The Changed app does things a bit differently. Instead of earmarking your round-ups to save or invest, this micro-saving app uses round-ups from everyday purchases to help you pay off debt. 

Learn more about this round-up tool, how it can help you pay off debt, and whether it’s right for you and your financial situation. 

What is the Changed App?

So how do round-up apps like Changed work? Putting it simply, they round up your purchase to the nearest dollar, then use the remaining “change” to achieve a financial goal, like investing, saving money, or, like Changed, paying off debt. 

Let’s say you spend $7.38 on two large coffees. If you’re using a round-up app like Changed, the extra $0.62 will be earmarked towards specific accounts or goals. The idea is that since you’re already spending that money anyway, chances are, you won’t miss the extra change. It’s like the modern-day equivalent of your dad’s change jar. 

And a micro-saving app? It’s exactly what it sounds like. These apps help you save money without even thinking about it by applying round-ups to your everyday purchases. The only issue? These savings can often be small and take time to add up. 

Setting Up an Account 

Setting up a Changed account is fairly easy. First, you’ll download the app, available either for Android or iPhone. Then you’ll input your name, birthday, phone number, and address, to open your Changed savings account. With this information, Changed opens an FDIC-insured account where your savings will go until it’s transferred to your loan provider. But more on that below. 

Next, you’ll link the loans you want to start paying off with your Changed account, then choose which one you start chipping away at first. You’ll also link your bank accounts and choose which one you’d like to use for round-ups. Bonus—you can choose multiple accounts for round-ups. 

Changed doesn’t store your account numbers. It just has you log into your bank account through the app, similar to Mint or other popular budgeting apps.

The Changed app charges a $4/month fee. 

How Does Changed Work?

Once your account is set up, Changed gets to work. It rounds up every transaction from the first day your bank account is linked. So if you buy a cup of coffee for $1.27, they’ll count $0.73 as a round-up. And then later that day you purchase some groceries for $35.57, Changed will count another $0.43 towards your roundups.

It’s important to note that the Changed app doesn’t immediately apply your round-ups to your debt—there are a few more steps you’ll need to follow first. 

Once your round-ups reach $5, Changed will automatically transfer it to your Changed savings account, which is FDIC-insured. Then, once that account reaches either $50 or $100, it will apply those funds to the debt you selected to pay off when you set up your account. With Changed, round-ups are limited to $10/day, so you don’t overdraft your account. 

Changed also lets you split your payoffs between your debt and savings accounts, which is another nice feature. Want to hit your debt even harder? You can also send Boosts to your account, making paying off your debt that much faster. 

Don’t forget about Stash My Cash, another feature from Changed, an automated savings account that lets you save for a big purchase or a rainy day. This gives people the ability to store extra cash so they can be in a better financial position when they’re ready to make their next financial goal or when unforeseen expenses arise.

The Changed app itself is well-designed and easy to use. Its charts and data show you just what an impact your spare change is making on your debt, interest paid, and the amount of time you’ll spend paying off that debt. 

Customer Service

If you’re having issues or need help with your Changed account, you can email support@changedapps.com. If you prefer to speak via phone, you can schedule a call via email.

Unfortunately, there is no published phone number and no live chat available. This means that you’re unlikely to get an immediate answer to your question.

Pros and Cons of the Changed App

Pros

• Low monthly cost: Changed only costs $4/month if you opt for the annual plan. 
• Well-designed dashboard: Changed dashboard and its charts, statistics, and overall design help make saving easy. They’re also great for tracking your debt payoff progress.
• Compatible with different loans: Use Changed to make a dent in your student loan balance or to pay off a credit card. Changed is compatible with many different types of loans. You can even do manual transfers. 
• Customizable: You can set up Changed to best serve you and your financial situation, from the option to send Boost payments to opting for a $50 or $100 payout threshold. 
• Savings Boost: This feature allows you to add an extra boost to your savings. It can be used up to 1x a day.

Cons

• High payment threshold: Before payouts are made, your account must hit $50 or $100, depending on the option you choose when you set up your account. This means it can often take months before even a single payment is applied toward your debt. 
• Only debit card-friendly: If you primarily use cash for everyday purchases, then Changed might not be for you. Changed also isn’t compatible with credit cards. 
• No round-up flexibility: Some apps let you put additional rules into place when it comes to round-ups. Changed doesn’t currently allow rule-setting, so you’re stuck with the simple rounding up of your transactions, though you can use Savings Boost to put more toward your savings. 
• Limited customer service: You only have an email option for customer service, though you can schedule a call via email.
• Can take a long time to pay off debt: Since Changed only uses round-ups, and you have to meet a certain threshold before your money is applied to your loans, it can take longer to pay off your debt. If you need to pay off debt aggressively, then Changed may not be the right move for you. 

Alternatives to the Changed App

Acorns

Acorns is another app that gets you saving automatically but this one is more focused on investing than paying down debt. For a limited time, you can earn a $20 bonus for signing up and setting up a simple $5 automatic investment.

With Acorns, you will receive a debit card that offers withdrawals at more than 55,000 ATMs nationwide. When you use your debit card for purchases, it rounds up to the nearest dollar, and the extra is reinvested into your portfolio.

Read our Acorns Review

Stash

Stash is another investing-focused round-up app that will offer new users a $5 sign-up bonus after they deposit at least $5. You can invest in fraction shares, which means for just a few dollars, you own part of Google, Microsoft, Nvidia, or almost every other stock.

Stash has two paid plans. One is $3 a month and offers basic features and investing options and the other is $9 a month which offers cash back on debit card spending and greater investment opportunities.

Read our Stash Review

Who Is The Changed App Best For?

Changed is a great app if you want to pay down debt or start saving without really thinking about it. It’s also best for those who use a debit card for everyday purchases since the app utilizes your debit account to both analyze your spending habits and for round-ups. While it won’t help you make big payments toward your debt, you can utilize both a round-up and a daily Savings Boost to help dent it. 

Changed can help you make incremental progress on your debt, which can help get the ball rolling for payoff. It can also save you money in interest, even shaving years off the loan’s duration. But if you’re a frequent credit card spender or if you need to pay off debt more aggressively, Changed may not be best for you. 

Also read: Best Round-Up, Automated Savings and Micro Savings Apps

Frequently Asked Questions (FAQ)

The Bottom Line

Like many round-up apps, Changed is a great tool for those who want to focus on paying off debt without thinking about it. It can help you pay down the loan more quickly and pay less interest over time, another plus.

But Changed isn’t a fool-proof debt payoff plan, since it only allows you to contribute incremental amounts to your payments. So if you’re focusing on paying off debt, you may want to use another strategy—or use Changed in tandem with other debt payoff tools.

Changed

Rachel Morgan Cautero

Payment Speed

Interest Rate

Mobile App + Features

Fees

Customer Service

Summary

With Changed, you can save money every day and pay down debt automatically. Every purchase you make is rounded up and the extra cents will slowly wash away your debt.

3.7

The post The Changed App Review – Paying Off Debt with Spare Change appeared first on Doughroller.

Regardless of your reasons, checking your credit often can have a powerful impact on your long-term financial health. Studies show that checking your credit score often actually helps you improve it.

You may be wary of free options, wondering if their scores are accurate, or what lenders will see when you apply for a line of credit. But the truth is, that lenders can choose from more than twenty different FICO scoring models plus models from other credit scoring companies. And since you never know which exact score a lender will check, it’s next to impossible to know the exact score a lender will see for you.

So in many cases, the best credit score sites will get the job done. Read on for our picks for the top five reporting sites.

The Best Credit Score Sites

1. Credit Karma

Credit Karma bases your score on the VantageScore 3.0, which is becoming more popular with some lenders. But even if your lenders don’t prefer this score, it gives you a good idea of what your credit looks like based on both your TransUnion and Equifax scores.

Have you ever wondered how a particular move might affect your credit? One of the best parts of Credit Karma is its easy-to-use credit score simulator. This lets you see how different potential moves, like paying down debt, missing a payment, opening a new account, or closing an old card might affect your credit score. It’s a helpful way to plan out your credit moves when you’re hyper-focused on improving your credit or even to find some extra motivation for paying down debt.

Another advantage of Credit Karma is that it updates your scores daily. It’s nice to know that if something is off with your credit, you can know sooner rather than later. And you can even get alerts when your credit score increases or decreases.

As with most of the other free credit score sites, Credit Karma makes its money by giving you recommendations on different types of loans and financial products. If you’re on the hunt for a consolidation loan or credit card, it can help you find lenders that might be a match based on your credit profile. And if you go with those lenders through the Credit Karma site, they’ll get a commission from the lender.

