Sometimes, however, things don’t go according to plan. If you’ve had a bank account closed in the past because of overdraft fees or a prolonged negative balance, you may not be able to open a new one for up to five years. Fear not; many alternatives to traditional bank accounts will allow you to earn interest on your money.

The Best Alternatives to Traditional Bank Accounts

1. Second Chance Checking Accounts

As companies seek to reach out to unbanked or underbanked Americans, more are offering tempting checking account alternatives. These alternatives often offer many features and low fees, though you’ll want to research so you know exactly what you’re getting into.

Second-chance checking accounts offer all of the features of a traditional bank account but are typically offered by a financial company and not a “bank.” Most do not check your ChexSystems report, which greatly increases your chance of approval.

Chime is an award-winning financial app and debit card offering a terrific online savings and checking account for savers. Using the Chime checkbook feature, you can send checks to anyone you wish, fee-free.

There are no account opening fees or monthly maintenance fees; the only fees you’re likely to incur are ATM fees for using a network other than the Chime network.

Another great benefit of Chime is that you can get paid 2 days earlier with direct deposit. Your money doesn’t get stuck in “electronic limbo,” as Chime puts it. Early access to direct deposit funds depends on the payer.

No credit check is required to open a Chime account. When approved, you’ll have access to a Chime Visa® Credit Card, a Spending Account, and an optional savings account should you need one.

Chime Disclosure – Chime is a financial technology company, not a bank. Banking services and debit cards provided by The Bancorp Bank or Stride Bank, N.A.; Members FDIC.

Read our Chime Review

2. Certificates of Deposit (CDs)

CDs generally pay higher rates than savings accounts. But you might be hesitant to tie up your money in CDs. There is a way around that, using what is known as a CD ladder. That’s a strategy where you use multiple CDs with varying maturities. It’s a way of ensuring some of your money is liquid but still earning higher rates of return.

Let’s use Alliant Credit Union as an example. Their High-Yield CDs are currently offering % APR for 12-month CDs. Now, let’s say you have $30,000 you want to invest. Rather than investing your entire savings in a single CD, you invest 1/12 of your savings each month. That’s $2,500 per certificate.

You invest $2,500 monthly in a 12-month CD, paying about %. After 12 months, your savings of $30,000 are invested in 12 different CDs.

This means one CD will be maturing every month, giving you a strong measure of liquidity. The maturing CD can even be rolled over into a new 12-month certificate. This strategy enables you to take advantage of rising rates in the future.

Still, another variation is to invest in CDs of different maturities. For example, if you want to invest the entire $30,000 in savings today, you could put five equal shares into different CDs with maturities of one year, two years, three years, four years, and five years. You’d be tying up your money longer, but the return will be higher.

• Check out our post How (and Why) to Create a CD Ladder for a deeper look at CD ladders.

3. US Treasury Securities

Most people are at least remotely aware that Treasury securities exist, but very few individuals invest in them. That’s unfortunate because certain U.S. Treasury securities pay high-interest rates. Moreover, since the US government issues them, they’re considered the safest investments, virtually impervious to default.

US treasury securities come in various terms. They can range from 30 days to 52 weeks for treasury bills, two years to 10 years for treasury notes, and 30 years for treasury bonds.

Treasury bills, being short-term, pay lower rates but are still much better than those of traditional banks. But if you’re willing to invest longer, you can get higher returns on treasury notes.

They can be purchased in denominations of as little as $100 and pay interest every six months. Current rates are around 4.98% for two-year notes and about 4.67% for five-year notes. You’ll be tying your money up longer than you would with a savings account, but the higher interest may be well worth it.

You can purchase, hold, and sell US treasury securities through Treasury Direct.

4. High Dividend Stocks

Stocks are, of course, riskier than traditional savings. They’re not suitable if your primary purpose is creating an emergency fund. But if you’re looking for a higher yield on your savings and a chance at price appreciation, there are plenty of good high-dividend stocks.

NASDAQ.com has a list of dividend-paying stocks, and many can have yields over 5%.

Many well-established companies tend to be less volatile than the overall stock market. High dividend yields tend to offer a measure of protection during market declines.

There’s a bonus here, too. If the dividends paid by the company are considered qualified dividends, there may be no tax liability on them.

To start buying dividend stocks (and any other kind of investing in financial markets), we recommend checking out Ally Invest, an online discount broker. They have low fees and no minimum deposit, so it will be simple to get started.

5. Municipal Bonds

Morningstar reports that the average annual return on municipal bond funds is about 3.5% over the past five years. That’s much higher than yields on traditional bank accounts and many of the alternatives in this article.

However, the best part is that the interest paid on municipal bonds is exempt from federal income tax. If your state has an income tax, and the bonds are issued by an agency within your state, the interest will also be exempt from state income tax. This is referred to as double tax-exempt.

Since bonds are tax-exempt, if you have a combined marginal tax rate of 25%, a bond yielding 3% is equivalent to a 4% return on a taxable investment.

Small investors should usually invest in a municipal bond fund. The fund can diversify between various bonds issued and may even be sorted by state to take advantage of double tax-exempt status.

6. High-Yield Bonds

These are long-term securities issued by corporations. They can run for 20 years or more but pay higher interest rates than traditional banks. In fact, according to MorningStar, the average five-year return on high-yield bonds is around 4%.

Individual bonds usually sell in denominations of $1,000. Some may even require a minimum purchase of $10,000 (10 bonds), making it hard for small investors to diversify. A better alternative may be a high-yield bond fund. For example, the iShares 0-5 Year High Yield Corp Bd ETF has a one-year return of about 3.85%, and that fund is comprised of bonds with maturities of not more than five years, making it lower risk than long-term bonds.

7. Real Estate Investment Trusts

Not many people think of real estate when it comes to savings. But there’s a way you can use real estate as a form of high-yield savings. Real estate investment trusts, or REITs, are mutual funds that invest in real estate. It’s primarily commercial real estate, like retail space, office buildings, warehouses, or large apartment complexes.

REITs pay dividends. They’re legally required to pay 90% of their revenues in dividends to their shareholders. Over the years, returns have been generous.

REITs are publicly traded funds that you can buy and sell anytime.

There is some risk of losing invested capital with REITs, so make sure you’re aware of this fact and fully prepared to invest for the long term. But it’s a way of earning high dividend yields without being so dependent upon price fluctuations of the underlying investment.

What If You Want a Savings Account but Cannot Open One?

When you’re denied a bank account, the first step is to find out why. Under the Fair Credit Reporting Act, banks must explain why they deny accounts.

The most likely reason to be denied an account is that you’ve got an outstanding debt with a bank – often because of unpaid bank fees. But you may also be denied because of a history of frequent overdrafts. Just ask the bank that has denied you exactly what the issue is.

Your next step is likely to check out your ChexSystems report, which you can access at ConsumerDebit.com. Like your credit reports, you can get one free copy of your ChexSystems report every twelve months. The report will show which bank or banks have reported you and why.

If you owe bank money according to your ChexSystems report, you’ll need to either negotiate with the bank you owe to pay off the debt or dispute the report as inaccurate.

If you pay off your debt with a bank, they’ll have to report the account as paid to ChexSystems, which may help your case next time you apply for an account. You can talk to the reporting bank if the report is wrong. If they refuse to deal with the matter, dispute the information with ChexSystems, who is required by law to investigate the claim.

It can take months—or even years—to clean up your ChexSystems report. In the meantime, you may need to take advantage of other bank account options to pay your mortgage on time and avoid hefty transfers or cashier’s check fees.

Using a Tiered Savings Strategy to Get High Yields with Low Risk

If you’re unhappy with the returns you’re getting on your savings, consider setting up a tiered savings plan that looks something like this:

• An emergency fund in a second-chance checking account with a strong APY.
• Excess amounts are invested in high-yield, low-risk investments, like US treasury notes, bond funds, and high-dividend stocks.
• A smaller amount is invested in either REITs or P2P lending platforms to increase your overall savings yield.

That kind of savings portfolio will keep your money relatively safe and allow you to earn much more than a traditional bank account.

A Final Thought on Savings Alternatives to Traditional Bank Accounts

Owning a traditional savings and checking account is critical for managing a successful financial portfolio. In today’s atmosphere, many online savings accounts offer high interest rates with no risk, so if you cannot open one, figure out what you need to do to fix the problem.

In the interim, and in addition to owning a traditional bank account, utilize some or all of the alternatives above to maximize your returns on low-risk investments. The worst thing you can do when rates and inflation are high is park your cash somewhere while earning no rate of return.

The post 7 Savings Alternatives to Traditional Bank Accounts appeared first on Doughroller.

Below is our list of the seven best money-saving apps for college students and what each is best for. A detailed description of each will follow.

Best Money-Saving Apps for College Students

1. Acorns

Acorns is a micro-savings and micro-investing app. Both are big advantages to college students who want to begin saving and investing money for the future while still in school. You can use the Round-Up feature by connecting your debit and credit cards to the Acorns app.

Each time you make a purchase, the charge to your bank account or credit card will be rounded up to the nearest dollar, with the spare change held until it reaches $5. Once it does, the funds will be transferred into an Acorns robo-advisor account, where you’ll be provided with a fully managed investment portfolio. Money will continue flowing into the account as you spend, building up your portfolio over time.

Acorns also has Acorns Earn. It comes with the Mighty Oak Debit Card, which enables you to earn bonus investments from purchasing at hundreds of top merchants, like Apple, Walmart, and Expedia. Acorns Earn can also help you find part-time and remote jobs to earn extra money. By referring friends to the Acorns app, you can earn a $5 investment for each person who signs up for an account.

• Main features: Micro-savings and micro-investing app, plus the ability to earn extra money
• Mobile app ratings: Google Play: 4.7/5 stars; The App Store: 4.7/5 stars
• Fee: $3 per month for Acorns Personal

Read our Acorns Review

2. Rocket Money

Rocket Money offers bill negotiations, which can lower your pay on recurring bills. The free plan comes with this service and budgeting, spending insights, and credit score monitoring. Rocket Money charges between 30% and 60% of the savings on bill negotiations, which means you’ll pay nothing if they don’t save you any money.

You can choose the Premium version, which has a negotiable monthly fee between $4 and $12. This includes canceling unused subscriptions, creating a smart savings account, and accessing financial experts to help you better manage your money.

• Main features: Bill negotiations, subscription management, budgeting, spending, insights, and credit scores.
• Mobile app ratings: Google Play: 4.3/5 stars; The App Store: 4.3/5 stars
• Fee: 30%– 60% of savings on bill negotiations; $4 to $12 per month (negotiable) for the Premium plan

Read our Rocket Money Review

3. PocketSmith

PocketSmith has free and premium versions, but since we focus on money-saving apps for college students, we will focus on the free plan. PocketSmith helps you create a customized dashboard that includes all your financial accounts. This will help you better track what’s going on with all accounts in one place. You can enter and categorize transactions from more than 14,000 bags worldwide.

Not only can you track all your transactions, but you can also create up to 12 budgets to help you better manage your finances. PocketSmith also provides budget projections for up to six months. It comes with bill alerts, so you don’t miss a payment deadline and incur a late fee.

