The Penny Hoarder |
- Manage Your Money Like a CEO by Studying This One Number
- Apply for Lemonade Life Insurance Coverage For as Little as $9/Mo
- Get Paid Early and Skip Overdraft Fees with the Current Bank Account
- The 6 Best High-Interest Checking Accounts for July 2021
- The 5 Best Banks for Small Businesses in 2021
| Manage Your Money Like a CEO by Studying This One Number Posted: 01 Jul 2021 01:00 PM PDT Some of the links in this post are from our sponsors. We provide you with accurate, reliable information. Learn more about how we make money and select our advertising partners. CEOs know money. That's why they make so much of it. Every company's CEO keeps an eagle eye on one number — the bottom line. Add up your revenue, subtract your expenses, and you've got your bottom line. Ultimately, it's the only number that matters. So many of us get a little sloppy about the bottom line. We earn what we earn, and we spend a little too much, and before you know it, we're in debt. Deep in debt. But that CEO in the corner office who pulls in $15 million a year? That person is laser-focused on the bottom line. Obsessed with it. Always looking for ways to improve it. Here are six ways you can improve your bottom line — just like a CEO: 1. Stop Paying Your Credit Card CompanyCredit card debt will put a hurting on your bottom line like nothing else. And the truth is, your credit card company doesn't really care. It's just getting rich by ripping you off with high interest rates. But a website called AmOne wants to help. If you owe your credit card companies $50,000 or less, AmOne will match you with a low-interest loan you can use to pay off every single one of your balances. The benefit? You'll be left with one bill to pay each month. And because personal loans have lower interest rates (AmOne rates start at 3.49% APR), you'll get out of debt that much faster. Plus: No credit card payment this month. AmOne keeps your information confidential and secure, which is probably why after 20 years in business, it still has an A+ rating with the Better Business Bureau. It takes two minutes to see if you qualify for up to $50,000 online. You do need to give AmOne a real phone number in order to qualify, but don't worry — they won't spam you with phone calls. 2. Get Paid Every Time You Buy GroceriesThere are some things you just have to buy. CEOs would call these operating expenses. For the rest of us, that means things like grocery shopping — which will always be one of your biggest expenses. Shouldn't you have something to show for it? A free app called Fetch Rewards will reward you with gift cards just for buying toilet paper and more than 250 other items at the grocery store. Here's how it works: After you've downloaded the app, just take a picture of your receipt showing you purchased an item from one of the brands listed in Fetch. For your efforts, you'll earn gift cards to places like Amazon or Walmart. You can download the free Fetch Rewards app here to start getting free gift cards. Over a million people already have, so they must be onto something… 3. Make Sure You're Not OverpayingHere's another way to bump up your bottom line: Stop overpaying for things. Wouldn't it be nice if you got an alert when you're shopping online at Target and are about to overpay? That's what this free service does. Just add it to your browser for free, and before you check out, it'll check other websites, including Walmart, eBay and others to see if your item is available for cheaper. Plus, you can get coupon codes, set up price-drop alerts and even see the item's price history. Let's say you're shopping for a new TV, and you assume you've found the best price. Here's when you'll get a pop up letting you know if that exact TV is available elsewhere for cheaper. If there are any available coupon codes, they'll also automatically be applied to your order. In the last year, this has saved people $160 million. You can get started in just a few clicks to see if you're overpaying online. 4. Knock $540/Year From Your Car Insurance in MinutesYour bottom line is kind of like a moving target. CEOs are never satisfied; they're always looking for new ways to cut expenses and make sure they're not overpaying. And you can be the same way. For example, when's the last time you checked car insurance prices? You should shop your options every six months or so — it could save you some serious money. Let's be real, though. It's probably not the first thing you think about when you wake up. But it doesn't have to be. A website called Insure makes it super easy to compare car insurance prices. All you have to do is enter your ZIP code and your age, and it'll show you your options — and even discounts in your area. Using Insure, people have saved an average of $540 a year. Yup. That could be $500 back in your pocket just for taking a few minutes to look at your options. 