Read our Credit Karma Review

2. WalletHub

A relative newcomer to the free credit score arena, WalletHub has a slick interface, detailed credit and savings monitoring, and updates your credit score daily. This can be helpful if you’re paying off debt or other moves that could impact your score rather quickly. But keep in mind that your credit information isn’t going to the bureaus daily, so you may not see changes immediately.

To sign up, you’ll need to input some personal information, like income, expenses, and other debts. WalletHub uses TransUnion and the TransUnion VantageScore to calculate your score. The dashboard contains information like your credit accounts, balances, your credit utilization, and any negative marks your credit might have.

The advertising on WalletHub is less obtrusive than with the other two sites, but it’s still there. Overall, this is another nice place to get your approximate credit score for free.

3. MyFICO

myFICO is the king of the credit score. Remember how we said you shouldn’t likely be paying lots of money every month for your credit score? Well, that’s true. But it’s also true that you sometimes might want to pay for an official score.

For instance, if you’re getting ready to apply for a home loan, you may want to know for certain what your credit score is. Again, this may not be the exact score a potential lender will see because FICO has so many models. But, 90% of top lenders use FICO scores, so it’s a good bet.

RELATED – Best Apps to Boost Your Credit Score

Get your FICO Score Version 8 and monthly monitoring and Equifax credit reports for free. Or, upgrade to the $29.95/month version and get your FICO score (all available versions), 3-bureau FICO Score 8 monitoring and reports every three months, plus FICO Score versions for mortgages, auto loans, and more. You’ll also get $1 million in identity theft insurance, 24/7 identity restoration, and identity monitoring.

Or spring for the premier version and get all the above, with monthly updates, for $39.95/month.

Read our myFICO Review

4. Credit Sesame

If you don’t need your FICO score, and the occasional check of your credit score and report will suffice, then Credit Sesame is a solid choice. Using information from TransUnion, you’ll get daily refreshes of your score, plus a free credit report summary and account monitoring.

Credit Sesame gives you a comprehensive look at your credit score. You’ll see the factors that affect your score, where you need to take immediate action, and what steps you need to take to improve your credit. Your “Sesame Grade” gives you a letter grade based on the five major factors that affect your credit (inquiries, credit mix, age of credit, payment, and usage). Plus, receive notifications when your credit changes, which allows you to catch potential errors.

While it doesn’t come with a ton of extras, with Credit Sesame, you’re able to access the information you need to keep tabs on and improve your credit score.

Read our Credit Sesame Review

5. Credit.com

If you want to build your credit and get access to a free credit score and credit report card, Credit.com may be your answer. This free credit score site uses Experian data to calculate your score, then shows how that score affects other aspects of your financial life, like the interest rates you’ll get from lenders.

Credit.com delivers an updated Experian credit score automatically every two weeks, but you can also log into the app to see your score at any time. We also like the detailed breakdown of each credit factor and how it affects your score, plus suggestions on how to improve.

And, like many free credit reporting sites, Credit.com also offers “personal recommendations,” or ads, for credit cards and personal loans.

Experian

One of the three major credit bureaus, Experian offers it’s CreditWorks product that will give you access to your FICO score and show you the factors that are responsible for it.

When you sign up, you’ll be charged just $1 for a seven day trial that will provide you access to your score, report and full access to all Experian features. After the free trial has ended, the cost of Experian CreditWorks is $21.95 per month.

A few of the features you’ll have with CreditWorks include:

• Security Freeze – Ability to freeze access to your credit report at any time
• Fraud Alerts – Immediate notifications when your report changes and when accounts could have been added fraudulently
• Disputes – When you find something on your credit report that doesn’t belong, you can immediately file a dispute.

Read our Experian Review

Don’t Forget About Your Free Credit Reports

AnnualCreditReport.com

Remember, you can always get one free credit report (not score) per year from each of the three credit reporting bureaus via AnnualCreditReport.com.

This free credit reporting site gives you one free credit report from each credit bureau once a year, a right ensured via federal law. While not a free score site per say, these reports can help you find any potential errors that need to be corrected before you apply for a major loan.

Frequently Asked Questions (FAQ)

You’ve Got Your Credit Score … Now Improve It

If you need to get a higher credit score, we recommend Experian Boost. It’s free and can see when you pay your utility and mobile phone bills. Every payment that you make that’s on time can boost your FICO Score.

Read our Experian Boost Review

The post The 6 Best Credit Score Sites of 2023 appeared first on Doughroller.

But it can be hard to know which cash back apps are worth it, which vibe most with your lifestyle, or which perks each offer. We compiled a list of the top ten cash back apps, from those that pay you real cash, to those that clip coupons for you, and even those that offer payment protection on past purchases.

The Best Cash Back Apps

1. Capital One Shopping

A rewards app powered by Capital One, Capital One Shopping is a browser extension that automatically looks for savings and coupons when you shop online. 

Add the extension to your browser and the tool looks for discounts on things you’re already shopping for. Then click on the free tool and it searches through more than 30,000 online retailers for coupons, rewards, and the best prices when you’re ready to buy. The tool also sends you price drop alerts for items you’ve saved to your Watchlist, another helpful feature. 

Who hasn’t been ready to purchase something online, only to be indefinitely sidetracked, looking for a coupon code that works? Capital One Shopping takes the guesswork out of discount codes. Once you’ve installed the tool, it automatically applies discount codes that work at checkout. 

The app is best for – Capital One Shopping is ideal for someone who wants to save a few bucks on everyday purchases by utilizing the tool’s automatic coupon code and discount features, or those who shop at the thousands of Capital One Shopping retail partners.

Think brands like AllBirds, Bloomingdale’s, Chewy, CB2, and Dick’s Sporting Goods. Worth noting, that you don’t need to be a Capital One customer to use Capital One Shopping.  

Payment & payout methods – You can add major credit cards to your Capital One Shopping account to seamlessly make purchases. Redeem your rewards for gift cards at Capital One Shopping’s partner retailers

Read our Capital One Shopping Review

2. Earny

If you hate waiting around for sales before you buy, then Earny is the cash back app for you. Not only does it help you earn up to 20% cash back when you’re shopping online, but it also will automatically claim your refund if the price of something drops after you buy it.

Here’s how it works — add the extension to your browser, or download the app (iOS and Android compatible). Then, create your account and link your email account. This is where many users may get hung up, since you may not want to link your primary email account to a third-party service. You might consider using an alternate email, or one used primarily for subscriptions, newsletters, and online shopping.

Earny also offers cash back for late Amazon packages, and partners with more than 5,000 retailers. Plus, the more you use the Earny app, the more rewards you’ll earn. Redeem those rewards for cash back, or Visa or Amazon gift cards. 

To claim your Earny earnings, you’ll need at least $15 in cash back earned. Then you can cash out via PayPal and receive your funds 5-10 business days later. 

The app is best for – Earny is best for those who shop online frequently, but aren’t great at sale shopping, since it offers users built-in price protection. It’s also great for those who frequently shop on Amazon since you can earn cash back on late packages. 

Payment & payout methods – Earny links your credit card to both process your annual payment and monitor your purchases for price drops. Link your PayPal account to redeem your cash back balance.

Read our Earny Review

3. MyPoints

With MyPoints, you’ll earn points for grocery and online shopping, or for completing surveys, or playing online games.  This rewards app helps you find sales and coupons at retailers like Macy’s, Home Depot, and Old Navy, plus earn cash back on your purchases. Scan your grocery receipts to receive cash back, or earn points for signing up for services like Hulu, Disney+, or Hello Fresh. 

Or, you can use the app to complete retailer surveys or play free online games, trivia, puzzles, or bingo. This is what the app is known for, earning cash for completing surveys, with more than 20 million active users. 

The redemption process is fairly seamless. In most cases, once you get 700 points you can redeem your points for a gift card.

The app is best for – MyPoints is best for someone who wants to earn rewards when they have a few minutes to do simple tasks.

Payout methods – Payout comes in the form of gift cards from partners.

Read our MyPoints Review

4. Swagbucks

Swagbucks is another app that allows users to earn points and rewards for completing simple actions; things like surveys, games, and recruiting new users. Signing up is simple: fill out information about yourself, and then you’ll be invited to new surveys or other actions. Once you’ve completed them, you’ll earn points, which you can redeem for gift cards from more than 200 retailers. 

You can also use this tool to earn cash back when you shop at retailers like Gap, Amazon, Walmart, and more. Get Swagbucks via a browser extension, or download the app for Android or iOS.

The app is best for – Swagbucks is ideal for those who want to earn a small amount of money each month for completing simple tasks. It also works well as a cashback tool via retailers like Macy’s, Amazon, Gap, Walmart, and more.

