The Penny Hoarder |
- How to Survive the Rent When Your Roommate Moves Out
- The Best Time to Buy a TV, Mattress and More: Here’s Your Guide
- The 5 Best Sites to Sell Gift Cards Online
- Best Checking Accounts June 2022
| How to Survive the Rent When Your Roommate Moves Out Posted: 30 May 2022 01:20 PM PDT Some of the links in this post are from our sponsors. We provide you with accurate, reliable information. Learn more about how we make money and select our advertising partners. 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. 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 2.49% 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.
3. 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. This posting includes an audio/video/photo media file: Download Now | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| The Best Time to Buy a TV, Mattress and More: Here’s Your Guide Posted: 30 May 2022 06:55 AM PDT Some purchases are tough to plan: car repairs, patches for a leaky roof, a working air conditioner amid a heat wave. But more often than not, you can plan ahead for life's necessities — and some non-necessities, too. "You might be able to score an extra discount on a floor model, and some stores are offering special freebies and bundles to incentivize consumers," said Trae Bodge, a Smart Shopping Expert featured on CBS, CNBC and The Today Show. Before you let an impulse buy drain your bank account, consult our handy calendar of the best time to buy absolutely everything. You might be surprised at the deals each new season brings! Our Guide to the Best Time to Buy EverythingBe a smart shopper and plan your purchases according to this calendar, which plots the best deals, month by month. What to Buy in JanuaryKick off the new year with big savings. TVsRetailers know that the newest TVs and other electronics are revealed at the annual Consumer Electronics Show in January. This makes January the best time to buy a TV, thanks to major discounts — as long as you don't covet the new, fancy models too much. We also think it's no coincidence that the Super Bowl is played annually in early February. Some 100 million people watch the game and nearly all of them on a TV. CalendarsNo need to rush to the bookstore in December to get a new wall or desk calendar. Buy one in January to get a discount. Calendars and other physical organizers still hold sway with modern shoppers, Bodge says, in part because people are naturally tactile. It feels really good crossing stuff off your to-do list. We get it. "Planners also remain popular because many planners are designed to help people become more organized, more mindful," Bodge said, "There is a self-help/self-care benefit." Gym Memberships and Home Fitness EquipmentGyms are known to offer big incentives to sign up and get fit in the New Year. Home gym equipment also goes on sale in January, as do scales, according to Consumer Reports. Here's some guidance on what equipment you need for a good, affordable home gym. You'll also be able to find good deals on smartwatches and fitness trackers to help with that resolution. LinensThe yearly tradition of hosting a white sale dates back to the 1870s, when linens were only available in white. But modern white sales include linens and home goods in every color of the rainbow. Don't be swayed by sheets with super-high thread counts — you'll want to focus more on the material the sheets are made from. You'll also get more for your money by helping your new sheets lasting longer with the proper care. Christmas GearYou have an entire 11 months until you get invited to your next ugly sweater party, but you can browse the clothing racks for some heavily discounted Christmas sweaters. Other Christmas supplies are also on sale in January, including holiday cards and decorations. What to Buy in FebruaryFall in love with these deals during February. MattressesIf you've recovered from your Christmas spending and could use a new mattress, check out Presidents' Day sales. The three day weekend is considered the first major mattress sale of the year. If you need time to decide if you'd rather have foam or an innerspring, mattress companies also use holidays such as Memorial Day, July 4th and Labor Day to offer big discounts. JewelryOne of the best times to buy jewelry is in February — but only after Valentine's Day. Look for deep discounts after retailers remove their rose-colored glasses. It's not worth paying the "love tax" to celebrate with your sweetheart, anyway. Also look for discounts on other Valentine's Day goods, such as cards and chocolate after the holiday itself. Winter CoatsWinter coats take up a ton of room in your closet and just as much room in stores. Help retailers clear 'em out this month, and you'll get a big discount. What to Buy in MarchSpring forward by making these smart purchases in March.  