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Tag Archives: Checking Account

Home / Posts Tagged "Checking Account"

5 Things Keeping You From a Life of Financial Independence

February 10, 2021 by Liam Lane Posted in Budgeting, Financial Freedom, Mortgage Tagged away, Budgeting, budgeting tips, building, car, Career, cars, Checking Account, Compound Interest, cons, Credit, Credit Card, Credit Card Debt, Debt, Debt Management, debt snowball, early retirement, Finance, Financial Freedom, financial independence, Financial Wize, FinancialWize, Home, Life, Lifestyle, Loans, Make, Managing Debt, money, money moves, More, more money, Move, Pay Off Debt, Paying Off Debt, Personal, personal finance, planning, pros, Pros and Cons, retire early, Retirement, save, Saving, Saving Money, savings, Savings Account, second, spouse, Student Loans, Travel

Wise Bread Picks

Financial independence can mean different things to everyone. A 2013 survey from Capital One 360 found that 44 percent of American adults feel that financial independence means not having any debt, 26 percent said it means having an emergency savings fund, and 10 percent link financial independence with being able to retire early.

I define financial independence as the time in life when my assets produce enough income to cover a comfortable lifestyle. At that point, working a day job will be optional.

But what about the rest of America? How would you define financial independence? If freedom from debt is what you’re seeking, here are five areas that could be holding you back.

1. Not having clear, financial goals

If you’re not planning for financial independence, chances are you won’t reach it. The future is full of unknowns, but having an idea of when you’d like to achieve financial freedom should be your first step.

Do you want to retire before you turn 65? Do you want to travel the world with your spouse once you reach early retirement? Both goals will require a significant amount of cash stashed away, so it’s important to start saving ASAP to make those dreams come true. (See also: 15 Secrets of People Who Retire Early)

2. Not saving enough

It’s important to identify how much you’re currently saving, and how much you need to save in order to retire when you want to, or reach another major financial goal. Using a calculator like Networthify can help you play with various money-saving scenarios and make realistic projections about retirement.

Another way to make saving money easier is to automate it. Setting up an automatic weekly or monthly transfer from your checking account into your savings account will take the extra task off your already full plate. Even if it’s as little as $5 a week, it’s enough to start building that nest egg. (See also: 5 MicroSaving Tools to Help You Start Saving Now)

3. Not paying off consumer debt

If you’re carrying a credit card balance each month, financing cars, or just paying the minimum on your student loans, compound interest is working against you. Creating an aggressive plan to pay off debt quickly should be a number one priority for anyone who is serious about achieving financial independence. Otherwise, your money is working for your creditors, not you.

If you prefer to tackle credit card debt first, there are several debt management methods you can try, including the Debt Snowball Method and the Debt Avalanche Method. The Debt Snowball Method has you paying off the card with the smallest balance first, working your way up to the card with the largest balance. The Debt Avalanche Method is similar, but here you would pay more than the monthly minimum on the card with the highest interest rate first, working towards paying off the card with the lowest interest rate. Both are highly effective methods, and choosing one really just depends on your preference.

4. Giving into lifestyle creep

A high income does not automatically make you wealthy. As you move up in your career, the temptation to upgrade your lifestyle to match your income will be ever-present. After all, you work hard, so why not reward yourself with the latest gadgets and toys?

However, if you continue to spend and live modestly, you can put more money away for travel or retirement with every pay raise you earn. Financial freedom will be just around the corner if you resist that temptation to upgrade your home, car, and electronics to match your income bracket. (See also: 9 Ways to Reverse Lifestyle Creep)

5. Being driven by FOMO

Fear Of Missing Out, aka FOMO, is the modern version of keeping up with the Joneses. Except now you have access to the Joneses’ social media platforms, and they go on all kinds of fun adventures. Social media is a great tool for keeping in touch, but it can also make you want to spend all your money on lavish vacations, clothes, spa treatments, and other extravagent things. Resist that urge. And block the Joneses on social media if needed. (See also: Are You Letting FOMO Ruin Your Finances?)

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How would you define financial independence? If freedom from debt is what you're seeking, here are five areas that could be holding you back. | #budgeting #debt #savingmoney

Source: feeds.killeraces.com

14 Best Small-Business Checking Accounts of 2021

February 10, 2021 by Liam Lane Posted in Banking, Money Management, Podcasts, Small Business Tagged ATM, Banking, Cash Back, CD, Checking Account, Credit, Credit Card, Debit Card, Direct Deposit, Fees, Financial Wize, FinancialWize, freelancers, How To, keep, line of credit, lists, Make, market, Mobile App, Mobile Banking, Mobile Check Deposit, money, Money Management, Money Market, More, News, Online Banking, Personal, Purchase, real, Rewards, save, savings, Small Business, tax, Taxes

Small-business owners know that business banking is a little different from consumer banking. Our master list of the best online banks around is surprisingly short on business checking accounts with no monthly maintenance fees, minimum balance requirements, or monthly transaction limits. Most business bank accounts do impose transaction limits and demand hefty minimum balances to waive high monthly maintenance fees.

That puts microbusiness owners and solopreneurs at a distinct disadvantage. And it’s a stark contrast to the consumer banking world, where the best free consumer checking accounts cater to individuals and joint account holders who aren’t swimming in cash.

But the picture isn’t uniformly bleak.

The best small-business checking accounts have low minimum balance requirements to waive their monthly maintenance fees (or no monthly maintenance fees at all) and enough fringe benefits to keep things interesting for account holders. Some pay interest as well. All are FDIC-insured.

And once you know where to look, you’ll find ample small-business checking options to choose from.


1. Chase Business Complete Checking

$300 Bonus for New Account Holders Who Open With Qualifying Activities

Chase Business Complete CheckingChase Bank Logo has a category-leading bonus opportunity for new account holders: $300 when you open a new account (with no minimum deposit required) and complete the required qualifying activities.

Moving forward, you can avoid the $15 monthly maintenance fee in multiple ways, including maintaining a minimum daily balance or making qualifying purchases on your Chase Ink Business credit card. Plus, enjoy unlimited electronic deposits, ACH, and mobile check deposits via Chase QuickDeposit.

Chase has ATMs and branches in the following states: AZ, CA, CO, CT, DE, FL, GA, HI, ID, IL, IN, KY, LA, MA, MI, NV, NJ, NY, OH, OK, OR, TX, UT, WA, WV, WI. This offer is available online nationwide, except for residents of AK, HI, and PR.

  • Minimum Deposit and Balance Requirements: There’s no minimum deposit or ongoing balance requirement.
  • Yield: None.
  • Rewards and Incentives: Open a new Chase Business Complete Checking account and complete qualifying activities to earn a $300 bonus. This offer expires April 15, 2021.
  • Possible Fees: Chase offers multiple ways to waive the $15 monthly maintenance fee.

Apply Now


2. BlueVine Business Checking

No Fees; Earn 1.00% APY on All Balances

Bluevine Business CheckingBlueVine Business Checking is a branchless free business checking account with an excellent yield for account holders and no transaction limits, in-network ATM fees, or NSF fees. It’s also one of the few branchless business bank accounts that comes with free checkbooks. But setting up one-time and recurring payments is a snap with BlueVine too. 

  • Minimum Deposit and Balance Requirements: There’s no minimum balance requirement or monthly maintenance fee.
  • Yield: Earn 1.00% APY on all balances up to $100,000.
  • Rewards and Incentives: BlueVine does not impose transaction limits, unlike many business bank accounts. Each new account comes with two free checkbooks. Withdrawals are free at about 38,000 in-network ATMs.
  • Overdraft Options: BlueVine may decline overdraft or NSF transactions at its sole discretion but does not impose overdraft or NSF fees.
  • Possible Fees: BlueVine has virtually no fees.

Learn More


3. Axos Bank Basic Business Checking

Earn a $100 Account Opening Bonus With Qualifying Activities

Axos Bank LogoWith no monthly maintenance fee, unlimited ATM fee reimbursements, a fantastic welcome bonus for newly incorporated businesses and long-incorporated businesses alike that open accounts by the stated offer end date and a nice remote deposit feature that you can use just about anywhere, Axos Bank Basic Business Checking is a fantastic alternative to Axos Bank Business Interest Checking. Apply 100% online (no paper forms required) and enjoy paperless statements once you’re signed up.

  • Minimum Deposit and Balance Requirements: The minimum opening deposit is $1,000, but there’s no monthly maintenance fee.
  • Yield: None.
  • Rewards and Incentives: Here’s how to earn the $100 welcome bonus: Apply for your new Axos Bank Basic Business Checking account by the stated offer end date, then maintain an average daily balance of at least $5,000 during the first three months (new funds only). This offer is subject to change or revocation at any time at Axos Bank’s sole discretion.
  • Overdraft Options: Axos Bank customers can opt into an overdraft line of credit that covers overdrafts the bank would typically return unpaid. The interest rate is variable but comparable to a high-interest credit card, and payment of at least 5% of the balance (or $25, whichever is greater) is due each statement cycle.
  • Possible Fees: $0.30 per item processed after the first 200 items each month.

For more information, read our Axos Bank review.

Learn More


4. Lili

Totally Free Checking With Automatic Tax Savings and Financial Insights

Lili LogoThe Lili Account is a truly free, all-in-one checking solution that’s built with freelancers in mind. In practice, it appeals to a much broader audience: side hustlers and gig workers supplementing W-2 income, established solo professionals (one-person businesses), and full-time freelancers.

With Lili, these folks don’t need separate bank accounts for personal and business needs — just Lili. Its signature benefits include a sub-account that simplifies tax savings, early payday for qualifying account holders, instant expense categorization, and a powerful cache of financial insights and expense management tools to help you spend (and save) smarter. Plus, its “emergency bucket” feature enables savings transfers as small as $1 a day.

  • Minimum Deposit and Balance Requirements: Lili has no account fees or minimums.
  • Yield: Lili doesn’t pay interest. Check back often for the latest offers.
  • Rewards and Incentives: Lili’s referral program pays $25 per successful referral to Lili and promises a bonus of $1,000 when you deliver 10 successful referrals. Plus, Lili makes it easy to set aside funds earmarked for tax payments, has helpful expense management and categorization tools (like quarterly expense reports), promises an early payday for account holders with direct deposit (up to 2 days early), enables cash deposit at more than 90,000 locations around the U.S., and delivers real-time alerts about transactions and other account activities.
  • Possible Fees: Lili charges no account fees.

Learn More


5. Wise

Earn Up to 1% on Deposits With Qualifying Spend; Get $100 Credit After Sign-up

Wise5e961d64942a2f00f64d30dc Primary P 800 is a mobile-friendly business banking and payments solution with no hidden fees and a juicy cash back rate that’s more than enough for active users to offset the $10 monthly fee.

All Wise balances earn a 0.5% base incentive, credited monthly, and purchases earn an additional cash back incentive of 0.1% per $1,000 spent (up to 0.5% maximum on a $5,000 monthly spend). Wise has an impressive offer for new account holders as well: a $100 credit in your Wise account after you sign up and spend $1,000 on your Wise card within the first 30 days.

  • Minimum Deposit and Balance Requirements: There’s no minimum deposit or ongoing balance requirement.
  • Yield: Wise balances earn a 0.5% base incentive.
  • Rewards and Incentives: For a limited time, earn a $100 credit in your Wise account when you sign up and spend $1,000 on your Wise card during the first 30 days. Moving forward, earn 0.1% cash back incentive per $1,000 purchased on your card, up to a maximum of 0.5% ($5,000 spend) per month.
  • Possible Fees: See Wise’s fee disclosure for a full accounting of possible fees.

