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- 9 Ways to Find Affordable Healthy Pet Food
- Understanding the 50/20/30 Rule: Our Easy-to-Follow Guide
- 7 Ways to Score Free Dental for Seniors on Medicare
- 15 Best Bank Promotions, Bonuses and Offers — June 2022
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| 9 Ways to Find Affordable Healthy Pet Food Posted: 02 Jun 2022 09:15 AM PDT Your pet is part of your family, but that doesn't mean his food needs to cost as much as yours — even if you're trying to feed him high-quality food. But unfortunately, pet food, too, was affected by supply chain woes and shortages during the pandemic. There are fewer drivers transporting the ingredients and products across the country; there are cargo ship delays; and the number of people with pets since pre-pandemic have increased — all leading to the pet food crisis. And now, inflation. A 2022 survey conducted by Rover found that 71% of dog owners say their pet care costs have gone up due to inflation. The cost of pet food has risen, and sometimes, it's difficult to find the food your pooch or kitty wants (there was a cat food shortage earlier this year). So should you switch food? And to what? The range of choices in pet food may make this seem like a daunting task. You can't ask your furry friends which foods they like best, either. (You could, but you may not get a satisfactory answer.) 9 Tips From Pros About Affordable Pet Food
We spoke to veterinarians and nutritionists to find out how you can identify the healthiest, most nutritious pet food options that'll fit your budget and are widely available. Before you purchase your pet food, speak with your vet about the best options for your pet, especially if your furry friend has special dietary needs. 1. Find Generic Brands From Well-Known CompaniesStephanie Mantilla, an animal trainer and enrichment specialist with Curiosity Trained, always looks for expensive brands disguised as generics. For example, Whole Earth Farms is made by Merrick but costs a fraction of the price, Mantilla says. The easiest way to find high-quality generic brands is to look at the food brands you don't recognize in the same section of the store as the high-quality pet food, Mantilla says. "It'll be Merrick, Wellness, Instinct and Taste of the Wild brands near one another," she said. "Then, if you see another brand you aren't familiar with but is at a lower price, it likely is one of the generic brands." Another way to find these generic brands is to search online, Mantilla says. If you have a brand of pet food you like, search for "generic XX food." "Sometimes, you'll find exact match generic brands or recommendations for a similar brand if that company doesn't make a generic version," Mantilla said.  2. Look for Whole Meat ProductsWith dog food, whole meat products — rather than by-products — should be the first ingredients on the list. "Dogs are omnivores, but a food whose first ingredient is grains may not contain enough protein for them," Mantilla says. Brands that meet this criteria include Purina Pro-plan, Costco's Kirkland Signature brand and Blue Buffalo, according to Sakura Davis, a veterinary consultant and technician. 3. Grain-Free Food Isn't Necessarily the BestGrain-free food is typically more expensive than the alternatives, but that doesn't mean that it's better than the alternatives (unless your dog needs to be grain-free for medical reasons). In fact, while some humans feel better on a grain-free diet, that doesn't necessarily hold true for your pets, especially dogs. The FDA found there may be a link between the development of canine dilated cardiomyopathy (DCM) in dogs that eat grain-free pet food, many of which contain peas, lentils, legume seeds and potatoes as the main ingredients. 4. Look for "Nutritionally Complete" on the LabelEven if you can't identify the odd-sounding ingredients in your pet's food, there's one way to quickly see if the bag of kibble or can of food is nutritionally complete: Look at the label. Pet food labels should have a Nutritional Adequacy statement, which may also be referred to as the AAFCO statement. You can find this on the back of the bag or can, or on the side in the fold. It should convey the following: whether the food contains all the essential nutrients your pet needs; how this was determined; and what age or stage of life this food was designed to serve. If you see that the product was intended for intermittent and supplemental feeding only, then you should avoid using it for meals. Use it for treats instead. 5. Dry Pet Food Is OKA study published in BMJ's Vet Record found that just 13% of dogs and 33% of cats exclusively eat conventional pet food like kibble. While people may be concerned that the kibble is boring or unhealthy for their pets, that's actually not the case. "What they don't see are the nutrients in that kibble. They don't see the decades of research behind it," Sarah Dodd, veterinarian and lead author of the study, told Supermarket News. 6. Avoid Carrageenan ThickenerIf you buy wet food, try to avoid brands that use carrageenan, Mantilla says. It's a derivative of seaweed often used as a thickening agent. It bulks up wet food so it looks like there's more of the food, but you're getting fewer calories per serving.  7. 'Premium' Is a Marketing Term — Ignore ItThe word "premium" is a marketing term, according to researchers at the Cummings Veterinary Medical Center at Tufts University. As with the word "natural," any company can add the word "premium" onto its pet food packaging without justification. This term is a favorite of brands because many consumers believe the product is better quality when they see it on the packaging, and will thus be inclined to pay more for it. A 2007 study by the California Institute of Technology and Stanford University found that when people are told that they're tasting an expensive product, they'll be more likely to believe it tastes better than the inexpensive option. Pet parents aren't immune from this. The premium pet food market accounted for 44% of pet food sales in 2001, but that percentage jumped to 61% by 2015. You can save yourself some cash by opting not to buy pet food labeled as "premium." 8. Change How You Think of the CostInstead of looking at the price per bag or even the price per pound, look at the price per kilocalorie, according to Tuft University's Clinical Nutrition Service. Pet foods pack in kilocalories differently, and as a result, two bags of dry food that weigh the same may differ when it comes to calorie content. A bag with more kilocalories may cost more, but you'll also need to feed your pets less per feeding. Here's how to figure out the price per kilocalorie for pet food. First, determine how much your pet eats each day. Measure the amount of each food your pet eats and multiply that by the number of calories per cup/gram/can of food. (Not sure how to do this? These calorie calculators can help.) Once you know how many kilocalories your pet needs to eat, then find out how many kilocalories are in the food, which you can find on the label, and how much the bag or can of food cost. Plug in the numbers on this calculator and find out how much it costs to feed your pet each day. This will give you a better sense of what it would actually cost to feed your pet the food in question than you can get from only looking at price per bag or price per pound. 9. Make Your Own Pet FoodThe most inexpensive way to feed your dog a high quality meal is to make the food yourself (though it is still less expensive to feed your dog kibble), says Emma Bowdrey, an ISCP-trained dog trainer in Easterton, United Kingdom. Include proteins, carbs and nutritious vegetables, and avoid onions, garlic and chives. Bowdrey recommends going to the butcher for internal organs, such as liver, kidneys and heart. "These are rich in proteins, fats, Vitamins A, B and iron, and are fairly inexpensive, so you get a lot of nutritious bang for your buck," Bowdrey says. These three recipes will help you make delicious, healthy treats for your pooch — and they're all budget-friendly, too. Combine these with other good quality muscle meat, potatoes and vegetables to create a well-balanced and tasty meal for your dog. Turmeric and ginger, which are anti-inflammatories that can improve gut health, can be added during the prep process, Bowdrey says. Raw bones are also a great addition to keep teeth clean and remove tartar, but avoid cooked bones, as these are prone to splintering. For extra variety, foods such as apples, sardines and strawberries make a great snack. What's the Difference Between Cat and Dog Food?Cats are carnivores, while dogs are omnivores. This means that cats must eat meat, while dogs need meat and vegetables. Cat food is higher in meat-based protein than dog food which has more