• Main features: Budgeting
• Mobile app ratings: Google Play: 3.4/5 stars; The App Store: 3.4/5 stars
• Fee: Free version available

Read our PocketSmith Review

4. Ibotta

Ibotta is free to download and advertises that you can earn up to 30% cash back on purchases at major retailers, including Home Depot, Best Buy, Walmart, Sam’s Club, Old Navy, and many more big-name merchants. Best of all, you can access the app in any store to take advantage of available offers. Alternatively, you can shop online with the free browser extension for the best deals.

• Main features: Earn cash rewards up to 30% at select retailers
• Mobile app ratings: Google Play: 4.5/5 stars; The App Store: 4.8/5 stars
• Fee: Free to download

5. Fiverr

Finding ways to save money as a college student is important, but finding ways to earn more can be equally valuable. Fiverr bills itself as the Freelance Services Marketplace, allowing you to earn money by performing gigs on the platform. Downloading the app to find gigs is free, though Fiverr will receive a small percentage of your earnings from the individual or business hiring you to perform the work.

One of the big advantages of this app is the diversity of services you can provide. Examples include graphics and design, programming and tech, digital marketing, video and animation, writing and translation, music and audio, and more. You can make money with this app if you already have social media and video creation skills. Fiverr even offers participants an opportunity to begin building a business.

• Main features: Earn money using your skills at various gigs
• Mobile app ratings: Google Play: 4.6/5 stars; The App Store: 4.9/5 stars
• Fee: Free to download the app

6. Coupons.com

As the name implies, Coupons.com is an app that gives you access to coupons that can be used to purchase various products at various merchants. That may not be earning cash back, but you will get direct savings on purchases you would make anyway that can save you plenty of money.

What’s impressive about this app is that it provides coupons to hundreds of well-known merchants nationwide. That includes all types of merchants, like Staples, Dick’s Sporting Goods, Macy’s, American Eagle, Neiman Marcus, and CVS. They also offer coupons for purchases made through Priceline and other travel services.

• Main features: Coupons savings on purchases
• Mobile app ratings: Google Play: 4.4/5 stars; The App Store: 4.3/5 stars
• Fee: Free to download

7. Upside

We ranked Upside at #7 because not all college students have a car, especially if they’re living on campus. If you do, Upside is an app that can help you find gas stations in your area where you can save several cents per gallon through the app. The service claims it can save you up to $0.25 per gallon on gas, up to 45% on restaurants, and up to 30% cash back at grocery stores.

Once you download the app, you can claim a cashback offer at a participating merchant, purchase with a credit or debit card, and have your savings deposited into your bank account or PayPal or sent to you as a gift card.

• Main features: Save on gasoline and other purchases
• Mobile app ratings: Google Play: 4.7/5 stars; The App Store: 4.8/5 stars
• Fee: Free to download

How We Chose the Best Money-Savings Apps for College Students

In compiling this list of the seven best money-saving apps for college students, we looked most closely at three criteria: Main features, mobile app ratings, and fees.

Though we focused on each app’s main feature and delivered to a greater degree than the rest, we also looked at the overall features offered. The more opportunities an app provides students to save, earn, or accumulate funds for savings or investing, the higher the rank we assign it.

Mobile app ratings are highly valued because they indicate users’ satisfaction with the product. We looked at each app’s specific ratings and the number of users who provided an evaluation.

Finally, the app’s fee is important, especially for college students. The cost of the app cannot exceed the value of the money you will save, earn, or have available for savings and investment.

What a College Student can Expect a Money-Saving App to Do

A wide variety of money-saving apps are available for college students. As you can see from this list, each has its specializations and combinations of features.

Before choosing a money-saving app, you must decide what you want it to do. Do you want to provide discounts? Negotiate and reduce bills? Earn extra money? Or save and invest for the future?

It’s unrealistic to expect a single app to provide all those functions. That’s when you need to decide which ones are most important to you and where you expect to achieve the greatest financial benefit.

You should also consider using more than one app if no single app seems to accomplish all you want it to. For example, you can choose an app specializing in cash rewards for spending and another enabling you to accumulate money for savings and investing.

Frequently Asked Questions (FAQ)

Final Thought on Money-Savings Apps for College Students

Though we’ve ranked each of the seven best money-saving apps for college students, it’s up to you to determine which will likely save the most money based on your lifestyle and spending patterns. If you like to shop, you should favor a cash rewards app. If you’re looking to save money for investing, an app like Acorns will be the best at getting the job done. Carefully evaluate the seven apps above and choose the one closest to helping you accomplish your financial goals.

The post 7 Best Money-Saving Apps for College Students in 2024 appeared first on Doughroller.

What is the Wally Budget App?

Wally goes beyond basic budgeting and instead acts as a financial resource. This is perhaps best explained by the service’s mission statement:

“My mission is to help you level up your life. Whether personal or professional, you have goals, and I’m here to help you accomplish them efficiently and excellently. Consider me your assistant, mentor, life coach, and companion.”

Notice the first word in the mission statement is my. Wally functions like a robotic person, referring to itself in the first person. It also refers to a team working in the background to help it do its job.

What exactly is its job? It seems unlimited. If it’s a chore that can be accomplished on the Internet, Wally can help. It’s not designed to provide direct investment or financial advice. Still, much like ChatGPT, its purpose is to enable you to quickly and easily cut through the clutter and access only the specific information you’re looking for on the web. That information will be explained in the next section.

The Wally budgeting app has the following third-party and user ratings:

• Better Business Bureau: Not rated
• Trustpilot: Not rated
• The App Store: 3.2 out of 5 stars based on 31 reviews
• Google Play: 2.1 out of 5 stars based on 177 reviews

How Wally Works

Wally is a fully automated service enabling you to connect with over 15,000 banks in 70 countries. It will automatically track income, spending, pending bills, budgets, and just about everything financial. It can also provide your net worth in any covered currency. Closer to home, it can show you your upcoming bills and notify you when they are due to help you avoid late fees.

The app is AI-powered, enabling you to talk to “WallyGPT.” You’ll be able to get financial information to help you with your finances, especially learning about money and investing.

Wally works on a system called queries. A query represents a unit of work Wally must perform either in answering a question or automating your work. The free version limits you to no more than 51 queries per day, but the premium versions can go as high as 25,000.

For example, you can ask questions like “How much money am I spending on entertainment?” or “How can I build up my emergency fund?” Answers will be provided within seconds. You can even ask Wally questions that will help you gain better insight into more complicated financial topics, like investing, insurance, or loan-versus-credit lines.

Wally won’t recommend specific investments, but it can provide information on some of the top stocks and funds available. It can even help you to find the best deals on car insurance, credit cards, loans, and investment services.

Wally Budget App Features & Benefits

Wally provides the following features, showing that this app does much more than basic budgeting. Exactly which features you can access will depend on your chosen plan (see Pricing below). Please note that some of these features are currently available in beta only.

• Chat with any website. This feature provides a quick summary of an article on the web. It highlights the most important points in the article, and when you ask Wally a specific question about the page, you’ll get an answer. This feature can save you substantial time reading articles and other web-based documents.
• Gmail auto-draft (currently in beta). Wally is rolling out this feature to provide draft responses to your emails. It will even do so using your “voice”.
• Gmail, TikTok, Facebook, and Slack Companions (currently in beta). It helps you compose emails, including sales pitches. Wally will offer suggestions and automatically suggest the required context.
• Gmail, Linked In, and X (Twitter) Companions (currently in beta). Use the ChatGPT writer to assist you in writing posts and responses on all three platforms. If you regularly post on social media, this feature will help you deal with writer’s block.
• Google Insights. Wally will provide answers from Google searches without the need for you to visit multiple web pages to sift for answers.

The Wally app offers plenty of other features. For example, It can summarize PDF, DOC, and PPT files in seconds. Wally also provides YouTube and Vimeo video summaries so you can focus on the highlights of the content it presents.

Much like AI itself, Wally is a work in progress. Expect many more new features in the future.

Wally Mobile App & Security

Wally can be downloaded from The App Store for iOS devices and Google Play for Android devices. It is also available on the web through Chrome.

Transmission is encrypted end-to-end when you sync your financial accounts to the Wally app. The app is also PCI compliant, ISO 27001 certified, and GDPR compliant.

Wally does not collect or store your credit card information, username, or password. It cannot make transfers or payments or charge additional charges to your card. In addition, Wally does not share, sell, or rent your data.

Customer Service

To contact Wally, you must use the email hello@wally.me. There is no phone contact offered. Wally is available on major social media, including Facebook, Instagram, Linked In, TikTok, Twitter/X, and YouTube.

Wally Pricing

Wally is free to download either on Google Play or The App Store. If you use the free version, you’ll be limited to no more than 51 queries per day. However, they do offer three premium plans as follows:

If you sign up for an annual plan, you can save 20%. For example, Level Up will be $7.99 monthly, Rocket Boosters will be $15.99 monthly, and Lightspeed will be $31.99 monthly.

Sign-on bonus: None indicated at this time.

How to Sign Up with Wally Budget App

You can sign up for Wally using the desktop edition (Chrome), or through the mobile app with either an iOS or Android device. You’ll need to create a username and password, and once you establish your account, you will begin linking any financial accounts you want to the app.

No credit or debit card will be required unless you sign up for one of the three premium plans.

Wally App Pros and Cons

Pros

• Wally takes advantage of the power of AI to assist you in managing your finances.
• Provides a user-friendly question-and-answer format so you can access the information you seek quickly and easily.
• Links with more than 15,000 financial accounts in 70 countries.
• Though Wally offers three premium plans, you can have unlimited access to the service free of charge if you choose not to use one.

Cons

• Since Wally is AI-based, it is somewhat unconventional in the personal finance app space. It may take some getting used to.
• During our review, we could not access the Wally app on The App Store. It indicated only “connecting to Apple Music” (which never happened, either).
• The app has low ratings from iOS and Android users and no ratings from Trustpilot or the Better Business Bureau.
• Does not offer customer service by phone.

Wally Budget App Alternatives

Buxfer

If you’re looking for a more comprehensive budgeting app, check out Buxfer. It offers basic budgeting, forecasting, investment tracking, and retirement planning. If you have foreign accounts or numerous international transactions, you’ll appreciate that Buxfer is available in over 100 currencies and more than 150 countries.

Buxfer is available in three different plans, depending on the level of financial tracking you need. The most basic is the Plus plan at $4.99 or $3.99 monthly if you pay annually. Next up is the Pro plan, at $5.99 per month or $4.99 per month for the annual plan. Finally, the top-of-the-line Prime plan is available for $11.99 per month or $9.99 per month for the annual plan.

Read our Buxfer Review

YNAB (You Need A Budget)

YNAB is one of the most popular budgeting apps in the space. It uses a unique “Four Rule” approach to budgeting. The rules work like this: 1) each dollar in your budget is assigned an expense category, 2) you will anticipate large, occasional expenses, 3) you’ll build flexibility into your budget, and 4) you’ll “age your money”. With the last rule, you’ll gradually move toward paying this month’s bills with last month’s money. That puts an end to the paycheck-to-paycheck conundrum so many are struggling with.

