to filter real estate listings by price, ZIP code, square footage, must-have features and more. You can even coordinate your search with a partner or roommate by tagging home features and sharing your favorites.
Zillow provides 3-D tours and a scheduling feature to set up an in-person tour. One of its best features is self tours of Zillow-owned homes, a feature available in some markets that allows house hunters to stop by the property at their convenience and simply unlock the house with the app.
Newly added to the Zillow app is a “natural-language search” tool, which responds to user questions in direct fashion, rather than requiring users to type multiple search questions to get to where they want to go.
Realtor.com
Pro
It’s the official search portal for the National Association of Realtors, meaning its updates are the most accurate.
Con
Clicking on “contact agent” will not go to the listing agent, but instead to a local real estate agent who has paid for this lead service.
Realtor.com is one of the best home buying apps out there for on-market listings. Being the official search portal for the National Association of Realtors means you can trust the home listings that pop up in your search. The data is directly mined from the MLS (multiple listing service) and refreshes every 15 minutes.
The search features include a wide variety of filters and provides the most detailed real estate listing descriptions, which include things like crime rates, school ratings, property tax and history of home value estimates — even things like the neighborhood noise levels or whether a home is in a FEMA flood zone.
Because the app updates so often, setting up push notifications means you’ll quickly know when a new property hits the local market. You’ll also have the power of the “Sign Snap” tool in your pocket the next time you drive by a “for sale” sign. All you have to do is take a photo and Realtor.com pulls all of the home’s details instantly.
Trulia
Pro
Shows names and contact information for listing agents, so users know who they would be working with for each listing.
Con
You’re prompted to call or email the listing agent on any property you view, which can get in the way of casual browsing.
Acquired by Zillow in 2015, Trulia has access to most of Zillow’s database of over 135 million active listings and has become one of the best real estate apps. What sets it apart is the focus on community insight provided by those who are located in the area you are searching. You’ll not only get details on the property, but information on what it’s like to live in that specific neighborhood.
You’ll be alerted about price reductions and upcoming open houses, and the app will recommend new listings. Insights sourced straight from locals and 34 neighborhood map overlays offer details on commute times, nearby businesses, crime rates, nearby schools, and more.
Two other features added in 2018 distinguishes the Trulia app from others. “What locals say” and “local legal protections,” combine local feedback and public data to provide information about what a neighborhood is like, from level of dog-friendliness, day-in-the-life details, and even how folks decorate for the holidays.
You’ll also be able to see whether there is legislation in the area to protect against discrimination for gender identity or sexual orientation in employment, housing or public accommodations.
Rocket Homes
Pro
Lets you access your TransUnion credit report, which is updated every week.
Con
Does not provide a home value estimate.
Similar to Trulia, Rocket Homes puts an emphasis on getting to know your soon-to-be neighborhood, but from a market statistics perspective.
This real estate knowledge will come in handy when searching for a home. You can compare properties in the area, seeing how long they’ve been on the market and what they sold for. If you’re not planning on living in your first home forever, this will help give you an idea of what kind of return on investment you can expect from your purchase in the future.
Rocket Homes is a product of Quicken Loans, giving you the opportunity to shop for homes from new and updated listings and have access to lending services all in one place.
This real estate app also helps you stay on track when it comes to some of the more boring parts of purchasing a home, like tracking your credit score. Rocket Homes gives you access to a free TransUnion credit report that is updated frequently, so you know exactly where you stand before starting the mortgage application process.
Homesnap
Pro
Get extensive details on a home just by snapping a photo of it.
Con
Lack of coverage in some areas; Homesnap must partner with individual multiple listing services.
The Homesnap real estate app is perfect for the on-the-go house hunter. You can simply snap a photo of a home and get all of the data available. This feature means you have real-time connection to your local multiple listing service from the road.
If you choose to search from the comfort of your home instead, the Homesnap app allows you to search for open houses by date, and even provides live-broadcast, virtual showings if you want to avoid mingling with other buyers in person.
You can collaborate with your real estate agent through a built-in private messaging function that automatically saves your listings for quick reference. Like most real estate apps, you have a ton of customizable filters for efficient searching, and will be provided with up to date information about the home and neighborhood like commute times, satellite photos and more.
Redfin
Pro
Updates every five minutes so you never miss a new listing.
Con
If you don’t live in one of the 90 U.S. and Canada markets where Redfin has agents, you won’t be able to connect with one.
Redfin’s out-of-the-box-business model combines the convenience of a high-performance app and the expertise you can only get by working with a real estate agent directly. Because Redfin is also a brokerage firm, you’ll have access to their top-quality real estate agents.
Working with a real estate agent gives you more in-depth market insights so you can make smart home buying decisions. And through the “Hot Homes” feature you’ll know which homes are more likely to sell fast so you don’t miss your chance of putting in an offer while house hunting.
Redfin also recently updated its data on climate risk, school ratings and neighborhood amenities.
Homes.com
Pro
Most of 2020 was spent updating the speed and user-friendliness of the app.
Con
Limited information on neighborhood and demographic data.
The Homes.com app is partnered with the MLS to bring you quality leads on your home buying search. The app offers a plethora of filter criteria like the other apps, such as square footage, ZIP code, number of bedrooms and bathrooms, but has an emphasis on lifestyle. Not only will you find the best house, but in the neighborhood that’s right for you.
The exclamation icon makes it easy to spot new real estate listings when scrolling through your search results. You also have the option to “favorite” or “block” certain properties in your feed so you can revisit the ones you love and eliminate the ones you don’t.
The mortgage calculator on Homes.com includes specific financing options like FHA (Federal Housing Administration) loans and special rates for active military members or retired veterans.
Frequently Asked Questions (FAQs) About Home Buying Apps
There’s a lot of home buying apps to pick from when you are seriously or even casually looking for a home. We’ve rounded up answers to some of the most common questions about home buying apps.
Which App is Best for Buying a House?
The best app for buying a house is the one that fits your needs. But Zillow is the most popular because it does a lot of things right, including allowing users to filter information by price, ZIP code, square footage, must-have features and more. Zillow also lists for-sale-by-owner homes. Zillow is the most downloaded real estate app on the Apple store and Google Play. It gets a 4.7 rating out of 5 from 475K reviews on Google Play. In the Apple App store, more than 6 million reviews get Zillow a 4.8 rating.
What are Home Buying Apps?
Home buying apps are mobile tools accessible on various digital devices that let users see listings to buy, sell or rent a property. Different apps have unique features but all of them include multiple photos of properties, prices, property tax and loan information and the ability to connect with real estate professionals.
Home buying apps provide many benefits to users because of their national coverage and even global offerings. Users can see maps and learn about neighborhoods, too. Best of all, they are free.
How Accurate are Home Buying Apps?
Because home buying apps take information from various sources, there will always be a margin of error in valuations. Estimated values are made from information gathered from county and tax assessor records, multiple listing services and real estate companies.
For properties on the market, the apps should have accurate asking prices or rental amounts. Where there is more variation is on property estimates, including for properties not on the market. You should consider these ballpark figures and not 100% accurate especially in a hot market when prices are jumping seemingly daily.. The apps are a good place to start but most people follow that information with a call to a real estate professional.
What is the Best House Hunting Site?
Zillow is the best overall site with its massive listing bank while Realtor.com is tops for reliable information. Trulia is excellent if you want more information about the community around a home. Homesnap is tops for photos and it is optimized well for mobile. If you want to connect with a Realtor, check out Redfin and if you want a direct line to a lending service, Rocket Homes may be the right pick for you.
Which App is Better: Zillow or Redfin?
Zillow edges out Redfin because of its massive reach. Redfin is not available in every market. However, Redfin is a brokerage which connects directly to the massive database of real estate listings commonly called MLS. Zillow does not do that. Zillow allows for sale by owner listings and Redfin does not.
What is the Most Popular Real Estate Website?
Zillow is the leading real estate website with more than 36 million unique visitors a month and about 135 million live listings. Trulia, which Zillow has owned since 2015, comes in second with 23 million unique visitors. Zillow was founded in Seattle in 2006 and claims to be the most accurate at price estimates, called ‘Zestimates” though there are lots of claims otherwise.
The Bottom Line About Home-Buying Apps
As you can see, if you’re ready to break up with your landlord, calculate what down payment you can afford and start your journey to home ownership, you have plenty of house-hunting apps to take advantage of.
Along with all the other details involved in this adventure, it may take some trial and error to find the app that hones in on your specific house-hunting search criteria. But it’s worth spending the time if it helps you get everything you want in your first home.
Contributor Tiffany Beyer is a social media coordinator and marketer specializing based in St. Petersburg, Florida. She specializes in real estate and lifestyle issues stories. Freelancer Kent McDill contributed to this post.
Is your grocery store running a huge sale on ground beef? Buy it in bulk and freeze it. Have some leftovers that you don’t want to toss? Cut down on food waste and freeze those, too!
Not only can you buy fresh vegetables when they’re in season and freeze them for later, but the freezer can also help you prepare for the busy dinner nights ahead.
When it comes to the most delicious freezer meal recipes, we always ask ourselves the following: Is it easy to meal prep ahead? Is it healthy? Filling?
Healthy food can be great in theory, but sometimes a salad or veggie soup isn’t satisfying enough to fill us up, causing snack cravings and unnecessary spending later.
We’ve put together a list of 12 easy, affordable freezer meal recipes. And they aren’t just healthy; they’re also are hearty enough to keep you satisfied and full of energy all day long.
12 Freezer Meal Recipes For Busy Nights
Photo courtesy of Cookie and Kate
1. Healthy Freezer Breakfast Burritos
The most important meal of the day just got easier. Not only do these breakfast burritos utilize inexpensive, nutrient rich ingredients like sweet potatoes and black beans, but they are also easily customizable with any of your favorite ingredients. For instance, top off your burrito with hot sauce! Make a bunch for the week to freeze and eat this delicious meal for breakfast, lunch, or dinner.
Servings: 8
Main Ingredients: Sweet potatoes ($1/pound on average), eggs ($4.25/carton on average), black beans ($0.99/can on average)
Photo courtesy of Pinch of Yum
2. Cilantro Lime Chicken and Lentil Rice Bowls
Packed with vitamins and protein, lentils are one of the cheapest and healthiest foods you can buy. This healthy freezer meal combines flavor with ease—just throw lentils, chicken thighs or chicken breasts, salsa, chicken broth, and aromatics into the crock pot or instant pot and voila! Dinner is served. Freeze the leftovers in freezer safe bags or containers, or freeze all the ingredients together ahead of time for easy cooking another day.
Servings: 8
Main Ingredients: lentils ($2/pound on average), chicken thighs ($2/pound on average)
Photo courtesy of Pinch of Yum
3. Healing Chicken and Rice Soup
Another Pinch of Yum recipe that is sure to get you through those colder winter nights. When it comes to easy freezer meals, soups reign supreme. Not only does this soup freeze beautifully and use ever-so-affordable boneless skinless chicken thighs, but it is also bursting with immune boosting and anti-inflammatory ingredients like ginger, turmeric, and spinach. Freezer meal prep meets your crock pot for a truly hearty meal.
Servings: 4-6
Main Ingredients: Chicken thighs ($2/pound on average), jasmine rice ($1.30/pound on average)
4. Split Pea Soup
Split pea soup has gotten a bad rap over the years, but this is not your grandparents’ split pea soup. Bursting with flavor, heartiness, and depth, this soup is both crave-worthy and gets even better as it sits in your freezer. Not only are split peas inexpensive, but they are full of protein, fiber, and B vitamins. Make a batch for today and freeze half of it (sans toppings) for later—your future self will thank you!
Servings: 4
Main Ingredients: Dry split peas ($1.59/pound on average), potato or rutabaga ($1.19/pound on average)
Photo courtesy of Minimalist Baker
5. Butternut Squash Lasagna
What’s more comforting than having a lasagna in the freezer for a weeknight dinner? This recipe calls for just 10-ingredients to create a creamy casserole that is packed with veggies, vitamin C from butternut squash, and is dairy-free to boot. Between the creaminess of the squash and the meatiness of the mushrooms, we promise you won’t miss the ground beef and melted cheese. Assemble, cover well, and freeze. When you need a delicious meal, pull it out, cover with foil, and bake for an hour in a 350 degree oven. A healthy dinner even nonna would approve of.
Servings: 6
Main Ingredients: Butternut squash ($1.99/pound on average), mushrooms ($4.40/pound on average), lasagna noodles ($1.89/package on average)
6. Zucchini Lasagna Rolls
Looking for traditional red sauce lasagna flavors without the pasta? Look no further. Thinly sliced zucchini replaces lasagna noodles and is stuffed with a ricotta, parmesan cheese, and frozen spinach mixture in this lighter version of a classic. Make it in the summer when bulk zucchini is extremely cheap and freeze for the cooler weather. Want extra protein? Add some shredded chicken.
Servings: 6
Main Ingredients: Zucchini ($1.99/pound on average), ricotta cheese ($4/container on average)
7. Cauliflower and Tomato Masala with Peas
Indian food can be some of the more delicious freezer meals there are. This take on Gobi Matar is easy, inexpensive, and vegan. Plus it’s packed with health boosters like cauliflower, frozen peas, ginger and turmeric. Lots of spices and tomato sauce make this freezer meal hearty and warming. Grab it out of the freezer along with some flatbread for dipping or boil a quick pot of quinoa to make the entire dinner gluten free.
Servings: 4
Main Ingredients: Cauliflower ($3.59/head on average), tomato puree ($1.49/can on average), frozen peas ($0.99/bag on average)
Photo courtesy of Minimalist Baker
8. 5-Ingredient Sweet Potato Black Bean Chili
When it comes to tasting better with time, chili is king. This nutritious vegetarian version is the perfect hearty meal to keep on hand in your freezer. A spicy kick from the chili powder and hot sauce will warm you up on a cold winter’s night. Antioxidants? Check. Filling protein? Check. Cheap and easy? Check and check. For an extra dollop of healthy fats, garnish with avocado or add ground turkey!
Servings: 6
Main Ingredients: Sweet potatoes ($1/pound on average), black beans ($0.99/can on average), red salsa ($2.49/jar on average.
Pro Tip
Did you know that you can buy avocados in bulk and freeze them them to save money? Grab a bunch for this recipe and save them for other delicious freezer meals like the casserole below.
9. Roasted Veggie Enchiladas Casserole
Photo courtesy of Cookie and Kate
Although enchiladas and casseroles aren’t meals that usually scream “health”, this roasted veggie version may change your mind. Filled to the brim with cauliflower, sweet potatoes, red peppers, spinach, and black beans, this recipe is filling, satisfying, economical and packed with nutrients. Top with sour cream, lime juice, and use 100% corn tortillas for a vegetarian, gluten free dinner that you’ll be thrilled to have in your freezer not only as a weekday option, but also as a showstopping main dish to serve company!
Servings: 6-8
Main Ingredients: Sweet potatoes ($1/pound on average), black beans ($0.99/can on average), cauliflower ($3.59/head on average), red bell peppers ($3.49/pound on average)
Photo courtesy of Love and Lemons
10. Best Veggie Burger Recipe
Store-bought veggie burgers have been a freezer staple for years, but have you ever tried to make your own? Often cheaper and much healthier, homemade veggie burgers replace filler with real vegetables. This version combines mushrooms, brown rice, and walnuts in the food processor for a protein packed meal that even the most discerning meat eaters will love. Make a whole batch and freeze them on a parchment-lined sheet pan. Once frozen, pop into a freezer bag for easy storage and pull one out to grill, saute or bake when you need a quick, healthy dinner! Add on a slice of cheddar cheese or keep this recipe dairy free.
Servings: 8
Main Ingredients: Mushrooms ($4.40/pound on average), brown rice ($0.95/pound on average), raw walnuts ($4.99/bag on average)
11. Mushroom Bourguignon
Portobello mushrooms are the perfect, cheaper, more nutritious alternative to beef. Elevate them even more in this classic mushroom bourguignon that tastes slow cooked, but comes together much more quickly than its original namesake. French freezer food? Healthy indulgence at its finest.
Servings: 4
Main Ingredient: Mushrooms ($4.40/pound on average)
12. Spiced Chickpea Stew With Coconut and Tumeric
This Alison Roman original recipe went internet viral in 2020 for good reason. Not only is it rich with flavorful, anti-inflammatory ingredients (hi again, turmeric and ginger), but it calls for inexpensive pantry ingredients like chickpeas and coconut milk, making it easy to make at any time. Freeze leftovers or the whole batch and indulge in this hearty stew when the craving hits.
Servings: 4-6
Main Ingredients: Chickpeas ($0.99/can on average), coconut milk ($2.29/can on average), kale ($2.79/bunch on average)
Decide which of these healthy freezer meals you want to make? Check out these tips to stretch your freezer meals ever more.
1. Label your frozen food.
Ever put something in the freezer only to question what it was? Always label your meals with the date that you made it and its contents. Not only will this help you get dinner on the table faster, but it will also prevent you from throwing unknown contents out. Not sure how long you can freeze something for? Check this out to learn more!
2. Portion out your freezer meals.
Whether you’re cooking for a family of 5 or just for yourself, pre-portioning your freezer meals as needed beforehand can be a lifesaver. Rather than defrost the entire dish, pull out the number of serving you need!
3. Use proper storage materials.
Always utilize official freezer bags, plastic wrap, and freezer safe tupperware when freezing food to preserve quality and freshness. Nothing is worse than going through all the work of creating a meal only to have it succumb to freezer burn!
4. Cool down your food before you freeze it.
Never put hot food into the freezer. Be sure to allow your food to cool down first before packaging it up.
Contributor Michele Becker is a Boston based writer who specializes in food, as well as Italian travel and history.
Do you remember why you chose your current checking account?
If you got started early, your parents might have helped you open a kids’ checking or savings account at their bank’s branch. Or maybe you went with the credit union down the street from your work after getting your first W2 job.
Whatever the reason, location likely played a big part. Thankfully, you’re no longer confined to a financial institution for a checking account because of its proximity to you — or a brick-and-mortar site altogether, for that matter.
From higher interest rates to better benefits, it pays to expand your search beyond your local bank or credit union these days. Here’s how to choose the right checking account for you.
Chime is an online checking account that truly embraces the digital banking space* — consider that its app has over 550,000 positive reviews. The company’s tagline is “banking that has your back” and it aims to do that through its Early Payday function (where you get access to direct deposit funds up to two days early), fee-free overdraft services and more.
Chime Checking Account
Fees
No monthly fees
APY
None
ATM access
60K+ fee-free ATMs*
Promotions
None
Prime perk
“Pay friends” feature
More information About Chime Checking Account
Chime doesn’t charge overdraft fees or for overdraft protection, a monthly maintenance fee, foreign transaction fees or minimum balance fees. You can also open an easy-to-access connected savings account — it allows you to automate your savings with features like the round-up tool, which will round up your transactions to the nearest dollar and dump the change into savings. Bonus: Chime has a “Pay Friends” feature, so you don’t have to mess with cash, math or other apps to split the bill.
For a full run down of fees and services, check out our complete Chime Bank review.
Varo Bank Account
Best for Cash Back
Key Features
No hidden fees
Early access to your paycheck
Tool to project your cash flow
Varo has combined traditional banking tools with modern technology to help its customers become financially healthy. Its big selling points include Varo Perks — get up to 15% cash back with in-app purchases — no hidden fees and early access to your paycheck. You can also earn up to a whopping 5.00% APY with a Varo high-yield savings account.
Varo Bank Account
Fees
Out-of-network ATM and cash deposit fees
APY
None
ATM access
More than 55,000 Allpoint ATMs
Promotions
Earn money by referring friends
Prime perk
Up to 15% cash back
More information About Varo Bank Account
With Varo, you’ll pay no monthly service fees, no extra fees for minimum balance requirements, no foreign transaction fees and no cash replacement fees. For money transfers, Varo Bank works with Zelle® so you can send money to folks who user other banks for free. You’ll just pay out-of-network ATM fees and cash deposit fees if you deposit cash in-store through Green Dot®. Varo keeps tabs on how much you spend across all your accounts, too, so you can better analyze and project your cash flow. It also allows you to set spending caps so you have a better handle on your money.
For a full run down of fees and services, check out our complete Varo Bank review.
Chase Total Checking Account
Best for Promotional Offers
Key Features
A hefty sign-on bonus for new customers
Offers online, mobile and text banking
Lots of branch locations in the U.S.
Chase Bank is a well-known entity in the financial world, and we had to include its Total Checking Account on our list. The account comes with a $12 monthly service fee, but it’ll be waived if you have monthly direct deposits of at least $500. If you don’t have direct deposit, you can also have the fee waived with a minimum daily balance of $1,500 (or $5,000 across multiple Chase accounts).
Chase Total Checking Account
Fees
Yes, but may be waived
APY
None
ATM access
16,000 ATMs
Promotions
Yes
Prime perk
Branches in 33 states to avoid fees
More information About Chase Total Checking
This Chase account has other fees. For example, you can use a Chase ATM for free, but you’ll pay a $3 fee for non-Chase ATMs in the U.S., Puerto Rico and the U.S. Virgin Islands and $5 outside of those locations — so, this account isn’t the best for frequent international travelers. Thankfully, the bank has branches and 16,000 fee-free ATMs in 33 states around the U.S., so you can avoid the fees if you’ve got one nearby.
Bonus (literally): You can get $200 when you open a new checking account. Getting it is pretty simple, too, compared with similar offers — open a new Chase Total Checking account* with $0, and set up direct deposit within 90 days of opening. Keep your account open for at least six months, or you’ll lose the bonus at closing.
For a full run down of fees and services, check out our complete Chase Bank review.
Chase College Checking Account
Best for Responsible Students
Key Features
New applicants can qualify for a bonus
Lots of branches and ATMs in the U.S.
No monthly service fee
The Chase College Checking Account is designed with the college student in mind. For anyone ages 17 to 24 with proof of college enrollment, there is no monthly service fee. However, it does come with some hefty insufficient-funds fees and fees for using non-Chase ATMs.
Chase College Checking Account
Fees
None
APY
None
ATM access
16,000 ATMs
Promotions
Yes
Prime perk
$100 for signing up
More Information About Chase College Checking Account
New applicants can get a $100 bonus in their account just for signing up for paperless statements and making 10 qualifying transactions within the first 60 days. Debit card transactions count, so that should be easy.
No other rewards are a part of this account, but that’s typical with a student checking account. Beyond that, the account comes with the accessibility of one of the nation’s largest financial institutions, so ATMs are plentiful and online and mobile banking is available.
For a full run down of fees and services, check out our complete Chase Bank review.
TD Bank Convenience Checking
Best for Mobile Banking
Key Features
Free online and mobile banking
No maintenance fee for students 17-23 years old
Monthly fee that can be waived easily
TTD Bank is another big name on our list. All TD accounts include free online and mobile banking, including mobile check deposit. The $15 monthly maintenance fee on this account sounds hefty at first, but it’s waived if you maintain a $100 minimum daily balance. However, if you tend to keep a low account balance, that fee — and the account’s $35 overdraft fee — could pinch your wallet.
TD Bank Convenience Checking
Fees
Yes, but may be waived
APY
None
ATM access
700 ATMs
Promotions
Yes
Prime perk
No monthly maintenance fees for students
More Information About TD Bank Convenience Checking
Anyone can open an online checking account, but TD’s brick-and-mortar banks (and ATMs) are mostly located on the East Coast. With a $3 fee for using an out-of-network ATM, you might want to have a physical location nearby. The best thing about this financial institution is it’ll pay you — just for opening an account. For a $300 bonus and an interest-yielding account, consider TD Bank’s higher-tier Beyond Checking account. You must meet certain criteria (and be a new customer) to earn this bonus. (And double-check when the offer ends.)
Axos Bank Essential Checking
Best for Online Customers
Key Features
Up to 1.00% APY on certain accounts
Requires balance of only $1
Unlimited ATM-fee reimbursement in the U.S.
Axos’ Essential Checking account comes with no monthly, annual or overdraft fees. An Axos representative told TPH all its checking accounts require a $100 minimum opening deposit — but, after that, you only need a minimum balance of $1. Despite the low minimum balance, this bank rewards its customers with up to 1.25% APY on their balance (though Essential Checking accounts are not eligible).
Axos Bank Essential Checking Account
Fees
None
APY
Up to 1.25% on certain accounts
ATM access
Unlimited domestic ATM reimbursements
Promotions
$150 welcome bonus
Prime perk
Online bankers valued
More Information about Axos Bank Essential Checking
Axos offers a lot if you’re in the market for an online-only checking account. On top of no fees, Axos will also reimburse you by the end of the next business day for unlimited ATM fees within the U.S. Regarding spending abroad — per a rep via live chat, you’ll pay a 1% service transaction charge on purchases made in other countries. So, even though this online bank account is flexible, it isn’t ideal for international travelers.
For a full run down of fees and services, check out our complete .
Ally Interest Checking Account
Best for No Fee Perks
Key Features
Use any Allpoint ATM in the U.S. free of charge
No overdraft fees
Up to 0.25% APY
With Ally’s online Interest Checking account, you can take advantage of no minimum required deposit and use any Allpoint ATMs in the U.S. for free. Plus, Ally will reimburse you up to $10 per statement cycle for other ATM fees within the U.S. As for no fees, there’s more good news: Last year, Ally permanently suspended overdraft fees for checking accounts and all others.
Ally Interest Checking Account
Fees
None
APY
Up to 0.25%
ATM access
More than 55,000 Allpoint ATMs
Promotions
None
Prime perk
Account accessible online or through app
More Information About Ally Interest Checking
With a daily balance of $15,000 or more, this checking account yields 0.25% interest. Below $15,000, it’s 0.10%. That tops a lot of bank accounts, but it’s not as impressive as we’d expect for an account with “interest” in the name — and that balance requirement is a beast. We expect more when checking accounts earn interest.
You can access Ally Interest Checking online or through the Ally app, so it’s an accessible choice for anyone within the U.S.
For a full run down of fees and services, check out our complete Ally Bank review.
Consumers Credit Free Rewards
Best for High Balance Benefits
Key Features
Earn 2.09% interest
All ATM fees in the U.S. are reimbursed
Branches in IL; anyone in U.S. can bank online
Prefer to bank at a credit union? Check out the Consumers Credit Union Free Rewards Checking Account. The interest is solid and the rewards are pretty sweet — no monthly maintenance fees, good APY, early direct deposit and more — but the requirements are a bit hefty.
Consumers Credit Union Free Rewards
Fees
Overdraft fees
APY
2.09% (but up to 4.09% for all accounts)
ATM access
Over 30,000 ATMs
Promotions
None
Prime perk
Solid interest offers
More Information About Consumers Credit Union Free Rewards Checking
With this Consumers Credit Union plant, account holders will earn 2.09% interest on your balance up to $10,000. You’ll also have all ATM fees reimbursed, as long as you:
Make 12 debit card purchases each month without using the PIN (as a credit transaction).
Have at least one direct deposit or ACH credit of $500 or more each month.
Enroll in e-documents.
In addition to that, you can earn 3.09% or 4.09% APY (annual percentage yield) on balances up to $10,000 if you meet CCU Visa credit card spending requirements: $500 and $1,000, respectively. All CCU branches are in Illinois, but anyone can open and manage an account online and through the mobile app.
Schwab Bank High Yield Investor
Best for International Travelers
Key Features
Easy-to-use app
ATM-fee reimbursements around the world
No fees or minimum deposit required
Schwab Bank is loved by international travelers. The account offers unlimited ATM fee rebates for cash withdrawals at ATMs anywhere in the world. You can manage your account online or through the Schwab app for iPhone, and make deposits through the app, so this account keeps up with jet-setters.