Payout methods – Payouts from Swagbucks come in various forms: via PayPal, Amazon gift cards, prepaid Visa gift cards, cryptocurrency, sweepstakes entries for gifts and cash prizes, or, if you’re old-school, with a paper check in the mail.

Read our Swagbucks Review

5. Fetch

Available via Android or iOS, Fetch is another popular cash back app. Simply snap a photo of your receipt, then shop for personalized offers or redeem points for gift cards from popular retailers.

Fetch is fairly user-friendly. The camera tool and e-receipt tools are on the home page. You can also link with your email account to automatically import purchases. There’s also a referral program, so you can earn points when you invite friends.

You have up to 14 days to submit receipts from all your favorite retailers. Another perk? Fetch automatically applies your rewards to any qualifying items it finds on your receipts.

The app is best for – Fetch works well for those who want a fairly easy way to earn points and rewards for purchases they’ve already made or simply for everyday purchases.

Payout methods – Begin redeeming rewards when you have 3,000 points. Rewards are limited to gift cards, and there’s a 72-hour waiting period from redemption to receiving your reward.

Read our Fetch Review

6. Rakuten

Formerly Ebates, Rakuten is one of the most popular cash back apps, and with good reason. With more than 15 million users and cash back options at more than 3,500 stores, users earn up to 20% cash back, or an average of $63.50 per user.

Getting started is simple. Sign up within 30 seconds, then start shopping either via rakuten.com, the app, or via the extension. Once you’re ready to cash out, get paid via check or PayPal.

Partner retailers include Walmart, QVC, Sephora, Bloomingdale’s, PetSmart, Nike, Sam’s Club, and more. Rakuten also works with in-store purchases, and new users earn a $10 welcome bonus once they spend $25 within 90 days of membership.

The brand’s referral program is also fairly hefty—earn $30 per referral.

The app is best for – Rakuten is easy to use and ideal for those who want real cash back, not rewards, on purchases from thousands of retailers. It’s also easy to monitor your earnings and when to expect your next payout via the app. 

Payout methods – Rakuten doesn’t require you to convert points to rewards or cashback. Instead, you get actual cash back, either via PayPal or check.

Read our Rakuten Review

7. Coupons.com

Coupons.com is a coupon and cash back app that saves you money via printable coupons or cash back. Download the app or use the website to find deals on groceries or other everyday purchases.

You can either browse Coupons.com directly for coupons for specific items, or upload your receipts after shopping to save. You can also sort directly for cash back options via the website. It’s an online version of manually clipping coupons.

A major plus? You can also link a store loyalty account to your Coupons.com account, essentially doubling your rewards.

The app is best for – Coupons.com is for those who use coupons (or want to use them more effectively) for purchases. It’s also great for those who want the ability to earn cash back with no minimum balance required for redemption.

Payout methods – Link your PayPal with your Coupons.com account to get paid.

8. Ibotta

Ibotta is a free cash back app that is easy to use, and easy to cash out. What more could you ask for in a cash back app? First, download the app or browser, then select the offers you’d like to activate. Then link your bank account and start earning 30% cash back with thousands of retailers.

Want to cash out? Withdraw funds whenever you’re logged in. The main difference with Ibotta is that you have to find reward offers before you go shopping and activate those rewards for the app to work, so there’s an added step.

The app is best for – Ibotta is best for those who want to earn cash back on purchases, but don’t mind searching for offers and activating before shopping.

Payout methods – You must link your bank account with Ibotta to redeem your cash back.

9. Dosh

This cash back app is growing rapidly and with good reason. That’s because it’s a simple, set-it-and-forget-it means of earning cash back on your purchases. Here’s how it works: download Dosh, then connect your bank card(s). Shop with your card in-store at partner retailers, then watch as cash back is automatically deposited into your account.

Once you earn $15 cash back, redeem it via direct deposit, PayPal, or Venmo. You can also donate to your favorite charity. Dosh helps you earn cash back at brands like Lyft, Costco, Disney+, Tile, Shake Shack, American Eagle, and more. You can also use Dosh when you book hotels, plus earn rewards for referrals.

Dosh is free unless your account is inactive for 12 months or more, then it deducts a $4.99 service fee from your account.

The app is best for – Dosh is best for those who want to automatically earn cash back when they shop, dine, or book hotels. It’s an easy way to take advantage of cash back rewards, without the legwork. It’s not ideal for those who pay in cash, however.

Payout methods – Link your debit card, Venmo, or PayPal accounts with Dosh to earn cash back.

10. Honey

Honey is a PayPal extension, so your rewards are limited to the payment app. But that’s not to say you should dismiss it. Download the free app and immediately start earning PayPal Rewards points. Activate your cash back offers, then redeem for cash, via PayPal, or PayPal shopping credits.

Honey boasts an impressive 4,500 participating retailers, though cash back is available only on eligible items. Use Honey either via the app or the browser extension. It also automatically applies coupon codes to your purchases and sends you price drop notifications on your Droplist, or a list of items you’re keeping an eye on.

And you don’t have to be a PayPal member to use it, though it certainly streamlines the process.

The app is best for – Honey is ideal for those who want to find the best price on an item, but don’t necessarily want to spend the time looking for discount codes or watching for sales.

Payout methods – Link your PayPal account to redeem rewards there, or you can choose the gift card option.

Why You Should Use Cashback and Reward Apps

You’re leaving money on the table if you aren’t using cashback and reward apps. Many of these apps are free to use, and they can help you get rewards or even cash for purchases you’d make anyway.

Many of the apps on our list require little to no effort. You’re online shopping for something, may as well a little cash back while doing so.

How We Chose the Best Cash Back Apps

We reviewed more than two dozen cashback apps for their ease of use, programs, and other factors. We tried to take into consideration different styles and needs so that almost anyone can find an app on this list that fits their situation.

The best cash back apps are the ones that are as close to free as possible (most on our list are free) and that offer a variety of payout methods. You’ll find apps that reward you with checks, PayPal, gift cards and other options.

Finally, we looked at ratings to make sure the app is widely used and safe to use. It’s not fun to spend time to save a little bit of money here and there only to not be able to cash out when the time comes.

Frequently Asked Questions (FAQ)

Final Thoughts

Cash back apps are an easy way to earn money on purchases you’re going to make anyway. Many of these apps require you to do next to nothing to earn cash back, a major plus for those who don’t have time to hunt for discount codes or shop sales. 

But cash back apps aren’t an excuse to blow your budget in the name of earning rewards or saving money. Your best bet is to avoid impulse shopping and only use your cashback app on purchases you’ve already planned to make.

Choosing a cash back app or browser extension depends on your shopping habits, whether you want your rewards in the form of gift cards or cold hard cash if you’re loyal to a specific brand, or if there’s an app that works well with your rewards credit card. In the end, it’s about utilizing the tool that makes sense for you so that you can get more bang for your buck.

The post The 10 Best Cash Back Apps of 2023 appeared first on Doughroller.

Read on to learn more about Chase Total Checking℠ — what it offers, some of its pros and cons, plus how it stacks up against the competition.

What Is Chase Total Checking℠?

Chase Total Checking℠ is billed as an account that’s easy to use—and it delivers. With this checking account, you’ll have access to more than 15,000 ATMs and 4,700 brick-and-mortar branches, plus benefits like top-notch customer service, easy access to your funds, plus overdraft protection. 

This everyday checking account makes depositing funds a breeze, whether via the Chase app, in-branch deposits, or via the bank’s deposit-friendly ATMs. You’ll also enjoy a pretty hefty opening bonus, another plus. 

Chase Total Checking℠ Features

Chase QuickDeposit – It’s easy to deposit a check using the Chase mobile app. Simply snap a photo of the front and back of your check, input the amount, and deposit your funds in a matter of seconds directly to your Chase Total Checking℠ account.

Online bill pay – With your Chase account, you can set up automatic payments for bills through their website. Either receive reminders with eBills when a bill is due or set up automatic payments with Chase Online℠.

Chase QuickPay with Zelle – Using QuickPay, you can send and receive money via Zelle, a payment app integrated right into your Chase app. Zelle is free to use and works even if the payee doesn’t bank with Chase. 

Paperless statements – If you’re the type that likes to keep detailed records of all things finances, you might shy away from paperless statements. But with Chase, you have access to up to 7 years of online statements, so you’ll never have to worry about finding that missing transaction at tax time again. Plus, it cuts way back on your mail. Win-win. 

Account alerts – Chase lets you set up fairly detailed account alerts so you always know what’s going on with your account. This protects you against misuse and fraud. You can also lock your card directly from the app in case it’s lost or stolen.

Chase Total Checking Pricing & Fees

One of the biggest cons of the Chase Total Checking account is the steep $12/monthly service fee, though it’s worth noting that new customers enjoy two months free before their account gets hit with the service fee. 

