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Best Banks and Credit Unions

We have compiled a list of the top credit unions and banks that can help you manage and increase your money optimally.

by Ruth Sarreal Content Management Specialist bank accounts, bank account bonuses Ruth Sarreal is a content manager who covers the topics of banking for consumers at NerdWallet. She has more than 10 years of experience in creating and editing content for consumer websites. She was previously editor of articles on personal finance topics for GOBankingRates. Her work has been featured by Nasdaq, MSN, TheStreet and Yahoo Finance.

Updated 17 Mar 2023

Editor: Yuliya Goldshteyn, Assistant Assigning Banking Yuliya Goldshteyn works as a banking editor with NerdWallet. She was previously an editor, a writer and a research analyst in a variety of industries, from medical care as well as market research. She graduated with a bachelor's degree in the field of history at the University of California, Berkeley and a master's in social sciences from the University of Chicago, with a focus on Soviet culture and history. She is based at Portland, Oregon.

The majority or all of the items featured on this page are provided by our partners, who pay us. This impacts the types of products we feature as well as the place and way the product appears on the page. But, it doesn't influence our evaluations. Our opinions are entirely our own. Here's a list and .

The most suitable institution or bank will depend on what you're the market for such as a savings account, a checking account or both. Whatever you're searching for, NerdWallet has it covered.

This is a summary of the most reputable institutions and accounts from 2023. The APYs listed are current as of March 17 2023. The other information is up-to-date as of Jan. 13th 2023.

Check out a synopsis of NerdWallet's best credit unions and banks of 2023

Best-of-2023 Bank Winners:

Alliant Credit Union: Best credit union.

Ally Bank: Best bank; best money market account.

Capital One 360: Best online banking experience.

Charles Schwab Bank: Best bank or credit union for ATM access.

Chase: Great for signing-up bonuses as well as Branch access (tie).

Discover Bank: Best savings account.

SoFi: The best savings and checking combo Best checking account overall; top checking account for high interest; the most beneficial checking account that doesn't charge a monthly fees; the top checking account for to avoid overdraft charges.

Synchrony Bank: Best bank or credit union for CDs.

Wells Fargo Bank: Best bank or credit union to get branches with branch accessibility (tie).

Other excellent accounts:

Axos Bank: Perfect to check interest on checks the amount of $50,000.

Connexus Credit Union: Great for interest-checking up to $25,000.

LendingClub Bank: Best for cash back.

Marcus from Goldman Sachs: Best for immediate, high-limit transfers.

Quontic Bank: Most domestic ATMs.

Best banks and credit unions

NerdWallet has spent nearly 200 hours in comparing and rating nearly 80 financial institutions, including banks, neobanks , and credit unions, to pick winners across more than ten categories. Find out more about the accounts and institutions that took top honors this year.

Alliant Credit Union: Best credit union

More than 80,000 free ATMs; interest checking available.

2.70% APR on savings.

Find out more about us in our .

Ally Bank: Best bank and the most reliable money market account

No fees for overdrafts as well as over 43,000 ATMs

3.75% APY on savings and 3.80 percent APY on all balances in the money market account.

Learn more about our .

Capital One 360: Best online banking experience

More than 70,000 ATMs are free offer tools, such as virtual help and card number virtualization teens can check their accounts.

3.40 percent savings APY.

Read more in our .

Charles Schwab: Best for ATM access

Unlimited worldwide ATM cost reimbursements.

0.45% checking APY.

Read more in our .

Chase: Great for signing-up bonuses and for branch access (tie)

No minimum direct deposit required to earn cash bonuses for new checking account.

Over 4,700 branch locations in 49 states.

Read more in our .

Discover Bank The best savings account

No monthly charges and 3.60 percent APR.

Learn more in our .

SoFi: Great for savings and checking High interest checking, overdraft fee avoidance and more

Up to 4.00 percent APY on savings balances. Up to 1.20% APY for checking balances (APY is variable and subject to change).

No fees for overdrafts and no charge for coverage of overdrafts.

Learn more in our .

Synchrony Bank: Great for CDs

Very competitive CD rates.

Bump-up CDs and 11-month no-penalty CDs are also available.

Read more in our .

Wells Fargo Bank: Best branch access (tie)

About 4,700 branches across the nation.