Schwab Bank High Yield Investor Checking
Fees
None
APY
0.45%
ATM access
Unlimited ATM-fee reimbursements
Promotions
None
Prime perk
Free ATM rebates worldwide
More Information About Schwab Bank High Yield Investor Checking
The downside? Schwab’s online-only High Yield Investor Checking account must be linked to a Schwab One brokerage account. Luckily, there are no fees or minimum deposits to open either account, as long as you open them together. Neither account comes with monthly fees or a minimum balance, but “other account fees, fund expenses and brokerage commissions may apply” to the brokerage account once you begin investing, according to the Schwab site. The checking account offers a variable interest rate. If you want to grow your savings through Schwab, you’ll want to invest through the brokerage account.
Montgomery Bank New Start
Best for No-Frills Banking
Key Features
Low minimum deposit to open an account
No service fees or required monthly balance
Free debit card
The Montgomery Bank New Start Checking account is what you want in a second chance banking account. No frills, but no unnecessary fees, either. All it takes is a $20 minimum deposit to open the account. While this is a no-frills account, it offers a lot of benefits for those who are looking to get back on their financial feet again.
Montgomery Bank New Start Checking
Fees
$20 to open, and then none
APY
None
ATM access
Montgomery Bank & MoneyPass ATMs
Promotions
None
Prime perk
Lots of freebies
More Information About Montgomery Bank New Start Checking Account
This account is loaded with freebies and other extras, such as free direct deposit, unlimited check writing and a free debit card. You can also open interest-bearing accounts with the bank if you’re interested in other options. Additionally, Montgomery Bank offers a business checking account, too.
Pro Tip
Check out our current list of bank promotions for a chance to gain a monetary bonus when signing up for a new bank account.
What Is a Checking Account?
A checking account is a place to store money at a bank, credit union or other financial institution. The money in a checking account is typically reserved for regular, everyday expenses, as opposed to a savings account. Checking accounts usually distribute paper checks and a debit card to members as well.
How to Choose a Checking Account
You probably already know that you need a checking account and if it comes with a free debit card, that’s even better. A checking plan serves as the primary hub for your money. It’s where your paychecks and direct deposits land, and, from there, you use the money to pay bills, buy the stuff you need and hopefully slide some of it into a savings account. Maintaining a savings account is a smart personal finance decision.
Picking a bank account is a personal choice. What makes checking accounts “good” depends largely on your financial situation and goals. Checking accounts come in a lot of varieties these days, each with different features and benefits. You can pick from online-only banks to those with physical branches, and from those that pay interest to those that offer free checking accounts and no fees for out-of-network ATM use. It’s up to you to do the research and find the one that will benefit you and your lifestyle the most.
But we can tell you a few things that make certain checking accounts worth opening. Here are a few important features to keep in mind when looking for the best checking accounts:
Fees: How much will it cost you to manage your money with this account? Make sure you know the monthly fee — or fees — to maintain the account. Also, understand the account’s overdraft fee protection.
Safety: If something happens to the institution where you hold your account, will your money be protected? Make sure your checking account is NCUA- or FDIC-insured.
Interest rates and APY: Does a particular checking account offer interest on your money to keep it in an account? (These types of accounts tend to offer no or low interest rates and APY, but there are high-interest checking accounts out there.)
Rewards: What do you earn in return for using the account? Are you rewarded for making regular direct deposits or keeping a high balance, for example?
Minimum balance:: Is there a minimum or average daily balance needed to maintain the account? Or to open the account? Minimum balance requirements can range for $1 to thousands of dollars (to earn a particular rate) and you’ll want to know this before you open an account, be it at a branch or through online banking.
Accessibility: What are the requirements to open this account (again, minimum balance requirements, and earn the rewards?
Mobility: Can this account travel and move with you? How are the online banking features? Do direct deposits make your banking life easier? How good is the financial institution’s app in making mobile check deposits easier? Are you considering online banks or only those with physical branches?
Types of Checking Accounts
There are a few varieties of checking accounts out there that offer different benefits. You just need to figure out which kind will work best for you. Some of your options for traditional and online checking accounts are:
Student Checking: These accounts usually feature minimal fees and no minimum balance. They also don’t offer a lot of perks. They’re bare-bones accounts designed for cash-strapped students who just need the basics.
Express Checking: This is the checking account for today’s digital person. If you don’t like going to the bank, this could be for you. These accounts are designed for use on computers, phone apps, ATMs or by telephone. You may actually get a fee for going to a live teller. The upside is fees are minimal as long as you keep banking digitally.
Joint Checking: Need to share a checking account with a spouse or another person? A joint account lets you both put money in and take money out as needed.
Fresh Start or Second Chance Checking: If you’ve run into financial trouble and have had your accounts closed, it can be tough to get a new account. These accounts are designed to minimize the bank’s risk, but they allow you to open a new account. If you maintain it well for an extended period of time, it may open opportunities for you to upgrade.
Rewards Checking: Rewards checking offers the highest perks, such as annual percentage yield (APY) interest on the account balance. Debit card purchases could also receive cashback bonuses or earn points for things like airline travel or gift cards. Some, however, will come with an annual fee.
Pro Tip
Check out our current list of bank promotions for a chance to gain a monetary bonus when signing up for a new bank account.
Checking Account vs. Savings Account
financial setup. You want to have one location for more regular, everyday expenses (checking) and one for longer-term savings and goals (savings).
Checking Account Pros and Cons
There are advantages and disadvantages to checking accounts and below are the most common.
Pros
Relatively easy and quick to open
Low- or no-fee account options
Typically offer a free checkbook and debit card
Cons
Usually don’t earn interest
Certain accounts have fees (like overdraft and minimum balance requirements) that can add up quickly if you’re not vigilant
Savings Account Pros and Cons
The following pros and cons of savings accounts can help you decide how to use them.
Pros
Relatively easy and quick to open
Offers interest
Easy to access your money in times of need (versus a CD, for example)
Cons
Interest rates can vary over time
Certain accounts have fees or requirements (like a particular monthly balance to earn a higher interest rate)
When it comes to checking and savings accounts, don’t think of it as an either-or situation — it’s a good idea to have both. You can also mix and match. For instance, you might go for an online checking account and a local credit union for a savings account.
You can have multiple checking accounts, too; perhaps one offers a new-member bonus for an influx of free cash, while another offers free overdraft protection for regular spending. Alternatively, when it comes to savings accounts, one might offer a higher annual percentage yield, while another offers other saving products like a money market account.
Regardless of the checking account or savings account you choose, it’s a good move to keep your money in a secure place
Choosing a Bank vs. a Credit Union vs. a FinTech Company for Your Checking Account
Similarly, opening a checking account, period, is generally a good move, regardless of where you do it.
Keep your own habits and preferences in mind, especially when it comes to choosing between a brick-and-mortar (bank or credit union) and online-only setup. Consider fees, from initial to ongoing, as well to make sure the account doesn’t end up costing you.
Ultimately, though, don’t get hung up on too many details: When it comes to personal finance, it ultimately comes down to what works for you and your situation.
Methodology
We graded 10 of our favorite bank and credit union accounts on the factors that we like to see in any checking account — no fees, free ATMs, good rewards, easy setup and accessibility.
If an account has a monthly fee or out-of-network ATM charges, we highlighted some more positive qualities (think: a low minimum balance requirement, interest checking account offering or a free debit card). With that said, we prioritized those checking accounts that nixed monthly maintenance fees, featured savings accounts and had no-charge or reimbursed out-of-network network ATM fees.
Here are the best checking accounts we found across (online) banks, credit unions and other financial institutions.
Recapping the 10 Best Checking Accounts of February 2023
Chime Checking Account: Best for Digital Features
Varo Bank Account: Best for cash back
Chase Total Checking Account: Best for Promotional Offers
TD Bank Convenience Checking Account: Best for Free Mobile Banking
Axos Bank Essential Checking Account: Best for Online Customers
Ally Interest Checking Account: Best for No Fee Perks
Consumers Credit Union Free Rewards Checking: Best for High Balance Benefits
Schwab Bank High Yield Investor Checking: Best for International Travelers
Chase College Checking Account: Best for Responsible Students
Montgomery Bank New Start Checking Account: Best for No-Frills Banking
Frequently Asked Questions (FAQ) About Checking Accounts
When it comes to choosing the best checking accounts, there’s a lot of information out there. Here, we’re answering some of the most popular questions about checking accounts.
What is a Checking Account?
A checking account is where you hold money at a bank, credit union or other financial institution. You typically use this account to pay for everyday expenses or bills. Depending on where you have you bank, you can access your cash in person, or via an ATM or debit card. Unlike a savings account — which you use for an emergency fund or other financial goal — checking accounts should be fairly accessible for regular spending usually with a debit card. They don’t normally accrue interest.
How Can I Open a Checking Account?
Every checking account — whether it’s through a physical or online bank, credit union or other fintech setup — will have its own requirements. Generally, to open a checking account, you need to be at least 18 years old (though guardians can sometimes co-sign an account for a minor) and have a government ID (such as a passport or driver’s license). You’ll likely also need to supply contact information and possibly an opening deposit.
Which is the Best Bank to Open an Account In?
The best bank to open an account will depend on your needs. If you prioritize banking at a physical institution with plenty of locations where you can interact with staff in person, you might choose to go with a big-name chain. If you prefer a bank where you might qualify for higher interest rates in lieu of having access to brick-and-mortar locations, an online setup might work best for you. No matter your choice, it’s a good idea to evaluate it over time; if a bank ends up not being over time.
What is the Best Free Checking Account?
The best free checking account will vary based on your wants and needs in a banking account. You’ll want to look for an account that has no or a low monthly fee, a free debit card and easy access to your money — whether that is an ATM, a physical branch, an app or all of the above. Bonus: look for a free checking account that also offers a new-user bonus. Right now, Chime, Varo and Axos are overall solid free options for checking. Shop around and look for a checking account that’s best for you.
Is Wells Fargo or Chase Better?
Wells Fargo and Chase each offer online checking accounts, among other banking products. But they also have monthly fees, too. Good news: Well Fargo eliminated non-sufficient fees funds (NSF) fees in 2022 and started giving customers early access to eligible direct deposits.
Each have online and in-person banking; so, one could be a better fit depending on branch locations in your area. Chase often offers significant new-user sign-on bonuses.
What Bank is Good for a Checking Account?
What makes a bank good for a checking account weighs largely on what you prioritize in both a bank and an account. As a whole, you want to consider fees (how much does it cost you to keep your money there?), rewards (do you earn anything for banking with them?), accessibility (what are the requirements to open and keep your account open?) and mobility (does the bank charge foreign transaction fees?). Bonus points if they give out a… bonus, too, for being a new account holder.
How is Interest Taxed on a Checking Account?
The interest earned on checking accounts is considered taxable income. So, your bank, credit union or financial institution willsend you a 1099-INT form each year your account earns interest over $10. You file this paperwork along with your yearly taxes. And don’t let this income being taxed deter you from saving money; a traditional or high-yield savings account is still a worthwhile tool for your money.
Contributor Kathleen Garvin (@itskgarvin) is a personal finance writer based in St. Petersburg, Florida, and former editor and marketer at The Penny Hoarder. She owns a content-writing business and her work has appeared in U.S. News, Clark.com and Well Kept Wallet.
*Chime disclosure: Chime is a financial technology company, not a bank. Banking services provided by, and debit card issued by, The Bancorp Bank or Stride Bank, N.A.; Members FDIC.
Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.
*Chase fine print:
“Checking offer is not available to existing Chase checking customers, those with fiduciary accounts, or those whose accounts have been closed within 90 days or closed with a negative balance. To receive the $200 checking bonus: 1) Open a new Chase Total Checking account, which is subject to approval AND 2) Have your direct deposit made to this account within 60 days of account opening. Your direct deposit needs to be an electronic deposit of your paycheck, pension or government benefits (such as Social Security) from your employer or the government. After you have completed all the above requirements, we’ll deposit the bonus in your new account within 10 business days. You can only receive one new checking account-related bonus per calendar year. Bonus is considered interest and will be reported on IRS Form 1099-INT.
“Account Closing: If your checking account is closed within six months after opening, we will deduct the bonus amount at closing.”
Editorial Disclosure
This content is not provided by the bank advertiser. Opinions expressed here are the author’s alone, not those of the bank advertiser. This site may be compensated through the bank advertiser Affiliate Program.
Members of our military, whether active duty or veterans, have access to unique bank accounts from both banks and credit unions.
Such accounts are uniquely designed to suit the specific needs of active duty members (easy online bill pay, international branches on bases and 24/7 stateside assistance, for example) but also honor both active members and veterans for their service via a higher annual percentage yield (APY), better insurance rates, lower annual percentage rates (APRs, or interest rates) on loans and other great benefits.
If you or your spouse currently serves or has previously served as a member of the US military and you are looking for a bank account that meets your needs, consider one of these six military banks and credit unions:
Service Credit Union
America’s Credit Union
USAA Bank
Pentagon Federal Credit Union (PenFed CU)
Navy Federal Credit Union
Security Service Federal Credit Union
Below, we’ve explored each military bank in detail, focusing on their checking and savings accounts primarily, though we’ve also made note of other features, including credit cards, loans, insurance and investment accounts.
In determining our list of the best military banks and credit unions, we considered:
Who was eligible
Savings and checking account APYs
Minimum deposit to open
ATM and branch access
While these six are the elite (think of them as the best of the best banks for military personnel), some national financial institutions also offer special accounts for active duty military members, veterans and their families. These bank accounts include:
We did not include the national financial institutions offering specific military accounts in our consideration, though they are certainly worth exploring for your banking needs if the actual military banks don’t seem to be the right fit.
Service Credit Union
Best Bank for High-Yield Savings
Key Features
Deployed Warrior Savings (10% APY)
APR discounts on loans
Early direct deposit
Service Credit Union offers Everyday Checking and Dividend Checking accounts, but it’s the Military Savings account that you’ll want if you’re active duty in a combat zone. This pays an APY of 10% on up to $10,000. Even if you don’t qualify, the regular savings option pays 5% APY on the first $500 and then 0.25% on additional funds. You can also open an account for your children.
Service Credit Union
Savings APY
Up to 10%
Checking APY
Up to 0.15% in dividends
Minimum opening deposit
$5 for savings
ATM access
30,000 fee-free ATMs and no out-of-network ATM fees
Branch access
Branches in Europe, Northeast and N.D,
More Information About Service Credit Union
With up to 10% APY, Service Credit Union easily boasts the highest APY of any bank on our list thanks to the Deployed Warrior Savings. If you are an active duty member of the US military serving in a combat zone, there should be no question about it. This should be where you save all your money.
But Service CU is ideal for military members for more than just offering amazing APYs on its savings account. It also boasts a free Everyday Checking account (and a Dividend account) with unique tiers that grant up to $30 a month in ATM surcharge reimbursement and up to a 0.75% APR discount on loans. These checking accounts also include online and mobile banking, early direct deposit and ID theft protection.
Service CU is great for military members deployed in Europe thanks to its multitude of branches abroad. Back home, Service CU is mostly focused in the Northeast with a location in North Dakota, but with the ease of online banking, you can hold a Service CU account from anywhere.
In addition to the savings and checking accounts, Service CU offers business banking, vehicle loans, home loans, credit cards, personal loans, student loans and military loans. You can also rely on Service CU for investment services, insurance certificates, trusts and money market accounts.
Eligibility: Active duty military, veterans and their family members; Department of Defense employees; members of select employer groups; and other select groups
America’s Credit Union
Best for High-Yield Checking
Key Features
Cash back on debit card
Cell phone insurance
Monthly fee on Plus account
America’s Credit Union offers the best checking account of any military bank or credit union on our list. America’s CU also offers low-interest savings account options, no-fee credit cards, loans and investment accounts and easy access to brick-and-mortar banking through shared branches. Cell phone insurance and identity theft coverage through a checking account are unique features.
America’s Credit Union
Savings APY
Up to 0.10%
Checking APY
Up to 2.02%
Minimum opening deposit
$25 for savings
ATM access
Nearly 30,000 fee-free ATMs
Branch access
Nearly 5,000 locations via shared branching
More Information About America’s Credit Union
Service CU may have the best of all the savings accounts on our list of the best military banks and credit unions, but then America’s Credit Union has the best checking account. In fact, America’s CU offers several great options for checking accounts.
The headliner account is Affinity Basic, which pays 2.02% APY on up to $1,000 — then 0.10% on additional funds up to $15,000 and 0.25% on funds exceeding $15,000 (but you probably shouldn’t keep that much in a checking account). This high-yield checking account has no monthly maintenance fees or minimum balance requirements and offers online and mobile banking.
The Affinity Premier account requires a $25,000 opening balance, pays a 0.75% APY on funds up to $34,999 and pays market rate on dividends.
The only account with a monthly service fee is the Affinity Plus ($7 a month), but this account gets you 10 cents cash back for every swipe of your debit card, as long as you spend at least $5. (At most, that’s 2% cash back.) This account also pays 0.75% APY on any balance up to $25,000, which makes it better than a lot of standard savings accounts. The account even includes identity theft coverage, cell phone insurance and a $10 monthly ATM fee reimbursement.
America’s Credit Union’s savings account is nothing to write home about: a meager 0.01% APY on balances below $2,500, and even then, just 0.10% APY on $2,500 and higher. The Guaranteed Money Market Ultra account has more appeal, with 1.76% APY on balances above $2,500.
America’s CU does offer a variety of loans: home loans, personal loans, student loans and auto loans, as well as rewards credit cards. You can also use America’s CU for business banking and investment services.
Eligibility: Members of the Armed Forces, civilian personnel and their relatives; members of the Association of the United States Army; members of the Pacific Northwest Consumer Council (or PNW residents willing to donate to the council — ACU will cover the cost!). Family members of current members may also join.
USAA Federal Savings Bank
Best for ATM Access
Key Features
Stellar mobile app
Best military insurance
No monthly fees
As the only bank on this list, USAA is lacking when it comes to competitive APYs for checking and savings accounts. But this is the most well-rounded financial institution on our list, offering a full-suite of offerings and what is highly regarded as the best home and auto insurance for members of the US military. It also has the most ATMs of any military bank on our list.
USAA Federal Savings Bank
Savings APY
Up to 1.04%
Checking APY
Up to 0.01%
Minimum opening deposit
$25 for checking or savings
ATM access
60,000+ USAA-preferred ATMs nationwide
Branch access
5 physical branches
More Information About USAA Federal Savings Bank
Upon first glance, USAA might not seem like the best financial institution for members of the military. The checking account’s APY is almost nonexistent (and only kicks in if you have more than $1,000 in the account), and the APY for the basic savings account is just as low.
You can earn more interest with the USAA Performance First, but the tiered account doesn’t start paying out competitive interest (0.50%) until you have $50,000 in the account and tops out at 1.04% — but you need at least $250,000 in savings.
So why is USAA so popular among members of the military and one of the best military banks and credit unions overall?
For starters, USAA is a household name for military members because of their impressive insurance offerings and super low rates. But in addition to insurance, you can use USAA for retirement accounts, investment accounts, certificates of deposit, credit cards, youth banking and all forms of loans, including home and auto; personal; and motorcycle, RV and boat.
Access to ATMs is nothing to sneeze at with more than 100,000 nationwide (and a rebate of up to $10/month for out-of-network ATM surcharges). Physical branches are limited to just Colorado Springs, Colorado; Annapolis, Maryland; and San Antonio, Texas (two New York branches are temporarily closed).
That said, USAA’s mobile and online banking make it so that your location does not matter. The bank’s app has a 4.8 star rating on the App Store (1.6 million reviews) and a 4.1 star rating on Google Play (nearly 200,000 reviews).
Eligibility: Active Duty, National Guard, Reserves, Veterans who served honorably, Cadets and Midshipmen, plus military spouses and children of USAA members.
Pentagon Federal Credit Union (PenFed)
Best for Cash Back
Key Features
Cash back debit card
Convenient ATM locations
Early direct deposit
PenFed has a wide network of ATMs; they’re easy to find since many are located in stores such as Kroger, Walgreens, CVS, Target, Safeway, Circle K, Speedway, 7-Eleven and Winn Dixie. PenFed also carries respectable APYs for both checking and savings accounts and offers a 2% cash back debit card.
Pentagon Federal Credit Union (PenFed)
Savings APY
Up to 2.30%
Checking APY
Up to 0.35%
Minimum opening deposit
$5 for savings
ATM access
85,000+ ATMs
Branch access
DC branches + some international bases
More Information About Pentagon Federal Credit Union (PenFed)
You can choose from multiple savings accounts at PenFed CU, including the Regular Savings (0.05% APY and easy ATM access with an ATM card) or Premium Online (2.30% APY, no monthly maintenance fees and free online transfers). You can also open a Money Market Savings account that pays a 0.15% APY on balances over $100,000, but that money would be better invested in a high-yield savings account or, better yet, in a diversified brokerage account.
You can choose from two checking accounts. The PendFed free Checking account has no monthly fees and no minimum balance requirements. You’ll get more perks with Access America Checking. There’s a $10 monthly fee, but you can easily have it waived by either earning a direct deposit totaling $500 or more each month OR just keeping an average daily balance of $500. This is a good idea for checking accounts anyway—to avoid overdraft fees.
Access America Checking earns 0.15% APY on balances less than $20,000, but when you hit that $20K mark, you’ll start earning 0.35% APY.
Some hallmarks of this account, aside from the super convenient ATM access, include a highly rated mobile app and early direct deposit. You can also open a Money Market Certificate, with terms ranging from six months to seven years; right now, it’s paying 4.70% APY on the 18-month term. You can invest as little as $1,000.
In addition to the savings, checking and money market accounts and the certificate, you can utilize PenFed for credit cards, home and auto loans, student loans, personal loans and retirement accounts.
Eligibility: This is the easiest bank or credit union to join on our list. Anyone can apply.
Navy Federal Credit Union
Best for Deployed Military Members
Key Features
Cash back credit card
Great service wherever you’re stationed
Easy-to-use mobile banking
With 350 branches globally, advanced mobile banking and 24/7 customer service, Navy Federal Credit Union is ideal for active duty members deployed outside the country. Checking account options are bountiful, but the Flagship Checking is the way to go. You can also open a credit card with 1.75% cash back.
Navy Federal Credit Union
Savings APY
0.25%
Checking APY
Up to 0.45%
Minimum opening deposit
$5 for savings
ATM access
30,000+ ATMs
Branch access
350 worldwide
More Information About Navy Federal Credit Union
Navy Federal Credit Union offers the most checking account options of any financial institution on our list. This includes the Free Active Duty Checking (with $20 of monthly ATM fee reimbursements); Free Easy Checking (with Checking Protection Options to avoid the $20 overdraft fee); Free Campus Checking (ideal for students of deployed military members); Free EveryDay Checking (nominal APY but no monthly fees); and the Flagship Checking, which boasts up to 0.45% APY and a 0.45% dividend rate.
There is a $10 monthly fee for the Flagship account, but you can get that waived by maintaining an average daily balance of $1,500 a month.
This financial institution is a favorite of deployed military members who are constantly globe-trotting. The 24/7 customer service means you don’t need to worry about time zones when you call in for help, and the mobile banking (with mobile check deposit and online bill pay) is very convenient.
Beyond checking and savings accounts, Navy Federal CU offers loans for motorcycles, boats and leisure vehicles; student loans, home and auto loans; credit cards; and money market and retirement accounts.
Eligibility: Members of the Armed Forces, employees of the Department of Defense, veterans and the family members of all qualifying members.
Security Service Federal Credit Union
Best for Special Features
Key Features
Social media monitoring
Identity theft protection
Limited eligibility
Security Service Federal Credit Union may not seem like a top-tier bank for military families upon first glance thanks to its low savings APY, but its Power Protected Checking Account comes with a wide range of unique perks for a low fee of $6 a month that might just make the bank worth another consideration.
Security Service Federal Credit Union
Savings APY
Up to 0.05%
Checking APY
Up to 0.79%
Minimum opening deposit
$5 for savings
ATM access
30,000 ATMs
Branch access
TX, CO and UT w/ shared branching
More Information About Security Service Federal Credit Union
Security Service Federal Credit Union offers a Basic Savings Account, but the APY is so low (0.05%) that it’s not worth much consideration. (Children may benefit from the Youth Savings Account with the same APY.)
There’s also a basic free checking account (if you opt into eStatements), but you’d be better served by another free checking account elsewhere.
But the paid Power Protected Checking account is worth a second glance. This unique account comes with a handful of extra features for a $6 monthly fee:
Social media monitoring
Identity theft protection
Mobile phone coverage
Credit monitoring
The APY for this account varies widely depending on how much money you keep stored in the account. Balances below $10,000 earn just 0.05%, but if you have $250,000 or more in the checking account (yeah, right), you’ll earn up to 0.79% APY and 1.00% in dividends.
Another plus: There is no minimum balance requirement for this account.
While the accounts and branches are limited to Texas, Colorado and Utah, no worries if you are deployed elsewhere. With shared branching and online banking, you won’t have any problems.
Security Service Federal also offers credit cards, certificates and money market accounts, investment services, IRAs, insurance, and plenty of loans: auto and other vehicles, student and home.
Eligibility: Limited to three states (Texas, Colorado and Utah) and members of select military branches and Department of Defense employees.
What Should Active Duty Military Members Consider When Considering Military Banks and Credit Unions
Having trouble determining the right financial institution for your needs? We have found that service members should look for these hallmarks of the best military banks and credit unions:
Easy access to funds. Moving regularly means access to ATMs and branches nationwide (or even globally) is key.
An easy-to-use mobile app. Along those same lines, the busy and unpredictable schedule of a service member necessitates a great mobile banking experience.
Excellent customer service. Military members often don’t have time to deal with banking issues, especially when deployed. Fast and helpful customer service is key to the banking experience.
Great APYs. There is perhaps no job more challenging than serving one’s country. Military members want to ensure that the money they are making while keeping us safe is growing a respectable amount.
No hidden fees. Worrying about monthly service fees is going to be the last thing on a military member’s mind. Find an account that is upfront about fees and offers options like overdraft forgiveness.
Experience with VA loans. Find a financial institution that has a background in working with loans from the Department of Veterans Affairs.
Getty Images
Military Banking: Frequently Asked Questions (FAQ)
Here are some of the most frequently asked questions from service members when reviewing military banks and credit unions.
Which Military Credit Union Is Best?
Five out of six of the financial institutions on our list are military credit unions. While we can’t say one is the absolute best, this does tell us that credit unions seem to be the better option for service members. That said, USAA is a respectable bank option for full-suite needs while Pentagon Federal Credit Union offers great APY on checking and savings, plus a cash back debit card.
What Banks Offer Military Discounts?
Financial institutions frequently change the bonuses they offer, including military discounts. However, military members should prioritize a bank that has the features listed above. The six military financial institutions on our list, plus the four additional accounts from national banks, are a great place to start.
Which Banks Waive Fees for Military Members?
While most of the accounts on our list have no monthly service fees, most that do carry fees can be waived by meeting simple criteria. In addition, several banks now waive credit card fees for service members. We did not focus on credit cards in our analysis above, but these national credit card companies are noteworthy for waiving annual credit card fees for US military members and their spouses:
American Express
Capital One
Chase
Citi
US Bank
Timothy Moore covers bank accounts for The Penny Hoarder from his home base in Cincinnati. He has worked in editing and graphic design for a marketing agency, a global research firm and a major print publication. He covers a variety of other topics, including insurance, taxes, retirement and budgeting and has worked in the field since 2012.
At tax time, most of us have a similar goal: minimize our liability, and maybe even get some money back in the process. The Earned Income Tax Credit, or EITC, is a tax incentive that might be able to help.
You may be eligible for the EITC if you earned a relatively low income in the previous tax year — especially if you have children. In this article, we’ll explore exactly how to qualify, how much credit you can get, and how to claim it on your tax return. Then we’ll follow up with some frequently asked questions about the Earned Income Tax Credit.
What Is Earned Income Tax Credit?
The Earned Income Tax Credit (EITC) is a refundable tax credit available for low- to moderate-income individuals and families — especially those with children. The EITC is claimed when you file your tax return. The maximum amount available for 2022 taxes is $6,935, though the amount of credit you’ll receive depends on income, filing status, and how many qualifying children you have.