plant-based ingredients. If your dog eats cat food on a regular basis, it could lead to obesity, pancreatitis and stomach upset. On the other hand, if your cat eats dog food on a regular basis, he will lack the nutrients he needs. Frequently Asked Questions (FAQs) About Affordable Pet FoodWe've rounded up the answers to the most commonly asked questions about affordable pet food. What Type of Pet Food is Least Expensive? You'll have to read the labels and do some math (!) to find this out. Skip the "premium" label, which is just a marketing term. Then, look at the price per kilocalorie, as you may be able to get away with feeding your pet less if the kilocalories are higher. Do this by measuring the amount of food your pet eats daily, and multiplying that by the number of calories per cup/gram/can of food. Alternatively, you can use this calorie calculator. This will tell you how many kilocalories your pet requires. Look at the amount of kilocalories in a bag of food (it should be on the label), and compare the food using this measurement rather than price per bag. What Do I Do If I Can't Afford Dog Food? There are pet food pantries if you need help feeding your pooch. You can also contact your veterinarian to see if they have food samples; and you can ask your local animal shelter if they have extra food. Other national organizations such as Pets of the Homeless will help if you're struggling. Is It Cheaper to Make Your Own Dog Food? This depends on how much you spend on your dog's food, which could range from $15-$75 for a bag of dry kibble (wet food is significantly more expensive). Homemade dog food from a store may cost about $5 per day, but you can get this cost down to about $2 per day by making your own dog food, which is less than feeding your dog a high quality commercial wet and dry food diet. How Can I Feed My Cat Cheaply? Kibble is less expensive than wet food and if your cat likes a particular brand, you should follow them on social media to get coupons and discounts. Always buy in bulk for the biggest discount and look at the cost per day rather than the cost per pound or kilogram to estimate how much you're paying for the food. The Humane Society has a list of national and local organizations that will help with free pet food if you're in need. Is It Cheaper to Feed Cats Wet or Dry Food? While canned pet foods tend to have better quality ingredients and may be more filling, dry cat food is less expensive than wet food. It's fine to feed your cat a 100% dry food diet. The Penny Hoarder contributor Danielle Braff is a Chicago writer who specializes in consumer goods and shopping on a budget. Her work has appeared in the New York Times, Washington Post, Real Simple and more. 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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Understanding the 50/20/30 Rule: Our Easy-to-Follow Guide Posted: 02 Jun 2022 07:10 AM PDT Figuring out and sticking to a budget isn't super fun for most people but it certainly is a smart way to to handle your money. The 50/20/30 rule is one of many budgeting plans that help us get spending under control. This plan works well for households where no more than 50% of the money coming is spent on living expenses. As housing prices rise across the country, this is becoming more difficult for many Americans. The 50/20/30 budget plan was popularized by Vermont Sen. Elizabeth Warren, a bankruptcy expert and creator of the Consumer Finance Protection Bureau, and her daughter, business executive Amelia Warren Tyagi, in their co-authored book, "All Your Worth: The Ultimate Lifetime Money Plan." The book was published in 2006, prior to the Great Recession and the housing bubble burst. Since that time, income inequality has risen, and recently inflation has gotten out of control. How to Use the 50/20/30 Budget PlanUsing this budget plan isn't particularly difficult but will require you to assess monthly expenses in comparison with household income. The goal of the 50/20/30 budget is to break down your monthly after-tax income and focus your spending in three broad categories: Essential living (50%), financial goals (20%) and personal spending (30%). While this budgeting method might have worked for many middle-income families when it was published, the number of households it actually applies to is shrinking. However, if you live in that sweet spot, the 50/20/30 budget can still be a great strategy to implement. Essential Living: 50%With the 50/20/30 budget, you should spend 50% of your income on essential living expenses. These can include:
Let's take a closer look at these numbers and see just why they can be so unrealistic for so many people. The average American household brought in $67,521 in 2020 – and that was before the economic impact of the pandemic. That averages out to about $5,627/month before taxes. According to Realtor.com, the average rent in March 2022 was $1,807/month across the top 50 metro areas. According to the USDA, a thrifty family of four can currently expect to pay over $901/month for groceries. These two expenses alone push the family up to 48% of their monthly income. So if you have utilities? Car payments? Insurance or phone bills? If you're the average American household — or, heaven forbid, lower-income — you can forget about it. The 50/20/30 budget won't work for you because your basic expenses take up more than 50% of your take-home pay. Financial Goals: 20%Let's say you are lucky enough to have your basic expenses account for 50% or less of your monthly take-home pay. You'd then want to look at your financial goals, allocating another 20% of your monthly budget to the cause. Financial goals can include things like:
Personal Spending: 30%This is the category that makes this budget work for the budget-averse — when they have a high enough income, that is. Personal spending is all of the stuff you like to spend money on but don't really need. And at 30% of your monthly income, that can mean a lot of freedom.These expenses can include things like:
Now, here's where you have to get careful at higher income levels. Let's say both you and your spouse pull in $200,000/year each. That makes your monthly household income about $33,333/month. That means 30% of your budget would be $11,111. Could you spend that much on personal spending every month? Maybe. But odds are you'd really have to try. For high-income households, you're probably going to want to readjust your percentages so they're more oriented towards your financial goals rather than pursuing lavish expenses every single month. Getting to a place where the 50/20/30 rule could workMost people don't fit into the 50/20/30 budget because their income is too low and their essential expenses are too high. If you find yourself in this boat, here are some things that can help on the saving money side:
And here are some ways you can side hustle to increase your income:
When the 50/20/30 Budget WorksThis method works well for those within certain income limits who are new to budgeting, or are put off by rigid spreadsheets. Splitting your expenses into these three broad categories will get you thinking about the value of your purchases, while providing flexibility as you find your frugal footing. And by building discretionary spending into your financial plan, you'll be able to enjoy what's most important to you while you find places to cut spending. When the 50/20/30 Budget Doesn't WorkFor some, the numbers simply won't add up. Maybe you have two jobs and still can't earn double the price of rent in your area. Maybe your daycare options are limited. Or maybe your student loan debt eats up most of your paycheck. For others, you may need to adjust the percentages if you make so much money that 30% on personal spending would be ridiculous. If the 50/20/30 budget isn't for you, that's OK. There are plenty of other budgeting methods to choose from:
