The Penny Hoarder |
- Debt Advisor Helps People with More Than $15K in Debt Get Back on Track
- Freedom Debt Relief Will Help You Settle Credit Card Debts
- 12 Ideal Jobs for Night Owls
- 3 Ways to Save on Medicare as Premiums Rise
- Best Savings Accounts for December 2021
| Debt Advisor Helps People with More Than $15K in Debt Get Back on Track Posted: 30 Nov 2021 12:52 PM PST 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. If you're in serious debt, you know how hard it can be. There's the harassing phone calls, the threatening notices and insufficient funds to cover anything more than the necessities. And it feels like you can hardly keep up. You're nowhere near paying it off, and thanks to high interest rates, the debt isn't getting any smaller. You might find comfort in knowing that you're not alone. But if you have more than $15,000 in debt, you could get your debt under control and regain control of your life with this free debt-relief service. Let a Professional Renegotiate Your DebtThere's more than one way to approach your debt. But not every path is right for everyone. But a company called Debt Advisor works with experts who will help you determine what's best for your financial situation. In some cases, debt settlement might be right for you. Down this path, you'd look for a company willing to take your case and enroll you in their settlement program. Here's how it works: Your financial advisors work with your lenders to settle on a lump sum settlement — usually less than the total amount you owed. This could mean lower monthly payments and could save you money in the long run. Debt settlement programs can take several years to complete, but it might be the best option for you. You might have to pay toward the settlement in a separate escrow account, so your monthly payments might not count towards your troubled accounts. If a deal is reached and you stick to making your payments, you might once again find your mailbox packed with credit card offers — annoying, but that's actually a good thing. Find the Best Solution for YouThere is a way back to financial freedom. Just answer a few questions online to connect with one of Debt Advisor's financial consultants. They'll help you decide what the best solution is for your situation — and you'll be that much closer to getting your financial life back on track. 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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Freedom Debt Relief Will Help You Settle Credit Card Debts Posted: 30 Nov 2021 09:29 AM PST 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. Is your credit card debt slipping out of your control? It's designed to happen that way, you know. Maybe something unexpected happens, and you get a little behind on your bills and rely on your credit card to get by. Next thing you know, you're stuck paying north of 20% interest on a revolving balance you feel like there's no hope of ever paying off. Your options can feel less than ideal, too. Declaring bankruptcy? Taking out an expensive loan? No thanks. That's why we like a debt-relief company called Freedom Debt Relief. Their program negotiates directly with your creditor to help you find a way to get rid of debt much faster and for less money than making your minimum payments — and you don't have to declare bankruptcy or take out a loan. Find the Right Move for YouHere's how it works: You'll start with a free consultation with one of Freedom Debt Relief's experts. They'll review your finances and help figure out your best path to get rid of debt. With their debt-relief program, you'll first need to show why you're struggling to make your payments. Then you'll stop using your credit cards and open an FDIC-insured account in your name that you'll control. That's where you'll send monthly deposits that'll go toward paying off your debts. Meanwhile, Freedom's negotiators will talk to each of your creditors to secure a settlement — either a lump sum or structured settlement that's less than what you owe. Once you approve the settlement offer from the creditor, you'll pay the settlement out of your savings account. You don't owe anything until your debt has been settled. There's no cost to enroll and no upfront fees to be part of the program. The program could help you get out of debt in as little as 24 to 48 months. You can cut down a lot of what you owe this way, pay less into your account than you're paying your creditors each month and get rid of debt. You might be worried about how this will impact your credit: When you choose to stop making your credit card payments to help Freedom Debt Relief better negotiate with your creditors, you might take a temporary hit to your score. But Freedom Debt Relief's studies show that people who use their program come out with similar or higher credit — and much less debt. How This Company Helps Tackle Your DebtsRemember — your debt is uniquely yours, and paying it off involves a specific strategy that works for you. This process is all about setting you up for success. A debt specialist will review your situation and figure out your best path to get rid of debt. They'll talk you through your options and spell out a strategy for reducing your overall debt and maximizing your savings. In an industry that's beset by scams and ripoffs, Freedom Debt Relief has a very nice A-minus rating from the Better Business Bureau, and since 2002, it's helped more than 800,000 customers resolve more than $15 billion in debt. It takes just a few minutes to get started. The initial consultation is free. See how much you could save here. Mike Brassfield (mike@thepennyhoarder.com) is a senior writer at The Penny Hoarder. He knows a lot about crippling credit card debt, based solely on his personal experience. 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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 30 Nov 2021 09:00 AM PST Let's face it: Some people are just night owls. As much as those morning people with their 4 A.M. alarm followed by a 60 minute Crossfit routine and a homemade breakfast want to think otherwise, some of us were just designed to function better in the evening. When it comes to a career, though, functioning to your peak night owl capabilities can be difficult. But if you truly want to find jobs for night owls, you absolutely can. In fact, we have a few ideas to get you started and most don't require a college degree. 12 of the Best Night Shift Jobs for Night Owls1. Freelance WriterWhile freelance writing can be either a business or a job, it's an obvious one to include on this list, because you can write whenever your mind functions best. The famous authors Franz Kafka, Vladimir Nabokov, and George Orwell were known to write at night. How much you'll make as a freelance writer depends on your ability to find good clients and how efficient you are. 2. Air Traffic ControllerThis is one of the most highly paid night shift jobs. The median annual wage for air traffic controllers is $124,540, according to the Bureau of Labor Statistics. You don't need a college degree to become an air traffic controller, according to the Federal Aviation Administration website, although you will have to go to the FAA Academy, which can cost anywhere from $10,000 to $30,000 based on where you live. 3. BartenderBartending is another job you can do well without a bachelor's degree, as long as you work in the right place and are assigned to the right shifts. Fortunately for night owls, the night shift produces the best tips. Weekends are usually better than weekdays, so bartending can be a great part-time second job if you already work during the week. How much do bartenders actually make? That's a great question, and your answer will depend on who you talk to. The Bureau of Labor Statistics says bartenders, on average, make less than $20,000 a year. But that's not even close to being accurate, says The Real Barman, because it doesn't factor in what bartenders take home (read: cash tips). In his survey, he found that bartenders made somewhere closer to $46,000 per year, and even that seemed conservative. All that to say, bartending is an excellent job for night owls to make a decent living. 4. Security GuardNight shift security positions are often relaxing, and some allow free time for various activities that don't interfere with the work. The downside is the pay. The BLS reports that the median annual wage for security guards is just $28,490. However, they do note that 10% of security guards make over $49,000, so watch for those better-paying night jobs, or work your way up to them. They are definitely out there.  5. NannyIn recent years, becoming a nanny has become more lucrative for adults. Since you're an independent contractor, you can decide which hours you want to work. In other words, you can take only jobs that start in the evening, or even offer overnight babysitting for other night owls who work night shift jobs of their own. Care.com says the average national rate for a nanny comes out to just over $15/hour. Night shift nannies will likely make more. 6. FirefighterThe mean annual wage for firefighters is $49,620, and a full 25% top $67,100 per year. Perhaps the best positions are in towns where you work long overnight shifts, staying at the station until there is an emergency call. You're generally allowed to read, exercise or watch television during those long, slow nights. And, while firefighters don't take the job to be heroes, they certainly are just that. We love our first responders, no doubt. 