This fee can be waived if you meet one or more of the below:

• A direct deposit of at least $500/month via a payroll provider or government benefit providers
• Have a balance of $1,500 or more in your checking account at the beginning of each day.
• Have an average beginning daily balance of $5,000 or more in qualifying linked Chase accounts. 

Other fees to remember are the $3 fee per withdrawal at a non-Chase ATM in the U.S., Puerto Rico, and the U.S. Virgin Islands. Surcharge Fees from the ATM owner/network still apply. There is also a $5 fee per withdrawal at a non-Chase ATM outside of the U.S., Puerto Rico, and the U.S. Virgin Islands. Surcharge Fees from the ATM owner/network still apply.

For comparison, there are a lot of fee-free checking accounts that are online only.

Signing Up

Opening a Chase Total Checking℠ account is relatively simple and can be done online in a few minutes. You’ll need your Social Security number and driver’s license or state ID to apply. Input your information, set your account preference, and you’re ready to use your new account, approval pending. 

There’s no minimum opening deposit and no balance requirements, though you would be responsible for the $12 service fee if you have a low balance. 

New customers qualify for a $300 bonus when they open a new Chase Total Checking℠ account and set up a direct deposit of $500 or more within 90 days. Easily one of the best bank account bonuses available today.

Security

Your Chase Chase Total Checking℠ account comes with Zero Liability Protection, which means you’ll be reimbursed for unauthorized charges on your account, as long as you report promptly. Chase is also FDIC-insured for up to $250,000 per depositor. Other security features include: 

Real-Time Fraud Monitoring

With Total Checking, you gain access to Chase’s Real-Time Fraud Monitoring, which provides around-the-clock monitoring for unusual credit card purchases. If you suspect fraud or lose your card? You’re able to temporarily lock your card, as well. 

Account Alerts

Staying up-to-date on all of your purchases and monitoring the usage of your debit card for withdrawals is one of the best ways to ensure that you are fully protected. With Chase’s Total Checking, you will be able to sign up for account alerts to safeguard your account.

Mobile Support

What Chase Total Checking℠ lacks in bells and whistles, it makes up for with its app. It has an easy-to-use, clean interface, and in it, you can complete a variety of banking tasks. Manage your account, remotely deposit checks, transfer money, pay friends, and more — all with just a few taps on your smartphone. 

And that’s in addition to everyday banking tasks, such as checking your balance, reviewing your transaction history, and paying bills.

Customer Service

If you’re someone who places a high priority on customer service, then you’re in the right place. All Chase customers have access to its industry-leading customer service. Get help via phone 24/7, or walk into one of the bank’s 4,700 branches for help in real time.

Chase Total Checking Pros and Cons

Pros 

• Accessibility—As a Chase account holder, you’ll have access to more than 15,000 ATMs and can visit any one of its more than 4,700 branches. You also have several options for accessing your money, as withdrawal methods include electronic transfer, check withdrawal, wire transfer, visiting a Chase branch, using a Chase ATM, and more. 
• Customer service—With its 24/7 customer service line and 4,700 branches, you can get the help you need, anytime. 
• Strong app—Chase’s mobile app is industry-leading. It’s easy to use, boasts a clean interface, and is packed with features like account management, remote deposit, funds transfer, and more
• Overdraft protection—Chase Total Checking® offers an Overdraft Assist program that won’t charge account holders an overdraft fee if their negative balance is less than $50 or if they bring the account balance to less than $50 overdrawn by the end of the next business day. This gives you a bit of a cushion when sorting out any potential overdrafts in your account. 
• Account opening bonus—Earn a hefty $300 bonus when you open a new Chase Total Checking® account, another nice perk. 

Cons

• Maintenance fee—While you can avoid the $12 maintenance fee each month, you have to keep an eye on your balances to ensure you meet the requirements. With so many financial institutions offering no-fee banking, this can be hard to swallow. 
• Overdraft fee—Even if you’re enrolled in the Overdraft Assist program, you’re not immune to overdraft fees. Chase charges a $34 overdraft fee per transaction, with a maximum of three fees per business day
• Foreign transaction fee—Chase charges a 3% foreign transaction fee, which can be a massive inconvenience (and get pricey!) for those who travel internationally. You’ll also pay a $5 ATM fee when out of the country. 
• No Interest—You won’t earn interest on your cash with the Chase Total Checking® account. So if you’re looking for that extra bump of a high APY on your checking account, skip it.

Alternatives To Chase Total Checking℠

Schwab Bank High Yield Investor Checking Account

The Schwab Bank High Yield Investor Checking Account is easily one of the best alternatives to the Total Checking account. With Schwab, you’re getting a lot of benefits that Chase fails to deliver.

It’s preferable for travelers because it comes with a debit card you can use worldwide with unlimited ATM fee rebates. Regardless of where you go and how high the ATM fees are, Schwab will cover them in full.

There are also no account minimums, so no more obsessively keeping tabs on your checking account to ensure you’re maintaining a certain threshold to avoid monthly service charges.

Schwab also has great customer service, and with your High Yield Investor Checking Account, you’ll get a linked investment account as well. 

Wells Fargo Everyday Checking Account

The Wells Fargo Everyday Checking Account is another great option for those looking for alternatives to the Chase Total Checking℠ account. 

With Wells Fargo, you have a lower monthly maintenance fee of $10. And it’s much easier to get the fee waived. You just need to use your debit card on a minimum of 10 purchases throughout each statement period. 

Wells Fargo has over 8,000 branches nationwide, which makes it one of the larger banks. So, if you’re someone who values face-to-face interaction for banking, Wells Fargo is a solid option. Though few of us use paper checks these days, they’re nice to have for certain things. With Wells Fargo, you’ll have to order and pay for checks which is a bummer.

For a limited time, new Wells Fargo Everyday Checking Account customers can earn a $300 account bonus.

Who Is Chase Total Checking℠ For?

Chase Total Checking℠ is a solid option for an everyday checking account, despite some of the downsides (like the monthly maintenance fee). 

It’s ideal for those who prefer to bank in person since Chase is a major bank with a significant footprint. Not only do you get access to more than 4,700 branches, but you can take advantage of more than 15,000 ATMs across the country. 

However, that’s not to discount those who prefer to bank online. Chase has invested a lot of resources into creating a feature-rich mobile app, making it easy to bank directly from your phone. It also comes standard with all the security features you’d expect in a checking account today. 

It’s also best for those who want options when it comes to accessing their funds. Account holders can withdraw via electronic transfer, check withdrawal, wire transfer visiting a Chase branch, using a Chase ATM, and more. 

Though it’s a good option for those who travel domestically, since you’ll have access to a significant number of Chase branches and ATMs, it’s not ideal for those who travel internationally. That’s because it charges both foreign transaction fees and a $5 ATM fee internationally, which can add up quickly. 

Bottom Line

Overall, Chase Total Checking℠ is a strong contender if you want a checking account with a major bank that offers above-standard account features and security. 

While the monthly service fee isn’t ideal, it can be avoided in multiple ways, and Chase’s large domestic footprint just might offset it. When you combine the benefits of banking with Chase’s generous sign-up bonus, it makes for one of the most attractive checking accounts to open right now.

Chase Total Checking℠

Rachel Morgan Cautero

Sign Up Bonus

Interest Rate

Mobile App + Features

Fees

Customer Service

Summary

Chase Total Checking℠ opens up with a $300 account bonus and offers an excellent mobile app with in-person service at branches across the county.

3.5

Earn a $300 Bonus with Chase Total Checking℠

The post Chase Total Checking℠ Review 2024 – $300 Account Opening Bonus appeared first on Doughroller.

Whether you’re a New Year’s resolution devotee or not, it’s the perfect time to evaluate your finances and fine-tune your approach to reaching your financial goals. Try these eight budgeting moves to start your finances off on the right foot.

1. Make Specific Budgeting Goals

Budgets are all well and good. But many people make the mistake of trying to make a budget without having clearly defined goals of what they’re budgeting for. 

Before you outline your budget, write down some specific and measurable financial goals. Do you need to pay off debt? Are you saving to buy a home? Or does your retirement need an influx of cash? 