LuggageDon't wait until a week before your big family vacation to get a new suitcase. March is the best time to buy luggage, as it's on sale to entice shoppers who are desperate to be done with their snowy, dreary winters and who crave a little spring break. Just don't forget where you put it when it's time to pack. What to Buy in AprilThe smart shopper always plans ahead. ToolsYou don't have to wait until Father's Day in June to find excellent prices on tools and home improvement gear. If you're eager to start your home DIY projects in the spring, go ahead and shop now. SneakersEveryone's finally going outside again and stores are swapping out their winter shoe collection for the brighter summer colors. Let sporting goods stores make it easier for you to keep up with your New Year's resolution (remember that?) by discounting those new kicks. What to Buy in MayIs your refrigerator running? If not, May is a great time to get a new one. Small AppliancesBlenders and juicers, coffeemakers, slow cookers, toasters and even toaster ovens are often on sale during Memorial Day extravaganzas. That's at the end of the month but the deals are often offered at least a week before, sometimes all month. (See also November.) Besides replacing your old kitchen aids, think about these items for shower and wedding presents. RefrigeratorsNew refrigerator models debut in the summer. Shop in May to get last year's model at a better price. You can't tell the difference between last year's refrigerator models and this year's, right? Didn't think so. Also look for deals on other necessities like freezers, oven ranges and air conditioners, according to Consumer Reports. What to Buy in JuneHere come the … deals?  Vacation TicketsPlanning a summer vacation? Travel early or late in the summer instead of during peak times. And you'll pay less for airfare if you can travel midweek. "Because prices are particularly high, consider using any points you have accrued and when you make your purchase, use the credit card that offers the highest percentage of points so you can make the most of your purchase," Bodge said. Outdoor GearNow that summer is in full swing, outdoor gear — like tents, backpacks, lanterns and even fitness gear — is marked down. You can also find great deals throughout the year. Cookware and ChinaJune is typically peak wedding season, and stores hope you've planned ahead to buy wedding registry gifts. Now is when those items are discounted, and it's the perfect time to replace or upgrade what's in your own cabinets. While you're looking through your old stuff (or your Nana's), keep an eye out for china patterns that are worth something. What to Buy in JulyDon't sweat these savings. FurnitureNew styles hit stores in February and August, so retailers spend much of July clearing out old stock, especially over Fourth of July weekend — making this the best time to buy furniture. DehumidifiersJuly means humidity. Pick up an older version of a much-needed dehumidifier in July or August, according to Consumer Reports. What to Buy in AugustThe dog days of summer offer some amazing bargains. Computers (Except Apple Products)Computer manufacturers typically release their new models in the summer, so back-to-school sales are a great time to buy last season's model. The specs probably won't be different enough for you to notice, unless you're a hardcore gamer or designer. Apple products, however, typically get announced in the fall, so hold off to get that new MacBook. PrintersIf you're working from home, you might be considering a printer upgrade. Printers, tablets and wireless earbuds are some of the electronics that you'll see discounted during back to school sales. GrillsGrilling season doesn't stop at the stroke of Labor Day. Buy at the tail end of summer to enjoy your grill until almost Thanksgiving (OK, depending on where you live). What to Buy in SeptemberBack to school? More like back to the checkout lane. Thanksgiving FlightsIf you're planning a trip for the holidays, consider buying those Thanksgiving flight tickets in September to get a better price. Hitting the prime booking window — plus our other top tips for saving on air travel.  SwimsuitsEven though your local pool might be closed for the season, you should think about stocking up on swimsuits for next year. A HouseThis might not be a frequent purchase, but if you're in the market for a new home, it can help to hold off past the busy spring and summer buying seasons. Your costs typically drop a few percentage points at the end of September (after the kids have gone back to school), making this the best time to buy a house. Washers/DryersHave you been debating on making the switch to a front load washer and dryer set? Many manufacturers roll out new models in September and October, so Labor Day weekend can be a particularly good time to save, according to Bodge. What to Buy in OctoberThere's a joke about spooky deals in here somewhere. DenimJeans typically get discounted in October, after back-to-school sales have ended and families are stocked up on fall attire. Patio FurnitureGoodbye summer, hello savings. It's worth checking out the patio furniture if you don't mind storing it over the winter. When that first warm spring day hits, you'll be ready to bask in the sunshine. Leaf BlowersOctober means fall leaves — and they are likely covering your yard. Pick up a leaf blower, and while you're at it, get ready for the snowy days ahead with a snow blower, according to Consumer Reports. Incoming snow also means you'll find good deals on lawn mowers. What to Buy in NovemberThe days get shorter, but the deals get bigger. Small Appliances, 2.0Like in spring, the fall is a gold mine of rock-bottom prices on giftable small appliances. If you're looking for a blender, air fryer, coffee maker or anything else that'll proudly take up space on your kitchen counter, it's worth waiting until Black Friday sales begin in stores and online. Video Game