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Auto Loan Calculator

Use this auto loan calculator to calculate what your auto loan will really cost, with the exception of any additional fees that lenders may enforce. Simply enter the amount you wish to lend, as well as the length of the loan, vehicle type and interest rate. The calculator will estimate the monthly amount of your loan to help you figure out . Auto loan questions

The most common is an average weekday and you'll be able to get better deals than on the weekend. Don't forget to take advantage of holiday sales, especially late in the year.

The purchase of a new car will bring a fresh car smell and the newest features. However, it comes with a higher price tag than . Consider the pros and cons of both options when determining which one is best for you.

Making sure you leave in the best possible way depends on the preparation. Compare and shop around for at least three loan options and pay close focus on rates, terms and fees charged from each lender.

Repaying the purchase of your car is determined depending on the dealer. It gives you cash to pay for your the purchase of a vehicle. The auto loan rebates are especially a good idea to consider if they are available for a car you already have an interest in.

is the expense incurred when you borrow cash to finance your vehicle. The monthly cost is repayment of the amount you are borrowing, and the interest which builds. Auto Loan Tips

Be prepared for extra costs you will pay more than the sticker you see on the car window. It is important to include expenses such as title, taxes, fees and even future vehicle maintenance when calculating vehicle cost.

A longer-term loan may not be worth the cost. The repayment terms for loans range between 24 and . While the longer term loan will result in an lower monthly expense, the longer the lifetime of the loan is, the more you'll pay in interest. Consider that a longer term means that you could remain with the vehicle for up to seven years.

You may want to consider refinancing your existing vehicle loan Refinancing your current loan could be a good option to save money while keeping your vehicle. Consider this option if you initially signed the loan at a dealer or you've improved your credit score and can likely receive and time. The difference between buying and. leasing

Determining if you want to lease or buy a new car is based on the number of miles you plan to clock on the vehicle odometer in addition to the amount you are able to afford every month.

What leasing is

If you are a driver and have the right to use the vehicle but you do not hold full ownership. Consider it borrowing the car for a specific period of time, typically three or four years however, you do not have full rights to the car. The lease also comes with specific terms of usage. When you lease, you'll be limited to a specific number of miles and the obligation to return the vehicle in pristine condition -- or incur fees.

There are likely to be leasing options at dealerships, and it can be ideal if are adamant about a specific model. The leasing option is worth considering when you're looking to drive several higher-priced vehicles over the course of a few years rather than signing off on a single. Leasing can also provide benefits some benefits, like the chance to drive a higher-end vehicle, cash rebates, manufacture warranty and subsidized residual values.

How do you decide between buying or leasing

To decide if you should buy or lease the next car, you must consider three main factors: the number of miles you drive, the purpose of the vehicle and how much you can afford to spend. Buying is best if you would like complete ownership of the vehicle and can afford a higher monthly cost. The leasing option is ideal if you appreciate the flexibility in vehicle types and can keep to the mileage restrictions. Just as with buying a vehicle, you will have monthly payments over the term of the lease. But when it comes to purchasing, there is hope towards the light of ownership. With leasing, unless you are planning to buy out your lease it is just the vehicle for a set date and time.

Leasing comes with quite a couple of caveats that could lead to a damaged credit report or money loss. Should leasing be the best option for you think about it before signing off.

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What Is Venmo?

Advertiser disclosure You're our first priority. Every time. We believe that everyone should be able to make financial decisions without hesitation. And while our site does not feature every business or financial product that is available on the market We're pleased that the guidance we offer as well as the advice we offer as well as the tools we design are independent, objective easy to use and free. How do we earn money? Our partners pay us. This could influence the types of products we write about (and where those products appear on the website) however it does not affect our recommendations or advice that are based on hundreds of hours of study. Our partners are not able to promise us favorable review of their services or products. .

What is Venmo?

Venmo is a smartphone app that lets you send money to family and friends.

By Chanelle Bessette, Lead Writer/Spokesperson Banking, checking accounts, cash Management Accounts Chanelle Bessette is a personal finance writer at NerdWallet who writes about banking. She previously worked at Fortune, Forbes and the Reno Gazette-Journal. She also acts as an ambassador for the banking team, and her expertise has been featured on The New York Times, Vox and Apartment Therapy.

Updated Dec 2, 2022

The majority or all of the items featured on this page are from our partners, who pay us. This influences which products we feature and the location and manner in which the product is featured on a page. But, it doesn't affect our opinions. Our opinions are our own. Here's a list and .

ASSIST: -- ||

What is Venmo?

Venmo is a mobile app for peer-to-peer, or P2P payment and transfers. It is famous by its feed of timelines, where both you and your friends in the app can make payments to each other using emoji messages, but don't worry: The dollars of the transfers remain private.

>> Explore other transfer options:

How does Venmo work?

Transfers and purchases. Venmo lets you send money to and request funds from anyone who has an Venmo account. It can assist with the awkward chore of reimbursing family or friends for meals out or other shared expenses, but it's not intended for buying or selling items to people who aren't. Venmo is also a viable option to make online purchases through certain merchants, such as Amazon and on other websites with a Venmo payment button that is similar to PayPal's.

Mobile only. Venmo payment transactions can be made through its highly reviewed Android and iOS smartphone apps as well as via iMessage or using Siri voice commands. You can sign in at Venmo's website on a desktop or mobile device to view the transactions but you are not able to pay or request money.

U.S. customers only. Venmo, which is part of PayPal and has both the sender and recipient to be in the U.S.

>> Interested by other options?

How can I fund my Venmo account?

Pay using the debit card, credit card or bank account. For money transfers on Venmo you must link the app to a U.S. bank account, debit card or prepaid debit card credit card. If you've received cash and want to transfer it to Venmo it is necessary to link a bank account.

Connect a checking, not a savings account. Savings accounts traditionally have a limit of six online transfers or withdrawals per monthly (see more ) however, some banks have relaxed these limits when federal regulations were changed in 2020.

What are the fees charged by Venmo?

Venmo is a credit card company that charges instant transfer and fees. It's possible to avoid fees when using Venmo. But the service charges two costs for specific choices:

3percent per transaction for peer-to-peer transactions that are funded with credit cards. Peer-to-peer payments funded by bank account, debit card or prepaid debit cards are free. Purchases from merchants using the Venmo payment option are completely free, even if you use credit card.

1.75 percent per transaction, with a minimum of 25 cents for immediate transfers. The charge is incurred when you cash out your Venmo balance to your debit card. Transfers are usually made within minutes. There's no cost for using the normal "cash-out" transfer to an bank account, though delivery is usually between one and three business days.

How do I receive money using Venmo?

The app displays your balance. Like PayPal, Venmo stores your funds as an in-app balance, that can be used to pay for future payments (if you have enough money) or be cashed out directly to the bank account. In other cases, the funds sit there, and that's not optimal. Unless you use Venmo's Direct Deposit option, which means that your money is held by a partner bank, your Venmo app balance isn't insured federally just like bank accounts, so you could lose it in the case of Venmo being shut down. Funds stored in a Venmo account doesn't also earn interest.

How much can you send using Venmo?

A maximum of 60k per week. For you to begin using Venmo, you need to download the mobile application make a new login, and confirm your phone number, email address, and bank account information. The initial maximum transfer each week can be $299.99 until you verify more of your identity. Once you have submitted details such as your Social Security number, ZIP code, and birth date, you become "verified" and can send an amount of up to $60,000 per month in multiple transactions.

The maximum you can transfer from Venmo to an bank account starts at $999.99 per transaction, but once you've been verified, the limit is $19,999 per week.

Is Venmo secure?

App security features. Some of the security measures comprise PINand fingerprint-based logins and . If your phone is lost or stolen and you do not have these security measures in place you can block access to your account by connecting to Venmo's website and changing your settings for permissions.

the parent firm of Venmo, PayPal, reached a settlement in 2018 with the Federal Trade Commission over complaints that customer access to their funds was delayed without notification and Venmo had misled users about how to keep the privacy settings of their transactions.

A social feed option. Venmo offers social media features, including the ability to feed payments made by those you're connected with on Venmo. However, you are able to alter the privacy settings so that transactions are "private" (visible to the sender and recipients) or accessible only to "friends" (sender recipients, senders as well as Venmo connections). The settings for audience settings for transactions from the past can be altered retroactively.

Does Venmo offer a debit or credit card?

Yes, it does offer both. Venmo provides a debit card that works to make U.S. purchases anywhere that accepts Mastercard.

The additional Venmo credit card allows you to earn cashback in various categories of spending, with those rewards deposited into your Venmo account. Look up

A former NerdWallet journalist Caren Weiner Campbell was a contributor to this piece.

About the author: Chanelle Bessette is a personal finance writer at NerdWallet writing about banking. She specializes in checking and cash management accounts.