Not sure where to begin? The S.M.A.R.T. goal template is a simple way to outline goals and measure your success. Here’s how it works:  

• Specific: Instead of setting a goal to save more money, nail down more on the specifics, like “I want to have a $5,000 emergency fund by the end of this year,” or “I’d like to max out my retirement contributions.” If your goal is more specific, you’ll be more motivated to reach it, and measuring your progress will be much easier to measure. 
• Measurable: Having a dollar amount on your savings goals not only makes them more concrete, it also makes it much easier to gauge your progress. For example, if your goal is to save $5,000, you’ll need to reach $2,500 by mid-year. Measurable goals are attainable goals. It also may be helpful to use a chart or online tracker to monitor your progress. 
• Attainable: It’s easy to dream big when setting goals for the year. But it’s important to set attainable goals. Look at your budget, retirement contributions, and savings from the past few years before setting goals for this year. While you always want to improve year-over-year, it’s not realistic to go from saving $1,000 a year to $15,000 the next. Look for incremental improvement. 
• Relevant: Before setting your goals for the year, be sure they are relevant to your long-term financial goals. For example, it wouldn’t make sense to amp up your retirement contribution if you struggle with paying off debt. Similarly, if your child is nearing college age, it makes sense to double down on contributions to a 529 Savings Plan or other savings account. 
• Timebound: What’s a goal without a timeframe in which you want to achieve said goal? Once you’ve set your goals for the year, put a timestamp on when you want to check those goals off. And while it’s easy to say you want to do so “this year,” it might be more productive to divide the year into 3, 4, or 6-month increments and set mini-goals within those time frames. 

As with anything, it’s important to be flexible when it comes to your goals. Unexpected costs will inevitably pop up, but don’t let them derail your long-term financial goals. 

2. Review Last Year’s Spending

Once you’ve established a few goals for a new year, it’s time to review your spending from last year. There are a few ways to do this:

Download bank transactions manually. Extend the view of your transactions to the entire year and download them as .csv files. If you generally stick with one account, it’s fairly seamless, If you use multiple debit and credit cards, combine all your transaction .csv files into one shared Excel or Google sheet. Then group your transactions by broad categories, like food, transportation, bills, and discretionary spending. This will give you an overview of your real spending versus your budget over a year. 

Use budgeting software. If you’re using an online budgeting program like Mint or You Need a Budget (YNAB), this becomes much easier. YNAB, for example, generates spending reports by category for a specified period, showing you totals and averages for each category. 

When reviewing your spending, look for a few key things — unnecessary expenses, such as unused subscriptions, a meal service you didn’t use consistently, or overspending on discretionary items, such as daily coffees or gas station snacks. 

Second, look at your highest-spend categories. Are you overspending in this area or is this truly the cost? If so, is there a way to save by buying in bulk, using a rewards program, or shopping sales? While your review of spending shouldn’t always focus on where to cut costs, most of us have areas in our budget that could use a little trimming. 

Read our YNAB Review

3. Don’t Forget About Your Sinking Fund

While it can be tempting to pay for periodic expenses like insurance, vacations, holiday gifts, and car repairs out of your checking or savings account, especially if your budget allows, try a sinking fund for these expenses instead.

A sinking fund is money you set aside to pay for preplanned, periodic expenses like vacations, property taxes, or Christmas gifts. It helps keep your budget on track and keeps you from “sinking” when these costs inevitably come around. 

To determine the amount you should save for your sinking fund, create a list of those pre-planned expenses from last year’s spending and add them up. You can either create a sinking fund for each category or have one giant sinking fund from which you pull when these expenses are due.

To calculate how many and how much you need to be saving in your sinking funds each month you’ll follow three simple steps:

• Calculate the annual cost of your periodic expenses: Use last year’s numbers as a starting point, but feel free to cut down or add to specific categories based on last year’s spending or expected changes.  
• Divide the total by 12 or account for bills that you need to pay sooner and divide by however many months you have to save.
• Add the total to your monthly budget. Yep, it’s that simple. 

And don’t be afraid to alter your sinking fund, especially when it comes to discretionary expenses, such as your annual family vacation or Christmas spending. 

Take some time to think about these expenses. Are you happy with what you spent last year? Do you want to cut back on that spending, or do you anticipate needing to spend more this year? Either way, take this into account when you’re re-doing your budgeting for annual and periodic expenses.

Keep in mind that a sinking fund is different from an emergency fund. Sinking funds are meant to pay for expected expenses that don’t necessarily fit into your budget, things like summer camp, home insurance, or property tax bills. Emergency funds, on the other hand, are to pay for unexpected expenses that you don’t see coming, like unexpected car or home repairs or an emergency room visit. 

Try a high-yield savings account to house your sinking fund, separate from where you do your day-to-day banking. You’ll make a bit more in interest on this cash, plus you won’t mistake it for spendable cash later in the year.

4. Reevaluate Your 401(k)

A company-sponsored 401(k) is a natural and financially advantageous place to start retirement savings. That’s because contributions are withdrawn pre-tax from your paycheck, meaning they’re deposited into your account before taxes are taken out. And the average company-sponsored 401(k) match is 5%, so be sure you’re contributing the maximum amount to take advantage. After all, it’s free money.

The start of a new year is the perfect time to assess whether you’re on track with saving for retirement. Look at what you have saved for retirement and the investment performance of your 401(k). If it’s underperforming and you’re on the younger side, you may need to adjust your investments to be a bit more aggressive. 

Most investment firms also offer retirement calculators to show if you’re on track with your retirement goals based on your current contribution, so it’s easy to see if and how much you need to up your contributions to reach your retirement goals. If your year-end review at work resulted in a raise, even a small increase, consider making an increase in your 401k contributions. Even a small amount can make a huge difference over time.

Keep in mind that the 401(k) contribution limit for employees in 2023 is $22,500, while those age 50 or older can contribute $30,000. In 2024, that limit will increase to $23,000.

5. Plan Your IRA Contributions

While separate from your 401(k), an individual retirement account (IRA) is still a valuable retirement savings tool — especially for the self-employed or those who may not have access to an employer-sponsored 401(k). It also can serve as an additional means of saving for retirement once you’ve maxed out your 401(k) contributions for the year. 

For 2023, IRA contribution limits are $6,500, and $7,500 for those 50 and older. Next year, that will increase to $7,000 and $8,000, respectively. 

Want to max out your IRA contribution this year?  Divide your planned IRA contribution by 12, then set up an automatic monthly contribution from your checking account to your IRA account each month. 

Some make a lump sum IRA contribution, but if you’re not able to make one big deposit, simply start your monthly contributions in January. By the end of the year, your IRA will be fully funded with no lump sum required.

6. Plan Your HSA Contributions

If you have a high deductible health insurance plan (HDHP), then you probably have an HSA. (If not, get one. Trust us.)

A Health Savings Account (HSA) is a tax-advantaged savings account for qualified medical expenses. It’s often used as an additional retirement savings vehicle since the account rolls over from year to year and it stays with you from job to job. Contributions to your HSA are pre-tax and after a minimum threshold, usually $1,000, are invested like your 401(k) or HSA. 

At a minimum, you should save the amount of your plan’s deductible and preferably the amount you predict you’ll use for medical expenses in the new year. Refer to last year’s HSA spending to determine your expected medical expenses. But don’t be afraid to contribute more than that, since you can use an overage next year or even for retirement.

Lively is one of the best HSAs out there and they’re free for individuals. Savings are FDIC insured and when it comes time to invest your savings, you can do so with a Schwab Health Savings Brokerage Account or an HSA Guided Portfolio.

7. Re-evaluate Your Debt Payoff Plan

If you’re part of the 77% of Americans who have some sort of debt, reevaluating your payoff plan should be on your list this year. Paying off debt has many benefits, from increasing your credit score, earning you better interest rates, and lowering your credit utilization. 

If you already have a debt payoff plan, now is a great time to reevaluate it. Ask yourself questions like:

• Could I make progress more quickly by changing the order in which I’m paying off debts? Paying off the highest-interest debt will save you money in the long run, while paying off the smallest debt will help you gain momentum. 
• How can I increase the amount of money I put towards debt every month? Use your new budget to free up cash to apply to your debt. 
• Could I save on interest by refinancing my debt to a lower rate? Take advantage of any refinancing opportunities or balance transfers that can save you money on interest.

Once you’ve finalized your debt payoff plan, set up automatic payments to keep you on track with payments. It also may be helpful to track your goals with a chart or spreadsheet that shows your progress in real-time. 

8. Compare Your Net Worth From Last Year

If you want one indicator of an effective budget, it’s this — did your net worth increase? Put simply, net worth is your assets minus your liabilities. So, what you own, like your car, investment portfolio, home equity, and liquid cash, minus what you owe, such as your mortgage, student loans, and any credit card balance. 

Your net worth reflects the sum of all of your financial decisions. If you need help figuring out your net worth, Empower has a free that tool lets you plug all your financial accounts in and instantly calculates your net worth.

Comparing your net worth from one year to the next is the best way to know if you’re moving in the right direction. It can prove you’re on the right track or be a sobering reminder to get back on budget.

Related: How and Why to Track Your Net Worth

Is taking a good hard look at your finances the sexiest end-of-year resolution? Not by a long shot. But by making important financial moves now, you can worry less about your money next year—and you’ll ensure you’re on the right track every new year to come.

