The Penny Hoarder

How to Survive the Rent When Your Roommate Moves Out
How to Approach Your Landlord If You Can’t Pay Rent Next Month
17 Best Bank Promotions of August 2021 (Get Up to $450 Cash)

7 Social Security Spousal Benefit Rules Every Couple Should Know

How to Survive the Rent When Your Roommate Moves Out

Posted: 30 Jul 2021 01:00 PM PDT

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You don't have to be married to face some of the drama that comes with a messy divorce. Whether you have a roommate who's been casually dropping hints that you should be looking for a new roommate or they're downright spelling it out, the prospect of that person leaving can feel like you're about to lose everything the two of you worked so hard to maintain.

Even if you intend to stay, your landlord could annul the lease entirely if your roommate decides to unceremoniously break the lease. However, a good landlord will likely let you attempt to survive paying the lease on your own or give you time to secure rental assistance.

Ready to get to work?

Check out these tips for giving yourself a fighting chance of surviving a lease when a roommate gets cold feet and abandons the lease.

1. Find Someone New

Like dating, finding someone new can do wonders for getting you back on your feet after a roommate breaks the lease. You'd probably still have a bit of a rough patch during the transition, but looking for a roommate to sublet the apartment from your previous roommate can completely resolve the problem.

Remember: Sharing a space with a roommate isn't about being best friends, though it's nice when your best friend happens to be a great person to split living costs with. It's more important to live with someone you can coexist with and rely on. If you've just learned this the hard way, we apologize for any salt that accidentally dusted that wound.

Be sure to ask some critical questions. Can they reliably pay the rent? Do they smoke or drink? How do they feel about guests? Make sure you'll be compatible as roommates.

2. Get a Side Hustle Earning up to $69/Hour

It's that feeling of not knowing where the other half of your rent will come from that makes it unnerving just to hear your roommate hint at leaving early. It's a puzzle you'll have to solve quickly to avoid giving your landlord a good reason to evict you and still charge you the balance of your remaining rent.

Along with looking for a roommate, make things easier on yourself by searching for a side hustle before your roommate makes their departure official. Even if you manage to convince them to stay, whatever factors urging them to bail in the first place could suddenly re-emerge — embarrassment could inspire them to slip away without warning.

If you're looking for a flexible side hustle that could turn into your primary source of income, look into bookkeeping. It's the No. 1 most profitable business, according to an article in Inc. And you can earn up to $69 an hour, reports Intuit, the creator of QuickBooks.

You don't have to be an accountant or good at calculus to start your own bookkeeping business, either. As long as you're motivated, a company called Bookkeepers.com will teach you everything you need to know. It's one of the leading training courses in the field, and it'll even give you the first three classes for free.

3. Stop Paying Your Credit Card Company

Without a roommate and the rent savings that person provided, you might lose interest in paying anything more than the monthly minimum on your credit cards. But if those credit cards bear gaudy interest rates, you might not be making the best use of your dollars.

A free website called AmOne wants to help. 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.

4. Have a Safety Net

While consolidating your debt can help free up room in your budget, you may not want to cut up your cards afterward — especially if your emergency savings are in critical condition. That credit line could protect you from those first few late fees, which could cascade into a stream of other fees and penalties if they hit you at the wrong time.

Even if your credit score needs work first, there's no better time than the present to start improving your score. And you'll find that the measures you take to improve your credit are good for your finances in general.

Your credit score is like your financial fingerprint. Everyone's is different — and for different reasons. That means everyone's strategy to improve their credit score will look different… but how in the world are you supposed to know where to start?

Thankfully, a free website called Credit Sesame will take a look at your credit report and let you know exactly what you need to do to improve your score.

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.

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How to Approach Your Landlord If You Can’t Pay Rent Next Month

Posted: 30 Jul 2021 09:00 AM PDT

If you've been out of work and can't pay rent, the end of the federal moratorium on evictions is guaranteed to dredge up a ton of stress. But now's not the time to bury your head in the sand.

By exercising your negotiation muscle, you may be able to strike a deal with your landlord that prevents the worst-case scenario: getting kicked out of your home.

Negotiating a Deal With Your Landlord If You Can't Pay Rent

When you think you can't pay rent for the upcoming month, it's best to talk to your landlord sooner rather than later. Even if you've been letting late payment notices stack up, coming to a fair agreement with your landlord can help alleviate some of that financial stress.

Here's what you should do.

First, Know Your Rights

Matt Koz, finance director for the Tenant Resource Center in Madison, Wisc., recommends that renters do their due diligence to research the eviction laws in their area and see if their city, county or state has a moratorium on eviction proceedings during the pandemic.

There may be an eviction moratorium in your local area that extends past the federal moratorium. For example, New York City's rental eviction moratorium is in place through the end of August.

Pro Tip

The U.S. Department of Housing and Urban Development has a page on its website with crucial housing information for each state.

Being educated about the tenant laws in your state doesn't just give peace of mind about whether or not your landlord can evict you during this crisis. It can also help you decide how to best proceed when reaching out to your landlord.

For example, Koz said there could be laws where you live that make it disadvantageous to pay partial rent, if you were thinking of suggesting that to your landlord.

"In some cases, it may be better not to offer terms and wait to see what recourse is available to you," he said.

Approach Your Landlord with Empathy

You may just think of your landlord as a faceless entity that takes the biggest single chunk of your money every month. But a little kindness can go a long way.

"Lead with empathy," advises Michael Thomas, an accredited financial counselor and faculty member at the University of Georgia. "It's very easy to become self-absorbed when we're experiencing a financial shock."

He says taking the time out to ask how your landlord is doing and working to establish a relationship can make them more willing to work with you. Understanding where each person is coming from can lead to a resolution that's best for both parties.

Provide Realistic Solutions

Offering up a solution to your situation can show your willingness to work with your landlord.