Learn More


6. Brex Cash

50,000 Bonus Points After Account Approval; No Fees or Minimums

Brex LogoBrex Cash is a user-friendly cash account for growing businesses. With no fees or minimums, a generous welcome offer and ongoing rewards program, and an expansive lineup of value-added perks worth $150,000, it’s difficult to find fault here. Take full advantage of the powerful mobile app and don’t miss the super-simple advance payment scheduling tools, either.

  • Minimum Deposit and Balance Requirements: Brex Cash has no account fees or minimums.
  • Yield: None.
  • Rewards and Incentives: Spend $1,000 after your account is approved and open to earn 50,000 bonus Brex Rewards points. Plus, earn points on every purchase and enjoy perks worth $150,000.
  • Possible Fees: Brex Cash has no account fees.

Learn More

*Brex Treasury LLC is not a bank; Brex Cash is not a bank account.


7. Novo Powerfully Simple Business Banking

Thousands of Dollars in Exclusive Perks Available to Account Holders

Novo Bank LogoNovo’s Powerfully Simple Business Banking product is another maintenance fee-free option for small-business owners and self-employed people. An easy application process, nice account opening bonus, robust mobile features, integrations with other useful small-business tools, and virtually no fees all count as standouts here. If you’re done with branch-based business banking, put Novo at or near the top of your list.

  • Minimum Deposit and Balance Requirements: The account opening minimum is $50, but there’s no ongoing minimum balance requirement and no monthly maintenance fee.
  • Yield: None.
  • Rewards and Incentives:  Enjoy thousands of dollars in exclusive perks — see Novo’s website for details.
  • Overdraft Options: If Novo chooses to honor an overdraft, there’s a $27 insufficient funds fee per item. The returned-item fee is also $27 per item.
  • Possible Fees: Other than its insufficient funds and returned-item fees, Novo has virtually no fees.

Learn More


8. Radius Bank Tailored Checking

1% Cash Back on Debit Card Transactions for Qualifying Customers; 0.10% APY on Balances Above $5,000

Radius Bank Tailored CheckingRadius Bank Rewards Checking doesn’t have the best yield in the business checking space, but 0.10% APY on balances over $5,000 is better than nothing. Pair that yield with no limits or fees on transactions — ever — and you have an excellent account for active businesses able to keep some cash on hand. Mobile check deposits and a powerful debit card app (which includes a card-locking feature) simplify banking on the go.

  • Minimum Deposit and Balance Requirements: The minimum opening deposit is $100. The $10 monthly maintenance fee is waived with a minimum daily balance of $5,000 or more.
  • Yield: 0.10% APY on balances over $5,000.
  • Rewards and Incentives: After your Tailored Checking account has been open for at least 30 days, keep an average balance of $10,000 or more in the account to qualify to earn 1% cash back on signature-based debit card purchases online and in-store. Cash back is automatically credited to your Tailored Checking account at the end of the month following the earning period.
  • Overdraft Options: If you opt in to overdraft protection, there’s a $5 daily overdraft fee as long as your account remains overdrawn (up to 30 days). Fees begin accruing on the fifth calendar day after the first overdraft item hits.
  • Possible Fees: Radius Bank charges between $10 and $40 for wire transfers, depending on origin and destination.

Learn More


9. NorthOne Business Banking

Unlimited Payments, Deposits, Transfers & Debit Card Usage

NorthOne Business BankingNorthone Logo 11 2 20 is a refreshingly simple business banking platform that prides itself on “radically transparent pricing”. Just $10 per month unlocks its full slate of features, including unlimited payments, transfers, deposits, and debit card transactions; more than 300,000 in-network ATMs; mobile check deposit (and a slew of other mobile-friendly features); and unlimited sub-accounts for payroll, taxes, and more.

  • Minimum Deposit and Balance Requirements: The minimum opening deposit is $50.
  • Yield: None.
  • Rewards and Incentives: NorthOne Business Banking is chock-full of useful features, including more than 300,000 ATMs in-network, unlimited sub-accounts for taxes and payroll (and other functions), mobile check deposit, and unlimited transactions.
  • Overdraft Options: NorthOne charges a one-time overdraft fee when your account balance drops below $0. See pricing terms for more details.
  • Possible Fees: The monthly maintenance fee is $10. NorthOne may also charge for wire transfers, overdrafts, NSF transactions, and ACH/PAD returns.

Learn More


10. Axos Bank Business Interest Checking

Up to 0.81% APY on Eligible Balances

Axos Bank Business Interest CheckingAxos Bank Logo is the highest-yielding small-business checking account on this list — paying up to 0.81% annual percentage yield (APY) on qualifying balances. Throw in a low minimum opening deposit requirement, and you’ve got a solid choice for business owners looking to earn a real return on working capital.

  • Minimum Deposit and Balance Requirements: The minimum opening deposit is $100. You must maintain a $5,000 minimum average daily balance to waive the $10 monthly maintenance fee.
  • Yield: Earn 0.81% APY on balances up to $49,999.999. Earn 0.50% APY on balances between $50,000 and $249,999.999 and 0.20% on all balances above $250,000.
  • Rewards and Incentives: Enjoy unlimited domestic ATM fee reimbursements and 50 free checks when you open your account.
  • Overdraft Options: Axos Bank customers can opt into an overdraft line of credit that covers overdrafts the bank would typically return unpaid. The interest rate is variable but comparable to a high-interest credit card, and payment of at least 5% of the balance (or $25, whichever is greater) is due each statement cycle.
  • Possible Fees: $0.50 per item processed after the first 50 items each month.

For more information, read our Axos Bank review.

Learn More


11. Citizens Bank Clearly Better Business Checking

No Monthly Maintenance Fees, Ever

Citizens Bank LogoCitizens Bank Clearly Better Business Checking is one of the only business checking accounts that never charges a monthly maintenance fee. That’s excellent news for business owners working on thin margins.

This account also boasts a relatively high monthly limit for free transactions and generous overdraft options. On the negative side of the ledger, it doesn’t pay interest and isn’t available in all areas — Citizens Bank’s trade area is limited to the East Coast. But if you do live in an area served by Citizens Bank, you can hardly do better.

  • Minimum Deposit and Balance Requirements: The minimum opening deposit is $100. There’s no ongoing balance requirement.
  • Yield: None.
  • Rewards and Incentives: None.
  • Overdraft Options: Citizens Bank offers two overdraft options, both opt-in: an overdraft line of credit and an overdraft savings transfer program. Both charge $12 for each day an overdraft transfer occurs, regardless of the number of transfers on that day. The savings transfer option is otherwise free, but the line of credit costs $30 per year. The required credit line payment is the greater of $20 or 2% of the balance.
  • Possible Fees: $0.50 per item above the 200 monthly transaction limit.

Learn More


12. NBKC Business Checking Account

Virtually No Fees and No Balance Requirements

Nbkc bankThe NBKC’s business checking account has no balance requirements, no monthly maintenance fees, and no transaction fees. As part of the MoneyPass ATM network, it offers fee-free withdrawals at more than 32,000 ATMs in the U.S. and Puerto Rico. And its simple Desktop Deposit feature — with added support from a robust mobile banking app — makes it easy to deposit checks remotely.

  • Minimum Deposit and Balance Requirements: There’s no minimum balance requirement.
  • Yield: None.
  • Rewards and Incentives: Get up to $12 in monthly refunds for ATM fees charged by any other banks worldwide, plus mobile-friendly features like bill pay.
  • Overdraft Options: NBKC offers a courtesy overdraft sweep option. See account disclosures for details on how this works.
  • Possible Fees: Other than domestic and international wire fees — $5 to send a domestic wire and $45 to send or receive an international wire — NBKC has virtually no fees.

Learn More


13. Huntington Bank Unlimited Business Checking

Access to Exclusive, Potentially Valuable Business Perks

huntington bank logoHuntington Bank Unlimited Business Checking is for established businesses with relatively large cash stockpiles and relatively frequent transaction needs. Other than a $10,000 monthly limit on free cash deposits (after which a fee applies), there’s no limit on transaction frequency. And customers can select one from a menu of exclusive money-saving perks, such as discounts on payroll services.

  • Minimum Deposit and Balance Requirements: Avoid the $40 monthly maintenance fee with $50,000 or more in combined average deposits across all eligible accounts. See Huntington Bank’s website for additional details.
  • Yield: None.
  • Rewards and Incentives: Choose from one of several exclusive perks, such as 10% off Paychex payroll services.
  • Overdraft Options: Huntington Bank offers two opt-in overdraft protection options: an overdraft protection account (with a transfer fee but no annual fee) or deposit-to-deposit overdraft protection (which does charge an annual fee but no transfer fee).
  • Possible Fees: $0.30 fee for each $100 in cash deposits above the $10,000 monthly limit. Other fees may apply.

Learn More


14. TIAA Bank Business Checking

High Monthly Transaction Limit

TIAA Bank’s business checking accountTiaa Bank Logo boasts low- or no-cost overdraft protection options and a robust suite of mobile-friendly features. It’s ideal for customers who can make the $1,500 minimum opening deposit and keep enough cash on hand ($5,000 or more) to waive the monthly maintenance fee. A reasonably high monthly transaction limit appeals to businesses with active cash flows.

  • Minimum Deposit and Balance Requirements: The minimum opening deposit is $1,500. You’ll avoid the $14.95 monthly maintenance fee if you have a minimum daily balance of $5,000 or more.
  • Yield: None.
  • Rewards and Incentives: None.
  • Overdraft Options: There’s no monthly or per-item fee for TIAA Bank’s overdraft protection services, which include money market transfers (with a qualifying linked account) and a credit line. If you enroll in an overdraft protection line of credit, the late payment fee is $25.
  • Possible Fees: $0.25 per item above the 200 monthly transaction limit; $0.50 per item above the 10 monthly online bill payments limit.

Learn More


Final Word

These small-business checking accounts aren’t always the stars of the show at their respective online banking institutions. Most of these banks offer multiple personal and business deposit accounts. Several make our lists of banks with the best CD rates and the best money market rates, and some offer enticing high-yield savings accounts to boot.

So even if you come for the low-cost small-business checking, you could find yourself staying for more. There’s something to be said for doing all your banking under one roof — and your bank certainly won’t mind.

Source: moneycrashers.com

Bank statements: 3 things mortgage lenders don’t want to see

February 10, 2021 by Liam Lane Posted in Money Etiquette, Money Management, Mortgage, Mortgage Rates, Real Estate Tagged About Mortgages, agent, Auto, Auto Loans, Banking, big, borrowing, Buying, car, Checking Account, Credit, Credit Card, credit cards, credit report, Credit Score, Debt, Debts, employment, estate, existing, Family, Fees, Financial Wize, FinancialWize, Gina Pogol, Home, home buyer, home buying, housing, How To, lists, Loans, Make, money, More, Mortgage, mortgage lenders, mortgage payments, Mortgage Rates, Mortgage Strategy, mortgages, Personal, real, Real Estate, Refinance, save, savings, Security, seller, selling, Student Loans, tax

What do mortgage lenders look for on bank statements? 

When you apply for a mortgage, lenders look at your bank statements to verify that you can afford the down payment, closing costs, and future loan payments. 

You’re much more likely to get approved if your bank statements are clear of anything questionable. 

Red-flag issues for mortgage underwriters include:

  1. Bounced checks or NSFs (Non-Sufficient Funds charges) 
  2. Large deposits without a clearly documented source
  3. Monthly payments to an individual or non-disclosed credit account

Fortunately, you can fix a lot of issues before they become, well, issues. Here’s what to look for, and how to deal with problems you find.