The EITC is a credit, not a deduction, which means it directly reduces the tax dollars you owe. A deduction, on the other hand, reduces how much of your income is subject to taxation. In practice, this means it’s even better than a tax deduction in most cases, and could substantially lower your tax liability or get you a bigger refund.
Who Qualifies for the Earned Income Tax Credit?
The basic qualification for the EITC is simple, but as with all things IRS, there are lots of nitty-gritty specifics that can make or break your eligibility. The first requirement is right there in the name: you must have earned income. You’ll also need to:
Have a Social Security number by the due date of your 2022 tax return (including extensions).
Have been a U.S. citizen or resident alien for the entirety of the tax year in question.
Be at least 25 years old, but not over 65.
If you don’t have children, you may be eligible based solely on a low income. In the 2022 tax year, you’ll need to have earned an adjusted gross income, or AGI, of:
Less than $16,480 as a single filer.
Less than $22,610 for married couples filing jointly.
Otherwise, the income limits depend on the number of children you have — and the children must meet all qualifications, which include age and residency requirements, and a Social Security number of their own.
2022 Income Limits for Earned Income Tax Credit
Number of Children
Single or Head of Household
Married Filing Jointly
No qualifying children
$16,480
$22,610
1 qualifying child
$43,492
$49,622
2 qualifying child
$49,399
$55,529
3+ qualifying child
$53,057
$59,187
Additionally, there are some special rules for military and clergy members, as well those who earn select types of disabilities benefits. If you fall into one of these categories, definitely check out the links — these rules will help you determine whether certain monies can be claimed as earned income and applied toward eligibility credit.
How Much Can You Get From the Earned Income Tax Credit?
Although individuals without children have always qualified for a small earned income credit, it’s typically much less than what’s offered for those with children. While the 2021 tax year saw temporarily increased EITC amounts (for childless individuals) due to The American Rescue Plan Act, the 2022 EITC amounts are back to normal. In other words, the amounts for childless individuals and families are once again significantly lower than those available to filers with children.
Maximum EITC Based on Number of Children
Number of Children
Maximum EITC Amount
0
$560
1
$3,733
2
$6,164
3+
$6,935
How to Get the Earned Income Tax Credit
If you’re eligible for the Earned Income Tax Credit and ready to see its effect on your return, the first thing you need to do is to file a tax return. You’ll need to do this even if you don’t owe any taxes or are not otherwise required to file — there’s no other way to claim the credit.
You can use U.S. tax forms 1040 or 1040-SR to claim the Earned Income Tax Credit if you don’t have qualifying children, but if you do have children, you’ll need to include Schedule EITC with your 1040. You can also gather all the necessary documentation and have a tax professional do the paperwork for you, or take advantage of the IRS online Free File tool.
Keep in mind that if you claim the EITC, your tax refund may be delayed. By law, the IRS cannot issue EITC refunds before mid-February.
Pro Tip
If you are worried about making mistakes while filing, we highly recommend using tax software like TurboTax, H&R Block or TaxAct.
Frequently Asked Questions (FAQs) about the Earned Income Tax Credit
You’ve got questions about the Earned Income Tax Credit, don’t worry — we’ve got answers.
What is the Earned Income Tax Credit and How Does it Work?
The Earned Income Tax Credit (EITC) is a credit offered to individuals and families that earned a low income during the previous tax year. The amount of credit offered is determined by your filing status (single or married filing jointly) and the number of children you have — generally, the more kids you have, the larger the credit you’ll be eligible for.
What is an Example of Earned Income Tax Credit?
Since the EITC is a credit, rather than a deduction, it comes directly off your tax liability. In other words, if you are getting back $2,000 and get an Earned Income Tax Credit of $2,000, you would receive a total refund of $4,000.
What are the Qualifications for Earned Income Credit?
To qualify for the EITC for the 2022 tax year, you must:
Have earned an income under $59,187.
Have investment income below $10,300.
Have a valid Social Security Number.
Be a U.S. citizen or resident alien.
You can qualify for the EITC using any of the following tax filing statuses:
Married filing jointly
Head of household
Married filing separate
Qualifying widow or widower
Single
What Disqualifies You from Earned Income Credit?
Several things can disqualify you from receiving EITC, including:
Earning more than $59,187.
Having investment income over $10,300.
Filing a Form 2555 with the IRS, which is related to foreign income.
There may be other disqualifying factors. If you’re not sure whether you qualify, it’s best to consult with a tax professional. The IRS has a Qualification Assistant tool to help determine your eligibility.
Penny Hoarder contributor Dave Schafer has been writing professionally for nearly a decade, covering topics ranging from personal finance to software and consumer tech. Reporting by Jamie Cattanach and freelancer Larissa Runkle is included in this story.
As one of the largest financial institutions in the United States, Bank of America has a lot to offer. The range of personal and business account options is impressive, and the availability of bank branches makes it extremely convenient.
BofA has had its share of controversies and its sheer size can sometimes make service inconsistent. In 2014, it was fined $16.65 billion for its role in the 2008 financial crisis. Additionally, some of the accounts are a bit lacking in features.
In 2021, a number of banks and fintech platforms eliminated overdraft fees and Bank of America joined them in 2022, though not completely. It announced in January 2022 that it would drop its overdraft fee from $35 to $10 beginning in May. Other banks, most notably Capital One, have eliminated overdraft fees totally.
Starting in February 2022, Bank of America eliminated insufficient funds fees and will also no longer allow customers to take out more than they have at the ATM. The $12 that it charged customers to move money from another account to cover a withdrawal will also be stopped.
If you need overdraft protection in general, we’ve got some handy tips on how to keep from overdrawing your accounts.
All that said, is Bank of America the right place for you to do your banking? Our deeper dive on what the bank offers will help you decide.
This Bank of America review looks at the bank’s checking and savings features for individuals and small businesses, as well as its overall convenience and mobile banking features. Note that Bank of America’s credit cards and lending products are not included in this review.
Checking Accounts
Bank of America offers three checking accounts, each with its own attributes.
Advantage SafeBalance Checking
Best for Customers with Simple Needs
Key Features
Low opening balance required
Multiple ways to waive the $8 monthly fee
No overdraft fees
You can open Bank of America’s most basic checking account, Advantage SafeBalance Checking, with a pretty standard $25 minimum opening deposit.
Advantage SafeBalance Checking
Monthly fee
$4.95 per month, but can be waived
Interest
None
Minimum balance
None
ATM fees
None at Bank of America ATMs.
The AdvantageSafe Balance Checking account comes with $4.95 in monthly fees. Bank of America will waive this fee if you can check one of the following boxes:
You enroll in the Preferred Rewards program. To qualify as a Bank of America Preferred Rewards client, you need a three-month combined average of $20,000 in your Bank of America and Merrill Edge/Merrill Lynch accounts. That can be a tall order for a lot of customers.
You’re under 24 years old and in school.
Two More Checking Accounts
The next step up in BofA’s checking account offerings is Advantage Plus Checking. It comes with $12 in monthly fees, but it also has a couple more ways to avoid it. Besides enrolling in Preferred Rewards or qualifying as a student, you can avoid the monthly fee if you:
Have at least one qualifying direct deposit of $250 or more, or
Maintain a $1,500 minimum daily balance.
Even part-time employees are likely to make a direct deposit of at least $250, so the fee shouldn’t be a major nuisance. Unfortunately, neither the AdvantageSafe Balance Checking account nor the Advantage Plus checking account offers interest on your money.
AdvantageSafe Balance Checking does, however, offer Balance Connect, which allows account holders to connect accounts in order to prevent overdraft of the checking account. It also offers the opportunity to buy paper checks.
To earn interest with a Bank of America checking account, you need to bump up to the Advantage Relationship checking account. This account offers up to 0.02% APY on your money, which is below the national average for interest checking accounts. You can get that increased if you join the Preferred Rewards program.
Advantage Relationship bank accounts have a hefty $25 in monthly fees attached, but it can be waived with a combined balance of at least $10,000 in eligible linked accounts. However, Advantage Relationship offers no-fee banking services the other accounts do not offer, and free paper checks (of limited styles).
Savings Accounts
Bank of America’s basic savings account is a good beginner account and you can bump up to another level to receive more perks. There is also a savings account for minors.
Advantage Savings Account
Best for Customers Opening First Savings Account
Key Features
Low opening deposit
No minimum daily balance
Cash back deals
You won’t make any great gains on your money by way of interest with the Bank of America Advantage Savings account. You’ll earn just 0.01% APY, well below the national average for savings accounts. The only way to earn more is to become a Preferred Rewards member. There are three other tiers of savings accounts – Gold, Platinum and Platinum Honors, and each step up adds 0.01% to your APY.
Advantage Savings Account
Opening deposit
$100
Interest
0.01% APY
Minimum daily balance
None, but if your balance is $500 your monthly service fee waived
Bank of America’s basic savings account has a $100 minimum opening deposit. There’s also an $8 monthly fee that’s waived if:
You maintain a minimum daily balance of $500.
You’re a Preferred Rewards Member.
You link your savings account to your Bank of America Advantage Relationship Banking account (waiver applies to first four savings accounts).
More About Savings
If you’re looking to open a savings account for a minor, you’re in luck. BofA has a Minor Savings account. It only requires a $25 opening deposit, but there is no minimum balance requirement after that and no monthly maintenance fee. The interest rates are the same as for the Bank of America Advantage Savings account (0.01%), making it a perfect starter account to help get children in the habit of saving.
Other Bank of America Features
Because of its size — it has more than 200,000 employees and annual revenue in excess of $85 billion — Bank of America has many more features than smaller financial institutions. Here are some that we think you’d want to know about:
Credit Cards
Bank of America offers a (very) large number of credit card options. Some are Bank of America-branded cards, and some are third-party cards backed by Bank of America, like the Alaska Airlines Visa.
These cards generally come with no annual fees and offer some type of reward, whether that’s cash back, travel rewards, or points. There are also options specifically geared towards students and people building credit.
Credit cards (and credit in general) is a tricky subject—even the best card can get an unwise user in trouble. However, the Bank of America cards make decent options if you want, or need, a new credit card and want to keep things with the same financial institution.
Loans
Bank of America also offers a variety of loan options. These include mortgages, mortgage refinancing, home equity lines of credit, and various auto loans.
For the most part, the advantages of using Bank of America over other lenders for these types of loans is to keep things in-house. For example, existing customers might be able to get discounts on various mortgage fees.
Keep the Change
We like the Keep the Change program. If you opt in to this feature, your debit card purchases will automatically be rounded up, and the leftover change is deposited into your Bank of America savings account. It’s a simple way to add to your savings without having to think about it, and the money can add up quickly.
Certificate of Deposit
If you’re looking for a certificate of deposit, you can start out with a minimum of $1,000. You can also choose your term from as little as 28 days up to 10 years. CD rates begin at 0.05% at the time of this writing.
Small Business Banking
Bank of America has a dedicated site just for small business banking. The site makes it easy to track your account and keep on top of things. That said, there are some shortcomings to its services.
The Business Fundamentals Checking account isn’t interest-bearing and doesn’t list a minimum opening deposit amount. However, there is a $16 monthly service fee. This can be waived if you:
Spend $250 in net new purchases on a business debit or credit card.
Maintain an average monthly balance of $5,000 or more.
Maintain a minimum daily balance of $3,000.
Maintain a combined average monthly balance of $15,000 or more in your linked Bank of America accounts.
Qualify and enroll in the Preferred Rewards for Business program (waiver applies on up to four eligible business checking accounts.)
You’ll get 200 free transactions per billing cycle and $7,500 worth of free cash deposits.
Bank of America’s next-level account for small business checking is called the Business Advantage Checking. This account comes with a $29.95 monthly fee. To get this waived, you need to:
Spend $2,500 in net new purchases on a business credit card.
Maintain an average monthly balance of $15,000 or more.
Maintain a combined average monthly balance in your linked Bank of America accounts of at least $35,000.
Actively use one or both of these business services: Bank of America Merchant Services or Payroll Services.
Qualify for and enroll in the Preferred Rewards for Business program (first four checking accounts per enrolled business)
This account comes with 500 free transactions and no fees for the first $20,000 of cash deposits. As you can see, the Business Advantage Checking is designed for businesses with a little heavier cash flow.
Here is a comparison of the two business checking accounts.
Convenience
BoA has 3,900 bank locations. That number has been decreasing in recent years, though. It’s not hard to find a BoA ATM either as there are 16,000 in existence, though that number is less than half what is available for many of the nation’s growing online banks.
As you would expect, Bank of America offers many modern-day banking conveniences like a phone app, online banking, and mobile deposits. It’s easy to forget just how powerful these features are until you have to go without them — particularly mobile deposits. Since paper checks are being used less and less these days, having to go to the bank to deposit one is a nuisance. Mobile deposit spares you that inconvenience.
As with most bigger banks, you can do a lot more than just checking and savings with Bank of America. You can get a mortgage, car loan, credit cards and even some investment accounts linked with Merrill Lynch. They even have a Better Money Habits web page that provides financial wellness tips for consumers.
The convenience is one of the best aspects of Bank of America, and one of the big reasons it gets picked over competitors. It’s everywhere, and offers nearly everything, so you don’t need to worry about maintaining accounts at multiple banks. That said, with the relatively poor interest rates on savings accounts, you may want to.
Mobile Banking
The BofA mobile banking app gets rave reviews. With a 4.8 out of 5 score in the Apple App Store and 4.6 of 5 in the Google Play Store, it doesn’t get much better.
Users comment on its ease of use, as well as features like money transfers, mobile alerts for low funds, and the ability to deactivate a lost or stolen card. Its fingerprint and face recognition features make it easy to log in and keep your account safe, as well.
Have you ever had your card declined because you are traveling? Bank of America’s phone app has a feature that you can turn on that will compare the location of your phone to where the transaction takes place. If your phone is nearby, they can assume it’s you and approve the transaction. That’s pretty slick and could save an enormous amount of hassle (unless the crook steals your phone and your card).
If you like to feel a personal connection to your banking app, you can even tap into Erica, BofA’s virtual assistant to walk you through your banking tasks. It’s not the most creative name for a virtual assistant, but she gets the job done.
Pro Tip
Check out our current list of bank promotions for a chance to gain a monetary bonus when signing up for a new bank account.
Bank of America Review: The Pros and Cons
We’ve rounded up pros and cons for one of the nation’s largest banks.
Pros
The Keep the Change feature lets you add to your savings without thinking about it because it rounds up each debit card transaction and deposits the change into your savings account.
BoA’s mobile app is easy to use with some pretty advanced features you don’t find with a lot of banks, such as the ability to approve transactions as long as your phone is nearby.
There are 16,000 ATMS and almost 4,000 brick-and-mortar branches.
Between the plentiful physical locations, solid mobile app, and the generally great Bank of America customer service, it’s easy to bank with BoA.
Although a number of BoA accounts come with monthly fees, there are generally multiple ways to avoid them, such as by keeping a certain minimum balance.
In February 2022, BofA eliminated insufficient funds charges and will not allow customers to take out more than they have at the ATM.
Cons
Bank of America continues to charge overdraft fees but in May 2022, the fees dropped from $35 to $10 per incident.
The APY rates for checking and savings accounts are well under average.
There’s an $8 monthly fee for savings accounts that do not keep a minimum balance of $500.
Frequently Asked Questions (FAQs) About Bank of America
Here are the answers to some of the most frequently asked questions about Bank of America, including a discussion of its reputation.
Is Bank of America a Good Bank?
Bank of America is an excellent bank if you value convenient branch locations and keeping all your money under one roof. It offers a wide range of checking account and savings account options, solid small business bank accounts, and a stronger customer experience than many other banks.
What is the Reputation of Bank of America?
Bank of America has a decidedly average reputation. Since it’s a large national bank, it’s possible to have an outstanding experience at one branch and a terrible experience at another just up the road. You may not get the same level of direct care that you’d find at a smaller institution, but the sheer availability may make up for it.
Is Bank of America Better than Chase?
That really depends on what you need from your bank. They’re both part of the Big Four: Chase, Bank of America, Wells Fargo, and Citigroup. As such, they each offer a wide variety of products, from checking and savings accounts to small business tools. To choose between the two, determine exactly what you need from your bank and then compare offerings. You may even want to mix and match, with checking accounts at one and savings at the other.
Why is Bank of America the Best Bank?
If we were to name Bank of America the best bank, it would be for convenience. Between the enormous number of physical locations, the wide range of bank accounts and products, and the sheer number of different ways to access those accounts and waive the various fees involved all add up to make BoA a fantastic option compared to other banks.
Is Bank of America FDIC Insured?
Yes. All bank of America accounts are FDIC insured. Coverage is offered for up to $250,000 per depositor, per insured bank, for each account. This covers checking accounts, savings accounts, money market savings accounts, and CDs — essentially all the personal finance options.
Does Bank of America Offer Loans?
Yes! Bank of America offers auto loans, mortgages, small business loans, and a single personal finance loan option called Balance Assist. Balance Assist is the only personal loan option and is capped at $500, so if you need a larger personal loan, you’ll have to look elsewhere.
Penny Hoarder contributor Dave Schafer has been writing professionally for nearly a decade, covering topics ranging from personal finance to software and consumer tech. Information from contributor Kent McDill h is included in this report.
Are you the person always recommending new finds to your friends? Do you find yourself scouring types of tools to find the absolute best one? And do you love to share what you’ve learned with others online?
Here’s the good news: you can actually get paid for that. Yes, it’s called product testing and companies will actually pay you—or at least reward you—to find out what you think about their latest items. Think of it like mystery shopping without leaving the house. Just read below to find out how you can join the ranks of product testers everywhere.
How to Become a Product Tester
If you’ve written a review on Amazon or sites like it, then you probably know how product testing works. Consumers are generally chosen based on their demographic fit — like their age or where they live.
That’s part of the reason why you’ll be asked in advance to fill out some personal information so companies know where to place you. You may also have to connect your social media accounts or PayPal for payment.
After your account is set up, you’ll complete surveys so the companies know what relevant products and opportunities will fit your lifestyle.
If you fit their criteria, companies could send free samples to your home. The length of tests vary between each company and their products. Do the test, submit your honest feedback, tell your friends and get paid.
Now for the fun part: here are 19 product testing companies that want your valued feedback. Will you be able to make it to the end of the article without signing up?
1. McCormick
Do you like to experiment in the kitchen? You can become a product tester for McCormick and put those taste buds to work.
Although this might sound like the dream job, don’t expect an unlimited number of tests. The company only allows testers to join up to four times a year and once every three months. Testing is paid, but that varies by test and the company doesn’t give an exact range. In the past, at-home testers were paid between $10 and $15 for each test.
Aside from at-home tests, McCormick’s also offers tests at their Hunt Valley, Maryland location. Rates could be higher for in-person sessions—past reports put them at between $30 to $100 for participating. The same limits apply.
2. PINCHme
If you’ve ever wanted a collection of free samples, then PINCHme is the right site for you. The company wants your opinion on products from brands like Kraft, Hallmark and Mars—if you’re lucky, you’ll get American cheese, a greeting card and a bar of chocolate.
After answering a survey of your household and shopping habits, the site will match you with the right samples for you. Once a month, PINCHme hosts a Sample Tuesday Facebook event that allows you to choose your favorite samples to get shipped to you for free. You’ll have to RSVP for the event in advance. Once you’ve used your products, fill out a survey indicating what you thought. The best part? Once you’ve finished, you can earn prizes and qualify for special discounts. But testers do not get paid in the traditional sense for their work.
3. Parent Tested Parent Approved
Product tester jobs at Parent Tested Parent Approved are meant to be a public service for parents looking for products. We’re not just talking about baby products—this could include appliances, electronics, toys, games, travel destinations and more. Start by filling out your profile—all for free—and you could be asked to test a product and leave a review. The added bonus: once you’re sent the product, it’s yours. The loyalty rewards program also offers testers points for reviewing products and participating in contests—these can eventually be redeemed for more products. But be warned: the group has more than 130,000 testers, so there’s a lot of competition.
4. Ipsos iSay
Ipsos’ iSay is the perfect site for someone who doesn’t want to test a product but wants to test the world. Market research firm Ipsos created the site for, yes, market research surveys. With iSay, the reward takes a long time to achieve, but the gain comes later: with cold, hard cash.
Each survey you complete earns you points—anywhere from 45 to 200, generally. Once you have enough points, knowing that 100 points is equivalent to $1, you can redeem them for cash through PayPal or as gift cards for retailers like Starbucks, Target and more. All that just for taking a survey—we’re in.
5. Crowdtap
When it comes to market research, Crowdtap falls in the same category as iSay—market research. When you sign up, you’ll have to answer questions about how you shop, your household size and your hobbies. These answers will help representatives determine what surveys to show you. The site also allows users to test products.
Points are earned by answering surveys on a regular basis. But they don’t last forever, as they do expire on the last day of the month they were earned the year prior. Once you hit a certain rate, likely 1,000 points, you can redeem your points for a gift card. Crowdtap, unfortunately, does not offer cash.
6. NetGalley
Love to read? If you’re a teacher, librarian, book reviewer or another influential reader, you can join NetGalley to receive free ebooks and audiobooks before they’re published.
To qualify for the most free ebooks, NetGalley recommends that you provide meaningful reviews and link your social media accounts or blogs. The site also recommends thinking of your bio like a resume and keeping it professional, since publishers will be looking at your profile.
7. Product Report Card
The panelist program at Product Report Card utilizes online surveys, product tests, clinical trials, phone consultations and more to get your feedback for companies.
To receive study invitations, you’ll want to complete your profile as completely as possible so you’ll qualify. Unlike some of its counterparts, Product Report Card offers $5 just for filling out its survey. Subsequent activities like watching a TV show or offering a consumer opinion can net you as much as $2 or $4, respectively. While that doesn’t sound like much on the front end, it certainly adds up.
Product Report Card has a good track record itself: almost 2.3 million people have used the site to make more than $14 million.
for completing opportunities. Once you hit $25, you can redeem it for Amazon gift card codes.
Getty Images
8. Philips
Much like McCormick, testing products for Philips is a way to engage directly with the brand. Like with all the sites, start by registering with the site and selecting a product you’d like to test.
If you’re lucky, you’ll get a product sent to you for free. If not, you might be able to buy the product at a reduced price. Once you write a meaningful evaluation and review, Philips will let you keep the product to enjoy. Popular Philips products include electric toothbrushes, espresso machines and headphones.
9. BzzAgent
To use BzzAgent, first things first: you’ll have to create a profile. Once the company determines you to be a fit for a campaign, they’ll reach out via email. You’ll be prompted to send an application and, hopefully, be chosen for the campaign.
Once that happens, expect to receive a sample in one to three weeks. Try the product, write a review and wait for your posting instructions to arrive. The reward here is the product itself and not any kind of monetary payment.
10. Influenster
Like most product testing sites, Influenster wants to get to know you with an online survey before sending you free products. But they do offer something that’s a little bit different: a VoxBox, a box filled with product samples and goodies that you can use for free and review. This can include everything from beauty products and snacks to home improvement products and wellness products. (And sometimes, they’re even full-size.)
To ensure you get a VoxBox, download Influenster’s app and stay active, according to the site. This is once again a company that won’t pay you in money but will pay you in free items.
11. Johnson & Johnson Friends and Neighbors
You’ve smelled Johnson & Johnson’s personal care items in the store aisle, so why not get paid to do it in your home?
The company has several avenues for product testing opportunities with their Friends and Neighbors program. You could be asked to test an item at home or at one of their facilities. There are also online surveys, online discussion groups, focus groups or consumer panels. You’ll be sent emails with study invitations.
The compensation isn’t disclosed, but J&J says you may receive an honorarium at the close of a study.
12. MomSelect
Are you a mom with a social media following? MomSelect connects influencers with leading brands. You’ll be asked to post on your blog or social media, host MommyParties based around specific products, participate in conferences and research. The idea is to use your platform to talk about a product. According to their website, MomSelect has paid over $35 million to mom influencers through compensation, products, trips and experiences. Brands include Walt Disney World, Fisher-Price, Entenmann’s and HP.
13. UserTesting
Let’s start with the good news: UserTesting will allow you to actually make money. But are you comfortable voicing your thoughts out loud? The site is unique on this list for requiring their product testers to have microphones.
Your UserTesting experience could happen in a variety of ways, including a one-on-one Zoom call with businesses. They may want to know what you love about the product and what could be improved. Possible products to test include websites, mobile apps, prototypes and real world experiences. Testers do get paid with USD through PayPal, but the range depends on what you’re doing. That will be reported to you before you start.
14. Smiley360
Smiley360 is another product testing website for social butterflies. You’ll want to connect your social media accounts like Instagram, Facebook and Twitter to participate. Facebook and Twitter are required for most of the company’s missions.
Some of the missions will involve receiving Smiley kits. You’ll receive a kit with a free product or sample two to four weeks after it ships. Standard Smiley missions have a testing period of 10 weeks.
Smiley users earn points, but the points don’t lead to compensation. Smiley360 points are used to show how active members are. The more points you have, the more offers you get. You’ll also get points for completing surveys, which are used to tailor the products sent to you.
15. L’Oreal
Who isn’t interested in free beauty products? L’Oreal uses product testers for their skincare, hair care and cosmetics. L’Oreal is more than simply the brand name: it comprises brands like Urban Decay, Lancome and Garnier. If you want to test in person, New Jersey locals (as well as those in Ohio and Illinois) can participate in their testing center location, but they have in-home tests and online surveys available for others. You get to test the products and might even make some money off of it.
Getty Images
16. thePinkPanel
Another great product testing job for fans of beauty and personal care products is thePinkPanel. It’s meant for women’s consumer testing, and members receive opportunities to test products via email and Facebook. Testing periods can be as short as one day or as long as eight weeks.
You’ll get to keep the product and you’ll receive $25 to $100 in gift cards or beauty products. Members can also apply to be part of focus groups, both online and in-person, and receive $100 for those opportunities.
The downside? Members are restricted to one beauty product test every six months. However, the online surveys are unlimited. You also have to apply to be accepted into tests.
17. Social Nature
If you’re interested in natural products, you can be a product tester for Social Nature.
The product testing website features food products, baby supplies, pet supplies, household items and health and beauty items. You can select items that are vegetarian, non-GMO, dairy-free, fragrance-free and more.
When you fill out your profile, you’ll list any dietary requirements and where you shop. The company will match you with products they think you’ll like. If you accept, you can order a free sample online or a free product voucher to redeem at a store. Shipping fees could apply in the latter. Once the voucher arrives, you have two weeks to redeem it, try the product and share your honest review with the company.
The catch? You “apply to try.” You’re not guaranteed to be selected for the product testing jobs. Chosen participants are notified by email.
18. Home Tester Club
Home Tester Club is an online community for product testers. You’ll see what items other members are reviewing and you can leave your own reviews on those products, even if you haven’t been sent them by Home Tester Club.
To test products, you’ll have to register as a tester rather than just a user of the site. Your demographic details will have to match up with the item you’re wanting to test—for example, if you want to test a baby product but you don’t have a baby, that could be a problem. If you’re selected to participate, you’ll be sent an email within one to two weeks, and the product will be shipped to you within one to three weeks.
Members will receive points for leaving reviews, completing surveys, leaving comments, participating in home product tests and more. Points aren’t worth anything, but users with more points get more opportunities.
19. National Consumer Panel
This last one isn’t primarily product testing, but it deserves a mention.
If you register with the National Consumer Panel, you’ll be given access to their app. You’ll use the app to scan the barcodes of your purchases. You’ll share the details of your purchase to receive points, then you can redeem those points for gift cards and merchandise.
You’ll also be given the chance to do surveys and participate in occasional studies.
Regular participation with the National Consumer Panel also automatically enters you in their sweepstakes that have prizes of gift cards, merchandise or cash.
Contributor Jenna Limbach writes on financial literacy and lifestyle topics for The Penny Hoarder from her home base in Nevada. Writer Elizabeth Djinis is a contributor to The Penny Hoarder, often writing about selling goods online through social platforms. Her work has appeared in Teen Vogue, Smithsonian Magazine and the Tampa Bay Times.