You might propose to make a partial payment with a promise to pay the remainder of the rent by a certain date. If you don't know when you'd be able to make the remaining payment, Koz said it's reasonable to make an agreement based upon a specific occurrence.

For example, you might ask if you can pay the remainder once your kids' school starts and you can pick up more hours at work.

Instead of suggesting a partial payment, you could ask to skip paying for one month and spread that payment over the remainder of your lease if you think you'll be able to pay the following month. Or you could negotiate for an overall reduction in rent given that you sign a new lease locking you in for a longer term.

Another option: Ask your landlord to apply your security deposit to the upcoming rent payment, agreeing to replace it at a later date. Or if you paid your last month's rent upfront when you first signed your lease, you could ask to apply that money to next month's rent.

Pro Tip

When trying to come up with a rent solution for the upcoming month, make sure you're not creating a worse financial situation for yourself later on.

Something else you might consider is bartering. For example, you could agree to do landscape work for your landlord's properties in exchange for a break on rent.

When trying to strike a deal, Thomas suggests coming up with at least three plausible solutions that work for your budget.

"Go with your best-case scenario first," he said.

If your landlord won't agree to that, ask for their input on mitigating the situation before presenting your other options.

Get Agreements in Writing

If you and your landlord are able to agree on an alternative plan for paying rent, make sure to get that deal in writing.

"If [your landlord] were to come back and say we didn't agree to that, [you can say]: Actually we did and here's proof," said Pamela Capalad, a New York-based Certified Financial Planner and founder of Brunch and Budget.

Putting things in writing also helps eliminate misinterpretations of your agreement, she said.

However, when signing a lease addendum or other paperwork, don't rush into a contract with terms you don't understand.

"If you're not sure what you're signing, you can always try to contact a tenants rights organization or an attorney," Koz said. "Whatever you sign is something that you're held to. If you don't meet the terms of that agreement, you're back where you started."

Pro Tip

Local legal aid organizations or pro bono lawyers may provide free counsel to low-income individuals.

Remember, You're Not Alone

You may experience shame over not paying rent or fear over potentially losing your home, but try not to let that lead you to making drastic decisions.

"The thing I would recommend, if you can avoid it, is to not take out loans to pay rent," Capalad said.

It can be comforting to put things in perspective and realize you're not the only one who can't pay your rent right now, she said.

4 Additional Solutions If You Can't Pay Rent

In the event that your landlord won't budge on requiring you to pay your rent in full, it's good to have a backup plan. Here are a few ideas.

1. Seek Housing Assistance

Look into local housing assistance or eviction prevention programs for emergency funding to help keep you in your home.

The United Way's 211 network is a great way to connect to resources in your community. Other charities, like Modest Needs, may also be able to help. Your landlord may even know of housing assistance options in your area.

2. Bring In a Roommate

If you can find a good roommate, you can split housing expenses and lower your financial obligation. Just make sure you properly vet the potential roommate and your landlord approves of the new tenant.

Subleasing your place could be another route to take, provided your landlord allows it and you have somewhere else you can crash in the meantime.

3. Sell Something

Make some extra dough by selling unwanted items around your home. Put that money toward the rent.

You can even make sales while practicing social distancing. Check out these 14 websites for selling things online.

4. Get Another Gig

Get money for rent by landing a new job — or securing a second source of income.

Consider a side gig, like a food delivery driver or a pet sitter, where you're paid based on how much work you take on. These jobs often pay faster than traditional jobs that run on a biweekly schedule.

Need some money now? Here are 35 ways to make money fast.

Many retailers and restaurants are hiring to make up for a shortage of workers. Some are even offering sweet sign-on bonuses.

Now is also a great time to find a job where you can work remotely. There are several gigs that are perfect for doing virtually, like freelance writing. Check out The Penny Hoarder's work-from-home job portal for new job opportunities posted every weekday.

Feeling overwhelmed? Create a budget that works for you with our budgeting bootcamp!

Nicole Dow is a senior writer at The Penny Hoarder.

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17 Best Bank Promotions of August 2021 (Get Up to $450 Cash)

Posted: 30 Jul 2021 07:00 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.

So, you're looking for a new bank account.

You've got several factors to consider — ATM access, interest rates, monthly fees, minimum balances, mobile app reviews, and more.

Another factor to consider: bank promotions. These are cash bonuses you can earn when opening a new checking or savings account with a bank or credit union during the promotion window, meeting any specific criteria and keeping the account open at least long enough to earn the extra cash.

While a savings or checking bonus shouldn't be your top reason to choose a bank, don't rule it out entirely. After all, wouldn't it be nice to fund your shiny new account with some extra cash?

Many banks offer such sign-up bonuses, but often, these bonuses aren't advertised, meaning finding the best bank account bonuses can be tricky. That's why we did some digging for you and found some hefty cash offers.

Best Bank Promotions of August 2021

We've researched the best cash bonuses available this month so you don't have to. Below, you'll find our favorite checking and savings account bonuses.

Keep an eye on what it takes to qualify, as well as any limitations. Direct deposit and minimum balances are commonly factors in securing these bonuses. Also pay attention to any monthly fees the account might carry; over time, these could weigh out the actual cash bonus. Otherwise, happy bank bonus shopping!

1. Aspiration Account: $150

Bonus amount: $150

How to get the bonus: To earn your $150, here's all you need to do: Open your Aspiration account and deposit at least $10. Aspiration will send you a debit card associated with the account. Use the Aspiration debit card to make at least $1,000 of cumulative transactions within the first 60 days of opening your account. There's no need to spend extra money — just use your card to buy groceries and pay your utilities.

Where to sign up: Enter your email address here, and link your bank account.

When you'll get the bonus: Allow up to 120 calendar days from account opening to receive the bonus; you must have completed the requirements within the first 60 days.