Verify your home buying eligibility (Feb 9th, 2021)


In this article (Skip to…) 


How far back do lenders look at bank statements?

Lenders typically look at 2
months of recent bank statements along with your mortgage
application.

You need to provide bank
statements for any accounts holding funds you’ll use to qualify for the loan.

Lenders use these bank statements
to verify your savings and cash flow, check for unusual activity in your
accounts, and make sure you haven’t taken on any recent debts.

Two months worth of bank
statements is the norm because any credit accounts older than
that should have shown up on your credit report. 

One uncommon exception is for self-employed borrowers who hope to qualify based on bank statements instead of tax returns. In this case, you will need to provide the past 12-24 months of bank statements.

What underwriters look for on your bank statements 

The underwriter — the person who evaluates and approves mortgages — will look for four key things on your bank statements: 

  1. Enough cash saved up for the down payment and closing costs
  2. The source of your down payment, which must be acceptable under the lender’s guidelines 
  3. Enough cash flow or savings to make monthly mortgage payments
  4. “Reserves,” which are extra funds available in case of an emergency

An underwriter generally
wants to see that the funds in your bank accounts are yours, and not borrowed
from someone else (unless via a properly-documented down payment gift).  

In other words, any funds used to
qualify for the mortgage need to be “sourced and seasoned.”

“Sourced” means it’s clear where
the money came from, and any unusual deposits are explained in writing. And
“seasoned” typically means the money has been in your account for at least 60
days. (So the funds should show up on the two months’ bank statements you’re
required to provide.)

Bank statements also prove to
underwriters that you haven’t opened up any credit accounts or created new debt
prior to getting the mortgage. 

Do lenders look at bank statements before closing?

Lenders typically will not re-check
your bank statements right before closing. They’re only required when you
initially apply and go through underwriting.

However, there are a few things your
lender will re-check before closing, including:

  • Credit score
  • Credit report
  • Employment and income

You should avoid financing any large
purchases or opening new credit lines (like a credit card) between mortgage
approval and closing.

New debts can affect your credit score as well as your debt-to-income ratio (DTI), and could seriously affect your loan approval and interest rate.

In addition, if anything changes
with your income or employment prior to closing, let your lender know
immediately so it can decide whether this will impact your loan approval and
help you understand how to proceed.

Verify your home buying eligibility (Feb 9th, 2021)

    Related

3 things mortgage lenders don’t want to see on bank statements 

You might want to take a look at your bank statements with a mortgage underwriter’s eye before turning them into the lender.

That’s because the lender looks for red flags that, if found, can require lengthy explanations. 

Mortgage underwriters are trained to unearth unacceptable sources of funds, undisclosed debts, and financial mismanagement when examining your bank statements.

Here are three things you can look for on your bank statements that might turn up a red flag for a mortgage company.

1.  Bounced checks

If your checking account is littered with multiple overdrafts or NSFs (non-sufficient funds) charges, underwriters are likely to conclude that you’re not great at managing your finances.

Mortgage rule-making agency Freddie Mac says that additional scrutiny is required when bank statements include NSF fees.

FHA loans require lenders to manually re-approve borrowers with NSFs, even if the borrower has already been approved by a computerized system.

2. Large, undocumented deposits

Outsize or irregular bank deposits might indicate that your down payment, required reserves, or closing costs are coming from an unacceptable source.

The funds might be borrowed. For instance, you could take a cash advance on your credit card, which might not show up on your credit report.

A large deposit could also indicate an “illegal” gift. A home buyer can’t take help from a party who stands to gain from the transaction — like the home seller or real estate agent. 

So, what’s considered a “large” bank deposit by mortgage lenders? 

  • Fannie Mae’s Selling Guide says, “When bank statements (typically covering the most recent two months) are used, the lender must evaluate large deposits, which are defined as a single deposit that exceeds 50 percent of the total monthly qualifying income for the loan.”
  • Likewise, Freddie Mac lists “recent large deposits without acceptable explanation” as red flags about which lenders should follow up with the applicant

If you can’t prove through documentation that the source of a big deposit is acceptable under the program guidelines, the lender must disregard the funds and use whatever is left to qualify you for the loan.

If the verified funds aren’t enough to qualify you for a loan, you’ll need to save another chunk of cash — from an acceptable source.

That said, borrowing a down payment is allowed. You just have to disclose where the down payment money came from. This must be considered an “acceptable” source, like: 

If you did receive a large deposit recently — and it wasn’t from one of these sources — you may want to wait 60 days before applying for a mortgage. 

At that point, the funds become “seasoned,” meaning they are now your funds, despite the source.

It’s still not a good idea to take funds from a party with interest in the transaction. That breaks a myriad of other rules. 

But if your family member paid you back for a recent vacation, or you sold a car to your aunt and didn’t document it, waiting 60 days could be a solution.

3. Regular payments, irregular activities

Watch out for a monthly payment that does not correspond to a credit account disclosed on your application.

Typically, your credit report will pull in your credit cards, auto loans, student loans, and other debt accounts. But some creditors don’t report to the major credit bureaus.

For instance, if you got a private, personal, or business loan from an individual instead of a bank, those debt details may not show up on your credit report.

The monthly $300 automatic payment on your bank statement, however, is likely to alert the lender of a non-disclosed credit account.

Verify your home buying eligibility (Feb 9th, 2021)

A bank “VOD” (verification of deposit) won’t solve all bank statement issues

Verifications of Deposit, or VODs, are forms that lenders can use in lieu of bank statements. You sign an authorization allowing your banking institution to hand-complete the form, which indicates the account owner and its current balance.

VODs have been used to “get around” bank statement rules for years. But don’t count on them to solve the above-mentioned issues.

First, the lender can request an actual bank statement and disregard the VOD, if it suspects potential issues.

Second, depositories are also required to list the account’s average balance. That’s likely to expose recent large deposits.

For instance, if the current balance is $10,000 and the two-month average balance is $2,000, there was probably a very recent and substantial deposit.

In addition, there’s a field in which the bank is asked to “include any additional information which may be of assistance in determination of creditworthiness.”

That’s where your NSFs might be listed.

There are good reasons to double-check your bank statements and your application before sending them to your lender. The bottom line is that you don’t just want to be honest — you want to avoid appearing dishonest.

Your lender won’t turn a blind eye to anything it finds suspicious.

FAQ on mortgage bank statements

Why do mortgage lenders need bank statements? 

Mortgage lenders need bank statements to make sure you can afford the down payment and closing costs, as well as your monthly mortgage payment. Lenders use your bank statements to verify the amount you have saved and the source of that money. They want to see that it’s really your cash — or at least, cash from an acceptable source — and not a discreet loan or gift that makes your financial situation look better than it really is.

How many bank statements do I need for a mortgage?

Mortgage lenders typically want to see the past two months’ worth of bank statements.

Do I have to disclose all bank accounts to a mortgage lender?

If a bank account has funds in it that you’ll use to help you qualify for a mortgage, then you have to disclose it to your mortgage lender. That includes any account with savings or regular cash flow which will help you cover your monthly mortgage payments.

What do underwriters look for on bank statements?

When underwriters look at your bank statements, they want to see that you have enough money to cover your down payment and closing costs. Some loan types require a few months’ worth of mortgage payments left over in the account for emergency “reserves.” In other words, the upfront costs can’t drain your account. 

Underwriters also want to see that all the funds in your accounts have been “sourced and seasoned.” That means the source of each deposit is acceptable and verified, and the funds have been in the account long enough to show they weren’t a last-minute loan or questionable deposit.

Do mortgage lenders look at savings?

Yes, a mortgage lender will look at any depository accounts on your bank statements — including checking and savings — as well as any open lines of credit. 

Why would an underwriter deny a loan?

There are plenty of reasons underwriters might deny a loan. The two most common are insufficient credit and a high debt-to-income ratio. As far as bank statements are concerned, an underwriter might deny a loan if the sources of funds can’t be verified or aren’t “acceptable.” This could leave the borrower with too little verifiable cash to qualify.

How long does it take an underwriter to make a decision?

Underwriting times vary by lender. The time it takes an underwriter to approve your mortgage could be as little as two or three days, or as much as a week. Big banks tend to move more slowly than non-bank mortgage lenders.

Do you qualify for a mortgage loan?

Bank statements are just one of many
factors lenders look at when you apply for a mortgage.

Almost all areas of your personal
finances will be under scrutiny; including your credit score and report, your
existing debts, and any source of income you’ll use to qualify for the
loan.  

These factors help determine how
large of a loan you qualify for, as well as your interest rate. The cleaner
your finances look across the board, the better deal you’re likely to get on
your new home loan or refinance.

Verify your new rate (Feb 9th, 2021)

Compare top lenders

Source: themortgagereports.com

14 Smart Money Moves To Make In 2021

February 10, 2021 by Liam Lane Posted in House Architecture Tagged 401(k), away, budget, car, Car Insurance, car insurance rates, Checking Account, crash, Credit, Credit Card, credit cards, credit report, Credit Score, Debt, Emergency Fund, experian, Family, federal student loans, Finance, Financial Wize, FinancialWize, government, Grow, Home, How To, Insurance, Interest Rates, invest, Investing, investment, investments, keep, Life, Life Insurance, Loans, Main, Make, Managing Your Money, money, money moves, More, Mortgage, mutual funds, Pay Off Debt, paycheck, Personal, personal finance, private student loans, Quick Money, Refinance, refinancing, Retirement, retirement savings, Rewards, Salary, save, Save Money, Saving, savings, Spending, Student Loans, tax, Taxes, Travel

Are you looking to make some smart money moves to improve your future?

The new year is a great time to start thinking about what you can do to improve your financial situation. You can use this time to look forward and start making smart money moves that will help you in the future.

For example, maybe you want to become better prepared for emergencies in 2021 – probably on a lot of people’s minds after the year we had in 2020. There are several easy money moves you can take if being prepared is your goal.

You could put together an emergency binder that organizes your finances, contacts, personal information, etc. It’s everything someone would need if they had to take over your finances. 

There are also smart money moves like finding affordable life insurance and creating an emergency fund that can help you be better prepared in 2021.

If lowering your bills is one of your goals for 2021, you may want to refinance your student loans, or make one of the easiest money moves and find a less expensive alternative to cable.

There are so many smart money moves you can make in 2021. Some are small and some are bigger, like taking advantage of your company’s 401(k) match, but all of them will help you improve your financial future. 

The tasks on this list will help you to gather important documents, obtain free money (hello, company match!), find life insurance, save thousands of dollars a year, and more.

Of course, not everything on this list will apply to each of you, but this list is a good starting point. If anything, these smart money moves will get you motivated to start taking control over your finances in 2021.

Related content:

Here are 14 smart money moves to make in 2021.

 

1. Take your company’s 401(k) match

Does your employer offer a company match?

If so, I hope you are taking it!

A company or employer match is when your employer contributes to your 401(k). And, a 401(k) is a type of retirement account that you get through an employer.

Because this is basically free money that will help you grow your retirement savings, this is one of the best money moves right now. I highly recommend taking advantage of your company’s match if you can!

It allows you to invest a portion of your paycheck before taxes are taken out, and the amount in your 401(k) can grow tax free until you withdraw. Once you reach retirement and take money out of your 401(k), the amount you withdraw from this account is taxed.

Your 401(k) is an account that holds investments, similar to how your bank account holds your money. You may choose to place investments such as stocks, mutual funds, and more in your 401(k).

Each company offers its own kind of match. For example, an employer may match 100% of your contribution, up to 5% of your salary. 