Frequently Asked Questions (FAQ)

The post 8 Budgeting Moves to Make Before 2024 appeared first on Doughroller.

Enter Upstart. Founded by ex-Google employees, Upstart offers fast personal loans to those with low credit scores or a limited credit history. Read on to learn about Upstart, what it offers, and if it’s the right choice for you.

What is Upstart?

Upstart is an online lending platform that helps borrowers with thin credit, no credit, or bad credit get an unsecured loan. But Upstart doesn’t provide the funds themselves. Rather, using artificial intelligence, Upstart connects borrowers with banks and other financial institutions that fund the loans.

In addition to the use of AI, what’s interesting about Upstart’s qualification process is that it uses nontraditional data to determine a borrower’s loan status. These include your residence, college education, and job history, while traditional lenders focus on the hard numbers, like credit score and income, instead.

Upstart is ideal for borrowers who are relatively new to credit, or those those with average credit.

Upstart Loan Options

Upstart offers unsecured loans between $1,000 and $50,000, available in 3 or 5-year terms. One of their most-touted features is that it’s fast funding, meaning that the loan funds can be in your account in as little as one business day.

Personal loans from Upstart can be used for several purposes, including:

• Credit card payoff 
• Starting a business 
• Medical bills 
• Larger purchases 
• Moving 
• Travel 
• Weddings 
• Home improvements

Upstart’s APR ranges from 5.4% – 35.99%, though Upstart borrowers average at about a 25% APR. You’ll also pay up to 12% of your loan amount in origination fees, or the flat amount you agree to pay in exchange for receiving the loan.

Upstart Personal Loan Features

Here are some of Upstart’s best features:

• Fast funding: For personal loans, Upstart can provide funding as soon as one business day.
• Fixed-rate loans: You’ll pay a set APR between 5.2% and 35.99%. While the APR on the low end is competitive, the maximum is high by industry standards. 
• Nontraditional approval process: your loan approval isn’t just based on your credit score; Upstart takes into account non-traditional aspects of your financial life, like work history, education, and residence. 
• Automated loan process: The loan process with Upstart is largely automated, with 88% of loans being fully automated.
• Easy application: Upstart’s application process is quick and easy, with the ability to check your rate with a soft credit pull within five minutes.
• No prepayment penalty: You can pay off your Upstart loan faster without having to worry about prepayment penalties.
• Simple dashboard: Upstart’s dashboard is easy to use, making it simple to track your progress and stay on top of your loan.

Fees

Like many lenders, you won’t get out without getting stuck with a few fees. Upstart doesn’t charge a prepayment penalty, but you may pay an origination fee of up to 12% of your loan amount. (Remember, origination fees are the flat amount you agree to pay in exchange for receiving the loan.) So before you agree to the terms of an Upstart loan, make sure you check to see if you’ll be charged an origination fee.

Late fees are another thing to consider. Upstart charges late fees of 5% of the late payment amount or $15, whichever is greater.

Finally, interest rates on Upstart loans range from a competitive 5.2% to a staggering 35.99% APR. Keep in mind that your interest rate takes a variety of factors related to your financial history in mind, like credit score, income, and employment.

Signing Up

Filling out an application for Upstart is fairly quick and easy. You provide information about the amount you want to borrow, the purpose of the loan, your personal identifying information, education level, income, and what you have in savings.

You also need to share how you prefer to make payments and whether you’ve applied for a loan in the last three months.

To qualify for a loan with Upstart, you need to meet the following eligibility requirements:

• U.S. citizen or permanent resident
• At least 18 (in most states)
• Have a valid email address and Social Security number
• Have a U.S. bank account
• No bankruptcies
• Have a job or be starting one within 6 months
• Less than six hard inquiries on your credit report in the last six months, with some exceptions.

Security

Like most other lenders, Upstart uses bank-level encryption on its website and claims to use best practices when keeping your personal information private. 

You can access a secure website to monitor your loan account progress and see where you stand. Keep in mind that Upstart does not have a mobile app. More on that below.

Mobile Support

Oddly enough for the fintech industry today, Upstart doesn’t offer a mobile app where you can view your loan, make payments, or see their payment history. 

However, the website is accessible from your mobile device, and it’s fairly easy to use, though if you prefer to bank solely from your phone, it might make more sense to choose a loan servicer that offers a robust mobile app.

Customer Service

Upstart’s customer service support is fairly standard. Get help with your loan or application process seven days a week, from 9 a.m. to 8 p.m. EST. You can also reach out via email.

• Phone: (855) 438-8778
• Email: support@upstart.com

Upstart Pros & Cons

Pros

• Low minimum APR: Upstart minimum APR is competitive, starting at 5.2%.
• No minimum credit score to qualify: Unlike many lenders, Upstart does not have a minimum required credit score. (In most states)
• Quick access to funds: Once approved, get your funds from Upstart in as little as one day. 
• Nontraditional approval process: Credit score isn’t the only thing considered when you apply for an Upstart loan. Your employment history, education level, and residence also play into things. 
• Soft credit pull: Upstart initially does a soft credit pull during the application process and doesn’t do a hard pull, which will decrease your credit score slightly, until you’re ready to finalize your loan.
• Option to change payment date: With Upstart, you can change your payment date once every 12 months, as long as it’s within 15 days of the original due date. 
• No penalty for early payoff: Unlike many similar lenders, Upstart doesn’t charge a penalty for early payoff.

Cons

• Potential fees: While you may get away with not paying an origination fee, some borrows will pay an origination fee of up to 12% of their loan amount
• Late fees: Late fees are 5% of the late payment amount or $15, whichever is greater.
• Limited repayment options: The only two choices for repayment terms are three years or five years.
• High maximum APR: Pay up to a 35.99% APR, high by any standard.

Upstart Alternatives

While Upstart can be a good choice for some borrowers, its high maximum APR and potential origination fee may lead borrowers to explore other options.

SoFi

With SoFi Personal Loans, you can borrow up to $100k and the funds can be received the same business day you sign your loan. When you apply for a credit card consolidation loan and set up direct payment to your lenders, SoFi will give you an extra rate discount.

Rates start at 8.99% with all discounts and SoFi offers unemployment protection. If you lose your job, SoFi will temporarily pause your payments and help you find a new job.

Best Egg

Best Egg offers personal loans in amounts ranging from $2,000 to $35,00 and if you have a special offer or code, you can apply for a personal loan up to $50,000. Loan interest rates fall between 8.99% – 35.99% and after you complete a short screener, personal loan offers will appear within seconds.

The one-time loan origination fee is between 0.99% and 8.99% with Best Egg and loan terms have a minimum of 3 years with a maximum of 5 years.

Related: The Best Online Personal Loan Rates and Offers

Who is Upstart For?

Upstart is designed to help those with fair to average credit, and those who are relatively new to credit get personal loans. If you’re looking for an unsecured loan and haven’t been able to qualify with other lenders, Upstart might be able to help you get the funding you’re looking for.

Bottom Line

Upstart can help those who may not qualify for traditional personal loans get the cash they need. But it comes with a cost, as Upstart can charge origination fees and has an interest rate of up to 35.99% APR.

Upstart is a solid offering for borrowers who need quick funding and who are willing to pay a potentially higher interest rate if they wouldn’t otherwise qualify for some of the other personal loan offerings.

Upstart

Rachel Morgan Cautero

Interest Rates & Fees

Customer Service

Application Process

Credit Requirement

Features & Repayment

Summary

Upstart offers personal loans for every situation with a quick application process. Rates are a bit more expensive than most but funds are much more accessible than most.