The fine print: With Aspiration, your money is FDIC insured and under a military-grade encryption. The account offers up to 1.00% APY on savings and allows fee-free withdrawals at more than 55,000 ATMs. There are no hidden fees with Aspiration (monthly fees are on a "Pay What is Fair" policy, and that can be zero every month!), and you'll earn cash back when you spend at socially conscious businesses (up to 5%).

No offer expiration.

2. Aspiration Plus Account: $200

Bonus amount: $200

How to get the bonus: To earn your $200, here's all you need to do: Open your Aspiration Plus account during signup or within the first 60 days of enrollment in the regular Aspiration Account. Deposit at least $10. Aspiration will send you a debit card associated with the account. Use the Aspiration debit card to make at least $1,000 of cumulative transactions within the first 60 days of opening your account. There's no need to spend extra money — just use your card to buy groceries and pay your utilities.

Where to sign up: Enter your email address here, and link your bank account.

When you'll get the bonus: Allow up to 120 calendar days from account opening to receive the bonus; you must have completed the requirements within the first 60 days.

The fine print: With Aspiration, your money is FDIC insured and under a military-grade encryption. The account offers up to 1.00% APY on savings and allows fee-free withdrawals at more than 55,000 ATMs. Unlike the typical Aspiration Account, there is a $15/month fee (or $12.50/month if you pay annually). However, you'll earn more cash back when you spend at socially conscious businesses (up to 10%), get monthly out-of-network ATM reimbursement and receive carbon offsets for all gas purchases.

No offer expiration.

3. Chase Total Checking Account: $225

Bonus amount: $225

How to get the bonus: Open a new Chase Total Checking account as a new Chase customer. Within 90 days of opening the account, have a qualifying direct deposit made into the account from your employer or the government.

Where to sign up: Visit this page on Chase's website to sign up for the account and receive the $225 bonus. You can also open the account at a Chase location near you.

When you'll get the bonus: Chase will deposit the $225 bonus into your account within 15 business days after you meet the criteria.

The fine print: Direct deposits from person-to-person payments do not qualify for the sake of this bonus. The Total Checking account carries a $12 monthly service fee, but you can have it waived if you receive direct deposits each month totaling $500 or more, keep a minimum balance in the account at the start of each day of at least $1,500, or keep a minimum balance across all your Chase accounts at the start of each day of at least $5,000.

If you close the account within six months of opening, Chase will deduct the bonus amount at closing. You can only receive one signup bonus from Chase for a checking account every two years.

Offer expires Oct. 18, 2021.

4. TD Bank Convenience Checking Account: $150

Bonus amount: $150

How to get the bonus: Open a new TD Convenience Checking account. You must receive a total of $500 or more via direct deposit within 60 days of opening your new account.

Where to sign up: Visit this TD Checking page. Click the orange "open account" button, and follow the instructions to open a TD Beyond Checking account.

When you'll get the bonus: The $150 bonus will be deposited into your account within 140 days of opening.

The fine print: While this bonus offer sounds too good to be true, it is definitely attainable. Unlike the TD Bank Beyond Checking account, this checking account option is easier for financial beginners to manage. You only need to maintain a minimum balance of $100 to have the monthly maintenance fee waived. And if you are between the age of 17 and 23, there are no minimum balance requirements and no monthly maintenance fee.

However, the Convenience Checking account does not earn interest; the Beyond Checking account does.

No offer expiration.

5. Chime Referral Bonus: $75 each ($150 between you and a friend)

Bonus amount: $75 per referral, plus $75 to the friend you refer

How to get the bonus: For this bonus, you must already be a Chime account holder as the bonus comes from a referral to a friend. You can also create an account now, then refer a friend to still get the bonus. If you refer a friend and they enroll and receive a direct deposit of $200 or more from their payroll provider in the first 45 days, you will each receive $75. Just make sure to use the referral link from your account.

When you'll get the bonus: Each person will receive their $75 within two business days of the first $200 direct deposit to the referred account holder.

The fine print: Please be sure to use a unique referral link generated from within your account. (You may also receive promotional emails with such a link.) Otherwise, you and your friend will not receive the bonus.

No offer expiration.

6. Capital One 360 Checking Account: $150

Bonus amount: $225

How to get the bonus: Open a new Capital One 360 Checking account using promo code BONUS150. Within 75 days of opening the account, receive at least two qualifying direct deposits, each of at least $250.

Where to sign up: Visit this page on Capital One's website to sign up for the account and receive the $150 bonus. Don't forget to use the promo code BONUS150.

When you'll get the bonus: If you open the account in July and meet the criteria on time, you will be paid by Dec. 31, 2021. If you open the account in August and meet the criteria on time, you will be paid by Jan. 31, 2022.

The fine print: Direct deposits from person-to-person payments do not qualify for the sake of this bonus. If you have opened account between Jan. 1, 2018, and now with Capital One, you will not qualify for the bonus.

Offer expires Aug. 17, 2021.

7. Bank of America Advantage Banking Account: $100

Bonus amount: $100

How to get the bonus: Open a new Bank of American Advantage Banking account online using the offer code DDX100CIS. You must then set up and receive qualifying direct deposits, totaling $1,000 or more, within 90 days of opening the new account. This offer is only available to new Bank of America personal checking account customers.

Where to sign up: Visit the offer page and use the offer code DDX100CIS when opening the account.

When you'll get the bonus: Bank of America promises to "attempt" to deposit the bonus into the account within 60 days of satisfying all requirements. Though the "attempt" disclosure seems a little suspect, we could not find traces of reviews citing unpaid bonuses.

The fine print: A qualifying direct deposit means the direct deposit must be regular monthly income, whether through salary, pension or Social Security benefits. Deposits through wire transfer, apps like Venmo or ATM transfers will not qualify.

Advantage Banking accounts come in three varieties: SafeBalance, Plus and Relationship. All three carry monthly maintenance fees that can be waived:

To waive the SafeBalance monthly maintenance fee of $4.95, enroll in Preferred Rewards.
To waive the Plus monthly maintenance fee of $12, receive a qualifying minimum direct deposit, maintain minimum daily balance requirements or enroll in Preferred Rewards.
To waive the Relationship monthly maintenance fee of $25, maintain the minimum combined balance in all linked accounts or enroll in Preferred Rewards.