YNAB is available with a monthly fee of $14.99 or an annual payment of $99 (the equivalent of $8.25 per month).

Read our YNAB Review

Empower

Though it offers limited budgeting capabilities, Empower is a financial account aggregator where you can link all your accounts on the free financial dashboard. You can add bank accounts, investment accounts, loans, and credit cards. The dashboard includes valuable financial tools, like Investment Checkups and the Retirement Planner.

Empower also offers the Empower Personal Cash account, which currently pays 4.70% APY on balances up to $5 million with no fees. It also offers investment accounts, managed portfolios, and wealth management services, each with its specific pricing schedule.

Read our Empower Review

Frequently Asked Questions (FAQ)

Should You Sign Up for the Wally Budget App?

Wally is a unique financial app that emphasizes AI. While it’s clear that AI has many advantages regarding personal finance, it is a relatively new endeavor. In addition, this app has many moving parts. If you’re looking for a financial app that focuses primarily on a single function, like budgeting or investing, you may want to look into one of the alternatives listed above.

We also recommend scanning personal reviews on Google Play and The App Store. Those reviews may reveal whether or not you are interested in pursuing this cutting-edge product. Otherwise, you can dive in and poke around for yourself; after all, Wally is free to download and use, so you have nothing to lose.

Wally GPT

Kevin Mercandante

Features

Mobile App

Pricing and Fees

Account Integration

Security and Customer Service

Summary

Wally is the first AI app that can focus on building your financial portfolio. It has three reasonably priced subscription levels with up to 25,000 monthly queries.

4.5

Use AI to Create Your Budget with Wally

The post Wally App Review 2024 – Creating a Budget with AI appeared first on Doughroller.

For that reason, we prepared our list of the best banks with no overdraft fees. Not only do these banks not have overdraft fees, but they also have features and services that make them more valuable to you than a typical checking account.

With that in mind, let’s move on to our list of the best banks with no overdraft fees.

Best Banks With No Overdraft Fees

1. SoFi Bank

Our favorite bank to avoid overdraft fees is SoFi Bank. They offer a checking and savings product that includes a host of benefits and includes no overdraft fees, monthly fees, or insufficient funds fees.

When you open a new account with SoFi Bank, you’ll earn a $300 bonus if you set up a direct deposit of at least $5,000 in the first 25 days. (It’s a $50 bonus if your deposit is at least $1,000). The savings account offers an APY of % and when you set up a direct deposit, you can be paid up to two days early.

With SoFi Bank, you’ll have access to up to $2MM in FDIC insurance and will also earn up to 15% cash back at select merchants when you use your SoFi debit card. SoFi also has a host of other finance products that can help you manage your finances, including personal loans, a robo advisor, and student loan refinancing.

SoFi Savings and Checking Features & Fees

• Minimum opening deposit: $0
• Monthly service charge: $0

Read our SoFi Bank Review

2. LendingClub Bank

LendingClub Bank Rewards Checking is a close second on our list of the best banks with no overdraft fees because it goes the extra mile in the “no-fee” department. In addition to no overdraft fees, Rewards Checking also offers free ATM withdrawals, including unlimited fee rebates that are charged by other banks.

When you set up a direct deposit with LendingClub, you’ll be eligible to receive your paycheck up to two days early. This checking account won’t blow you away with interest, earning just a 0.10% APY on balances between $2,500 and $99,999 and 0.15% on balances greater than $100,000.

LendingClub Bank Rewards Checking also includes unlimited 1% cash back on all purchases you make with your debit card and FDIC insurance of $250,000 per depositor. As an added feature, incoming wire transfers are also fee-free.

LendingClub Bank Rewards Checking Features & Fees

• Minimum opening deposit: $0
• Monthly service charge: $0

Read our LendingClub Bank Review

3. Axos Bank

Axos Bank offers three different checking accounts. Our favorite is the Essential Checking Account because it has no overdraft fees and provides unlimited ATM fee reimbursements. The account comes with a Visa debit card that you can use anywhere Visa is accepted.

When you set up Direct Deposit Express, Axos Bank Essential Checking can get you paid up to two days early. There are no minimum monthly balance requirements and you cannot be charged a non-sufficient funds fee.

With the Axos Bank app, you can set up biometric authentication to make sure you’re the only one who has access to your Essential Checking Account. When you have a friend’s email address or phone number, you’ll also be able to make P2P payments, fee-free.

Axos Bank Essential Checking Features & Fees

• Minimum opening deposit: $0
• Monthly service charge: None

Read our Axos Bank Review

4. Capital One 360

Capital One 360 Checking has no minimum deposit requirement and no monthly maintenance fees. You won’t even be charged transaction fees for foreign transactions. And you can use your debit card at more than 70,000 fee-free ATMs.

For overdrafts, Capital One 360 Checking will either:

1. Automatically decline the transaction that would cause the overdraft
2. Pay the overdraft and give you one business day to cover it (otherwise there will be a $35 overdraft fee)
3. Use a free savings transfer from your linked savings account.

Apart from Capital One 360 Checking, Capital One is a full-service bank. They offer a savings account and certificates of deposit (CDs), as well as auto loans and refinances, and business and commercial banking. They also offer one of the best lineups of credit cards in the industry and you can always walk into a Cap One Cafe if you need help.

Capital One 360 Checking Features & Fees

• Minimum opening deposit: $0
• Monthly service charge: None

Read our Capital One Bank Review

5. Ally Bank

Ally Bank offers a Spending Account that allows you to go fee-free without any monthly fees or overdraft fees. Using your Ally Bank debit card means access to more than 43,000 Allpoint ATMs fee free and Ally will reimburse you up to $10 per statement cycle when you’re charged a fee from another bank.

The Ally Bank Spending Account uses roundups to allow you to accumulate money for savings through your debit card purchases. Transactions will be rounded up to the nearest dollar, with the change transferred to your savings account.

Related: Best Round-Up, Automated Savings and Microsavings Apps

Even though Ally Bank is a fully online bank with no physical branches, it is a full-service bank. They provide savings accounts, money market accounts, CDs, mortgages, and auto and personal loans. But what they may be even better known for is investing.

You can either have your money professionally managed at a low cost with the Ally Invest Robo Portfolios robo-advisor or participate in self-directed investing through Ally Invest Self-Directed Trading.

Ally Bank also has a top-of-the-line savings account that currently yields a %APY.

Ally Bank Spending Account Features & Fees

• Minimum opening deposit: $0
• Monthly service charge: None

Read our Ally Bank Review

6. Discover® Bank

Discover Cashback Debit has no monthly service fee, as well as no charge for standard checks or official bank checks, deposited items returned, stop payment orders, insufficient funds, or account closure.

All that, and the card offers 1% cash back on up to $3,000 in debit card purchases each month. Meanwhile, you can access over 60,000 ATMs nationwide. When you set up your direct deposit with Discover, you’ll get your paycheck up to two days faster.

For overdrafts, you can take advantage of the Discovers Overdraft Protection plan. You’ll link either an online savings or money market account to your Discover Cashback Debit account. Funds will be transferred from the linked account into your checking account to cover shortfalls caused by online bill payments, electronic transfers initiated externally, and checks. If funds in the savings or money market account aren’t sufficient to cover the overdraft, the payment will be denied.

Discover is another all-online bank offering full-service banking. In addition to checking, they also offer savings accounts, money market accounts, credit cards, CDs, IRAs, and student, personal, and home loans.

Discover Cashback Debit basic features:

• Minimum opening deposit: $0
• Monthly service charge: None

Read our Discover Cashback Debit Review

7. Charles Schwab Bank

Best known for being the largest retail investment broker in the world, Charles Schwab also offers banking services through Charles Schwab Bank. That includes their Investor Checking account. There are no account minimums and no monthly service fees. In fact, they don’t even charge foreign transaction fees on your debit card.

Meanwhile, you’ll get unlimited ATM fee rebates worldwide, and even earn interest on your checking account balance. Your account comes with a Schwab Bank Visa Platinum debit card. At the same time, you open your Investor Checking account, you’ll also be opening a Schwab One Brokerage account for investing.

On the overdraft front, Charles Schwab has no overdraft fees on its checking account. You can set up overdraft protection by linking a Charles Schwab savings account or a Schwab One brokerage account. If you link a brokerage account, the funds will be withdrawn from the account based on your cash balance in that account.

If you have a margin account set up, and there is insufficient cash to provide the overdraft protection, a margin loan against securities held in your brokerage account will be the source of funds for your overdraft protection.

The advantage of the margin loan arrangement is that the interest charged on the loan can be well below what is typically charged on a standalone overdraft line of credit offered by some banks.

Schwab Bank Investor Checking Features & Fees

• Minimum opening deposit: $0
• Monthly service charge: None

8. Alliant Credit Union

Alliant High-Rate Checking comes with a high-rate savings account that they’ll open for you with a $5 complimentary deposit. There are no monthly service fees or overdraft fees with this checking account and it earns an APY of %.

High-Rate Checking also includes up to $20/month in ATM fee rebates (that’s up to $240 per year) when another bank charges you for an ATM withdrawal. When opening your account, you must make a minimum deposit of at least $25.

Alliant High-Rate Checking Features & Fees

• Minimum opening deposit: $25
• Monthly service charge: None

What Is Overdraft Protection and How Does It Work?

Overdraft protection is a program offered by some banks to reduce the chance a depositor will overdraw their checking account.

An overdraft occurs when funds leaving a checking account exceed the account balance. This can occur as a result of a check, funds transfers, online bill payments, debit card purchases, and even bank charges.

Once the account goes negative, the bank will charge an overdraft fee that can range anywhere from $20 to $40 for each item that exceeds the account balance.

However, some banks offer overdraft protection to prevent that from happening. It typically works by linking a deposit account within the same bank, either a savings account or a money market account.

Some banks do offer overdraft lines of credit. In that case, the credit line will automatically be accessed by the bank to cover the shortfall in your checking account. Interest will be charged on the amount outstanding until it is repaid, and other fees may apply.

Some banks do charge overdraft fees if funds in the linked savings or money market account aren’t sufficient to cover the checking account shortfall. Others will simply deny the charge to the account, which will eliminate the need for an overdraft fee.

Learn More: Best No-Fee Banks

How We Chose the Best Banks With No Overdraft Fees

The number of banks with no overdraft fees is extremely limited. Overdraft fees are just one of the litany of charges banks impose on their customers.

To come up with this list, we looked not only for banks that don’t charge overdraft fees (or offer workarounds) but also provide other valuable services. Many of those services are not offered with typical checking accounts.

Simply producing a list of banks that don’t charge overdraft fees isn’t enough. The checking accounts offered had to provide other tangible benefits like account bonuses or ATM fee rebates to our readers to make this list.

Frequently Asked Questions (FAQ)

Bottom Line

If you’re shopping for a bank, it’s best to assume they do charge overdraft fees. That’s the whole purpose of preparing the list of banks with no overdraft fees in this guide.