4.3

Apply for a Personal Loan with Upstart

The post Upstart Review – Personal Loans for Average and Fair Credit appeared first on Doughroller.

myFICO, a division of Fair Isaac, offers consumers tools to monitor their credit, track their FICO credit score, and obtain their credit report. In this review, we’ll look at these features, evaluate their costs, and compare the various plans available. 

myFICO Plans

There are a couple of paid packages to choose from, depending on your credit tracking needs. Here is what myFICO has to offer:

myFICO 1-bureau credit report 

• Get a one-time report from the credit bureau of your choice—Experian, TransUnion, or Equifax. 
• Includes your FICO score, plus a number of score calculations, like mortgage/auto lending scores.
• Instantly access various tools to analyze your score, from the FICO Score Simulator to how lenders view you, to score analysis. 
• Get access to myFICO’s credit education resources. 
• $19.95 one-time cost 

myFICO 3-bureau credit report 

• Get a one-time report from all three credit reports—Experian, TransUnion, or Equifax. 
• Includes your FICO score, plus a number of score calculations, like mortgage/auto lending scores.
• Instantly access various tools to analyze your score, from the FICO Score Simulator to how lenders view you to score analysis. 
• Get access to myFICO’s credit education resources. 
• $59.85 one-time cost

myFICO Basic 

• Receive and access your initial report and FICO scores immediately.
• Access a number of score calculations, including mortgages, auto loans, and more.
• Monitor your credit report via Experian as well as your FICO 8 score, and receive monthly updates.
• Access to a detailed credit report, which includes accounts, collections, inquiries, and public records. This credit report also includes several myFICO-specific data, with the FICO Score Simulator and unique insights regarding your credit data.
• Watch your score’s progress with the myFICO historical tracking graph.
• Monitor changes to your FICO Score (version 8) and track your scores over time.
• Get access to $1 million theft insurance, 24/7 identity restoration, and lost wallet protection.
• $19.95/month

FICO Advanced 

• Receive and access your initial three reports and scores immediately.
• Access a number of score calculations, including mortgages, auto loans, and more.
• Monitor your credit reports at all three bureaus, and receive updated reports and scores from all three bureaus quarterly.
• Access to a detailed credit report, which includes accounts, collections, inquiries, and public records. This credit report also includes several myFICO-specific data, with the FICO Score Simulator and unique insights regarding your credit data. 
• Watch your progress across all three bureaus with the FICO Score 8 historical tracking graph
• Get access to $1 million theft insurance, 24/7 identity restoration, lost wallet protection, and identity theft monitoring.
• $29.95/month

FICO Premier

• Receive and access your initial three reports and scores immediately
• Access a number of score calculations, including mortgages, auto loans, and more.
• Monitor your credit reports at all three bureaus, and receive updated reports and scores from all three bureaus monthly.
• Access to a detailed credit report, which includes accounts, collections, inquiries, and public records. This credit report also includes several myFICO-specific data, with the FICO Score Simulator and unique insights regarding your credit data. 
• Watch your progress across all three bureaus with the FICO Score 8 historical tracking graph
• Get access to $1 million theft insurance, 24/7 identity restoration, lost wallet protection, and identity theft monitoring.
• $39.95/month

myFICO Features

All of the monthly service options also include the following features, standard:

• Lost wallet protection: This provides coverage for credit cards, passports, military ID cards,  traveler’s checks, driver’s licenses, checkbooks, insurance cards, and more. Exclusions apply. 
• $1 million identity theft insurance: Get up to $1 million in identity theft insurance, including data breaches, identity theft, and fraud. See myFICO.com for more information.
• 24/7 full-service identity restoration: If an identity thief misuses your personal information, myFICO is available 24/7 to help. Their US-based certified resolution specialists will help you restore your identity.

Related: Protecting Your Identity With LifeLock

Pros and Cons of myFICO

Pros

• Immediate access to scores and reports so you can start keeping tabs on your credit immediately.
• Access various score calculations, including interest rates for mortgage and auto loans.
• FICO score access and monitoring with the FICO Score 8 historical tracking graph.
• Access to detailed credit reports and monitoring.
• $1 million identity theft insurance, 24-7 full-service identity restoration, and lost wallet protection

Cons

• Cost
• The basic tier doesn’t use all three credit bureaus

Beyond Your FICO Score 

One of the things I really like about myFICO.com is that it doesn’t just give you your score. Rather, it gives you your score and helps you decipher it. You’ll see where you shine and where there’s room for improvement. For example, monitor your score using the myFICO historical tracking graph, or see how it measures it up when securing a mortgage or auto loan.

Another perk? myFICO also breaks down why your score is what it is, good or bad. myFICO will give you more information about each factor that is either helping or hurting your credit score. You also receive tips on how to improve those factors that may be keeping your FICO score down.

For example, my score is impacted by past inquiries and my amount of debt and opened accounts. Both of these were identified by myFICO, which gives me a clear indication of what I need to work on if I want to improve my credit score.

You can also look within the report itself (not just the score) to see which items are impacting your report. myFICO will tell you exactly how particular accounts may be impacting your credit score. All this to say, this detailed information can help you start the process of improving your score.

Planning Ahead

Another great feature of myFICO.com is that they allow you to use their FICO Score Simulator to determine how future moves will impact your credit. This information can be beneficial if you are looking to buy or refinance a home, get another credit card, or take out a car loan. You can see exactly how a big financial move will impact your score with each bureau.

Sure, you can always see your free credit report from a site like AnnualCreditReport.com. If it’s just your credit report you’re after, that’s the place to go.

But if you want to get your FICO score, see how you stack up at the three different credit bureaus, access score calculations, like mortgages and auto loans, play out up to 24 different simulations to see how they might impact your score, plus get access to full your credit report, then you’ll need a more in-depth analysis, like myFICO.

Related: How to Get Your Totally Free Credit Report

What’s particularly nice about myFICO, though, is that it presents your credit report in an easy-to-read and understandable format. The site breaks down your credit report into five separate screens that cover the following topics:

• Credit-at-a-glance
• Accounts
• Inquiries
• Collections
• Public Records

In addition to showing you any missed payments and length of credit history, it also shows your total debt, number of accounts opened, recent inquiries, and more. You then can easily move from page to page to see everything in your credit report.

When reviewing your report, it is important to carefully review the accounts section. This will show you if there are accounts opened that you don’t know about, a red flag when it comes to fraud. But don’t worry, myFICO will help you with that, too.

myFICO will also show you if any creditors have reported missed or late payments, which can impact your score in a big way. And if you think there is an error in your credit report, myFICO offers form letters you can use to dispute information in your report, making disputes that much easier.

myFICO Alternatives

Credit Karma

Credit Karma offers users a free look at their credit report and score and updates daily. When you log in, you’ll have access to view all of your open and closed credit accounts, check for errors, and report anything you believe to be a mistake.

Because Credit Karma knows a lot about you, they use that data to offer financial products that you’ll be approved for. They offer the Karma guarantee, where if they say you’ll be approved for a product, you apply and are not approved, they’ll pay $50. (Your credit score will take a hit for the application, so apply wisely).

Experian

Experian is one of the three main credit bureaus, so they know more than anyone what a good credit report and score should look like. With Experian, you’ll have access to a 7-day trial for $1, which will give you access to your Experian credit report and credit score. After the trial expires, you can choose a few different CreditWorks plan options, beginning at $21.95 per month.

Experian also has a neat product called Experian Boost, where they’ll use data like your rental payments in an effort to provide an immediate boost to your credit score. Experian Boost is free to use and has shown to be a great way to get an immediate bump in your credit that could provide a better interest rate for your next credit application.

The Bottom Line

For those looking to improve or monitor their credit and get a more comprehensive view of what’s affecting it, myFICO is a valuable tool.

That’s because it offers a variety of financial tools, from full credit reports to score calculations, credit report monitoring at the three bureaus, access to a detailed credit report, and access to easy-to-understand graphs so you can monitor your score’s progress in real time. That’s not to mention myFICO’s $1 million theft insurance, 24/7 identity restoration, lost wallet protection, and identity theft monitoring.

Does anyone really love checking their credit score? Probably not. But it’s a necessary piece of your long-term financial health and should be treated as such.

myFICO

Rachel Morgan Cautero

Features

Ease of Use & Platform Quality

Customer Service

Plan Costs

Mobile App

Summary

myFICO is the leader in credit reports and scores and offers a variety of plans to help you monitor and fix your credit report. The only drawback of myFICO is it’s a bit more expensive than most.

4.4

Check your FICO score with myFICO

The post myFICO Review 2024 – The King of Credit Scores appeared first on Doughroller.

You’ve probably heard more and more about HSAs in recent years, as HDHPs have increased in popularity. In fact, more than half of workers in the private sector are now enrolled in HDHPs.

As with other types of tax-deferred accounts, however, an HSA comes with a lot of rules that must be followed. We’ll cover the requirements, rules, and regulations, plus how to get the most out of this tax-advantaged account in this detailed guide to HSAs.

What is a Health Savings Account (HSA)?

An HSA is a savings account that allows you to save money on a pre-tax basis for qualified medical expenses. In addition to pre-tax contributions, HSAs offer tax-free growth and tax-free distributions when they’re used for qualifying expenses. 

HSA-qualifying expenses include deductibles, copays, coinsurance, and medical items, such as prescription drugs, flu shots, hearing aids, and more. In order to be eligible for an HSA, you must be enrolled in an HSA-eligible plan or an HDHP. HSAs are also triple tax-advantaged, which means contributions are tax-deductible, growth is tax-free and distributions are tax-free when used for qualified medical expenses

HSA vs FSA

While similar to FSAs, there are a few key differences to note. Both HSAs and FSAs are tax-advantaged accounts used to pay for qualifying medical expenses. But an FSA can only be established with your employer, and generally have lower contribution limits. FSA funds also do not roll over from year to year. 