What's most important is that you zero in on eliminating debt and growing your personal wealth, regardless of the budgeting method you choose to use. Pittsburgh-based writer Brynne Conroy is the founder of the Femme Frugality blog and the author of "The Feminist Financial Handbook." She is a regular contributor to The Penny Hoarder. Former Penny Hoarder writer Tyler Omoth 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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 7 Ways to Score Free Dental for Seniors on Medicare Posted: 02 Jun 2022 05:10 AM PDT Affording dental work can be tough if you're an older American on Medicare. That's because Original Medicare — which covers a majority of beneficiaries — doesn't include routine dental care. Congress is considering whether to add dental coverage to Medicare as part of a $3.5 trillion social spending package — but progress has been slow. For now, older adults are mostly on the hook when it comes to paying for their own oral health care. Here are seven ways to get free or reduced dental care. We'll also explain what limited dental benefits Medicare coverage provides, along with other options like private insurers and Medicaid. 7 Places to Get Cheap or Free Dental Care for SeniorsMedicare beneficiaries who use dental services spent an average of $874 a year out-of-pocket, according to an analysis by the Kaiser Family Foundation. That's a lot of money, especially if you're on a fixed income. Here are a few tips and tricks to save big on oral health. 1. The Dental Lifeline NetworkThis program by the American Dental Association offers free, comprehensive dental treatment to specific groups, including people ages 65 and older. You can use this tool on the Dental Lifeline Network website to learn about the specific program details in your state. Heads up: Due to long wait lists, several states and counties are no longer accepting new applications for the Dental Lifeline Network program. When we did a quick search, states like Texas, California and Kentucky weren't accepting new applications. 2. Community Health ClinicsFederally funded community health clinics provide reduced-cost or free dental care services to people with low incomes. Many operate on a sliding scale system while others offer flexible payment plans. Wait lists can be long, so it's important to reach out to your local clinic early. Follow this link to find the nearest community health clinic near you. 3. Dental SchoolsSome dental schools offer low-cost cleanings and other routine care to members of the community. Most of these teaching facilities have clinics that give dentists-in-training an opportunity to practice their skills while providing care at a reduced cost. You can search for a program in your area by visiting the American Dental Association website. There's no guarantee that a dental program in your area currently offers free or reduced dental care. You'll need to contact each program individually to see what's available. When you call, make sure to ask about any fees up front. This woman saved hundreds of dollars — and actually got paid for her participation — by visiting a dental school. 4. NeedyMeds.comThis website offers a comprehensive list of dental offices with sliding scale payment options, community health center locations and dental school clinics. It does a great job breaking down requirements and eligibility (if any) for services in your area, and provides contact information for each service. Just enter your zip code into this search tool to get started. 5. Talk With Your DentistIt might be difficult to ask for help, but being honest with your dentist about your financial situation can help. Your dentist may be able to offer a less expensive treatment, help you set up a payment plan or provide a sliding scale payment option. Ask if you can receive a discount for referring a friend. Or, see if it's possible to knock off a few bucks in exchange for a positive online review of the dentist office. 6. Sign Up for a Dental Savings PlanDental savings plans aren't dental insurance, but they may still be able to save you money. Here's how it works. With a dental savings plan, you pay an annual fee, then get a 10% to 60% discount on most dental services such as exams, cleanings, fillings, root canals and crowns. The plan contracts with dentists who agree to reduce their fees, then you pay the participating dentist directly using your discount. You'll still pay out of pocket for those services, but the idea is that you won't pay as much as you would without the plan. But let's be clear: Dental discount plans aren't free. The average cost for plans in Orlando, Florida, for example, ranged between $135 to $170 a year. You can visit DentalPlans to find a plan in your area. 7. Shop AroundDentists can charge widely different prices for the same exact procedure. When you're paying out of pocket, it pays to shop around. You can find average prices in your area by using FAIR Health, a national nonprofit organization. The site lets you search by specific procedures, so you get the average cost for a root canal or teeth cleanings in your area. Armed with knowledge, call around to different dentist offices for quotes. Ask about senior discounts. You can also look for discounted dental care on sites like Groupon. A quick search on Groupon for dental services in Houston, Texas, showed numerous x-ray, exam and cleaning packages for $25 to $50. One office even offered $700 toward dental implants for just $40! If you live in a high cost-of-living area, driving to a less expensive area is another smart way to save money.  Does Medicare Cover Dental Care?Yes and no. Original Medicare doesn't provide coverage for routine dental, vision or hearing benefits. Original Medicare will only cover dental work if it's deemed medically necessary, i.e. you were hospitalized after a traumatic injury that also affected your jaw, teeth or mouth. Here are the other dental services covered by Medicare Part B:
So if you're looking for standard dental care like teeth cleaning, X-rays, fillings, extractions, dentures and more — the cost comes out of your pocket. Medicare AdvantageMedicare Advantage plans are administered by private insurance companies. They must provide the same basic coverage as Original Medicare, but plans may offer additional benefits, such as dental. About 94% of private Medicare Advantage plans provide some dental coverage, but the amount of coverage varies by plan. According to the Kaiser Family Foundation, nearly all Medicare Advantage plans that include dental offer coverage for oral exams, cleanings and x-rays. But benefits for more advanced dental work like root canals, implants and dentures can carry substantial copays, depending on the plan. Medicare Advantage plans almost always impose restrictions, including annual dollar caps and how often you can get certain benefits, such as dental implants. The average annual limit on dental benefits among Medicare Advantage plans that offer more extensive benefits was about $1,300 in 2021, according to KFF. If you're in a Medicare Advantage plan, it's important to check the plan's summary of benefits or evidence of coverage to see exactly what dental work is covered. It can vary widely from plan to plan. Other Dental Insurance for SeniorsAbout half of all Medicare beneficiaries — 47% — did not have any form of dental coverage in 2019, according to the Kaiser Family Foundation. Besides Medicare Advantage plans, other sources of dental coverage for seniors include Medicaid and private plans, such as employer-sponsored retiree plans and individually purchased dental plans. Private Dental Insurance for SeniorsA standalone dental policy for people 65 and older is typically $20 to $50 a month, according to AARP. These dental insurance policies usually come with an annual deductible of $50 to $100. Dental insurance plans usually cover checkups and cleanings 100% but you will probably owe 20% to 50% for other services, such as tooth extractions or dentures. The devil is in the details with private dental plans: It's important to shop around and carefully compare benefits to make sure you're getting the best deal. Here are a few other things to keep in mind about private dental insurance plans:
MedicaidAbout one in five Medicare beneficiaries is also enrolled in Medicaid, sometimes referred to as being "dual enrolled." Medicare usually pays as your primary insurance when you're dual enrolled. But if you need dental work done or even a yearly cleaning, consulting your Medicaid handbook is a smart move. If you meet Medicaid low income requirements in your state, you may be able to receive free or low-cost dental care for certain procedures and services. But it's not a guarantee. While most states provide at least some emergency dental services, only 36 states and Washington, D.C. offer limited or comprehensive dental benefits for adults, according to the National Academy of State Health Policy (NASHP). Even if your state Medicaid program includes dental, it may not pay out much. Of the 36 states with routine dental care coverage, only 23 states offer an annual expenditure cap of $1,000 or more. Adult Medicaid recipients in Arkansas, for example, only receive up to $500 of dental services a year. So if you need a $3,000 root canal and you're dual enrolled with Original Medicare, you can expect to pay $2,500 out of pocket in that state. According to Medicaid's national website, "States have flexibility to determine what dental benefits are provided…There are no minimum requirements for adult dental coverage." To find the Medicare office contact information for your state, click here. 