Overdraft fees are an important consideration too. Sooner or later, nearly everyone overdraws their account. And when it does happen, it’s nice to know that your bank has your back and isn’t going to punish you with fees.

That’s what we believe the banks listed in this guide will do. Though one does have an overdraft fee, it’s easy to avoid. And the more banking fees you can avoid, the more money you’ll have in your account.

Read More:

• Best Online Banks
• Best Free Online Checking Accounts

The post 8 Best Banks With No Overdraft Fees – April 2024 appeared first on Doughroller.

Our review delves into the practicality and value of the Discover Cashback Debit Account, exploring its features and benefits and how it compares to the competition in a bustling financial market where consumers are constantly looking for ways to make their money work harder for them.

Discover Cashback Debit Review Features

Cash Back Rewards on Debit Card Purchases

Discover will pay you 1% cash back on debit card purchases up to $3,000 monthly (see website for details*). That will allow you to earn up to $30 in cash back each month, or $360 per year. It’s the kind of offer that’s typical with credit cards but very unusual with debit cards. The Cashback Bonus can be redeemed via a credit to your Discover debit, savings, or money market account.

Cashback does not apply for purchasing money orders or other cash equivalents, cash over portions of point-of-sale transactions, peer-to-peer payments, online sports betting, Internet gambling transactions, and loan payments or account funding made using your debit card. You should also be aware that purchases made using third-party payment services, such as Venmo and PayPal, may not be eligible for rewards.

Important Benefit to Discover Credit Cardholders: Discover Cashback Debit Bonuses can be transferred to your Discover Credit Card Cashback Bonus Account in any amount.

• Account Access at More Than 60,000 ATMs – Discover participates in one of the largest ATM networks in the country (Allpoint and MoneyPass). You can make cash withdrawals without paying a fee.
• Online Bill Pay – You can pay bills online. Enroll in the program, and you can use the service to pay utilities, insurance premiums, loan payments, or even individuals, such as family and friends, your landlord, or contractors. However, they recommend against paying government agencies, like the IRS, or payees outside the U.S. The service can be used to make one-time or recurring payments. There is no fee for the service.
• Digital Wallets – You can link your debit card with Google Pay, Apple Pay, or Samsung Pay. Even if you do, you can still earn cashback rewards.
• Person-to-Person Transfers with Zelle – You can send and receive money through your account using Zelle. That will enable you to transfer money back and forth between family and friends.
• Mobile Banking – The Discover Mobile App is available for Android, iPhone, and tablets. You can deposit checks using the Mobile Check Deposit Service and pay bills using the Bill Payment Service. The mobile device can also view your account activity, set up one-time or recurring transfers, contact customer service, redeem your cashback bonus, or find a no-fee ATM nearby.
• Overdraft Protection – You can set up overdraft protection by linking a funding account to your debit account. This can include a Discover Money Market Online Savings Account or another Discover Cashback Debit Account. The service covers checks and electronic transfers but not debit card purchases and ATM withdrawals. There is no fee for this service.

Discover Customer Service

You access customer service by toll-free phone 24 hours a day, seven days per week. Discover also has an extensive FAQs section that will answer most of your questions online.

The first $250 in check deposits (mobile or mail) will be available the next business day. The remainder is typically available within two business days. ACH and wire transfers initiated at an external bank are available on the same business day funds are received.

Accessing Your Discover Cashback Debit Account

You can access your debit account through any of the following methods:

1. ATM
2. Writing a check
3. Use your debit card anywhere the Discover, Diners Club International, or Pulse logos appear.
4. Choose additional cash over purchases when using the debit card at participating retailers.
5. Online transfers to an external bank account
6. Making payments using online bill pay
7. Request an official bank check.
8. By wire transfer

ACH transfers from your Discover account are usually available 4 business days from the transfer request date.

Discover Cashback Debit Account Fees

As noted above, Discover Cashback Debit Accounts have no monthly maintenance fee. There is also no fee for use at any of the more than 60,000 in-network ATMs nationwide. Discover Cashback Debit Accounts do have the following fees for a non-typical transaction:

• Outgoing wire transfer, $30

Other services with no fee include:

• Deposited item return
• Stop payment
• Insufficient funds
• Debit card replacement
• Ordering standard checks
• Online bill pay
• Account closure
• Incoming wire transfers
• Official bank checks
• Paper copy of check or deposit item
• Fees for use of an out-of-network ATM (though the owner of the ATM may charge a fee)

What Discover Cashback Debit Offers that Other Banks Don’t

Discover is unique among major banks in offering cashback rewards on debit card purchases. This is particularly true in combination with no required minimum deposit or balance, no monthly maintenance fee, and an absence of many of the fees typically charged with bank checking accounts

Otherwise, PayPal offers 1% cash back on purchases with their debit card. However, PayPal isn’t a checking account; it charges 3% or more fees for incoming deposits.

Now, some banks pay interest on their checking accounts. But at a high-end interest rate of 1.5%, you’d have an average monthly checking account balance of $24,000 to get the $360 you can earn in cash-back debit purchases with Discover.

There’s no question, this is one of the better checking account choices available. It’s especially good for consumers who are frequent debit card users, and don’t want their cash back rewards offset by bank fees. Discover Cashback Debit has no fees that can’t be easily avoided, so the cashback offer is pure play.

Meanwhile, you can also transfer your debit account cashback balance to your Discover Card. That will allow you to seriously supercharge your total cashback on that card (Discover it® Cash Back pays up to 5% on select purchases and 1% on everything else).

How to Sign Up for Discover Cashback Debit

The entire account application process takes place online. You start by providing your physical address, phone number, email, Social Security number, or other taxpayer ID. You can even apply for the card without impacting your credit score.

Checks and debit cards can be ordered online or by phone and are typically received within 10 days of opening your account. Upon receipt of your debit card, you must activate it and set up a personal identification number (PIN). You can do this either online or by phone.

Once your account has been opened, you can fund it for up to 45 days. You must complete a new application if funds are not received within 45 days.

There are five ways you can make deposits:

• By direct deposit
• Online transfer from another bank account
• By Mobile Check Deposit from the Mobile App
• Add cash to your account using your contact list debit card at any Walmart store, with no fees.
• Mailing a check to Discover Ban, PO Box 30417, Salt Lake City, UT 84130

Pros and Cons of Discover Cashback Debit

Pros

• 1% cash back on debit card purchases of up to $3,000 per month ($30 in cashback)
• No minimum initial deposit or account balance requirement
• Access your account fee-free at more than 60,000 ATMs
• No monthly fees on your account or fees for replacement debit card or check reorder
• Availability of high-interest savings, money market, and CDs through Discover Bank

Cons

• No interest is paid on your checking account balance
• No physical bank branch locations
• You can’t deposit cash in your account
• You are only permitted to have one Cashback Debit Account

Discover Cashback Debit Alternatives

Axos Bank CashBack Checking

Axos Bank CashBack Checking pays 1% cash back with its signature-based debit card purchases. You can earn up to $2,000 monthly in cashback, but you must maintain a minimum average daily collected balance of $1,500 to be eligible for the cashback rewards. The account requires $50 to open and can check your credit score. There are no monthly maintenance fees and unlimited domestic ATM fee reimbursements.

Bank of America Debit Card

Bank of America Debit Card offers rewards, but they don’t come about quite as easily as the Discover Cashback Debit card or the other alternatives we’re presenting. Instead, you’re allowed to participate in BankAmeriDeals. They enable you to earn cash back on deals you choose when you pay with your eligible debit or credit card. The bad news is that the rewards are eligible only from participating merchants and service providers, but the good news is that those rewards can go into double digits.

Bank of America Debit Card offers online and mobile banking with Bank of America checking accounts. The card also has a round-up capability, enabling you to save money by accumulating the change from rounded-up purchase amounts.

Upgrade Rewards Checking Plus

Upgrade Rewards Checking Plus pays up to 2% cash back on purchases of common everyday expenses, recurring payments, and subscriptions and unlimited 1% cash back on all other purchases. To get the benefit of 2% cash back, your checking account must have a minimum of $1,000 in monthly direct deposits; otherwise, your debit card will receive only 1% cash back.

There are no monthly fees, and the account reimburses out-of-network ATM fees.

Frequently Asked Questions (FAQ)

Should You Open a Discover Cashback Debit Account?

In one word, yes! At least if you’re a frequent debit card user and like the idea of a fee-free checking account. You can still access a free checking account even if you don’t frequently use your debit card.

A Discover Cashback Debit Account may not be attractive to someone who typically maintains a high checking account balance and is more interested in a high-yield checking account. That will be even more true if you don’t use your debit card frequently.

But for everyone else, it’s an excellent way to get free checking with the ability to earn 1% cash back on debit purchases through normal spending activity.

For example, if you make at least $3,000 in debit card purchases each month and earn the full $360 cashback for the year, you will earn 36% interest on an average daily balance of $1,000 or 360% on an average daily balance of just $100.

Think of a Discover Cashback Debit Account as an opportunity for small savers to earn a super high rate of return on their money, driven completely by their spending activity. That’s one of the best deals available anywhere to most people.

Meanwhile, you’ll have access to Discover’s other products, including the Discover it® Credit Card and its high-yielding savings accounts, money markets, and certificates of deposit.

Discover Cashback Debit

Kevin Mercandante

Application Process

Rewards

Mobile App + Features

Fees

Customer Service

Summary

The Discover Cashback Debit Account offers a 1% cash-back rate without charging any monthly maintenance fees or requiring a minimum deposit

4.7

Open a Discover Cashback Debit Account

The post Discover Cashback Debit Review 2024 – Earn Cash Back on Debit Purchases appeared first on Doughroller.

It doesn’t promise to make you rich but can give you greater control over your finances. And that’s the first step forward with all things financial.

What is PocketGuard?

PocketGuard is a personal finance information management service designed to help you track your spending, create a budget, and lower expenses. It can also monitor for potentially unwanted and unauthorized charges, such as hidden fees, billing errors, forgotten subscriptions, scams, and fraud.

PocketGuard is an app available for download at the App Store and Google Play. It is available only in the U.S. and Canada, though they plan to expand internationally.

PocketGuard works in five steps:

1. See the big picture. You link your bank accounts, credit cards, investments, and loan accounts to assemble your entire financial life on the app.
2. Be aware of your spending. Transactions are updated and characterized in real-time, allowing you to see where your money goes and how you can save.
3. Know what’s safe to spend. This is the “pocket” part of PocketGuard. It lets you know how much money is left over after you’ve paid all your bills and set some aside for savings.
4. Put your budget on autopilot. The app automatically builds a personalized budget based on your income, expenses, and the goals you create.
5. Discover simple ways to save. The app helps you save money by negotiating lower bills and finding high-interest savings accounts.

PocketGuard has the following third-party and user ratings:

• Better Business Bureau: Not rated
• Trustpilot: 4.3 out of 5 stars (“Excellent”) based on nine reviews
• The App Store: 4.6 out of 5 stars based on 6,900 reviews
• Google Play: 3.6 out of 5 stars based on 2,030 reviews

PocketGuard Features and Benefits

Budgeting

PocketGuard starts the budgeting process by enabling you to connect all your bank accounts, as well as your monthly income and bills, to the app.