ConsolesIf you want to snag a video game console, prices will be lowest around Black Friday, experts say. If you (or your kids) are OK with older models, the previous generations of consoles experience a drop in price when new models arrive. Pro Tip It's a good idea to wait a few months after release to buy a new console, since it gives manufacturers the chance to work out any kinks. Video GamesWhen you do get a new console, you'll need video games to go with it. If you wait until Black Friday or Cyber Monday, many retailers bundle popular video games with their respective consoles — giving you good deals on both. If you can't wait for the holidays and are buying throughout the year, wait until the game has been on the market for two or three months. That's when games tend to experience their first drop in price. If you're looking for computer games, you can also check out the distribution service Steam for summer and winter sales. They have sales throughout the year, but you can find games slashed by as much as 60% during those weeks.  Wedding GownsBridal shops are slow before the proposal rush during the holiday season, so the few weeks before Thanksgiving is a good time to start trying on gowns. Ask about sample sales and last year's styles that may be priced to move. What to Buy in DecemberCelebrate the season by shopping smart, obviously. Swimming PoolsIf your family's been begging for a backyard pool, December is the best time to have one installed. It might be chilly, but pool pros would rather avoid working on 90-degree days! Plus, when their workload slows in the winter, many contractors are willing to lower their prices. ToysToy deals stick around after those Black Friday and Cyber Monday sales in November. Even if you're done with holiday shopping for your little ones, consider picking up their favorite character and activity toys while they're still discounted to stash away for birthdays. CarsYou won't always be able to predict when your current car will see the end of the road, but if you can, wait until the end of the year to buy a new (or new to you) one. Car dealerships offer the lowest prices in December when they're trying to make their yearly quotas. You'll also find older car models discounted to make room for the new ones. If you can't wait until December, also try going at the end of any month throughout the year. That's the deadline for meeting monthly quotas Contributor Jenna Limbach writes on financial literacy and lifestyle topics for The Penny Hoarder. Lisa Rowan is a former staff writer. This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017. This posting includes an audio/video/photo media file: Download Now | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| The 5 Best Sites to Sell Gift Cards Online Posted: 30 May 2022 05:05 AM PDT Whether it's a birthday, graduation or holiday, it's likely that you'll get a stack of gift cards for any celebration. Also likely: You'll end up with a few you can't use or don't want. Maybe your boss gave you a Starbucks gift card, but you aren't a coffee drinker. Or your Aunt Rita gave you a generous $75 for a steakhouse, but you're a vegetarian. There is no reason for this well-intentioned gift to go to waste. Instead of letting them languish in a junk drawer or unopened email somewhere, sell those gift cards for cash. 5 Best Places to Sell Gift Cards for Cash and DiscountsReady to start selling gift cards? Start with these five sites. 1. CardCashFounded in 2009, CardCash is a no-frills marketplace to buy and sell gift cards. It accepts cards from all types from popular department stores, restaurants, grocers and more. While the website states that you can earn up to 92% of a gift card's value, each card is given a unique quote that could be lower. CardCash pays you directly if your card is accepted. Use CardCash's quote tool to see how much cash your gift card is worth and to find out if you need to physically mail it in. You also have the option to swap the gift card for one at another store, possibly exceeding the value of your current gift card. Get started: www.cardcash.com 2. ClipKardAccording to its website, ClipKard accepts physical gift cards from more than 100 retailers. Fast food restaurants and department stores are especially popular. ClipKard's quote tool will let you know if your card is currently being accepted and, if so, how much it's worth in cash. If you like the quote, you can ship your gift card to ClipKard using the prepaid USPS shipping label provided to you. If you're in a rush, you can choose to upgrade to priority shipping, and the price will be deducted from your payout. Get started: www.clipkard.com 3. GameflipGameflip is a unique way to get rid of your unwanted digital gift cards and other items. The e-commerce site is a blend of eBay and Upwork for gamers. When selling gift cards, like any other product or service on the site, you'll have to make a listing, which requires you to first make a Gameflip profile. You can sell any unused prepaid and non-reloadable gift card. Popular gift cards include Steam, PlayStation, Xbox, iTunes, Google Play and more. With Gameflip, you have full control over the price, though it's recommended you list your card at a discount of 2% to 15% of its value. When someone buys your gift card, Gameflip transfers the funds into your Gameflip wallet, which you can withdraw from using Wise, Payoneer, Skrill or