Learn more about our .

Another great account of 2023

You may also want to consider opening an account for savings or a checking account at one of the institutions listed below. The savings accounts provide APYs much higher than the national average of 0.37% and checking accounts have perks like interest on checking balances or reimbursement of ATM fees. (Read further about the different type of bank account by reading our article on and .)

Axos Bank: Excellent for interest checking on up to $50,000

The rate can be as high as 3.30% APY for the checking of balances to $50,000.

Unlimited ATM fee reimbursements.

Find out more about us in our .

Connexus Credit Union: Great for checking the interest rate for up to $25,000

The possibility of 1.75% APY on checking balances up to $25,000.

More than 67,000 ATMs are fee-free.

Learn more in our .

Savings Cash Management CD Checking Money Market

Member FDIC

SoFi Savings and Checking

The APY is 4.00 Per cent SoFi Members with direct deposit are eligible to receive up 4.00 per cent annually-percentage yield (APY) on savings balances (including Vaults) and 1.20% APY on checking balances. There is no minimum direct deposit amount required to qualify for the 4.00 percent APY on savings. Members without direct deposit will earn 1.20 percent APY on all account balances in checking and savings (including vaults). Rates of interest are subject to change and may change at any point. These rates were last updated on 03/17/2023. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet

Min. balance for APY $0

Member FDIC

Marcus is a product of Goldman Sachs Online Savings Account

APY 3.75 percentage 3.75% APR (annual percent yield) with $0 minimum balance to earn the stated APY. Accounts must be in an active balance in order to remain open. APY current as of 02/14/2023.

Min. balance for APY $0

Member FDIC

CIT Bank Platinum Savings

APY 4.75 percent

Min. balance for APY $5,000

The cash accounts offer features and services that are similar to savings, checking and/or investment accounts in one account. The cash management account is typically offered by non-bank financial establishments.

The cash accounts offer features and services similar to savings, checking and/or investment accounts in one package. The cash management account is usually provided by non-bank financial institutions.

on Wealthfront's site

The Wealthfront Cash Account

APY 4.30%

Min. balance required for APY $1

on Betterment's website

Betterment Cash Reserve - Paid non-client promotion

APY 4.20 Percentage of annual percentage yield (variable) is as of 03/27/2023.

Min. balance to APY $0

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

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

Member FDIC

Marcus by Goldman Sachs High-Yield 10-Month CD

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

Term 10 months

The CIT Bank no-penalty CD

APY 4.80 percent

The term is 11 months

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

Checking accounts can be used to make daily cash deposits as well as withdrawals.

The deposits are FDIC Insured

Current Account

APY N/A

Monthly fee $0

Chime Checking Account

APY N/A

Monthly fee of $0

Member FDIC

Axos Bank(r) Rewards Checking

APY 3.30% The annual percentage yield could be as high as 3.30 percent according to the following rate rewards: direct deposits (not including inter-bank transfers from an account) that total more than $1500 every month earn 0.40 percent. A direct deposit that is eligible for a qualifying amount is required to satisfy the remaining interest rate requirements to apply. Ten (10) points of sale transactions each month, using your Rewards Checking Visa(r) Debit Card to make normal everyday purchases with at least $3 for each transaction, or by enrolling in Account Aggregation/Personal Finance Manager (PFM) will earn 0.30 percent. Maintaining the average of at least $2,500 per month in an Axos Self-Directed Trading Invest account earns 1.00%. Maintaining an average daily balance of $2,500 a month within an Axos managed Portfolio Invest account will earn 1.00 percent. Likewise, making a monthly payment for an existing Axos Bank consumer loan (commercial or business loans excluded) by transfer from your Rewards Checking account can earn up to 0.60%.

Monthly fee: $0

Money market accounts pay rates similar to savings accounts. They also have some checking features.

Market accounts for money pay interest rates that are similar to savings accounts, and come with certain features for checking.

Member FDIC

The Discover Bank Money Market Account

APY 3.50 percent

Min. balance required for APY $1

LendingClub Bank: Best for cash and back

Unlimited cash back of 1% when you purchase debit cards if you meet a minimum monthly amount or direct deposit requirements.

Unlimited worldwide ATM fee reimbursements.

Learn more in our .