Offer expires Dec. 31, 2021.

8. PNC Virtual Wallet Account: $50

Bonus amount: $50

How to get the bonus: Open a new PNC Virtual Wallet account online or in a branch. Receive qualifying direct deposits of $500 within the first 60 days.

Where to sign up: Visit this promotional page for PNC and choose "Apply Now" for the Virtual Wallet account (either with Spend, Reserve and Growth or just Spend).

When you'll get the bonus: After meeting the bonus criteria, you will receive the bonus (labeled "Cash Trans Promo Reward" on your monthly statement) within 60 to 90 days.

The fine print: Cannot have a current PNC account or have closed an account within the previous 90 days. Qualifying direct deposits include paychecks, Social Security, pension or other recurring monthly income that is electronically deposited by your employer or an outside agency into your account. The account carries a monthly service charge that can be waived if 1) you have $500 or more in monthly direct deposits in the associated Spend account, 2) you maintain $500 or more between associated Spend and Reserve accounts, or 3) are 62 or older. This account does not earn interest.

Offer expires Sept. 30, 2021.

9. PNC Virtual Wallet with Performance Spend Account: $200

Bonus amount: $200

How to get the bonus: Open a new PNC Virtual Wallet with a Performance Spend account online or in a branch. Receive qualifying direct deposits of $2,000 within the first 60 days.

Where to sign up: Visit this promotional page for PNC and choose "Apply Now" for the Virtual Wallet with Performance Spend account (either with Spend, Reserve and Growth or just Spend).

When you'll get the bonus: After meeting the bonus criteria, you will receive the bonus (labeled "Cash Trans Promo Reward" on your monthly statement) within 60 to 90 days.

The fine print: Cannot have a current PNC account or have closed an account within the previous 90 days. Qualifying direct deposits include paychecks, Social Security, pension or other recurring monthly income that is electronically deposited by your employer or an outside agency into your account. The account carries a monthly service charge that can be waived if 1) you have $2,000 or more in monthly direct deposits in the associated Spend account, 2) you maintain $2,000 or more between associated Spend and Reserve accounts, or 3) have at least $10,000 across all consumer PNC accounts.

Offer expires Sept. 30, 2021.

Two women smile and laugh as they look at their computer.

10. PNC Virtual Wallet with Performance Select Account: $300

Bonus amount: $300

How to get the bonus: Open a new PNC Virtual Wallet with Performance Select account online or in a branch. Make qualifying direct deposits of $5,000 within the first 60 days.

Where to sign up: Visit this promotional page for PNC and choose "Apply Now" for the Virtual Wallet with Performance Select account (either with Spend, Reserve and Growth or just Spend).

When you'll get the bonus: After meeting the bonus criteria, you will receive the bonus (labeled "Cash Trans Promo Reward" on your monthly statement) within 60 to 90 days.

The fine print: Cannot have a current PNC account or have closed an account within the previous 90 days. Qualifying direct deposits include paychecks, Social Security, pension or other recurring monthly income that is electronically deposited by your employer or an outside agency into your account. The account carries a monthly service charge that can be waived if 1) you have $5,000 or more in monthly direct deposits in the associated Spend account, 2) you maintain $5,000 or more between associated Spend and Reserve accounts, or 3) have at least $25,000 across all consumer PNC accounts.

Offer expires Sept. 30, 2021.

11. HSBC Premier Checking Account: $450

Bonus amount: $450

How to get the bonus: Open a new HSBC Premier checking account as a new HSBC customer. Receive at least $5,000 in direct deposits from a third party for three consecutive months, starting in the second full calendar month after opening.

Where to sign up: Visit this page on HSBC's website and click "Apply now" to sign up for the account.

When you'll get the bonus: HSBC will deposit the $450 bonus into your account within eight weeks after meeting the criteria.

The fine print: This offer is only open to applicants who are 18 or older, who are citizens of the United States, and who did not have an HSBC deposit account between March 31, 2018 and March 31, 2021.

Offer expires Aug. 31, 2021.

12. Citizens Student Checking Account: Up to $400

Bonus amount: Up to $400

How to get the bonus: Open a new Citizens Student Checking account via the offer page and receive a direct deposit of $500 or more within the first 60 days to receive a $300 bonus. You can receive up to $100 more by using your debit card. For every debit card purchase you make, you will earn $2, up to $100, during the first 60 days.

Where to sign up: You can only sign up through this promotional page. Choose "Open Your Account" for the Student Checking account.

When you'll get the bonus: If you open the account in August, your bonus will be paid out by December 31. If you open the account in September, your bonus will be paid out by Jan. 31, 2022. And if you open the account in October, your bonus will be paid out by Feb. 28, 2022.

The fine print: You must be a new Citizens banking customer and under 25 years old. Direct deposits cannot be from apps like Venmo; rather, they must be regular monthly income, like a paycheck or pension. This account does not earn interest.

Offer expires Oct. 28, 2021.

13. Citizens One Deposit Checking from Citizens Account: Up to $400

Bonus amount: Up to $400

How to get the bonus: Open a new Citizens One Deposit Checking from Citizens account via the offer page and receive a direct deposit of $500 or more within the first 60 days to receive a $300 bonus. You can receive up to $100 more by using your debit card. For every debit card purchase you make, you will earn $2, up to $100, during the first 60 days.

Where to sign up: You can only sign up through this promotional page. Choose "Open Your Account" for the One Deposit Checking from Citizens account.

The fine print: You must be a new Citizens banking customer. Direct deposits cannot be from apps like Venmo; rather, they must be regular monthly income, like a paycheck or pension. There is a $9.99 monthly maintenance fee, but you can have it waived by making at least one deposit each statement period. This account does not earn interest.