Bitcoin. (PayPal is no longer accepted.) Gameflip takes an 8% cut of all listings and a further 2% cut of digital-only listings. Each wallet withdrawal method has its own associated fees. Get started: www.gameflip.com 4. GiftCashGiftCash is a straightforward way to sell digital and physical gift cards from more than 150 accepted brands. And you can earn up to 92% of the value for in-demand brands. As with other gift card exchange sites, you can get a quote from GiftCash before you choose to sell it. However, GiftCash does not allow gift-card swapping. All gift cards must have a value of at least $25. Some brands require a higher minimum value, such as $100 for Air Canada, Apple, iTunes and Petco. Get started: www.giftcash.com 5. RaiseRaise is a mobile payment app and e-commerce platform launched in 2013. Among many things, Raise allows you to sell your unwanted gift cards on its marketplace. That means you'll need to create a Raise account and a listing for your gift card. As with any product, the more demand, the more you can ask for it. Gift cards for major retailers like Walmart, Target and Best Buy tend to sell on the marketplace for about 95% of their value. You also maintain control over your listing. If your card doesn't sell in the first couple of days, you can always adjust the price to attract more buyers. Or you can unlist it if you change your mind. Once it sells, Raise charges a 15% seller fee, and for physical cards, it charges an additional $2.75 or 1% fee for shipping — whichever is greater. If you lost track, that means the maximum you can earn on a digital gift card is 85% of its value, if it sells for 100% of its value. Get started: www.raise.com To help you determine the best place to sell your unwanted gift cards, we've compared several price estimates from popular stores in spring 2022. Here's how the five gift-card sites stack up. How Much Cash Your Gift Cards Could Earn
*Note: Estimated exchange prices for Gameflip and Raise were based on the rates of digital gift cards currently listed and selling on their marketplaces, minus the applicable seller fees (10% and 15% respectively). Tips to Sell Gift Cards OnlineThere are plenty of websites to sell your gift cards, and each one is a little different. Some will let users bid on your gift card, while others will purchase it from you and then sell it themselves. Here's what to keep in mind as you find a buyer for that unwanted present. Consider Ways to Get PaidDepending on the service you choose, when you sell a gift card, you can receive a check in the mail, a PayPal or other digital payment, or a more useful gift card. Payment apps might be quick, but keep those pesky transaction fees in mind if you want to maximize your payout. Checks may take a little longer, but they're as good as cold, hard cash. And depending on your spending habits, another gift card might be the best choice, as the conversion rate is going to be the highest. Each selection has its own perks, so choose whichever best fits your needs. Don't Sell Gift Cards on eBayEBay has always been a popular place for buying and selling things online — but it might be the worst way to sell gift cards. First, an eBay buyer isn't likely to buy your gift card for more than 80% to 90% of its value. For a $100 gift card, you can count on a loss of between $10 and $20 right off the bat. On top of that, you may be responsible for eBay's insertion fees, a final value fee and a performance fee if your eBay seller account isn't in good shape. These fees eat further into your earnings. You may be thinking, hey, don't Raise and Gameflip also have seller fees? They do. But these marketplaces specialize in selling gift cards, so the base value of your gift card is likely to be higher on Raise or Gameflip than on eBay. Also with eBay, there's no built-in way to verify your gift card's code or balance — making the selling and shipment process much more of a hassle. In short, stick with one of the five gift-card selling websites above to get the most money for that ol' Applebee's gift card that's nearly fused together with your wallet. Frequently Asked Questions (FAQs) About Selling Gift Cards OnlineHere are our answers to some common questions about selling gift cards online. How Can I Exchange Gift Cards for Cash? You can exchange gift cards for cash easily by selling the unused card directly to a gift card site like CardCash, CardKlip or GiftCash. They will buy the card from you directly. Or you could list your gift card on marketplaces like Gameflip or Raise, where people can bid on your card and buy it from you. How Can I Get Cash for Gift Cards Immediately? When you sell your gift cards online, it's possible to get a quote immediately. That is, you can easily and quickly check how much your gift card is worth. But the entire process of selling the gift card online will take much longer, especially if you have to mail a physical card. Where Can I Sell Unused Gift Cards? You can sell gift cards for cash online and in person. Selling your gift card in person is the fastest way to get cash, but that doesn't mean it's the most lucrative. GiftCardBin has hundreds of partners around the U.S. that offer cash for gift cards. The slower and more lucrative way to sell gift cards is online, and you can earn up to 95% of the gift card's value in cash by using one of the gift card exchanges mentioned above. How Much Do You Get for Gift Cards at Coinstar? Coinstar discontinued its gift-card-buying services at all Coinstar terminals. However, if you're using Coinstar to count your change, you can maximize your payout by choosing to accept payment by gift card. This option allows you to skirt the fees associated with cash payout. Adam Hardy is a former staff writer for The Penny Hoarder. Writer Dana Miranda contributed to this report. 