You can then set spending categories and savings goals and customize your budget. In the future, you’ll be notified whenever you spend 50% or 75% of your budget or go over it. That feature is designed to prevent you from exceeding your budget and running out of money.

For example, if any of those methods work for you, you can customize your budget by implementing the 50-30-20 rule, zero-based, or envelope method.

Budget categorization

PocketGuard allows you to create unlimited spending categories. You can group expenses by adding #hashtags to make the process automatic. There is even a budget tracker to see exactly where your money is going.

Bill payment tracker

This feature helps you manage subscriptions and pay your bills on time to avoid late fees. It does this by monitoring your bills and subscriptions and providing automatic reminders before each is due. PocketGuard is also capable of automatically negotiating your regular bills to lower them.

Fraud detection

PocketGuard comes with personal anti-fraud detection. It’s an algorithm that detects potential fraud and notifies you so you can contact your bank. You can create your blacklist to prevent repeated fraud attempts from the same sources.

Spending insights

PocketGuard provides visual aids, like pie charts, bar graphs, and merchant pie charts, so you can see exactly where you’re spending – and sometimes overspending – within your budget. As you gain greater insight into your spending habits, you can make adjustments to stay within your budget.

Debt payoff plan

One of the primary goals of adopting a budget is to become debt-free, and PocketGuard can help you reach that goal. It does this by helping you establish a concise debt payoff plan. That means incorporating the payoff within your overall budget strategy. PocketGuard will give you the option of various debt paydown plans, including the avalanche and snowball methods. The app algorithm will calculate the most efficient debt payoff strategy.

Savings goals

PocketGuard uses a question-and-answer format to help you establish savings goals. You can run scenarios where you ask if saving a certain amount of money each month will enable you to reach a savings goal and how long it will take. You’ll then receive the necessary tools to help you reach your goal.

PocketGuard uses the SMART method to help you define and achieve your goals.

In My Pocket

Once you’ve entered your recurring expenses and income items and set your savings goal, this feature uses an algorithm to calculate based on all three inputs. It will then let you know what you have left over each day for spending. In other words, it first commits funds to your necessary expenses and savings and then gives you free access to what’s left over.

In My Pocket uses the following formula to calculate your free cash:

• Income – Bills – Savings Goal – Ongoing Spending = In My Pocket

Calculators

PocketGuard provides a budget calculator and a debt payoff calculator to help you establish your budget and set up a debt payoff plan. With a few steps, you can enter information, such as your estimated income, monthly bills, debt payments, and other financial information, to see the numbers in your budget.

The debt calculator enables you to run various “what if” scenarios to determine how quickly you can pay off a debt by making additional payments or using other strategies.

Lower your bills

PocketGuard partners with BillShark to help you save hundreds of dollars yearly on bill payments. The company claims an 80% success rate, with an average yearly savings exceeding $650. BillShark does this by negotiating with your vendors to lower your bills. This strategy is often recommended on financial blogs, but many people don’t have the experience to do it successfully. BillShark can do it without your participation.

Signing Up for PocketGuard

You can sign up for PocketGuard on the website, The App Store, or Google Play. You’ll first be asked for your email address and then to create a personalized password.

Once you’ve opened your account, you’ll connect your bank accounts, credit cards, and other loan and investment accounts. As is typical with third-party financial management platforms and apps, you must provide your login credentials for each account you add to the app.

PocketGuard Pricing

PocketGuard can be downloaded for free. Although it may once have had a free version, the website does not refer to this, and it is not disclosed on Google Play or The App Store, where it can be downloaded.

PocketGuard Plus is the paid version, available at a monthly subscription rate of $12.99 or an annual subscription of $74.99, the monthly equivalent of $6.25.

Customer Support

Customer contact is available directly through the app or at support@pocketguard.com. Unfortunately, phone support is not an option.

Security

PocketGuard uses a 256-bit secure sockets layer to ensure all information and data transferred remains encrypted. Your login credentials are not stored on PocketGuards servers; they can never change your accounts.

PocketGuard Pros & Cons

Pros

• The ‘In My Pocket’ feature focuses on what you have available for free spending. Knowing that you have some free cash makes sticking to a budget easier.
• The Spending Limits tool will help you to stay within budget, alerting you when you’re close to going over.
• PocketGuard Plus allows you to track cash transactions. This is unique in the budgeting universe, where most competing apps track only what runs through financial institutions.
• Provides an anti-fraud feature to notify you of suspicious activity in your financial accounts.

Cons

• No phone support.
• PocketGuard uses your financial information to generate offers for financial services and products. That means ads and email solicitations.
• Does not support multiple currencies, as many competitors now do. Available only for users in the U.S. and Canada.

PocketGuard Alternatives

Empower

If you want to get serious about managing your money, we recommend Empower. This tool isn’t focused as much on budgeting as it is on building your wealth. With Empower, you can track your money, investments, and net worth all in one place. Be sure to review our list of top money management apps to find the one that best fits your needs.

Empower provides a free financial dashboard where you can enter and track all your financial accounts in one place. It also offers its Retirement Planner and Investment Checkup tools to help you better control your financial future. On a more immediate level, Empower Personal Cash is currently paying 4.70% APY on savings up to $5 million, with no fees. They also offer multiple investment programs, including investment accounts, managed portfolios, and a wealth management service.

Read our Empower Review

YNAB

YNAB is one of the top budgeting apps in the industry. It’s available for a monthly fee of $14.99 or a single annual payment of $99, equivalent to just $8.33 monthly. YNAB uses a simple four-rule budgeting approach that ultimately leads to paying this month’s bills with last month’s money.

That will remove you from the paycheck-to-paycheck cycle and put you on the road to better control and even financial independence.

Read our YNAB Review

Buxfer

One of the major drawbacks of PocketGuard is that it doesn’t support currencies and accounts outside the U.S. and Canada. Buxfer is an excellent alternative if your financial situation does involve international financial activity. The app can accommodate more than 100 currencies in over 150 countries. It also provides forecasting, investment tracking, and retirement planning.

Buxfer has three different plans, each with its features and benefits.

• Plus is the basic plan, available at $4.99 per month or $3.99 per month for the annual plan.
• Pro is the mid-level plan, available at $5.99 per month or $4.99 monthly for the annual plan.
• The top offering is the Prime plan, available at $11.99 per month or $9.99 per month for the annual plan.

Some people prefer to manage their finances the same way they manage their schedules–with a calendar. If this sounds appealing, check out our list of the Best Calendar-based Personal Finance Apps.

Frequently Asked Questions (FAQ)

Should You Sign Up for the PocketGuard App?

PocketGuard is a solid budgeting app. If you’ve been short each month and unable to save money, PocketGuard can help you reverse that trend. Remember, before you can hope to attain financial independence, you must first master financial control. PocketGuard is a step in that direction.

PocketGuard Plus is inexpensive as premium budgeting services go, at just $74.99 per year. It adds valuable services, particularly tracking cash income and expenses. Though most people work through financial institutions, debit, and credit cards, some still prefer cash. If you’re one of them and want a budgeting app to help you manage it, PocketGuard Plus is virtually alone in the budgeting software space.

PocketGuard

Kevin Mercandante

Features

Mobile App

Pricing and Fees

Account Integration

Security and Customer Service

Summary

PocketGuard offers a variety of tools to help you get your finances in order. Create budgets, use calculators, and monitor your spending in real time.

4.5

Open an Account with PocketGuard

The post PocketGuard App Review 2024 – Know What’s in Your Pocket at All Times appeared first on Doughroller.

Not only does it offer basic budgeting and goal setting, but it also provides investment tracking and projections. That will help you to develop a plan to reach short-term, medium-term, and long-term savings goals, helping you to build the financial future that’s been eluding you up to this point.

What is Monarch Money?

Monarch Money is a budgeting app launched in 2018 and based in Walnut, California. It is a financial aggregator where you can include all your financial accounts on the dashboard. From there, you will have a high-altitude view of the big picture in your finances. It also allows you to set goals and provides a framework for reaching them.

Monarch Money does delve into investments, unlike many budgeting apps that stop establishing savings goals. It allows you to link your investment accounts to the platform. The accounts will then be analyzed, enabling you better to balance your asset allocations and project future account valuations. In that way, Monarch Money goes beyond budgeting and into overall financial management.

Monarch Money is a fee-based budgeting app that allows users to add unlimited household members to their accounts. This feature is important to get the entire family on board with your financial plans.

Monarch Money has the following third-party and user ratings:

• Better Business Bureau: Not rated
• Trustpilot: 3.3 out of 5 stars (“Average”) based on two reviews
• The App Store: 4.8 out of 5 stars based on 10,200 reviews
• Google Play: 4.7 out of 5 stars based on 1,680 reviews

Monarch Money Features & Benefits

When you sign up with Monarch Money, you’ll enjoy the following features and benefits:

Budgeting

The app provides fully customizable monthly and annual budgets. The app can track, categorize, and forecast future spending by syncing all your bank accounts on the platform. You can use this capability to develop a budget and track your progress as you advance.

Recurring

With this feature, all your recurring bills and subscriptions will appear in a single calendar. That will give you a heads-up on approaching bill deadlines to be better prepared and avoid late fees. Monarch Money uses a calendar method to provide a visual representation. You’ll also be notified three days in advance of upcoming charges.

Reports

Track your spending to identify trends and make improvements. You can also identify where you’re spending the most and track your savings rate.

Dashboard

Monarch Money offers a customizable dashboard where you can link all your financial accounts. You can also create customized widgets to drag and drop into the dashboard. You can even turn off the widgets’ function if it is unnecessary.

Goals

Monarch Money allows you to set and track goals for your money. For example, you can allocate your savings toward multiple goals, like an emergency fund, retirement, paying off your mortgage, or covering an upcoming major expense. You can even assign specific accounts to each goal. There is no limit on the number of goals you can create with the app.

Transactions

Monarch Money allows you to search through your transactions easily. You can save receipt images or attachments, add notes, or reclassify a transaction into a different category. You can filter your transactions by specific criteria, like merchants, dates, and accounts. The app can split transactions into multiple categories if needed.

Investments

You can track all your investments in one place, chart and view them, and adjust your asset allocation.

Net Worth

You can track your net worth by syncing your financial accounts to Monarch Money. There’s even a provision to track the value of your home through Zillow Zestimates to give a full picture of your financial situation.

Calculators

Monarch Money offers four different calculators for mortgages, debt paydown, retirement, and overall financial health.

The Financial Health calculator may be the most interesting. By answering eight questions, the app will determine your overall financial situation. Your situation can be classified as vulnerable, coping, or healthy. When you complete the questions, you’ll receive a profile analyzing your situation and assigning a score between zero and 100. It offers a way to quantify your household’s financial condition.

Collaboration

Once you have a plan, you can invite unlimited “collaborators” within your household at no extra cost. Each family member will have access to all features on the platform.