7. Mail SorterThe USPS hires for both full-time and part-time positions, some of which are during the night shift, including a mail sorter. Every fall, the Post Office hires thousands of seasonal workers for its peak season of packages and deliveries. Mail sorting isn't difficult, doesn't require any previous experience, and pays a competitive wage. Overnight shifts start at 11 p.m. and end when the mail is sorted, usually between 5 a.m. and 7 a.m. These positions usually provide no benefits. This isn't a career, but a nice way to make some extra cash working night shifts. 8. Pizza Delivery DriverIndeed says the average pizza delivery driver makes $16.40 per hour. It's all about the tips, because most places pay minimum wage, and some may pay only the tipped-employee minimum wage, which is just $2.13 per hour. Still, being a pizza delivery driver can provide a nice side income, especially if you work night shifts on the weekends, when tips are best. It also helps if your employer provides a vehicle or pays extra for your car expenses.  9. Registered NurseIf you love to help people facing difficult health issues, then nursing might be for you. Of course hospitals never close, so a night shift position is always an option. This isn't a vocation you want to ease into, as it takes years of commitment and schooling to earn your degree. But if nursing is your passion, it also pays well. The 2019 average annual salary for a registered nurse (RN) was $77,640, according to Nursing License Map. Pro Tip Not ready for all that school? Nursing assistants can work at night and need only a high school diploma and to complete a job training course. 10. Merchandise StockerAll grocery stores and big box stores employ these unsung heroes of the retail industry, which means there are plenty of these night shift jobs available. Zip Recruiter currently lists nearly 50,000 merchandise stocker-related jobs, with average pay of about $28,000 per year. No, you won't get rich with this night shift job, but it could provide you with some nice side cash while helping you get your night owl fix. 11. Limo DriverIf you like driving nice cars and don't mind dressing a little fancy, then limo driving might be the gig for you. You'll need a good driving record and a flexible schedule – including the night shift in most cases. And according to Zip Recruiter, you can expect to pull in about $39,000, on average, per year as a limo driver. 12. BakerPeace, quiet, and the constant smell of freshly baked bread. Does it get any better than that? Depending on the employer, you may or may not need additional schooling to get a baking job. A nicer restaurant, working as a pastry chef, might require a culinary degree. But you probably won't need that at a smaller, local place or larger grocery store. Again, you're not going to get rich as a baker – but, if it's a passion, who cares about that anyway, right? Robert Bruce is a senior writer for The Penny Hoarder. 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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 3 Ways to Save on Medicare as Premiums Rise Posted: 30 Nov 2021 07:00 AM PST Quick Navigation Older Americans are facing an economic catch-22 next year. Social Security checks are getting bigger, but Medicare costs are also rising. Monthly Medicare Part B premiums will rise a whopping $21.60 in 2022 — the biggest year-over-year dollar increase in the federal program's history. We have suggestions for how to soften the blow. Medicare Costs Are Rising in 2022The new Part B premium will cost beneficiaries $170.10 a month in 2022, up from $148.50 in 2021. The increase is double what experts were anticipating just last month. Nearly 1 in 5 Americans could be impacted by the Medicare increase. In 2020, the nation's largest federal health care program covered 61.2 million people ages 65 and older along with some younger people with long-term disabilities — 18.5% of the U.S. population. Medicare Part B is a foundational part of the federal insurance program, covering doctor visits, outpatient surgeries, medical equipment and more. It charges beneficiaries a monthly premium for coverage, which have been steadily rising since 2000. (Back then, it was just $46 a month.) But this year's hike is the biggest one-year increase in Medicare's 56-year history. For comparison, Part B premiums increased by just $3.90 last year. Medicare recipients are getting squeezed in other ways. The Part B deductible — the cost enrollees pay out-of-pocket each year before Medicare starts paying its share — is also increasing by $30 next year. The Part A deductible will be higher, too. Medicare Part A primarily covers hospital stays and skilled nursing facilities. 2022 Medicare Costs at a Glance
Why Are Medicare Costs Going Up in 2022?The Centers for Medicare & Medicaid Services (CMS) offered a few reasons for the historically high Part B increase in a Nov. 12 press release.