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19 Neobanks and What They Offer

Advertiser disclosure You're our first priority. Every time. We believe that everyone should be able make financial decisions with confidence. And while our site doesn't feature every company or financial product on the market, we're proud that the guidance we offer as well as the advice we provide and the tools we create are independent, objective easy to use and completely free. So how do we earn money? Our partners pay us. This can influence the products we review and write about (and the way they appear on our site), but it does not affect our suggestions or recommendations which are based on thousands of hours of study. Our partners are not able to promise us favorable ratings of their goods or services. .

19 Neobanks and What They Offer

Neobanks stand out by focusing on specific communities, offering various perks and more.

by Spencer Tierney Senior Writer | Certificates of Deposit, ethical banking, banking deposit accounts Spencer Tierney is a consumer bank writer for NerdWallet. He has covered the personal financial sector since with a focus on certificate of deposit as well as other banking-related issues. His work has been featured in The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among other publications. He is located in Berkeley, California.

Updated on Sep 23, 2021

Written by Yuliya Goldshteyn, Assistant Assigning Banking Yuliya Goldshteyn is a bank editor at NerdWallet. She has previously worked as an editor, researcher, and writer across a range of industries from health care and market research. She earned a bachelor's degree in history from the University of California, Berkeley as well as a master's degree in social sciences from the University of Chicago, with the focus on Soviet culture and history. She lives at Portland, Oregon.

The majority or all of the items featured on this page are provided by our partners who compensate us. This influences which products we write about and where and how the product is featured on a page. However, this does not influence our evaluations. Our opinions are entirely our own. Here's a list of and .

The information on investing provided on this site is intended for solely educational purposes. NerdWallet does not offer advisory or brokerage services or advice or counsel investors to purchase or sell specific securities, stocks, or other investments.

Go to a particular category or neobank:

To save money on high yield savings:•

For the most extensive variety of accounts:

For a cheap overdraft

To build credit:

| || ||

Investor-friendly: || ||

Traveler-friendly: ||

Freelancer-friendly: ||

Neobanks refer to financial tech- or fintech -- companies that typically offer mobile-focused banking accounts with eye-catching features, such as credit cards with low costs or cash-back rewards. There are some established neobanks that offer loans, credit cards or investing products, too. They typically have no branches and because most neobanks do not have bank licenses, they work with banks to offer protection against their Federal Deposit Insurance Corp. In addition, they offer. The neobanks listed on this list are insured by FDIC.

Credit Card for Savings and Cash Management. Money Market

Member FDIC

SoFi Savings and Checking

The APY is 4.00% SoFi members who make direct deposit are eligible to get up to 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 1.20 percent APY on their checking balances. The minimum amount of direct deposit that is required to be eligible for 4.00 percent APY for savings. Direct deposit members will receive 1.20 percent APY on their total balances of their checking accounts and savings (including vaults). Rates of interest are subject to change and subject to change at any point. The rates listed are current as of 03/17/2023. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet

Min. balance to APY $0

Member FDIC

Marcus from Goldman Sachs Online Savings Account

APY 3.75 percent 3.75% Annual percentage yield (annual per cent yield) with a minimum balance of $0 to earn the stated APY. Accounts must be in an open balance to stay open. APY valid as of 02/14/2023.

Min. balance to APY $0

Member FDIC

CIT Bank Platinum Savings

APY 4.75%

Min. balance for APY $5,000

These cash accounts combine features and services that are similar to savings, checking and/or investment accounts in one package. These accounts for managing cash are generally offered by non-bank financial institutions.

These cash accounts combine features and services similar to checking, savings or investment accounts into one account. These accounts for managing cash are generally offered by non-bank financial institutions.

on Wealthfront's site

Wealthfront Cash Account

APY 4.30%

Min. balance to APY $1

on the Betterment website.

Betterment Cash Reserve - Paid non-client promotion

APY 4.20% Annual percentage yield (variable) is as of 03/27/2023.

Min. balance to APY $0

CDs (certificates of deposit) are a type of savings account that comes with an interest rate fixed and a term generally, they offer higher rates of interest than standard savings accounts.

CDs (certificates of deposit) are a type of savings account that comes with an interest rate fixed and a term generally, they offer higher rates of interest than standard savings accounts.

Member FDIC

Marcus by Goldman Sachs High-Yield 10-Month CD

APY 5.05 percent 5.05 percent APY (annual percentage yield) as of 03/28/2023. Special Offer Ends 09/15/2023.

Term 10 months

CIT Bank No-Penalty CD

APY 4.80 percent

The term 11 months

Checking accounts are utilized to deposit cash on a daily basis and for withdrawals.

Checking accounts can be used for day-to-day cash deposits and withdrawals.

Deposits are FDIC Insured

Current Account

APY N/A

Monthly fee of $0

Chime Checking Account

APY N/A

Monthly fee: $0

Member FDIC

Axos Bank(r) Rewards Checking

APY 3.30% The annual percentage yield could be up to 3.30% depending on the following combination rate rewards Direct deposits (not including inter-bank transfers from another account) totaling $1,500 or more each month will earn 0.40%. A direct deposit that is eligible for a qualifying amount is required for the other eligibility requirements for interest rates. Ten (10) points of sale transactions each month with your Rewards Checking Visa(r) debit card to make normal everyday purchases with the minimum amount of $3 per transaction, or enrolling in Account Aggregation/Personal Financial Manager (PFM) will earn 0.30 percent. Maintaining an average balance per day of $2,500 for the Axos Self Directed Trading Invest account earns 1.00 percent; and maintaining the average balance per day of $2,500 a month within the Axos Managed Portfolio Invest account will earn 1.00 percent; and making a monthly installment to an open Axos bank consumer loan (commercial or business loans excluded) by transfers from the rewards checking account can earn the maximum amount of 0.60%.

Monthly fee $0

Money market accounts pay rates that are comparable to savings accounts and have certain checking features.

The money market accounts have rates that are comparable to savings accounts, and come with certain checking features.

Member FDIC

Bank Money Market Account - Discover Bank Money Market Account

APY 3.50 percent

Min. balance required for APY $1

>> Learn more:

There are a lot of Fintech firms that can be called Neobanks is growing. From 2018 to 2020, the number of Neobanks increased by 60-256 around the world in a report by the business strategy company Exton Consulting. With the rise of more players comes more competition. And some previously innovative services are becoming more standard for neobanks. These include two-day early access to direct deposit and free access to nationwide ATM networks. Some digital wallets, such as and are competing with neobanks by offering some of these same features.

Neobanks are trying to stand out by appealing to specific groups such as freelancers and international travelers, or by offering perks you might not find at traditional banks. Here's a look at the ways that some of the upcoming and current neobanks try to stand out.

>> Learn more:

For high-yield savings

Chime

Founded in 2013, Chime was established in 2013, and is among the largest neobanks, with more than 12 million customers. It is partnered with two banks, it provides savings and checking accounts, both without costs for monthly charges, as well as a secured credit card that you can utilize to build credit. Chime's savings account has an attractive interest rate of 2.00 per cent annual percentage yield** with no minimum balance, no maximum limit for earning interest and no monthly charges. (The Chime Checking Account is required to open a savings account; the Savings Account is an option.) The spending account offers free access to more than 60,000 ATMs nationwide, and for customers with direct deposits, they can benefit from a cost-free overdraft program that covers up to $200. Cash deposits are offered at large retailers ****, and is not a feature that all neobanks provide. Sign-up procedures are more straightforward than with traditional banks as there's no credit check or previous banking records however, Chime has a .

Get more details from Chime

*Chime claims: "Chime is a financial technology company and not an institution of banking. Banking services provided through The Bancorp Bank, N.A. and Stride Bank, N.A. Member of the FDIC."

**" * The annual Percentage Yield ("APY") for the Chime Savings Account is variable and may alter at any moment. The APY disclosed is in effect on October 25, 2022. There is no minimum balance requirement. Must have $0.01 of savings in order to get interest. "

***"Out-of-network ATM withdrawal charges are applicable, excluding MoneyPass ATMs located in 7-Eleven, or any Allpoint and Visa Plus Alliance ATM."

****"The retailer who accepts your cash is responsible for transferring the cash to your Chime Checking Account. Cash deposit fees may apply for any retailer other that Walgreens."

Read Chime reviews: ||

From top to bottom

Varo Bank

Varo Bank offers checking, savings, and cash advances. Established in 2015, and initially operating with bank partnerships, it changed to an officially chartered bank in the month of August, 2020. This enabled it to offer its individual FDIC insurance. According to Varo its website, it had a total of 6 million customers at mid-2022. The checking account is access to a free ATM access, as well as no monthly charges, as well as advantages like cash-back at certain stores with no transaction charges. The savings account comes with some requirements for earning a top rate of 5.00 percent APY for the first $5,000, including an annual minimum of $1,000 direct deposits as well as a positive checking and savings balance at the end of each month. Otherwise you earn 3.00 percent APR.