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 Checking Accounts June 2022 Posted: 30 May 2022 04:50 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. Do you remember why you chose your current checking account? If you got started early, your parents might have helped you open a kids' checking or savings account at their bank's branch. Or maybe you went with the credit union down the street from your work after getting your first W2 job. Whatever the reason, location likely played a big part. Thankfully, you're no longer confined to a financial institution for a checking account because of its proximity to you — or a brick-and-mortar site altogether, for that matter. From higher interest rates to better benefits, it pays to expand your search beyond your local bank or credit union these days. Here's how to choose the right checking account for you. 10 Best Checking Accounts for June 2022
Chime Spending AccountBest for Digital Features   Key Features
Chime is an online checking account that truly embraces the digital banking space* — consider that its app has over 300,000(!) five-star reviews. The company's tagline is "banking that has your back" and it aims to do that through its Early Payday function (where you get access to direct deposit funds up to two days early), fee-free overdraft services and more. Chime Spending Account  Fees None APY 0.50% ATM access 60K+ fee-free ATMs Promotions None Prime perk "Pay friends" feature More information About Chime Spending Account Chime doesn't charge overdraft fees or for overdraft protection, a monthly maintenance fee, foreign transaction fees or minimum balance fees. You can also open an easy-to-access connected savings account — it allows you to automate your savings with features like the round-up tool, which will round up your transactions to the nearest dollar and dump the change into savings. Bonus: Chime has a "Pay Friends" feature, so you don't have to mess with cash, math or other apps to split the bill. Check out our Chime review for a full run-down of features and offerings. Varo Bank AccountBest for Keeping Track of Your Accounts Key Features
Varo has combined traditional banking tools with modern technology to help its customers become financially healthy. Its big selling points include Varo Perks — get up to 15% cash back with in-app purchases — no hidden fees and early access to your paycheck. You can also earn up to a whopping 5.00% APY with a Varo high-yield savings account. Varo Bank Account  Fees Out-of-network ATM and cash deposit fees APY Up to 5.0% ATM access More than 55,000 Allpoint ATMs Promotions None Prime perk Tools to analyze cash flow More information About Varo Bank Account With Varo, you'll pay no monthly service fees, no extra fees for minimum balance requirements, no foreign transaction fees and no cash replacement fees. You'll just pay out-of-network ATM fees and cash deposit fees if you deposit cash in-store through Green Dot®. Varo keeps tabs on how much you spend across all your accounts, too, so you can better analyze and project your cash flow. It also allows you to set spending caps so you have a better handle on your money. Check out our Varo Bank review for a full run-down of features and offerings. Chase Total Checking AccountBest for Promotional Offers  Key Features
Chase Bank is a well-known entity in the financial world, and we had to include its Total Checking Account on our list. The account comes with a $12 monthly service fee, but it'll be waived if you have monthly direct deposits of at least $500. If you don't have direct deposit, you can also have the fee waived with a minimum daily balance of $1,500 (or $5,000 across multiple Chase accounts). Chase Total Checking Account  Fees Yes, but may be waived APY 0.01% ATM access 16,000 ATMs Promotions Yes Prime perk Branches in 33 states to avoid fees More information About Chase Total Checking This Chase account has other fees. For example, you can use a Chase ATM for free, but you'll pay a $2.50 fee for non-Chase ATMs in the U.S. and $5 for international withdrawals — so, this account isn't the best for frequent international travelers. Thankfully, the bank has branches and ATMs in 33 states around the U.S., so you can avoid the fees if you've got one nearby. Bonus (literally): You can get $200 when you open a new checking account. Getting it is pretty simple, too, compared with similar offers — open a new Chase Total Checking account* with $0, and set up direct deposit within 90 days of opening. Keep your account open for at least six months, or you'll lose the bonus at closing. Check out our Chase Bank review for a full run-down of features and offerings. TD Bank Convenience CheckingBest for Mobile Banking Key Features