About half of the 2022 Part B premium increase is due to contingency planning for Aduhelm coverage, according to CBS News. "The increase in the Part B premium for 2022 is continued evidence that rising drug costs threaten the affordability and sustainability of the Medicare program," CMS Administrator Chiquita Brooks-LaSure said in a press release. Medicare is complicated. Here are seven things you should know about the program and how it works. High-Income Earners Will Pay Even More for Medicare Next YearHigh-income earners will shoulder additional Medicare costs in 2022 thanks to the income-related monthly adjustment amount. Simply put, Part B and Part D premiums are tied to a beneficiary's income. People with higher incomes pay more than the standard Medicare premiums. According to CMS, only about 7% of Medicare enrollees pay higher Part B premiums due to income and 8% pay higher Part D premiums. The graduated surcharges for high-income earners kick in for single filers who earn more than $91,000 and couples who earn more than $182,000. The Part B income-related monthly adjusted premium is $238.10 in 2022, an increase of $30.20 from 2021. Meanwhile, the wealthiest older Americans — singles with $500,000 of income or more and couples with $750,000 of income or more — will face total Part B premiums of $578.30 a month per person, a $73.40 increase over 2021. To see a full breakdown of income-related monthly adjustment amounts for 2022, click here. Medicare Costs Will Likely Eat Up Your Social Security IncreaseIn October, Social Security recipients got some good news. The annual cost-of-living adjustment (COLA) is increasing 5.9% in 2022 — the biggest COLA in nearly 40 years. Here's what that looks like for the average recipient:
Social Security cost-of-living increases are tied to inflation, and if you haven't heard, inflation is soaring. The bumped-up benefit is meant to offset the rising cost for everyday essentials like food, housing and utilities. Have questions about Social Security? We have answers. Yet Social Security COLAs have historically lagged behind inflation. This year is no different. The Consumer Price Index, a government measure for the change in prices over time, hit 6.2% in October — so the 5.9% COLA still falls short. Factor in $21.60 a month for higher Part B premiums and that extra money in your Social Security check means even less, said Mary Johnson, a Medicare policy analyst with The Senior Citizens League, a nonpartisan senior group. "The Medicare Part B premium is automatically deducted from Social Security benefits. So once increased premiums are deducted, the net Social Security benefit won't be 5.9% higher," Johnson said. Those with modest Social Security benefits will see most, if not all, of their pay raise eaten up by rising Medicare and living costs, Johnson said. "The jump in the Medicare Part B premium for 2022 spells trouble ahead for many beneficiaries wondering where the money will come from to pay all the bills," Johnson told The Penny Hoarder. "Those with the lowest benefits won't see much left over." Pro Tip The Social Security Administration usually sends out mailed notices of new benefit amounts in early December — but you can see it now by going online and checking your My Social Security account.  3 Ways to Lower Your Medicare Costs in 2022None of this news about Medicare costs bodes well for seniors on fixed incomes. But you can take steps to potentially lower your Medicare costs next year. Switch to a Cheaper Plan During Open EnrollmentMedicare open enrollment is going on now through Dec. 7. It's your annual opportunity to review your current coverage and explore other plans that may work better — and cost less. As a quick reminder, you can get your Medicare coverage in one of two ways:
Medicare offers an online plan comparison tool where you can shop for different Part D drug plans, Medicare Advantage plans and Medigap supplement plans. You'll enter your zip code and any financial help you might be receiving — such as Medicaid — and the tool will show you all the available plans in your area. If you're in the market for a new Part D plan, you can also enter your prescription drug information and select up to five preferred pharmacies for customized estimates on your out-of-pocket drug costs. Pro Tip Make sure to accurately enter all the medications you take into the Medicare.gov tool, including the dosages, quantity and frequency. Leaving out these details can result in incorrect cost estimates. You can review up to three different Part D or Medicare Advantage plans side-by-side and filter results by star ratings and available benefits. The private insurance companies that run these plans change coverage and costs every year. They might drop coverage for certain prescription drugs or change their pricing structure for different services. As a result, you might be paying significantly more for health care just by sticking with your current coverage. Make sure to carefully review details on any plan before signing up. If you enroll in a Medicare Advantage plan, you still have to pay your Part B premiums. Some Advantage plans advertise to pay a portion of the Part B premium in the form of a "giveback." That might sound enticing — especially with Part B premiums on the rise. Tread carefully, though. Giveback benefits aren't available in all areas. Even when they are, you'll be restricted to a local network of doctors, and you'll need to consider other out-of-pocket costs, like deductibles. Some Medicare