Offer expires Oct. 28, 2021.

14. Citizens Quest Checking Account: Up to $400

Bonus amount: Up to $400

How to get the bonus: Open a new Citizens Quest Checking account via the offer page and receive a direct deposit of $500 or more within the first 60 days to receive a $300 bonus. You can receive up to $100 more by using your debit card. For every debit card purchase you make, you will earn $2, up to $100, during the first 60 days.

Where to sign up: You can only sign up through this promotional page. Choose "Open Your Account" for the Quest Checking account.

The fine print: You must be a new Citizens banking customer. Direct deposits cannot be from apps like Venmo; rather, they must be regular monthly income, like a paycheck or pension. There is a $25 monthly maintenance fee, but you can have it waived by making at least $5,000 in deposits each statement period or by maintaining a balance of at least $25,000 across all Citizens accounts.

Offer expires Oct. 28, 2021.

15. Huntington Asterisk-Free Checking Account: $150

Bonus amount: $150

How to get the bonus: Open a new Huntington Asterisk-Free Checking account online or in a branch. Make cumulative new money deposits totaling at least $1,000 within the first 60 days of opening the account and keep the account open for at least 90 days.

Where to sign up: Visit this promotional page for Huntington and choose "Apply Online" for the Huntington Asterisk-Free Checking account.

When you'll get the bonus: After meeting the bonus criteria (i.e., after 90 days), you will receive the bonus within just 14 days. This is the fastest turnaround of any banking bonus included on this list.

Offer expires Oct. 7, 2021.

16. Huntington 5 Checking Account: $200

Bonus amount: $200

How to get the bonus: Open a new Huntington 5 Checking account online or in a branch. Make cumulative new money deposits totaling at least $1,000 within the first 60 days of opening the account and keep the account open for at least 90 days.

Where to sign up: Visit this promotional page for Huntington and choose "Apply Online" for the Huntington 5 Checking account.

The fine print: Not everyone can get in on this deal. You can only take advantage of the offer if you live in Illinois, Indiana, Kentucky, Michigan, Ohio, Pennsylvania or West Virginia. "New money" deposits means any money that is not currently in an existing Huntington account. This account earns interest (currently a 0.02% APY, which is quite low). It also has a monthly maintenance fee of $5, which is waived if you have at least $5,000 across all Huntington accounts.

Offer expires Oct. 7, 2021.

17. Chase Total Checking Account: $225

Bonus amount: $225

Where to sign up: Visit this page on Chase's website to sign up for the account and receive the $225 bonus. You can also open the account at a Chase location near you.

When you'll get the bonus: Chase will deposit the $225 bonus into your account within 15 business days after you meet the criteria.

If you close the account within six months of opening, Chase will deduct the bonus amount at closing. You can only receive one signup bonus from Chase for a checking account every two years.

Offer expires Oct. 18, 2021.

17. TD Bank Beyond Checking Account: $300

Bonus amount: $300

How to get the bonus: Open a new TD Beyond Checking account. You must receive a total of $2,500 or more via direct deposit within 60 days of opening your new account.

Where to sign up: Visit this TD Checking page. Click the orange "open account" button, and follow the instructions to open a TD Beyond Checking account.

When you'll get the bonus: The $300 bonus will be deposited into your account within 140 days of opening.

The fine print: While this bonus offer sounds too good to be true, it is definitely attainable. However, only open the account if you regularly get sizable monthly deposits or can maintain a healthy minimum balance. That's because the account charges a monthly maintenance fee, but TD will waive the fee if you receive monthly direct deposits of $5,000, keep a minimum daily balance of $2,500 or maintain a combined balance across all your TD bank accounts of a whopping $25,000.

TD fees — and the bank's capacity for waiving them — extend to ATMs. You won't face fees for making withdrawals at TD's own ATMs, and it'll reimburse all fees for withdrawing at non-TD ATMs as long as you keep your daily balance at $2,500 or more.

No offer expiration.

How to Search for Bank Bonuses on Your Own

In the spirit of not listing approximately 193 bank promotions, we kept this list short and sweet — only highlighting the best bank promotions for checking and savings accounts.

But maybe you're interested in banking with your local credit union, opening up a small business checking account or finding the perfect investment account? There are often bonus offers attached to these account openings, too.

The banks don't always make finding these promotions easy, so here are a few tips to help you get your hands on that cash bonus.

Check the bank's website first. Sometimes it'll advertise its promotions right there. This is rare, but it's worth a quick check — it could save you a ton of time.
If you don't have any luck, reach out to the bank's customer service team through phone, email or chat. Let them know you're shopping for a new account, and you'd like to know if it's running any promotions. More often than not, the nice representative will send you a special link.
If this doesn't work, turn to your trusty friend Google. Look for the best bank account bonuses. Because you'll likely dig up some offers from third-party sites, you'll want to take a few minutes to make sure the offer:
- Hasn't expired.
- Is legitimate. Make sure the bank is FDIC-insured and has a positive Better Business Bureau rating. You can even read some online reviews.
- Doesn't require outrageous qualifying activities. For example, it might not be realistic for you to maintain an average daily balance of $50,000 and carry out 60 qualifying debit card purchases or receive five direct deposits before the end of your first 30-day statement cycle.
You can also reach out to your family, friends and social network to crowdsource bank recommendations. Sometimes banks have impressive referral programs, so both you and your friend could benefit from you signing up.

Overall, be smart. Don't let that promise of an account bonus blind you. Also, read the fine print so you don't get stuck paying high monthly fees, interest rates or closing penalties.

Will Opening a Bank Account Hurt Your Credit Score?

If you're worried that opening a new bank account or closing an old one will hurt your credit score, don't be. Your bank accounts are not included in your credit report and therefore have no effect on your credit score, unless you have an outstanding negative balance that the bank turns over to a collection agency.

Sometimes when you go to open a new bank account, banks will do a soft credit check. However, that won't affect your credit score.