Read Varo review:

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For widest range of accounts

SoFi

SoFi -- short in the sense of "Social Finance" -- began as a student loan refinance business, but has recently received the charter of a bank on its own. SoFi Savings and Checking is a account combination that allows money for spending and saving. There are no charges for accounts for overdraft, ATM usage, or monthly maintenance (subject to changing at any time). There are perks like earning interest, establishing savings accounts and for customers who have qualified direct deposits, free overdraft coverage up to $50. SoFi also offers a range of loans including automated and active investing and trading in cryptocurrency, credit cards, and retirement accounts.

Read SoFi reviews: ||||

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To get a cheap overdraft

One

It is owned by Walmart, One's banking account has a cheap overdraft service, a custom-designed savings and budgeting options. It allows customers to divide their funds into subaccounts called Pockets. The Pockets dedicated to saving have rates of 1% of up to $5,500 for any customer and 1% for up to $25,000 for customers who deposit direct. One provides fee-free overdraft coverage as high as $200 for customers who make direct deposits of no less than $500 per month. This is less expensive than banks with large branches' overdraft fees, which are typically around $35 per transaction.

Review One's reviews|

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Learn more about

For credit building

GO2bank (and GoBank)

Green Dot Corporation has offered alternative banking products since 1999. It began with debit cards that are prepaid, it expanded into GoBank, its very first bank online GoBank, in 2013 and its second brand of bank, GO2bank, in 2021. Every one of the Green Dot deposit accounts are federally insured by Green Dot Bank. Contrary to many neobanks which require online registration, you can pick up GoBank and Go2bank debit cards at stores such as Walmart and then activate them online to use with a mobile app.

Between the two brand names, GO2bank is easily the better option with a smaller monthly cost and perks but not as numerous as other neobanks such as Chime as well as Varo. GoBank's monthly fee of $9 is waived with $500 direct deposits, whereas the $5 fee for GO2bank's monthly service is waived with direct deposits with no minimum amount. Alongside its bank account, GO2bank offers a secured credit card that can be used to improve credit scores and also a savings vault that earns 1% APY for as much as $5,000. In contrast, GoBank doesn't offer a credit card, and its savings vault doesn't generate interest.

Read the GoBank review:

Learn more about GO2bank:

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Sesame Cash

The credit firm Credit Sesame launched a free digital banking account in March 2020 that focuses on serving people living pay-to-pay. The account's features include direct deposit of paychecks up to two days earlier as well as mobile and cash deposits, a restricted cash-back on debit cards, and access to a free national ATM network. With the account, customers can access Credit Sesame's credit monitoring service for free and daily update of credit scores.

>> Compare the

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MoCaFi

MoCaFi, or Mobility Capital Finance, is an online platform owned by Blacks in 2016 and offers free checking to serve largely unbanked and underbanked communities with a primary focus on closing the racial wealth gap. It provides a bill pay feature that lets users report rent payments to the major credit bureaus in order to establish credit histories. It is a unique perk. MoCaFi cooperates with its third-party partners to offer free cash deposits at a variety of retailers and free mobile check deposits that allow for quick withdrawal of funds.

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Dave

Dave began in 2017 as a paycheck advance firm, and later it later expanded to provide a full-service checking account. As of mid-2021, it had around 10 million customers. It is possible to get a modest cash advance from your next paycheck without interest or a credit check, and customers with at least $1000 in monthly direct deposits can build credit history through rent payments. Dave also offers budgeting tools that factors in upcoming bills and the option to search for side jobs on its mobile application. There are no fees for overdrafts , or when using ATMs that are part of the national MoneyPass network. There are also there is no minimum balance requirement.

Read the Dave review:

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Cash-back rewards for cash

Current

Current Established in 2015, Current, offers free and premium checking options, including cash back at some merchants, two-day earlier direct deposit, as well as fast reimbursements for gas station holds on debit cards. The latter two perks are only available to premium accounts, which charge an annual fee of $5. Premium accounts that have direct deposits can also have up to $100 of overdrafts covered free.

Read Current review:

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Upgrade

The personal loan company Upgrade was founded in 2017 and launched a no-cost checking account in 2021 that offers cash-back rewards more extensive than Current's. The primary benefits of Upgrade's customers with a checking account are 2% cash back on everyday purchases such as at drugstores and restaurants and 20 percent rate discounts on personal loans. Customers can also see their credit scores free and summaries of their credit reports through Upgrade's Credit Health service.

Read Upgrade reviews: |

From top to bottom

Bella

Bella's approach to banking is, in the words of its website, "built on love." That translates to a checking account rewards program that gives a random amount of cash back anywhere from 5% to 200%, on randomly selected purchases. Launched in 2020, Bella does not charge monthly, overdraft or ATM fees. In the moment, Bella also covers fees for out-of-network ATM operators. There is also a no-fee savings account, which has minimal interest rates, and an optional "karma account" which is a fund to cover other customers' small purchases or as a beneficiary of another's karma account generosity.

Check out our list of

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Cheese

The program was launched in March 2021. Cheese tailors its digital banking platform to the immigrant and Asian American communities by offering up 10% cashback at 10,000 businesses, including restaurants and businesses owned by Asians. Support for customers is offered to customers in English and Chinese as well as other languages coming soon. Accounts accrue interest and don't incur monthly charges or ATM fees for the nationwide MoneyPass ATM network.

>> Learn more about

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Investor-friendly

Acorns

Although the microinvesting application Acorns' core product is their automated investing service for investors who don't have hands The company expanded its banking offerings in 2018 with Acorns Checking. It comes with the debit card as well as a rewards program. It is offered only as a bundle that includes a taxable investment account and an account with a retirement plan for an individual, all for $3 per month (or $5 for a family-friendly version). Customers are able to opt into a "round-up" feature in which each purchase is rounded by a certain amount and that change is then invested. The rewards program allows customers to receive some percentage or amount of money back for purchases made at more than 300 companies, and that can also be invested.

Read Acorns review:

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Aspiration

Aspiration is an internet-based brokerage company that has an account for cash management, known as Spend & Save, that functions as a hybrid checking and savings account. There are two different versions that the accounts are available. The basic Spend & Save account has the potential to earn up to 3.00 percent APY on savings, with up to 5 percent cash back and an optional monthly fee -- customers pay what they believe is fair from $0 on up. The premium Aspiration Plus plan comes with an almost-$72 annual fee, as high as 10% cash back and up to 5.00 percent annual percentage yield. There are two accounts available too, meaning you can invest in businesses that are sustainable businesses and social causes. As a certified B Corp company, Aspiration is committed to being an environmentally and socially conscious firm and offers customers customized sustainability scores that are based on which businesses they invest in.

Review of Aspiration:

The Aspiration Spend & Save Accounts provide cash management accounts offered through Aspiration Financial, LLC, a registered broker-dealer as well as a Member of FINRA/SIPC. an affiliate of Aspiration Partners, Inc. ("Aspiration"). Aspiration is not a financial institution."

Its Aspiration Save Account's 5.00 percent Annual Percentage Yield ("APY") with up to 83x the average national interest rate can be variable, subject to change, and is only available to those who are enrolled in Aspiration Plus when conditions are fulfilled. Customers not enrolled in Aspiration Plus get 3.00% APY when conditions are satisfied.

From top to bottom

Albert

Albert began in 2016 as a money management app and launched a personalized banking service known as Albert Cash on August 20, 2021. It currently has more than 6 million customers. Albert Cash is a banking account that earns cash back and includes the following benefits including cash advances with no interest that can be up to $225 as well as integrated budgeting and savings tools as well as annual savings bonuses of up to 0.10 percent. For access to Albert's investing features, get the savings rate to 0.25 percent and avail the personalized support for customers, called Genius There is an annual minimum fee of $4. It is required to have an external bank account to open an account with Albert.

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Traveler-friendly

Revolut

Since its launch in 2015, the UK-based Revolut has a range of appealing features for travellers from abroad who are looking for an exchange rate that is competitive and cards that allow you to be used to spend in more than 150 currencies. Customers can transfer funds internationally with other Revolut users, and withdraw as much as $300 monthly at ATMs without fees, and get an interest rate on their savings. That's all with the free account. For additional benefits, like medical insurance abroad, Revolut offers two accounts that charge a monthly fee of between $10 and $17.

Read Revolut reviews: ||

From top to bottom

Wise

The U.K.-based money transfer company Wise was previously called TransferWise established a multicurrency account that rolled into U.S. customers in 2017. Although there's an initial $9 cost for the debit card, Wise isn't liable for monthly account charges and also converts currencies at an affordable exchange rate, with only a small initial fee. Converting a balance of $1,000 U.S. dollars to euros is, for instance, around $4.20, or 0.42 percent, which is cheaper than institutions' foreign-transaction costs that range from 1% to three percent. An account can have multiple balances, containing up to 54 currencies simultaneously, and converting may take only just a few seconds.