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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 15 Best Bank Promotions, Bonuses and Offers — June 2022 Posted: 02 Jun 2022 04:56 AM PDT Some of the links in this post are from our sponsors. We provide you with accurate, reliable information. Learn more about how we make money and select our advertising partners. So, you're looking for a new bank account. You've got several factors to consider — ATM access, interest rates, monthly account fees, minimum balances, online bill payments and more. Another factor: sign-up promotions and bonuses. Banks and credit unions frequently run promotions to entice prospective customers to open a new account — and they often come with cash. You have to meet specific criteria, such as making a minimum opening deposit, and generally the account must remain open for a certain amount of time — at least long enough to earn the cash bonus. Many banks offer such sign-up bonuses, but often, they aren't advertised. We did some digging to find the best bank promotions currently on offer. Best Checking and Savings Account Offers of June 2022Keep an eye on what each promotion requires, as well as any limitations. Recurring direct deposits and maintaining a minimum balance are common requirements in securing bank bonuses. Also pay attention to any monthly fees the account might carry; over time, these could weigh out the actual cash bonus. 15 Bank Promotions That Give you Cash
Aspiration AccountBest for Financial Beginners  Key Features
Once you open a new account, Aspiration will send you a debit card. Use it to make at least $1,000 of cumulative transactions within 60 days of account opening. The FDIC-insured account offers up to 3.00% APY on savings accounts and allows fee-free withdrawals at more than 55,000 ATMs. You'll earn up to 5% cash back when you make debit purchases at socially conscious businesses. Aspiration Account  Bonus amount $150 How to get it Open a new account and make a minimum opening deposit of at least $10. When you get it Within 120 calendar days of opening. More information Monthly fees are on a "Pay What is Fair" policy. Expiration None More Information About Aspiration Account The Aspiration Account boasts unlimited fee-free ATM withdrawals at all in-network (Allpoint) ATMs, plus up to 5% cash back on Conscience Coalition debit card purchases. You can even opt to plant a tree with every purchase roundup. You can access your paycheck up to two days early and earn up to 3.00% APY on your savings. Aspiration Plus AccountBest for Socially Conscious Clients  Key Features
Once you open a new account, Aspiration will send you a debit card. Use it to make at least $1,000 of cumulative transactions within 60 days of account opening. The FDIC-insured account offers up to 1.00% APY on savings accounts and allows fee-free withdrawals at more than 55,000 ATMs. You'll earn up to 10% cash back when you make debit purchases at socially conscious businesses. Aspiration Plus Account Bonus amount $200 How to get it Open a new account and make a minimum opening deposit of at least $10. When you get it Within 120 calendar days of opening. More information $5.99 monthly fee Expiration None More Information About Aspiration Plus Account The Aspiration Plus Account boasts unlimited fee-free ATM withdrawals at all in-network (Allpoint) ATMs, plus up to 10% cash back on Conscience Coalition debit card purchases. You can even opt to plant a tree with every purchase roundup and get carbon offsets for your gas purchases with Planet Protection. You can access your paycheck up to two days early and earn up to 5.00% APY on your savings. Chase Total CheckingBest for Basic Checking Key Features
The Total Checking $12 monthly fee can be waived if you receive monthly direct deposits totaling $500 or more, keep a daily minimum balance of at least $1,500 in your new checking account, or keep a daily minimum balance across all your Chase accounts of at least $5,000. Deposits via person-to-person payments do not qualify. Access to 16,000 ATMs and more than 4,700 branches. Chase Total Checking Account  Bonus amount $200 How to get it Receive a qualifying direct deposit within 90 days of account opening. When you get it Within 15 days of meeting requirements More information $12 monthly fee, which can be waived. Expiration July 20, 2022 More Information About Chase Total Checking Account The Chase Total Checking account gets you access to more than 4,700 branches nationwide, plus 16,000 ATMs. The easy-to-use mobile app is highly rated. While Chase does charge a $12 monthly service fee, you can waive it by earning $500+ in monthly direct deposits, maintaining a daily balance of $1,500+ or having $5,000 across all your Chase accounts at the start of each day. Albert AccountsBest for Cash Back Key Features
Albert is an all-purpose personal finance app that lets you spend, save and invest your money. There are no monthly maintenance fees, no minimum balances and no commissions (if you choose to invest). While you won't earn a traditional APY, Albert gives users a 0.10% annual cash bonus on funds in savings, plus up to 20% cash back. New members are eligible for a $150 bonus. Albert Accounts Bonus $150 How you get it Receive a qualifying direct deposit of at least $200 and spend at least $100 every 30 days for 90 days When you get it Upon meeting requirements over a 90-day period More information Must be new to Albert Expiration None More Information About Albert Accounts Members of Albert don't have to worry about monthly fees or minimum balances, and they can take advantage of several cool features, like 55,000 fee-free ATMs, early paycheck access, cashback rewards, Smart Savings (automatically analyzes your money and helps you to save), unlimited transfers, annual cash bonuses, the ability to invest, and a cash advance up to $250 (no interest, no credit check) instead of overdraft fees. Perhaps the coolest part is daily access to finance experts called Geniuses; pay what you think is fair for their advice. Just keep in mind that Albert is not a bank but an app (banking services are provided by Sutton Bank, Member FDIC). Chime Referral BonusBest for Referral Bonus Key Features
If you refer a friend and they open a new account and receive a direct deposit of at least $200 in the first 45 days, you will each receive $75. Make sure to use the referral link from your account to get the cash bonus. Chime is great for beginners, offering fee-free overdraft, automatic savings account, early paycheck deposit and 60,000+ fee-free ATMs. Referral bonuses are capped at $1,000 each calendar year. Chime Referral Bonus Account  Bonus amount $100 per referral, plus $100 to the friend you refer How to get it Referred friend receives $200 direct deposit. When you get it Within two business days of account opening. More information Be sure to use a unique referral link from your own account. Expiration None More Information About Chime Referral Bonus Account Though not technically a bank*, Chime is becoming increasingly popular as an online financial institution for banking customers of all ages. Top features include early access to direct deposit, fee-free overdraft, 60,000+ ATMs, a 0.50% APY for the high-yield savings and plenty of features to automatically grow your savings. Alliant Ultimate Opportunity SavingsBest for Fans of Suze Orman Key Features
Not only does Alliant Credit Union's Ultimate Opportunity Savings Account (in partnership with Suze Orman) have one of the best APYs currently available (0.60%), it pays out its bonus pretty easily. No massive balances or monthly direct deposits to think about. Alliant Opportunity Savings  Bonus amount $100 How to get it Deposit at least $100 a month for 12 months. When you get it Within four weeks of completion. More information Balance must be $1,200 at the end of 12 months. Expiration Dec. 31, 2022 More About Alliant Ultimate Opportunity Savings Account The Ultimate Opportunity Savings Account from Alliant Credit Union has a lot to like: 80,000+ fee-free ATMs, no monthly fees if you opt in to online statements, a leading mobile app, and a strong APY at 0.60%. Bank of America AdvantageBest for Standard Checking Key Features
Open your Bank of America checking account online using the promo code DNL100CIS. Qualifying direct deposit must be regular monthly income, such as salary or pension payments. Bank of America Advantage Banking accounts come in three levels: SafeBalance, Plus and Relationship. All three carry Bank of America monthly fees that can be waived by meeting direct deposit and minimum balance requirements. Bank of America Advantage Account  Bonus amount $100 How to get it Receive direct deposits of at least $1,000 within 90 days. When you get it Within 60 days of account opening. More information Monthly fees can be waived. Expiration June 30, 2022 See Details More Information About Bank of America Advantage Bank of America's Advantage account is broken into three tiers: SafeBalance Banking, Plus Banking, and Relationship Banking. SafeBalance boasts no overdraft fees or non-sufficient funds fees; Plus offers multiple ways to waive the monthly service fee; and Relationship earns interest (though the percentage is quite low). Fifth Third Momentum CheckingBest for Early Paycheck Access  Key Features