Advantage plans offering a Part B reduction may not include prescription drug coverage. You can find Medicare Advantage plans with a giveback benefit by using the Medicare plan finder tool, and checking the details page for each plan. However, finding the exact amount of the reduction may be difficult. You'll likely need to read through plan documents or call the plan provider. See If You Qualify for a Medicare Savings ProgramOlder Americans with low incomes can qualify for financial assistance from Medicare Savings Programs (MSPs). These programs help millions of people pay Medicare premiums and may also cover your deductibles, coinsurance and copayments if you meet eligibility requirements in your state. Only about half of Medicare beneficiaries eligible for MSP are currently enrolled in one, according to CMS. That makes sense — signing up for these programs can be confusing and difficult. Pro Tip Learn more about MSPs, including income limits and eligibility requirements, by visiting this page on Medicare.gov. Medicare also offers a prescription assistance program called Extra Help for beneficiaries with limited incomes and resources. If you qualify and enroll in Extra Help, you're guaranteed not to pay more than $3.95 for each generic drug or $9.85 for each brand-name covered drug. To see if you qualify for Extra Help and start an application, click here. Talk to a Trained Nonprofit VolunteerIt's time-consuming to compare different Medicare plans and pick one that works for you. But with open enrollment closing Dec. 7, time is of the essence. Thankfully, there's a nonprofit organization that can help. It's called the State Health Insurance Assistance Program (SHIP), though some states give it a different name (such as SHINE in Florida or SHIBA in Idaho). Each SHIP is made up of a network of trained volunteers who provide 1-on-1 counseling about Medicare benefits. The program isn't connected to insurance companies or health plans, so the advice you receive is free and unbiased. No one will try to sell you something or bombard you with annoying calls. Plus, any Medicare beneficiary can utilize the program because there aren't any income limits or restrictions. To get started, call your state's SHIP information line (click "SHIP locator" on the organization's home page for a list of each state's phone number). You'll get connected to a SHIP volunteer who can help you compare plans, answer your questions and even help you enroll in a Medicare Savings Program if you qualify. Rachel Christian is a Certified Educator in Personal Finance and a senior writer for The Penny Hoarder. 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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Best Savings Accounts for December 2021 Posted: 30 Nov 2021 05:00 AM PST When it comes to savings accounts, where do you even begin? Do a quick search, and you'll find many savings accounts with different options with varying percentages, monthly fees and minimum requirements. Not to mention the many types of financial institutions themselves — online-only, banks and credit unions — and it can get overwhelming fast. Keeping this in mind, we've rounded up the best savings accounts — including ones at online banks and traditional brick and mortar — of 2021. We've included top information you need to know before opening or switching an account. And before we move on, yes, we recommend that Penny Hoarders have a savings account — keeping your cash in a box under your bed is not a solid, or safe, financial plan. We want you to feel empowered so you can get the best proverbial bang for your buck. We've ranked the very best savings accounts available today to help get you started. Our Picks for the Best Savings Accounts
Best Savings Accounts of December 2021So, what makes a savings account one of the *bests* of December 2021? That depends on what you value most. In determining our top nine, we reviewed more than 20 popular savings accounts and considered what elements seem to be most universally important:
We considered only savings accounts that were FDIC-insured or NCUA-insured and had no monthly fees. And we kept in mind its availability of products; for instance, high-yield savings accounts, small-business resources and money market accounts. Because physical branch access is becoming increasingly less important, all accounts on our list are online or hybrid (online with some brick-and-mortar bank locations). Savings-Account Criteria We Didn't Weigh HeavilySo what didn't we consider when making our list that you might also want to look for? Bonuses: Because banks regularly add, remove or replace their bonuses, we did not include them in our criteria. If you're stuck between two or three comparable savings accounts, see which one offers the best sign-on bonus. We highly recommend checking out our current bank promotions list to help earn bonus cash or incentives when signing up for a new savings account. Customer service: Quality of customer service is subjective. Read reviews and ask friends and family about their experiences when considering banks. To truly determine how you feel about the level and quality of customer service, give the bank a call and ask some questions about the account. From that interaction, you should be able to feel out how much each bank values customers and prospects. Synchrony High-Yield Savings AccountBest for High-Yield Savings   Key Features