Read Wise review:

From top to bottom

Freelancer-friendly

Oxygen

In the first quarter of 2020, Oxygen's digital banking account aims to assist freelancers and self-employed workers control their money flow. Oxygen doesn't have monthly or ACH or overdraft fees There are however four pricing tiers available for the account, which range from free to $200 annually. All levels offer travel benefits, such as lost luggage and hotel theft protection. higher levels have more perks such as more savings rates, higher cash back, and a variety of virtual cards. A unique perk is the possibility to use the Oxygen application to incorporate or legally establish a business after which it can be incorporated .

Read Oxygen review:

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Lili

Launched in 2019, Lili is a smartphone bank account designed specifically with freelancers and contractors in mind. With Lili you can organize your expenses by simply swiping left for "life," or personal and then right for "work," or business. Lili offers tools that help freelancers save for taxes, and an emergency savings account. In addition, if you use Lili's account to deposit your earnings from websites and payment apps, you can receive your funds up to two days earlier. This last feature is common for a variety of neobanks.

Read Lili review:

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Neobanks coming soon

Keep an eye out for the debuts of these four Neobanks within the next few months:

Daylight was formerly known as the company Be Money, Daylight plans to launch the first mobile bank account focusing on the LGBT+ community with features including access to financial experts and accounts under a user's chosen name, rather than their legal name.

Greenwood: The Black-owned digital banking company already has half a million customers who are waiting on their list to open savings and spending accounts that are geared towards reinvesting their wealth in Black or Latinx communities. (See this list for forthcoming and active .)

First Boulevard The Black-owned bank platform focuses on low-cost bank, with cash back at Black-owned businesses, combined with short videos on financial education. Its aim is to create the wealth of generations to Black Americans.

Purple: Purple plans to provide mobile banking designed specifically for people with disabilities, including an account for checking and a tax-advantaged savings account called ABLE accounts. These accounts allow people with disabilities save money, without the loss of any government benefits. There will also be a debit card that sends a portion of Purple's revenue towards Special Olympics. Special Olympics.

Return to the top

From credit tracking tools to travel perks Modern checking accounts provide more than their predecessors did. Before you open one, verify whether the fintech firm is a bank or partners with a bank, and see which features would best suit your needs in the financial realm.

About the author: Spencer Tierney is a writer and NerdWallet's authority on certificates of deposit. His work has been featured in USA Today and the Los Angeles Times.

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Ask a Nerd: What Are the Signs that I'm in need of a New Bank?

Advertiser disclosure You're our first priority. Every time. We believe that everyone should be able to make sound financial decisions without hesitation. Although our website does not feature every company or financial product that is available We're pleased that the advice we provide and the information we offer and the tools we develop are impartial, independent easy to use and free. How do we earn money? Our partners compensate us. This may influence which products we review and write about (and where those products appear on the website) However, it doesn't affect our advice or suggestions which are based on hundreds of hours of research. Our partners are not able to pay us to guarantee favorable ratings of their goods or services. .

(image: http://www.finsmes.com/wp-content/uploads/2018/04/debt-768x512.jpg)Ask a Nerd: What Are the Signs that I'm in need of a New Bank?

A few indicators will indicate that it's time for you to start an account with a different bank account elsewhere.

Written by Ruth Sarreal Content Management Specialist Banking accounts and bank account bonuses Ruth Sarreal is a specialist in content management covering banking for consumers at NerdWallet. She has over 10 years of experience in creating and editing content for websites for consumers. She previously edited content on personal finance topics at GOBankingRates. The work she has written for her was featured on Nasdaq, MSN, TheStreet and Yahoo Finance.

Updated on Jan 26 2023

Edited by Yuliya Goldshteyn, Assistant Assigning Bank Yuliya Goldshteyn is a bank editor at NerdWallet. She has previously worked as an editor, writer and a research analyst across a range of industries from medical care as well as market research. She received a bachelor's diploma in the field of history at the University of California, Berkeley and a master's degree in social sciences from the University of Chicago, with an emphasis on Soviet culture and history. She lives at Portland, Oregon.

Many or all of the products featured here are provided by our partners who compensate us. This influences which products we feature as well as the place and way the product is displayed on the page. However, this doesn't affect our opinions. Our opinions are our own. Here's a list and .

Find savings accounts that best match your financial needs

Simply answer a few questions to determine which accounts satisfy your needs.

My favorite emails in the last few months were ones from my bank, letting me know that my savings' annual percent yield has increased and that fees for overdrafts have been canceled. If you've not received any of those lately, then it's time to open a new bank account with a different bank.

There's no need to quit your current bank if it's useful to you. Being a bank nerd as well as a general consumer I find it beneficial to have accounts at a variety of different institutions, including the traditional bank as well as a credit union, and the online banking institution.

Each account offers me something that the others do not. A traditional bank has items or services that I don't access at my bank online, while my online bank pays much higher interest rates. Therefore, combining institutions will help you to keep -- and make more money.

Here are some clear indications that you may have to consider a new bank, or at least .

You're paying unnecessary fees

What used to be a rare thing -- a bank account with few fees has become more and more common. "There's an overwhelming amount of competition in the neobanking market and in traditional banking nowadays to have to pay any fees -- particularly overdraft fees or fees just to get the accounts," says Ramona Ortega, co-founder of My Money My Future, that focuses on closing the wealth gap, and provides high-quality financial advice.

There are plenty of fee-free accounts available without any hoops to jump through to get rid of a monthly charge. There are many more , which means you shouldn't have to pay those.

Your savings APY hasn't increased recently

Even if you haven't been able to increase your savings contribution in recent time (thanks, ), you ought to be seeing more money being added to your account. As we've seen in the last year when the government increases rates of the Federal Funds Rate, banks typically also increase their rates. In the event that your bank account hasn't increased your savings interest rate this year, that's a red flag (and a green light to switch banks).

The average savings rate for the nation has been increased from 0.06 percent at the start of 2022. The rate has now increased to 0.33% [0] Federal Deposit Insurance Corporation . . Accessed August 30, 2022.

as of January 2023, as per in January of 2023 according to Federal Deposit Insurance Corp., but the best interest rates are now more than 10 times the rate (that's about 3% and upwards).

>> Read more: Find out

Saves CD Management Checking Money Market

Member FDIC

SoFi Savings and Checking

APY 4.00 percent SoFi customers with direct deposit are eligible to earn up to 4.00 percent annual percentage yield (APY) on savings balances (including Vaults) and 1.20 percent APY on their checking balances. The minimum amount of direct deposit needed to earn the 4.00 percent APY for savings. Direct deposit members will receive 1.20% APY on all account balances , including checking and savings (including vaults). Rates of interest are subject to change and may change at any point. The rates shown were last updated on 03/17/2023. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet

Min. balance required for APY $0

Member FDIC

Marcus from Goldman Sachs Online Savings Account

APR 3.75 percentage 3.75% Annual percentage yield (annual percent yield) with no minimum balance to earn the stated APY. Accounts must be in an active balance in order to remain open. APY valid as of 02/14/2023.

Min. balance required for APY $0

Member FDIC

CIT Bank Platinum Savings

APY 4.75 percent

Min. balance to APY $5,000

They combine the features and services similar to checking, savings and/or investment accounts in one package. These accounts for managing cash are generally offered by non-bank financial institutions.

The cash accounts offer features and services similar to checking, savings or investment accounts into one product. Cash management accounts are typically offered by non-bank financial establishments.

on the website of Wealthfront.

Wealthfront Cash Account

APY 4.30%

Min. balance required for APY $1

on the Betterment website.

Betterment Cash Reserve - Paid non-client promotion

APY 4.20 percent Annual percentage yield (variable) is as of 03/27/2023.

Min. balance required for APY $0

CDs (certificates of deposit) are a type of savings account that has an interest rate fixed and a term typically, they have higher interest rates than standard savings accounts.

CDs (certificates of deposit) are a form of savings account with a fixed rate and term generally, and offer higher rates of interest than traditional savings accounts.

Member FDIC

Marcus from Goldman Sachs High-Yield 10-Month CD

APY 5.05% 5.05% APY (annual percentage yield) as on 03/28/2023. Special Offer Ends 09/15/2023.

Ten months of term

CIT Bank CD with no penalty

APY 4.80%

Term : 11 months

Checking accounts can be used for day-to-day cash deposits and withdrawals.

Checking accounts are used to deposit cash on a daily basis and for withdrawals.