Fifth Third Bank is a regional bank with a decent checking account. Its lack of fees, Extra Time overdraft fee avoidance feature, fraud protection, early access to paychecks and physical branches are all highlights, but its lack of APY (you can upgrade to Preferred Checking to earn interest, but it's only 0.01% APY) and limited branch network (FL, GA, IL, IN, KY, , MI, NC, OH, SC, TN, and WV) work against the bank. Fifth Third Checking Account  Bonus amount $300 How to get it Open a new account and make direct deposits totaling $500 or more within the first 60 days. When you get it Within 10 days of meeting bonus criteria More information Overdraft fee avoidance feature still requires that you quickly respond to avoid overdraft fees of $37 Expiration June 30, 2022 More About Fifth Third Checking Account Fifth Third's checking account boasts immediate funds for all check deposits, Extra Time for overdraft fee avoidance, early paycheck access, no minimum balance and no hidden fees. The account also offers basic fraud protection services and unlimited check writing. Discover Bank Online SavingsBest for APY Earnings Key Features
Discover Bank's Online Savings Account offers a respectable APY, 8x higher than the national average. You can also pair the account with the Discover Bank Cashback Debit account (one of the best online checking accounts of 2022). However, the deposit amounts to earn the bonus are quite high, making the bonus offer far less achievable for most. Discover Bank Online Savings Account  Bonus amount $200 How to get it Open an account using code BP222 and deposit at least $15,000 (for $150) or $25,000 (for $200) within 30 days. When you get it Within 30 days of meeting bonus criteria More information Must be a first-time Discover savings account customer Expiration June 15, 2022 More Information About Discover Bank Online Savings Account The Discover Bank Online Savings Account offers a competitive APY (0.50%) with interest compounded daily instead of monthly. There's no monthly fee with Discover, no minimum deposit and no insufficient funds fee. All in all, not a bad offer. Huntington Asterisk-Free CheckingBest Regional Bonus Key Features
This offer is only available to customers who live in CO, IL, IN, KY, MI, MN, OH, WI, SD, PA or WV. This account does not earn interest. Huntington Asterisk-Free Checking  Bonus amount $150 How to get it Open a new account and make cumulative new deposits totaling $1,000 within the first 60 days. When you get it Within 14 days of meeting bonus criteria. More information Account must remain open for at least 90 days. Expiration June 7, 2022 More Information About Huntington Asterisk-Free Huntington's Asterisk-Free Checking Account doesn't pay out any interest, but the lack of a monthly maintenance fee does make it appealing for an easy checking account. Key features include mobile banking, the No Overdraft Fee $50 Safety Zone and the 24-Hour Grace Overdraft and Return Fee Relief. "New account" is defined as money not currently in another Huntington account; money transferred from one account to another does not qualify. The bonus offer cannot be combined with any other checking offer. Huntington 5 CheckingBest for Quick Bonus Payout Key Features
This offer is only available to customers who live in CO, IL, IN, KY, MI, MN, OH, WI, SD, PA or WV). This account earns interest (currently a 0.02% APY, which is quite low). It also has a monthly maintenance fee of $5, which is waived if you have at least $5,000 across every Huntington bank account. Huntington 5 Checking Account Bonus amount $200 How to get it Open a new account and make cumulative new deposits totaling $1,000 within the first 60 days. When you get it Within 14 days of meeting bonus criteria. More information Account must remain open for at least 90 days. Expiration June 7, 2022 More Information About Huntington 5 Checking Account While the Huntington 5 account does have a monthly $5 fee, you can waive it by having $5,000 across accounts with Huntington. By upgrading to this account, you'll get a higher bonus and earn 0.02% interest on your balance. Plus, you get five free ATM withdrawals. Plus, you get five free ATM withdrawals outside of the Huntington network. "New account" is defined as money not currently in another Huntington account; money transferred from one account to another does not qualify. The bonus offer cannot be combined with any other checking offer. HSBC Premier CheckingBest for Foreign Transaction Fees Key Features
The HSBC Premier checking account is a solid checking account. While it's billed as fee-free, it does have a monthly maintenance fee, but you can waive it by maintaining at least $75,000 across accounts, getting $5,000+ in monthly direct deposits, having an HSBC loan of $500,000+ or maintaining Jade status. With this account, you can also travel worry-free with no foreign transaction fees. HSBC Premier Checking Account  Bonus amount $450 How you get it Make qualifying direct deposits of $5,000+ a month for three consecutive months. When you get it Within eight weeks of completing qualifying activities. More information Subject to monthly maintenance fee of $50 unless conditions are met. Expiration June 30, 2022 More Information About HSBC Premier Checking Account The HSBC Premier pays a handsome bonus of $500, but it's also a lot less attainable for average Americans. The $75K minimum balance across all HSBC accounts and investments, for example, is a hard criterion to meet to waive the monthly fee. Some more attainable accounts include Advance, Choice Checking and Basic Banking, but you'll lose out on the bonus opportunity. M&T Bank EZChoice CheckingBest for Beginners Key Features
The EZChoice Checking account from M&T Bank is the most basic package offered. It's great for beginners because it has no monthly maintenance charge and no monthly minimum balance requirement. Plus, there's unlimited check writing. You will need $25 to open the account and qualifying direct deposits totaling at least $500 within the first 90 days to earn the bonus. This offer is only valid in select states. M&T Bank EZChoice Checking  Bonus Amount $150 How you get it Make qualifying direct deposits totaling at least $500 within 90 days of opening the account. Whey you get it Within 90 days after the direct deposit. The fine print There's a $50 early close-out fee if you close the account within 180 days of opening. Expiration July 31, 2022 More Information About M&T Bank EZChoice Checking Account M&T Bank has 700 branches and 1,800 ATMs with operations in New York, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Virgina, West Virginia, Vermont, Massachusetts and Washington, DC, but you can also do your banking entirely online. M&T Bank MyChoice Plus CheckingBest for Loan Seekers Key Features
The MyChoice Plus Checking account from M&T Bank requires extra work to avoid a monthly fee ($14.75): Either maintain an average daily balance of $2,500 or receive $1,500 in direct deposits each month. With this account, you qualify for discounted loan rates with M&T. You will need $25 to open the account and qualifying direct deposits totaling at least $500 within the first 90 days to earn the bonus. This offer is only valid in select states. M&T Bank MyChoice Plus Checking Bonus $250 How you get it Make qualifying direct deposits totaling at least $500 within 90 days of opening the account. When you get it Within 90 days after the direct deposit. The fine print There's a $50 early close-out fee if you close the account within 180 days of opening. Expiration July 31, 2022 More Information About M&T Bank MyChoice Plus Checking Account M&T Bank has 700 branches and 1,800 ATMs with operations in New York, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Virgina, West Virginia, Vermont, Massachusetts and Washington, DC, but you can also do your banking entirely online. How to Search for a Checking Account Bonus on Your OwnInstead of listing approximately 193 bank promotions, we kept this list short and sweet — only highlighting the best bank promotions for checking and savings accounts. But maybe you're interested in banking with your local credit union, opening a small business checking account or exploring what investment accounts are available. There are often cash bonuses attached to these accounts too. Banks don't always make finding these promotions easy, so here are a few tips to help you get your hands on that cash bonus.