Now, go enjoy your fresh new bank account and that nice cash bonus you're about to pocket. Add it to your savings account, put it toward student loan payments or, heck, treat yourself!

Editorial Disclosure: This content is not provided by the bank advertiser. Opinions expressed here are the author's alone, not those of the bank advertiser. This site may be compensated through the bank advertiser Affiliate Program.

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Posted: 30 Jul 2021 07:00 AM PDT

It's tough to make any meaningful return on your savings right now.

But you probably already knew that.

Interest rates for bank savings accounts — you do have a savings account, right? — have been notoriously low for years. Don't expect these low rates to change anytime soon, either: In a recent statement, the Federal Reserve announced plans to keep interest rates low until certain economic conditions have been reached.

At this moment, the average interest rates paid on checking and savings accounts are 0.15% and 0.73%, according to BankAround. And the biggest banks often offer worse rates. In fact, if you put $5,000 in a regular Bank of America savings account (0.01%), in a year, you'll only have collected 50 cents in interest.

So, what are your options for making more money on your money?

Check Out High-Yield Savings Accounts

High-yield or high-interest savings accounts are a vehicle for you to save money you don't use for everyday expenses. For example, you might open this type of account to build an emergency fund. In exchange for not using this account often — and typically saving a good amount in it — you're rewarded with a higher interest rate.

This isn't your regular ol' savings account that earns pennies on the dollar. While the average savings account has a 0.06% interest rate, per the FDIC, you can expect to earn more with a high-yield savings account. Sometimes up to 25x more.

Now, rates aren't bonkers-good like they were just a couple years ago. In 2019, an account with My Savings Direct, an online banking division of Emigrant Bank, earned a cool 1.25% annual percentage yield (APY). That rate is now 0.25%.

But hey, more money is more money.

What to Consider When Looking for a High-Yield Savings Accounts

While you'll bring in more than you would in a traditional account, you'll often need to adhere to strict guidelines. So keep that in mind before you sign up.

For instance, you may experience the following:

A required opening deposit.
A minimum required balance at all times.
A cap on how often you can move money out of the account.
Monthly maintenance fees.
Fees for going over the allotted amount of withdrawals a month.
A high interest rate — but only for X months or Y years for a certain amount of money AND if you follow all the rules. A particular rate may only be available for new account holders, too.

With that said, these accounts are a great way to earn more on money you don't plan on touching for sometime — just read the fine print (and maybe brush up on your organizational skills) first.

How to Open a High-Yield Savings Account

Typically, the same rules will apply as for opening any other type of bank account. You'll likely need to be at least 18 years old and need identification, for example. Pretty standard stuff.

You have options on where to open a high-yield savings account, too. They can be found at traditional brick-and-mortar institutions, credit unions and online-only banks. In fact, the latter may offer you higher interest rates since there's less overhead (i.e. no physical location to pay bills for, so the savings get passed on to you). The interest rate may vary depending on where you live.

Bonus: Many companies offer various banking products (loans, checking, etc.), too. So if you want additional services on top of a high-yield savings account, you're in luck.

Our Criteria for Finding the Top High-Yield Savings Accounts for You

We looked at accounts that offered a high APY by today's standards — that means around the 0.50% interest-rate-mark — and low (or no) fees. We included a variety of online-only and big-name accounts to choose from as well.

You don't have to transfer all your banking needs to an institution that offers a high-interest account. You can hang on to your primary bank and have a separate, high-earning savings account elsewhere. But note: Some accounts may require you to open other products with them, so keep that in mind.

The 5 Best High-Yield Savings Accounts

Of course, "the best account" will be determined by your individual wants and needs. If you're highly organized, a stricter but high-paying account could be a good option. And if you're more of a "set it and forget it" type of person, another one on the list might better suit you.

Here are some of our favorite accounts right now.

1. Axos Bank: A High, High-Interest Account

Axos Bank offers an FDIC-insured, high-yield online savings account. You can earn up to 0.61% APY on your money. Here's the lowdown:

You need $250 to open an account.
You can live anywhere in the U.S. (another bonus — you're not tied to any one location).
You can earn up to 0.61% APY on accounts with $0 to $24,999.99 in it (and then it dips to 0.25%)
You can get a free ATM card upon request.
A big one: No monthly balance requirements or maintenance fees.
Axos offers other banking products, such as rewards checking (with a 1.25% APY!), business CDs, small business banking services,commercial lending and more.

Axos is a digital-only bank, so if you prefer a physical branch, see what's available at the big banks and your local credit union.

2. CIT Bank: Low Opening Deposit to Get Started and No Monthly Fees

CIT Bank is another online financial institution. It offers an FDIC-insured Savings Builder account where you can earn up to 0.40% APY. Here's what you need to know:

You only need a $100 minimum opening deposit.
It's a digital bank you can access anywhere online.
You can earn up to 0.40% APY by maintaining a balance of $25,000 or more — or, by making a monthly deposit of $100.
No maintenance fees.
CIT also offers CDs, money market accounts and more.

You can also make six money moves in this account per statement cycle, which is the industry standard.

3. Citi: A Familiar Name with a Top Rate

Citi or Citibank (not to be confused with CIT Bank) is prominent in major cities such as New York City and Chicago. The over 200-year-old financial services group offers an Accelerate High-Yield Savings account. Here's the lowdown:

There's no minimum to open the account.
This account is available in most states and in select markets.
You can earn 0.50% APY on your money with no limit on how much you can earn.
You'll pay a monthly fee of $4.50 unless certain requirements are met.
Citi also offers basic checking and savings accounts, CDs, home lending, IRAs and more.

There are several accounts listed under the Accelerate High-Yield Savings umbrella — from the Citi Elevate Account Package to the Citibank Account package — with slightly different fees and requirements. However, they all share a 0.50% APY.

Worth pointing out: You can only open this high-yield account within an "account package." This means you can't have it as a standalone and will need to open another Citi account.