Mobile App

Monarch Money is available for iOS devices on The App Store, including iPhone, iPad, and iPod touch (all requiring iOS 14.0 or later), and Android devices on Google Play.

Security

Monarch Money offers multi-factor authentication to minimize the likelihood of unintended third parties gaining access to your account. Monarch starts by collecting only the minimum amount of financial data necessary to make a feature work. They employ industry-leading security practices to protect your data and the transfer of information. Monarch does not sell your data to other companies to make money.

Monarch does not store your username and password and has only read-only access. That means they cannot access or remove the money in your accounts. Connection with financial accounts is done through Plaid and Finicity, similar to bank practices. Those providers maintain access control, publish a SOC 2 Type 2 report, and implement API traffic control. They also employ one of the strongest bug bounty programs in the industry.

Customer Service

You can contact Monarch Money by email, and your question will be answered in the order it is received. Unfortunately, the app does not offer live phone support.

Monarch Money Pricing

Monarch Money can be downloaded for free. It offers Monarch Premium, a single plan with a monthly fee of $14.99, or $99.99 if paid annually ($8.33 per month equivalent). The plan has a seven-day free trial.

Monarch Money offers Referral Rewards. They’ll pay $14.99 when you refer someone who signs up for the service.

Sign-on bonus: None indicated at this time.

How to Sign Up with Monarch Money

You can download the app from the website for your home computer or on either Google Play or The App Store for your mobile device. When you click to sign up, you’ll enter your email address and then create a password.

You can then connect your financial accounts to the app by connecting them with the app or entering them manually. For extra security, you can activate multi-factor authentication.

Monarch Money provides a multistep guided program for setting up. For example, you will be directed to add accounts, customize categories, create goals, and plan how to reach those goals.

Pros & Cons

Pros:

• Create budgets and set multiple spending goals.
• Tracks investments and offers retirement projections.
• Provides continuous network tracking.
• Can be shared with an unlimited number of users within your household.
• Pays $14.99 for each referral who signs up for the app.
• There are no ads on the app.

Cons:

• Monarch Money does not offer a free version, as some competing budgeting apps do.
• No phone service for customer service.

Monarch Money Alternatives

YNAB (You Need A Budget)

If your primary financial concern is budget development, YNAB is one of the best apps you can sign up for. Using four simple rules helps you implement and follow a budget. The rules are:

1. Each dollar in your budget is assigned an expense category.
2. You will anticipate significant, occasional expenses.
3. You’ll build flexibility into your budget.
4. You’ll age your money.

#4 allows you to pay this month’s bills using money accumulated from the previous month, ending the paycheck-to-paycheck cycle that traps many consumers.

YNAB is available with a monthly fee of $14.99 or an annual payment of $99 (the equivalent of $8.33 per month).

Read our YNAB Review

Empower

If you are looking for an app that includes all your financial accounts in one place, Empower lets you do that for free on its financial dashboard. You can list bank accounts, investment accounts, credit cards, loans, and other accounts there. It provides a high-altitude look at your entire financial picture and offers valuable financial tools, like Investment Checkups and the Retirement Planner. It’s all free of charge.

If you’re looking for investment help, Empower also has you covered. That starts with the Empower Personal Cash account, currently paying 4.70% APY on balances up to $5 million with no fees. From there, Empower also offers premium investment accounts, managed portfolios, and wealth management services. This flexible platform gives you access to just about any level of service you need.

Read our Empower Review

Wally GPT

If you’re looking for a truly cutting-edge budgeting app that doesn’t stop at budgeting, Wally GPT is worth investigating. It’s an AI-powered personal finance app designed to help you improve nearly every area of your financial life. As an AI-driven app, Wally streamlines Internet searches. Using a question-and-answer format, you can ask Wally about loans, credit cards, budgeting, investing, etc. Wally will pull the most relevant information from the Internet, saving you many hours of research.

Wally doesn’t provide direct personal finance or investment advice, but it gets you to the places that can help you make your own decisions. It lets you get summaries of websites, web pages, and YouTube videos. Wally can also be used with Gmail and popular social media, enabling you to auto-respond to messages and even help you design emails and social media posts.

Frequently Asked Questions (FAQ)

Should You Sign Up for Monarch Money?

Budgeting is not a discipline that comes easily to many people, even though it’s necessary if you want to improve your financial life. An app like Monarch Money can be just the service you need to finally get serious about creating a budget. It provides the framework, the goals, and the tools to help you reach them.

Yes, you will pay a fee for this service. However, paying approximately $100 annually to improve your finances and save thousands each year is potentially worth it.

Monarch Money

Kevin Mercandante

Features

Mobile App

Pricing and Fees

Account Integration

Security and Customer Service

Summary

Monarch Money is an inexpensive app that allows you to create a budget to track your expenses, set limits, and monitor your investments.

4.5

Create a Budget with Monarch Money

The post Monarch Money Review 2024 – An App That Makes Budgeting Easy appeared first on Doughroller.

But what if you don’t have the money to deposit into a savings account to create the credit builder? That’s where Self (formerly Self Lender) comes into the picture. They’re a different kind of credit builder program. Instead of making a security deposit, they set up a loan program in which the payments go into a certificate of deposit.

Not only do you build or bump your credit rating, but you’ll also have a fully funded certificate of deposit at the end of the program. Our Self review will detail how to sign up for a credit building loan, the costs, and the real expectations for your credit score.

What is Self?

Self helps customers build their credit. The company was founded in 2014 and is based in Austin, Texas. Self has set up and serviced credit builder accounts for almost a decade and boasts of having more than 4.6 million consumers signed up (as of August 2023).

It works very differently from other credit builder-type programs because it doesn’t require you to put up any security deposit. In a real way, it works by setting up a loan that you effectively pay to yourself. After making the payments, the original loan amount is returned to you.

The company is offering its program to consumers in all 50 states. The service is available for individuals looking to build their credit, not those looking to build business credit.

How Self Works

Unlike typical credit builder loans, where you must make a security deposit–usually into a savings account–Self sets you up to fund a certificate of deposit (CD). The CD has a term of 24 months. You can choose the amount of money for the CD from among four different amounts.

The CD is held in your name at one of the four banks below and cannot be withdrawn until the loan is paid in full.

1. Lead Bank
2. Sunrise Banks, N.A.
3. SouthState Bank, N.A.
4. First Century Bank, N.A.

You will make monthly payments, gradually building toward the final CD balance. At the end of the loan/CD term, the CD is available for withdrawal (minus interest and fees). In the meantime, all three major credit bureaus receive reports on your payment history.

You will make monthly payments ranging from $25 to $150. The CD will be yours once the loan is paid, minus interest and fees. And hopefully, if you’ve made all of your payments on time, you may see an increase in your credit.

Self Dashboard

Users manage the entire process from the Self dashboard. You can make monthly payments, track your credit history, and even monitor your “Savings Progress”. This is the approximate value of your account if you were to close it out on any given day.

The Savings Progress formula works as follows:

• CD Principal (no interest),
• minus the remaining loan principal,
• minus loan interest accrued to date,
• minus outstanding fees (if applicable),
• minus a CD early withdrawal fee, if terminated early

Of course, this formula is purely theoretical, since you cannot withdraw the funds from the CD early so it simply tracks where you are in the journey.

CD Withdrawal

Once the CD matures, you can pay the funds out minus interest and fees. You typically receive them within 10 to 14 business days after your request.

One major negative with the program is that you cannot temporarily suspend your account. Since it is a credit-builder account, if you cannot make a payment, it will be reported late to the credit bureaus. Late payments are reported if they are more than 30 days past due.

However, the Self credit builder program enables you to accomplish two important goals:

• Build (or elevate) your credit rating with all three credit bureaus
• Build savings in the CD

Self Features and Benefits

Income Requirement

Self does not have an income requirement to open an account.

Credit Eligibility

You will not be denied a credit-builder account if you have either poor or no credit. Eligibility for a Self credit builder account is determined through the ChexSystems database of past retail banking history. Self’s bank partners use ChexSystems to determine your eligibility. This system functions as a credit report monitoring your history of banking relationships.

Credit Score

In general, Self reports that establishing a FICO score will take at least six months of on-time payments. They also caution that a credit score may drop slightly upon taking the credit builder loan if you already have a credit score since it will represent a new and unproven obligation.

Self reports customers with a good-standing credit-builder account have experienced an average credit score increase of 49 points within the first 12 months. They also report subprime customers experience a credit score increase of 20 to 25 points over the life of the loan.

Your credit score will be available on the Self dashboard.

Making Monthly Payments

You link your bank account to your Self account, and you can either make one-time payments each month or set up automatic payments.

Account Beneficiary

When you open a credit-builder account with Self, you can designate a beneficiary for any funds paid.

Early Repayment

You are free to pay back your credit builder account at any time. There are no extra fees or penalties for doing so. Once you do, you will receive the proceeds of the CD, plus accrued interest. However, the bank holding the CD will charge an early withdrawal penalty.

Self recommends against early repayment since the primary purpose of the credit builder program is to build or upgrade your credit score. That should happen when the full payment term is complete.

Self Blog and Referral Program

The site offers a blog that deals with credit and personal finance topics, like budgeting, credit cards, debt, financial health, student loans, auto loans, mortgages, and more.

If you refer a friend, you’ll earn $10 when they complete their first successful credit builder account payment.

Why Self Works Better than a Secured Card, Cosigned Loan, or Prepaid Card

Some people who have either bad credit or no credit rely on other types of cards to build credit. One is a secured credit card. This type of arrangement will do the same thing Self will do, reporting monthly payments to all three credit bureaus. In the meantime, you could use the secured card the same way you would a regular credit card.

The disadvantage of a secured card is that you have to fund a savings account as security. If you don’t have the cash, you won’t be able to get the card. And you won’t have access to those funds until either your credit line is paid, or the bank releases the security lien on the account.

The one advantage a secured card has over a Self account is that the card can be used as a credit card. But you’ll also pay interest on that card, and it can be higher than the APR charged on the various Self plans.

Another way to build credit is by getting a loan with a co-signer. This will result in a lower interest rate and better terms. But if you don’t have a cosigner with good credit willing to cosign for you, this obviously won’t work. In addition, if you make any late payments or default on the loan, it will affect your cosigner’s credit, and he or she will then be responsible for paying the remaining balance of the loan. That could ruin an otherwise good friendship or even a family relationship.

Finally, some people with no credit or bad credit try to get by with prepaid cards. While these can function like credit cards, they don’t help to build your credit history. Also, much like secured cards, you can’t spend any more than the amount you add to the card.

Self Loan Terms and Pricing

When signing up for Self, you’ll have four different loan amounts to choose from. The term is always 24 months (Self previously had a 12-month term, but that has been removed), and the monthly payment ranges from $25 to $150.

You can see from the image above, the total cost to you will go up the higher up the ladder you go. While not guaranteed, you can expect to see a stronger increase in your credit score the larger the loan you take.

• Activation fee: $9
• Late payments: You have a 15-day grace period on monthly payments. After the grace period, the late fee equals 5% of the scheduled monthly payment.

How to Open a Self-Account

The application process takes less than five minutes.