Overall, be smart. Don't let the promise of a cash bonus blind you. Read the fine print so you don't get stuck paying high monthly fees, interest rates or closing penalties. With the proper due diligence, you can earn a checking account bonus — or any other bank promotion — while also choosing the best bank for you. Will Opening a Bank Account Hurt Your Credit Score?If you're worried that opening a new bank account or closing an old one will hurt your credit score, don't be. Your bank accounts are not included in your credit report and therefore have no effect on your credit score, unless you have an outstanding negative balance that the bank turns over to a collection agency. Sometimes when you go to open a new account, banks will do a soft credit check. However, that won't affect your credit score. Timothy Moore covers bank accounts for The Penny Hoarder from his home base in Cincinnati. He has worked in editing and graphic design for a marketing agency, a global research firm and a major print publication. He covers a variety of other topics, including insurance, taxes, retirement and budgeting and has worked in the field since 2012. 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. *Chime is a financial technology company, not a bank. Banking services provided by, and debit card issued by, The Bancorp Bank or Stride Bank, N.A.; Members FDIC. ¹The Annual Percentage Yield ("APY") for the Chime Savings Account is variable and may change at any time. The disclosed APY is effective as of November 1, 2021. No minimum balance required. Must have $0.01 in savings to earn interest. 2The average national savings account interest rate of 0.06% is determined by FDIC as of November 1, 2021 based on a simple average of rates paid (uses annual percentage yield) by all insured depository institutions and branches for which data are available. Visit https://www.fdic.gov/regulations/resources/rates/ to learn more. 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 Business Checking Accounts of June 2022 Posted: 02 Jun 2022 04:50 AM PDT Advertising disclosure: 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. Starting a business is an opportunity to be your own boss, make money and grow your skill set. There are also the not-so-great, somewhat messy and complicated parts about operating a business. If you start off solo or small, you'll be tackling a lot of tasks yourself. But don't worry. In this article, we're going to address something relatively simple in the business world: the best business checking accounts. We'll go into why you need one, what you should look for and several of the best ones available, both in-person and online-only. What to Look for in a Business Checking AccountBefore you peruse accounts, get a handle on your business needs and wants. For instance, do you make a lot of transactions? Do you want a business credit card ASAP? Do you prefer a big bank where you can pop into a different branch every half mile? There are other considerations. Do you want your bank, credit union or financial institution to…
There are lots of banks for small businesses to choose from, but you want one that will give you the most options. And ideally, save you some money and headaches in the process. To choose the best business checking accounts, we focused on accounts that:
We also focused on checking accounts for small and medium businesses. If you're looking for accounts to manage a higher volume, many of the traditional institutions on our list have them, too. An inconvenient reminder: Banking institutions can be acquired and shut down (RIP Azlo). So, it's a good idea to keep the following business bank accounts in mind in case you find yourself suddenly needing to move your money. Best Banks for Business Checking June 2022
Do I Really Need a Business Checking Account?The purpose of a business checking account is to keep your business finances separate from your personal finances. Technically, you might not need one depending on the legal structure of your business. For example, if you're a freelance writer who established a sole proprietorship and is starting slowly, you could use your personal checking account to get off the ground. But you'll want to be extremely organized about keeping track of your business money for tax time. (Nothing will dampen your momentum like getting audited.) Freelance workers have special needs in a financial institution. Here's our list of the best banks for freelancers. The type of business you're running makes a difference here. If it's transaction-heavy — or a particular legal structure, like a limited liability company — you might need a business checking account, full stop. But if you're starting any kind of business, it's probably in your best interest to open one. Business checking accounts make it easier to track profits, expenses and deductions, and help establish your operation if you file for business credit cards or loans down the line. What's the Right Business Checking Account for You?The bottom line: The best business checking account for you will depend on your business and needs. Whether you're just starting out or looking to level up, there are plenty of options out there, online and off. Start your search now, so your future self — and CPA, come tax time — will thank you later. What You Need to Open a Business Checking AccountTo open an account, you'll typically need the following:
How easy it is to open a business checking account will depend on your business. If you're a sole proprietor, the process might feel similar to opening a personal checking account. If you have a different legal business structure, you'll likely have to provide additional documentation (like your articles of incorporation). Requirements will vary from bank to bank. The Best Business Checking Accounts for June 2022We chose five institutions and a couple of different checking account options for each where available. Chase Business CompleteBest for 24/7 Customer Service and Overall Accessibility Key Features
Chase is a well-known brand with many physical branches and flexible options for business owners. It's a good choice if you want to easily find a chain and talk to someone in person. Chase also offers 24/7 support, so you can call and email them anytime of day. To learn more, read our Chase Bank review. Chase Business Complete Banking Bonus amount $300 Minimum initial deposit $25 Monthly service fee $15; waived if you maintain a minimum daily balance of $2K Cash deposits per month Up to $5K without an additional fee Free transactions per month 100 More Information About Chase Chase has business saving account, lending and credit card options, too. Chase offers several small-business credit cards, all with new card member bonuses, which include $750 cash back to 100,000 bonus points depending on the card. Chase Performance BusinessBest for Generous Monthly Transactions Key Features
Chase is a well-known brand with many physical branches and flexible options for business owners. It's a good choice if you want to easily find a chain and talk to someone in person. Chase also offers 24/7 support, so you can call and email them anytime of day. Chase Performance Business Checking Bonus amount None specified Minimum initial deposit $25 Monthly service fee $30; waived if you maintain a minimum daily balance of $35K or more in qualifying accounts Cash deposits per month Up to $20,000 without an additional fee Free transactions per month 250 Check out our Chase Bank Review for a full run-down of the bank's features and offerings. Wells Fargo Initiate BusinessBest for Small Business Owners Starting Out Key Features
Wells Fargo is another strong choice for your business checking account needs. It has many branch locations and you can call them 24/7. Its website is also easy to navigate and lets you find answers to your questions without clicking on a ton of links. Wells Fargo Initiate Business Checking  Bonus amount None specified Minimum initial deposit $25 Monthly service fee $10; waived by having a minimum daily balance of $500 or $1,000 average ledger balance Cash deposits per month Up to $5,000 for free Free transactions per month 100 More Information About Wells Fargo Other benefits include a customized business debit card, 24/7 fraud monitoring and mobile deposit. Wells Fargo also offers small-business lending and credit card options. The banking giant also announced it will be curbing certain fees and offering other services for qualifying customers throughout 2022. Wells Fargo Navigate BusinessBest for Larger Monthly Cash Deposits Key Features
Wells Fargo is another strong choice for your business checking account needs. It has many branch locations and you can call them 24/7. Its website is also easy to navigate and lets you find answers to your questions without clicking on a ton of links. Wells Fargo Navigate Business Checking Bonus amount None specified Minimum initial deposit $25 Monthly service fee $25; waived with min. daily balance of $10,000 or average combined business deposit balance of $15,000 Cash deposits per month Up to $20,000 for free Free transactions per month 250 Check out our Wells Fargo Bank Review for a full run-down of the bank's features and offerings. U.S. Bank Silver Business CheckingBest for Simple, Fee-Free Banking Key Features
U.S. Bank has lots of locations across the country, which is good news if you're a small-business owner looking for a simple checking account. U.S. Bank offers Silver, Gold, Platinum and Premium business checking accounts — no monthly service fees for its Silver account. You can also go to U.S. Bank's website and take a short quiz to determine which account would work best for your needs. U.S. Bank Silver Business Checking  Bonus amount None specified Minimum initial deposit $100 Monthly service fee $0 Cash deposits per month 25 for free Free transactions per month 25 per statement cycle; 50 cents per excess transaction U.S. Bank Gold Business CheckingBest for Frequent Deposits Key Features