TTD Bank is another big name on our list. All TD accounts include free online and mobile banking, including mobile check deposit. The $15 monthly maintenance fee on this account sounds hefty at first, but it's waived if you maintain a $100 minimum daily balance. However, if you tend to keep a low account balance, that fee — and the account's $35 overdraft fee — could pinch your wallet. TD Bank Convenience Checking  Fees Yes, but may be waived APY 0.01% ATM access 1,900 ATMs Promotions Yes Prime perk No monthly maintenance fees for students More Information About TD Bank Convenience Checking Anyone can open an online checking account, but TD's brick-and-mortar banks (and ATMs) are mostly located on the East Coast. With a $3 fee for using an out-of-network ATM, you might want to have a physical location nearby. Axos Bank Essential CheckingBest for Online Customers Key Features
Axos' Essential Checking account comes with no monthly, annual or overdraft fees. An Axos representative told TPH all its checking accounts require a $100 minimum opening deposit — but, after that, you only need a minimum balance of $1. Despite the low minimum balance, this bank rewards its customers with up to 1.25% APY on their balance (though Essential Checking accounts are not eligible). Axos Bank Essential Checking Account  Fees None APY Up to 1.25% on certain accounts ATM access Unlimited domestic ATM reimbursements Promotions Yes Prime perk Online bankers valued More Information about Axos Bank Essential Checking Axos offers a lot if you're in the market for an online-only checking account. On top of no fees, Axos will also reimburse you by the end of the next business day for unlimited ATM fees within the U.S. Check out our Axos Bank review for a full run-down of features and offerings. Ally Interest Checking AccountBest for No Fee Perks Key Features
With Ally's online Interest Checking account, you can take advantage of no minimum required deposit and use any Allpoint ATMs in the U.S. for free. Plus, Ally will reimburse you up to $10 per statement cycle for other ATM fees within the U.S. As for no fees, there's more good news: Last year, Ally permanently suspended overdraft fees for checking accounts and all others. Ally Interest Checking Account  Fees None APY Up to 0.25% ATM access More than 55,000 Allpoint ATMs Promotions None Prime perk Account accessible online or through app More Information About Ally Interest Checking With a daily balance of $15,000 or more, this checking account yields 0.25% interest. Below $15,000, it's 0.10%. That tops a lot of bank accounts, but it's not as impressive as we'd expect for an account with "interest" in the name — and that balance requirement is a beast. We expect more when checking accounts earn interest. You can access Ally Interest Checking online or through the Ally app, so it's an accessible choice for anyone within the U.S. Check out our Ally Bank review for a full run-down of features and offerings. Consumers Credit Free RewardsBest for High Balance Benefits Key Features
Prefer to bank at a credit union? Check out the Consumers Credit Union Free Rewards Checking Account. The interest is solid and the rewards are pretty sweet — no monthly maintenance fees, good APY, early direct deposit and more — but the requirements are a bit hefty. Consumers Credit Union Free Rewards  Fees Overdraft fees APY 2.09% (but up to 4.09% for all accounts) ATM access Over 30,000 ATMs Promotions None Prime perk Solid interest offers More Information About Consumers Credit Union Free Rewards Checking With this Consumers Credit Union plant, account holders will earn 2.09% interest on your balance up to $10,000. You'll also have all ATM fees reimbursed, as long as you:
In addition to that, you can earn 3.09% or 4.09% APY (annual percentage yield) on balances up to $10,000 if you meet CCU Visa credit card spending requirements: $500 and $1,000, respectively. Schwab Bank High Yield InvestorBest for International Travelers Key Features
Schwab Bank is loved by international travelers. The account offers unlimited ATM fee rebates for cash withdrawals at ATMs anywhere in the world. You can manage your account online or through the Schwab app for iPhone, and make deposits through the app, so this account keeps up with jet-setters. Schwab Bank High Yield Investor Checking  Fees None APY 0.03% ATM access Unlimited ATM-fee reimbursements Promotions None Prime perk Free ATM rebates worldwide More Information About Schwab Bank High Yield Investor Checking The downside? Schwab's online-only High Yield Investor Checking account must be linked to a Schwab One brokerage account. Luckily, there are no fees or minimum deposits to open either account, as long as you open them together. Chase College Checking AccountBest for Responsible Students Key Features
The Chase College Checking Account is designed with the college student in mind. For anyone ages 17 to 24 with proof of college enrollment, there is no monthly service fee. However, it does come with some hefty insufficient-funds fees and fees for using non-Chase ATMs. Chase College Checking Account Fees None APY None ATM access 16,000 ATMs Promotions Yes Prime perk $100 for signing up More Information About Chase College Checking Account New applicants can get a $100 bonus in their account just for signing up for paperless statements and making 10 qualifying transactions within the first 60 days. Debit card transactions count, so that should be easy. Check out our Chase Bank review for a full run-down of features and offerings. Montgomery Bank New StartBest for No-Frills Banking Key Features