Deposits are FDIC Insured

Current Account

APR N/A

Monthly fee $0

Chime Checking Account

APR N/A

Monthly fee $0

Member FDIC

Axos Bank(r) Rewards Checking

APY 3.30 percent Your annual percentage yield can be as high as 3.30 percent according to the following rate of rewards: direct deposits (not including transfers between banks from another account) totaling $1,500 or more every month earn 0.40 percent. A direct deposit that qualifies as a direct deposit is required for the remaining eligibility requirements for interest rates. Ten (10) points of sale transactions per month using your Rewards Checking Visa(r) debit card to make regular purchases, with minimum $3 per transaction, or by enrolling in Account Aggregation/Personal Financial Manager (PFM) will earn 0.30%; maintaining an average balance per day of at least $2,500 within an Axos self-directed trading Invest account will earn 1.00%; maintaining the average balance per day of at least $2,500 for An Axos managed Portfolio Invest account will earn 1.00%; and making payments monthly to an open Axos Bank consumer loan (commercial and business loans exempted) by the Rewards Checking Account earns the maximum amount of 0.60%.

Monthly fee of $0

Market accounts for money pay interest rates that are similar to savings accounts and have some checking features.

Market accounts for money pay interest rates that are similar to savings accounts. They also have certain features for checking.

Member FDIC

Bank Money Market Account - Discover Bank Money Market Account

APY 3.50%

Min. balance required for APY $1

Your bank's customer service isn't accessible enough

You ought to be able to seek help easily for your banking woes, through the customer service channels you prefer using. Do you prefer to chat online, but your credit union or bank doesn't offer online assistance? Choose a bank which answers questions and provides timely help over social media. If the thought of tweeting a bank makes you cringe many financial institutions provide more options and alternatives. I prefer live chat on the internet, in-app messaging or an instant phone call following work, so I make sure my bank has all three options, as well as extended hours of customer service.

If you prefer speaking a language other than English look around for a bank or credit union where representatives speak it. If you prefer to speak in Spanish such as you might want to consider an .

You'll need an loan

If your financial institution doesn't offer the loans that you require at reasonable rates, it's a positive sign that you should consider opening an account at the credit union or bank that does.

Are you sure you'll not need a loan for a while? Take this step now anyway as it's beneficial to have an account that is in satisfactory standing with your financial institution a while if you'll eventually require a loan.

"You generally receive a better rate when you have a banking connection at the institution," Ortega says.

>> Need help deciding on a financial institution? Find out more.

A account with a new bank account can take just some minutes, and the benefits could be priceless: saved time, better profits for your money, better accessibility to help -- and some security when it comes to your financial situation.

If you've noticed any of these indicators and are looking to open a fresh bank account and/or move to one that will serve you better, find out .

The author's bio: Ruth Sarreal is a content management specialist at NerdWallet. She has edited and written articles on personal finance topics for more than five years.

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Debt Management Strategies: Select the One that is Right for You

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(image: https://burst.shopifycdn.com/photos/sale-tag-online-shopping.jpg?width=746&format=pjpg&exif=0&iptc=0)Debt Management Plans: Find the Best One for You

Review various debt management plans' features and prices to find the right fit.

by Sean Pyles Senior Writer | Personal financial and financial debt Sean Pyles leads podcasting at NerdWallet as the host and producer of NerdWallet's "Smart Money" podcast. On "Smart Money," Sean talks with Nerds on the NerdWallet Content team to answer questions from listeners regarding their personal finances. With a focus on shrewd and practical money tips, Sean provides real-world guidance that can help consumers better in their finances. In addition to answering listeners' financial concerns on "Smart Money," Sean also interviews guests outside of NerdWallet and also creates special segments to explore topics like the racial wealth gap, how to start investing and the history for student loans.

Before Sean took over podcasting at NerdWallet He also covered issues that dealt with consumer debt. His writing has been featured throughout the media including USA Today, The New York Times as well as other publications. When Sean isn't writing about personal finances, Sean can be found digging around his garden, going for walks, or walking his dog for long walks. He is based at Ocean Shores, Washington.

Updated on Aug 17, 2021 9:47PM PDT

Written by Kathy Hinson Lead Assigning Editor Personal financial, credit scoring, managing money and debt Kathy Hinson leads the Core Personal Finance team at NerdWallet. Previously, she spent 18 years working at The Oregonian in Portland in positions such as copy desk chief and team leader for design and editing. Her previous experience includes copy editing and news for various Southern California newspapers, including the Los Angeles Times. She received a bachelor's degree in journalism and mass communications at the University of Iowa.

A majority of the products featured here are provided by our partners who pay us. This influences which products we write about as well as the place and way the product is featured on the page. However, it does not affect our assessments. Our opinions are entirely our own. Here's a list of and .

Feeling overwhelmed by your debt? A debt management plan might be the answer.

This debt payoff tool puts you on a path to pay off credit card debts, typically credit cards -- over 3 to 5 years. With a DMP, several debts are put into one payment, which reduces the interest rate. In exchange, you sign the payment plan which typically is between three and five years. Note that interest rate cuts are standard throughout credit counseling organizations that are based on your creditors guidelines and your budget.

Here's a comparison of the debt management programs at a important non-profit .

Agency / availability

Average fees

Available in 50 states

A startup charge of $31 is included.

A monthly payment of $20

All states are available, with the exception of Minnesota

$42 startup fee

$30 monthly fee

It is available in all 50 US states and Puerto Rico

A startup charge of $24 is included.

Monthly fee of $28

Available in 50 states

$35 for the initial fee

A monthly payment of $29 is available.

Available in 50 states

$35 start-up fee

$ 24 per month for a monthly fee

Debt management strategies: pros and pros and

Pros:

Could cut your interest rate by more than half.

Aids in paying off debt faster rather than doing it yourself.

Consolidates multiple debts into one payment.

Cons:

This is typically used to pay intended for debts incurred through credit cards; can't be used for student loans or medical debt, nor for tax obligations.

It can take anywhere from three to five years and generally you're not allowed to make use of credit cards or obtain new credit lines during the time you're in the plan.

In the event of a missed payment, it could derail the plan and stop your interest rate cuts.

It's the time to pay off debt

Sign up to link and monitor everything from cards to mortgages in one place.

Do you think a debt management program is right for you?

DMPs may not be suitable for all. Depending on the agency, just 10 20 up to 20 percent of customers use this debt relief option. Of those who choose to, approximately 50% - 70% complete the plan, depending on the time of year and the method by which the agency tracks the completions.

You may want to consider the possibility of a DMP If:

Your unsecured debt, such as from credit cards, can range from 15% to 39% of your annual income.

You have a steady income and believe you can pay off your debt within five years if you had an interest rate that was lower.

It is possible to live without opening up new credit lines when you're using the plan.

Alternatives to a credit management strategy

DMPs may not be the best option for you . Problem debt due to student loans and medical expenses are not covered by these plans. Other alternatives:

If your problem debt is not more than 15% of your annual income, you could take the DIY approach using the or method.

A , if you have sufficient credit to qualify, can also gather the debts of several creditors into one with an interest rate that is lower. You control the duration of the loan is, and you retain the right to apply for new credit lines.

You may want to consider this option could be a better option if your debt amounts to more than 40 percent of your income and you see no way to pay the debt off in five years. The debt-relief tool could quickly give you a fresh start, and consumers are able to start to rebound in as little as six months.

What do you require to do

If you think a DMP may be your most effective option for debt relief, start with . Consider:

Accreditation and certification: Search for an agency that is part of the . They require that agencies be recognized by an independent body as well as both require certification and an established standard of excellence among counselors.

Access: Ask yourself which method you'd prefer to use to get services: over the phone, in person , or online.

Cost: Fees are different depending on the agency, the state you live in, as well as your financial situation. Before you sign up, you should know the amount you'll have to pay each month towards your debt and fees.

Author bios: Sean Pyles is the executive producer and host of NerdWallet's Smart Money podcast. His writing has appeared in The New York Times, USA Today and elsewhere.

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What amount of co-signers can help when taking out the auto loan? A Part of financing a car with Co-Signers In this Series Financing a Car with Co-Signer

Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial choices by providing you with financial calculators and interactive tools that provide objective and unique content, by enabling you to conduct research and compare data for free - so that you can make sound financial decisions. Bankrate has partnerships with issuers, including but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The deals that are displayed on this site come from companies that pay us. This compensation may impact how and where products appear on this website, for example, for example, the sequence in which they appear within the listing categories and other categories, unless prohibited by law for our loan products, such as mortgages and home equity and other products for home loans. But this compensation does affect the information we provide, or the reviews appear on this website. We do not cover the universe of companies or financial offerings that could be open to you.

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4 minutes read. Published September 20 20, 2022

Authored by Mia Taylor Written by Contributing Writer

Mia Taylor is a contributor to Bankrate and an award-winning journalist who has two decades of experience and worked as a staff reporter or contributor for some of the nation's leading newspapers and websites including The Atlanta Journal-Constitution, the San Diego Union-Tribune, TheStreet, MSN and Credit.com.

The edit was done by Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate since the end of 2021. They are dedicated to helping readers gain confidence to manage their finances with precise, well-studied facts that break down otherwise complicated topics into bite-sized pieces.