U.S. Bank has lots of locations mostly in the Midwest, which is good news if you're a small-business owner looking for a simple checking account. U.S. Bank offers Silver, Gold, Platinum and Premium business checking accounts — no monthly service fees for its Silver account. You can also go to U.S. Bank's website and take a short quiz to determine which account would work best for your needs. U.S. Bank Gold Business Checking Bonus amount None specified Minimum initial deposit $100 Monthly service fee 20; waived by satisfying one of several criteria listed on its website Cash deposits per month 100 for free Free transactions per month 300 per statement cycle; 45 cents per excess transaction More Information About U.S. Bank U.S. Bank will charge you $5 for paper statements, so stick with online ones to save money and the planet. You can also access online and mobile banking, check-order discounts, get a small business Visa credit card and more. BlueVineBest for Fee-Free, Online-Only Banking Key Features
BlueVine boasts no hidden fees and unlimited transactions. Members can pay vendors, schedule one-time and recurring payments, and earn an impressive 1.5% on their checking account balance up to $100,000 (However, as of May 2022, members need to meet at least one monthly eligibility requirement to score this rate). Deposits are FDIC-insured (up to $250,000) through Coastal Community Bank. BlueVine  Bonus amount None specified Minimum initial deposit $0 Monthly service fee $0 Cash deposits per month Unlimited. Deposit cash at about 100,000 retailers through a partnership with Green Dot. $4.95 per deposit. Free transactions per month Unlimited More Information About BlueVine Customers get a BlueVine Business Debit Mastercard, access to a business line of credit, two free checkbooks, and phone and email customer support. To earn 1.5% interest on balances up to $100K, members must spend $500 per month with the BlueVine Business Debit Mastercard or receive $2,500 per month in customer payments to their account. Axos Basic Business CheckingBest for Free ATM Use Key Features
Axos Bank is another online-only bank. In addition to business checking accounts that earn interest, customers can take advantage of surcharge-free ATMs across the U.S. Axos Bank offers Basic Business Checking, Business Interest Checking and Analyzed Business Checking. Axos Basic Business Checking  Bonus amount $100 or $200 for qualifying members Minimum initial deposit $1,000 Monthly service fee $0 Cash deposits per month Up to 60 items with remote deposit Free transactions per month 200; afterward, 30 cents each Axos Business Interest CheckingBest for Collecting Interest Key Features
Axos Bank also offers savings accounts and Business CDs, but no credit cards. Other benefits: customers can pay bills with no charge through the app and get 50 free checks. In addition to business checking accounts that earn interest, customers can take advantage of surcharge-free ATMs across the U.S. Axos Business Interest Checking Sign-up bonus $100 or $200 Minimum initial deposit $100 Monthly service fee $10; waived if there's an average daily balance of $5,000 Cash deposits per month Up to 60 with remote deposit Free transactions per month 50; afterward, 50 cents each More Information About Axos Axos Bank also offers savings accounts and Business CDs, but no credit cards. Other benefits: customers can pay bills with no charge through the app and get 50 free checks. Regarding the bonus, new business owners can now earn *$200* if they incorporated after June 1, 2020. Not a new biz owner? No worries: You can still earn $100 when you open your Axos account and follow certain stipulations. Check out our Axos Bank Review for a full run-down of the bank's features and offerings. Regional Business Checking Account OptionsHere's a glance at three smaller, regional options for business checking accounts. If your area isn't listed, you can research credit unions and banks near you. America First Credit UnionThis institution has branches in Nevada and Utah. America First offers four types of business checking accounts: Basic, Premier, High-Yield and Non-Profit. The Basic Business Checking offers 250 free monthly transactions, free online bill pay, access to money market savings, lines of credit and a Business Visa credit card. First HorizonThis bank has branches in Tennessee, Florida, North Carolina, South Carolina, Virginia and Texas. First Horizon offers BizEssentials Checking, Plus Checking and Interest Checking accounts. The Business Interest Checking Account has no minimum balance requirements (though you can waive the monthly maintenance fee when you keep an average of $10K in it), plus you'll earn interest on your balance and have access to a Visa Business debit card. TruistIf this is a new name to you, you'll likely know the two banks that merged to form Truist: SunTrust and BB&T. Truist Bank has branches in Alabama, Arkansas, New Jersey, Ohio, Pennsylvania, Washington D.C., Indiana, Texas, Florida, Georgia, Maryland, Mississippi, Kentucky, North Carolina, South Carolina, West Virginia, Tennessee and Virginia. Truist offers three types of business checking accounts: Simple Business Checking, Dynamic Business Checking and Community Business Checking. Simple Business Checking has no monthly fee. Each month, you'll get 50 free transactions and you can deposit up to $2,000 in cash deposits fee-free. Frequently Asked Questions (FAQs) About Business Bank AccountsHere are some FAQs about checking accounts for your business. Why Should You Open a Business Bank Account? Keeping your business earnings separate from your primary checking account funds is a great way to keep your books organized — ideally, you want to keep your biz earnings and related expenses in one place. This can help you during tax time, and also allow you to get a clear view of how your business is doing. And you'll have good financial records if you want to apply for loans. An individual biz account is good branding because of checks with your business name on them. Do You Need a Business Account for an LLC? he short answer is no, a business account is not a legal requirement for a limited liability company, or LLC. However — again — it's a solid move to keep your business financials in one location. Whether you're a sole proprietor, LLC or other business entity, it's a smart move to keep your finances organized in a separate account. Can You Open an Online Business Checking Account? Yes! You can open an account at a credit union, a brick-and-mortar, regional or online-only bank, or an other financial institution — whatever your preference, you have many options when it comes to choosing a business bank account. Don't feel like you have to limit your search to your primary bank, either; if a different place has a better business account for your needs, you can open an account at a different bank. What is the Best Bank for a Business Account? The best bank for your business will depend on several factors. If you're looking for an online-only option with perks (like APY for your checking account), Axos or BlueVine are worth looking into. However, if you like the peace of mind of walking into a physical branch in big cities across the U.S., Chase or Wells Fargo might be better options for you. Or, maybe you prefer to support a regional credit union — the options are nearly endless. Overall, it's best to look for a bank with no fees. 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. 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| %%title%% · %%sitename%% What is a Secured Loan and How Do They Work? Posted: 02 Jun 2022 04:45 AM PDT A secured loan is a type of loan backed by collateral that your lender can seize if you don't make payments. A mortgage is one of the most common types of secured loans. Your home is the collateral. If you don't make your mortgage payments, your lender will start the foreclosure process to seize your home. Most personal loans are unsecured loans, meaning they aren't backed by assets you own. But if you have bad credit or a limited credit history, your lender may require you to put down collateral in order to borrow money. In this article, we'll explain what is a secured loan, the differences between secured vs. unsecured loans and the pros and cons of a secured loan. What Is a Secured Loan?A secured loan is a type of loan where you pledge financial assets as security so that a bank or credit union will lend you money. If you don't make payments according to the loan contract, the lender can take those assets. A secured loan can be backed by assets like real estate, a vehicle, savings account, cash deposit or business inventory. Secured loans are commonly used to finance major purchases, like a home or vehicle. But it's also possible to obtain a secured loan for virtually any purpose. Suppose you need to borrow $5,000, so you apply for a personal loan. But because you have a low credit score, your bank requires collateral. Let's say you own your car outright, and it's worth $10,000. You could use your car as collateral to get a secured personal loan. The bank will put a lien on your car (or any other asset you've pledged), which gives it a legal claim to the financial asset. There's less risk to the bank. If you fail to make monthly payments, the bank can take possession of your car and sell it. But the risk is greater to you because you could lose your car if you default. If you use that car to commute to and from work or for business, you could jeopardize your financial health. But as long as you repay the entire loan amount as agreed, the lien will be removed. The bank will no longer have a legal claim to your car or any other asset you used to borrow money. Keep in mind that there's still a risk to you even when you take out an unsecured loan. If you don't make monthly payments, your credit score will drop. Eventually, the account will be sent to collections. Defaulting on the loan will make borrowing money much more difficult in the future.