5. Add $225 to Your Wallet Just for Watching the NewsThe best way to boost your bottom line? Diversify your revenue streams. CEOs know this. But you don't need to be in the c-suite to find new ways to make extra money. You could do this by just watching the news. Yep. This is a historic time for news, and we're all constantly refreshing for the latest updates. Research companies want to pay you to keep watching. You could add up to $225 a month to your pocket by signing up for a free account with InboxDollars. They'll present you with short news clips to choose from every day, then ask you a few questions about them. You just have to answer honestly, and InboxDollars will continue to pay you every month. This might sound too good to be true, but it's already paid its users more than $56 million. It takes about one minute to sign up, and start getting paid to watch the news. 6. See if You Can Get More Money From This CompanyIf there's a way to get extra cash back into your budget, you better believe CEOs have considered it. You can adopt that same mindset. Here's the deal: If you're not using Aspiration's debit card, you're missing out on extra cash. And who doesn't want extra cash right now? Yep. A debit card called Aspiration gives you up to a 5% back every time you swipe. Need to buy groceries? Extra cash. Need to fill up the tank? Bam. Even more extra cash. You were going to buy these things anyway — why not get this extra money in the process? Enter your email address here, and link your bank account to see how much extra cash you can get with your free Aspiration account. CEOs will tell you to keep an eye on the bottom line. If you follow these six tips, you can make a real difference in yours. Watch and see. Mike Brassfield (mike@thepennyhoarder.com) is a senior writer at The Penny Hoarder. He's not a CEO, but he knows about the bottom line. This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.  This posting includes an audio/video/photo media file: Download Now |
| Apply for Lemonade Life Insurance Coverage For as Little as $9/Mo Posted: 01 Jul 2021 11:56 AM PDT Some of the links in this post are from our sponsors. We provide you with accurate, reliable information. Learn more about how we make money and select our advertising partners. Ok, the idea of life insurance kind of sucks. If it gets used, it means you died. Or someone you love and/or depend on died. No one wants to think about the worst possible outcome — to the point that no one wants to even think about buying life insurance.
But here's the thing: It can get even worse when the people you love end up in financial trouble without your income and no life insurance to keep them afloat. Think about it — defaulted mortgages, depleted emergency funds and missed college tuition payments could upend your family's life.
That's why a website called Lemonade wants to offer you affordable term life insurance in as little as five minutes — so you don't have to worry about the what-ifs again.
When you quickly apply for a term life insurance policy on their website or app — without going to the doctor for a medical exam — you'll be able to relax, knowing you've done everything you can to help take care of your family.
Apply for Term Life Insurance in as Little as 5 Minutes — for as Low as $9/Month
Let's get the assumptions out of the way: Life insurance isn't just for old rich people, and it might not be as expensive as you think, if you know where to go looking for it.
Whether you need a $50,000 policy or a $1.5 million policy, Lemonade can help find the right coverage for you. There's no paperwork and no medical exam required. Coverage starts for as low as $9 a month!
The application takes as little as five minutes and asks questions about your health, lifestyle and who you want your beneficiaries to be.
What Makes Lemonade Different?
In the past, applying for life insurance was a tedious process that required tons of paperwork and an invasive medical exam. But things are changing, thanks to new companies like Lemonade. Gone are the days of blood tests, signatures and endless insurance jargon.
First of all, Lemonade's application process is entirely online. Yep. You don't even need to leave the couch. There's no medical exam needed, and unlike other life insurance websites, Lemonade offers term life insurance directly, and won't direct you elsewhere to fill out more forms and compare quotes yourself. You simply fill out an application once, and if approved, choose your coverage and buy right from their website or app.
Those guilty thoughts about not having your family protected? You can seriously get rid of them without missing a second of "NCIS New Orleans."
You won't enter your credit card until after you've been approved, accepted your quote and read the fine print, so your info is safe and protected.