We’re always looking for ways to save money, and one surefire way to do that is to buy products that last.
You can also buy products from companies that will repair or replace them if they break.
You may spend a bit more upfront, but quality items — and ones with awesome lifetime warranties — can end up saving you money in the long run.
From backpacks to knives, here’s a list of 18 brands that offer lifetime warranties with no strings attached — plus 32 that cover manufacturer defects forever.
18 Companies With Lifetime Warranties
Yes, sometimes even for normal wear and tear.
1. Cutco
Knife-maker Cutco was founded in Olean, New York, in 1949. It offers a “forever guarantee” that extends to knives given as gifts or hand-me-downs. The guarantee includes free sharpening to help extend the life of the knife; you just pay shipping.
“We want every Cutco owner to be satisfied forever, and when the product is passed along, we will continue to back that pledge,” says the company’s website.
“If at any time you are not satisfied with the performance of your product, we will correct the problem or replace the product.”
Jansport guarantees a lifetime warranty on nearly all of its backpacks, messenger bags, fanny packs and hiking bags. Chris Zuppa/The Penny Hoarder
2. JanSport
Parents sending their kids off to school have long recognized backpack-maker JanSport for its top-notch warranty. This company, founded in 1967, guarantees nearly all of its backpacks, messenger bags, fanny packs and hiking bags.
“JanSport branded products covered by this warranty are warranted to the original owner against manufacturing defects in materials and workmanship for the lifetime of the product,” JanSport says on its website.
The lifetime warranty covers defects such as ripped seams, defective zippers and broken buckles. Damage due to normal wear and tear, such as fading or scuffing, is not covered.
3. Manduka
This California-based company guarantees many of its yoga mats for life, even if the product wears out from regular use. Manduka notes that its mats last about 10 years when cared for properly.
A Manduka PRO yoga mat will cost you $129, but the price tag may well be worth it if you practice regularly and your mat wears out.
4. Feetures
Feetures is a family-owned sock-maker in North Carolina. This company makes high-performance socks for runners and other athletes, and it’ll offer you a replacement pair or refund at any time through its lifetime warranty.
5. Eddie Bauer
This outdoor gear and clothing maker stands behind its products so much that it offers an unconditional lifetime guarantee.
“We design all our products to last, and we test and manufacture to the highest quality standards,” the company states on its website. “If your Eddie Bauer product has a defect in materials or workmanship, you may return it, with proof of purchase, within one year, for a replacement or refund back to the original form of payment.”
Craftsman tools, including wrenches, hand tools, gardening and pruning tools, are eligible for replacement, free of charge, over the lifetime of the product. Chris Zuppa/The Penny Hoarder
6. Craftsman
Talk to someone who uses tools on a regular basis and you’ve probably heard about Craftsman’s warranty.
Many of the company’s tools, including wrenches, hammers, screwdrivers, ratchets and sockets, are eligible for replacement, free of charge, over the lifetime of the product.
Just return the product that has failed to perform “for any reason” to a retail partner, no proof of purchase required, according to the company’s website. Other products must be under warranty to be repaired or replaced. This page provides a full breakdown of how Craftsman handles repairs and replacements.
7. Osprey
Osprey’s “All Mighty Guarantee” ensures that if you buy one of the company’s bags or backpacks, it’s guaranteed for life.
The brand’s motto: Any reason, any product, any era.
“Osprey will repair any damage or defect for any reason free of charge — whether it was purchased in 1974 or yesterday,” Osprey’s website says.
“If we are unable to perform a functional repair on your pack, we will happily replace it.”
8. Vermont Teddy Bear
If you buy a stuffed bear from Vermont Teddy Bear, it’s backed by the company’s lifetime warranty.
VTB has some fun with it, too, and encourages you to send your bear to its “Bear Hospital.” You’ll need to fill out a bear hospital form to admit your loved one to the hospital, where the “Bear doctor” will nurse it back to full health in three to four weeks.
9. Duluth Trading Company
Duluth Trading Company, which makes clothing, outerwear, footwear and other items, offers a “No Bull Guarantee” on its products.
The company has a one-year return policy, and after one year, it will “consider returns for items that are defective or don’t perform as designed.”
Getty Images
10. Davek
Invest in a sturdy Davek umbrella (prices range from $59 to $350) and it’s backed by the company’s unconditional lifetime guarantee.
“We want this to be the last umbrella you will ever need,” the company’s website states.
Owners must register their umbrellas to be eligible for the lifetime warranty.
11. Zippo
Zippo makes lighters, hand warmers and knives. Its warranty motto on its windproof lighter: “It works or we fix it free.”
“We don’t make that promise lightly,” Zippo says.
“We know that behind every Zippo Windproof Lighter sent for repair is an owner depending on our promise to get it back in working order. Whether a Windproof Lighter is 5 years, 25 years or 50 years old, it will serve as a dependable source of flame for years to come — we guarantee it!”
12. Leupold
Leupold is based in Beaverton, Oregon, and makes binoculars, scopes and rangefinders used by golfers, hunters, security personnel and police.
The company will replace its riflescopes, binoculars and spotting scopes — whether you’re the original owner or not — forever, thanks to its lifetime warranty.
“You don’t need proof of ownership or a warranty card, and there’s no time limit,” the company says.
“We do this because we believe in superior quality and craftsmanship, and we’re confident your Leupold won’t let you down.”
13. Red Oxx
Red Oxx travel bags are covered by the company’s “No Bull” Lifetime Warranty, which means it will repair or replace its products, no questions asked.
Vermont sock-maker Darn Tough Socks offers a 100% unconditional lifetime guarantee on its socks, which are, apparently, pretty darn tough.
“If these aren’t the longest lasting socks you’ve ever owned, you can return them to us for another pair. No receipt needed, just the pair in question,” the company’s website states.
It also says its warranty has no strings and no conditions.
15. L.L. Bean
If you’ve purchased something from L.L. Bean in the last century, you’ve probably heard of its legendary lifetime warranty. The Maine-based company makes clothing, shoes, outdoor gear, backpacks and other items.
You can send back an item purchased from L.L. Bean for any reason for up to one year from the time of purchase. After a year, the company will “consider any items for return that are defective due to materials or craftsmanship,” its website states.
Getty Images
16. XIKAR
XIKAR, which makes cigar accessories, offers a limited lifetime warranty on all products. Simply drop your lighter or cigar cutter in the mail, and the company will repair or replace it for free.
Note that the company might send you a “refurbished equivalent, depending on the age and condition of the return.”
17. Orvis
This outdoor gear and apparel company offers a Great Catch Guarantee, which promises to make things right if you are dissatisfied with any product or service for any reason.
18. Away
Away, a company that makes suitcases with high-capacity batteries for charging cell phones and other devices, offers a lifetime limited warranty for the non-electronic components of its luggage. If your bag’s shell, wheels, handles or zippers stop working, the company will fix them or replace the bag for free.
You must be the bag’s original owner and have used it for travel by “air, car, train, boat and foot” for damage to be covered. To qualify, the problem must “impair the functionality of the product.”
The company won’t hang you out to dry if the battery dies, either. Away guarantees the electronic components inside its suitcases for two years.
32 Brands With Warranties for Manufacturer Defects
They might not cover regular wear and tear, but these companies will fix or replace unsatisfactory items through limited lifetime warranties and other guarantees.
19. Mountain Equipment Co-op (MEC)
Vancouver-based MEC has sold gear for snowsports, climbing, hiking, running, camping and other outdoor activities since 1971.
The company offers a “Rocksolid Guarantee” on all of its products and the advice its employees give you.
“If the quality of an item hasn’t met your expectations, you can bring it back,” according to the company’s website.
“We also guarantee the product selection advice we give. If something you purchased based on this advice turns out to be unsuitable, you can bring it back for an exchange, refund or credit.”
20. Columbia
On outerwear and equipment — think coats and backpacks — outdoor gear-maker Columbia offers a limited lifetime warranty.
Though the company won’t replace an item for normal wear and tear, Columbia will replace items with manufacturer defects.
If the zipper breaks, for example, you can send your jacket in to have it inspected. If the folks in the warranty department determine the defect is covered by the warranty, they’ll fix it and send it back, or send you a credit for the value of the item so you can buy a new one.
The company offers a one-year warranty on shoes and sportswear.
Patagonia’s lifetime warranty guarantees if their product doesn’t perform as expected, the company will replace it. Photo courtesy of Patagonia
21. Patagonia
Outdoor gear-maker Patagonia calls its lifetime warranty an “Ironclad Guarantee.” If you buy Patagonia apparel and gear for climbing, skiing, snowboarding, surfing, fly fishing or trail running, and it doesn’t perform as expected, the company will replace it.
“We guarantee everything we make,” according to the company’s website. “If you are not satisfied with one of our products at the time you receive it, or if one of our products does not perform to your satisfaction, return it to the store you bought it from or to Patagonia for a repair, replacement or refund.”
Patagonia says it will repair damage due to normal wear and tear “at a reasonable charge.”
REI will also let you return an item for any reason for up to one year after you bought it if you are an REI member (that drops down to 90 days if you’re not a member).
23. Nordstrom
The department store Nordstrom has a famously generous return policy. Technically, it doesn’t actually have a return policy — but what the company means is that it’ll take back or exchange nearly any item, for any reason, at any time.
“We stand behind our goods and services and want customers to be satisfied with them,” explains the company’s website.
“We’ll always do our best to take care of customers — our philosophy is to deal with them fairly and reasonably.” There’s no time limit for returns or exchanges, so use your best judgment.
24. Vortex Optics
Vortex Optics makes an array of products, including binoculars, gun scopes, tripods and other gear.
The company has a “VIP warranty,” which says that it will repair or replace any Vortex product if it becomes damaged or defective. The warranty doesn’t cover theft, loss, deliberate damage or cosmetic damage.
The warranty is fully transferable and you don’t need to hang on to your receipt.
“You see, it doesn’t matter how it happened, whose fault it was, or where you purchased it. You can count on the VIP Warranty for all Vortex Optics riflescopes, prism scopes, red dots, rangefinders, binoculars, spotting scopes, tripods and monoculars,” according to the company’s website.
25. Adidas
Sportswear company Adidas will replace or repair any returned item that has a manufacturer defect or a “deviation from factory specifications.”
The company’s warranty does not cover normal wear and tear, however.
26. Jostens
Ring-maker Jostens offers a limited lifetime warranty on many of its rings, including high school class rings, college class rings and youth sports rings.
The company will resize, refinish, polish, clean and replace some types of stones for the life of the ring, as long as you’re the original owner.
27. Le Creuset
This maker of multicolored cookware products offers a limited lifetime warranty on cast iron, tri-ply stainless steel, metal bakeware and toughened nonstick items.
The Le Creuset warranty does not cover normal wear and tear, only defects in material and workmanship for products used in a normal household setting. To be eligible, you need to make sure you take care of your skillets and pans according to the company’s instructions.
The company offers five-year warranties on kettles and stockpots. It offers a limited 10-year warranty on stoneware.
Tervis insulated products come with a lifetime guarantee. If the staff determines, after an inspection, that an item has a material defect or a problem due to workmanship, the company will replace it for free. Chris Zuppa/The Penny Hoarder
28. Tervis
Tervis makes water bottles, cups and mugs with nifty decorations (hello, Harry Potter cup!). It stands behind its products with guarantees.
The classic insulated products come with a lifetime guarantee. If Tervis’ staff determine, after an inspection, that an item has a material defect or a problem due to workmanship, the company will replace it for free.
Stainless steel items come with a limited five-year guarantee.
However, the warranties do not cover normal wear and tear, improper care or abuse. They also do not cover accessories.
29. Wüsthof
Wüsthof has been making knives and other kitchen tools since 1814, and it offers a lifetime warranty for defects in workmanship and materials.
30. Rainbow Sandals
Jay “Sparky” Longley began making sandals in his Laguna Beach garage in 1972. Now, if you buy a pair of his flip-flops, they’re guaranteed “for the lifetime of the sole,” according to the company’s website.
“The sandals will be eligible for warranty until you have worn through anywhere on the top or bottom layer of the sole.”
The warranty covers manufacturing defects only. If the strap pulls out from the base of the sandal or if the sandal’s sole layers become unglued, the shoes are likely covered by the warranty and the company will repair or replace them at no charge.
31. Filson
This Seattle-based company has made luggage, watches, outdoor gear and other items since 1897.
Filson offers a lifetime guarantee that covers failure of workmanship and materials for the life of its products. Normal wear and tear is not covered by the warranty.
32. The North Face
Most North Face products are guaranteed for the lifetime of the item against defects in materials and workmanship, with the exception of shoes and products from The North Face Renewed series, which have only a one-year guarantee.
Skullcandy now offers a one-year limited warranty on most products for manufacturing defects. Chris Zuppa/The Penny Hoarder
33. Skullcandy
Skullcandy makes colorful earbuds and headphones that range in price from $17.99 to $199.99.
The company offers a one-year limited warranty on most products for manufacturing defects. Products purchased before April 1, 2021, come with a two-year limited warranty.
34. Hydro Flask
Founded in 2009 in Bend, Oregon, Hydro Flask makes insulated bottles and food storage containers. The company offers the Hydro Flask Let’s Go! Promise: Product Warranty, which covers manufacturer defects but not normal wear and tear. Depending on the product, the warranty may be lifetime or five years.
The company will replace your flask or bottle if it has a broken or leaking cap, if it has lost its insulating properties or if it has been damaged during shipping. It will also replace your bottle or flask if it rattles.
35. Dakine
Dakine makes gear for playing in the snow, surfing, cycling and windsurfing. The company was founded in Hawaii in 1979 and is now in Hood River, Oregon.
Dakine’s 10-year limited lifetime warranty protects its backpacks and bags against manufacturing defects, but it does not cover normal wear and tear. Dakine also offers a two-year limited warranty on gloves, accessories, windsurf and kite gear, outerwear and apparel.
According to the company’s website, manufacturer defects include things like a straight-edge tear along a seam, a stitching defect that makes it difficult to use the product and zipper malfunctions.
36. Chaco
Sandal-maker Chaco promises that its shoes will be free from defects in materials and workmanship. The company offers a limited lifetime warranty on its sandals, which have received high praise from devoted outdoorsmen and women.
The warranty does not cover normal wear and tear, problems with fit or sandals that have been worn past the point of repair.
37. Timbuk2
Timbuk2 makes messenger bags, backpacks, laptop bags and duffel bags. The company offers a lifetime warranty on all of its bags (but not its shirts, hoodies, wallets or face masks) that covers defects in materials or workmanship.
“Your Timbuk2 bag is sewn by hand and might contain some slight imperfections. Like Daniel Craig or Marilyn Monroe, the slight imperfections are what add character to an already awesome product,” according to the company’s website.
Getty Images
38. CamelBak
The “Got Your Bak” guarantee covers defects in workmanship and materials for all CamelBak reservoirs, backpacks, bottles and accessories.
“Our Got Your Bak warranty program covers CamelBak products that legitimately fail due to a manufacture defect,” the company’s website states.
39. Polar Bottle
If you buy one of its water bottles and it breaks or is somehow faulty due to “defects in materials and workmanship,” Polar Bottle will replace it for you.
The warranty does not cover regular wear and tear on the item. It also does not cover “accident, combat damage, improper care or cleaning, non-standard usage or negligence.”
40. Gibson
Founded in 1894 in Nashville, Tennessee, Gibson has been a favorite of guitar players for centuries. Gibson guarantees its instruments to be free from defaults due to workmanship or materials, promising to repair or replace any instrument that doesn’t meet this standard. The warranty applies only to the original purchaser.
The warranty doesn’t cover instruments that have been modified, or damage that occurs from “misuse, negligence, accident or improper operation,” according to Gibson’s website.
41. Big Green Egg
A Big Green Egg ceramic cooker is an investment that costs between $429 and $2,199, depending on size. But every cooker comes with a limited lifetime warranty, which softens the blow slightly.
The warranty covers “materials and workmanship on all ceramic components (including dome, base, damper top, fire box and fire ring),” according to the manufacturer.
The lifetime guarantee is valid for the original owner, so if you buy one second-hand it won’t be eligible. You also need to make sure you register your product in order to make a claim on the warranty.
Getty Images
42. Tupperware
Tupperware is best known for its plasticware that’s perfect for storing leftovers, but the company also makes a wide range of other kitchen products.
Tupperware’s website states that its products are “warranted by Tupperware against chipping, cracking, breaking or peeling under normal non-commercial use for the lifetime of the product.”
Depending on the product, certain components may be excluded from the lifetime guarantee. For example, the limited lifetime warranty does not cover the silicone parts from the Microwave Pressure Cooker.
As of January 2023, Tupperware’s website says that the company is currently upgrading its warranty system and is unable to process claims, but once the upgrade is complete, you’ll be able to submit your warranty claim as per usual.
43. Calphalon
Calphalon makes kitchenware designed to withstand the test of time. Many of Calphalon’s items come with a lifetime warranty.
“Calphalon will replace any item found defective in material or workmanship when put to normal household use and cared for according to the instructions,” according to the company’s website.
Some older Calphalon items do not fall under the lifetime warranty and instead have a 10-year warranty.
44. Cross
Since 1846, Cross has made writing instruments and accessories like padfolios, wallets and journals. The company stands by its products by offering a lifetime mechanical warranty for its writing instruments, and shorter guarantees for leather products and timepieces.
According to Cross’ website, “All Cross writing instrument mechanisms are unquestionably guaranteed against mechanical failure, regardless of age.”
45. Lupine Pet
Quality pet products can be hard to find. Lupine Pet makes that a little easier thanks to its GUARANTEED (Even if Chewed) program.
“GUARANTEED (Even if Chewed) means we will replace any Lupine Pet brand dog collars, leashes or pet gear that has been accidentally damaged during normal pet-related activities, even chewing accidents!” Lupine Pet says on its website.
Lupine Pet will not replace an item that has been lost or outgrown, or one that has faded or has normal wear and tear.
46. Kryptonite Lock
Kryptonite makes secure locks for bicycles, motorcycles, scooters, all-terrain vehicles and snowmobiles. The company guarantees its products and will replace any lock that has a defect in material or workmanship.
All Kryptonite Lock products carry a lifetime limited warranty. Kryptonite also makes bike lights; those carry a two-year warranty.
Getty Images
47. Kingston Technology
As technology has progressed, so has Kingston. The company got its start in 1987 making surface mount memory chips; today it makes several varieties of memory cards, SSDs, USB flash drives and more.
Kingston offers a lifetime warranty for many of its products. Other products carry warranties that range from one year to five years, depending on the item. You can find a full list of what is covered on Kingston’s website.
48. Stanley Tools
Top-quality tools can serve you for many years. Stanley makes a wide variety of tools, and many of them are covered by a lifetime warranty.
Tools covered by this warranty include wrenches, sockets, ratchets, drive accessories, tape measures, hand tools, and landscaping and garden tools. Other items may offer a shorter warranty.
49. Tilley
Tilley offers a lifetime guarantee on many of its hats. If your hat has the guarantee, it’ll be printed on the woven label inside the hat. You’ll need to register the hat for it to be covered by the guarantee.
“Your Tilley hat should be treasured,” says Tilley’s website. “We are so confident in our craftsmanship that some of our hats are Guaranteed for Life against normal wear and tear, poor workmanship, or faulty material. If your hat is Guaranteed for Life, we will repair or replace it free of charge.”
50. Fiskars
Fiskars makes a wide range of products, from kitchen knives and craft blades to gardening shears and saws. The company stands by its products with its lifetime warranty.
According to the Fiskars website, “Fiskars products are warranted to the consumer purchaser to be free of defects in material and workmanship for as long as the consumer owns the product.”
This warranty doesn’t cover sharpening, wear and tear due to normal use or accidental damage.
Sarah Kuta and Cat Hiles are contributors to The Penny Hoarder.
There’s a shortage of blood at many hospitals around the country, but no shortage of places to roll up that sleeve and give a pint.
Along with helping save a life, donating blood is also a good way to get free stuff like $10 gift cards, beach towels and movie tickets. You could also get the chance to win a few thousand dollars, a vacation or tickets to a big game.
Blood bank Vitalant, which operates in 28 states, is citing a “blood emergency.”
“The blood supply for about 900 hospitals nationwide recently dipped to its lowest level in a year,” the nonprofit said in a recent press release.
One in seven people who go to the hospital need a blood transfusion including accident victims as well as people battling cancer, leukemia, sickle cell or chronic anemia.
While high school and college students are the biggest donors by age group, much of the blood donated for decades has been collected at workplace blood drives. With the transition to remote work workplace donations have taken a big dive. Vitalant alone saw a 50% decrease in business-hosted blood drives last year compared to 2019.
“Just like our pantries need constant restocking, so does the blood supply,” said the American Red Cross said in a statement.
To attract donors, blood banks offer gift cards, chances to win money and even tickets to major sporting events.
Perks for Pints
These days you get a lot more than a T-shirt and some peanut butter crackers when you donate. Of course, for many donors, knowing that one pint of blood can save three lives is enough. And it only takes 45 minutes to donate.
With blood collection organizations routinely giving out $20 worth of gift cards to Amazon, restaurants and major retailers at blood drives, a couple who gives six times a year can average $240 worth of free stuff and save 36 lives.
For a family of four with kids above 16 and old enough to donate, that’s about $500 in gift cards per year and 72 lives saved.
“One time we went to Kohl’s and there was a blood drive in the parking lot,” said Beverly Mattis of Wake Forest, N.C. “They gave us each a $20 Kohl’s gift card so my daughter and I went in and did some shopping afterward.”
You can net much more than $20 for giving blood depending on the promotion. Right now, OneBlood, which serves Florida and parts of Alabama, Georgia, South Carolina and North Carolina, is offering a set of two tickets to see the Orlando Magic to anyone who donates.
Give blood through the Red Cross March 1 to March 31 and you’ll have a chance of winning a $3,000 prepaid Visa card. Five will be given away. Everyone who gives will get a $10 Visa card.
Restaurant certificates, store gift cards and other rewards, sometimes even cash, are often offered to people who give blood. Chris Zuppa/The Penny Hoarder
How to Get the Perks of Being a Regular Blood Donor
If you register to be a blood donor with the blood collection organization in your area, you will receive texts or emails with dates of upcoming blood drives and the perks. There are many blood collection organizations around the country. Here are three of the biggest, and how to register:
Most people can donate every two months. There’s no requirement that you give a certain number of times a year, but there is encouragement. Some blood banks offer a second gift card of a higher value if you give blood twice within a certain period.
OneBlood has a new Blood Donor Milestones Program that rewards repeat donors with points toward merchandise and gift cards as they achieve certain levels of giving.
Along with gift cards and tickets, many blood collection groups also give out swag such as beach towels, fleece blankets, car sun shades and insulated water bottles.
More Perks for Donating Platelets
Platelets are small cells that stop bleeding by forming clots. Donated platelets are used for cancer patients, transplants, burn patients and traumatic injuries.
When someone donates platelets, a machine extracts them from whole blood then returns the rest of the blood back to the donor. The process takes about three hours.
Because it takes longer than donating whole blood, often more perks are offered for people who give platelets, which can be donated every seven days. OneBlood has a big offer ongoing: Donate platelets six times before March 31 and you will collect $420 in egift cards, which can be used at most major retailers as well as many smaller stores and restaurants. Each time you donate, you get a egift card worth more money as well as one worth $20. You can accrue $420 worth of cards after six donations. That’s a good way to afford that new TV or buy groceries for a while.
Vitalant is also encouraging people in certain regions to organize a “platelet party” with friends the same as they might host a party at their homes selling Tupperware, jewelry or clothes. An organizer can invite eight friends to a private catered party at a collection center where donors receive gift cards and other swag.
With many people working from home because of the pandemic, donations at mobile facilities during traditional work hours has fallen. Chris Zuppa/The Penny Hoarder
Organize a Blood Drive and Win a Scholarship
High school blood drives are crucial to supplying the nation’s hospitals with much-needed blood. About one-third of the blood collected nationwide comes from high school students.
Many adult donors started as high school kids lining up in the gym to do a good deed and get out of Algebra class. In most states, 17-year-olds can donate blood and 16-year-olds can give with a parent’s consent. They must weigh at least 110 pounds and be in generally good health.
Blood collection agencies across the country offer competitions for local high schools.
The Red Cross is offering gift cards and the chance to win college scholarships worth $1,000, $1,500 or $2,500 to high school students who organize blood drives in the summer of 2023. The number of pints collected determines the amount of scholarship money they could win in a drawing. But you definitely get a gift card worth $50 or more if the blood drive collects at least 25 pints.
Along with the gift cards and chance for a scholarship, organizing a blood drive shows leadership skills and really stands out on a resume for a job or college application.
How to Make Donating Blood, Scoring Gift Cards or Game Tickets Easier
Here’s some info from the American Red Cross to make your donation go smoother before you even get to a donation site. A blood donor card or driver’s license or two other forms of identification are required at check-in.
Blood and platelet donors can save time at their next donation by using RapidPass to complete their pre-donation reading and health history questionnaire online, on the day of their donation, before arriving at the blood drive. To get started, follow the instructions on the site or download the Blood Donor App from the Apple Store or Google Play.
Veteran journalist Katherine Snow Smith is a former staff writer at The Penny Hoarder. She covers ways to make money, save money and other topics. Her work has appeared in the Tampa Bay Times, Charlotte Business Journal and Greenville (S.C.) News
Women have fought for a place at the proverbial table, and now they’re showing up strong. During the pandemic, more businesses have been started by female founders, and more women than men have entered higher education.
Even so, fewer investors are female, and the gender pay gap persists. That’s where Ellevest comes in.
Ellevest is an investing service aimed at tackling women’s unique financial burdens, taking into account things like reduced wages growths, career breaks and longevity. We love this focus but also like that Ellevest is open to all users, regardless of gender or identity.
In fact, whether these gender burdens apply to you or not, Ellevest’s personalized advice for banking and investing makes Ellevest a good investing choice. Plus, with two membership plans, you can tailor the service to find your financial fit.
In our Ellevest review, we’ll start with a quick rundown on how investing with Ellevest works, then walk you through the membership options, and finally flesh out each of the important features Ellevest offers so that you can get all the information you need to decide how best to start growing your money your way.
How Does Investing With Ellevest Work?
Ellevest uses a robo-advisor to develop an investing portfolio that matches your targeted goals and timeline. You simply download the app, enter some basic information like your age, gender, income, etc, and then set a financial goal.
Do you want to buy a house in five years? Start a family? Create an emergency fund? Or build wealth in general? Ellevest will take specific goals into account and create a mix of ETFs (exchange traded funds) and mutual funds for you to invest in.
Before moving onto the portfolio specifics, however, you have to sign up for the specific Ellevest membership that you want. Starting at $5 a month, Ellevest offers two membership tiers with different costs and perks for each. Jump to the next section if you’re curious which one will work best for you.
Once you’ve signed up for your membership, you’re ready to invest. With Ellevest, you don’t get to choose individual stocks or bonds; instead, you simply pick between their two portfolio offerings:
While both are created with your particular risk tolerance and financial goals in mind, the Ellevest Impact Portfolios are focused on furthering positive social impacts and advancing women’s leadership positions.
Because Ellevest’s first priority is helping you meet your financial goal, not all of your funds will be placed in impact investments if you choose the Impact Portfolio, but Ellevest will find the best way to balance your financial needs with positive social change. Socially conscious and fiscally responsible, we love it!
This specialization and impact does come with slightly higher fund fees (between .13% to .19%), so if you’re strictly looking for financial gains, the Ellevest Core Portfolio is a good option. Like the Impact Portfolio, it’s diversified and personalized for you with slightly lower fund fees of .05% to .10%.
Once you’ve picked your portfolio, then you’re done–you’re officially an investor.