Return to the top

Marcus from Goldman Sachs: Best for same-day, high-limit transfers

Online transfers on the same day with a maximum of $125,000.

3.75% annual percentage yield (annual percent yield) with $0 minimum balance to earn the APY stated. Accounts must have an open balance to stay open. APY is valid until 02/14/2023.

Find out more about us in our .

Quontic Bank: Most domestic ATMs

More than 90,000.00 ATMs that are in-network.

1.10 percent APY on checks in the event that you meet minimum debit card spending requirements.

Read more in our .

Are you looking for more excellent options? Check out our top picks and

Did you have something else in your mind? If so, you should check out these articles:

Find the top account for savings or money market.

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Compare the best CD accounts

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Find the top checking accounts

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Compare the best bank, credit unions,, and cash management accounts

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Check out the best bank accounts for students and kids

Summary of the best institutions, including credit unions and banks from 2023

Financial institution

Best to use for ...

NerdWallet's ratings are determined by the editorial staff. The scoring formulas consider multiple data points for each financial product and service.

Best credit union in general.

The NerdWallet ratings are made by the editorial staff. The scoring formulas consider many data points for each financial product and service.

Best bank overall.

Best Money Market Account.

NerdWallet's ratings are determined by the editorial staff. The scoring formulas consider many data points for every financial product or service.

Best bank experience online.

NerdWallet's ratings are determined by the editorial staff. The scoring formulas consider multiple data points for each financial product and service.

Best credit union or bank for ATM access.

NerdWallet's ratings are determined through our team of editors. The scoring formulas take into account many data points for each financial product and service.

Best credit union or bank for sign-up incentives.

The best credit union or bank for branch access (tie).

NerdWallet's ratings are determined through our team of editors. The scoring formulas take into account several data points associated with each financial product and service.

The most efficient savings account.

NerdWallet's ratings are determined by our editorial team. The scoring formulas are based on multiple data points for every financial product or service.

The most efficient savings and checking account combination.

Best checking account overall.

Best checking account for high-interest.

The best checking account that does not charge a monthly cost.

Best checking account to avoid overdraft fees.

The ratings of NerdWallet are formulated by the editorial staff. The scoring formulas take into account several data points associated with every financial product or service.

Best bank or credit union for CDs.

The NerdWallet ratings are made through our team of editors. The scoring formulas consider multiple data points for every financial product or service.

Best bank or credit union for branch access (tie).

Some other great stories from 2023

The NerdWallet ratings are made by our editorial team. The scoring formulas consider several data points associated with each financial service and product.

Excellent for interest-checking on up to $50,000.

NerdWallet's ratings are made by the editorial staff. The scoring formulas are based on several data points associated with each financial product and service.

Ideal for checking interest on the amount of $25,000 or more.

NerdWallet's ratings are made by our editorial team. The scoring formulas consider several data points associated with each financial product and service.

The best option for cash back.

The ratings of NerdWallet are formulated by our editorial team. The scoring formulas consider several data points associated with each financial service and product.

Best for same-day, high-limit transfer.

NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for every financial product or service.

The majority of ATMs in the United States.

Are you trying to find the most powerful banks in the country?

We took a closer look at more than 80 financial institutions and financial service companies, which include the most significant U.S. banks based on the amount of assets, web search traffic and other factors and the largest credit unions, based on the number of members and assets; as well as other noteworthy and/or new players in the industry. We assessed them based on a variety of criteria including annual percentage yields as well as minimum balances as well as fees, digital experience and other factors.

The survey of providers and financial institutions are: , , , , , and (, ) , the , , , (, ) , , , , Liberty Bank, , , (by Axos), and (by Axos) Scarlet , , , , the as well as , and .

Author bio Ruth Sarreal is a content management specialist at NerdWallet. She has been writing and editing articles on personal financial topics for over five years.