Synchrony is an FDIC-insured online bank. It offers a notch above a traditional savings product with its high-yield savings account. Users can take advantage of a high APY — with no minimum balance requirement — and no fees, aside from accessing out-of-network ATMs (though Synchrony offers a $5 monthly reimbursement). Synchrony High-Yield Savings Account  APY 0.50% Monthly fees None Minimum balance required None Additional fee for withdrawals None ATM fees None for in-network With Synchrony, you can access your money through an ATM, electronic transfer to an external account, wire transfer or a paper check in the mail (remember, it's an online-only institution). And if you're interested in similar accounts, check out our list of the overall best high yield savings accounts. CIT Savings Builder AccountBest for Users Who Need an Incentive to Save  Key Features
CIT Bank (not to be confused with Citi) has a Savings Builder savings account to help users earn more on their money. To get up to 0.40% APY, your account either needs $25,000 in it or you must make a monthly minimum deposit of $100 to the account. Obviously, the latter option is more feasible for the average consumer — and a good incentive to save each month, to boot. CIT Savings Builder Account  APY Up to 0.40% Monthly fees None Minimum balance requirement $100 Additional fee for withdrawals None ATM fees None for in-network With CIT bank, you can get your money via electronic transfer, wire transfer (free if you have $25,000 or more in the account) or paper check. Bonus: You can get reimbursed up to $30 a month for using other bank's ATMs. CIT Bank's mobile app also has a solid rating; at the time of writing, the app has a 4.6 rating on the App Store and 4.2 on Google Play. Ally Online Savings AccountBest for Users Who Want to Save Smarter Key Features
Ally is a leading online bank that offers all kinds of banking products. Its savings account is a solid step-up from the competition: Ally offers a high APY, no monthly fees and savings tools such as "buckets" and boosters, which help accelerate your savings on autopilot. Ally Online Savings Account  APY Up to 0.50% Monthly fees None Minimum balance requirement None Additional fee for withdrawals None ATM fees None for in-network To earn up to 0.50% APY from Ally, here's what you need to know: Ally's three online savings account balance tiers are less than $5,000, between $5K and $24,999.99, and $25K or more. Ally will pay the particular APY based on the tier your end-of-day balance falls in. You can transfer money via direct deposit, electronic transfer, wire transfer or paper check. Alliant High-Rate Savings AccountBest for Users Who Prefer to Bank at a Credit Union Key Features
The Alliant High-Rate Savings account is offered via the Alliant Credit Union. So, instead of FDIC insurance, it carries insurance through the National Credit Union Administration (NCUA). (No concerns there: Like the FDIC, the NCUA federally insures your money.) In exchange for an average daily balance of $100, you'll qualify for 0.55% APY. Alliant High-Rate Savings Account  APY 0.55% Monthly fees None Minimum balance requirement $5 Additional fee for withdrawals None ATM fees None for in-network Joining Alliant requires some effort. You need to fulfill one of these four requirements:
Once you join, you're eligible to open a high-yield savings account for $5 (which Alliant will reimburse you for!). Discover Savings AccountBest for Access to a Cash-Back Debit Card Key Features
The Discover (yes, the credit card brand) Savings Account offers a substantial APY and easy access to funds via a rewards checking account. Interest in the savings account is also compounded daily versus monthly, like with some accounts. Discover Savings Account  APY 0.40% Monthly feeds None Minimum balance requirement None Additional fee for withdrawals None ATM fees None for in-network While Discover doesn't offer an ATM card for its FDIC-insured savings account, you can sign up for Discover Cashback Debit (it's free!), which earns up to 1% cash back on up to $3,000 a month. The linked debit account provides an easy way to transfer funds; otherwise, you can rely on electronic transfers, wire transfers and paper checks. Capital One 360 Performance SavingsBest for Users Who Want to Connect Multiple Accounts Key Features
This big-name savings account boasts no monthly fees, easy integration with other Capital One 360 accounts (including a checking account for easy funds transfer) and a killer app. Per the latter, in 2018, the Capital One 360 mobile app was ranked No. 1 in customer satisfaction in the banking category for the second year in a row in J.D. Power's U.S. Banking App Satisfaction Study. Capital One 360 Performance Savings  APY 0.405 Monthly fees None Minimum balance requirement None Additional fee for withdrawals None ATM fees None for in-network If you don't open a linked checking account for easy ATM access with Capital One, you can still get your funds via the traditional (but slower) means.The Capital One Performance Savings Account is a good option for people who prefer to bank with a well-known entity. Barclays Online Savings AccountBest for Consumers Saving Toward a Goal Key Features