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who ensure everything we publish will ensure that our content is reliable, honest and reliable. We have a team of loans journalists and editors are focused on the things that consumers care about the most -- the various types of loans available as well as the best rates, the top lenders, how to repay debt, and many more, so you'll be able to feel secure when investing your money.

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If your income is limited or your credit score low, getting a car loan with affordable monthly installments isn't easy. A co-signer for the car loan could make a huge difference. If you have a cosigner the person's earnings and credit profile are considered alongside your own. The loan conditions that lenders provide will likely be more favorable. Sometimes co-signers may even mean the difference between getting granted the loan or getting rejected. The benefits of having a co-signer when applying for an auto loan A co-signer may increase your chances of approval and -- over time -- help you in repaying your auto loan. Improve your chance of approval. Co-signers can boost your application even if you don't have an extensive credit history or have a . They will be able to see that someone else is guaranteeing the loan and are more likely to approve you to take out a loan. Increase your chances of getting good terms. A co-signer with good credit with a credit score of at least 670 -- as well as a higher income can be able to get lower rates. According to , subprime borrowers in 2022 had an average rate of 9.75 percent and prime borrowers had an average of 4.03 percent. Lower interest can mean thousands of dollars saved over the life of your loan. Enhance the credit rating of your. A car loan backed by co-signers will improve your credit score. Credit scores will also increase naturally as you pay on-time payments. If you have additional loans and credit card accounts, an additional loan could even reduce your credit utilization ratio and help improve your score. Co-signers and minimum income requirements for lenders typically require minimum income for loan approval. As the principal applicant the lender will only take into account your income when determining if you meet the requirements. The income of your co-signer does not count in this part of the application. Your co-signer's earnings are not added to yours in order to help you meet the minimum income threshold. A co-signer has to prove they have enough earnings on their own to cover the monthly car loan payments in the event that you fail to pay for any reason. The first thing you need to know as a potential car buyer is that a co-signer can't assist if you require more income to get the loan. Do you need co-signers? A co-signer could be beneficial, although . It is advisable to consider a co-signer when you have poor credit score or a limited credit history Your debt-to-income (DTI) proportion is high You're only eligible for higher interest rates If you have been rejected by lenders for the application of a new loan Co-signing vs. co-borrowing There's an important distinction between having a cosigner for your loan and having a co-signer, that is often referred to as a co-applicant. It's crucial to know how these two ways of buying a car differ. When you have co-signers, the person does not have any ownership or control over the automobile. They are simply agreeing to assist in making car payments if you are unable to do so. A co-borrower, on contrary, is a co-owner of the vehicle. As soon as the loan is made the co-borrower will be just the same as you for the payments. In addition, when taking out the loan with a co-borrower, the assets utilized to back the loan like the car or home, may be owned by both co-borrowers. If you do not want to be co-signers for an auto loan The use of a co-signer in order to get an auto loan accepted is a decision that should be considered carefully prior to applying. In certain instances it's not an appropriate choice in your financial situation. The car isn't in your budget If the vehicle isn't in your budget even with a less interest rate, you should opt to avoid buying a car completely. You may want to hold off on buying the car until you're able to save more money to pay a higher down to ensure your loan amount is more than your monthly income and budget. You might also want to consider a loan options to help you get a better interest rate and more affordable loan repayments by yourself. If you're not able to wait to buy a car for less, you can do so at a lower cost point. Used cars are typically more affordable. You can enjoy the same features as new cars without breaking the bank even if you require a co-signer in order to be eligible. You should always to spend before making an application for loans or buying a car. You expect conflict with your co-signer A co-signer has a significant risk when they sign a contract to back your loan. If you get behind in payments or fail to pay your co-signer may see a negative impact of their credit rating -- and potentially on their financial situation, if the lender seeks legal action. Naturally, this could cause tension in your relationship, possibly to the point of irreparable. Conflict can also occur when your relationship with the co-signer you signed for deteriorates due to reasons that are not related to the loan. If things get tight, look into how to . The most important thing is that having an additional co-signer who can assist you in completing an auto loan application can help you get approval faster. You'll often get more favorable loan conditions and lower monthly installments. Co-signers are useful if you're just beginning to build an credit profile or your credit score needs improvement. Before utilizing a co-signer to complete the loan application, think about your alternatives. Saving money can allow you to make the car purchase more affordable for your budget. So can improving your credit score to earn more . Related Articles:

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Written by a Contributing Writer

Mia Taylor is a contributor to Bankrate and an award-winning journalist who has two decades of experience and worked as a staff reporter or contributor for some of the nation's leading newspapers and websites including The Atlanta Journal-Constitution, the San Diego Union-Tribune, TheStreet, MSN and Credit.com.

Editor: Rhys Subitch Edited by Auto loans editor

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Fewer Black-Owned Banks Survive to meet the financial needs of vital people

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Fewer black-owned banks are able to Fill Vital Financial Needs

By Alice Holbrook Assigning Editor | Homebuying, savings and banking services Alice Holbrook edits homebuying content at NerdWallet. She has covered personal finance topics for over a decade . She has also worked on NerdWallet's banking and insurance teams, as well as doing an internship at the copy desk. She is located in Ann Arbor, Michigan.

Updated Feb 6, 2018

Editor: Tony Armstrong Lead Assigning Editor | Banking Tony Armstrong leads the banking team at NerdWallet. He has been writing about personal finance for nearly 10 years. Tony started his career at NerdWallet as a writer and worked his way up to the position of assistant assigning editor, and eventually to lead editor. Writing by him has also been featured in the Los Angeles Times, MarketWatch, Mashable, Nasdaq.com, USA Today and VentureBeat. Tony is a resident of Minneapolis, Minnesota.

The majority or all of the products we feature are provided by our partners who compensate us. This impacts the types of products we write about and where and how the product is displayed on a page. But, it doesn't influence our opinions. Our opinions are our own. Here is a list of and .

generated a tsunami of attention to black-owned banks when it became a viral topic in the middle of 2016 However, two and a half years later, many of those institutions have balance sheets that are moving to the right direction.

The hashtag was inspired by a calling for people to open accounts with black-owned banks. The rapper's preferred preference for his bank -the Georgia-based Citizens Trust Bank -- is one of those that has expanded since #BankBlack was launched. But for many black-owned banks there isn't a picture as rosy, with decreased assets and even closings.

"The operating costs [and] regulatory costs make it extremely difficult to run a efficient community bank" claims Kim Saunders, president of the National Bankers Association. The issue isn't exclusive to black-owned banks, says Saunders -- it's a problem that every smaller bank faces. "Scale matters."

Nevertheless, on Twitter people continue to hashtag their love and intentions to transfer their funds. Here's why advocates say black-owned banks are worth investing in.

>> MORE:

Black-owned banks are a great source of access

African-Americans as a group are underserved by financial institutions. Nearly half of them are unbanked or underbanked, which means they supplement your bank account with often-costly alternatives like check cashers or payday lenders. That's nearly double the percentage of the population as a whole, according to a 2018 Federal Deposit Insurance Corp. report.

Black-owned banks play a significant part to play in improving those figures.

For example 67% of mortgage loans are given to African-Americans as per 2013 remarks by Martin Gruenberg, former chair of the FDIC. For banks that aren't owned by blacks and owned by blacks, less than 1percent of mortgages are granted to African-Americans. The residents of the neighborhoods that banks serve have low or moderate incomes.

Saunders describes the strategy as "compassionate lending." "We're will be with [our clients] during both the good and difficult times" Saunders says.

OneUnited is the nation's largest black-owned bank in terms of assets, offers second-chance checks for those who have been denied an account in the past secured credit cards to people who are rebuilding credit after damage and also education for first-time home buyers.

"The cities we work with are primarily brown and black," said Teri Williams OneUnited's president and chief operating officers in a 2018 interview "and on the income side, there are many those who are struggling. We have people aged 50 and 60 who tell us they've never been to an institution. They didn't feel welcomed. They didn't feel banking was for them."

After becoming the victim of check-cashing fraud, Travion Jackson couldn't open an account at the bank of his family. He eventually tried OneUnited hoping to open an account with a second chance. "But they assured me that I was fine. I've just opened a regular bank account." Jackson said in the year of 2018. "That helped me get it done."

Jacqueline Boles, director of retail banking at Industrial Bank, says expanded access, especially to small business lending, means more solid communities. "Small enterprises in our communities will employ people that look like them. Now, these individuals are able to earn an adequate living," she says.

Explore across the U.S.

Black-owned banks are a powerful political force

Jackson's adoptive mom, Amy McCabe Heibel, and her partner shifted to OneUnited after they saw an increase in media and social media coverage of black-owned banks. "For us as a biracial family it was crucial for us to put our money where our priorities are," she said in the year 2018.

That includes "having money in a company which invests in communities of color," but those aren't the only advantages, McCabe Heibel said. "The pictures are of people that look like the those we've known," she added, and "communication is clear. It's not full of financial industry doublespeak."