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You're looking to secure an affordable rate on a car loan but be aware that it may be difficult due to your credit score. On average, borrowers with good credit scores are offered the highest rates. For instance, according to , those with a score of 300 to 500 will receive an average of 19.81 percent APR for the purchase of a used car. On the other hand, those with a score between 661 and 780 will pay 5.47 percent. If you are able to hold off on buying the car, you can employ strategies to improve your credit before purchasing a vehicle. Be aware of the fact that your lender will likely assess your ability to repay the loan by calculating your debt-to-income ratio. Take into consideration paying down existing debt to reduce your DTI ratio alongside other methods to boost your score on credit. Four ways to improve your credit before buying the car of your dreams. Your credit score is an important factor when applying the process of getting car loan. This is why you must make sure your credit is in top condition before applying for a loan start by following these practical tips. 1. Dispute errors that appear on your credit file Start by . Review the contents for accuracy , and then highlight any errors that you discover which could bring your score down. For example, maybe the report claims that you failed to make an installment when you actually paid it in time. The next step is to submit a dispute via telephone, mail or online with the three major credit bureaus such as Experian, TransUnion or Equifax and report the incorrect details. The credit reporting company will contact your creditor, or lender to conduct a further investigation into your complaint. If the information contained in your report isn't verified the report will be canceled, and your score could be improved. 2. Be sure to pay your bills punctually. Payment history accounts for 35 percent of your FICO credit score. If your credit card or loan account is 30 or more days overdue and you are in default, a lender or creditor is likely to be notified of the delinquency as well as your score might suffer a drop. But if you make timely payments on your credit account your score will improve in the course of time. It's also crucial to keep past due accounts up-to-date to avoid collection activities and damage to your credit score. 3. Reduce your credit card balances The FICO credit-scoring model favors people who manage their obligations to repay their debts. Therefore, the amount due is second-largest part of credit scores. The amount of your credit line that you're currently making use of, is the 2nd largest part to your score. Lenders like to have your credit utilization or below 30 percent. If yours is higher, work towards paying down your balances to possibly increase your credit score. This will allow you to qualify for a low interest rate on an auto loan. 4. Beware of applying for credit with new accounts. Every time you make a credit application, you will receive a hard inquiry which can lower the credit score of some points. While the impact may be short-lived, multiple inquiries within a short period could hurt your score. However, a small drop on your score could result in a higher interest rate -which can cost you several hundred or thousands of dollars more. Try to shop within a two-week period. How credit score works Knowing this can help you effectively work to improve it. History of payments: forming 35 percent of your score it includes information about your payments as well as delinquencies, and the amount of accounts. Credit utilization ratio: 30 percent. This is the amount you owe on your limit on credit. The length of your credit history is 15 percent. The longer you've been holding credit more, the better. New credit 10. Credit bureaus evaluate how many accounts you have recently opened. The opening of too many accounts could lower your score. Credit mix: 10 percent. A variety of credit such as loans, cards loans as well as retail credit accounts will work for your benefit here. What is the significance of your credit score when buying a brand new car. Lenders use your credit score as a way to assess your creditworthiness and the likelihood that you'll default on your loan payment. You are less risky to the lender when you have good or excellent credit. This means that you will generally be rewarded with a lower . With a lower rate of interest the amount you pay each month will be less, as well as your loan will be less expensive overall. However, they are generally more expensive. Cars with bad credit loan options If you're for an auto loan, there are . For instance, buy-here, pay-here dealerships cater to borrowers who have credit issues however, they typically charge high rates of interest and should only be used as a last resort. You should consider contacting your credit union or bank first to determine whether they'll approve you for the loan based on the strength of your existing relationship. Online lenders could also be a good match and many have a prequalification tool on their website , so you can check if are eligible and view potential loan rates. The bottom line A strong credit score, a stable source of income, and an income ratio that is low could make you eligible for a great deal in the form of an auto loan. So, it's worth improving your credit standing prior to submitting an application. If you're ready apply, you must determine the best option that fit your budget. Related Articles:

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5 Best Prepaid Debit Cards

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5 Best Prepaid Debit Card Options

by Spencer Tierney Senior Writer | Certificates of deposit ethics, ethical banking, bank deposit accounts Spencer Tierney is a consumer banker at NerdWallet. He has been writing about personal finance since 2013, with a particular focus on deposits and certificates as well as other topics related to banking. He has had his work highlighted in The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among other publications. The location of his work is Berkeley, California.

as well as Ruth Sarreal Content Management Specialist bank account bonuses Ruth Sarreal is a specialist in content management covering consumer banking topics at NerdWallet. She has over a decade of experience in writing and editing for consumer websites. She previously edited articles on personal finance issues at GOBankingRates. She has had her work featured by Nasdaq, MSN, TheStreet and Yahoo Finance.