If you have this option with your job, I highly, highly recommend this as one of the smart money moves you make this year. Look into this further AS SOON AS YOU CAN!

2. Create an emergency binder

An emergency binder is a way to store financial information, like bank account numbers and passwords. You can store insurance information, personal details about you and each member of your family, information about bills, and more.

Having an emergency binder is so very important.

I know there are many, many families who would be very lost if something were to happen to the person who usually manages their financial situation.

Accounts could get lost, passwords would be unknown, bills may be forgotten about, life insurance may be hard to find, and more.

It’s best to keep a family emergency binder of everything just in case something were to happen, even if it’s something no one ever wants to think about. Having one just makes life so much easier, and it’s one of the smart money moves you should make this year. 

I recommend having an emergency binder if:

  • You have a family
  • You have children
  • You are single – this is because someone will have to handle your affairs if something were to happen to you, and they’ll most likely have no clue as to where to start. The binder can guide them.

An emergency binder can help pretty much everyone and anyone.

This can be useful in non-emergencies as well. Creating a binder like this organizes all your family’s information in one place. It makes finding any piece of information quick and easy, and you’ll probably refer to it often.

My top tip is to check out the In Case of Emergency Binder to help you with creating your own emergency binder.

This is a 100+ page fillable PDF workbook.

 

3. Sign up for a complimentary $10,000 accidental death insurance policy

My friends at Harmonic have partnered with Making Sense of Cents, and they would like to give you a $10,000 accidental death insurance policy to encourage you to build your own personal safety net.

This company is simply looking to introduce more people to Harmonic, which is why they are giving away a complimentary policy. I share lots of free things on Making Sense of Cents – this is simply another item that I’ve negotiated for my readers. You have to be a U.S. citizen, though, to sign up. 

You can click here to sign up to claim your policy today! It takes less than 5 minutes.

This policy is slightly different in that it covers you in case you die in an accident – such as a car crash. Accidents are the number one cause of death for people ages 1-44, according to the folks in our government that track that sort of data.

Since this $10,000 accidental death insurance policy is at no cost to you, I recommend that everyone sign up for it. Whether you are single, have a family, have a dog, etc., it’s a no-brainer because this won’t cost you anything.

 

4. Find life insurance

Since we are talking about insurance, looking at life insurance is another one of the smart money moves you should take this year.

Surprisingly, life insurance is much more affordable than you’d probably think.

I did a quick search through PolicyGenius, and I was able to find a $1,000,000 policy for 20 years, for less than $27 per month.

Life insurance is money for your family if you were to pass away. And, if you are the sole or primary earner in your family, then there are probably a lot of people who rely on you financially. Life insurance is money that can be used to pay for funeral expenses, day-to-day bills, pay off debt, etc.

If you are looking for life insurance, I highly recommend looking into PolicyGenius.

PolicyGenius makes getting life insurance easy. A quote takes just 5 minutes and you can see comparable policies so that you can determine what is best for you.

You can click here to find a life insurance policy.

 

5. Shop around for more affordable car insurance

Shopping around for car insurance is something that most people do not do, and it can cost you tens of thousands of dollars over your lifetime.

By simply comparing insurance rates, you can save over $1,000 yearly.

You’d be surprised by how many people NEVER compare insurance rates, and how much money it can cost you.

In fact, a family member of mine has been paying around $2,200 a year for quite some time, and when I found out, I was absolutely shocked! 

I easily helped them find car insurance with better coverage for just $600 a year. Yes, they were able to save around $1,600 in literally less than 30 minutes. 

You can shop car insurance rates through Get Jerry here.

This company will allow you to get quotes from up to 45 insurance companies, and switching is super easy – you simply click a button and save money.

This is one of the quick money moves that can help you save money each month for years to come!

 

6. Have a money meeting

A new year is a great time to have your next (or first!) money meeting.

In your money meeting you may want to discuss things like:

  • Completing an annual financial checkup
  • Looking over your debt amounts
  • Checking your expenses
  • Discussing your financial goals
  • Thinking about what changes need to be made
  • What the family’s budget is
  • How much is needed for retirement, and where you are on that track
  • Any financial problems, and so on

There is no exact outline of what you should talk about in your money meetings because every financial situation is different. 

Money meetings help you get comfortable talking about your finances, and they make it easier to set goals and work towards them with your partner. I know talking about money can feel uncomfortable at first, but starting to have regular money meetings is one of the smart money moves every couple should take in the new year.

 

7. Start an emergency fund

An emergency fund is money that you have saved for when something unexpected happens, and I think 2020 showed many people why creating an emergency fund is one of the best money moves right now.

Your emergency fund can be used for something such as paying your bills if you lose your job (or if your hours or pay are cut), paying for a car repair, a medical bill, or something like a surprise leaking roof.

You can learn more at Why You Need An Emergency Fund and How To Start One Today.

 

8. Learn how to invest

Investing is important so you can:

  • Retire one day
  • Prepare for unexpected events in the future
  • Allow your money to grow over time

If you want to learn how to live your best life in the future, investing is a great way to do so. And, you can even start investing with little money.

Investing is a smart money move because it means you are making your money work for you. If you weren’t investing, your money would just be sitting there and not earning a thing.

This is important to note because $100 today will not be worth $100 in the future if you just let it sit under a mattress or in a checking account. However, if you invest, you can actually turn your $100 into something more. Investing for the long term means your money is working for you, potentially earning you an income.

For example: If you put $1,000 into a retirement account that has an annual 8% return, 40 years later that would turn into $21,724. If you started with that same $1,000 and put an extra $1,000 in it for the next 40 years at an annual 8% return, that would then turn into $301,505. If you started with $10,000 and put an extra $10,000 in it for the next 40 years at that same percentage rate, that would then turn into $3,015,055.

 

9. Increase your credit score

Do you know what your credit score is? Do you know how it can impact your life?

While I don’t think that you need to go crazy and obsess over your credit score, improving your credit score is not something that will hurt you.

Your credit score can impact the interest rate you receive on a loan or a mortgage, finding a rental home, attaining certain jobs, your insurance rates, even your cell phone bill, and more.

A credit score is a three digit number that shows others your creditworthiness, and is often used as an indicator to show how risky you are. A good credit score is usually over 720.

You can check your credit score with Credit Sesame for free.

If this is one of the smart money moves you want to make in 2021, here are some of the actions you can take to increase your credit score:

  • Pay your bills on time
  • Regularly check your credit report
  • Keep your balances and utilization rate low

Learn more at Everything You Need To Know About How To Build Credit.

 

10. Get your free credit report

One easy money move that I recommend this year is to start getting your free credit report.

You can receive one annual free credit report from the three main credit bureaus (Equifax, TransUnion, and Experian).

Yes, this means that you get one from EACH, so three each year. I recommend spacing them out so you can get one every four months.

You can read more about this here. 

 

11. Find an alternative to your expensive TV bill

Over five years ago, we decided to get rid of cable.

And, we haven’t missed it one bit. 

I know of many people who spend $100 each month on cable TV, many spend over $150 a month, and I even had someone tell me that they spend over $300 each month on cable.

If you’re trying to find ways to cut your budget, and you have an expensive TV bill, I definitely recommend finding an alternative. This is one of my favorite smart money moves in 2021 because there are more options than ever. There’s no reason to spend that much on cable ever again.

Learn more about your options at 16 Alternatives To Cable TV That Will Save You Money.

 

12. Track your money

Tracking your money is important when it comes to managing your money.

Luckily, there is a free, easy tool that allows you to do this.

Personal Capital is a free personal finance software that allows users to better manage their finances.

You can connect accounts, such as your mortgage, bank, credit cards, investment portfolio, retirement, and more, and it is all free.

You can track your cash flow, your spending, how much you’re saving, how your investments are doing, and more.

With their free financial platform, you can easily see all of your accounts in one place so that you can manage everything efficiently.

If tracking your money is one of the smart money moves you want to make in 2021, Personal Capital can help you reach your goal.

 

13. Refinance your student loans

Do you have student loans?

If so, then you may want to think about refinancing them. This is one of the smart money moves that can help you lower your monthly bills and possibly save money over time.

Student loan refinancing is when you apply for a new loan that is then used to pay off your other student loans.

This is usually a great option if you borrowed private student loans and your credit score is better now than when you originally took out your student loans.

By refinancing your student loans, you may qualify for better repayment terms, a lower interest rate, and more. This is great because it may help you pay off your student loans quicker.

The positives of refinancing student loans include:

  • One monthly payment to simplify your finances
  • Lower monthly payments
  • Lower interest rates, and more

Companies, such as Credible, help you to refinance your student loans. With refinancing, the average person can save thousands of dollars on their loan, and that’s incredible! You can save a lot of money with student loan refinancing, such as with Credible, especially if you have high interest federal or private loans.

Credible’s platform is similar to the way Expedia works for finding flights – with Credible, you simply search the available rates to find the best student loan rate for you. There is no service fee, no origination fee, and no prepayment penalty if you end up paying off your student loans faster.

To use Credible, it takes less than 10 minutes and just follow these steps:

  1. Fill out a quick simple form (2 mins) – It only takes one form to see the many different lender options.
  2. Choose an option you like (2 mins) – On Credible, you can easily compare the different lenders all in one place.
  3. Provide your loan details (3 mins) – After providing more information about yourself, it takes one business day to receive your finalized offer.

Before refinancing a federal student loan, though, you will want to think about different federal benefits that you may be giving up. You may give up income-based repayment plans, loan forgiveness for those who have certain public service jobs (including jobs at public schools, the military, Peace Corps, and more). By refinancing your federal student loans, you may be giving up any future options for these loan forgiveness programs.

However, keep in mind that by refinancing your student loans, you may receive lower monthly payments, lower interest rates, and more. This may help you pay off your debt much faster. For me, I didn’t qualify for any loan forgiveness, so refinancing would have definitely helped me if I knew about it back then.

 

14. Get a travel rewards credit card

Do you earn rewards with your credit card?

Using a travel rewards credit card means that you can gain points that you can use to get free or cheap travel. You can earn airline tickets, gift cards, hotel stays, cash, etc., all for simply using your credit card.

If you are going to pay for something anyway, then you might as well get something for free out of it, right?

If you travel a lot and/or already use credit cards, then signing up for the ones with the best rewards can help you earn free travel.

However, this is only a smart move money if you are able to use credit cards responsibly. Taking on debt to earn travel rewards isn’t a smart move!

Two cards I recommend include:

What should I do with my money in 2021?

It’s entirely up to you! Start by thinking about what your goals are for this year and your future.

Do you want to pay off debt? Start investing more? Reduce your monthly bills?

Those are all smart money moves to make, and the ideas on this list can help you work towards any of them. 

Remember, what you decide to do with your money in 2021 is personal. You may want to make steps towards quitting a job you don’t love, plan a vacation, donate more to your favorite charity, and so on.

It’s never a bad idea to focus on paying down your debt and finding ways to save money, but from there, think about what you want for your future.

What is the smartest thing to do with your money?

I believe that paying off your high interest rate debt is one of the most important smart money moves. Debt makes it hard to save or invest for your future, and the average person holds a lot of debt.

Having debt can keep you in a debt cycle that is hard to break free from, but you can learn how to become debt free and finally start focusing on your future.

What’s on your financial to do list for 2021? What smart money moves are you making?