McCabe Heibel isn't alone in person who has opted for a black-owned bank to protect their ethical values. "A very diverse group of customers are coming to the bank to help us grow," Williams said. "They appreciate the fact that their funds are helping the development of communities."

A number of black-owned banks, such as Industrial and Industrial Community Development Financial Institutions. They invest 60% of their assets back into low- and moderate-income areas, according to Boles.

If they do make the switch, they can expect services similar to those they get in other banking institutions. In OneUnited's case, that includes online and mobile banking as well as bill pay and remote deposit for check.

Saunders encourages all to think about a black-owned bank. "Not only do we want to do well when possible however, we're also trying to be good and I think that ought to be the case for all," she says.

>> Want to do more? Find out more about

Where Black-owned banks stand

Black-owned banks were created during segregation. During this time, many African Americans didn't have access to capital, as per Saunders.

The number of banks with the majority owned by African Americans in 2007, before the recession. But as the communities that these banks were serving suffered greater-than-average losses in jobs and home foreclosure rates and banks also suffered as well. The most recent FDIC statistics show 23 institutions owned by blacks and managed by blacks which is down from 24 at the end of 2016, just after #BankBlack went viral.

Of the banks that remain in the business, around half report less assets as they did at the year's end, prior to #BankBlack. Banks with more than $100 million of assets were more likely to make gains over smaller ones, but larger banks weren't immune from financial difficulties. New York's Carver Federal Savings Bank falls just behind OneUnited in terms of assets, however it reported $135 million less assets in September 2018 than in December 2015.

For some banks, #BankBlack could be a loss-making strategy, as per Industrial Banks' Boles. "We earn money through our extensive relationship with our customers," the bank's CEO says. which includes loans or credit cards. Checking and savings accounts, especially unused ones, are financial liabilities, because they require banks to pay for online banking as well as other services with little of a return -- meaning supporters should move their finances to the next level, too.

Other banks -- such as OneUnited and Industrial have seen growth after #BankBlack. OneUnited now has total assets of about $649 million according to the latest FDIC data.

Industrial has also seen an increase in activity. In a typical week, Boles said, they have approximately 150 online application for accounts in the process. Following #BankBlack, she states, "We had up to 2000 applications sitting waiting in the queue." Bank was forced to pull in extra help to manage the increase in applications and continues to see rises in interest each time again.

"The community is beginning to understand the importance of their dollars," Williams said, "and the need to be more purposeful when it comes to how it makes use of the money."

If you want to #BankBlack, take a look at these alternatives

Jeanne Lee contributed to this report.

Author bios: Alice Holbrook joined NerdWallet in 2013 and is currently an editor on the home/mortgages team. The work she has done was mentioned on USA Today, MarketWatch, Newsweek and The Washington Post.

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How to build credit

Advertiser disclosure You're our first priority. Every time. We believe everyone should be able make financial decisions with confidence. Although our site does not include every company or financial product in the marketplace We're pleased that the guidance we offer and the information we offer and the tools we create are objective, independent simple, and completely free. How do we earn money? Our partners compensate us. This may influence which products we review and write about (and the way they appear on the site) However, it does not affect our advice or suggestions that are based on many hours of study. Our partners are not able to promise us favorable ratings of their goods or services. .

How to Build Credit

Start by becoming an authorized user or by obtaining a credit-builder loan or secured credit card.

by Erin El Issa Senior Writer Data analysis, personal finance, credit cards Erin El Issa writes data-driven studies about personal financial matters, credit cards, travel, investing, banking and student loans. She loves numbers and aims to demystify data sets to help consumers improve the quality of their lives financially. Prior to becoming an Nerd during 2014, she worked as a tax accountant and freelance personal financial writer. Erin's writing has been featured in The New York Times, CNBC and on the "Today" programme, Forbes and elsewhere. In her spare time, Erin reads voraciously and is unable to keep up with her two children. She is based in Ypsilanti, Michigan.

and Bev O'Shea personal finance writer | MSN Money, Credit.com, Atlanta Journal-Constitution, Orlando Sentinel Bev O'Shea is a former NerdWallet authority on consumer credit, scams and identity theft. She has a bachelor's degree in journalistic studies from Auburn University and a master's in education from Georgia State University. Before coming to NerdWallet she worked for daily newspapers, MSN Money and Credit.com. Her work has appeared throughout the world in The New York Times, The Washington Post, the Los Angeles Times, MarketWatch, USA Today, MSN Money and many other places. Twitter: @BeverlyOShea.

Updated February 2 2023

Editor: Kathy Hinson Lead Assigning Editor Personal finance, credit scoring, financial management and debt Kathy Hinson leads the Core Personal Finance team at NerdWallet. Prior to joining NerdWallet, she worked for 18 years with The Oregonian in Portland in positions such as copy desk chief and team editor and designer. Her previous experience included writing copy as well as news editing at various Southern California newspapers, including the Los Angeles Times. She graduated with a bachelor's in mass communication and journalism in the University of Iowa.

The majority or all of the products we feature come from our partners who compensate us. This impacts the types of products we review and the location and manner in which the product appears on the page. But, it doesn't influence our opinions. Our views are our own. Here is a list of and .

Credit building can be a challenge. If you do not have a credit score, it's difficult to obtain a loan, a credit card or perhaps even an apartment.

How are you going to prove a track record of credit-worthy repayment when nobody will grant credit at all?

Be aware of how your credit score is evaluated

Find your free score and the variables that affect it, and get suggestions on how to keep building.

Several tools can help you :

If you're looking to apply for a credit card then you can begin with the secured credit card, or co-signed card. You can also apply to be on another card.

If you want to build credit without a credit card, you might look into credit-builder loan or a secured loan or co-signed loan. There are many methods to make telephone, rent and utility payments to build credit. Some of these ways are absolutely free, while some require fees.

Here's a look at tools for building credit, and how to use them to earn a .

Secure your credit card

If you're looking to improve your credit score starting from scratch, you'll probably have to begin with a . A secured card is backed by a cash payment made upfront. The deposit amount is usually similar to your credit limit. The amount you can deposit is either minimum or maximum. you can put in is dependent on the card. Certain cards require a minimum amount of $200. Some companies , like Avant, Deserve and Petal currently offer cards that don't require an .

You'll be able to use the card as any other credit card: Purchase things, make a payment prior to or on deadline, incur the cost of interest if you fail to pay the balance in the full amount. The deposit will be returned when you close the account.

NerdWallet frequently reviews and ranks choices.

Secured credit cards don't have the intention to be used for a long time. The purpose of a secured card is to build your credit enough to qualify for an unsecure credit card -- a card that doesn't require a deposit, and offers better advantages. Select a secured credit card that has an annual fee that is low and ensure it is reporting payment data to all , Equifax, Experian and TransUnion. Credit scores are constructed through the data you have collected on your credit reports. Cards that provide information to all three bureaus allow you to build an extensive credit history.

Return to the top

Get a credit-builder product or a secured loan

A is precisely what it is spelled and its primary purpose is to assist people in building credit.

Typically the loan amount is held in the hands of your lender in an account and not released to you until the loan is repaid. It's a forced savings plan of sorts, and your payments will be reported to the credit bureaus. These loans are typically provided by credit unions or community banks; offers them online, as does .

The line of credit is $500. credit that is intended to build credit.

Another option is to have funds in deposit at an institution like a credit union or bank, ask them for a secure loan to build credit. The collateral is money in your account or a certificate of deposit. The interest rate is typically somewhat higher than the interest that you're making on the account however, it could be lower than your alternatives.

Return to the top

Use a co-signer

You can also get a loan or an unsecure credit card using the co-signer. Make sure that both you and the co-signer know that the co-signer will be on the hook for the full amount owed if you fail to pay.

Return to the top

Become an authorized user

A relative or other person may want to add you as an on his or her card. Doing so adds that card's payment history to your credit file which is why you'll want to choose a primary user who has an extensive history of making payments on time. Additionally, having them included to the list of authorized users may cut down on the time required to create a . It can be especially useful for building credit.

You don't need to have -- or even possess the credit card at all in order to benefit from becoming an authorized customer.

Ask the primary cardholder to discover if the card issuer is able to report authorized user activities to credit bureaus. That activity generally is reported, but you'll want to make sure otherwise, your efforts to build credit could be in vain.

It is important to reach an agreement about whether and how you'll use the card before being added to the authorized users list and be prepared to pay for your share if that's the deal you make.

Return to the top

Credit is available for the bills you pay

like Rental Kharma and LevelCredit take a bill that you're already paying and add it to the credit file, helping to build a positive history of punctual payments. Some credit scores do not take the payments into consideration but some do and it could be enough to qualify for the loan or credit card that establishes your credit history for all lenders.

It allows you to see your utility and cell phone bills appear on your credit report with that credit bureau. Note that the effect is limited only to your credit report through Experian -- and also any credit scores based on it.

Return to the top

Develop good credit habits

and a record of punctual and on-time payments.