4. PenFed Credit Union: Membership With Benefits

If you prefer to bank with credit unions, PenFed's Premium Online Savings account could be a good choice for you. This account is federally insured up to $250K by the National Credit Union Administration, or NCUA (basically the FDIC for credit unions). Here's what else you need to know:

You only need $5 to open the account.
There aren't branches in all 50 states, but there are over 85,000 ATMs and anyone in the U.S. can apply for membership (which you need in order to get this account) and access it online.
You can earn 0.45% APY.
No monthly maintenance fee.
PenFed also offers auto loans, credit cards and more.

Contrary to some information online, you do not need to be a member of the military to join.

If you're comfortable banking largely online and want to take advantage of other member benefits from discounts on home security to flower delivery, check out PenFed Credit Union.

5. Marcus by Goldman Sachs: Best for Those Who Don't Want to Touch Their Money and Watch it Grow

Goldman Sachs is a well-known name in financial services. And the bank also offers a solid high-yield savings account known as Marcus (fun fact: Marcus Goldman founded the company). Here's the deal:

You don't need a minimum opening deposit.
The account is open to U.S. residents and easily accessible online or via the Marcus mobile app on the Apple and Google Play stores.
You can earn a competitive rate of 0.50%.
No monthly fees.
Marcus also offers debt consolidation and home improvement loans, the opportunity to manage investment portfolios and more.

With this service, you'll need to fund it with an external account, mail a check, set up a wire or establish direct deposit. Marcus by Goldman Sachs is a solid account if you're looking for a recognized leader that won't ding you with extraneous fees.

Here's a breakdown of these high-yield savings accounts.

Bank or Financial Institution	Minimum to Open Account	APY	Other Fees
Axos Bank	$250	0.61%	No monthly balance requirements or maintenance fees.
CIT Bank	$100	Up to 0.40%	No monthly maintenance fee. You must have a minimum balance of $25K or a $100 monthly deposit to earn the 0.40% APY.
Citi Bank	None	0.50%	You'll pay a monthly fee of $4.50 (and up, depending on the account type) unless certain qualifications are met.
PenFed Credit Union	$5	0.45%	No monthly maintenance fee.
Marcus by Goldman Sachs	None	0.50%	No monthly maintenance fee.

Overall, while these types of accounts don't pull in the rates like they used to, they're still a worthwhile avenue to store and safely grow your money.

Additional High-Interest-Earning Accounts That Can Help You Make More Money

On top of high-yield savings accounts, we found two other types of accounts that will help you bring in more money: rewards checking and debit-card-linked savings accounts.

You'll need to meet a few requirements to qualify for these rates as well, but they'll still give you more bang for your buck.

Rewards Checking Accounts

Rewards checking accounts pay higher interest rates (usually between 1.5%-4%) on your money up to a certain amount. For example, a bank or credit union might offer a 2% APY on accounts capped at $15,000.

Even though they pay higher interest rates, you usually won't find rewards checking accounts on a typical list of the best checking accounts. They're in a category of their own, and you can't simply deposit your money and forget about it; these accounts require a little work and organization.

To take advantage of rewards checking accounts, you might be required to do any of the following:

Have a minimum deposit to open the account.
Keep a required minimum balance at all times.
Pay a monthly maintenance fee.
Hit a certain number of regular deposits or ACH transactions.
Make a fixed number of debit card purchases per month.
Opt into e-statements (paperless statements) or other agreements.

Your interest rates may fluctuate or plateau depending on the amount in your account, as well. But the maximum APY can be pretty significant — more than the current 0.03% average rate for checking accounts in 2021, anyway — so these accounts may be worth it.

For example, Solvay Bank in upstate New York offers 4% APY for its high-interest checking account. Here's the deal:

You must be a new customer.
You must live in specified counties in the State of New York.
You earn this rate for only 12 months.
This rate is available on balances up to $15,000.

You must also follow certain guidelines during each monthly statement cycle:

Enroll in and receive e-statements.
Have at least one direct deposit or ACH transaction.
Make at least 12 debit card purchases.

A minimum deposit of $15 is required, and there's a $5 monthly maintenance fee for the account, though it can be waived.

It's easy enough to click the button to enroll in e-statements, and once you set up direct deposit for your paycheck, it's automatic. If you follow the rules, you can earn a cool $200 a year on a $5,000 balance.

Another example is Guardian Credit Union in Alabama, which offers 4% APY — on balances up to $30K. To qualify for the Guardian Ultimate Checking account, you'll need to:

Live, worship, go to school in or be retired or active Alabama Army or Air National Guard personnel in specified counties in Alabama.
Have 15 posted "swipes" (purchases) a month.
Enroll in e-statements.
Have a minimum payroll deposit of $500 a month.

If you don't meet the requirements (check the website for all of them), you won't receive the perk — and you'll also be hit with a $10 fee.

You can find a list of rewards checking accounts in your state along with current interest rates here.

Savings Accounts Linked to Prepaid Debit Cards

A prepaid debit card allows you to load money onto a card without needing a bank account. It can be a helpful budgeting or learning tool (some parents get them for their kids). Others may prefer using this financial service over a traditional bank account. However, these cards typically come with their own set of rules and fees.

Some prepaid debit cards come with savings accounts. Mango Financial is one such example — and you can earn up to 6.00% APY with Mango Savings.

Here's an overview of how it works:

First, you need to activate and load your Mango debit card.
Then, you can open a savings account with $25.
To qualify for the 6.00% APY, you'll need signature purchases of $1,500 or more and a minimum balance of $25 at the end of the month.

Cardholders are entitled to up to six transfers each month. Also, you can only have one savings account with Mango. You can view a list of fees (for balance inquiries and ATM withdrawals, etc.) here.