The Montgomery Bank New Start Checking account is what you want in a second chance banking account. No frills, but no unnecessary fees, either. All it takes is a $20 minimum deposit to open the account. While this is a no-frills account, it offers a lot of benefits for those who are looking to get back on their financial feet again. Montgomery Bank New Start Checking  Fees $20 to open, and then none APY None ATM access Montgomery Bank & MoneyPass ATMs Promotions None Prime perk Lots of freebies More Information About Montgomery Bank New Start Checking Account This account is loaded with freebies and other extras, such as free direct deposit, unlimited check writing and a free debit card. You can also open interest-bearing accounts with the bank if you're interested in other options. Additionally, Montgomery Bank offers a business checking account, too. Pro Tip Check out our current list of bank promotions for a chance to gain a monetary bonus when signing up for a new bank account. How to Choose a Checking AccountYou probably already know that you need a checking account and if it comes with a free debit card, that's even better. A checking plan serves as the primary hub for your money. It's where your paychecks and direct deposits land, and, from there, you use the money to pay bills, buy the stuff you need and hopefully slide some of it into a savings account. Maintaining a savings account is a smart personal finance decision. Picking a bank account is a personal choice. What makes checking accounts "good" depends largely on your financial situation and goals. Checking accounts come in a lot of varieties these days, each with different features and benefits. You can pick from online-only banks to those with physical branches, and from those that pay interest to those that offer free checking accounts and no fees for out-of-network ATM use. It's up to you to do the research and find the one that will benefit you and your lifestyle the most. But we can tell you a few things that make certain checking accounts worth opening. Here are a few important features to keep in mind when looking for the best checking accounts:
Types of Checking AccountsThere are a few varieties of checking accounts out there that offer different benefits. You just need to figure out which kind will work best for you. Some of your options are:
Pro Tip Check out our current list of bank promotions for a chance to gain a monetary bonus when signing up for a new bank account. Choosing a Checking Account vs. a Savings AccountFirst off, don't think of it as an either-or situation. Both a checking account and a savings account are essential components of a healthy financial setup. You want to have one location for more regular, everyday expenses (checking) and one for longer-term savings and goals (savings). You can also mix and match. For instance, you might go for an online checking account and a savings account at a local credit union. You can also have multiple checking accounts; perhaps one offers a new-member bonus for an influx of free cash, while another offers free overdraft protection for regular spending. Alternatively, when it comes to savings accounts, one might offer a higher annual percentage yield, while another offers other saving products like a money market account. Regardless of the checking account or savings account you choose, it's a good idea to have at least one of each. Choosing a Bank vs. a Credit Union vs. a FinTech Company for Your Checking AccountSimilarly, opening a checking account, period, is generally a good move, regardless of where you do it. Keep your own habits and preferences in mind, especially when it comes to choosing between a brick-and-mortar and online-only setup. Consider fees, from initial to ongoing, as well to make sure the account doesn't end up costing you. Don't get hung up on too many details: When it comes to personal finance, it ultimately comes down to what works for you and your situation. So How Do You Choose? Our MethodologyWe decided to see how some of our favorite checking accounts stack up against this criteria. We graded 10 bank and credit union accounts on the factors that we like to see in any checking account — no fees, free ATMs, good rewards, easy setup and accessibility. If an account has a monthly fee or out-of-network ATM charges, we highlighted some more positive qualities (think: a low minimum balance requirement, interest checking account offering or a free debit card). With that said, we prioritized those checking accounts that nixed monthly maintenance fees, featured savings accounts and had no-charge or reimbursed network ATM fees. Here are the best checking accounts we found across (online) banks, credit unions and other financial institutions. Frequently Asked Questions (FAQs) About Checking AccountsWhen it comes to choosing the best checking accounts, there's a lot of information out there. Here, we're answering some of the most popular questions about checking accounts. What is a Checking Account? A checking account is where you hold money at a bank, credit union or other financial institution. You typically use this account to pay for everyday expenses or bills. Depending on where you have you bank, you can access your cash in person, or via an ATM or debit card. Unlike a savings account — which you use for an emergency fund or other financial goal — checking accounts should be fairly accessible for regular spending usually with a debit card. They