Related Posts

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Source: makingsenseofcents.com

Where to Open a Business Checking Account Online

February 10, 2021 by Liam Lane Posted in Loans, Small Business Tagged ATM, bank of america, Banking, Budgeting, Checking Account, covid-19, Credit, Credit Card, Debit Card, Fees, Financial Wize, FinancialWize, Mobile Banking, Mobile Check Deposit, More, nerdwallet, Online Bill Pay, Personal, Rewards, Security, Small Business, Spending, tax

Both digital banks and some brick-and-mortar institutions allow you to open a business checking account online. Although brick-and-mortar banks have expanded their online capabilities, especially during the COVID-19 pandemic, you’ll find that big-name, national banks are more likely to provide online applications compared with smaller, local institutions.

Here’s a roundup of some of the top places to open a business checking account online and what you can expect during the process.

How to open a small-business checking account online

Whether you’re opening a business bank account from a brick-and-mortar institution or digital-only bank, doing so online is generally faster and easier than visiting a branch location and applying in person.

Although the process will vary slightly depending on the individual bank, you should be able to complete and submit your online application in a matter of minutes.

To open a business checking account online, you will need to:

  1. Provide basic information about yourself and any additional business owners.

  2. Include personal identification, such as a driver’s license or Social Security number.

  3. Provide essential details about your business, like your tax ID number.

  4. Upload legal business documentation, which will vary based on your entity type.

If the account requires a minimum opening deposit, you will also need to fund that deposit — by ACH transfer, check or debit card — before submitting your application. The bank will refund or cancel the deposit if your application is denied.

Top places to open a business checking account online

(Scroll right for additional account options.)

BlueVine Business Checking

BlueVine Business Checking is an online-only business checking account with no monthly fees, no minimum opening deposit and no minimum balance requirements. This account includes unlimited fee-free transactions and allows you to earn 1% annual percentage yield on balances up to $100,000.

The BlueVine business checking account also offers fee-free ATM access at any MoneyPass location in the U.S. and gives you the ability to deposit cash ($4.95 fee per deposit) through the GreenDot network. With this online business bank account, you receive access to mobile check deposit and online bill pay. You also can connect your account to third-party tools such as PayPal, Stripe and Expensify.

You can apply for this business checking account by creating an account and completing an application on the BlueVine website.

Novo business checking

Novo business checking is a free business bank account with no monthly fees, no minimum balance requirements and unlimited fee-free transactions. Novo requires a $50 minimum deposit to open its online-only business checking account.

With Novo business checking, there are no ATM fees and you receive unlimited refunds on all ATM fees charged by other banks worldwide. The Novo business checking account also includes free bill pay, free mobile check deposit and free check mailing.

In addition, Novo offers integrated invoicing, a budgeting tool and direct account integrations with business tools like Stripe, QuickBooks and TransferWise. Unlike some online business bank account competitors, however, Novo cannot accept direct cash deposits.

You can apply for a Novo business checking account by signing up for an account and submitting an application on the website.

Radius business checking

Although Radius does have a small brick-and-mortar presence in Boston, the Tailored Checking account is an online-based checking account available to business owners across the U.S. The Tailored Checking account offers unlimited fee-free transactions, fee-free ATM access (regardless of the ATM you use) and unlimited reimbursements for ATM fees that other banks charge.

This Radius business checking account has a $10 monthly fee, which can be waived with an average monthly balance of $5,000 or more, and requires a $100 minimum opening deposit. The account also offers the ability to earn 0.10% APY on balances greater than $5,000.

In addition, the Tailored Checking account includes digital banking tools, such as online bill pay, mobile check deposit and an integration with Autobooks, an invoicing and online payment software.

To open this business checking account, you can complete an online application on the Radius website.

Chase business checking

Chase offers three business checking accounts — Complete, Performance and Platinum — all of which can be opened online and by visiting a branch location. Of the three options, Chase Business Complete Checking is designed most comprehensively for small-business owners, with unlimited electronic deposits, a low monthly fee and no minimum opening deposit.

Chase Business Complete Checking has a $15 monthly fee but offers four ways to waive it, such as maintaining a daily minimum balance of $2,000. In addition to the unlimited electronic deposits, this account includes up to 20 fee-free teller and paper transactions and up to $5,000 in fee-free cash deposits per month.

With this Chase business checking account, you have access to over 16,000 Chase ATMs and 4,700 branches across the U.S., Chase’s online and mobile banking tools and Chase QuickAccept for mobile credit card processing.

You also have the opportunity to earn a $300 bonus when you sign up for this account, provided that you deposit $2,000 within 20 days, maintain that balance for 60 days and complete five qualifying transactions, which can include debit card purchases, ACH credits, or credit and debit wires.

It’s important to note, however, that Chase does limit eligible online applications to businesses that are privately held sole proprietorships, corporations or LLCs (with one member or manager). Other entity types have to visit a branch location to apply.

Bank of America business checking

With Bank of America, you have two business checking account options — Business Fundamentals Checking and Business Advantage Checking. These accounts can be opened online, over the phone or by visiting a branch location.

Regardless of the Bank of America business checking account you choose, you’ll receive unlimited fee-free electronic items, including ACH transactions, debit card transactions, electronic debits, ATM check deposits and checks deposited through mobile check deposit or remote deposit online.

You’ll also have access to Bank of America’s online and mobile banking tools, its network of 17,000 ATMs and 4,300 branch locations, and the opportunity to qualify for the Preferred Rewards program.

With the Business Fundamentals account, you will have a $16 monthly fee that can be waived with a $5,000 combined average monthly balance or by spending at least $250 in new net qualified purchases with your Bank of America business debit card. This account also includes up to 200 fee-free non-electronic items per month, 45 cents per item after that. You also receive up to $7,500 in cash deposits per month, then 30 cents per $100 you deposit.

With the Business Advantage account, you will have a monthly fee of $29.95, which can be waived with a combined average monthly balance of $15,000. This account offers up to 500 fee-free nonelectronic items per month, with the same 45-cent per item fee after that. Cash deposits on the Advantage account are fee-free up to $20,000 per month, then 30 cents per $100 you deposit.

To apply for either of these Bank of America business checking accounts, you can complete and submit an application on the Bank of America website. Unlike Chase, Bank of America doesn’t implement restrictions based on entity type.

More options to open a business checking account online

Choose the right business checking account

According to a 2019 study from BAI, a research and training nonprofit for business owners, nearly 70% of small-business owners said they would prefer to open a deposit account online, even though a majority still reported visiting a branch to open a new financial account.

Whether you opt to open a business bank account online or in-person, you can streamline the process by preparing documentation ahead of time and following all instructions carefully.

Before applying, you’ll want to compare business checking account options and consider factors such as monthly fees, transaction limits, ATM access and additional banking tools in order to find an account that’s right for your financial needs.

Source: nerdwallet.com

How to Prepare Your Finances for the New Year

February 10, 2021 by Liam Lane Posted in Budgeting, Life Hacks Tagged big, budget, Budgeting, Checking Account, covid-19, Credit, credit cards, Debts, Emergency Fund, Epic Content, Family, Fees, Finance, Financial Wize, FinancialWize, high yield savings accounts, How To, Insurance, invest, Investing, investments, keep, Life, Life Insurance, Main, Make, market, money, Purchase, Retirement, save, Save Money, savings, Savings Account, savings accounts, Security, Spending, spouse

Preparing for the New Year can always be a challenge. After all, most of us are trying to figure out how to make sure we do it better than we did this year. And with the pandemic going on this year, next year is certainly no exception! Because of COVID-19, a lot of us took some pretty big financial hits this year. I don’t know about you, but we want to make sure that we do everything in our power to secure our financial success next year so it won’t be as painful. Therefore, we wanted to give you a good guide to help you prepare your finances for the New Year and help ensure your future financial success.

Go Over Your Budget

The first step to really determining your future financial success is to go over what happened this year. And, the best way to do that is to go over your budget. If you had one, that is! If you didn’t, this step might be a bit more time consuming. But it can be done!

I prefer good, old fashioned Excel spreadsheets, personally. But, my spouse is more of a visual, hands on kind of guy. So, something more physical, like this budget planner, is a great idea for anyone like him. No matter how you choose to create your budget, just make sure it is something that will work well with your personality.

I plan to take a good, hard look at everything we have spent in the following categories:

  • Auto
  • Food
  • Beverages (including alcohol)
  • Household
  • Clothing
  • Gifts
  • Luxury

Since our regular household bills remain the same, those are already accounted for into our regular monthly budget. Therefore, this list is a good place for you to start a dissection of where this year’s money went. And if too much of it has flowed out of your hands and into the wrong category this year, now is the time to recognize it. This way you can get a better grasp on your cash flow for next year well ahead of time.

This is also the time to revisit exactly how much money you have allotted into each category. If a category amount needs to be shifted, or reduced, this is the time to do it. I know that we are changing our overall monthly budget to reduce our spending by 25%. That means we will have to change how much money we have budgeted into some of the “want” categories.

But, if we know this ahead of time, it will be easier for us to handle making less income next year. So prepare your finances now by starting with your budget, in case this pandemic continues through the whole of 2021.

Emergency Fund Needs

Another huge category to reflect on, and potentially change, is your emergency fund. There are still so many people I know personally that don’t have an emergency fund that it makes my head spin. Especially in this day and age when so many people are losing their jobs left and right. It seems completely inconceivable to me to not have an emergency fund of some sort.

So, if you are one of the many people who fall into this category, prepare your finances by getting your emergency fund started. No matter how much money you have at your disposal, you should start putting something into it. And if you aren’t sure where to start, I would suggest opening a high yield savings account so that you have the chance to earn a little bit more interest on your money.

Even though the rates aren’t nearly as high on any of these high yield savings accounts as they were a year ago, it’s still better than nothing. For us, the goal is to keep at least 6 months of monthly expenses in our emergency fund. But, ultimately, we would like to bump it up to a full year in reserves, just to feel more comfortable.

If you need something that makes it even easier to put money into an emergency fund, then something like Digit may be right up your alley. You can connect your checking account and credit cards to your Digit savings account. Any time you spend money from your connected accounts, Digit will round-up the difference and put it into your savings account. Or you can choose to manually move money over into your savings account at any time also. Either way, the money will come out of your checking account. So just make sure that you have the available funds needed in order to make move to your savings account ahead of time. This is a tool that I used years ago which made it much less painful for me to slowly save money.

Investment Strategy

Next, but certainly just as important, is to revisit your investments when you prepare your finances for the New Year. If you have any investments to begin with, that is. Of course, you want to make sure you have a fully stocked emergency fund first. But, investing now is also a great idea since the market has been down for the majority of the year. And investing now in your future, can only help boost your overall financial success. Plus, it can help you reach retirement earlier too. Which is a huge bonus!

If you don’t have a lot of discretionary income to work with, then there are still plenty of ways you can invest with little money. We have a few different accounts that we use that has helped us diversify our investing.

Acorns is one of my favorite investing tools because it doesn’t cost anything to get started. And you can invest how much or little you want to a month. There is a $1 monthly fee for the type of account we use. They have a round-up’s feature that also adds in a multiplier, so we’ve been able to invest a lot more than we ever thought we could.

Another one of my favorite robo-advisors is Betterment. They ask for a bit more information about you and your projected retirement date in order to put you in a better targeted fund. Which I happen to be a fan of. And their fees are exceptionally low, which was the main reason I began investing with them in the first place.

One more great option, that you can give or get as a gift also, is Stockpile. With Stockpile, you get to use gift cards to purchase individual stocks for as low as $1.99. Which is pretty darn awesome!

Review Life Insurance

A big financial decision that a lot of us don’t think about it revisiting our life insurance. I know that it isn’t something I have done in quite a few years. But, just earlier this year we decided to take another look at our life insurance policies to see if any changes needed to be made. And it was a good thing we did because the rates are a lot lower right now for life insurance policies than they were even 2 years ago.