Barclays Online Savings Account offers a high APY and strong mobile app. The company also has a Savings Assistant tool, which can help users save toward a financial goal. Unlike others on the list, however, Barclays doesn't have a checking account opton; so, you'll have to transfer your money to an external account, which can take two to three days to post. Barclays Online Savings Account  APY 0.40% Monthly fees None Minimum balance requirement None Additional fee for withdrawals None ATM fees n/1 With this Barclays savings account, users can deposit and withdraw funds in a number of ways, through direct deposit, an electronic transfer, paper check and more. If you're looking for additional savings options, Barclays offers online CDs as well. American Express High-Yield SavingsBest for Users Who Like to Make Multiple Withdrawals Key Features
American Express offers a high-yield, FDIC-insured savings account. It boasts 24/7 support and a highly rated mobile app for iPhone and Android users. While there's no debit card option, users have round-the-clock access to their funds. American Express High-Yield Savings  APY 0.40% Monthly fees None Minimum balance requirement None Additional fee for withdrawals None ATM fees n/a With American Express high-yield savings, electronic transfer, wire transfer and paper check are the only ways to access your money. On the plus side, you can make up to nine withdrawals or transfers during a monthly statement cycle. This is higher than the six withdrawals or transfers that many high-yield accounts typically offer. Marcus Online Savings AccountBest for Growing an Account You Don't Need to Touch Key Features
Marcus by Goldman Sachs is FDIC-insured, has no fees or minimum balance requirements, and offers seven-day customer support. If you've been dragging your feet to start an emergency fund, this might be a good place to start. Marcus Online Savings Account  APY 0.50% Monthly fees None Minimum balance requirement None Additional fee for withdrawals None ATM fees n/a Marcus by Goldman Sachs withdrawals are limited to electronic transfer and wire transfer. You also cannot deposit checks via the app. If you're looking for an account you can set-and-forget while earning higher interest, this could be an attractive option for you with a well-known company. What is a Savings Account?A savings account is a bank account where you store your money. Typically, you keep it here for long-term goals instead of using it for everyday expenses. To see a detailed explanation of how it differs from a traditional checking account, visit our checking vs. savings account comparison. The best savings accounts are secured by the Federal Deposit Insurance Corporation (FDIC) for up to $250,000. That means if you store your money with a bank and it goes under, you won't lose your money. Savings accounts are perfect for achieving your savings goals — for a car, a house, a wedding, vacations, you name it. More importantly, they are the best tool to build your emergency fund. Most experts agree your emergency savings should total six months' worth of necessary expenses in the case of job loss or another unpredictable emergency. Necessary expenses might include rent/mortgage, car payments, insurance, medical bills, utilities and groceries. However, don't sweat it if you don't have six months' worth saved up. It takes time to build up your savings. Even if you can consistently deposit $50 a month, that's a good start. One thing a savings account is not is an investment account. Savings accounts have historically low interest rates — or annual percentage yield (APY) — but they are inherently low risk. Pro Tip After you have padded your savings account with enough cash to cover emergency expenses and your other savings goals, you'd be better off opening an IRA or 401(k) or investing in stocks. Common alternatives to savings accounts include certificates of deposit (CDs), where you store your money for a fixed term for a slightly higher interest rate, and money market accounts, which typically offer a higher APY but have significantly higher minimum balance requirements. So just how much interest will you earn in a savings account? That depends on the amount you've saved and your APY. Online Banks vs. Brick-and-Mortar BanksBefore the advent of the internet, brick-and-mortar banks (and credit unions) were the only place to store your money, if not in your duffel bag. But over the last couple decades, online banks have transformed the way we think of safely storing our money, and because of their low overhead (fewer staff and few or no physical locations), they can offer much better interest rates on savings accounts. Pros of Online Savings AccountsWhen online savings accounts first surfaced, bank customers were hesitant to store their money with companies they had never heard of and were fearful of internet security issues. Today, many of these same customers now see far more pros to online savings accounts than their traditional physical banks. Higher Interest RatesThis is easily the most important distinction between brick-and-mortar banks and online banks. The national average APY for a savings account is 0.06%, according to the FDIC. But many brick-and-mortar banks offer less than that. Online banks, on the other hand, tend to offer savings rates that are better — sometimes a lot better AvailabilityOnline banks are always open. The most competitive online banks offer around-the-clock service over the phone or online, and typically have more user-friendly apps and websites. Some national banks and credit unions may offer 24/7 service, but their physical locations are typically limited to the 9-to-5 business hours. Pros of Brick-and-Mortar Savings AccountsThere are advantages to brick-and-mortar banks. However, if these benefits do not hold massive weight for you, we highly recommend an online savings account. Easy Access to Account FundsEmergencies