If you're between the ages of 18 and 60 and living in the U.S. (except New York), complete your application in the next five minutes and know you're covered for the term you selected. You can have this done before the next commercial break ends.
Kari Faber is a staff writer at The Penny Hoarder. She has a life insurance policy through Lemonade because it really was that easy to do. This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.  This posting includes an audio/video/photo media file: Download Now |
| Get Paid Early and Skip Overdraft Fees with the Current Bank Account Posted: 01 Jul 2021 09:18 AM PDT Some of the links in this post are from our sponsors. We provide you with accurate, reliable information. Learn more about how we make money and select our advertising partners. We know what it's like to live paycheck to paycheck. Been there, done that. And if you're in that situation, like so many of us are, there are two things you know for sure: It sure would be nice to get paid a couple days early. And overdraft fees are the absolute worst. Luckily, we've found a mobile banking account that can handle both of those things for you. It's called Current, and it could make your financial life so much less stressful. Current also gets you cash back on purchases; removes those annoying holds that gas stations put on your debit card; and makes it easy to deposit checks or even cash. It's a state-of-the-art account, designed for the times we live in — and perfect for people who could use a little less stress in their financial life. Get Paid up to Two Days FasterIf you're living paycheck to paycheck, you're far from alone. Studies have found that roughly three-quarters of all full-time workers are in the same boat. And if you're in that boat, you're probably paddling as fast as you can. One of Current's most appealing features is its ability to get you paid up to two days faster when you sign up for direct deposits. When you have looming bills or mouths to feed, this can be a lifesaver. Faster direct deposits are the key. Unlike the big brick-and-mortar banking chains that dominate this country, Current simply credits your account immediately when it gets notified of your incoming direct deposit. That can get the money to you up to two days faster. No Evil Overdraft FeesWe hate overdraft fees, and we know you do, too. An overdraft fee to cover insufficient funds is typically about $35, and that's always painful — especially if you get hit multiple times at once. The big banks rake in billions of dollars in overdraft fees every year. It fattens their profit margin and, in fact, it's a crucial part of their whole business plan. But Current won't do that to you. It'll allow you to overdraft your account by up to $100* without hitting you with any nasty fees, as long as you're getting at least $500 in direct deposits each month and you're a Premium Member If you're living paycheck to paycheck, this is a huge relief. It can help you avoid that never-ending cycle. Make Deposits and Withdrawals EasilyCurrent is a mobile-only account, so you'll do all your banking through its mobile app, which is available for iOS or Android. If you're used to banking in person, this is easier than you might think. Making deposits and withdrawals is simple. ATMs: Need to use one? With Current's debit card you can withdraw money without any fees at more than 40,000 ATMs across the country. Adding Cash: You can add cash to your account at more than 60,000 stores. There's a map of locations in the Current app. Deposit checks: Just sign the check, snap a photo of the front and back, then enter the amount into the app. Done. Cash Back and No Gas Station HoldsUnlike a lot of other debit cards, Current also gets you cash back on some purchases. You usually only get that with high-end credit cards, and you need a really good credit score to qualify for one of those. When you use your debit card at more than 20,000 participating retailers, you can earn up to 15 points for every dollar you spend. You can redeem those points for cash at 100 points per dollar, or to pay for your Current Premium subscription. Current also removes those annoying holds that gas stations put on your debit card. Man, we hate those. They're almost as bad as overdraft fees. Some gas stations put a hold of up to $100 on your card when you buy gas there. That hold locks the amount being held, making it unavailable for you to spend. Current immediately removes those holds, so you'll never have to worry about it. A Highly Rated AppCurrent has two membership plans: a basic plan and a premium plan. The basic plan, which is free, gets you a basic account with a debit card. The premium plan costs $4.99 a month, but you can quickly make up for that by avoiding just one overdraft fee. Also, it's the premium plan that allows you to get paid faster. And the points you earn from participating retailers can help cover your monthly fee — you can just have your points automatically applied to your fee. Current's app is highly rated by those who use it. As of mid-2021, the app was rated a nice 4.7 out of 5 with nearly 75,000 reviews in Apple's App Store, and was rated a 4.6 out of 5 with 70,000 reviews on Google Play. So, if you're living paycheck to paycheck, you know how rough it can be. If you'd like to get paid early and avoid those nasty overdraft fees, it only takes a few minutes to sign up for Current. Mike Brassfield (mike@thepennyhoarder.com) is a senior writer at The Penny Hoarder. He really hates overdraft fees, and he knows you do, too. *Please refer to Overdrive Features Terms and Conditions This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.  This posting includes an audio/video/photo media file: Download Now |