If you don’t have a policy yet, a good place to start is with Bestow. Their rates are exceptionally low and you can get an instant quote just by filling out some information online. They offer 10 – 20 year policies up to $1 million, which gives you a lot of flexibility with your choices.

And by getting life insurance now, you will only be helping to secure the financial health of your family should something happen to you. Seeing as we are in the middle of a pandemic, you just never know these days. And it is certainly much better to be safe than sorry!

These are some great tips to prepare your finances for the New Year! Click To Tweet

Prepare Your Finances For The New Year Summary

Ultimately, there are quite a few things you can do to help secure your financial stability for the New Year. And preparing your finances by revisiting and tweaking your budget is a good first step. After that, revisit your emergency fund or start one if you don’t have one yet. Do your best to come up with a reasonable plan to get it fully funded as soon as possible. The next step is to take a look at your investments, or start investing if you haven’t yet. There are a lot of great tools to help you get started. And lastly, take a look at your life insurance policy, or take one out if you don’t currently have one.

By following all of these steps, you and your family will be well on your way to much more financial security next year. Even if we are still in the middle of a pandemic.

What are the steps you have taken to prepare your finances for the New Year and create financial stability for your family?

Source: everythingfinanceblog.com

How to make money fast: Quick ways to earn money in 2020

February 10, 2021 by Liam Lane Posted in Life Hacks Tagged away, Back To School, Banking, big, building, Buy, car, Cash Back, Checking Account, cons, coupons, Credit, Credit Card, credit cards, design, Emergency Fund, Extra Money, Family, Financial Wize, FinancialWize, Grow, Home, house, How To, industry, Inspiration, Insurance, investment, investments, keep, Life, living room, make extra money, Make Money, money, more money, Mortgage, planning, pros, Pros and Cons, Purchase, Quick Money, rent, Rewards, Saving, Saving Money, savings, School, second, selling, Side Hustle, Spending, summer, Travel

Let’s face it. Most of us, at one point or another, have been faced with a financial emergency, or a plain, old-fashioned cash crunch. It’s definitely not a fun spot to be in. While there are steps we can take to avoid such situations (more on that later), that’s often the last thing on our minds when we need to come up with money — quick.

To assist, I’ve compiled the following list of money-making ideas. While some of the items included are more lucrative than others (you’ll never get rich taking surveys, for example), they all share a common theme: making money fast. Ready? Let’s dive in.

And before anyone mentions it, yes we’re aware of the irony of publishing an article about making money fast at a website called Get Rich Slowly.

Sell Your Old Stuff

I’ll kick off the list with an obvious one: selling your old stuff. After all, is there a faster way to make money? If you walked a few steps to your basement right now, or stepped outside to the garage, I’m willing to bet that you’d find some junk lying around that someone else could use:

  • Old computers and video games.
  • Sports equipment your kids have grown out of.
  • That extra bike that’s never ridden.
  • Your old collectibles. (J.D. sold his comic books. You could sell your baseball cards.)

Once you’ve come to grips with parting with your junk, selling it is as easy as taking a few pictures, and posting an ad on Craigslist, or your local Facebook Buy and Sell. If you need some inspiration, here’s a list of 12 surprisingly valuable things that are lying around your house.

Survey Junkie

Taking online surveys isn’t going to make you rich, but that’s not your goal here. You need to make money fast, and paid survey sites like Survey Junkie will help you do just that. In fact, you can start earning within a few minutes of signing up, and get paid as soon as you accumulate $10 in rewards.

Survey Junkie will pay you for each survey you complete, in the form of Paypal credits or gift cards to your favorite retail stores. The more surveys you take, the more you’ll make. The best part is that you can take surveys while doing other things, like watching TV, or listening to music, making it an easy way to earn some quick cash.

Swagbucks

Swagbucks is similar to Survey Junkie, but they take things a step further, by giving you more ways to earn cash and rewards. In addition to completing surveys, Swagbucks will pay you to browse the internet, play games, and shop online. They’ll even send you a daily survey, and a daily poll, as a way to earn rewards faster.

With Swagbucks, you won’t have to wait before redeeming your rewards. While you’ll need $25 worth of Swagbucks to move cash to your Paypal account, you can redeem points for gift cards worth as little as $1. In fact, when I checked out the Swagbucks rewards page, I noticed $3 Amazon gift cards advertised.

Acorns

Remember your goal – to make money fast. When you sign up for Acorns using my exclusive link, you’ll receive a $5 credit to kick off your account. Now, I wouldn’t suggest that you go to all that trouble for $5, but with Acorns, you’re getting so much more. Acorns is an investment app that makes saving money easy. You can open an account on your mobile phone in a couple of minutes, collect your $5, and be on your way to building that emergency fund, or saving for your next special purchase.

Open Your Acorns Account and Earn $5

To help you get there, Acorns uses an innovative feature, called round up savings. Acorns syncs to your debit or credit card and then rounds up the “spare change” whenever you spend. For example, let’s say you buy a pack of gum for $1.25. Acorns will round to the nearest dollar, and set aside .75 into your Acorns investment account. Because the amounts are so small, you’ll hardly notice the money leaving your account, but you’ll be surprised how quickly the savings adds up.

Acorns works so well, in fact, that it’s my top choice for investment app for 2020.

Drive with Uber

If you have a clean driving record, a reliable vehicle, and enjoy being around people, driving for a rideshare service like Uber is a great way to make some extra money, and fast. One perk to this job is the flexibility it offers. You decide when, and how much you want to work.

Once you’ve signed up with Uber, most drivers report that it only takes about 3-5 days to be approved.

Here’s more about the pros and cons of becoming a rideshare driver.

Deliver Food with UberEats

If driving for Uber sounds enticing, but you’d rather not spend your time making small talk with strangers, you could decide to deliver food with UberEats. You use the app to select deliveries that are in your area. The best part is that you decide when you want to work, and how much. Keep in mind, you will make more money during peak periods.

Rent Out Your Ride on Turo

Take advantage of your car’s downtime by renting it out to someone who needs a ride. Turo is a peer-to-peer car-sharing app that makes it easy to rent out your car. I’ve used Turo as a renter multiple times and believe it will continue to catch on, so they’ll need an increased supply of vehicles for rent. Once you’re set up through Turo, list your car on the app, wait for a request, and be ready to accept or decline. Keep in mind, your car will need to meet Turo’s vehicle requirements, and the nicer it is, the more money you can charge.

Rent Out a Room With Airbnb

If you have a spare bedroom in your home, you can rent it out to a short term guest, on Airbnb. Some people will even rent out their entire home, if they have another place where they can stay.

Not only is this a great way to make money quick, but if it’s something you enjoy, you could turn it into a regular income stream. A great perk with Airbnb is having the flexibility to decide when your space will be available, and how much you’ll charge.

Employee Referral Programs

Any recruiter will tell you, it’s tough for companies to find good people these days. As a result, many organizations will pay their own employees a bonus for successfully referring new talent.

Depending on the role, and the demand for the position, you could be eligible to receive hundreds, even thousands of dollars by bringing in a new employee. Not only is this a quick way to make money, but it requires almost no effort on your part. You’re simply connecting to parties.

Babysitting or At-Home Daycare

In today’s society, most families are dual income, with both parents working outside the home. Because of this, there is a constant demand for reliable childcare. If you’re a natural caregiver, and enjoy being around kids, you can make good money by offering to provide childcare within your local community. Whether it’s babysitting or an at-home daycare, it won’t take long to find your first client. Use your friends and family to get the word out, or notify your Facebook community, and you’ll be making money in no time.

Teach English with VIP Kid

If you enjoy teaching, consider putting your English skills to good use by becoming an online tutor. Websites like VIP Kid source clients for you, and the pay is pretty good too. It’s not uncommon to make $20-30/hour teaching online.

Tutoring is something that can be done in person as well. In fact, during the school year, there’s no shortage of students in your community in need of help with their studies. Check with your local high school, or get the word out on your community Facebook page.

J.D.’s note: For eighteen months, I met with a Spanish tutor three times each week. Aly had moved to the U.S. from Peru, and she found that tutoring was a fantastic way for her to make money.

Rent Out Your RV With Outdoorsy

If you own an RV, Outdoorsy will match you with people who are looking to rent a trailer or motorhome, for their next summer adventure. At rates as high as $150/day, or more, this is a great way to make money fast. Head to Outdoorsy, and find out how you can get your RV making money for you.

Collect Rewards With Drop App

Money doesn’t always have to arrive in the form of cash. Drop allows you to earn points when you shop at your favorite retailers, then redeem your rewards for gift cards at places like Starbucks, or Amazon. Drop works by syncing to your debit and/or credit card, and keeping track of your purchases. You don’t need to worry about clipping coupons, or scan receipts to receive discounts, Drop does all the work for you.

Download the free app to start earning with Drop!

Earn $50 per Year With the Nielsen Ratings App

For decades, Nielsen has been tracking TV ratings. But did you know that they will pay you to download their app to your computer or smartphone? Doing so allows them to compile data by tracking your internet usage. No need to worry however, your anonymity is guaranteed, and according to Neilson, the app won’t slow your device’s performance in the least.

Sounds pretty great, doesn’t it? There is a BIG caveat, however. You must be selected by Nielsen. That’s because Nielsen families are chosen using a scientific process. That said, it’s good to know about this easy money-making opportunity, in case you are ever approached by Nielsen.

Take Advantage of Bank Signup Bonuses

This is a great way to make some quick money. Banks everywhere are in a constant battle for new customers. The financial services industry is highly competitive, and companies know that if they can secure your day to day banking business, they’ll have a shot at your mortgage and your investments as well.

While these promotions come and go, it’s not uncommon to be offered a few hundred dollars when you open a new checking account with a bank, providing that you meet the qualifying criteria. This usually includes hooking up your automatic payroll deposit and completing a couple of online bill payments, that kind of thing.

Earn Credit Card Rewards

I’m a big fan of credit card rewards, but I’ll be the first to admit that using credit cards as a way of making money can be dangerous, and definitely isn’t for everyone. If you’re not paying off your credit card balance in full each month, or if using a credit card creates a temptation to overspend, then having a rewards credit card will cost you more money than you will ever make.

That said, a cashback, or travel rewards credit card can be a great way to make extra money. Many premium cards come with a welcome bonus, such as a couple hundred dollars cashback upfront, or enough travel points to get you a free flight somewhere. Have an upcoming trip planned? This could be a great way to subsidize the cost. Head here for more information on the best credit card rewards.

Make Money as a Freelance Writer

If you have interest, or experience in a specific area and love to write, there’s a good chance you can make money online as a freelance writer. What I love about this side hustle, is that it’s something you can do on your own schedule from the comfort of your living room. Not only that, but you can make good money. The website Problogger has an active job board, where you can browse, and apply for, freelance writing gigs across a wide range of niches.

Note: Many former Get Rich Slowly staff writers have gone on to become professional freelance writers with lucrative careers.

Advertise Your Freelance Services on Fiverr

In addition to writing, there are no shortage of services you can offer as a freelancer. Graphic design, bookkeeping, social media management – these are all services that small businesses will pay you to provide. One of the best ways to find clients and start making money is by joining a freelance marketplace like Upwork, or Fiverr.

Teach Music Lessons

Who said that a musician needs to live like a starving artist? If you are skilled on any number of musical instruments, you can make good money teaching private lessons. Ask your local music store if you can post an ad on their bulletin board, or advertise through Craigslist or Facebook. Early September is a great time of year to get started, as students are back to school and looking to start up music lessons after the summer break.