While the investing is done, Ellevest doesn’t stop trying to help you grow your wealth–and financial knowledge–with perks like automatic paycheck direct deposit that allows a set amount to be deposited into your investment each month or free financial workshops and articles. If there’s anything we love, it’s a no-stress way to grow wealth and stay well-informed. Well done, Ellevest.
Ellevest Membership Choices
In order to invest with Ellevest, you have to pick a membership. Most other investment options have a percentage-based fee that charges more the more money you put into your investment; Ellevest, on the other hand, has flat fee memberships. Basically, you can put in a dollar or a million and your fee doesn’t change.
Ellevest offers two different membership plans:
Ellevest Plus
Ellevest Executive
Both of these plans include discounted access to financial planners and career coaches, retirement services, and free educational resources. The differences come down to the discount on one-on-one help and the number of accounts you can set up.
Ellevest Plus
Best for Retirement Savers
Key Features
30% off financial planners and career coaches
Access to retirement accounts
Ellevest Plus gets you investing and offers you access to a personal retirement plan and discounted financial planners and coaches. At $5 a month, we like the specialized help to start saving for retirement.
Ellevest Plus
Minimum opening deposit
n/a
Management or advisory fees
$5 a month
Accounts offered
Ind. taxable, traditional, Roth, and SEP IRAs
More Information about Ellevest Plus
Ellevest Plus members get all the learning perks Ellevest offers to help you expand your financial know-how, plus you also get access to a retirement account to help you build a bigger nest egg. We love the personalized retirement planning and guidance on things like the IRA transfer process or how to invest a 401(k).
At $5 a month, it’s perfectly reasonable, but it’s worth noting that you’ll need to invest a decent amount to keep it affordable. Basically, if you’re only investing $100, then $5 is a higher fee than most percentage-based fees that other robo advisor services offer on the market. If you’re looking to invest several thousand or more, however, then Ellevest’s affordability checks out.
Ellevest Executive
Best for Bigger Financial Goals
Key Features
50% off financial planners and career coaches
Same features as Ellevest Plus
Five customized investing accounts
Ellevest Executive is perfect for those with bigger financial goals. You get all the benefits of the previous membership — retirement accounts and learning resources— and now five customizable investing accounts.
Ellevest Executive
Minimum opening deposit
n/a
Management or advisory fees
$9 a month
Accounts offered
Ind. taxable, traditional, Roth, and SEP IRAs
More Information about Ellevest Executive
Ellevest Executive allows for more customization with the ability to save for multiple goals with different levels of risk at the same time. For $9 a month, you can now create high risk accounts and low risk accounts for different goals based on your timeline and risk tolerance. Plus, the added benefit of 50% off financial planners and career coaches lets you take advantage of more of these services, so you can build your wealth or reach your goals faster.
We love Ellevest memberships options because of their straightforward and simple membership-based model. You know exactly what you’ll be paying and what you’ll be getting. Just pick and start investing.
Ellevest Account Offerings
Ellevest offers individual taxable accounts, and traditional, Roth, and SEP IRAs. At first, we were a little disappointed in the simplicity of portfolio offerings. Ellevest doesn’t offer specialized accounts like 529 educational accounts or joint or custodial funds. While this is a bummer, it’s this simplicity that makes investing with Ellevest easy.
Basically, if you’re looking for every financial vehicle on the market, look elsewhere, but if you’re looking for an easy start, Ellevest is a good investing choice.
Private Wealth Management
Ellevest offers Private Wealth Management for high and ultra-high net worth individuals, families, and institutions. Again, Ellevest approaches private wealth management with personalization in mind. They work as a fiduciary with straightforward fees and well-published services that start with your financial goals.
Ellevest also brings its belief that every dollar can have an impact to its private wealth management services by allowing you to share your values with your advisors and helping develop an intentional strategy for your wealth.
Other Important Features
Coaching
Ellevest offers coaching in an a-la-carte fashion that allows you to get exactly what you need. There are special coaching sessions for all your financial needs: how to find a job, negotiate your salary, create a budget, prepare for retirement, etc.
Packages range from $20 for group workshops to several thousand for a full financial planning package. Remember, you get discounts on these packages depending on your Ellevest membership. You get anywhere from 30% off with Ellevest Plusto 50% off with Ellevest Executive.
Taxes Optimization
It’s aggravating to earn money through investments and then watch it all disappear to capital gains taxes. Ellevest does its best to develop the best strategy to leave your money in your own hands through Ellevest Tax Minimization Methodology (TMM). Through TMM, Ellevest strategically reduces your taxes, when possible, through a combination of taxable and tax-deferred investments.
Most robo-advisor services do automatic tax loss harvesting. Ellevest, however, believes that the benefit of tax loss harvesting depends on your specific tax situation, investments, and tax rate, so they don’t automatically apply tax loss harvesting. For some, this will be beneficial and for some this will be a loss. It just depends on your personal situation, so Ellevest does not apply it to your portfolio.
There are different perspectives on tax loss harvesting, but for Ellevest, it’s always about doing what’s right for each investor’s situation.
Pros and Cons of Ellevest
We know that’s a lot of information, so here’s the breakdown of how we think each feature and aspect of Ellevest stacks up.
Pros
Straight-forward fees
Goal-focused investing
Takes into account previously ignored gendered issues
Impact portfolio options
Discounted access to career/financial coaches
A la carte one-on-one sessions with career and financial coaches and CFPs
Private wealth management
Cons
No tax-loss harvesting automatically
Can’t trade yourself — no active management
No joint or custodial accounts
Membership fees can be high if not investing a lot of money
So Is Ellevest Worth It?
In all honesty, we love Ellevest. With goal-focused investing, Ellevest makes investing manageable and achievable. We do wish they’d have more options for account types, missing joint, custodial, and 529s, but we applaud the simplicity.
On the flipside, while Ellevest’s flat-fee structure is simple, it can also be more expensive than other robo-advisor fee structures. It all depends on how much you’re planning on investing.
Overall, however, we love that Ellevest tackles sometimes ignored gendered issues like longevity and career breaks and makes gaining wealth approachable, achievable, and – with the impact portfolio option – socially responsible.
Frequently Asked Questions (FAQs) About Ellevest
Still have questions? We’ve gathered up all of the most common questions to help you make your decision.
Is My Money Safe with Ellevest?
Your money is safe with Ellevest. Ellevest uses Goldman Sachs Custody Solutions, a SEC-registered broker-dealer and custodian, to safeguard the securities and cash in your account. Because of this, in the unlikely event that the brokerage fails, the Security Investment Protection Corporation (SIPC) will cover losses up to $500,000.
Is There Risk with Ellevest?
There is always risk to your money when it comes to investing. Investing definitely follows the no risk, no reward way of life, but we think Ellevest does a good job navigating that risk.
Who Is Ellevest Owned By?
Sallie L Krawcheck is the CEO and co-founder of Ellevest. She formerly led Merrill Lynch Wealth Management and Smith Barney and was the CFO of Citigroup. Her co-founder is company president Charlie Kroll. Kross was the architect of the start-up Andera, an online banking software company.
What Broker Does Ellevest Use?
Ellevest uses Goldman Sachs Custody Solutions, an SEC-registered broker-dealer and custodian.
Who Are Ellevest’s Competitors?
Ellevest’s top competitors include Betterment, Wealthfront, and SoFi Automated Investing.
Contributor Whitney Hansen writes for The Penny Hoarder on personal finance topics including banking and investing.
Consumers who file a claim before February settlement deadlines could receive cash payments and other benefits. Settlements are available for defective products, false advertising, non-compliant receipts and more.
February 2023 Class Action Settlements
LeafFilter Debris Accumulation Class Action Lawsuit Settlement
LeafFilter agreed to a class action settlement to resolve allegations its gutter filter system doesn’t work as intended and can become clogged with leaves and other buildup.
The settlement benefits consumers who appear in LeafFilter’s customer care database with a debris-related final issue code for their service request between Jan. 1, 2016, and June 24, 2022.
According to plaintiffs in the LeafFilter class action lawsuit, the company’s gutter filter system fails to work as advertised. The system allegedly becomes clogged with leaves, twigs and other items, preventing water from passing through gutters as intended. As a result, rainwater allegedly flows out of gutters and onto homes — causing water damage.
In order to receive settlement benefits, LeafFilter purchasers must submit a valid claim form by Feb. 4, 2023.
Root Insurance Total Loss $1.5M Class Action Settlement
Missouri policyholders can benefit from a $1.5 million class action settlement with Root Insurance resolving claims that the insurer failed to include sales tax on total loss payments.
The settlement benefits Missouri policyholders with automotive insurance policies from Root Insurance who submitted a total loss physical damage claim between Jan. 5, 2011, and Aug. 4, 2022.
Plaintiffs in the total loss class action claim that they were significantly underpaid as a result of Root Insurance’s alleged failure to include sales tax in total loss payments. This policy allegedly denied policyholders hundreds or thousands of dollars in violation of policy terms.
The deadline to submit a claim with the Root Insurance total loss settlement is Feb. 4, 2023.
Celsius Beverages False Advertising $7.8M Class Action Settlement
Celsius agreed to pay $7.8 million to resolve a class action lawsuit claiming that the company falsely advertised its beverages as containing “no preservatives.”
The settlement benefits those who purchased Celsius beverages between Jan. 1, 2015, and Nov. 23, 2022. The settlement covers Celsius Live Fit, Celsius Heat, Celsius BCAA+Energy, Celsius with Stevia, Celsius On-The-Go powdered drinks and Flo Fusion powdered drinks.
Celsius allegedly advertised its beverages and powdered drinks as containing “no preservatives” despite containing citric acid — a flavoring agent and preservative ingredient. Consumers say they wouldn’t have paid as much for the drinks if they knew the truth about their ingredients.
In order to receive a settlement payment, purchasers must submit a valid claim form by Feb. 13, 2023.
Salmon Antitrust Indirect Purchasers $33M Class Action Settlement
A $33 million class action settlement between salmon farms and indirect purchasers will resolve claims that the salmon companies conspired to raise and fix the price of salmon products.
The settlement benefits consumers who indirectly purchased (not from the manufacturer) farm-raised salmon or salmon products in certain states between April 10, 2013, and Nov. 17, 2022. The settlement covers purchases made in Alabama, Arizona, Arkansas, California, the District of Columbia, Florida, Guam, Hawaii, Illinois, Iowa, Kansas, Maine, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Mexico, New York, North Carolina, North Dakota, Oregon, Rhode Island, South Carolina, South Dakota, Tennessee, Utah, Vermont, West Virginia or Wisconsin.
Plaintiffs in the antitrust class action lawsuit accused Mowi Ducktrap, Grieg Seafood, Sjór, SalMar, Lerøy Seafood and Cermaq of conspiring together to raise the price of salmon products by manipulating a salmon price index. As a result of this scheme, consumers allegedly paid an inflated price for salmon when purchasing the products from retailers.
Consumers can file a claim with the settlement until Feb. 17, 2023.
Adobe Stock
Tampa Bay Buccaneers Unsolicited Faxes $19.75M Class Action Settlement
The Tampa Bay Buccaneers agreed to pay $19.75 million to resolve claims the team sent unsolicited faxes to thousands of customers.
The settlement benefits individuals who received one of the 343,122 faxed advertisements sent by the Tampa Bay Buccaneers between July 14, 2009, and June 9, 2010.
According to the Telephone Consumer Protection Act (TCPA) class action lawsuit, the Buccaneers sent junk faxes promoting its football games and prompting recipients to order tickets through Ticketmaster. Plaintiffs in the case say they never consented to receive these faxes, making the communications a violation of federal law.
In order to receive a settlement payment, fax recipients must submit a valid claim form by Feb. 6, 2023.
American Airlines Bag Fees $7.5M Class Action Settlement
American Airlines agreed to pay $7.5 million to resolve claims it incorrectly charged customers baggage fees despite promising them free checked bags.
The settlement benefits consumers who were charged to check a bag with American Airlines after Feb. 24, 2017, for tickets issued before April 9, 2020. Consumers must also meet one or both following criteria:
They received an email from American Airlines confirming the purchase of air travel that stated passengers could check one or more bags for that ticketed trip for no charge (or for “USD 0.00”).
They were traveling within the United States and held an American Citi or Barclays credit card entitling the passenger to check the first bag for free. This includes passengers on international trips who were charged to check their first bag for the entire domestic portion of their itineraries in addition to checking bags for the international portions.
Passengers in the American Airlines class action lawsuits accused the airline of false advertising. The airline allegedly promised travelers they could check their bags for free, only to charge them baggage fees regardless of its previous promises.
The deadline to submit a claim with the American Airlines settlement is Feb. 22, 2023.
Avis Budget e-Toll Related Charge Class Action Settlement
Avis Budget Group agreed to a $45 million class action settlement to resolve claims it charged hidden toll fees on car rentals.
The settlement benefits consumers who rented an Avis Budget vehicle and paid Avis, Budget and/or the Highway Toll Administration for the use of e-Toll services. For rental transactions originating in Florida, Texas or Colorado, the class period is March 2, 2009, to Dec. 31, 2015. For rental transactions originating in all other states, the class period is April 1, 2007, to Dec. 31, 2015.
According to the Avis Budget class action lawsuit, the car rental company violated consumer protection laws by charging undisclosed fees for electronic toll, or e-Toll, payment systems. Renters say they weren’t properly informed of these fees, causing them to pay more to rent an Avis Budget vehicle than expected.
In order to receive a settlement payment, car renters must submit a valid claim form by Feb. 28, 2023.
Getty Images
Great Lakes Educational Loan Services Debt Collection $1.275M Class Action Settlement
Consumers who received excessive debt collection phone calls from Great Lakes Educational Loan Services could benefit from a $1.275 million class action settlement.
The settlement benefits Massachusetts residents who received more than two phone calls from Great Lakes Educational Loan Services regarding a debt within a seven-day period since Oct. 28, 2015.
Plaintiffs in the debt collection class action lawsuit claim that Great Lakes Education Loan Services violated Massachusetts law by contacting consumers more than twice in a seven-day period regarding a debt. These calls were excessive, the plaintiffs contend.
The deadline to submit a valid claim form with the debt collection settlement is Feb. 27, 2023.
Hibbett Receipt Privacy $6M Class Action Settlement
Hibbett agreed to pay $6 million to resolve claims that it violated federal law by showing too many digits of payment card numbers on receipts.
The settlement benefits consumers who used a credit or debit card at a Hibbett, City Gear or Sports Additions store and who received a receipt that displayed more than the last five digits of their payment card number between Dec. 15, 2020, and Feb. 23, 2022.
According to the Fair and Accurate Credit Transactions Act (FACTA) class action lawsuit, Hibbett unlawfully printed too many digits on point-of-sale receipts at its stores. Hibbett has denied willful violations of federal law and maintains that any non-compliant receipts were caused by software errors.
To receive settlement benefits, class members must submit a valid claim form by Feb. 8, 2023.
Circle K Discrimination $8M EEOC Settlement
Circle K agreed to pay the U.S. Equal Employment Opportunity Commission (EEOC) $8 million to resolve claims that it discriminated against disabled and pregnant workers.
The settlement benefits Circle K workers who sought reasonable accommodations for a disability or pregnancy and were subsequently fired between July 10, 2009, and Sept. 26, 2022.
The EEOC took legal action against Circle K under federal law, arguing that the company refused to provide disabled and pregnant workers with reasonable accommodations. According to the EEOC, this conduct violated the Americans with Disabilities Act, Title VII and the Pregnancy Discrimination Act.
Current and former Circle K workers have until Feb. 26, 2023, to submit a valid claim form with the settlement.
Getting paid to write may sound easy, but the reality is a little more complicated. Freelance writing can be hard to break into, and the pay can be low (or nonexistent) for beginners.
The trick is to get your first few articles or creative pieces published and then use them to score bigger clients and better pay. And even if long-term freelancing isn’t your goal, building a portfolio that showcases your published work can bolster your career as a writer or subject-matter expert.
However, publishing those first few pieces is typically the hardest part of your writing journey. To help, we’ve compiled several places where you can get paid to write now. We’ve also included tried-and-true techniques to allow you to grow as a writer and, ideally, make more money writing in the long-term.
Get Paid to Write for Flat-Rate Websites, Blogs and More
If you’re new to freelance writing, one of the first things you may notice is how opaque the whole process is. Websites, blogs and publications often rely on armies of freelancers, but their contributor guidelines and pay are often nowhere to be found.
Instead of diving straight into negotiations with editors about assignments and pay, first try to find a site or publication that has a straightforward process for contributors so that you know exactly what they’re looking for and how much they’re paying. (We’ll cover pitching and negotiating further below.)
Ready to make money writing online? Here are 20 sites to try pitching:
1. Copyhackers
Copyhackers is a content company based in Canada. It provides educational materials to help new copywriters as well as paid opportunities for writers to publish lengthy articles on Copyhackers’ blog.
Its submission guidelines are clear: You should be well versed in the topic that you’re pitching. And you should expect to be writing blog posts that are 2,000 words or more “unless it’s extremely wonderfully amazingly readable reading.”
Pay: $300 to $1,000 per blog post
Categories/Topics: Advertising, branding, UX (User Experience) or marketing concepts; freelance lifestyle or advice; entrepreneurship
2. Listverse
As its name implies, Listverse specializes in listicles aka list posts. These are highly clickable posts where each main point is part of a numbered list (sort of like the article you’re reading right now!).
The contributor guidelines mention that you can write articles related to “any topic you like” — sports, self-help, personal stories, or gaming excluded — so long as it’s interesting, well-researched and in the form of a list of at least 10 with two paragraphs per listing.
To narrow that down ever so slightly, the website is broken into several topics: bizarre, entertainment, general knowledge, lifestyle, science, society and more. Your articles should roughly pertain to those areas.
Note: Listverse will only pay freelance writers via PayPal.
Pay: $100 per list post
Categories/Topics: Bizarre, entertainment, general knowledge, lifestyle, science, society and more
Need a banking service that’s built for freelancers, helping you save for taxes and keep track of your expenses? Check out Lili. (It’s free!)
3. Narratively
To understand what type of articles Narratively publishes, look no further than its tagline: “Human stories, boldly told.” All sections of the website are open to submissions. Just be sure that your story is longform, gripping and has strong narrative elements.
For an in-depth breakdown of the different sections and story types, read Narratively’s submission guidelines. You’ll need a Submittable account to send in your draft.
Pay: $300 to $400 per article
Categories/Topics: Personal essays, extraordinary high school sports stories, unexpected family businesses, hidden history, and reported articles with a narrative, human-interest approach
4. Reader’s Digest
Reader’s Digest needs no introduction. But what you probably didn’t know is that it offers one of the funnest and low-risk ways to get paid to write.
But instead of swinging straight for the big leagues with a front-cover feature story, you can submit jokes and micro-stories to Reader’s Digest, which will publish them online and in the print magazine. If your submission is selected, you’ll get $100 a pop. (That’s among the highest per-word rates in the industry.)
Categories/Topics: Jokes or true personal stories (100 words or fewer)
5. Unemploymentville
According to its website, Unemploymentville is “a place for anyone who has felt the sting of being out of work.”
It also happens to be a place you can write guest blog posts if you have interesting small-business ideas, helpful job-searching techniques or personal stories about dealing with job loss.
Unemploymentville accepts submissions every other month. You can only submit stories in January, March, May, July, September, and November.
Pay: $25 to $75 per blog post
Categories/Topics: Unemployment, job hunting, side hustles, personal essays related to finding work
6. Writer’s Digest
Writer’s Digest is a century-old magazine dedicated to publishing “everything writers need to stay inspired, to improve their craft, to understand the unique challenges of publishing today, and to get their work noticed.”
According to the submission guidelines, Writer’s Digest accepts submissions for a variety of sections of the magazine, and it occasionally accepts cold pitches for guest posts online.
Pay: 30 to 50 cents per word (print); or $50 to $100 (online)
Categories/Topics: Personal essays, memoirs manuscripts and feature stories of interest to the writing community
7. RankPay
RankPay specializes in providing business solutions with services like PPC, content marketing, and website design.
According to the Blogger Program submission guidelines, RankPay accepts article submissions that are useful, well-written, actionable, and of course 100% original content. It takes about 2 weeks for a response once you submit an article; not all submissions will receive a response.
Pay: $50 per blog post
Categories/Topics: SEO, content marketing, small business
8. B. Michelle Pippin
Michelle Pippin is the founder and CEO of Women Who WOW, an organization of women entrepreneurs. Writers with first-hand business experience can earn money by being published on the company blog or through a private newsletter.
Pippin requires hires writers with actual first-hand business experience, particularly on topics relating to women entrepreneurs. You’ll earn more money if your article is published in the members-only print newsletter, though it can never be republished elsewhere.
Pay: $50-$150 per blog post
Categories/Topics: First-hand business experience, marketing and profit “hacks”
Chris Zuppa/The Penny Hoarder
Get Paid to Write Using Freelance Websites
To diversify your income as a freelance writer, you can also sign up for freelance marketplaces, sometimes referred to as content mills. For these types of freelance websites, there’s typically some kind of screening process involved before you start working with clients.
Sometimes the companies will feed freelance gigs to you, and you can accept or decline them. Other times clients will reach out to you personally through the marketplace’s messaging system. Payment varies by marketplace, but it is always funneled through the marketplace instead of coming directly from the client.
Pro Tip
Freelance marketplaces are a low-risk way to test the waters as a freelance writer, but they aren’t the most lucrative long-term option.
9. CopyPress
CopyPress is a content-marketing agency that provides its own content management system that freelancers can use to connect with projects from CopyPress’ clients.
While it offers some freelance gigs for designers, developers and influencers, content writing and editing is CopyPress’ bread and butter.
Pay: About 6 to 10 cents per word (writer); 1 to 2 cents per word (editor)
Categories/Topics: Varies by project
10. Fiverr
Started in 2010, Fiverr is a freelance-service marketplace that has grown to become almost synonymous with freelancing. You can offer almost any professional service imaginable on the site, but freelance writing services are especially popular.
And contrary to its name, you are allowed to charge whatever amount you want — not just $5. However, Fiverr takes 20% of the cut.
Pay: Your rate minus 20%
Categories/Topics: Varies by project
11. iWriter
With iWriter, you can earn a fixed rate for every article. The rate largely depends on your star rating, which you receive based on a trial article and subsequent projects with clients.
According to the site’s FAQ section, you earn 65% of the price that clients pay for typical assignments, which will translate into very low rates as you’re starting out.
For example, the lowest tier of assignment is 150 words and would earn you 91 cents. Becoming an “elite plus” writer (4.85 rating or higher) will drastically increase your earnings. Complete a writer application to get started.
Pay: 91 cents to $282.75 per project
Categories/Topics: Varies by project
12. nDash
Founded in 2014 as a one-person operation, nDash now boasts a network of more than 10,000 freelance writers, which it connects with its clients, some of whom are household brand names.
To get started with nDash, you need to sign up, create a free profile that highlights your expertise and past experience, and set up an account with Stripe so that you can get paid.
You’ll be able to set your rates based on project type (blog, whitepaper, email, article, etc.). nDash does not take a cut of pay like other marketplaces. It charges its clients instead.
Pay: 100% of your set rate ($150 to $450 on average, according to nDash)
Categories/Topics: Varies by project
13. Upwork
Upwork is another massive online freelance marketplace. It caters to all kinds of industries, including and especially writing services.
Before you accept gigs, you’ll need to register for free and set up a freelancer profile. With Upwork, you set your own rates and find work by pitching clients directly, accepting work from clients who reached out to you or by bidding on projects that clients posted.
Get Paid to Write Poetry, Fiction and Other Creative Works
To get paid to write creative work, forget almost everything you know about freelance writing. Getting your creative writing published is an entirely different beast, and very few people make a living writing poetry or fiction alone.
Still, seeing your name in a literary journal can be a gratifying experience, and that experience is only heightened when you get paid for your creative masterpiece.
Not all creative writing publishers pay. In fact, it’s common to see “submission fees,” meaning you are paying them to review your work. In those cases, publication isn’t guaranteed. You want to avoid those scenarios entirely when you’re just getting started.
Below, we’ve included several publications that do not charge any such fees and will pay you a modest sum to boot.
14. Blue Mountain Arts
If your poetry has a more lyrical, feel-good vibe, consider writing for greeting cards. (Literary journals are notoriously snobbish toward this type of writing.)
First place receives $350. Second place receives $200. And third place receives $100. Winning poems are published in greeting cards and online. Outside of the poetry contest, you may also submit seasonal poems that follow these guidelines.
Pay: $100 to $350 per poem
Categories/Topics: Feel-good poetry related to special occasions
15. Rattle
Rattle is an online and print journal that publishes only poetry, and it offers poets weekly opportunities to get paid to write.
While the print magazine publishes quarterly, Rattle also holds a weekly “Poets Respond” contest online that asks poets to write about a current event that has happened within the past week.
Pay for acceptance into the print issue is $200 per poem, and online publication pays $100 per poem. Reference the appropriate submission guidelines before sending in your work.
Pay: $100 to $200 per poem
Categories/Topics: Poetry
16. The Threepenny Review
A quarterly literary magazine, The Threepenny Review publishes nonfiction essays, memoirs and reviews, fiction stories and poetry in print.
Depending on the type of piece, you can expect between $200 and $400 per published work.
According to the writer guidelines, The Threepenny Review doesn’t accept email submissions and doesn’t accept any submissions between May 1 and Dec. 31.
Pay: $200 to $400
Categories/Topics: Reviews, criticisms, memoirs and other nonfiction works; poetry and fiction
17. Poetry Nook
Poetry Nook is a website and forum for poets and poetry lovers. It’s operated by the literary magazine Plum White Press.
Each week, Poetry Nook holds a free-entry poetry contest (for 350 weeks and counting). Multiple winners and honorable mentions may be chosen. Winners receive a $20 payment via PayPal, and honorable mentions receive $10.
Poetry Nook’s competition is a great way for budding poets to get paid to write. There are no theme or length requirements for the poems, it’s “organic impression and memorability that matters,” according to the entry guidelines.
Ensure you’re entering the correct contest, as the link changes each week. You can find the latest contest on Poetry Nook’s homepage.
Pay: $10 to $20 per poem
Categories/Topics: Poetry
Getty Images
Other Strategies to Get Paid to Write
There’s much more to writing than freelance websites and open-calls for submissions. Once you feel comfortable (and perhaps after you have a few successful projects under your belt), you can start to implement some longer-term strategies to build your reputation as a successful writer.
They might not be as clear cut as the options above, but they’re nonetheless important.
Pitch to Your Favorite Publications
Pitching unsolicited article ideas is a tricky and vague process. But pitching is a crucial skill for freelance writers, especially freelance journalists and content writers. There are untold opportunities to get published by your favorite alt-weekly, local newspaper, magazine or online publication, and they’re rarely (if ever) advertised.
Pitch the correct editor or your email will never get read.
Have a deep understanding of what the publication has already published on the topic.
Craft a short and sweet email that shows a busy editor that No. 1, your pitch is a good idea and No. 2 that you are the best person to write it.
Pro Tip
Finding an editor’s email can be difficult. Scour the publication’s masthead or staff page and use tools like Hunter.io to guess and verify specific editors’ email addresses.
Even if the editor likes your idea, the work doesn’t stop there. You then need to be ready to negotiate your pay — another vague and informal process. Our guide will help you figure exactly out how much to charge for your freelance work.
Start Your Own Blog
If you’re interested in freelance writing or launching a freelance writing business, chances are you either already created a blog or you’re considering it. Blogging is incredibly popular among writing hobbyists, and it’s one of the first steps many new freelance writers take when they want to get paid to write.
The truth is, blogging is tough to monetize. It’s certainly not a quick way to get paid to write, but it’s not obsolete either. It will take sustained effort to become a successful blogger. Luckily, we have a plethora of resources to help you.