To have a FICO score, you'll need at least one credit card that's been in existence for at least six months and at least one creditor that has reported your activities to credit bureaus within the last six months. A , from FICO's biggest competitor, can be obtained more quickly.

Make sure you practice these credit-building habits to build your score:

Try to make your payments promptly and pay at least the minimum if you are able to . Paying credit card or loan payments punctually, each time, is the most important factor you can do to help build your score. If you are able to make more payments than what is required, it can also help your score.

If you use credit cards, ensure that your credit utilization to a minimumwhich is the amount of your credit limit you make use of. We recommend keeping your credit utilization at or below 30% for all credit cards when possible. The lower your utilization the better for your credit score.

Beware of applying for several credit accounts at the same time. Applications for credit may result in a small, temporary drop in your score. Multiple applications can cause significant damage. NerdWallet recommends spacing applications by about six months in the event that you are able as well as researching your needs before you apply. Note the fact that applications to apply for multiple auto loans or mortgages in a short span of time are grouped together in the form of " ."

Maintain your credit card accounts open. If you do not have a compelling reason to close an account, like a high annual fee or slow customer support, consider maintaining it open. You can also explore downgrading it or moving the credit limit to another card. Closing an account can hurt the utilization of credit and lower the average age of your account.

Return to the top

Make sure you check your credit scores as well as reports

A credit report provides a record of your credit usage over the years. Your credit scores can tell the way you'll manage credit in the future using the information contained in the credit report. It is important to keep track of both for any errors as well as to see your credit building efforts pay off.

NerdWallet offers a from TransUnion. You can also use educational tools like NerdWallet's tool to determine how the financial decisions you make affect your score.

Several credit card issuers Print FICO scores on customers their monthly statements. They also allow online access as well. Certain issuers of credit cards offer free scores to anyone regardless of whether the cardholder is a.

Request your credit reports and review them for any mistakes and discrepancies. Through December 2023 you can review your reports for free weekly by . Resolve any errors on your credit report you discover that could affect your scores.

Do you want nerdy advice that's tailored to your money? Bring all your money into one view, and get specific information to make the most of it.

The authors' bios: Erin El Issa is a credit cards expert and studies writer at NerdWallet. She has had her work covered in USA Today, U.S. News and MarketWatch.

Bev O'Shea was a credit writer at NerdWallet. Her work has been published in publications such as the New York Times, Washington Post, MarketWatch and elsewhere.

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How to Deal With Debt Collectors in 3 Steps

Advertiser disclosure You're our first priority. Everytime. We believe everyone should be able to make financial decisions without hesitation. While our website doesn't feature every company or financial product that is available We're pleased that the guidance we offer, the information we provide and the tools we develop are impartial, independent easy to use and cost-free. How do we earn money? Our partners pay us. This can influence the products we review and write about (and where they are featured on the website) However, it in no way affects our recommendations or advice that are based on thousands of hours of research. Our partners are not able to promise us favorable ratings of their goods or services. .

How to Deal with Debt Collectors in 3 Steps

Don't rush into paying. Be sure to verify your debt and understand your rights.

by Sean Pyles Senior Writer | Personal financial, credit, and personal finance Sean Pyles leads podcasting at NerdWallet as the host and producer of the NerdWallet's "Smart Money" podcast. The show "Smart Money," Sean talks with Nerds across NerdWallet's NerdWallet Content team to answer the questions of listeners about their personal finances. With a focus on shrewd and actionable money advice, Sean provides real-world guidance that can help consumers better in their finances. Beyond answering listeners' money concerns on "Smart Money" Sean also interviews guests outside of NerdWallet and creates special segments on topics like the racial wealth gap and how to begin investing and the history of student loans.

Before Sean took over podcasting at NerdWallet the company, he also wrote about topics related to consumer debt. His work has appeared on USA Today, The New York Times and other publications. When Sean isn't writing about personal finance, Sean can be found digging around his garden, taking runs and taking his dog for long walks. He is based at Ocean Shores, Washington.

Last updated Mar 17th, 2023 at 5:00 PM PDT

Editor: Kathy Hinson Lead Assigning Editor Personal finances, credit scoring managing money and debt Kathy Hinson leads the Core Personal Finance team at NerdWallet. In the past, she worked for 18 years at The Oregonian in Portland in positions such as copy desk chief and team editor and designer. Previous experience included news and copy editing for various Southern California newspapers, including the Los Angeles Times. She received a bachelor's degree in journalism and mass communications in the University of Iowa.

A majority of the products we feature are provided by our partners, who pay us. This affects the products we feature as well as the place and way the product appears on the page. But, it doesn't affect our assessments. Our views are our own. Here's a list and .

A debt collector is harassing you, seeking payment on an outstanding consumer debt. The tactics are annoying at best. They can also be predatory, or even illegal at worst.

It's essential to learn how to handle debt collectors, including understandingto assert your rights and decide on the most appropriate method of handling them . Before you make any statements or make any payments be sure to take these steps:

Watch your debts dwindle

Sign up for an account and link your credit cards, loans and accounts to manage them all in one location.

3 steps to deal with a debt collector

1. Do not give into pressure to pay on first contact

As you wouldn't dive in to a deal without understanding its terms, don't rush to make a payment if a debt collector contacts you. Take time to think through your .

"A lot people are embarrassed about being in debt and that's the reason debt collectors swoop on," says Ramon Khan who was a debt collector in Texas who now works in online marketing.

"They create this pressure and exploit these pain points to force you to make a payment. If, at the end of the day are owed $50,000 or $100,000, they don't really want to pay all of it. If they can force you to pay some of the amount, it is a part of their amount of."

Don't make a payment, don't pledge to pay and don't divulge any payment information the collector could utilize in the future. Ask for information on the debt, and then say that you'll call back to discuss it at a later time.

Making one paymentas little as $5 or $10 -- is an acknowledgment of the debt, and could have severe consequences. In the event that the balance is beyond the , for example the payment could reset that clock and could lead to a lawsuit or .

Readers can also ask questions.

Do you have the right to go to jail for not repaying the payday loan?

Refusal to repay a loan is not considered a criminal offense. In fact, it's not illegal for the lender to threaten the borrower with arrest or imprisonment. However, some payday lenders have had success using bad-check laws to file criminal complaints against loanees, with judges wrongly rubber stamping the complaints.

How do I dispute a debt?

There are two options you can utilize to contest a debt first, the debt collector must send youa letter outlining the debt and your rights in disputing it. Then, you can request you can request a letter of verification. You can write a request to get more information and to temporarily stop collection efforts.

What happens if we don't cooperate with the debt collector?

The failure to pay a debt could put your salary, bank account or property at risk. Additionally, you may lose the right to contest the debt.

2. Collect the facts

If the original creditor sells a debt to a third partywho may then be able to sell the debt in the future or even resell it again -- recordkeeping often falls off the radar. Many sold debts are erroneous regarding the amount due or who is owed the debt.

Debt collection practices are one of the main causes of complaints by consumers with the Consumer Financial Protection Bureau as the result. Around 70,000 complaints were filed in 2021 on the matter The main reason for this was that consumers were being asked to pay off debts they didn't due [0] Consumer Financial Protection Bureau . . Accessed Apr 7, 2022.

.

Request a from the collector of the debt if you do not receive one within five business days from the first time you contact. The letter should contain information about the debt, the collection company and the best way to contest the debt.

Keep your own records of the debt, if it's yours, including the information about the original creditor and your record of your payments.

Keep accurate records of communications with the debt collector and any previous payments. You may want to use certified mail for the best evidence.

Track your debt the easy way

Sign up with NerdWallet to view your payment schedule and breakdown of your debt all in one spot.

3. Know your rights and know how you can use them

This is your friend. This law outlines your rights as a consumer , and shields you from unfair collection methods. For example:

Communication: You can tell them what and when you can contact you and request you can request that they stop communication completely. Debt collectors are not allowed to making use of profane language or threats to commit violence.

Honesty: Debt collectors cannot lie to you about whom they're from, the much money you owe or the legal consequences for not paying off your debtfor example threats of arrest.

Challenging the debt You are entitled to contest the debt. If you challenge your debt in the first 30 days of first contact, the collector cannot ask for money until you have made sure the issue is settled. After 30 days you can still challenge the debt, but the collector is able to request payment as the dispute is looked into.

You could be protected if the protections under the FDCPA have been violated. Your state might offer extra consumer rights. Consult with the legal aid office in your region or with your State Attorney General's Office.

Know your state and federal security measures in the collection process. Your state's and the are good resources.

It's a matter of sending a letter to debt collectors to request more information on the debt or asking that a debt collector end contact, you should know how to assert your consumer rights -- and don't be afraid to assert them.

Author bios: Sean Pyles is the executive producer and host on the NerdWallet's Smart Money podcast. His writing has appeared on The New York Times, USA Today and elsewhere.

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