don't normally accrue interest. How Can I Open a Checking Account? Every checking account — whether it's through a physical or online bank, credit union or other fintech setup — will have its own requirements. Generally, to open a checking account, you need to be at least 18 years old (though guardians can sometimes co-sign an account for a minor) and have a government ID (such as a passport or driver's license). You'll likely also need to supply contact information and possibly an opening deposit. Which is the Best Bank to Open an Account In? The best bank to open an account will depend on your needs. If you prioritize banking at a physical institution with plenty of locations where you can interact with staff in person, you might choose to go with a big-name chain. If you prefer a bank where you might qualify for higher interest rates in lieu of having access to brick-and-mortar locations, an online setup might work best for you. No matter your choice, it's a good idea to evaluate it over time; if a bank ends up not being over time. What is the Best Free Checking Account? The best free checking account will vary based on your wants and needs in a banking account. You'll want to look for an account that has no or a low monthly fee, a free debit card and easy access to your money — whether that is an ATM, a physical branch, an app or all of the above. Bonus: look for a free checking account that also offers a new-user bonus. Right now, Chime, Varo and Axos are overall solid free options for checking. Shop around and look for a checking account that's best for you. Is Wells Fargo or Chase Better? Wells Fargo and Chase each offer online checking accounts, among other banking products. But they also have monthly fees, too. Good news: Well Fargo will eliminate non-sufficient fees funds (NSF) fees in the third quarter of 2022 and give customers early access to eligible direct deposits. Each has online and in-person banking; so, one could be a better fit depending on branch locations in your area. Chase often offers significant new-user sign-on bonuses. What Bank is Good for a Checking Account? What makes a bank good for a checking account weighs largely on what you prioritize in both a bank and an account. As a whole, you want to consider fees (how much does it cost you to keep your money there?), rewards (do you earn anything for banking with them?), accessibility (what are the requirements to open and keep your account open?) and mobility (does the bank charge foreign transaction fees?). Bonus points if they give out a… bonus, too, for being a new account holder. How is Interest Taxed on a Checking Account? The interest earned on checking accounts is considered taxable income. So, your bank, credit union or financial institution will send you a 1099-INT form each year your account earns interest over $10. You file this paperwork along with your yearly taxes. And don't let this income being taxed deter you from saving money; a traditional or high-yield savings account is still a worthwhile tool for your money. The Bottom Line When It Comes to Checking AccountsWe provided a lot of things to consider when opening a checking account. To recap, the best checking account for you will depend on what you need and want. If there's a monthly fee but no network ATM fees, that account may be worth considering. Similarly, an interest-bearing checking account may rank higher on your list than online bill pay capabilities. Ideally, you'll find an account with no or low fees that offers easy banking options, whether you prefer in-person or mobile banking, or something else. (And hey, a cash bonus and other perks don't hurt, either.) Remember, you don't have to stick with the same checking (and savings) accounts, either. It quite literally can pay to shop around for better offers. Contributor Kathleen Garvin (@itskgarvin) is a personal finance writer based in St. Petersburg, Florida, and former editor and marketer at The Penny Hoarder. She owns a content-writing business and her work has appeared in U.S. News, Clark.com and Well Kept Wallet. *Chime disclosure: *Chase fine print: "Checking offer is not available to existing Chase checking customers, those with fiduciary accounts, or those whose accounts have been closed within 90 days or closed with a negative balance. To receive the $200 checking bonus: 1) Open a new Chase Total Checking account, which is subject to approval AND 2) Have your direct deposit made to this account within 60 days of account opening. Your direct deposit needs to be an electronic deposit of your paycheck, pension or government benefits (such as Social Security) from your employer or the government. After you have completed all the above requirements, we'll deposit the bonus in your new account within 10 business days. You can only receive one new checking account-related bonus per calendar year. Bonus is considered interest and will be reported on IRS Form 1099-INT. "Account Closing: If your checking account is closed within six months after opening, we will deduct the bonus amount at closing." Editorial Disclosure This content is not provided by the bank advertiser. Opinions expressed here are the author's alone, not those of the bank advertiser. This site may be compensated through the bank advertiser Affiliate Program. 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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