Netspend is another prepaid debit card with a savings account option. You'll have to load the card account and then transfer the money to the savings account. From there:

You can earn up to 5.00% APY on $1,000 or less (the APY drops to 0.50% on any higher amount).
You can set up an auto-save function to transfer money every time you load your Netspend card account with funds.
You can transfer money from your savings account to your card up to six times per month.

Again, you want to be mindful of associated fees.

Frequently Asked Questions about High-Yield Savings Accounts

1. Can You Lose Money in a High-Yield Savings Account?

No. As long as your money is in an FDIC-insured high-yield savings account, it's safe.

2. Are High-Yield Savings Accounts Worth It?

If you're looking to save money and have semi-flexible access to it, all while earning a little more interest on it, then yes, a high-yield savings account is worth it. These accounts are ideal places to store an emergency fund, for example — a place where you can safely grow your money, yet access it (typically, via a debit card or transfer it to another bank account) relatively quickly when needed.

3. Where Can I Get 5% Interest on My Money?

High interest rates are harder to come by these days. Rates tend to fall between 0.10% and 1.00% APY. Your mileage — depending on where you live and how much you can put in a high-yield savings account — may vary. If you have a lot of money saved and are open to online-only high-yield savings accounts, then you might get more bang for your buck.

If you're looking to make more on your money regardless of the account type, check out rewards checking accounts and savings accounts linked to prepaid debit cards for more options.

4. Which Bank Has the Highest Yield Savings Account?

Axos Bank, an online-only institution, offers a solid 0.61% APY. Another online bank, CIT Bank, has a 0.40% APY. If you're looking for a more traditional, big-name bank, Citi offers 0.50% APY on your money.

Rates can change, so look around every now and then to see the latest, highest offers.

Earn More Interest on Your Accounts

Of course, it can be tricky to keep track of numerous accounts and their requirements (and to avoid fees). But, that's just the way it is in this low-interest-rate environment.

Pro Tip

Start with the accounts that have simple requirements and options for avoiding all fees.

You have to exercise your organizational skills to make some extra money on your high-yield savings accounts. But the end results can be worth it.

The Penny Hoarder Shop is always stocked with great deals, including technology, subscriptions, courses, kitchenware and more. Check it out today.

Steve Gillman and Kathleen Garvin are contributors to The Penny Hoarder.

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7 Social Security Spousal Benefit Rules Every Couple Should Know

Posted: 30 Jul 2021 05:00 AM PDT

The benefits of marriage don't stop at love and companionship. In some situations, marriage can result in more Social Security. If you stay married for at least 10 years, those benefits can last even if you get divorced.

But the rules for marriage and Social Security get complicated. Here are seven things married couples can't afford not to know.

7 Social Security Rules Every Married Couple Should Know

You don't automatically get more Social Security benefits just because you're married. Many, if not most, people will get the biggest benefit by claiming on their own record.

But if your work history is limited and you marry someone who earns significantly more money than you do, you may get more Social Security by claiming spousal benefits. Here's how it works.

1. You can get up to 50% of your spouse's full benefit.

The maximum spousal benefit is 50% of your spouse's primary insurance amount. That's the benefit they'll qualify for once they're full retirement age, which is 67 for anyone born in 1960 or later.

If you take benefits before your own retirement age, you'll get less than 50%. For example, if you start your benefits at 62 — the earliest age you can take Social Security — you'd receive just 32.5% of their primary amount.

2. You don't get to claim both benefits.

Sorry, but the perks of marriage don't include double-dipping. Social Security will give you whichever is higher: your own benefit or your spouse's benefit, but not both.

If you qualify for some benefits based on your earnings history, technically Social Security will use your own record first. Then they'll use your spouse's record to get you the maximum benefit.

3. There's no extra credit for waiting past full retirement age for spouses.

When you take Social Security on your own record, you'll get the maximum benefit at age 70. That's because for every year you delay Social Security, you boost your checks by 8% for life thanks to delayed retirement credits.

But if you're taking spousal benefits, you can't earn delayed retirement benefits. Your benefits will max out once you reach full retirement age.

4. You can't claim a spouse's Social Security disability.

You can only claim Social Security Disability Insurance (SSDI) if you've paid into Social Security yourself and have a qualifying medical condition. You can't take disability on someone else's record, including a spouse's.

5. Divorcing? You may still be able to get their benefits.

If you were married for at least 10 years and you've been divorced for at least two years, you can claim your ex's Social Security. The same spousal rules apply: Your maximum benefit will be 50% of their primary amount. You'll receive a lower amount if you claim early, and you won't earn delayed retirement credits for waiting past your full retirement age.

Your ex-spouse needs to be at least 62 for you to claim on their record. Your decision will have absolutely no effect on your ex-spouse. Likewise, if someone you've divorced takes Social Security on your record, your benefits won't be reduced.

6. If you've remarried, you can't claim your ex's benefits.

Once you remarry, you're not allowed to claim your ex's Social Security. But once you've been married a year, you can qualify for benefits on your current spouse's record. If you've had more than one marriage that lasted 10 years or more and ended in divorce, Social Security will look at everyone's record — yours and each ex-spouse's — and give you the biggest benefit.

7. Survivor's benefits are up to 100% of the deceased spouse's benefit.

If your spouse dies before you, you can qualify for up to 100% of their Social Security through survivor benefits if you wait until your full retirement age. You can start survivor benefits as early as 60 (or 50 if you're disabled), but you'll receive a reduced amount. These rules apply to ex-spouses as well, provided that the marriage lasted for 10 years. As with spousal benefits, you'll get whichever is bigger: your own benefit or the survivor benefit, but not both.

There's also an exception to the remarriage rule for surviving spouses: Widowed and ex-spouses who qualify for survivor benefits can remarry at 60 (or 50 if disabled) and continue to receive their late spouse's benefits.

Robin Hartill is a certified financial planner and a senior writer at The Penny Hoarder. She writes the Dear Penny personal finance advice column. Send your tricky money questions to AskPenny@thepennyhoarder.com.

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Friday, July 30, 2021