Updated on March 1st, 2022

Edited by Yuliya Goldshteyn, Assistant Assigning editor Yuliya Goldshteyn works as a banking editor for NerdWallet. She was previously an editor, researcher and writer in a variety of industries, from health care and market research. She graduated with a bachelor's degree in history from the University of California, Berkeley and a master's in sociology from University of Chicago, with an emphasis on Soviet culture and history. She lives in Portland, Oregon.

The majority or all of the products featured here are from our partners who pay us. This impacts the types of products we review and where and how the product is featured on a page. However, it does not influence our opinions. Our opinions are our own. Here's a list of and .

+ Summary: Best prepaid debit cards

The Bluebird from American Express : Best for getting rid of costs.

Fifth Three Access 360deg Reloadable Credit Card : Best for ATM withdrawals.

FamZoo Prepaid Card : Ideal for parents (tie).

Greenlight Prepaid Mastercard : Best for parents (tie).

Walmart MoneyCard : Best for shopping at Walmart.

Chime : Best cheap prepaid alternative.

What are prepaid debit card?

Prepaid debit cards could be used as a budgeting tool or as a full-time replacement for a bank account -- and the most reliable prepaid cards provide ease of use while charging a few fees.

Prepaid cards are very easy to obtain. Prepaid cards are sold at stores that sell retail (usually with a cost) and some can be ordered online. They require no credit check, and they're often accessible even if you are unable to get an account with a bank account because of a poor credit background. Contrary to credit cards the funds are loaded into prepaid cards prior to using.

Certain companies also offer mobile-optimized banking accounts that don't require clean credit or banking history They typically are less expensive than prepaid cards.

Prepaid debit cards vs. regular debit cards

You don't need an account with a bank account to get a credit card that is prepaid, but it's required for an ordinary debit card which is linked to your checking account. For prepaid debit cards, you fill the card up with money when you get it and use it to purchase items. With regular debit cards, the funds you use to pay come directly out of your checking account when you make payments.

>> More information from NerdWallet:

Nerdy Tip

If you need to build credit or are denied a bank account, a prepaid debit card might not be the best option: , and if you aren't able to get an account with a regular bank then try . These accounts give you another chance at the mainstream banking system and its perks.

We are confident that our writers and editors follow strict standards to ensure that our content is truthful and accurate So you can pick the account that works most effectively for your needs. Check out our criteria for .

Here are the most popular prepaid debit cards, that are ranked by the fees and features. Look below for more details about each one of the accounts.

The best way to avoid fees

NerdWallet's ratings are determined by the editorial staff. The scoring formulas take into account many data points for each financial service and product.

Bluebird from American Express

No monthly charges; no fee for cash reloads at Walmart.

A free ATM network.

Great budgeting features.

BEST FOR ATM WITHDRAWALS

The NerdWallet ratings are made through our team of editors. The scoring formulas are based on multiple data points for each financial product and service.

5th Three Access 360deg Reloadable Prepaid Credit Card

One of the largest free ATM networks of prepaid cards.

$4 monthly fee that's reasonably simple to waive.

Best for Parents

FamZoo

Multiple subaccounts for kids.

Costs $2.50-$5.99 per month.

Greenlight

Multiple subaccounts to account for children.

Controls for spending in stores that are specific to the store.

Monthly fee from $4.99.

Best for shopping at Walmart

Walmart MoneyCard

3percent cash back on Walmart.com and the Walmart app and other cash-back rewards.

Multiple subaccounts to family members.

2.2% APY the first $1,000 in savings accounts.

BEST CHEAP CHEAP OPTION TO PREPAID

The NerdWallet ratings are made by the editorial staff. The scoring formulas consider several data points associated with every financial product or service.

Chime

No monthly charges.

It also has a savings component.

Bluebird from American Express

Best for avoiding costs

NerdWallet's ratings are determined by the editorial staff. The scoring formulas are based on multiple data points for every financial product or service.

, issued from American Express, offers more than the typical credit card. It also allows you can use it to load and spend money without paying fees.

But Bluebird has some limitations regarding merchant acceptanceand doesn't allow cash-back for retailers.