An HSA is member-owned, which means you can open one even if your employer doesn’t offer it, as long as you have an eligible healthcare plan. Contribution limits for HSAs are usually higher, and unused funds roll over year-to-year, making them ideal for an additional retirement savings vehicle. More on that later. 

HSA Limits

Like other tax-preferred accounts, HSAs come with both withdrawal and contribution limits. For 2024, the contribution limit for an individual is $4,150 and $8,300 for families.

The withdrawal limits are fairly straightforward. Money in the account can be used for healthcare-related expenses, including vision and dental care expenses. T the IRS imposes a hefty 20% penalty for withdrawals not used for qualifying medical expenses. 

HSAs are only available for certain types of health plans, and there are as many contribution and withdrawal rules governing these accounts as there are with tax-advantaged retirement savings plans. Despite their complex nature, though, HSAs can be a great savings vehicle attached to your consumer-driven healthcare plan.

How to Qualify for an HSA

To qualify for an HSA, you must first be signed up for a qualifying health plan, also called an HDHP. To qualify for an HSA in 2023, your plan must have a minimum individual deductible of $1,500 and a minimum family deductible of $3,000, according to the IRS. (These limits will increase to $1,600 and $3,200 in 2024.) This means that this year, you’ll pay $1,500 out of pocket for individuals (or $3,000 for a family) before your insurance will kick in to cover additional expenses. 

There’s also a cap on out-of-pocket spending. The maximum annual deductible and other out-of-pocket expenses for an HDHP in 2023 is $7,500 for an individual and $15,000 for family coverage. 

One other qualification: You can’t be covered by other health plans except what’s allowed in the federal guidelines. Acceptable coverage includes liability coverage like workers’ compensation, coverage for a specific illness or disease, disability insurance, dental care, vision care, or long-term care insurance.

You cannot use HSA funds if you also have access to a full-fledged flexible spending account (FSA). You can, however, use an HSA in tandem with a Limited Healthcare FSA (LEX HCFSA). 

Many employers now offer sponsored HSAs, which makes signing up and administering the account particularly simple. Also, many of the plans on today’s health insurance marketplace include HSAs that are attached to your healthcare plan. But you don’t need to have a healthcare plan with an attached HSA in order to open one.  

As long as your existing healthcare plan meets the requirements, you can open an HSA independently. Many banks and credit unions now offer and administer HSAs. To sign up, you’ll just have to prove that your healthcare plan qualifies.

How to Choose a Health Savings Account

Even if you’re in an employer-sponsored healthcare plan that comes with an HSA option, you are still free to shop around for an account, just as long as your healthcare plan otherwise qualifies. Worth noting: since your HSA funds roll over year-to-year, many use their HSA as an additional investment savings vehicle. So if your employer’s plan doesn’t offer good HSA investment options, consider taking your funds elsewhere.

While shopping around for an HSA is a wise option, there are a couple of potential caveats to consider:

• Employer contributions: Your employer may or may not choose to contribute to an alternative personal HSA. If this is part of your potential benefits package, be sure you don’t lose out on this free money. You can, in fact, open up multiple HSAs. You can own as many HSAs as you like, so long as the total annual contribution to all accounts is less than or equal to that year’s IRS-mandated contribution limit. 

• Pre-tax versus post-tax: With an employer-sponsored HSA, contributions are usually taken from your paycheck pre-tax, so you’ll see immediate savings. With an independent HSA, you’ll likely make post-tax contributions, so you won’t see the savings until you file your taxes. 

Where to Open a Health Savings Account

If you plan to open an independent HSA, there are countless options. Look for HSAs that offer varied investment options, low or no fees, no cash minimum for investments, an HSA-linked debit card, and perhaps even an HSA app for the more tech-savvy.

The Lively HSA is a great place to begin looking into an HSA. Lively allows you to save or invest with your HSA and there’s no cost to open an account or any monthly fees.

When opening a Lively Health Savings Account, you’ll have two options to choose from for your investments. You can open either a Schwab Health Savings Brokerage Account ($24 annual access fee) and/or an HSA Guided Portfolio from Devenir (0.50% annual management fee).

How to contribute to an HSA

So you have an HSA. Now how can you fund it? If you’re on an employer-sponsored healthcare plan with an attached HSA, you can have contributions automatically deducted from your paycheck, pre-tax. This will save you money by reducing your taxable income. 

If your employer adds to your HSA as part of your benefits, this should be made clear in healthcare enrollment paperwork. Some employers will even front-load the account with the full year’s worth of their promised contribution. Others contribute a certain dollar amount per paycheck or per month until they hit the promised contribution. It’s not unusual for employers to use a combination of these approaches, contributing 50% of the total on January 1, and then adding the rest in on a per-paycheck basis. Know your employer’s strategy before you start contributing. 

What if you’re opening an independent HSA or using an independent healthcare plan with an attached HSA? In this case, you’ll have to add after-tax contributions to your account. You can talk with your account administrator about how to do this. Typically, it’s simple to set up recurring transfers to the account. The main difference here is that your contributions aren’t deducted pre-tax. That means you’ll claim the deduction when you file your taxes. 

HSA Contribution Limits

As with many tax-advantaged retirement accounts, HSAs have federally set limits on annual contributions. These limits typically increase year over year.  For 2023, the contribution limit for an individual is $3,850; for family coverage, the limit is $7,750. Plus, those who are 55 and older can contribute an additional $1,000 annually. 

Keep in mind that if you’re using an employer-sponsored HSA, this limit is the combined contributions from both you and your employer. In other words, if your employer’s benefits package includes a $2,000 annual contribution to your HSA, you can only contribute $1,850 if you’re on an individual plan and $5,750 if you’re on a family plan.

Speaking of individual versus family plans, there’s one interesting caveat to HSA contributions. The contribution limit applies based on the people covered by your qualifying HDHP, but the funds can be distributed to any of your dependents.

How to Use Your HSA

Since HSAs can only be used for qualifying medical expenses, you’ll want to be sure the items qualify before you dip into your HSA. What does that include?

• Medical equipment and supplies
• Home care
• Imaging (Think MRI, X-Ray, etc.)
• Payments to doctors & dentists
• Prescription drugs

While the qualifying expenses are fairly broad, it’s worth contacting your healthcare administrator if you have questions about a specific expense, since non-qualifying HSA spends can result in a 20% penalty. 

Many HSAs come with specialized debit cards that deduct funds directly from your HSA. Often, these limited-use debit cards will reject any transactions that are clearly non-medical. But you still may be required to provide receipts to the account administrator and, later, the IRS, proving that any HSA distributions were for qualifying medical expenses.

Other HSAs work on a reimbursement model. So, you’ll pay for the expense out of pocket and then send your receipts to the HSA administrator. The administrator will verify the expense and send you a reimbursement via your HSA. 

The first option is typically easier on your budget. With the reimbursement model, you’re paying into the HSA, ideally, month by month. So your taxable income is already reduced. Then, you have to pay out of pocket for the medical expenses and wait for your reimbursement to come in. You’ll still reap the tax benefits, but this model can be tough if you’re on a tight budget.

How to Invest with an HSA

Investing with your HSA isn’t a given. In fact, one study found that just 9% of HSAs were invested in 2022. That could be because many HSAs require a high minimum cash balance before you can begin investing. 

You may choose to invest your HSA in a money market fund, in stocks or index funds, or even with a short-term bond fund, depending on your risk tolerance and medical costs. If you’re a relatively healthy individual with no family or dependents, you may want to take a riskier approach to investing. If you have a family and young children, it might make more sense to keep your HSA more liquid or take a more conservative approach to investing it.

In many cases, an HSA can be a great additional savings vehicle for retirement. If you find yourself with extra money to save and generally low healthcare expenses, add your HSA to your overall savings strategy. Roll funds over from year to year, and make wise investing decisions. 

By the time you get to retirement, and likely to the point in your life where your medical care costs are rising, you could have a nice nest egg earmarked for medical expenses. Or you could use that money for other retirement-related costs since after age 65 you can use the money for anything, penalty-free (but you will still pay income tax on the money taken out).

Frequently Asked Questions (FAQ)

Final Thoughts

Health Savings Accounts aren’t for everyone, and they don’t fit with every healthcare plan. But if your healthcare plan offers an HSA, it’s a great option for saving money on taxes, or even as an additional retirement savings vehicle.

Talk with your employer to see if they have a specific HSA plan already in use. And if they don’t start shopping around to find a Health Savings Account that works best for you and your family.

The post What is a Health Savings Account (HSA) and How Does it Work? appeared first on Doughroller.