| The 6 Best High-Interest Checking Accounts for July 2021 Posted: 01 Jul 2021 09:00 AM PDT Some of the links in this post are from our sponsors. We provide you with accurate, reliable information. Learn more about how we make money and select our advertising partners. When you think of interest-generating bank accounts, your mind likely goes to savings. After all, that's your reward for building an emergency fund or socking away money for a future expense, right? A regular, end-of-month deposit into your savings account, courtesy of your bank. Good news: You can also earn interest with select checking accounts. Online banks have less overhead than brick-and-mortar locations and are increasing in popularity. To compete for your business, many now offer interest-yielding checking accounts. We'll be honest — with today's interest rates, you won't be raking in the dough. However, if you can earn something versus nothing for keeping your money in a checking account, we think it's worth exploring. How We Picked the 6 Best Checking Accounts That Pay InterestOur methodology for this list is simple: According to the FDIC, the average interest rate for interest-bearing checking accounts is currently 0.03%. So, we looked for accounts that came in around that range or higher. (Note: APR fluctuates over time, so a lower rate now could rise in the future.) Beyond the interest rate, we looked at what else the account brings to the table. We gave preference to ones that don't have maintenance fees or require minimum balances and that offer ATM fee reimbursement. The 6 Best High-Interest Checking AccountsHere are the six best high-interest checking accounts where you can use your money and make a little money at the same time. 1. SoFiOne of the highest interest rates we've found for an online checking account is from SoFi Money. That checking account earns you 0.25% APY, or annual percentage yield, which is percent in interest (including compound interest) you'll earn on your money in a year. SoFi Money takes a number of steps to make the transition to online banking easy:
Read our full Sofi Money review. 2. NBKC Personal CheckingThe NBKC Personal Checking Account offers 0.15% interest on all balances and has no minimum balance requirement. It also features $0 overdraft and non-sufficient funds charges, so if you tend to overextend your money, you won't get dinged. Do you use ATMs? NBKC Personal Checking also offers up to $12 monthly to refund those pesky ATM fees. 3. Memory BankYou may not have heard of Memory Bank. Or maybe you did and you just forgot. (Get it?) Anyhoo, Memory Bank's EarnMore Checking Account is another option for a high-interest checking account with 0.02% APY. Memory Bank is a great choice for those of us who like the perks of online banking, but also want to know that we can get personal service when we need it. They offer live support by phone, email or online chat. That can be a great benefit when you just need to ask a quick question, but don't want to get stuck on an automated phone system for an hour. 4. Capital One 360The real beauty of the Capital One 360 Checking Account is the pure ease of its online banking setup. Both the website and the app are remarkably intuitive. Plus, you won't have any minimum balance or fees to deal with. The base APY right now for the Capital One 360 is 0.1%, which is a respectable three times the national average.    5. Charles SchwabOK, when you think of Charles Schwab, you probably don't think about checking accounts. That could change. Its High Yield Investor Checking is a free account that earns 0.03% APY on your balance. It also features unlimited ATM fee rebates worldwide. That's pretty cool if you travel a lot. This account has no minimum balance, no minimum opening deposit and no maintenance fees. There is one catch: You need to have a Schwab One brokerage account linked to your checking to avoid maintenance fees. It may not be for everybody, but if you already invest, why not take advantage of it? 6. Ally Interest Checking AccountAs the name suggests, you'll earn interest with the Ally Interest Checking Account. For balances under $15,000, you'll earn 0.1%, which isn't all that remarkable. But, if you tend to have $15,000 or more on hand, you can earn 0.25%. While 0.25% may not seem like much, that's about eight times the national average for checking accounts that pay interest. Ally's Interest Checking really makes its mark with the other perks. The account has:
Another nice perk is that Ally will reimburse you for up to $10 worth of ATM fees charged by other banks per statement cycle. And, as of June 2021, Ally Bank has eliminated overdraft fees on all accounts for all customers. Pro Tip Check out our current list of bank promotions for a chance to gain a monetary bonus when signing up for a new bank account.  How to Choose a High-Interest Checking AccountIf you're thinking about moving to a high-interest checking account, take a few things into consideration.