Selecting a catchy domain name and finding a web host for your site
Building a user-friendly blog
Once the basics are set up, you’ll want to make a dedicated plan to monetize your blog. Successful monetization strategies often include:
Writing informative and authoritative blog posts that are optimized for search engines
Writing for other blogs and publications that allow you to link back to your own site
Signing up for affiliate partnerships with brands related to the topic you cover, so that you can earn a commission on sponsored links in your blog posts
Allowing advertisements on your pages, usually via Google AdSense, so that you can get paid when people visit your page and interact with the ads
Due to the time investment of blogging, we recommend that you simultaneously write for some of the publications mentioned above so that you get some money coming in while you build your website. And don’t fret if it doesn’t take off. At the very least, your blog can double as a portfolio site to help you land other clients and gigs.
Launch a Career as a Writer
The freelance writing business isn’t for everyone. There are a lot of unpaid hours and late nights involved in getting things set up. (And that’s not mentioning additional tax burdens and lack of benefits.)
The good news is that you can break into a career in writing by temporarily freelancing to build up a portfolio. Then you can use that portfolio to land a full-time job with health bennies and paid time off.
What writing jobs are out there? Plenty — and aside from the obvious journalist and author jobs, too.
Everywhere you look, there are words. Words on book covers. Words in your vehicle’s manual that teach you what that dang squiggly exclamation point symbol on your dashboard means. Words that entice you to buy stuff.
You get the idea. There’s a person (or maybe even a team of people) behind all of those words, and they’re getting paid. Their titles include copywriter, UX writer, product writer, technical writer, content marketing writer and more.
Even more good news: These types of jobs were already remote friendly before the pandemic. In fact, writing jobs are among the most commonly listed openings in The Penny Hoarder’s Work-From-Home Jobs Portal.
So whether or not freelancing was your end goal, the published clips you rack up along the way can help you build an impressive portfolio, establish yourself as an expert on a certain topic and even launch your career as a full-time writer. The options are endless.
Frequently Asked Questions (FAQs) About Writing for Money
Here are answers to some of the most frequently asked questions about getting paid to write.
Who Will Pay Me to Write?
Plenty of people and publications will pay you to write articles, blog posts and more. If you’re freelancing, it all depends on how you find your client. Many companies hire writers as employees. Advertising agencies, online publications and marketing firms are among the most popular types of companies that directly hire writers.
If you’re using a freelance website like Upwork, the pay will come from Upwork — not directly from the client, since Upwork operates like a matchmaker.
If you’re submitting your article or creative writing directly to a publication, it will pay you usually by direct deposit, check, PayPal or some other established payment method.
Where Can I Submit Writing for Money?
The easiest places to submit writing for money are publications that have clearly stated submission guidelines. Some websites, including content mills, online magazines and literary journals may accept submissions year-round and have their rates publicly displayed. We cover several such places to submit your writing in this article.
Alternatively, you can cold pitch magazines, newspapers and some blogs with your story idea and then negotiate your pay if they like your idea.
How Can I Make Money Writing Online?
Blogging and freelance websites like Fiverr and Upwork are among the most popular options for making money online by writing. But they’re not always the fastest and most lucrative options.
In addition to those popular methods, you should also consider writing articles for blogs as well as more traditional types of publications like magazines, newspapers and literary journals — all of which are very likely to publish online.
No one method is a cash cow, but if you combine them, it’s possible to make a living writing.
Where Do I Find Freelance Writing Jobs?
Finding freelance writing gigs is much easier if you diversify your sources. In addition to pitching publications directly and signing up for freelance websites, you should set up email alerts for a job board or two.
Mediabistro, The Penny Hoarder Work-From-Home jobs portal, FlexJobs and sometimes even the standard job boards like Indeed and Glassdoor can be useful tools in hunting down quality writing jobs.
And instead of waiting for the gig to be posted on a job board, you can go directly to the source. Big online publishers such as DotDash (which owns Verywell, Investopedia, The Spruce and several other online publications) and Vox Media (which owns The Verge, Vox, Eater, Polygon and others) post freelance writer openings on their own job boards all the time.
How Do I Start a Writing Career?
Writing careers don’t always start by getting a degree in journalism or English, either (though a related degree certainly helps). Lots of writers find success by falling in love with writing later in life, choosing to freelance and slowly building up expertise and a portfolio before finally applying for a full-time job as a bonafide writer or journalist.
One thing is for sure, whether by credentials or previously published work, you must be able to demonstrate your writing skills to land a job.
Matt Matasci is a Southern California freelance writer who writes on technology and business, plus travel and lifestyle topics.
Applying for jobs is hard work, especially if the positions you want don’t match your experience. Even if they are entry level jobs.
Fortunately, job postings don’t tell the whole story when it comes to landing a job that you know that you can do. The career path might not be totally clear, but you still want to jump on it.
There are a lot of ways to successfully apply for your dream job even if your resume doesn’t exactly match a job listing. And even if you are applying for a job with no experience no one is going to ding you for that, though you’ll need to go up-and-beyond to land the job. Or at least muster your confidence and sharpen your communication skills.
6 Tips for Landing the Job
We spoke to several career experts to bring you their top tips for job seekers struggling to find work with little-to-no experience and without being a college graduate. Here’s what they had to say.
1. Change How You Look at Postings
The first bit of advice we heard over and over was that job seekers should change the way they look at job postings no matter their work experience. Does this mean using different sites or methods of exploring job opportunities to get your foot in the door or even snag that assistant position?
Not exactly. According to career coach Kyle Elliott, it’s more of a change in mindset and attitude.
“Know that the job posting is a wish list,” says Elliot. “You do not have to have all of the qualifications listed in the job posting. Instead, focus on the experience, knowledge, and skills you do have that align with the job posting.”
In addition to highlighting the skills you have on your cover letter and resume, Elliot also suggests avoiding the time-old mistake he often sees as a career coach. You can still get a job with no experience but you don’t need to continually point out your lack of experience. After all, you are trying to get a job with no experience.
“Consider instead how you can strategically market your non-work experience on your resume. If you’ve started a side hustle, launched a business, or pursued relevant extracurricular activities, you may wish to include them in your career marketing collateral,” says Elliott.
2. Speak Their Language
While keeping things positive is important when it comes to job application success, you’ll also want to get in the habit of mirroring a company’s language on your application.
Are they looking for a team player with a good worth ethic? Talk about that employee of the month award or that you had zero sick days last year.
“Speak the language of your target company,” says Elliott. “Use the job posting as a recipe card to write your resume, LinkedIn profile, and other career documents.”
For example, he says, if you’re targeting a customer success role and previously worked in restaurant service, focus on how you successfully dealt with customers. Explain how you were routinely able to persuade customers to order an appetizer and A dessert to make more money for both you and the restaurant.
“While an experience or accomplishment may seem unrelated on the surface, nearly every story can be translated,” says Elliott about the effort to get a job.
3. Work Backwards to Show How You Fit
To expand on this last point, “working backwards” is a great strategy for writing a resume or application for a specific job, especially if it’s one you feel underqualified for. It’s important that you show the ways you will make up for this be it work ethic, education or attitude.
“Your role as a job seeker is to connect the dots between your experience and the target role,” says Elliott. “This makes the hiring manager’s job easier when they’re reviewing your job history.”
Be sure you’re capitalizing on experiences that match what your employer is looking for, but also remember to leave off anything that’s irrelevant. This will weaken your application and torpedo your chances for job interviews.
For example, if you spent a summer picking berries and this doesn’t have a strong tie to the job posting, this might be one of those things you cut. However, if you can show how you gained soft skills — communication with colleagues and maybe customers — then you make your experiences more relevant.
The same could be said for volunteer work which brings in no money but plenty of on-the-job education including problem solving skills, plus time management and team building experiences.
By selectively including experiences in your efforts to get a job, you’re not only flaunting your skills as a qualified employee, but also conveying your understanding of the role. Companies want to know they’re hiring someone who understands what they need, which is what you prove by using their posting as a blueprint for your application.
4. Highlight Motivation on Cover Letter
Another great way to get an employer siked about your application is by highlighting your motivation.
If you love the work a company is doing or their mission aligns with your values and goals, you should include this in your application.
“Convey a deeper understanding of the company and more particularly, the industry or sector it’s operating within to show your personal motivation to move into the industry,” suggests networking expert and author J. Kelly Hoey.
This is more than saying something generic about your interest, says Hoey.
“Tell the story of why you’re committed to entering the industry, as your ‘why’ reveals that you’re more than yet another applicant grasping for any job opening.”
5. Remember: Quality Over Quantity
The Internet makes it easy to get caught in the race of applying to as many jobs as you possibly can. You can copy-and-paste a slightly tweaked cover letter and resume dozens of times for dozens of postings in the span of an hour.
But somewhere in the rush, you may find the quality of your applications start to slide, or even that you’re inadvertently applying to jobs you really don’t want.
This is where it helps to keep a simple “quality over quantity” mantra in mind. “Focus on quality over quantity when applying to roles,” says Elliott. “Rather than applying to all of the open roles at a company, select a few key roles that you are well qualified for.”
Not only will being selective help you come off as a more serious candidate to employers, but it will also ensure you’re able to bring your A-game to every application.
6. Grow Your Network
The time spent searching for your next job might feel long and unproductive. But keep this in mind as you hunt for jobs and wait for the job offers to roll in: As you apply for jobs and get job interviews, you are growing a professional network. Every recruiter, hiring manager and prospective co-worker that you connect with are now part of your network.
“Have patience and make it part of your job application routine to stay in contact with every person who helps you along the way,” says Hoey. “By doing so, you’ll have mentors to turn to when you land the job, plus you’ll stay top of mind with those closest to the job market you’re seeking to enter.”
You never know when new opportunities will present themselves. Go the extra mile to have positive interactions with everyone you encounter on your job search.
Contributor Larissa Runkle specializes in finance, real estate and lifestyle topics. She is a regular contributor to The Penny Hoarder.
ABLE accounts are a 529 account with all kinds of bells and whistles built specifically to serve disabled Americans.
After years of grassroots advocacy efforts from the disability community, ABLE accounts were birthed into legislation in December 2014. And thanks to legislation passed in late 2022, more people will become eligible for it soon (more on that in a bit).
Why Open an ABLE Account?
529 accounts are traditionally state-sponsored and used to save for your child’s college education. Though you can’t deduct your contribution, the money grows without being taxed and is not taxed when it’s withdrawn for approved college expenses, notably tuition.
If you are the parent of a disabled child, their future in higher education may be unclear. However, an ABLE account allows you to save or invest money for a potential university experience, but the funds can also be used for a myriad of other life expenses.
Outside of saving for college, there are several reasons both disabled individuals or parents of disabled children may want to open an ABLE account.
Asset Tests: Supplemental Security Income and Beyond
When you are disabled, the system can make it difficult to achieve financial independence. For example, in order to gain access to meager amounts of Supplemental Security Income benefits you are only allowed to have $2,000 in assets. The SSI resource limit is $3,000 for couples. Assets can include the value of your bank account, second vehicle, life insurance policies, cash on hand and more.
Asset tests make it nearly impossible for individuals and families to save money because they can be disqualified when savings reach a certain level. Asset limits are especially problematic for disabled individuals living near or below the poverty line, as they are more likely to need extra savings for more frequent medical financial emergencies.
Other Income-Based Public Benefits
SSI is not the only means-tested public benefits program. Many states may have an asset limit associated with Medical Assistance or Medicare access when you’re disabled. There are various other benefits you may need to access that come with asset tests, too.
ABLE accounts solve this problem across many programs. The first $100,000 you have saved in an ABLE account cannot be counted for SSI benefits. Any amount saved in an ABLE account cannot be counted towards asset tests for almost all other federally-funded, means-tested benefits — like Medicaid.
Tax Advantages
ABLE accounts can function as tax-advantaged savings accounts or as a vehicle for investing. The interest earned in your ABLE account is not taxable for federal income tax purposes – as long as it’s withdrawn for qualified disability expenses.
The only way contributions help your federal tax return is if the contribution is made by the account owner themselves. Through 2025, you can count contributions towards the Saver’s Credit in this instance.
SECURE 2.0 does replace the Saver’s Credit with a Saver’s Match for qualified retirement accounts effective in 2027, but ABLE accounts were not included in the legislation. Unless there is further legislation, this tax advantage will disappear after 2025.
While the federal government doesn’t give you much credit for ABLE contributions, some states do. For example, Pennsylvania and Mississippi allow you to deduct each and every dollar contributed to an ABLE account on your state tax return.
Look for Tax Parity
In some states, you can avoid the state tax burden on ABLE accounts even if you purchase from out-of-state ABLE programs.
“Pennsylvania provides residents with ‘tax parity,’ which allows those to purchase an ABLE plan across state lines while maintaining Pennsylvania state-tax advantages,” said Paul Curley, Director of 529 & ABLE Research at ISS Market Intelligence.
He said that you should check your state laws to review any potential state tax benefits associated with ABLE programs, including tax parity.
What Are Qualified Disability Expenses?
With a traditional 529 account, interest isn’t taxable as long as you are using your withdrawals for qualified expenses related to higher education — or in some rare cases, K-12 education.
ABLE accounts are different. While you can use the money saved in this account for higher education, the list of qualified disability expenses is much more robust. Almost anything related to the disabled person’s life counts as a qualified disability expense with an ABLE account, including but not limited to:
Housing costs
Transportation
Employment training and support
Assistive technology
Personal support services
Health care expenses
Prevention and wellness
Financial management services
Administrative services
Legal fees
Burial expenses
Other basic living expenses
For a full list of qualified expenses, read the state plan disclosure associated with your ABLE account.
Who Can Open an ABLE Account?
Currently, you are eligible to open your own ABLE account if you have a disability certification from the Social Security Administration, and you were under age 26 at the time of onset. You can also open an ABLE account on behalf of your disabled child if they meet these same requirements.
The eligible individual does not have to be receiving Supplemental Security Income (SSI) or any other benefits in order to qualify.
Expanded Eligibility in 2026 and Beyond
The age requirement for ABLE accounts is problematic, as many disabilities don’t present until later in life. In addition, 25% of American adults become disabled between age 20 and traditional retirement age.
After years of advocacy work, the ABLE Age Adjustment Act passed as a part of SECURE 2.0 in late 2022. This new provision will allow individuals to open an account as long as the onset of disability happened before their 46th birthday. This change will not go into effect until 2026, but it will expand eligibility to an estimated 6 million new potential account holders.
The fact that more people can open accounts has more downstream effects than just altruism. Many states had private companies set up their ABLE account programs over the past several years with private funds. To recoup the costs of setting up and managing these plans, there are fees associated with ABLE accounts. These fees vary by state.
The expansion of the eligibility pool from 8 million to approximately 14 million eligible people could mean lower fees on these accounts in the future, according to JJ Hanley, Director of IL ABLE.
“We know that with more people opening accounts, the program managers can recoup their investments more quickly and can lower their fees over time,” she said.
Hanley notes that you might not have to wait until 2026 to see lower fees. While the expanded eligibility pool will certainly help speed things along, state administrators participating in the National ABLE Alliance – which includes 18 different states’ ABLE programs including Illinois – recently renegotiated their contract with private sector program managers to lower fees for consumers independent of the new eligibility expansion.
Contribution Limits
The standard annual contribution limit for an ABLE account is $17,000. Anyone can contribute towards this max — the disabled individual, family members, friends, etc.
ABLE to Work
Until 2025, disabled adults who work are allowed to nearly double their contributions to ABLE accounts through the ABLE to Work Act.
Any income from your job can be set aside in an ABLE account up to the federal poverty line amount. In 2023, that means on top of the standard $17,000 contribution limit, eligible individual residents of the 48 contiguous states could contribute an additional $14,580 from their work earnings. That makes the maximum total annual contributions $31,580 in most states.
“While ABLE to Work is set to sunset in 2025, a number of advocates and stakeholders are focused on extending the ABLE to Work provision,” Curley said.
Avoiding Medicaid Payback
When the beneficiary dies, any funds remaining in an ABLE account balance can be used for outstanding disability and burial expenses. Any remaining balance in the beneficiary’s ABLE account after accounting for outstanding disability expenses and burial expenses may have to be paid to the state to reimburse the costs of Medicaid.
Legislative Efforts to Remove Medicaid Payback Provisions
Medicaid payback provisions are one of the key factors that keep people from opening ABLE accounts, but Hanley encourages them to reconsider their reservations.
First, many states have passed protective laws limiting when Medicaid can and can’t claim any remaining funds. But these bans can only be placed on certain programs, and people who have ABLE accounts typically rely on Medicaid programs that aren’t covered. Even with these state laws, there are still instances where Federal law can compel them to collect.
Hanley said that some – though not all – states will run a cost-benefit analysis on recuperating these funds. Because these calculations typically reveal that it would be more expensive to pursue the funds than they’re worth, some states have a hands-off policy even within existing law.
Technically, the Federal government can require collection in select circumstances. But to date, it’s been a bigger concern for potential account holders than a practical problem for those who do pass away with an ABLE account. The average account balance is $8,500, which means after outstanding disability and funeral expenses are paid, there’s not much left for the state to recover, anyways.
Although it’s not the biggest practical concern, it is an unjust policy that advocates are working to correct through legislation.
Hanley said the National Association of State Treasurers (NAST) has a list of legislative priorities. The ABLE Age Adjustment Act has topped that list for years, but now that it has passed, they’ll focus their attention on other areas.
“The last time we surveyed state administrators about what to do to improve the program at the federal level after ABLE Age Adjustment, removing the Medicaid recovery requirement topped the list,” Hanley said.
Whether that legislation looks like a total ban on the practice, or safe harbor laws for ABLE program participants remains yet to be seen, but we could reasonably expect something along those lines to make its way to Congress next.
Compare at the ABLE National Resource Center
Forty-six states (plus Washington, D.C.)have their own ABLE programs to date, and you can buy plans across state lines.
As you decide which state’s ABLE accounts are best for you or your child, you’ll want to consider any state tax benefits and fees.
“Most plans have both annual or monthly account maintenance fees as well as investment-related fees,” explains Curley. “Be aware of the total fees when taking both categories into account.”
If you want an easy way to compare plans and save money on fees across state lines, you can visit the ABLE National Resource Center or NAST’s ABLE Today resource site.
Pittsburgh-based writer Brynne Conroy is the founder of the Femme Frugality blog and the author of “The Feminist Financial Handbook.” She is a regular contributor to The Penny Hoarder.
Money transfer apps have changed how we pay each other. Also called peer-to-peer (P2P) payment apps, money transfer apps allow users to send and receive money using their smartphones or an online platform, simply by linking their checking account or credit card.
Transferring money via smartphone app is safe, easy and convenient, but not all apps are created equal. The best money transfer apps of 2023 set themselves apart with low (or no) fees to transfer cash, immediate transfers, heightened security measures and strong customer service. You can also rely on ratings in the Apple App Store and Google Play to determine if a money transfer service is up to snuff.
How Money Transfer Apps Work
Money transfer apps are an easy, secure way to exchange money between friends and family. They also make it easy to manage payments as a freelancer, independent contractor or someone earning extra cash from a hobby.
So how do money transfer apps work? By downloading an app on your phone, or in some cases going to a website, you can send money to people. All you need is their mobile phone number or email address.
The apps are linked to bank accounts, debit cards or credit cards, which is how they access your funds and transfer money with just a few taps. Some payments are free, but others have fees, which often depends on how you fund the transfer.
When someone sends you money through the app, you can get access to the money by initiating a transfer to your bank account. Some apps allow you to store money with their service for easy access.
These types of apps are not the same as the payment-processing apps businesses use for transactions, but some companies do offer both.
All of the apps are available wherever you usually get apps for your phone. In the case of platforms like PayPal, you can also create online via a web browser.
What to Look for With Money Transfer Apps
When looking at the different apps, here are some things to look for.
Fees: Some apps charge a fee for paying someone by credit card or sending money internationally.
Transfer time: How long does it take to get your money? Some are instant while some take several days.
Security: Is the transaction encrypted on both ends?
Limits: Some apps limit the number of transactions you can do in a set period of time. Others limit the amount of money you can send.
Customer service: How can you contact someone if there is a mistake with a transfer or a transfer happens that you didn’t authorize?
Protection: Unlike bank accounts, many balances in money transfer apps are not insured against loss or fraud.
Pro Tip
Always double-check the recipient’s information before you confirm a payment. Once you send a payment, is it often impossible to get it back unless the recipient refuses it.
The 7 Best Money Transfer Apps of 2023
PayPal: Best for freelancers and business owners
Venmo: Best for everyday users
Zelle: Best for fee-free transfers
Cash App: Best for cryptocurrency investors
Meta Pay: Best for Facebook users
Apple Pay: Best for Apple users
Google Pay: Best for Android users
How the Best Money Transfer Apps Stack Up
The best app for you might not be the best for someone else. It all depends how you plan to use them. Chances are, you’ll use different ones for different purposes.
Zelle is part of most banking apps and allows you to securely send money almost instantly between bank accounts. It works with more than 1,700 U.S. banks and credit unions. Each bank determines the types of accounts that are eligible to be part of Zelle. You cannot link credit cards, international debit cards or international bank accounts to Zelle.
Fees for domestic transfers
n/a
Fees for instant bank transfers
n/a
Apple App Store rating
4.8 stars
Google Play rating
4.1 stars
More Information About Zelle
How it works: You need an email address or a phone number to send money. The sender and recipient don’t need to be customers of the same bank; they only need to both be enrolled in Zelle.
In most cases, you’ll need your regular online banking user name and password to enroll and link accounts within Zelle. However, if you want to use the Zelle app — instead of initiating transfers using your bank’s app — you’ll need a separate login.
If you don’t have a smartphone, you can also send money using Zelle through your bank’s website.
Fees: Zelle charges no fees for sending or receiving money. However, individual banks might have a fee.
Because Zelle is built into your mobile banking app, there’s no wait time to transfer the money you receive via Zelle to your bank account — and thus no fee for an instant transfer.
Pros/Cons:The fact you probably already have the capability of using Zelle within your online or mobile banking app or online is a definite plus. The only thing you need to do is to sign up using an email or mobile phone number and you can start sending and receiving money right away. The fact that transfers are also almost immediate is a good thing because you get paid quickly; just make sure you’re sending money to the right person. It is not possible to use a credit card with Zelle, just linked bank accounts.
Cash App
Most Global-Friendly Money Transfer App
Key Features
Free tax filing
Cryptocurrency options
Strong security measures
Cash App sets itself apart in a couple of ways. For one, it not only handles regular currencies; it also handles cryptocurrency. You can also get special offers called “cash boosts,” which can include discounts when you shop. Cash App has increasingly evolved into a true fintech company, offering banking services, investment options and even 100% free tax filing.
Fees for domestic transfers
n/a
Fees for instant bank transfers
0.5% to 1.75%
Apple App Store rating
4.8 stars
Google Play rating
4.7 stars
More Information About Cash App
How it works: To send money, you need to know the recipient’s email address, phone number or unique ID the app calls a $Cashtag.
When you sign up, you can link a bank account to the app, but it’s not required. (You can also fund the app by routing direct deposits to the app or transferring funds — since Cash App comes with its own account and routing numbers.)
You can also store funds in the app and treat it like a traditional bank account, with a fee-free debit card and early access to direct deposits. Plus, you can invest in stocks and Bitcoin, all within the app.
Fees: There are no fees to send or receive money on Cash App even internationally (UK and the EU). Most transfers take only minutes.
There is a 3% fee to send money using a credit card, however.
Like the other apps, Cash App is secure, and transferring your money to your bank account is free but can take a few days. Instant cash outs will cost 0.5% to 1.75%.
Cash App allows you to use your money to buy stocks or convert dollars to Bitcoin. While Cash App doesn’t ch
International transfers:Cash App is mostly used within the United States, but it can also be used to facilitate transfers between the US and the United Kingdom and European Union.
Pros/Cons:Cash App markets itself as more than just a money transfer app. The app also has a banking feature that allows users to receive their paychecks and other direct deposits earlier than most banks. But be aware, because transactions are fast, it’s almost impossible to get your money back if you send it to the wrong person — unless that person is nice enough to return it. While Cash App is growing in popularity, you won’t find as many users with the app as you would with competitors like Venmo. And while Cash App bills itself as a replacement for a true bank, the app misses too many hallmarks of an actual bank account, like interest on “deposits.”
PayPal
Most Experienced Money Transfer App
Key Features
Free domestic transfers
Great tools for freelancers
Strong security measures
PayPal is the grandparent of money transfer apps, as it’s been around the longest and is probably the most familiar to many people. It’s ideal for anyone with a side hustle, as it’s simple to send invoices.
PayPal Money Transfer App
Fees for domestic transfers
n/a
Fees for instant bank transfers
1.75% (up to $25)
Apple App Store rating
4.8 stars
Google Play rating
4.3 stars
More Information About PayPal
How it works:PayPal is secure, and you can send money domestically and internationally, although fees apply for international transfers. You can use PayPal online and through the phone app. To send money via PayPal, you’ll need to know the email address or mobile number of the person you’re sending money to. Both the payer and the recipient will need PayPal accounts to transfer money. People can also request payments through PayPal.
Fees:The fee structure for PayPal can get confusing. You won’t pay any fees if you’re sending money from a linked bank account or through the app (domestically). However, if you want to use a credit or debit card, you’ll pay a 2.9% fee (plus a transaction fee if you’re using a currency other than the U.S.). Those transaction fees vary.
Transferring your PayPal balance to a linked bank account is free, but can take a few days. Instant transfers are available for a 1.75% fee. You can also have PayPal mail a paper check to you for $1.50.
International transfers: You can transfer money internationally, but if you’re sending money to someone outside of the U.S., be aware that you’ll be subject to a different fee structure. PayPal also offers business accounts for different fees.
Pros/Cons: PayPal has protections in place to keep you from losing money. If either the sender or recipient has an issue, PayPal will put a hold on funds. PayPal’s fees are on the higher end, especially for business users.
Venmo
Most Like Social Media Money Transfer App
Key Features
Free domestic transfers
Widely used service
Strong security measures
Venmo has a social media feel, including a feed that allows you to share who you paid and what you paid them for. (You can even use emojis!) Venmo is among the most popular money transfer apps, meaning it’s likely your friends and family also use it. It’s a secure way to pay while also connecting you with the people you pay. (Venmo’s parent company is PayPal.) If you’re not interested in publicizing your financial transactions with friends and family, you can turn this option off.
Fees for domestic transfers
n/a
Fees for instant bank transfers
1.75% (up to $25)
Apple App Store rating
4.9 stars
Google Play rating
4.2 stars
More Information About Venmo
How it works:You can send money to anyone, as long as they also have a Venmo account; due to its popularity, you’re more likely to find Venmo users than users of other P2P cash transfer apps. To transfer, you just need their mobile number, email address or handle. Users can also request payments.
Fees: Venmo is secure and is free to send money using a balance within the Venmo app, linked bank account, debit card or prepaid card. You’ll pay a 3% fee when you use a credit card to send money.
Transferring money from Venmo to your linked bank account is free with a standard transfer. This could take some time, usually 1-3 business days.
If you’re short on time, you can initiate instant transfers, which carry a 1.75% fee or a minimum of $0.25 and a maximum of $25. Venmo users can also buy or sell cryptocurrencies with fees attached.
International transfers: Both sender and receiver need to have U.S. bank accounts, so sending money abroad isn’t possible.
Pros/Cons:The fact that Venmo feels like social media can be good or bad, depending how you look at it. Others you are connected to will know who you’re conducting business with and when. For those of us who are bad at math, a function of the app will help you split bills. It’s also easy to request money from people within the app. The major downside is the instant transfer fee.
Meta Pay
Best for Facebook Fans
Key Features
Built into Facebook (Meta) properties
No fees
Good customer service
If you want to send money to people you’re already connected with on Facebook, Messenger and Instagram, Meta Pay might work for you. You can also use Meta Pay to buy many items you see in Facebook or Instagram ads or from Facebook Marketplace or Facebook Shops. You can even use it to donate to a cause or make in-game purchases. One big difference between Meta Pay and other money transfer apps is you cannot link it directly to a bank account. Instead, you connect the service to a credit card, debit card or PayPal account.