To open an account with Self, you’ll need the following:

• A bank account, debit card, or prepaid card
• Email address
• Phone number
• Social Security number
• Be a valid permanent U.S. resident with a U.S. physical address
• Be at least 18 years of age

Self recommends beginning the process with a linked bank account for monthly electronic payments. If you use a debit card, there will be a convenience fee of $0.30, plus 2.99% of the payment amount, so avoid that at all costs.

Self Pros and Cons

Pros

• Paying on time may increase to your credit
• Allows you a sneaky way to start saving money (by tucking it away into a CD)
• Ability to choose between four different loan amounts

Cons

• Cannot withdraw your money until the loan is paid in full
• You do not get to keep the interest earned on the CD

Self Alternatives

I believe the two products compete very well with the idea of the Self credit-building loan.

The first is the Capital One Platinum Secured Credit Card. This card has no annual fee and an interest rate of . Your credit limit will depend on your security deposit, but you’ll be considered for an unsecured line of credit after six straight months of on-time payments.

If you always pay down your balance and use your secured card responsibly, you’ll likely end up paying less (possibly no fees) than you would using Self. However, there’s a terrible temptation to spend more when using a credit card, so you have to be careful.

The Extra Card is another alternative that works like a secured credit card but is a debit card. Users sign up and connect their bank account and then are given “spending power” based on the amount of money they have available. When you buy something, Extra pays for it and then withdraws the money from your account the next business day.

At the end of the month, the Extra Card will add up all of your purchases and then report those transactions to the three major credit bureaus as credit transactions. Because it’s a debit card, there is no interest rate but an annual fee. And users can also choose to earn rewards for all purchases.

• Credit Building annual fee – $149
• Credit Building + Rewards annual fee – $199

The Extra Debit Card is issued by Evolve Bank & Trust or Patriot Bank N.A. (Member FDIC), pursuant to a license by Mastercard International. Loans provided by Lead Bank. Extra is responsible for credit reporting and reports on time and late payments, which may impact a credit bureau’s determination of your credit score. Rewards points only available with rewards plan.

Should You Sign Up with Self if You Want to Build Credit?

Self is an excellent credit builder plan for someone who doesn’t have enough cash to acquire a secured credit card.

And even though there is an activation fee and an APR, you’ll have ownership of the fully funded CD at the end of the 24-month loan/CD term. Meanwhile, all three major credit bureaus–Experian, TransUnion, and Equifax–receive your payment reports, building or improving your credit score.

In a real way, Self helps you build your credit rating and savings. And since those are two financial situations that often accompany each other, Self will enable you to control both simultaneously.

The major drawback with Self is that once you start the program, you don’t have an option to withdraw–unless you can pay off the loan fully. Otherwise, you’ll need to continue making monthly payments until the plan is complete in 24 months.

Self Credit Builder Loan

Kevin Mercandante

Features

Credit Requirement

Customer Support

Fees

Mobile App

Summary

With Self, you can choose which term and amount you want to use to create your loan and it’s low-fee platform will allow you to build your credit without breaking the bank.

4.6

Increase Your Credit Score with Self

Self Disclosure: Sample loans: $25/mo, 24 mos, $9 admin fee, 15.92% APR; $35/mo, 24 mos, $9 admin fee, 15.97% APR; $48/mo, 24 mos, $9 admin fee, 15.72% APR; $150/mo, 24 mos, $9 admin fee, 15.88% APR. See self.inc/pricing

Lead Bank. Member FDIC, Equal Housing Lender Sunrise Banks, N.A. Member FDIC, Equal Housing Lender SouthState Bank, N.A. Member FDIC, Equal Housing Lender First Century Bank, N.A., Member FDIC, Equal Housing Lender The Self Visa® Credit Card is issued by Lead Bank, Member FDIC, Equal Housing Lender or SouthState Bank, N.A., Member FDIC, Equal Housing Lender.

The post Self Review 2024 – A Low-Cost Way of Building Credit appeared first on Doughroller.

Below are some of the best bank accounts for seniors. These offer perks for seniors or have special accounts designed for those 65 and older. We’ve also included some options for bank accounts that are a great choice, no matter your age.

The Best Bank Accounts for Seniors

Some of the best bank accounts for seniors have restrictions such as age, along with discounts and perks only for older customers. Because banks want the business of senior citizens, they offer special accounts, competitive rates, and perks targeted at older adults. Here are some of the best bank accounts for senior citizens:

1. Axos Bank Golden Checking

For those 55 and older, Axos Bank offers a Golden Checking account with solid perks. There are no minimum monthly balance requirements, no overdraft fees, and no non-sufficient fund fees. The minimum balance required to open a Golden Checking account is $250.

Other perks include free personal checks and up to $8 domestic out-of-network ATM fee reimbursements every month. This is helpful since Axos Bank is an online-only bank. Additional banking features include peer-to-peer payments, bill pay, debit card management, and increased security features such as two-step authentication and 128-bit SSL encryption.

• Minimum initial deposit: $250
• APY: 0.10% on all account balances
• Monthly service fee: $0
• ATM Network: 91,000+
• Minimum age: 55+

2. Regions Bank 62+ LifeGreen Checking Account

As a brick-and-mortar bank, Regions Bank 62+ LifeGreen Checking Account offers in-person, online, and mobile banking. You can open an account with as little as $50, and easily avoid the monthly service fee. It offers unlimited check writing and a 30% discount on a safe deposit box.

The account comes with a Regions Visa debit card, allowing you to get Regions Cashback Rewards, where you can earn 1.5% cash rewards for purchases from participating retailers and service providers.

Regions Bank has a relatively small ATM network, with fewer than 2,000 locations, and they do charge a fee of $3 to use out-of-network ATMs. However, the bank has more than 1,450 branch locations in 16 southeastern states, including Texas, Florida, Georgia, Virginia, and the Carolinas. The ATM limitation may not be a factor if you live in one of those states.

• Minimum initial deposit: $50
• APY: N/A
• Monthly service fee: $11 with paper statements, $8 with online statements, $0 with monthly direct deposits of $300 or more (or an average monthly balance of $1,500 or more)
• ATM Network: 2,000
• Minimum age: 62+

3. FitnessBank Senior Savings Account

FitnessBank has a unique approach to banking the institution ties interest rates to a customer’s activity level. The FitnessBank Senior Savings account is available to U.S. citizens ages 65 and older. Rates vary based on the daily steps you take with the highest rate of 6.00% APY available to seniors who take 7,500+ steps every day (as of the publication of this article), and make a minimum of 15 debit card transactions, and also open a Senior Elite Checking Account.

There is a $100 minimum opening deposit with interest earned on balances over $100. The $10 maintenance fee is waived with a $100 minimum average daily balance. Perks include free external account transfers and free incoming wires. Account balances are capped at $250,000.

Since the APY for FitnessBank accounts is tied to your step count, you will need to download the free FitnessBank Step Tracker app. After you download it, you can link it to your Fitbit, Garmin, Google Pay, or Apple Health, set a daily step goal then get moving.

• Minimum initial deposit: $100
• APY: Up to 1.00% on balances up to $7,499, and up to 6.00% on balances above
• Monthly service fee: $10, waived with $100 minimum average daily balance
• ATM Network: N/A – Fitness Bank describes a Senior Savings Account as a “non-transactional account”
• Minimum age: 65+

4. TD Bank 60 Plus Checking

TD Bank offers a TD 60 Plus Checking account for customers ages 60 and older. Since the bank is located on the East Coast, you need to live in a covered state. The account is available for seniors who live in Connecticut, Washington, D.C., Delaware, Florida, Maine, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Vermont, and Virginia.

While the account comes with a $10 monthly maintenance fee, it’s waived if you maintain a $250 minimum daily balance. There is no minimum opening deposit. Perks include free bank checks, money orders, and paper statements. It’s an interest-earning account, but the rate is only 0.01% APY.

You also get access to online bill pay, peer-to-peer payment options, mobile banking, and contactless debit cards. If you’re in the market for a loan, you can get a 0.25% discount on TD Bank home equity and personal loans.

• Minimum initial deposit: $0
• APY: 0.01%
• Monthly service fee: $10, waived with a $250 minimum daily balance
• ATM Network: 5,300 and will reimburse fees from out-of-network ATMs
• Minimum age: 60+

5. U.S. Bank Smartly Checking

U.S. Bank no longer offers a dedicated senior bank account. However, U.S. Bank Easy Checking is available to most bank customers, and it offers special perks for seniors. It comes with a $6.95 monthly maintenance fee, which is waived for those ages 65 or older. The bank also waives the $2 paper statement fee for senior customers. Seniors can also get a 50% discount on personal check reorders, as well as on annual safe deposit box rental fees.

The minimum opening deposit for the account is $25. Other perks include online and mobile banking, mobile check deposit, online bill pay, and more. The bank uses 128-bit encryption to secure your data.

• Minimum initial deposit: $25
• APY: N/A
• Monthly service fee: $6.95, waived for those 65 and over
• ATM Network: 90,000+ MoneyPass and Cardtronics ATMs
• Minimum age: 18

6. Consumers Credit Union Rewards Checking

Consumers Credit Union does not offer a dedicated account for seniors. But seniors looking to earn interest that outpaces inflation should check out the Rewards Checking account. The high-yield checking account offers interest between 3.00% and 5.00% APY, with the specific rate determined by the number of activities performed in the account.

For example, to earn 3.00% you must agree to accept e-documents, make at least 12 debit card purchases each month, and accept deposits of at least $500 per month. That rate will be paid on balances up to $10,000. The 5.00% rate will require all the same activities, as well as spending a minimum of $1,000 in Visa credit card purchases each month.

In this way, rewards are provided in the form of higher interest rates. The account offers online and mobile banking, mobile check deposit, online bill pay, free eStatements, unlimited check writing, and access to more than 30,000 fee-free ATMs nationwide.

• Minimum initial deposit: $0
• APY: 3.00%, 4.00%, and 5.00%, depending on activity level within your account
• Monthly service fee: $0
• ATM Network: 30,000+, and unlimited reimbursement for all ATM fees
• Minimum age: Not age specific

Why Choose a Bank Account for Senior Citizens

Bank accounts marketed to senior citizens can offer perks such as free checking, free checks, and free paper statements. This can make them convenient for older adults who may have different banking preferences. They can also be less hassle than accounts that require keeping track of daily balances to avoid fees.

However, just because an account is marketed to senior citizens doesn’t mean it’s the best option for your situation. For example, monthly fees can vary between accounts along with minimum balance requirements. If you think you will easily meet the requirements to avoid fees at another bank and you like the account perks, that may be the best option. Some people prefer to stay with the bank they have been using since they are familiar with the website and branches.

Sometimes, a savings account may make more sense than a checking account. Even interest-earning checking accounts often come with limits or earning caps and other requirements. Evaluate your situation before deciding on a bank account option that fits your needs.