wait for no one. If you have an unexpected need for $10,000, it would be nice to be able to immediately access that. Many online savings accounts take several days to get you your funds via ACH deposit or a written check, though wait times for ACH deposits have dramatically decreased in recent years. (You can also speed up the process by opening a checking account with your online bank or choosing an online savings account with ATM benefits. Prioritize online banks that offer free checking accounts or ATM convenience cards.) Brick-and-mortar banks, however, can allow major withdrawals at any of their locations. No waiting necessary. In-Person SupportSome people prefer to resolve their issues over the phone or online, but many others find comfort in face-to-face communication. By opening a savings account with a bank that offers physical locations, you'll be able to get in-person help from financial experts during regular business hours. … And a Toss-UpWhen it comes to access to ATMs, there is no clear winner. Obviously, brick-and-mortar banks and credit unions offer ATMs at all their locations, where you can easily withdraw your money. Many online banks, however, offer fee-free withdrawals at select ATMs, and the best online banks will reimburse you for fees incurred out of network. [community_widget] 6 Tips for Choosing a Savings AccountYou should be aware that banks can change interest rates, develop better apps and update their bonuses, so it is important to understand how to determine the best savings account for yourself. Here are a few tips: 1. Consider Your NeedsWe prioritized high savings rates, ease of funds transfer and mobile apps in our rankings, but maybe for you, two-factor authentication and customer service are top considerations. Build your own ranking system based on your top two or three criteria. You won't find a perfect bank that offers everything, but at the very least, you'll find banks that can meet all of your top needs. 2. Stick With OnlinePut your money in an online savings account, unless you have a good reason not to, such as a high interest savings account at a brick-and-mortar credit union or a regular need to get in-person help. 3. Save Only With Insured BanksDo not put your money into any bank that is not insured by the FDIC. Or, if you go the credit union route, make sure it is insured by the NCUA. We did not include any banks on our list that were not insured. 4. Don't Be Tempted by Sign-on Bonuses AloneEarning cash for starting an account with a bank feels awesome, but don't let the appeal of $100 now prevent you from putting your savings into an account that will earn you $500 over a couple years. 5. Find a No-fee AccountBe wary of accounts with monthly maintenance fees, statement fees or any other miscellaneous charges. You're more likely to find these fees with a brick-and-mortar bank. Ideally, find a bank that has an associated free checking account for easy and fast funds transfers. 6. Read the Fine PrintKnow what you are signing before you sign it. If an APY sounds too good to be true, it's possible there are strings attached — or that the rate is only temporary. Ask questions and do research when you are confused by any of the terms and conditions, and don't deposit your savings until you are satisfied with the agreement.  Frequently Asked Questions (FAQs) About Savings AccountsHere's a round-up of common questions — and answers — when it comes to savings accounts. What Bank Has the Best Savings Account Plan? The "best" bank will vary from person to person. In general, look for a savings account with minimum requirements and a decent APR — which, these days, hovers around 0.40% and 0.50%. Which Savings Account is Best for 2021? Similarly, the best savings account for 2021 will hinge on a variety of factors. Look for an account that offers a savings account with a solid APY that ticks off other boxes — Do you want to be able to view your savings on an app? Bank with an institution that offers additional products? Score a higher interest rate with an online-only bank? Depending on your needs, wants and goals, there's a bank with a savings account offering that will work for you. What is a High-Yield Savings Account? A high-yield savings account is another option to store your money. Similar to a savings account, these accounts typically offer higher interest rates if you follow certain guidelines. For instance, you might be required to maintain a regular balance and be allowed to transfer money out a particular number of times a month. High-yield savings accounts could be a good option for you (and your emergency fund) if you're disciplined and organized, and don't need daily access to this money. What is the Best Interest Rate for Savings in the UK? Interest rates for savings accounts in the United Kingdom are similar to rates in the States. For a traditional savings account, a rate between 0.65% and 0.66% AER (Annual Equivalent Rate) is considered pretty good right now, according to The Times. How Can I Make the Most Interest on My Money? First, look for a traditional savings account that offers higher than 0.06% APY, the national average. And again, consider a high-yield savings account or online-only savings account, which usually boast higher interest rates. From there, make saving money regularly — any little bit helps — a habit. With consistency and patience, you'll earn money on your savings. 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 |
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