Facebook Pay Money Transfer
Fees for domestic transfers
n/a
Fees for instant bank transfers
n/a
Apple App Store rating
n/a
Google Play rating
n/a
More Information About Meta Pay
How it works: Meta Pay (formerly Facebook Pay) isn’t a standalone app, but rather an enhancement to those primary social media apps, so you’ll need to set it up in each app.
To set up Meta Pay:
Instagram: You can first set things up on Facebook or Messenger and then connect the payment info through the Instagram app, or you can set it up directly in the Instagram app.
Messenger: You can connect your Meta Pay information to Messenger or set it up in the Messenger app. Once everything is working, you just attach a payment like you attach a photo.
Meta Pay is secure, but if you want added security, you can create a PIN or use your device’s biometrics security every time you make a payment.
Fees: There is no fee to send or receive money through Meta Pay.
International transfers: Meta Pay is expanding to other countries outside of the United States.
Pros/Cons: It’s super-convenient to be able to send money, donate money, and buy things from whatever app you might be using and familiar with. You might want to set up extra security features just in case someone gets a hold of your accounts. Customer support is available 24/7 via chat or email. Meta continues to face controversy for how it handles private information; carefully consider adding banking information to your account. Though money sent to friends transfers instantly, it may take up to five days to post to their bank account.
Google Pay
Best for Google Fans
Key Features
Widely accepted at retailers
Strong security measures
Available on Google and Apple devices
Google Pay isn’t just for Android — Apple users can also download the Google Pay app, if they like its features enough. As a spending platform, Google Play is great, with in-app cashback rewards that you can claim when making everyday purchases. But Google Play is also an easy way to send and receive money.
Fees for domestic transfers
n/a
Fees for instant bank transfers
1.5%
Apple App Store rating
4.2 stars
Google Play rating
n/a
More Information about Google Pay
How they work: The evolution of Google Pay has been a roller coaster. At various times in the last decade-plus, we’ve had Google Wallet, Android Pay, Google Wallet (again), Google Pay (and briefly Google Pay Send), Google Wallet (again again) and now a world where both Google Wallet and Google Pay coexist. You’ll be forgiven if you aren’t a little confused.
But fans of Google may find Google Pay relatively straightforward. You can fund the account with a debit card or bank account, then use the app to pay friends, split bills and make purchases wherever Google Pay is accepted.
The app also has cool features that help you track your spending. The built-in cashback rewards program is also a homerun for shoppers who remember to check what deals are available.
Fees:No fees for transfer of money to family or friends and also no payment when you use the app to pay for purchases. However, if you want to transfer your balance back to your debit card, you’ll pay a 1.5% fee (minimum $0.31, weirdly). There isn’t a fee to transfer to your bank account.
Pros and Cons: Google Pay is widely accepted and makes it easy to send money and split bills. Security is top-notch, and the cashback rewards are a nice touch. It’s been challenging to keep up with the constant changes to the Google Pay/Google Wallet family, however.
How Long Does It Take to Transfer Money With an App?
Peer-to-peer money transfers in apps generally take just a few minutes. However, as the recipient of money, you may want to move the funds out of the app and into your bank account. That can take much longer, typically 1 to 3 days. Many apps allow you to use an instant transfer service but charge a fee to do so, usually a percentage of the transaction.
Transferring Money Internationally
While some of the above money transfer apps can be used to transfer internationally, other apps and websites focus primarily on transferring large sums of money internationally. Check exchange rates in each app when you send money internationally.
Beware: Fees for international money transfers can be high. However, popular apps for international money transfers are:
WorldRemit: People in more than 50 countries can send money in more than 70 currencies to recipients in more than 130 countries using a phone or computer. Many of the transfers happen instantly. Fees vary. One recent change is WorldRemit no longer accepts Google Pay.
Western Union: Has been around for years and works in more than 200 countries and territories.
OFX: Competitive rates compared to banks and has a minimum of $1,000.
Remitly: This app adds the possibility of physically delivering the money to the recipient’s home instead of just a cash pickup or depositing it into a bank account. The rates vary by country.
Money Transfer Etiquette
In today’s world of instant gratification and constant connections, what is proper money transfer etiquette?
In July 2019, Venmo surveyed 1,000 users and then partnered with an etiquette expert to help create some modern money manners.
Here are a few of the survey’s findings:
75% said it’s appropriate to wait 24 hours before issuing a request for payment.
24 hours is the longest you should wait before paying someone.
42% said the person who pays for dinner when the check comes back for the entire group should be paid immediately — before anyone leaves the table.
24% said no amount is too small to ask for, even $1 to $5.
As for advice from the etiquette expert, Venmo suggests:
Practice social awareness: When using apps that have a social component, be careful of emojis and inside jokes that could embarrass someone. You never know who might see it.
Respond quickly: If you can’t pay someone within 24 hours, send the person a text or email saying why you can’t pay them back.
Stay in contact: Don’t just ghost someone and make your friends and family track you down. It isn’t fun.
Discuss: If you’re going to split payments, discuss this plan before an event. Don’t surprise someone with a money request. Also, if you pick up the check and say something like “I got this,” don’t expect people to pay you back.
Correct mistakes: If a money request has the wrong amount, politely point out the discrepancy, and decline the transaction. Send back money if someone sends you more than you were expecting.
The survey also found 65% of people say it’s more stressful to owe someone money than to be owed money. The money transfer apps make it easy to relieve that stress — by paying up.
Frequently Asked Questions (FAQs) About Money Transfer Apps
We’ve rounded up answers to some of the most popular questions about money transfer apps so that you can decide which one is right for you.
What is the Safest App to Transfer Money?
All of the apps mentioned have several security features in place to keep your account numbers and personal information private. Just make sure you send money to the right person. Once you tap send, it’s sometimes difficult to get the money back.
What is the Best Money Transfer App?
Each of the money transfer apps on our list is a strong performer. Deciding which app is right for you comes down to your preferences, including smartphone operating system, security protocols and fees for instant transfers.
What Money Transfer App Is the Fastest?
Zelle provides instant transfers between bank accounts for free. Most of the other apps will do instant transfers, but there is a cost associated with them.
What Happens If I Send Money to the Wrong Person?
Sadly, that depends on the app. In some cases, you can contact customer service and they can help reverse the process. In others, you have to rely on the honesty of the wrong recipient to decline the transfer.
Do I Need a Smartphone to Use Money Transfer Apps?
It depends. If your bank or credit union uses Zelle, you can often send and receive money from the financial institution’s website. It’s similar for PayPal. Venmo has some services available online, but not all.
What Is the Cheapest Money Transfer App?
All the apps on our list offer free transfers. However, if you need money right away, most apps charge a fee to transfer funds to your bank instantly.
Tiffani Sherman is a Florida-based freelance reporter with more than 25 years of experience writing about finance, health, travel and other topics. Contributor Timothy Moore covers banking and investing topics for The Penny Hoarder.
If you’ve ever considered starting your own business, then the thought has probably crossed your mind: What’s an LLC, and do I need one?
LLC, which stands for limited liability company, is a great option for small business owners looking for a way to get legally established.
Not only does this business structure make your company sound more official, but it also comes with certain legal benefits (like liability protection) as well as tax benefits for business owners.
We talked with seven experts — from lawyers to financial coaches — to help us understand the ins and outs of an LLC. Their (free!) advice will help you decide if an LLC is right for you.
What Does LLC Mean?
A limited liability company is a way of organizing your business that also comes with a few extra perks. Tony Grenier, CEO of Instrumental Global, an online music instruction site, breaks it down for us.
“A limited liability company (LLC) combines the best of a sole proprietorship, C Corporations, and partnerships,” Grenier said. “It basically offers flexibility in management, division of profits and losses, as well as taxation benefits.”
Unlike other business structures, limited liability companies are also relatively easy to get started, especially for solo business owners
“An LLC is a type of business in which only one member or employee is required, and that individual can participate in the business’s daily operations,” said financial coach Annette Harris of Harris Financial Coaching.
Another unique aspect of LLCs is that the applicant doesn’t necessarily need a lawyer to start one. Depending on the state where you live, you may be able to register your LLC online. Once you get your business entity started, you also won’t have quite as many restrictions on how you operate your company as you would with a corporation.
“With Corporations, it’s easy to drown in mandatory red tape, meetings, and admin” said Adam Garcia, founder of The Stock Dork, an education investment site. “LLC’s have less of that and as mentioned before are easier to set up and run.”
What Can an LLC Do for My Business?
One of the main reasons to get an LLC is that it provides quite a bit of protection for you as a business owner.
“An LLC allows business owners to limit their personal asset liability exposure for the financial obligations of the business,” said business attorney Kimberly M. Hanlon of Lucere Legal.
Since all businesses assume some level of legal risk, LLCs are one way to protect your net worth from being dragged into any type of legal battle as a result of your business. But LLCs aren’t just for protection, they also offer great tax benefits for business entities as well.
“Taxwise, LLCs are attractive as there isn’t any double tax at play,” said Garcia, of The Stock Dork. “This is different from corporations, where you get corporate taxes as well as owners being taxed on their dividends.”
As a result of the 2017 Tax Cuts and Jobs Act, LLC owners are also entitled to a tax deduction called the Qualified Business Income (QBI) deduction (which isn’t set to expire until 2025).
Tips to Form an LLC
If you’re serious about forming an LLC, there are a few things you’ll want to keep in mind. Here are some high-level tips for successfully registering and owning a limited liability company.
Only Use a Lawyer if Your State or Special Situation Demands It
Working with a law firm can be incredibly expensive, and while there are cases where you may want a lawyer, you don’t need one to form your LLC.
There are instructions online on reputable law blogs like Nolo or on the department of corporations website for your state,” said Mark Chen, founder and CEO of BillSmart.
You may need legal assistance if your state requires you to have an operating agreement (which outlines the agreement between LLC members), if you’re applying for a copyright or trademark, or if you’re applying for certain state or federal business certifications.
Keep Your Finances Organized
Starting a new business venture is a lot of work, and it can be all too easy to get lazy when it comes to how you organize and record your finances. But this is definitely one aspect of your business you won’t want to cut corners on, as explained by financial planner Logan Murray of Pocket Project.
“Ideally, once an LLC is created, it’s advisable to keep income and expenses flowing only through that entity by setting up LLC bank accounts, getting debit or credit cards in the name of the LLC, etc,” Murray said. “This is helpful for legal purposes and also for tax purposes, as it keeps personal and business expenses separate, which makes your life a lot easier come tax time.”
Register at the Right Time
Creating an LLC comes with a whole new set of responsibilities, and you’ll want to be sure you’re starting it at the right time — and not before.
“Choosing a business structure will be one of the first major decisions you make as a business owner, so give yourself the grace to move forward when it’s right for you and no sooner,” said Terra Gross, founder of Attuned Legal, LLC, which specializes in providing services to micro businesses. “Look closely at startup timing in light of how expensive it is to register and maintain an LLC wherever you plan to set it up, as well as whether you’re personally ready to spend hours keeping up with, or outsourcing, the bookkeeping.
Even though there are perks, Gross said, you should stay on top of reporting and tax requirements. If you’re in a regulated profession, you should also double-check whether there are restrictions on adopting an LLC as your business structure.
Be Prepared for Annual Costs
In addition to the time investment of registering and maintaining your LLC, you’ll also want to be prepared for the monetary expense of getting your LLC up and running, and renewing its annual registration.
“LLC costs depend on the state,” said business attorney Hanlon. “There are registered agent fees and the annual fee that you’ll need to pay to the chamber of commerce in your state. Registered agent fees are about $50 a year. State LLCs range from $100 to $700.”
Another thing to keep in mind is that you may end up paying two different state fees if your LLC is registered in one state, but you live in another. Before you begin the process of forming an LLC, be sure to calculate exactly how much it will cost you and start saving up. That way, you won’t encounter any surprises down the road.
Start Simple
One of the best pieces of advice we’ve heard with regards to creating an LLC is to keep things simple, and if you’re not sure whether to form an LLC or a C corporation, consider starting with an LLC.
“Review the different types of legal structures: sole proprietorship, LLC, corporation and S corp and see what structure works for your needs,” Chen, of BillSmart, said. “Keep in mind that it’s easier to go from an LLC to a corporation than a corporation to an LLC. Start simple, and then go deeper if you need to.”
Looking for more advice on starting your own business? Check out our 10-step guide.
Frequently Asked Questions (FAQs)
What Does Having an LLC Mean?
An LLC, or limited liability company, is a type of business structure that gives business owners certain legal protections (like limited liability) and tax benefits. It’s also a relatively simple business entity to start, and only requires one owner.
What Is an LLC Used For?
An LLC is a legal entity used by small business owners who want a more formal business structure than a sole proprietorship or partnership. It offers certain legal protections and tax benefits as well.
Is LLC Good or Gad?
LLC’s can be a great option for small business owners, depending on the goals and needs of their company. For larger companies, or those wishing to raise venture capital funding, forming a c corporation might make more sense.
As Always, Think About the Money
Starting any new business venture is a big deal, and forming an LLC is no exception. Before you get started, take some time to outline your company goals and decide if this type of business entity is the best model for your company.
You should also consider setting aside some cash for registration and other startup costs. If you have business partners, be sure to get them involved in the conversation, and consider drafting an operational agreement to designate various responsibilities. The more planning you can do in advance, the better your transition into a limited liability company will be.
Contributor Larissa Runkle specializes in finance, real estate and lifestyle topics. She is a regular contributor to The Penny Hoarder.
Following the COVID-19 pandemic, the new and used car market has been tumultuous, with unprecedented price hikes and major supply shortages reaching a crescendo in 2022. With some new car models taking months to order, many drivers have turned to used vehicles – but even those have been hard to come by.
At the same time, Americans have faced high gas prices due to rising inflation and the ongoing war in Ukraine, leading many to consider electric vehicles.
In 2023, experts expect supply chain issues to level out, leading to more inventory on dealership lots. Even so, new car prices will likely stay high as we face ongoing inflation in 2023. Used vehicle prices, however, could drop 10% to 20% this year, according to J.P. Morgan Research.
And with a new tax credit going into effect in 2023 for used electric vehicles, this just might be the year to invest in a pre-owned EV.
New to the used electric vehicle market? We’ve got you covered. Below, we’ll break down tips for buying a used EV, five of the best used electric cars under $20K and how much it costs to drive an EV.
Still driving a gas-powered car? You can save money on gas if you join one of these six fuel rewards programs.
7 Tips for Buying a Used Electric Car
How is shopping for used electric cars different from buying used gas cars? Primarily, you’ll need to focus on electric range and battery life. Here are seven tips to make sure you find a good one:
1. Make a List of Potential Models — and Act Fast
The Nissan Leaf was the world’s first mass-produced all-electric car, and it continues to be among the most affordable more than a decade later. But the used EV market now has a lot more options, from the luxurious BMW i3 and Tesla Model S to the practical Ford Focus Electric and Volkswagen e-Golf.
Consider Price
If you’re shopping for a used EV on a budget, you can take models like the Audi e-tron and Tesla Model S off your list (though now that the BMW i3 has been on the market so long, you can find older models under $15,000). Set a max budget for yourself, and research used EV prices within your range.
Some of the more affordable options will come from brands like Nissan, Kia, Hyundai, Chevy and Ford. If you need a good starting point, scroll down to our list of the best used electric cars under $20,000.
Consider Range
Price is only half of the consideration. Think about how you’ll drive your EV each day. What’s the max range you’ll need for most daily drives? Find an electric vehicle in your price range that can go as far as you need it to on a single charge.
That way, you won’t have to worry about charging on the go.
If you do plan to charge during an outing, take advantage of DC (direct current) fast charging, also called Level 3 charging. A DC fast charging port will allow you to charge your car’s battery much faster (in around 30 minutes), but you won’t get a 100% charge (DC fast charging typically yields up to 80% of a charge).
While most EVs can be charged with a DC fast charging plug, this is not always the case, especially in older models. If looking at some of the earliest model-year EVs, pay attention to this feature.
Act Fast
Once you’ve found a few models you’re interested in, plug them in (pun so intended) to The Penny Hoarder car comparison spreadsheet to see which option is best for you.
When your preferred model becomes available privately or at a dealership, act fast. Both used and new cars are selling just as quickly as they’re being listed. If you don’t go for a test drive and make an offer as soon as possible, another buyer will.
2. Buy From a Dealership
Normally, you can find lower used car prices by buying from a private seller, but when it comes to buying a used EV, you may want to buy from a certified car dealership, even if the price is slightly higher.
Why? Starting this year, the Inflation Reduction Act’s new tax credits for used EV sales goes into effect. Customers who buy a used electric car from a dealership may be eligible for 30% of the sale price in tax credits (up to $4,000).
As with any tax credits, there are lots of stipulations. Check out this IRS resource to see if you (and the used EV you want to buy) qualify. The big issue is that it only applies to used EVs under $25,000. According to Recurrent Auto, that’s just 12% of used EVs on the market.
Note: This tax credit is nonrefundable.
3. Understand How the Warranty Works
When the original driver purchased their electric car, the manufacturer likely included an extended warranty on the battery.
Lithium-ion batteries are the single most expensive component of an EV. To assuage buyer fears of replacements, automakers commonly offer eight years (or 100,000 miles) of coverage for new EV batteries. But not all warranties are transferable.
When doing initial research on a model listed for sale, you could ask the seller for information on the warranty, but it’s always better to confirm this yourself. Find the car’s VIN (vehicle identification number), then call the manufacturer’s customer service department to get the details on the warranty.
Specifically ask how many years are left on the warranty — and if it will transfer to you with the sale. If there is no transferable warranty, be cautious of buying an older model whose battery may be on its final legs.
4. Find a Car That’s Recently Had Its Battery Replaced
Alternatively, especially if you’re reaching back to high-mileage EVs from the beginning of the 2010s, find an electric car that has just had its battery replaced. Ask the seller for receipts and paperwork confirming the battery replacement.
If the seller can’t find any paperwork but says the battery was replaced, you can often confirm the work by checking on a vehicle history report from Carfax.
5. Use Battery Life to Haggle
If there is no remaining warranty on the battery and it hasn’t recently been replaced, you can use the battery degradation to your advantage.
Ask the dealership for a full report on the vehicle’s battery health (or just see what the estimated range for the battery is after a full charge — there’s typically a gauge on the dashboard). Compare this expected range to the range that was originally advertised when this model first went on the market. If there is a stark difference, you’ve just found a major bargaining chip.
Bear in mind that now is a tough time to haggle. If you are trying to get the seller to drop to a lower price, they may just pass on the sale and wait for the next buyer to come in. (Said buyer is probably just minutes behind you in this current used market.)
If you do get the seller to drop the price, remember that you’ll likely be paying to replace the battery in the coming years. According to Recurrent Auto, new EV batteries can range from $3,000 to more than $20,000. Ouch.
6. Take It to a Specialized Mechanic
Before buying any used car, you should take it on a test drive to a trusted mechanic for a full inspection. The mechanic will inform you of any problems that the seller may not have disclosed.
This helps you 1) haggle for a lower price or 2) know when to walk away from a bad deal.
When considering a used electric car, find a mechanic who specializes in EVs. Not every mechanic has been trained to work on an electric powertrain, so it’s important to narrow your search down to mechanics with an actual background in electric car maintenance and repairs.
7. Consider Alternatives: Hybrids and Plug-In Hybrids
If you’re finding the cost of used electric cars to be out of your price range, you don’t have to give up on the notion of eco-friendly driving altogether — especially as gas prices continue to skyrocket.
Hybrid vehicles have been mainstream much longer than EVs and don’t come with any range anxiety. There’s no initial investment to install charging infrastructure at home, and hybrids are so common that finding one in your budget shouldn’t be a problem.
You can also consider a plug-in hybrid. These models draw on electric power first, but if you need additional range, there’s still a gas engine to complete your drive. Of the two, used hybrids are typically cheaper (and easier to find) than plug-ins.
So what’s the difference? Check out our hybrid vs. electric comparison before buying. hybrid vs. electric.
5 Best Used Electric Cars Under $20,000
As Recurrent Auto points out, most used EVs on the market still cost more than $25,000, making them ineligible for the used EV tax credit. Whether it’s to qualify for the tax credit or just stay on a stricter budget, you’ll need to work from a shorter list of used EVs to stay under $20K.
Look at models from the early to mid 2010s for the best prices. Prices will vary based on model year, battery condition, mileage and other factors, but in general, the models below are the best used electric cars under $20,000. (You’ll notice there’s no used Tesla model on this list!)
1. Nissan Leaf
Without a doubt, the Nissan Leaf continues to be one of the best used electric cars available. This entry-level economy car has all the typical features you’re looking for — from airbags to a power driver’s seat — in a highly efficient package.
Because the Leaf has been on the market the longest, there are plenty of options available, which keeps costs lower. However, we particularly recommend one with a higher-capacity battery for a more practical range, which means the 2016 model year and onward.
You can easily find a used Nissan Leaf in the $10,000 to $15,000 range. Super old models might be listed below $6,000.
2. Kia Soul EV
The Kia Soul compact crossover was an instant hit because of its funky shape and unique marketing (remember those dancing hamsters?), so it didn’t take long for Kia to launch an all-electric version. Because it’s been around since 2014, you can find Soul EVs listed in the $15,000-$20,000 range.
For that price, you’ll get more than just an efficient crossover; the Kia Soul EV has a spacious interior, smartphone connectivity and cutting-edge safety tech, especially on more recent models (2018 was its last model year in the U.S.).
3. Chevy Spark EV
The Chevy Spark is a no-frills economy car that replaced the Chevy Aveo in the early 2010s. The electric variant of it was short-lived and only sold in a few states, so finding one on the market might prove tough.
But if you’re able to find one — and don’t mind the serious lack of amenities — you can expect to pay under $15,000 (or maybe even under $10,000).
One bright spot: The Spark has had a history of fun colors over the years. While most of the used Chevy Spark EVs will be white or black, you might come across something with more personality, like an Electric Blue Metallic.
4. Fiat 500e
Though former Fiat CEO Sergio Marchionne famously didn’t want you to buy his Fiat 500e, the car itself is pretty nice. The subcompact has fierce Italian styling and boasts up to 87 miles of range (more than 100 for purely city driving).
These models had very low production numbers, so finding one near you may be a challenge. If you’re lucky, you may find one for roughly $10,000-15,000.
5. Volkswagen e-Golf
You might recall the Volkswagen emission scandal back in 2015, in which Volkswagen intentionally cheated to get better EPA ratings for its diesel vehicles. While we’d stay clear of any used diesel Volkswagen models from that era, the Volkswagen e-Golf is actually a good pick.
The e-Golf is a hatchback with plenty of cargo space and passenger space; while some of the models on this list can only comfortably seat two, you can fit a family of five in an e-Golf. By 2017, it boasted an EPA estimated range of 125 miles.
The e-Golf was made as recently as 2019, but those newer models are above our $20,000 threshold. Go further back in model years to find one for around $15,000.
Honorable Mentions
Though these EVs didn’t make the final cut, they’re still worth considering for their low prices and decent range:
Kia Niro EV
Chevrolet Bolt
Ford Focus Electric
Hyundai Ioniq EV
Hyundai Kona Electric
BMW i3
Pro Tip
Pay attention to model year when doing research. The further back you go, the more affordable vehicles tend to be, but you’ll have to worry more about a lower range and greater battery degradation.
Getty Images
New vs. Used Electric Cars
Automakers are betting big on EVs. Ford is putting $22 billion toward electrification through the first half of this decade, GM is planning for 30 electric models by 2025, Honda and Toyota each plan to launch 30 EVs by 2030 and Volkswagen is aiming for 50% electric sales by the same year.
Clearly, the market is about to be saturated with electric cars (and electric trucks and SUVs — you can even get an electric Mustang!). And with government incentives (like federal tax credits up to $7,500) for new electric models, it makes a lot of sense to buy new.
But not everyone can afford a brand-new Model S from Tesla, and even the compact, all-electric Nissan Leaf is more affordable when bought used. Plus, the ongoing chip shortage and continued supply chain issues are particularly affecting new electric vehicle sales, driving up prices and delaying delivery (last summer, it took an average of four months to get Volkswagen’s ID.4 model).
Buying a used electric car means a lower price (average resale values are typically lower for EVs since there’s less demand). It also means no wait time; you can head to the dealer lot, go for a test drive and take the electric car home that same day.
But buying a used EV is a little different from the typical used car shopping experience. Arm yourself with information before heading to the dealer or private seller to make sure you’re getting a good deal.
How Much Does It Cost to Drive an Electric Vehicle?
Electric cars may have a higher sticker price, but can you save money over time? Here are a few things to keep in mind when deciding if an EV is worth the cost:
Tax Credits
If you bought a new electric vehicle, you can likely apply for a federal tax credit up to $7,500. Previously, when you bought a used EV, you couldn’t apply for a rebate.
The Inflation Reduction Act changed that starting in 2023, establishing up to $4,000 in tax credits for used electric car purchases. Because of strict IRS requirements, however, experts estimate very few used EVs will actually be eligible.
Maintenance
A hallmark of electric cars is the lack of routine maintenance. EVs don’t need regular oil changes or air filter replacements, so you will spend much less each year on upkeep.
Keep in mind: When you do need to replace the battery of your EV or have any basic repair work done, the cost will be much higher than what mechanics charge for gas cars.
Charging
While you may still buy fuel for a plug-in hybrid, a true 100% electric vehicle means you won’t have to worry about rising gas prices.
Of course, you will have to pay for charging infrastructure installation at home, and you’ll notice a spike in your electric bill. However, the cost of charging an EV is far less than what you would spend on gas to travel the same distance.
Insurance
Insuring a used car is typically more affordable than insuring a new car, but what about electric models vs. gas-powered cars?
According to ValuePenguin, EV owners should expect to pay 25% more for car insurance. Why? Because electric vehicles are typically more expensive to buy and repair.
The Bottom Line
Buying a used electric car can result in great savings: They’re cheaper than new electric cars, they’re now eligible for tax credits and you’ll save a lot of money on fuel over the years of ownership.
But in today’s market, even used cars can be pricey. Make a list of cars within your budget, know what to look for during your test drive and be prepared to walk away from a sale if the price isn’t right.
Contributor Timothy Moore is a writer and editor in Cincinnati, Ohio. He focuses on banks, loans and insurance for The Penny Hoarder. His work has been featured on INSIDER, Sound Dollar, Forbes, HomeAdvisor, WDW Magazine, Chime and SoFi..
Do you remember how old you were when you had your first bank account? I opened my first account alongside my mom (who was listed as the joint owner) at a nearby credit union when I was in the third grade. For years, that account served as a savings vehicle where I put money from holidays, eighth-grade graduation and — at 15 years old — my first job.
That’s actually not too outside the norm: In 2022, 39% of American children had a savings account, according to Statista.
And money management should start early for kids. Parents should make trips to the bank with them — and make them a big deal — beginning around age 6. You can help them open a savings account, and use that experience to introduce different money concepts, like how they’ll earn interest by leaving their money in the bank.
Good news: Many big-name banks offer accounts for minors, and lots of them are low- or no-fee. Here’s what you need to know about the best savings accounts for kids and other bank products.
Why You Should Open a Bank Account for a Minor
It may be tempting to hold on to your children’s money for them in your own savings account or let them keep it in a piggy bank. But it’s a good idea to open a bank account for them for several reasons.
Opening a bank account can:
Help kids learn the value of money, from saving to spending it.
Help them learn to delay instant gratification by saving toward a goal.
Opening an account is also a great way to teach, or reinforce, good budgeting habits. Your child can start learning about saving for college, put money in a high-yield savings account or create a sinking fund (typically, money outside of a traditional savings account or emergency fund) for a summer vacation. By starting early, they’ll have a better understanding of how money can be a tool to help them achieve their goals and learn about financial responsibility.