Earn Cash Back With Rakuten (Formerly Ebates)

Rakuten, formerly known as Ebates, makes it easy to earn cashback when you shop online at top retailers, such as Amazon, Kohl’s, and Microsoft. Sign up with Rakuten, and gain access to hundreds of partner retail stores via links directly on their site. Rakuten will keep track of your cash rebates, which can be as high as 40%, when you factor in limited time offers. The best part? Receive an automatic $10 bonus when you sign up for Rakuten, and earn an additional $25 when you refer friends or family.

Deliver Food With DoorDash

DoorDash is one of a number of app-powered food delivery services that have popped up in recent years. If you need to make money quick, becoming a delivery driver for Doordash may be the perfect solution. In fact, the signup box on their website reads, “Get Your First Check This Week”.

Ask for a Raise

Perhaps the fastest way to make extra money is by leveraging the job you already have. Unfortunately, many people don’t think about this, and instead feel like they need to take on something extra. I’ll finish with a few ways to increase your 9-5 income.

You’ve probably heard it said, “If you don’t ask, the answer will always be, no”. To most companies, a valuable employee is worth their weight in gold. Part of this is due to how much time and money it takes to hire and train someone new. Chances are, your employer is willing to pay you more, but you need to ask. If you’re able to effectively communicate your value to your boss, you may be pleasantly surprised at the outcome.

Since the early says of Get Rich Slowly, we’ve advocated learning how to negotiate your salary. It’s one of the best ways to boost your income — now and in the future.

Apply for a Promotion

When was the last time you considered applying for a promotion? Not only is a new job a great way to make more money, challenging yourself to step out of your comfort zone will further develop your skills, and help you grow as a person. If you’re having trouble getting promoted at your current company, you may decide to go to take your skills somewhere else. Here’s an article that gives 10 reasons successful people change jobs more often.

Take Advantage of Any Unused Benefits

If you’re not taking advantage of all of the benefits your employer is offering, you may be leaving cold hard cash on the table. Far too many employees don’t take the time to understand what’s available, and as they say, if you don’t use it, you’ll lose it. Read through your employee benefits package, or speak to an HR representative if you have questions. There’s money to be made, from health spending balances and 401K matches, to affordable insurance coverage and employee discounts.

Ask to Work Overtime

Not every job offers this opportunity, but if yours does, consider volunteering to work overtime, if you’re needing to make more money fast. Overtime work saves you from having to start something extra in your spare time, such as a second job, or a time-consuming side hustle. Remember, the goal is to make money fast. Either way, always strive for a healthy balance between time at work, and time away. The last thing you want is to feel burned out.

Final Thoughts on Making Money Fast

At the outset of this article, I mentioned that there are ways to avoid finding yourself with a shortfall of cash. While we can never be prepared for absolutely every emergency (nor should we try to be), we can make life a little easier with some advanced planning.

My best advice is to build an emergency fund. This can be as little as $500, or enough to cover several months worth of expenses, it’s up to you. Having an emergency fund will not only reduce your stress level, but it will also decrease your odds of having to use a credit card to cover a financial emergency, and that is a good thing.

In the meantime, my hope is that you feel more confident about making money fast, should the need arise.

Source: getrichslowly.org

Best Cash Advance Loans for Bad Credit

February 10, 2021 by Liam Lane Posted in Loans, Skilled Nursing Care Tagged ATM, bad credit, borrowing, building, Checking Account, Credit, Credit Card, credit cards, credit history, Credit Score, Debt, Emergency Fund, Fees, Financial Wize, FinancialWize, Interest Rates, keep, Loans, money, new york, Personal, savings, Taxes, visa

Financial emergencies happen to the best of us, which is why it’s always a good idea to set aside an emergency fund. But if you don’t have an emergency fund, it’s also possible to take out a cash advance loan to cover the expense.

woman typing

However, this can be challenging for individuals with bad credit. You may have a hard time getting approved for a personal loan, and if you are approved, you may get stuck with terrible interest rates. This is why many people turn to cash advance loans.

A cash advance loan is a short-term loan that is meant to provide temporary relief from financial problems. This includes things like payday loans or cash advances from a credit card. This article will go over some of the best options available to you.

5 Short-Term Cash Advance Loans to Consider

Short-term loans are given in smaller amounts, and the loan term won’t be longer than a few months. These loans are easy to apply and qualify for, even if you have bad credit.

You’ll apply either online or in-person, and the application process is usually pretty quick. Once you’re approved, the lender will give you the cash, minus any fees. The fees for short-term loans are based on the amount you’re borrowing.

If you’re in a true emergency, need access to cash, and don’t want to take out a payday loan, it could make sense to get a cash advance loan. But you’ll want to make sure you compare lenders and understand the terms and conditions.

Short-term lenders tend to charge incredibly high fees that can trap you in a cycle of debt. There being said, if you need to take out a short-term loan, here are five options you can consider.

MoneyMutual

MoneyMutual is an online lending marketplace that connects borrowers with lenders across the country. You can apply for a cash advance loan of up to $2,500 and receive the funds within 24 hours. The online application process is quick and easy to complete.

The rates vary depending on a borrower’s credit score, but consumers with bad credit are welcome to apply. However, you will need a monthly income of at least $800, and MoneyMutual is not available to borrowers in New York.

Read our full review of MoneyMutual

CashUSA

CashUSA is another online lending marketplace that helps consumers with bad credit access cash advance loans from $500 to $10,000. APRs range from 5.99% to 35.99%, with repayment terms up to 72 months.

If you use CashUSA, the application process is easy, and you’ll receive a decision within minutes. The funds will be deposited in your bank account, and you can get your money in as little as one business day.

Read our full review of CashUSA

CashAdvance

CashAdvance is a one-stop-shop for short-term cash advance loans. The company will connect you with its network of lenders and offers loans up to $1,000 or more. You can apply online. It’s very quick and easy.

To qualify for a loan through CashAdvance, you have to be at least 18-years-old and earn at least $1,000 per month after taxes. Your repayments will be automatically deducted from your checking account every month.

Read our full review of CashAdvance

Bad Credit Loans

Bad Credit Loans has been connecting borrowers to its network of lenders since 1998. You can apply for a loan between $500 and $5,000 and receive the funds as soon as the next business day. The interest rate ranges from 5.99% to 35.99%, depending on your creditworthiness.

It’s easy to apply for a loan and you have a good chance of being approved, even if you have bad credit.

Read our full review of BadCreditLoans.com

PersonalLoans.com

PersonalLoans.com is another lending network but unlike some marketplaces, it is available everywhere in the U.S. You can apply for a loan between $500 and $35,000, so this is a good option if you need a more substantial loan amount.

The interest rates range from 5.99% to 35.99%, based on creditworthiness. The application and approval processes are quick and you can receive the funds as soon as the next business day. However, if you’re looking to borrow a large sum of money, the approval process may take longer.

Read our full review of PersonalLoans.com

3 Credit Card Cash Advances to Consider

The installment loans above may require a credit check. If that doesn’t seem like the best option, you can also consider a credit card cash advance.

If you have the funds available on your credit card, this could be an easy option for you. However, not all credit cards allow cash advances, and those that do tend to charge very high fees. And once you’ve taken out the money, interest will start accruing immediately.

To receive the money, you can visit your local branch. If you’d rather make a cash withdrawal from an ATM, you’ll need to call the bank and set up a PIN. Listed below are three credit cards that may be good for cash advances.

PenFed Promise Visa Card

PenFed Credit Union issues this card. Borrowers with a fair credit score can qualify for this card and the APR range is 11.24% to 17.99%.

PenFed doesn’t charge cash advance fees on any of its cards, which is pretty uncommon. Most credit cards charge cash advance fees between 3% and 5%. It will charge interest on the amount you withdraw, though.

Capital One Platinum Credit Card

This card is easy to apply for and available to borrowers with less-than-ideal credit. The regular APR is 26.96%, which is on the high side, and it doesn’t offer an introductory APR.

But you will have access to cash advances, and the company charges a 3% cash advance fee. This isn’t as good as what PenFed offers, but it’s lower than some.

First Access Solid Black Visa Credit Card

The First Access Solid Black Visa card isn’t going to be your best option, but it is available to borrowers with a poor credit history. The APR is 34.99%, which is much higher than what other credit cards charge. But if you need to take out a cash advance, there are no cash advance fees other than the interest.

Things to Keep in Mind

Sometimes, financial emergencies are unavoidable and you’ll need to find a way to get through them. A short-term loan or cash advance can be a way to close the temporary gap in funds.

Just make sure you repay the loan and begin working on building up your savings. This will help you avoid getting into this situation again in the future. And here are a few things you should consider before borrowing money from anyone:

  • Have a plan for how you’ll repay the money
  • See how the Better Business Bureau rates the company you’re considering
  • Read the terms and conditions before agreeing to anything
  • Make sure you know exactly what fees you’ll end up paying on a cash advance

Source: crediful.com

CIT Bank CD Rates: How Much Can You Earn

February 10, 2021 by Liam Lane Posted in Banking, Home Improvement, Investing, Personal Finance Tagged 5-year CD, 6-month CD rates, ATM, Banking, CD, CDs, certificate of deposits, Checking Account, cit bank, CIT Bank CDs, Credit, Direct Deposit, FDIC, Financial Advisor, Financial Goals, Financial Wize, FinancialWize, house, index funds, invest, Investing, investment, market, money, Money Market, more money, mutual funds, personal finance, principal, Purchase, save, Saving, Saving Money, savings, Savings Account, savings accounts, Security, Uncategorized

CIT Bank CD rates are competitive compared to other Banks’ CDs.

For instance, a 6-month CIT Bank CD has a rate of 0.50%, which is way higher than the national average rate of 0.25%.

How much you will earn depends on the length of the term.

But one thing for sure is that the longer the term of the CD (certificate of deposit), the more money you will make.

CIT Bank offers CD terms ranging from 6 months to 5 years. The 5-year term CD has an applicable yield of 1.05%.

The minimum investment requirement is $1,000. But their jumbo CD’s deposit requirement is way much higher, $100,000.

CIT bank also offers a no-penalty 11-month CD (more on this later).

Click here to open a CD with CIT Bank.

See below a table of CIT Bank CD Rates that are available to you:

CIT Bank Term CD Minimum Deposit APY/Rate
6 Month $1,000 0.50%
11-Month $1,000 0.75%
1 Year $1,000 0.75%
13 Month $1,000 0.75%
18 Month $1,000 0.75%
2 Year $1,000 1.00%
3 year $1,000 1.00%
4 year $1,000 1.05%
5 Year $1,000 $1.05%
All CIT bank CDs are FDIC insured up to $250,000.

CIT Bank CD Rates: an overview

CIT Bank CD rates are very impressive out there.

When compared to other CDs, such as Vanguard CDs, they compete at a similar or even better level.

CIT bank CDs, as all certificate of deposits, produce a higher rate than savings accounts, money market funds, etc.

But not as much as a short-term bond.

The minimum deposit for CIT Bank’s standard CDs is very reasonable, $1,000.

The bank’s Jumbo CDs, while produce a higher rate than a standard CD, has a much higher minimum of $1,000 (more on this below).

What is a certificate of deposit (CD)?

CDs are certificates that banks or credit unions sell to you.

Banks issue them to you for a specific dollar amount for a specific length of time.

The time period could be anywhere from 1, 6, 12 or 24 months to several years.

The bank pays you some interest. You get your full principal back plus interest you earn once the CD matures or “comes due.”

If you want your money back before it matures, you can withdraw it.

But you will get hit with a penalty for early withdrawal. But some banks like CIT Bank, that offer CDs with no penalty.