General fees and features: No monthly charges and no charges for activation online or inactivity.

Purchases: No fees.

ATM withdrawals are free at ATMs within the MoneyPass network; $2.50 charge at all other ATMs, and any ATM operator's fee.

Reload methods: Direct deposit and debit card transfer, card-to-card transfer, mobile check deposit (with the third-party fee charged to process the transaction in a matter of seconds) or the cash-loading option in Walmart or other retailers. (Retailers not affiliated with Walmart could charge up to $3.95.)

Other services Other services: Separate "set aside" accounts for savings and at least four additional accounts to family members.

There is no cash back at retailers. It's created via American Express, which isn't accepted everywhere Visa or Mastercard are.

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>> Learn more about

Five Three Access 360deg Reloadable Prepaid Card

The best option for ATM withdrawals

NerdWallet's ratings are made by our editorial team. The scoring formulas are based on several data points associated with each financial product and service.

The Access 360deg credit card is a prepaid debit card takes part in Allpoint's huge U.S. network and has access to over fifty thousand ATMs. This card is available in the 11 states in which you can find Fifth Third branches, which is the only place that you can obtain the card.

General fees and features: $4 monthly fee that's exempt if you have an account with a Fifth Third checking account or in the event that you make at least $500 in monthly deposits; no costs for activation or inactivity.

Purchases: No fees.

ATM withdrawals: Free ATM withdrawals: Free at Fifth Third ATMs and ATMs within the ATM Allpoint network; free at Presto! ATMs located inside Publix stores and at 7-Eleven ATMs, which are listed on the bank's site or mobile app; $2.75 charge at all other ATMs, plus any fees charged by the ATM operator.

Reload methods: Direct deposit or cash load, transfer to bank at Fifth Third branch or ATM.

Others services Card may have owners who are joint.

The downside is that there's no access to a nationwide retail network that allows you to purchase cash. The card is only available within Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, Ohio, South Carolina, Tennessee and West Virginia; and the card doesn't come with a savings feature.

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FamZoo Prepaid Card

Ideal for parents (tie)

FamZoo is a family-friendly prepaid Mastercard that lets parents become virtual bankers for their kids and even children younger than 13. Four cards are available for free for the monthly plan but additional cards are available for a single $3 per card. Through the app or the website you can transfer allowances and split payments, view balances and activity across all cards, and set up text and email alerts.

General fees and other features. are able to make a prepayment of $59.99 in two consecutive years FamZoo -- which works out to $2.50 per month. Prepayment plans that are not prepay also offer a discount. If you do not prepay, the cost for a monthly subscription is $5.99 for a month-long subscription. There is no cost for activation or inactivity.

Purchases: No fees.

ATM withdrawals are free from FamZoo However, ATM withdrawals will still cost you: Since FamZoo does not have any ATMs of its own the fees of third-party ATM operators could apply.

Reloading methods : Direct deposit and bank transfer PayPal, Apple Pay, Venmo and Square Cash transfer; PopMoney transfer (for a fee) and cash from retailers like 7-Eleven and Walgreens who are members of Reload at the Register, MoneyPak and Mastercard rePower networks (about $5 retail fee).

Other services: Multiple accounts under one plan, no-cost and instant FamZoo card to-card transfers the ability to secure and lock FamZoo cards and budgeting tools.

Downsides: No cost ATM network; maximum monthly fee is higher than the average and there is no mobile check-deposit feature.

>> Looking for an old-fashioned spending account? Check out NerdWallet's accounts.

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Greenlight Prepaid Mastercard

Ideal for parents (tie)

Greenlight is notable for an advantage that other prepaid cards do not have that is a store-specific control of spending. Parents can preapprove where their children spend their money. So, a $300 that is set aside for school supplies will only be used at an on-campus bookstore, for example. The prepaid card also offers real-time activity alerts, no-cost card-to-card transfers for allowances as well as the ability to remotely lock out lost cards.

A Greenlight account can have up to five subaccounts, so it works for a family. Due to the low purchase and withdrawal limitations, it's better as a family budgeting tool instead of as a bank account replacement.

General fees as well as features $4.99 to $9.98 each month based on the chosen plan (more expensive plans come with options like investing education or identity theft protection) There are no charges for activation, inactivity, or account termination.