What Senior Citizens Should Consider When Selecting a Bank Account

Seniors have different banking needs than younger adults. Below are some considerations that apply to older adults and can tip the scale toward a certain bank account option:

• Do you prefer a bank with a physical location near your home or are you okay with an online-only option?
• Do you write many checks? If so, free checks can be a good perk.
• Is it important to you to earn interest on the money in your checking account?
• Do you use ATMs regularly and need access to fee-free locations near your home?
• Do you travel frequently and need a national bank with fee-free ATM locations all over the U.S.?
• Do you value perks like online and mobile banking, mobile check deposits, peer-to-peer payments, and bill pay?
• Are the bank’s online and mobile banking easy to use?

How We Chose the Best Bank Accounts for Seniors

To determine the six best bank accounts for senior citizens, we used the following criteria:

• Minimum initial deposit required.
• APY offered, if any.
• Monthly service fee and the ability to have waived.
• Other fees are charged by the institution.
• ATM Network, which considered the size of the ATM network, the number of bank branches, and reimbursement of out-of-network ATM transactions.
• Number of branch locations, if any.
• Rewards are offered, typically on debit card transactions.
• Unique services are offered by the account.
• Other account types are available through the bank.

Not all banks listed include all the factors listed above but were included because of their strength in one or more specific areas.

Frequently Asked Questions (FAQ)

Final Thought on the Best Bank Accounts for Seniors

Many banks offer accounts and perks tailored to the needs of senior citizens. If you’re in the market for a new bank account, consider some options above and pick one that best fits your needs.

Keep in mind that just because you’re a senior, you don’t have to go with senior-only options. Mainstream bank accounts are available to adults ages 65 and older and may be the better choice for you. If your current bank or credit union fits your needs, you can keep your money there as long as it suits you.

The post The 6 Best Bank Accounts for Seniors in 2024 appeared first on Doughroller.

If you’re looking for a financial app that will help you to better manage your money, Rocket Money rates a close look. Not only do they offer expense tracking and budgeting, but also bill negotiation, subscription canceling, and credit score monitoring. They also offer one of the most interesting credit card rewards programs in the industry. It’s worth looking at Rocket Money just for the credit card.

What is Rocket Money?

It would be easy to categorize Rocket Money as a financial aggregator, budgeting software, bill negotiating service, or even savings plan. However, the problem with any of these labels is that they all apply to Rocket Money. Simply put, Rocket Money is one of the most unique financial apps available, just based on the sheer number of services it provides.

In addition to the services provided by Rocket Money itself, consumers will also have access to Rocket Mortgage for home financing, and personal loans through Rocket Loans. The tie-in with those additional services alone makes Rocket Money stand out from the competition.

Rocket Money claims to have saved its customers over $1 billion in bill negotiations and canceled subscriptions. Rocket Money also offers an automatic savings option and a credit card that will help you purchase a home or pay off your mortgage. More than 5 million people are Rocket Money members.

Rocket Money has a Better Business Bureau rating of B on a scale of A+ to F. It also has 4.3 out of five stars by more than 60,000 iOS users on The App Store, and 4.3 out of five stars by more than 51,000 Android users on Google Play.

Rocket Money Features & Benefits

Rocket Money offers the following features and benefits, though exactly which will be available to you will depend on the plan type you choose, Free or Premium.

Manage Subscriptions

Rocket Money identifies subscriptions in your budget so you can choose to cancel them if they are no longer necessary. A concierge can help you cancel subscriptions. This feature also provides a recurring view of when bills are due, so you can pay them on time and avoid late fees. The concierge service is available with the Premium version only.

Budgeting

You can set up a budget that automatically monitors your spending and allows you to create trackers to help you reach your savings goals. Rocket Money will let you know how much you have available each month. It will also provide alerts to let you know when you are close to reaching a savings goal. Available with the Premium version only.

Bill Negotiation

Upload your bills and they will be scanned to find potential savings. From there, Rocket Money negotiators will help you to get better rates. That includes better rates on cell phones, cable services, and auto insurance policies. This is available with Free and Premium plans, at a cost of 30% to 60% of the amount saved on each bill.

Spending Insights

Rocket Money will analyze your finances so you can see where your money is going, and help to improve your cash flow. The service connects to your bank accounts to identify spending categories, particularly those where you can reduce your spending. It also provides real-time alerts to help you avoid inadequate balances and the overdrafts and late fees they bring.

Smart Savings

Rocket Money analyzes your savings accounts to determine the best time to save for spending goals and to avoid overdraft fees. You can set your savings goals and even the savings frequency. From there, Rocket Money will transfer deposits into a designated account with their FDIC-insured banking partner. The current banking partner is NBKC Bank and partner of Synapse. Available with the Premium version only.

Net Worth

By some measures, this is the most important metric in your financial life because it provides the most accurate measure of your financial well-being. By linking all your financial accounts with Rocket Money you’ll receive regular updates on the value of your assets and liabilities balances. Available with the Premium version only.

Credit Scores

Rocket Money provides access to your complete credit report and enables you to track your credit score. The service also alerts you of important changes that may have an impact on your score. The credit score is the VantageScore from Experian.

Rocket Visa Signature® Card

Rocket Money offers its Rocket Visa Signature® Card to qualified applicants. The card comes with cash-back rewards of up to 5%. You will earn unlimited five Rocket Rewards Points for every dollar spent using the card.

Rewards have three redemption options:

1. 5% cash back toward the purchase of a new home, or
2. 2% cash back toward your existing mortgage balance, or
3. A statement credit of 1.25%.

To qualify for either offer, you must either be planning to purchase a home with a new Rocket Mortgage, or already have an existing Rocket Mortgage. If you already have a mortgage, the cashback can be applied toward your mortgage balance to help you pay off the loan faster.

If you are qualified to purchase a new home, the 5% cashback offer can accumulate up to $8,000 in points, which can be redeemed toward a new Rocket Mortgage transaction, offsetting the required funds to close. You may also be able to earn an additional $2,000 in points, which can be used as a lender credit for closing costs.

The credit card comes with the following terms:

• APR for purchases: 20.49% to 30.99% variable APR, based on creditworthiness (balance transfers and cash advances are not available).
• Annual fee: $95, waived for customers who have an existing, serviced mortgage with Rocket Mortgage.
• Foreign transaction fee: None.
• Late fee: Up to $25.
• Over-limit fee: None.
• Return payment fee: Up to $37.

The card also provides extended warranty protection for one year, Porch Piracy Protection for up to $10,000 on eligible stolen items, and cell phone protection for theft and damage up to $750 when you pay your wireless bill each month using the card.

Anyone can apply for a credit card, but the rewards points will be enhanced if used in conjunction with a pending or existing Rocket Mortgage.

Other Rocket Money Features

Availability: Can be downloaded free of charge at The App Store for iOS devices (14.0 and higher), and at Google Play for Android devices.

Account security: Rocket Money uses Plaid to provide secure financial transfers with more than 15,000 financial institutions. It also uses the most up-to-date industry protocols for storing data, including bank-level 256-bit encryption. Servers are hosted securely using Amazon Web Services (AWS). Funds held in a Smart Savings Account are covered by FDIC insurance for up to $250,000 per depositor.

Customer service: Available by email and live chat, Monday through Friday, 9:00 AM to 8:00 PM, Eastern time.

Rocket Money Pricing

Rocket Money offers two versions, Free and Premium. The features provided by each plan are as follows:

As a standalone service, Rocket Money charges a fee equal to 30% to 60% of bill negotiation savings (on both the Free and Premium versions), or $4 to $12 per month for the Premium plan. Rocket Money sets a wide range of fee structures to allow customers to choose a level that is comfortable for them.

Rocket Money Pros & Cons

Pros

• Offers a free version.
• The Rocket Visa Signature^® Card can be used to accumulate up to $10,000 toward the purchase of a new home, or toward paying off your existing Rocket Mortgage.
• Flexible fee structure range to make the cost a comfortable fit for customers.

Cons

• Does not offer investment assistance.
• No phone support is offered.

Rocket Money Alternatives

If Rocket Money isn’t the right finance app for you, one of the following may prove to be a better choice. However, because of the many financial services Rocket Money provides, there is no direct competitor.

YNAB is one of the very best budgeting apps available. That’s the main thing YNAB does. YNAB claims its average user saves $600 in the first two months, and $6,000 in their first year. It uses a simple four-part money management system that virtually changes your relationship with money.

It does this by instructing you on how to be more intentional about how you manage your finances, to be prepared for the unexpected, to incorporate flexibility, and – ultimately – to get yourself into a position where you can use last month’s pay for this month’s expenses. YNAB is offered at $14.99 per month, or $99 if paid annually. Either payment plan comes with a 34-day free trial.

Read our YNAB Review

Empower acts as a financial aggregator where you can link all your financial accounts on the platform, to track and budget from the free Empower Personal Dashboard. It comes with valuable tools, like the Retirement Planner and Investment Checkups to help you better prepare for the future.

You can also open an Empower Personal Cash account currently paying APY on FDIC-insured balances up to $5 million, with no fees and unlimited transfers. Empower also offers investment accounts, managed portfolios, IRAs, and wealth management, each with its fee structure.

Read our Empower Review

Simplifi is an excellent choice if your primary interest is in getting control of your spending, with the ultimate goal of enabling you to save more money. It does this by helping you to set up savings goals which you can monitor the progress of continuously. It even provides real-time alerts and reports to keep you updated on your progress. Offered by Quicken, it’s available for $2.99 per month.

Frequently Asked Questions (FAQ)

Is the Rocket Money app legit?

Absolutely! It’s part of the Rocket Mortgage organization, which is the largest retail mortgage lender in America. The company also gets high ratings from both the Better Business Bureau and its mobile app users. Funds held on deposit with Rocket Money are FDIC-insured through partner banks.

How much does Rocket Money cost?

There is no simple answer to this question. They do offer the Free version, but if you use it to negotiate bills, they will charge between 30% and 60% of the amount saved on each bill. The Premium version uses a sliding scale of between $4 and $12 per month. What’s nice about this arrangement is that Rocket Money allows you to choose the fee you will pay.

Does Rocket Money cancel subscriptions?

Subscription management is part of the Rocket Money program, whether you choose the Free or Premium plan. The company claims to have canceled nearly 2.5 million subscriptions on behalf of its members. The favorable ratings the app receives from its mobile users seem to confirm that claim.

Should You Sign Up for Rocket Money?

Because of the many financial benefits Rocket Money provides, this app is a good choice for many consumers. The app can enable you to get better control of your finances through a combination of budgeting and expense management in the form of bill negotiation and subscription cancellations.

The credit card offer is unique since it enables you to accumulate rewards toward either the purchase of a new house or the paydown of an existing Rocket Mortgage.

If you are looking for investment guidance to go along with your financial management, you may be better suited to an alternative, like Empower. If you’re ready to take complete control of your budget, YNAB will be the better choice. For just about everyone else, Rocket Money should fit the bill.

Rocket Money

Kevin Mercandante

Features

Mobile App

Pricing and Fees

Account Integration

Security and Customer Service

Summary

Rocket Money is a terrific budgeting app that offers a free and premium plan and the ability to reduce the cost of your subscriptions with the click of a button.

4.6

Create A Budget with Rocket Money

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