Pro Tip The IRS prohibits using 401(k) or individual retirement account (IRA) money as loan collateral. However, it's possible to take a 401(k) loan if your plan allows it.
Examples of Secured LoansSome common types of secured loans include:
Some less common (and also risky) types of secured loans include:
Secured vs. Unsecured LoansWhile a secured loan is backed by collateral, an unsecured loan isn't backed by personal assets, like a property, vehicle or bank account. Your lender can still sue you if you don't repay the loan. You can also damage your credit if you don't pay as agreed. However, because you haven't pledged valuable collateral that your bank can seize, the financial risk is greater for the lender.
Unsecured loans usually have higher interest rates than secured loans because of the greater risk involved. Compared to unsecured loans, secured loans typically have higher borrowing limits. Some common types of unsecured loans include:
Secured Loan ProsIf you're trying to decide between secured and unsecured loans, here are some secured loan pros and cons to consider:
Secured Loan Cons
Frequently Asked Questions (FAQs)
What Is an Example of a Secured Loan? A mortgage is an example of a secured loan. The property that you finance serves as collateral. If the borrower defaults, the bank can foreclose on the home. Other types of secured loans include home equity, car notes, business loans and some credit cards and personal loans. Is a Secured Loan a Good Idea? A secured loan is a good idea in some circumstances because it can lower your interest rate and help you get approved to borrow money when you wouldn't otherwise qualify. However, a secured loan can also be risky because you lose your collateral if you don't pay according to the loan terms. What Is a Secured Loan in Simple Words? A secured loan is a type of loan that's backed by property, like a house or a car, that the lender can repossess and sell to get its money back if you don't make loan payments. What Are 5 Examples of a Secured Loan? Examples of a secured loan include mortgages, auto loans, boat loans, secured credit cards and home equity lines of credit (HELOCs). Where Can You Get a Secured Loan? You can get a secured loan through many financial institutions, including traditional banks, credit unions and online lenders. Robin Hartill is a certified financial planner and a senior writer at The Penny Hoarder. She writes the Dear Penny personal finance advice column. Send your tricky money questions to AskPenny@thepennyhoarder.com. 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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| National Contests to Win Money Can Bring $175K Posted: 02 Jun 2022 04:15 AM PDT Cash from national contests can help you pay off debt, finance that dream vacation around the world or send you on a shopping spree in style. But you can't win the money unless you enter the contests. The odds may be tough but it's easy to enter online. And, someone has to win, right? Why not good people like you? The contests listed here represent about $185,000 in cash prizes and that excludes the Publishers Clearing House SuperPrize. The uber lucky person who scores in that contest brings in $7,500 a week for life — not a bad haul for the few minutes it takes to enter. The Time to Enter Cash Money Contests Is NowDon't delay in entering contests to win cash. Some of the 2022 deadlines are in June. 1. Refresh, Renew, Redo $15,000 SweepstakesIf your house could use a little love in order to truly feel like home, check out this contest. Meredith Corporation's Refresh, Renew, Redo $15,000 Sweepstakes offers a grand prize of $15,000 to one lucky winner. And while the sweepstakes is marketed as a way to update your home, the prize itself is a check that you can use however you want. To enter, go to any of Meredith Corporation's magazine websites (which include Southern Living, Health, Real Simple and People) and enter your email address. See the full list of URLs where you can enter here. Once you enter, your email will be automatically registered on each of Meredith Corporation's nine magazine websites. You can also mail your entry. Write your name, address, phone number and email on a postcard and send it to 1716 Locust Street, LN 428 Des Moines, Iowa, 50309. You can enter the sweepstakes as many times as you would like, but you can only use each email address once. So if you have a few going for different purposes you should be able to increase your odds. The sweepstakes close on June 30, 2022. If you mail your entry, it must be postmarked by June 30 and received no later than July 5, 2022. The contest is open to U.S. residents (excluding Puerto Rico). 2. Fingerhut $70,000 SweepstakesFingerhut provides credit to help people buy things they need without dealing with large monthly payments or annual fees. And it also holds an annual sweepstake that awards several cash prizes throughout the year. For 2022-2023, the Fingerhut Sweepstakes is giving away four cash prizes totaling $70,000. The entry dates are as follows:
To enter, go to www.fingerhutsweepszone.com and enter your email address. If you don't have a Fingerhut account, you will be asked to provide some basic information like your name, address and birthday. There is no purchase necessary in order to enter. The Fingerhut Sweepstakes are open to U.S. residents aged 18 and up. 3. Publishers Clearing House SuperPrize EventEven if you're not big into sweepstakes, chances are you have heard of Publishers Clearing House. Rather than just mailing you a check, they show up with a gigantic check and make a big spectacle of awarding it to you. You might wonder if this is legit; while there are plenty of copycat scammers around, PCH really does give out giant checks to real people just like you. The PCH SuperPrize Event is offering a phenomenal prize of $7,500 a week for life. To enter, simply fill out this form and submit. The winner will be announced on June 30, 2022. Even if you miss the SuperPrize Event, keep checking the website to see how you can enter to win other sweepstakes. 4. Circle K Rock Paper Prizes SweepstakesThis spring, Circle K has a sweet sweepstake with a fun rock-paper-scissors theme. There will be two grand prize winners, who will each get $10,000 in cash, as well as hundreds of instant winners who could get free coffee or snacks from their local Circle K store. To enter, go to win.circlek.com on your mobile browser and enter your mobile number. You'll then receive a confirmation code and answer some questions about your instant prize preferences. After that, you'll pick a color for your virtual hand and start playing, either against the computer or against a friend. If you already know how to play rock paper scissors, the next part will be easy. Choose your move and play best out of three. If you win, you can choose between two instant prizes that you can claim at your local Circle K store. You have until July 1, 2022, to register and play for a chance to win a grand prize. Each time you play, you'll get one entry toward the grand prize. 5. Walmart May-July SweepstakesFrom now until July 29, 2022, you can enter the Walmart Q2 sweepstakes for a chance to win one of five $1,000 Walmart gift cards for the grand prize, or one of 750 $100 Walmart gift cards for the first prize. That's a total of $80,000 up for grabs in Walmart swag (and you can buy pretty much anything there, so it may as well be cash). There are a few ways you can enter to win the sweepstakes:
6. Union Home Mortgage $10K Win Like a Cowboy SweepstakesHere's a fact you probably don't know: Union Home Mortgage is an official partner of Professional Bull Riders. It might sound like an unusual pairing, but cowboys need home loans too! UHM and PBR are also partnering to offer a sweet cash prize of $10,000 to one lucky winner. The sweepstakes run until June 30, 2022. You can only enter the Grand Prize Sweepstakes once by filling out this form online. The contest is open to U.S. residents aged 18 and up, but excludes residents of Alaska, Hawaii, New York, Utah, Rhode Island, North Dakota and South Dakota.
There are many more sweepstakes available for entry, with new ones added all the time, so it pays to keep on top of them to increase your chances of winning some of that sweet, sweet cash. Catherine Hiles is a contributor to 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 |
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