How to Open a Bank Account for Someone Under 18
While a minor can have a bank account in their name, an adult must open the account. So, a parent or guardian can open a joint checking or savings account with their child, thereby becoming the joint account holder. An immediate family member other than a parent or guardian, like an older sibling, can usually open an account with a minor, too.
Some accounts cater to young children, while others focus on teens. Different banks and states may also have rules about the age of a minor on an account, so you’ll want to do your due diligence.=
For the most part, you can open accounts online or in person. Bank requirements will vary, but you typically need:
Your child’s Social Security Number (SSN).
Their passport or birth certificate.
Your (the parent or guardian) own identifying information.
What You Should Look for in Savings Accounts for Minors
Before deciding on an account, you’ll want to consider the following and make a checklist of the most important features for you and your family:
Is there a minimum deposit required?
Is there a monthly fee?
What’s the annual percentage yield (APY) of an account?
Is there a daily balance requirement?
Is there a service fee?
And some additional questions you may want to consider:
Do you get a free debit account?
Is there a mobile banking app?
Are there add-ons — financial education materials, the opportunity to meet with a financial advisor etc. — available?
Other features may be important to you — say, the ability to transfer money into your child’s account as often as you want. Or the ability to have multiple accounts within the bank or credit union to take advantage of more than just a checking or savings account.
Keep in mind that if a brick-and-mortar bank isn’t for you and your kid, an online bank or other financial institution is worth looking into for an account. For this assessment, we focused on large banks with physical locations who also have strong online offerings and mobile apps.
Bank of America is a well-known investment bank and financial services holding company. BofA exists outside of the U.S. — it’s the second-largest bank in the world — and has 4,600 branches and over 16,000 ATMs. On top of checking and savings accounts, Bank of America offers a host of financial products such as auto loans, credit cards and IRAs.
Bank of America Advantage Savings
APY
0.01%
Opening balance required
$100
Monthly maintenance fee
$8/month (can be waived)
Mobile app
Yes
More Information About Bank of America Advantage Savings
BofA used to have a couple of account options set up for minors, but has seemingly rolled them into a general savings account. Just about anyone can open a Bank of America Advantage Savings account, but there are special considerations for the under-18 crowd. For example, the monthly fee is waived if the account holder is a minor. If you’re looking for a checking account — and you’re a student under 25 — Bank of America also offers an Advantage SafeBalance Banking account with no monthly or overdraft fees.
Chase Savings Account
Best for Physical Branches
Key Features
Companion checking account for minors
Autosave feature through Chase checking
5,000 branches
JP Morgan Chase Bank, typically referred to as just Chase or Chase Bank, is one of the “big four banks” in the U.S. The financial giant has over 4,700 physical branches and around 16,000 ATMs in the country. Founded more than 200 years ago, today, Chase is one of the biggest banks worldwide and has a variety of banking services.
Chase Savings Account
APY
n/a
Opening balance required
$0
Monthly maintenance fee
$5/month (can be waived)
Mobile app
Yes
More Information About Chase Savings
While the Chase Savings account is relatively low-frills (no interest is a bummer, for sure), Chase has a large number of brick-and-mortar branches and ATMs for members who prefer easy access to their money and in-person support. Looking for other minor-friendly banking options? Chase also has a fee-free debit card for kids. Additionally, if your minor is at least 17 and heading to college, Chase is offering a $100 bonus for opening a newChase College Checking account. Your teen can redeem the offer online and they’ll receive the money after following a couple of easy steps. (Psst, mom and dad — this is another teachable moment for your teens since they have to be organized and follow the required steps to earn this money.)
PNC Bank “S” is for Savings
Best for Financial Literacy
Key Features
A particularly kid-friendly account
Interest on balances as low as $1
Offers an interactive online experience
PNC is a bank and financial services company based in Pittsburgh, PA. It was founded over 170 years ago and has nearly 2,700 locations throughout the U.S. Whether you want to take out a student loan or manage your financial life through its Virtual Wallet account, PNC offers a number of different services for its members.
PNC Bank “S” is for Savings
APY
0.01%
Opening balance required
$0
Monthly maintenance fee
$5/month (can be waived)
Mobile app
Yes
More Information About PNC Bank ‘S’ Account
This PNC savings account aims to help children learn about finances through its interactive online platform. The “Sesame Street”-themed learning center is an interactive experience for kids, who can learn about goal-setting; saving, sharing and spending; and even receive money tips from Elmo and gang.
Wells Fargo Way2Save Savings
Best for Fee-Free Banking
Key Features
You can set up automatic transfers
No monthly fee for members under 24
Approximately 12,000 ATMs
Wells Fargo is another large financial services company with locations around the globe (in 35 countries, to be exact). Founded over 90 years ago, Wells Fargo has over 5,000 retail branches and 13,000 ATMs. The institution offers a variety of banking services and products for members to manage money.
Wells Fargo Way2Save Savings
APY
0.15%
Opening balance required
$25
Monthly maintenance fee
$5/month (can be waived)
Mobile app
Yes
More Information about Wells Fargo Way2Save Account
The Way2Save Savings account offers free online transfers between Wells Fargo accounts and free online statements to help teach minors about money management. Unlike some savings accounts for minors that charge a monthly fee once a member turns 18, this account waives fees for those 24 and younger — one less thing to worry about paying for.
TD Simple Savings
Best for No Minimum Balance Requirements
Key Features
No fee or daily balance requirement
Companion checking account
Bonus for checking account users
TD Bank has many branches in states in the northeast and on the east coast. With roughly 1,200 locations, TD Bank offers loans, various types of bank accounts, small business banking and more. The chain also offers mobile and online banking, and typically has new-member monetary bonuses.
TD Simple Savings
APY
0.02%
Opening balance required
$0
Monthly maintenance fee
$5/month (can be waived)
Mobile app
yes
More Information About TD Simple Savings
The TD Simple Savings account waives monthly maintenance fees and the daily minimum balance requirement for all savers 18 and under. Members can take advantage of instant-issue debit cards, and TD also offers a number of online guides for personal finance education. Need a checking account, too? Right now, the TD Convenience Checking account is offering new members up to a $300 bonus when they follow certain guidelines.
Capital One Kids Savings
Best for Fee-Free, Interest-Earning Saving
Key Features
Top-rated app
High APY
70,000 ATMs
Capital One is a bank holding company that offers everything from credit cards to savings accounts. Beyond commercial and consumer banking, Capital One does a lot of business with its credit card division (you’ve likely seen commercials with celebrities promoting these popular cards). Capital One boasts over 700 branch locations and 70K ATMs nationwide.
Capital One Kids Savings
APY
0.30%
Opening balance required
$0
Monthly maintenance fee
$0
Mobile app
Yes
More Information About Capital One Kids Savings
This straightforward, no-fee account from Capital One offers a solid 0.30% APY. You can establish automatic savings plans and savings goals so your kids can watch their balance grow — fee-free. Teens will also appreciate its easy-to-use mobile app and tons of ATM access.
Alliant Kids Savings Account
Best for High APY
Key Features
APY 12x higher than most competitors
Geared toward kids under 13
Alliant will cover required opening balance
Alliant is a credit union based out of Chicago. While located in Illinois, prospective members across the U.S. can join if they meet certain requirements (such as being a member of a qualifying organization or related to a current member). Alliant Credit Union offers 24/7 account services, and has checking and savings accounts, auto loans and more.
Alliant Kids Savings Account
APY
2.70%
Opening balance required
$5 (Alliant will cover it)
Monthly maintenance fee
$0 (if you choose e-statements)
Mobile app
Yes
More Information About Alliant Savings
The Alliant Kids Savings Account offers an APY 12x higher than most banks, so your child will earn some extra money on their savings in no time. While there are fees associated with the account, they’re easy enough to avoid. And once your child turns 13, they can move to an Alliant High-Rate Savings account to continue saving.
Check Out Your Local Credit Union
It’s always worth checking in on your neighborhood credit union to see what, if anything, they offer in terms of a youth savings account . Or, they may be able to offer more personalized service, an account with a higher APY or other perks.
A quick note: There are money accounts for children outside of traditional bank accounts that are known as UTMAs, which stands for Uniform Transfers to Minors Act. In these types of accounts, gifts of high value (money, real estate, etc.) “can be transferred to a custodian for the benefit of a minor,” according to the U.S. Social Security Administration, until the child becomes a legal adult. The savings are tax-free for the minor until they assume the account. But the assets are considered part of the custodian’s estate and are taxed accordingly.
Roth IRAs, Uniform Gifts to Minors Act (UGMA) and 529 College Savings Plans are other examples of savings vehicles for the under-18 set.
Pro Tip
Check out our current list of bank promotions for a chance to gain a monetary bonus when signing up for a new bank account.
Frequently Asked Questions (FAQs) About Savings Accounts for Kids
We know you have a lot of questions about savings accounts for kids. We’ve rounded up the answers to some of the most commonly asked questions.
What’s the Youngest Age a Child Can Be to Have a Bank Account?
You have to be 18 to open a bank account on your own. However, a parent or guardian can open an account for their child at any age if they choose to have their name on it and help manage (or jointly own) the account. Sometimes an older sibling can be a joint owner of an account for a younger sibling, too.
If you’re under 18 or shopping around for an account for a minor, make sure to look for bank accounts that cater to children. A variety of big and small banks have accounts that offer special incentives for the under-18 crowd, such as targeted educational material or a reprieve from monthly fees, usually for kids 17 and younger. However, some institutions extend these incentives until a member has graduated from college.
What Are the Best Savings Accounts for Kids?
Capital One offers a comprehensive savings account for minors — decent APY, no fees, etc. But ultimately, the best savings account for kids will be any account that lets them save money for low or no fees. From there, you can seek out specifics that will help them meet their savings goals.
The best children’s savings account will depend on several factors. For instance, your kid might respond best to a teen checking and savings account that offers a mobile app and online banking. Or, they might prefer an account with a competitive interest rate, even if it means they have to adhere to a particular average monthly balance to earn it.
What is the Best Kind of Account to Open for a Child?
Look for a savings account with low or no fees, that has savings tools and that offers opportunities to open other banking products (like a checking account) for further saving and earning. And don’t forget, you can always switch accounts: If one falls out of favor with you or your child, it can pay (quite literally) to open an account elsewhere.
There are a few items you want to prioritize when shopping around for a kid’s savings account for children. For instance, a bank account that requires a high minimum balance or charges a two-digit monthly fee, likely wouldn’t be ideal. Especially for a child who might be opening their first account with the proceeds of a lemonade stand or some birthday cash — money that isn’t regularly coming in.
Contributor Kathleen Garvin (@itskgarvin) is a personal finance writer based in St. Petersburg, Florida, and former editor and marketer at The Penny Hoarder. She owns a content-writing business and her work has appeared in U.S. News, Clark.com and Well Kept Wallet. Freelancer Larissa Runkle contributed to this report.
A personal loan is a type of installment loan in which money is borrowed in a lump sum and repaid over time in fixed monthly payments.
Borrowers commonly use personal loans to consolidate debt, because a single loan can replace multiple monthly payments and potentially give you a lower interest rate than you pay on high-interest debts like credit cards.
Other than a couple of restrictions, including buying a home or paying for education costs, you can get pretty creative with how you use a personal loan. It could give you a leg up to start a business if you can’t get approved for a dedicated business loan. Plus, a personal loan can give you a lifeline if your financial situation changes unexpectedly or help you shoulder big expenses without the high interest of credit cards.
Personal loans offered by online lenders and traditional financial institutions share a lot of standard features. They tend to come in amounts between $5,000 to $40,000, with interest rates between 5% and 36%, and repayment periods between two and seven years (though there are outliers for all of these parameters). Most lenders offer a discounted interest rate if you sign up for automatic payments, typically 0.25 or 0.5 percentage points.
Typically, you need good to excellent credit — a score of at least 670 — but you can find lenders, especially through online platforms, that cater to borrowers with lower scores. A few lenders offer perks, like repayment benefits or a free FICO score, that could make one more attractive for you than another.
But the biggest selling point will likely be the cost of your loan — check your prequalified rates with lenders (it doesn’t affect your credit score) to find the loan with the best interest rate, monthly payment and repayment period for your situation.
LightStream offers fixed-rate personal loans up to $100,000, with funding as soon as the same day you’re approved. Its Rate Beat Program guarantees it’ll offer you the lowest rate you can find — just submit a request with information about a lower rate offered by a competitor, and it’ll offer you that rate minus 0.10 percentage points.
LightStream
APR
5.99% – 23.99%
Loan amounts
$5,000 – $100,000
Minimum credit score
600
Credible
Best Loan Marketplace
Key Features
Compare rates from top lenders
Loans for poor credit available
Loan amounts as low as $600
Use Credible’s search engine to find personal loans for as little as $600. Unlike other marketplaces, Credible only gets paid when you accept a loan offer, so it doesn’t sell your information to lenders to pester you. You’ll see prequalified offers and compare lenders side by side, then click through from your Credible dashboard to a lender’s site to apply.
Credible
APR
5.40% – 35.99%
Loan amounts
$600 – $100,000
Minimum credit score
640
Upstart
Best for Borrowers Without a Traditional Credit History
Key Features
AI-powered lending for partner banks
Considers more than your credit history
Potential for one-day funding
Upstart isn’t technically a lender, but it’s not a marketplace, either. You’ll see prequalified rates from partner lenders and apply right through its platform. Upstart’s proprietary AI uses more than the traditional credit score to assess a borrower’s creditworthiness, so you might have a higher chance of approval on the platform if you have no credit score but other positive factors, like education and income.
Upstart
APR
6.50% – 35.99%
Loan amounts
$1,000 – $50,000
Minimum credit score
300
SoFi
Best for Same-Day Funding
Key Features
No fees
Unemployment protection
Potential for same-day funding
SoFi is a tech platform-turned bank that offers a range of financial services from the convenience of an app. Its personal loans come with no origination fees, prepayment penalties or other hidden fees. Funding is usually available the same day as approval, and SoFi includes unemployment protection: If you lose your job, SoFi works with you to modify your payments temporarily.
SoFi
APR
7.99% – 23.43%
Loan amounts
$5,000 – $100,000
Minimum credit score
650
PenFed
Best Credit Union for Personal Loans
Key Features
No hidden fees
Loan amounts as low as $600
Flexible terms
PenFed Credit Union is the best credit union for personal loans. Terms are flexible (12 to 60 months), and you can get a loan for as low as $600. Don’t sweat the fees (because there aren’t any); you won’t pay an origination fee, and there’s no early payoff penalty. The only downside? You have to be a member of the credit union to apply.
PenFed
APR
7.74% – 17.99%
Loan amounts
$600 – $50,000
Minimum credit score
650
Upgrade
Best for Raising your Credit Score
Key Features
Checking, credit and loans in one platform
No prepayment penalties
Next day funding
Upgrade is a financial tech company that offers rewards checking, an innovative-payment credit card, credit monitoring and personal loans. The platform is an all-in-one debt payoff and management solution — its personal loans and credit cards are designed with quick repayment in mind, you get free credit monitoring, and you may be able to qualify for a loan with a fair or poor credit score.
Upgrade
APR
7.96% – 35.97%
Loan amounts
$1,000 – $50,000
Minimum credit score
560
Rocket Loans
Best for Transparent Process
Key Features
Same day funding
No prepayment penalties
All-online application
Apply online for a personal loan from Rocket Loans to see prequalified offers in less than a minute. You can complete your application entirely online, including income and identity verification, so no phone calls or snail mail from lenders. Funding could come within a couple of business days — if not the same day. A major pitfall? The 7% origination fee
Rocket Loans
APR
8.416% – 29.99%
Loan amounts
$2,000 – $45,000
Minimum credit score
640
Happy Money
Best for Debt Consolidation
Key Features
Specially designed for credit card payoff
Borrow from community-based lenders
Origination fee between 0% and 5%
Happy Money is a financial tech company that works with community based lenders — credit unions and mission-driven institutions — to provide The Payoff Loan, a personal loan designed for credit card debt consolidation. See loan offers and choose among the lowest monthly payment, lowest interest rate or quickest payoff date to align with your financial goals.
Happy Money
APR
8.99% – 29.99%
Loan amounts
$5,000 – $40,000
Minimum credit requirement
600
Discover
Best for Flexible Repayment Options
Key Features
No fees (except late fees)
Repayment assistance options
Free FICO credit score
Discover personal loans are straightforward, fee-free loans up to $35,000 with a minimum credit score of 660. Discover offers flexible terms and a 30-day guarantee in case you change your mind. The lack of fees, including origination and prepayment, is a huge selling point for Discover — as is the low potential APR.
Discover
APR
6.99% – 24.99%
Loan amounts
$2,500 – $35,000
Minimum credit score
660
Marcus
Best for On-Time Payment Rewards
Key Features
No fees
Skip-a-payment reward for on-time repayment
Customize your monthly payment
Marcus is the personal banking arm of Goldman Sachs, offering individual savings, investing, credit cards and loans. Its personal loans are available to borrowers with good credit for up to $40,000, with no fees — not even late fees. And it rewards you for on-time payment: Make your monthly payment on time for 12 months in a row, and you can defer payment for a month with no additional interest accrued.
Marcus
APR
8.99% – 24.74%
Loan amounts
$3,500 – $40,000
Minimum credit score
660
LendingClub
Best for Joint Loans
Key Features
Borrow up to $40,000
Funding within 48 hours
No prepayment penalty
LendingClub is an online marketplace bank offering checking accounts and personal loans for consumers. Take out personal loans up to $40,000 for terms of three to five years — you can even do joint loans. (You might know the platform for peer-to-peer lending, which is how it started, but as of 2020, LendingClub only offers traditional personal loans.)
LendingClub
APR
8.05% – 36.00%
Loan amounts
$1,000 – $40,000
Minimum credit score
600
Prosper
Best for Peer-to-Peer Borrowing
Key Features
Peer-to-peer lending
Next-day funding
No prepayment penalty
Prosper is an online peer-to-peer lending company that lets individuals and institutions invest in personal loans to support borrowers and earn returns through debt securities. Prosper handles the loan application, origination and management, so you don’t work directly with funders, but you can rest assured that the interest you pay goes back to real people, not just banks.
Prosper
APR
6.99% – 35.99%
Loan amounts
$2,000 – $50,000
Minimum credit score
600
Avant
Best for Fair Credit Loans
Key Features
Next-day funding
Low minimum credit score
Easy-to-use app
Avant offers personal loans up to $35,000 as soon as the next business day after you’re approved. Most Avant borrowers have FICO credit scores between 600 and 700, but Avant sometimes awards loans to borrowers whose score is as low as 580. If you have fair credit, Avant is worth a shot.
Avant
APR
9.95% – 35.95%
Loan amounts
$2,000 – $35,000
Minimum credit score
580
LendingPoint
Best for Fair Credit Borrowers
Key Features
Next-day funding
No co-sign loans
AI technology that considers more than just cred
LendingPoint uses proprietary algorithms to assess creditworthiness using factors that go beyond the traditional FICO score. It offers unsecured personal loans as well as e-commerce and point-of-sale financing. With a minimum credit score of 600, this could be a good option for borrowers with fair credit scores, though it doesn’t offer co-signed loans, which can be useful for low-credit borrowers.
LendingPoint
APR
7.99% – 35.99%
Loan amounts
$2,000 – $36,500
Minimum credit score
600
Types of Personal Loans
“Personal loan” is a broad category of lending that you can apply to almost any financial need. Lenders often advertise things like home improvement loans, wedding loans, timeshare loans or adoption loans — but these are all technically just personal loans, structured the same way.
A few key differences to look out for are:
Debt consolidation loans: Many people use personal loans for credit card debt consolidation or refinancing — replacing one or many debts with another. It can simplify repayment and reduce your interest rate. When you take out a personal loan for this purpose, the lender usually sends the money directly to your other creditors, instead of to you.
Secured loan: A secured loan of any kind is one backed by collateral — that’s an asset you put on the line to turn over to the lender in case you can’t repay the loan. For mortgages, the collateral is your home; for auto loans, it’s the vehicle. Secured personal loans are also available, and you could put up anything of value as collateral, like a boat, jewelry, fine art or investment funds.
Unsecured loan: Unsecured loans are those without any collateral backing them. This increases the risk for the lender, so you usually have to have excellent credit and income to qualify.
Personal Loan Costs to Consider
When you evaluate personal loan offers, you’ll probably focus on the interest rate, because that has a significant impact on the long-term cost of the loan. But there are other costs to consider.
Before accepting any loan offer or signing the agreement, make sure you know how much you’ll pay (if anything) in these common costs:
APR: Annual percentage rate is what’s often referred to as your interest rate and usually the most prominently advertised feature of your loan. Personal loan interest rates tend to fall between 5% and 36%. A higher credit score and shorter repayment period can lower the interest rate, while a lower credit score and longer repayment period can increase it.
Origination fee: Many lenders take a bite out of your loan upfront, so you won’t receive 100% of the loan amount. Origination fees are usually around 2% or 3% of your loan amount, and lenders subtract them from the original loan amount you receive.
Late fee: Your loan agreement will likely come with a fee for late payments, usually a percentage of the payment due or sometimes a flat fee. Those fees are added to your loan balance when you’re late making a monthly payment.
Prepayment penalties: They’re becoming less common, but some lenders still include prepayment fees in loan agreements. If you pay off part or all of the loan early, usually within a determined period after receiving it, the lender could charge you an additional fee. The prepayment fee is usually a percentage of the total loan balance at the time you pay it off.
The other thing that’ll help you determine whether a loan offer is right for you are the repayment terms. Along with any additional costs, look for the basics, including how long you have to repay and how much your monthly payments will be.
Who Can Take out a Personal Loan?
Any individual can apply for a personal loan for just about any purpose.
Many lenders advertise loans for specific purposes, like vacation, weddings or home improvements — but those are usually marketing details. You can use personal loan funds almost any way you want, except for some uses that are restricted to dedicated types of loans, including buying a home and paying for education.
Unsecured personal loans tend to be tougher to qualify for than those dedicated loans, because they aren’t attached to any collateral or government backing.
A few companies look into alternative factors to forecast your ability to repay a loan, but most are looking for traditional creditworthiness, including:
Credit score and credit history: Lenders usually want to see a credit score of at least 720 for personal loans, though some “bad credit loans” might be accessible for borrowers with scores as low as 600.
Debt-to-income ratio: Your debt-to-income ratio (DTI) is the difference between how much you make each month and how much you owe in mortgage and other debt payments, like credit card debt and existing loans. Lenders typically want to see a DTI no higher than 43%, but the lower the better.
Income: Lenders typically require you to prove a regular source of income that shows your likely ability to make monthly payments. You can show this through pay stubs if you’re employed, or a recent tax return if you’re self-employed. If you don’t have either of those (or they don’t accurately reflect your expected income), contact a lender before submitting your application to make sure you can work out an alternative way to prove your income.
Where to Get a Personal Loan
You can find personal loans through several types of platforms, including:
Banks and credit unions, where you could keep all of your banking, credit cards, investing and insurance under one financial institution.
Online lenders, meaning companies that only offer loans, but not other banking or financial services.
Marketplaces, like Fiona, AmOne or OppLoans, which aggregate offers from multiple lenders and let you see pre-approved rates with a soft credit check. Some marketplaces also let you handle the entire loan application and origination process through their platform, while others simply connect you with lenders to complete the process on their site or over the phone.
1.Consider your financial options. Is a personal loan the best way to meet your needs? You might have alternatives, like delaying a purchase and saving the money.
2. Review your finances. Figure out a monthly payment you can comfortably fit into your life for the next few years, and use that as a guide when reviewing loan offers.
3. Check your credit score. Personal loan lenders generally look for borrowers with good or excellent credit scores — about 700 or higher. Even those that accept borrowers with lower scores use your credit history to determine your repayment terms and interest rate. Know where you stand before applying by checking your credit score.
4. Compare lenders. You’re off to a good start! Checking reviews like this and comparing loan offers through marketplaces can help you see lenders side by side easily. Check lender requirements and options for loan terms before applying and dinging your credit history.
5. Get pre-qualified. Either through a marketplace or directly on a lender’s site, you can give a little information to go through a soft credit check (that won’t affect your credit score) and get pre-qualified for a loan. You’ll see an interest rate and repayment terms a lender could offer you based on the credit check, so you can decide whether it’s worth putting in a full application.
6. Review the loan details. Look over offers carefully to make sure the terms, including the monthly payment, repayment period and any fees, fit with your financial plan.
7. Complete an application. Choose a loan you want, and fill out an application with the lender. You’ll go through a hard credit check (which shows up on your credit report as a request for credit and could lower your score temporarily), and likely be officially approved for the loan.
8. Receive the funds. Personal loan funds typically go straight into your bank account (unless you’re using them for debt consolidation), and many online lenders fund loans within the same day or the next day after you’re approved.
9. Set up a payment plan. Most lenders offer better interest rates if you set up automatic payments, which you can do through the lender’s website if you’re comfortable with it. If you’re paying back other debts at the same time, use a repayment method like the debt snowball or avalanche to determine where to direct your money whenever you’ve got extra to put toward your financial goals.
Frequently Asked Questions (FAQs) About Personal Loans
There are a lot of questions about how to acquire personal loans and which ones are the best. We’ve rounded up the answers to the most commonly asked questions.
Which Bank is Best for Personal Loans?
The offer you get for a personal loan from any institution depends on your credit history, income and existing debt. Shop online or use a lending marketplace to compare options before applying and dinging your credit report. If you have a low credit score (below 700), look for online lending platforms that use innovative algorithms to assess creditworthiness with factors beyond your credit report, like education and bill payments. If you have a stellar credit and debt payment history, look for lenders that offer rewards like on-time payment bonuses and auto-pay discounts on interest.
Which Bank Has the Easiest Personal Loan Approval?
While they’re steadily improving, most traditional banks have lengthier personal loan approval processes than online lenders. With a traditional bank, you might have to connect with a loan officer on the phone, mail in or drop off paper application materials and wait several days for approval. Online lending companies use technology to assess your application quickly and make loan offers almost instantly. Funding typically comes within one business day, and some even offer same-day funding.
What is the Easiest Loan to be Approved For?
Unsecured personal loans can be harder to qualify for than other types of loans, because they aren’t backed by collateral, like mortgages and auto loans; or supported by future potential earnings, like student loans. Secured personal loans can be easier to qualify for, even with a low credit score, because you put up collateral, like jewelry, a boat or investment funds, to mitigate the lender’s risk in case you don’t repay. Auto loans tend to be the easiest types of loans to qualify for, even with low income or credit scores, because they’re relatively small and are backed by collateral (a vehicle).
How Much Will a Bank Lend for a Personal Loan?
Most personal loan lenders offer loans up to around $40,000, but some offer personal loans as high as $100,000. Banks typically make minimum personal loans of around $5,000, while online lenders often lend as little as $1,000 or less. Repayment terms range between two and seven years, so you can work with a lender to land on a repayment plan that gives you a monthly payment you can accommodate.
What Is the Minimum Income for a Personal Loan?
How much income you need to qualify for a loan depends on the amount you want to take out, how much debt you already have and how long you’ll have to repay the loan. Lenders might set their own minimum income to qualify for a personal loan, or they might just want to see that you have regular income every month. Generally what’s more important than a minimum income amount is your debt-to-income ratio, the amount of debt payments you owe each month compared with your monthly income. Lenders want to see this to assess whether you can accommodate another loan payment.
What is the Monthly Payment on a $10,000 Loan?
Your monthly payment for a personal loan depends on your repayment period (how many months or years you have to repay the loan) and your interest rate. You should be able to see your estimated monthly payment in a loan offer before you apply, so you can figure out whether it’s a fit for you. A couple of examples: A $10,000 loan with a fixed 7% APY and three-year repayment term would come with a $309 monthly payment. A $10,000 loan with 17% interest and a seven-year term would come with a $204 monthly payment.
Contributor Timothy Moore has written about personal finance with specialities in banking and insurance since 2012. His work has appeared in publications such as Debt.com, Ladders, WDW Magazine, Glassdoor and The News Wheel. The Penny Hoarder staff contributed to this report.