CDs are very safe, because they are FDIC insured for up to $250,000.

See: Grow Your Money: Mutual Funds, Index Funds & CDs

Are CIT Bank CDs the right choice for you?

CDs is one of the best short-term investments you can have. Given that their rates are very impressive, CIT Bank CDs may be right for you.

Therefore, you should consider investing in them:

  • You don’t tend to tap into your money at any moment.
  • You’re saving money for a down payment to buy a house in the near future.
  • You want an investment that provides a higher yield than a regular savings account, money market fund.
  • You’re looking for a safe and low-risk place for your hard-earned money.

What are the CIT Bank CD rates?

CIT Bank provides CDs ranging from 6 months to 5 years. The longer the term of the CD, the higher the interest rate.

For instance, CIT Bank’s 5-year term CD currently has a rate/APY of 1.05%.

CIT Bank 5-Year CD Rates

The applicable rate for a 5-Year CIT Bank CD is currently 1.05%. And it requires a minimum deposit of $1,000.

This is the longest CIT Bank CD term out there. And its interest rate exceeds most CD rates you’d get from banks.

Learn more about this product and apply on CIT Bank’s secure website

CIT Bank 4-Year CD Rates

This 4-year CIT Bank CD also requires a minimum deposit of $1,000.

This CD’s yield is the same as the CIT Bank 5-year CD. It is also higher than most bank CDs. The yield is currently is 1.05%.

CIT Bank 3-Year CD Rates

The applicable yield for a 3-Year CIT Bank CD is still very competitive. It’s 1.00% and requires a $1,000 deposit.

CIT Bank 2-Year CD Rates

The rate for a 2-Year CIT Bank CD is 1.00% and a minimum deposit of $1,000 is required.

CIT Bank 18-Month CD Rates

For an 18-Month CIT Bank CD, the yield is 0.75%. The minimum deposit is $1,000.

CIT Bank 13-Month CD Rates

For an 13-Month CIT Bank CD, the yield is 0.75%. The minimum deposit is $1,000.

CIT Bank 1-Year CD Rates

The yield for a 1-Year CIT bank CD is 0.75% and a minimum deposit of $1,000 is required. 

CIT Bank 11-Month CD Rates

For an 11-Month CIT Bank CD, the yield is 0.75%. The minimum deposit is $1,000.

However, the CIT Bank 11-month CD is a no-penalty CD. That means CIT Bank will let you withdraw your money at any time without incurring a penalty.

This is good for those faced with an emergency situation and need quick and easy access to their money.

CIT Bank 6-Month CD Rates

Lastly, for a 6-Month CIT Bank CD, the yield is 0.50%. The minimum deposit is $1,000.

See: 6-Month CD Rates: Earn More Money

CIT Bank’s Jumbo CDs.

CIT Bank also offers Jumbo CDs. They offer a much better interest than CIT Bank’s standard CDs.

However, they require a much bigger minimum deposit. For example, you will need a minimum deposit of $100,000 to start with.

Here is a table of CIT Bank’s Jumbo CD rates:

CIT Bank Jumbo CD Minimum Deposit APY/Rate
2 Year $100,000 1.00%
3 Year $100,000 1.00%
4 Year $100,000 1.05%
5 Year $100,000 1.05%

How to open a CIT Bank account.

To get access to the best CIT Bank CD rates, you must be eligible to open an account.

To be eligible, you must be a US citizen or resident alien. You must be 18 years old or older, have a a US address, a social security number, a driver’s license or state issued ID.

You also need to have a bank checking account to transfer money to your CIT Bank account.

CIT Bank CDs Alternatives

If CIT Bank CDs do not do it for you, or you’re looking to get more interest on your money, then try to invest in the best Vanguard mutual funds out there.

That way your money is still safe and you get more return on your money.

Mutual funds are some of the best ways to invest your money.

One thing you should know, however, is that mutual funds invest in stocks and bonds.

These securities tend to be riskier. Therefore, you might lose some or most of your investment if the market goes down.

So, beginner investors wishing to invest in these mutual funds should also consider learning how the stock market works.

Bottom line

CIT bank CDs might be appropriate for you if you are not going to use the money for a certain period of time.

They can be a great choice if you are saving your money for a down payment to purchase a house in the next few years or so.

Indeed, CIT Bank CDs provides a better yield than bank savings accounts and money market funds. But the money is only available after the CD becomes due.

So, if access to your money at anytime is a priority, you’re better off save your money in a high yield savings account or the best Vanguard Mutual Funds.

Tips for Maximizing Your Savings

  • Open a Chase checking account. You will get a $200 bonus when you open a new Chase Total Checking account and set up a direct deposit. And it’s easy to find a Chase ATM just about anywhere. Get started Now.
  • If you have questions beyond CIT Bank CD rates, you can talk to a financial advisor who can review your finances and help you reach your goals. Find one who meets your needs with SmartAsset’s free financial advisor matching service. You answer a few questions and they match you with up to three financial advisors in your area. So, if you want help developing a plan to reach your financial goals, get started now.

Source: growthrapidly.com

How to Pay Yourself First

February 10, 2021 by Liam Lane Posted in Home Improvement Tagged big, budget, Budgeting, building, car, Checking Account, cons, Credit, Credit Card, Debt, Emergency Fund, Entertainment, Financial Goals, Financial Wize, FinancialWize, Grow, Health Insurance, Home, housing, How To, Insurance, Investing Advice, keep, Life, Lifestyle, money, Mortgage, mortgage payments, paycheck, Paying Down Debt, Personal, pros, Pros and Cons, rent, Retirement, retirement funds, save, Saving, savings, Savings Account, savings accounts, Spending, Style, tax, Taxes

Paying yourself first is a budgeting strategy that suggests individuals should contribute to a retirement account, emergency fund, savings account, or other savings vehicle before spending their paycheck on anything else.

The pay yourself first method is a pretty simple concept to understand, but actually applying to your own finances can become a little more complex. To help our Minters put this plan into practice, we’re breaking it down step-by-step and revealing some of the advantages and drawbacks of paying yourself first.

If you already have a solid grasp on the topic, use the links below to navigate throughout the post, or read all the way through for the full picture.

What does it mean to pay yourself first?

Pay yourself first definition: The pay yourself first method, also known as reverse budgeting, is a savings strategy that says individuals should save a portion of their paycheck before spending any other money on bills, groceries, or discretionary items. The amount saved is typically predetermined as part of a larger savings goal, and is often funneled into retirement funds and/or savings accounts.

Many financial experts and individual consumers who subscribe to this method choose to have funds automatically redirected into their elected savings account(s). 

For example, if you want to put $200 of every paycheck toward your 401k, you could set up an automatic contribution rather than physically transfer funds each pay period. For many savvy savers, this makes it easier to commit to a monthly goal, because the amount never actually reaches your checking account, but is rather allocated directly toward your savings.

Note: There are several options you can employ to make the pay yourself first strategy work for your finances. If you prefer to make the transfers on your own instead of automatically, that’s totally okay! This budgeting style is really all about consistency — contributing a set amount each month to your retirement plan or savings account can really pay off over time.

Advantages of the pay yourself first method

Like any financial decision you’ll make in your lifetime, you’ll want to consider the pros and cons of subscribing to the pay yourself first philosophy.

The primary benefit of setting aside savings first, is building the amount you have saved over time. This strategy forces you to live within, or below your means — so long as you don’t start swiping your credit card recklessly instead.

Here are a few other potential benefits you could reap if you employ the pay yourself first strategy:

  • You can save up for big purchases, like a home, car, or dream vacation. Or, put your hard-earned dollars toward an emergency fund, personal savings, or retirement.
  • Contributing to accounts that earn compound interest allows your money to continue growing the longer you leave it untouched.
  • Many retirement funds and other savings options are considered “tax-advantaged.” This means that your dollars may be exempted from tax, or in the case of IRAs and 401ks, tax-deferred; so you’ll pay taxes later on when you make a withdrawal.

Drawbacks of the pay yourself first method

In addition to the positive aspects a pay yourself first budget may offer, there are some potential drawbacks that could ensue under certain circumstances. Put simply, the strategy simply does not work for everyone. As you learn about the pay yourself first method, consider how it fits into the context of your personal finances.

Here are a few examples where paying yourself first may not work to your benefit:

  • Without following careful money management advice, you may find yourself scraping for change to make ends meet. Before you commit to a monthly savings goal, use a budgeting calculator to determine how much money you can reasonably afford to save each month.
  • While prioritizing your savings can help you boost the balance in your savings account, it may be worth paying down debt first. Because interest compounds over time, waiting to pay off a credit card or a student loan, for example, means that you’ll pay more interest the longer there is an outstanding balance.

As you consider the various strategies you can use to build your savings, remember to take a close look at the potential pros and cons you may encounter. There are plenty of saving styles you can leverage, so don’t count yourself out if this one isn’t the best fit for you. For more help creating a budget and savings plan that meets your needs, check out how Mint can help!

How to Pay Yourself First

Now that you know what it means to pay yourself first, and have had a moment to consider the potential benefits and drawbacks, let’s take a look at how this strategy actually plays out, step-by-step.

1. Evaluate your monthly income + expenses 

Before you decide on the amount you want to save each month, take a look at both your fixed and variable expenses. Your fixed expenses are those costs that stay consistent month over month, like your rent or mortgage payments, student loan bill, and health insurance, for example. 

Your variable expenses, on the other hand, aren’t always the same amount each time, and sometimes you don’t incur them at all. Entertainment costs, vehicle maintenance, and groceries are all examples of variable costs, and so, their price tag may vary from one month to the next — just do your best to estimate these.

Once you can project your monthly expenses, subtract the amount from your monthly income to see what’s leftover. Depending on your savings and greater financial goals, you can tweak some of your spending to free up more cash.  

2. Identify your savings goals + commit

Now that you have a better understanding of your income and expenses, you can set some savings goals!

If you’re not sure where to start, consider the 50/30/20 rule.

The rule says…

  • 50% of your budget should go toward essential expenses such as housing, food, utilities, an minimum debt payments
  • 30% should be reserved for wants and lifestyle expenses
  • 20% should be funneled into your savings and any extra debt payments

If you don’t want to crunch the numbers on your own, try out our 50/30/20 calculator and we’ll do the heavy lifting for you!

In addition to setting forth a savings target, you’ll also want to think about where you want your reserved cash to live, and hopefully, grow. If you want to save up for retirement, a 401k or an IRA might make sense, whereas traditional savings accounts might work better for those wanting to save up funds for a shorter length of time.

3. Review + reevaluate 

Whether you’re using the pay yourself first method or another savings strategy, it’s important to remember that your budget should never be static. As life changes, your finances follow. A better salary or a reduction in your living expenses could present more opportunities to save, while a pay cut or recently incurred expense could have the opposite effect.

To keep your budget optimized and up to date, take the time to review and reevaluate it on a regular basis, and when significant changes arise. 

Wrapping Up

The pay yourself first budgeting style can be a favorable way to boost the balance in your savings account,  retirement fund, or other savings goal. However, budgeters should reflect on their unique financial situation to assess whether this strategy suits them. In most circumstances, it would be in your best interest to pay down debt before you start making monthly contributions to your savings.

If you subscribe to the pay yourself first philosophy, follow these three steps:

  1. Evaluate your monthly income + expenses 
  2. Identify your savings goals + commit
  3. Review + reevaluate

Need some extra guidance to find the right budget for your lifestyle? Mint gives you a data-driven perspective, helps you launch and track savings objectives, and empowers you to actualize your greater financial goals.

Learn more about security

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Source: mint.intuit.com

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