Contributor Kathleen Garvin (@itskgarvin) is a personal finance writer based in St. Petersburg, Florida, and former editor and marketer at The Penny Hoarder. She owns a content-writing business and her work has appeared in U.S. News, Clark.com and Well Kept Wallet. This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.  This posting includes an audio/video/photo media file: Download Now |
| The 5 Best Banks for Small Businesses in 2021 Posted: 01 Jul 2021 07:00 AM PDT If you've started your own company — or you're considering the move — you've likely marveled at the logistics required to pull it off. Popular first-time small business owner (SMB) questions include:
There are many changes when you run your own show. And when you become a business owner, your banking needs to change, too. That's right, you need a business account. Since vetting banks and business checking accounts probably isn't how you want to spend your time when you're self-employed, we did the leg work for you. But first, let's cover some basics. What is a Business Bank Account, and Why Do You Need One?A business bank account is where you keep your money for the company. It's an account used specifically for the business — so, separate from your personal checking or savings accounts — where you hold your earnings, pay for related expenses (supplies, vendor services, utilities, etc.) and more. Keeping these transactions separate is helpful come tax time. If you choose to apply for a business loan (some banks require you to have an account for a designated time period) or relief funds down the road, you'll also need an account to share your financials and house the money. No matter how big or small your operation is, it's strongly recommended that you open a business bank account. At a minimum, a business checking account; it's a good way to stay organized, period. You want a place to keep track of all the money coming in and out of your business and have a clear-cut record of your finances. Banks for Small Business OwnersMost major banks offer business accounts, as well as many credit unions. You can opt to open an account with an online-only bank or solely brick-and-mortar institution, or choose one that offers a hybrid model. If your personal bank offers business bank accounts, that might incentivize you to open an account with your current organization — but run the numbers first. While you may have access to the merchant services you're accustomed to and be able to link accounts (and seamlessly transfer money from your business bank accounts to your personal checking account, for example), there may be higher transaction fees or hidden costs. You have lots of options when it comes to banks for small business, so do some research. Common Types of Business Checking and Savings AccountsLike with personal accounts, you have many options when it comes to choosing a business bank account. Here are the basics when it comes to business banking: Business Checking AccountSome banks, specifically larger ones, may offer a variety of business checking accounts. Depending on factors such as your daily minimum balance, the number of transactions performed in a month and the amount of services you need, you can choose a checking account to fit your needs and budget. Business Savings AccountYou can select this type of account to build cash reserves and earn interest on your money. And similarly, some banks offer more than one type of account (ranging in monthly maintenance fees) based on how much money you plan on saving and the number of transactions you make in a month. Business High-Yield Business Savings AccountWith this type of account, you have an opportunity to earn higher interest rates on your money. Typically, there is a higher minimum deposit required and tighter restrictions around the number of monthly transactions allowed for this account. Many banks offer business loans and business credit cards (more on those next) and certificate of deposit (CDs). You also want to keep an eye out for new-business-account bonuses (usually in the form of a couple hundred dollars) for owners just opening their account. There's no one "best bank for small business," so it's important to take inventory of what you want and need when it comes to business banking. With that said, keep reading for our picks for the best banks for small business owners. How We Picked the 5 Best Banks for Small BusinessesThere are several angles you could take to determine the best bank offers, depending on the business needs of your company. To help you choose the best banks for small business, we focused on three banking services: Small Business Checking and Savings Account OptionsWe looked at balance requirements, (monthly) fees and transaction and deposit limits. In general, it's a good idea to look for business bank accounts that offer the following:
Unlimited and free transactions (or banks that offer a reasonable limit for your needs) are also good to look for. Related, if your small business is verging into medium-sized-business territory, you might be eligible for free XYZ until you reach a certain limit. In that case, it may be worthwhile to move up to the next business checking account level to match your needs. Small Business LendingThere are three main ways you can borrow money for your business. We compared what banks offered across these three categories:
Business Credit CardsWhile we don't advocate spending just to get credit rewards, there's no reason to leave perks for your existing expenses on the table. We looked at the annual fees, interest rates and perks each bank offers with their small business credit cards. Your needs may be more complicated, but they likely include these basic merchant services. So here's how the best small business banks stack up. The 5 Best Banks for Small Business OwnersBecause we're talking to SMBs about business savings and business checking accounts, we leaned into information specific to that audience. Meaning, we focused more on banking services that cater to those just starting out and whose cash flow might not be cracking six figures yet. To be clear, none of these companies paid The Penny Hoarder to make the list. And a reminder: We don't know your business finances or your cash flow like you do. The best bank for your small business is going to depend on your specific situation. Now, here are our five favorites.  1. Wells Fargo: Best Overall Bank Account for Small Business OwnersIf your business can keep a reliable daily balance, Wells Fargo's business accounts come cheap. With over 4,900 brick-and-mortar locations and 13,000 ATMs across the country, the other appeal is convenience. Customer service is around the clock, and you can handle all your business banking needs in one location. Business Checking and Savings AccountsIt will only cost you $25 to open an Initiate Business Checking account at Wells Fargo. The account comes with:
The Business Market Rate Savings Account also includes a $25 minimum opening deposit. The account comes with:
Small Business LendingWells Fargo also offers unsecured business loans for various business purposes. At a glance:
If you need financing for a business vehicle or equipment, you can apply for Business Equipment Financing as well. Details vary depending on the industry, equipment and services. Business Credit CardsWells Fargo's small business credit cards offer:
2. Capital One: Best for Low FeesYou can likely guess that the "credit cards" category landed Capital One on the list, but the checking and savings account options are worth a nod as well. If your main priority is credit cards, Chase may beat Capital One out, but if you're looking for comprehensive service (read: better savings and checking options), read on. Business Checking and Savings AccountsWith Capital One Spark Business Basic Checking, you get the following:
There is a $15 a month fee to maintain the account, but you can waive that by having a $2,000 minimum balance for 30 or 90 days. With Capital One Business Advantage Savings, you:
There is a $3 monthly fee, but it's waived with a $300 balance. Small Business LendingCapital One offers equipment loans, business installment loans and lines of credit that start at $10,000. Loan term lengths and repayment terms vary. Business Credit CardsCapital One offers three business credit cards and includes information upfront about the credit score you need to possess to qualify for each one. Here they are at a glance: The Spark 1% Classic card requires a Fair credit score and offers:
The Spark 1.5% Cash Select card requires an Excellent credit score and offers:
The Spark 2% Cash card requires an Excellent credit score and comes with:
 3. Chase: Best Credit Card OfferingsAs another "big four" bank, Chase Bank offers familiar perks: a reliable brand and enough resources to keep things convenient. Chase Bank has 4,700 branches and 16,000 ATMs across the country, and its customer service runs around the clock as well. But Chase's credit card offerings are particularly worth noting. Business Checking and Savings AccountsThe small business checking account, Chase Business Complete Banking, comes with:
Chase's Business Total Savings charges $10 per month, which is waived if you maintain an average balance of $1,000. Small Business LendingChase offers a variety of small business loans. Here are the details:
Business Credit CardsYou probably hear the name Chase and think of credit cards, so it's no surprise that its offerings in this category are robust — in fact, they're why Chase made the cut. The Ink Business Unlimited and Ink Business Cash cards come with:
While the Ink Business Unlimited will give you 1.5% cash back on all purchases, the Ink Business Cash earns you 5% cash back on select categories. If you're willing to pay an annual fee of $95 for the Ink Business Preferred card, the perks go up from there. 4. Axos: Best High-Yield Savings AccountThe checking and savings offerings fall short of Capital One's and Wells Fargo's, and there are no credit cards. But if you've been in business for a few years, are looking for more substantial lending and don't have a considerable sum of transactions each month, it's worth a look. Your money will earn a high APY, but you'll have to earn your fee waiver. Business Checking and Savings AccountsThe Axos Basic Business Checking account requires a $1,000 minimum opening deposit and comes with:
If that minimum opening deposit is a deterrent, you may consider the Business Interest Checking account instead. The account only requires a $100 minimum deposit and comes with:
Axos Business Savings requires a $1,000 initial deposit. The account comes with:
Small Business LendingAxos also offers lines of credit and commercial loans. Both require your business to have been in operation for at least two years.
Business Credit CardsAxos does not offer credit cards. 5. Navy Federal Credit Union: Best Credit UnionYou're a small business owner now. Maybe you don't want to do business with a multibillion-dollar corporation. If that's your speed, a credit union like Navy Federal might be right for you. These member-owned nonprofits can provide a comfort and familiarity that the big four can't offer. Full disclosure: The perks are not going to match the big four. Membership is also not available to everyone. Only veterans, active-duty military, employees of qualified government agencies and immediate family of Navy Federal members can apply to this credit union. Business Checking and Savings AccountsNavy Federal's Business Checking account comes with:
Navy Federal also offers money market accounts that begin paying dividends at $2,500. Small Business LendingNavy Federal offers the following small business lending options:
Business Credit CardsNavy Federal offers credit cards from Visa and Mastercard. The details:
Honorable Mention: BlueVineTo be clear, BlueVine is a fintech company, not an online bank (The Bancorp Bank provides banking services). While it doesn't offer credit cards, you can get a business debit card. And BlueVine offers something you can't find with most banks: 1.0% interest on your business checking balance up to $100,000. BlueVine's free business checking account has no monthly fees, no monthly transaction limits and no minimum balance requirements. You can pay vendors and bills by ACH, wire or check and set up recurring payments. You can also apply for credit lines up to $250,000 with rates as low as 4.8%. BlueVine is FDIC insured and its online-only structure could mean convenient mobile banking for you. If a brick-and-mortar location isn't a top priority, add this one to your list. Pro Tip Check out our current list of bank promotions for a chance to gain a monetary bonus when signing up for a new bank account.  How to Choose the Best Small Business Bank AccountsYou have many options when it comes to small business bank accounts. And your mileage with different banks and business checking accounts will vary depending on your wants and needs. Ultimately, only you can determine the best business bank account for you and your business. Do you want to use the same bank for your personal account, for example? Are you willing to step outside of the free checking options to earn more perks? Are you holding out for a debit card you can put your dog's face on? No matter what's on your checklist, the options listed here should give you an idea of where to look next. If Wells Fargo and Chase were catching your eye, for instance, it might be worth comparing offerings from other big banks like Bank of America and Citibank as well. And if you like the idea of Navy Federal, search for credit unions in your area to compare. If your small business is location-based and caters to a local client, working with a neighborhood credit union might benefit you in other ways a bigger bank cannot. The right bank for your business and personal finances is out there. You've just got to hunt it down. This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.  This posting includes an audio/video/photo media file: Download Now |
| You are subscribed to email updates from The Penny Hoarder. To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google, 1600 Amphitheatre Parkway, Mountain View, CA 94043, United States | |
No comments:
Post a Comment