Purchases: No fees.

ATM withdrawals: There are no fees from Greenlight, but ATM withdrawals may cost you Greenlight does not have one of their own ATMs and third-party ATM operator charges could apply.

Reload methods: Direct deposit, debit card transfer, bank transfer.

Other services: Up to 5 subaccounts. No international ATM withdrawal fee.

There are some downsides: No checks nor cash can be deposited There is no ATM free network and the daily maximum purchase per family account is $1500 and the daily limit for ATM withdrawals is $100. These are lower than the norm for prepaid cards.

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Walmart MoneyCard

Best for shopping at Walmart

It is worth noting that the Walmart MoneyCard offers its shoppers up to 75 dollars per year in cash-back rewards: 3.3% on purchases made through Walmart.com as well as in the Walmart app and 2% on purchases at Walmart fuel stations and% at Walmart stores. It is a popular app that receives decent ratings, is required to get free cash reloads in Walmart stores. Walmart MoneyCenters and Customer Service desks are also able to offer free cash withdrawals.

This prepaid, reloadable , card is suitable for families. You can order an account at no cost for up to four additional persons who are at least 13 years old. of age. The Walmart MoneyCard comes with a no-cost "Vault" Savings feature. Savings earn you an APY of 2% on up to $1,000 at the anniversary of card enrollment.

Because it's not part of an ATM system, ATM users will pay $2.50 to make ATM withdrawals in addition to any operator fees.

General charges and benefits: $5.94 monthly fee waived with a minimum monthly balance of at least $500; one-time fee for starter cards for purchases in stores No inactivity fees.

Purchases: No cost.

ATM withdraws $2.50 fee, plus any operator fees.

Reload methods: Reload cash with Walmart MoneyCard. Add cash via Walmart MoneyCard app at Walmart stores; mobile check deposit or add money through checks cashed in Walmart stores; pay $3 to refill cash at the Walmart store; up to $4.95 to load elsewhere.

Other services include: up to four free additional accounts; savings account that offers 2% APY on the first $1,000, and chances to win monthly cash prizes the option to lock and unlock your card via the app, as well as text or email notifications.

The downsides are: There is a fee to use ATMs; insufficient options for loading money.

From top to bottom

Do you want to grow your savings faster? See our list of the

Cost-effective alternatives to prepaid cards

The difference between prepaid debit cards and checking accounts is starting to fade, since several have similar features and services.

This is particularly true with mobile-optimized bank accounts: Like most debit cards that are prepaid, many have no credit check; unlike other prepaid cards, they are equipped with some extra perks, such as enhanced savings features, greater ATM networks and check-writing privileges.

Chime

Best cheap alternative to Prepaid

NerdWallet's ratings are made by our editorial team. The scoring formulas are based on many data points for each financial service and product.

Chime isn't a prepaid debit card or a traditional bank account but a free checking account with the Visa payment network. While the account isn't stocked with checks in paper however, it is possible to use Chime to ask the checks be mailed to an person, or even yourself, for no cost.

You could also open a linked Chime savings account and set up automatic transfer.

General fees and features: There is no monthly fee and no costs for activation or inactivity; no credit check. Third-party fees and cash withdrawals may apply.

Purchases: No additional charge.

ATM withdrawals are free at more than sixty thousand ATMs within the Allpoint, MoneyPass and Visa Plus Alliance ATM networks. $2.50 at other ATMs and any ATM operator fee. Cash withdrawal and third-party fees could be charged.

Deposit methods include direct deposit and bank transfer as well as mobile check deposit; also, you can add cash at retailers such as 7-Eleven or Walmart (the retailer may charge a fee) or at Walgreens for no cost.

Other services: Optional savings accounts earn 2.00 per cent annual percent yield. Chime offers two automated savings plans: one in which the amount of your paycheck is automatically deposited into the savings account and the other in which your purchases are rounded to the nearest dollar. the rounded-up change goes into savings (see below for more details from Chime). You can also receive notifications of transactions in real time and also protect your debit card should you lose it. It is important to note that a Chime checking Account is required to open a savings account.

The downsides: The out-of-network ATM cost.

Chime says: "Chime is a financial technology company and not a bank. Services for banking are provided by The Bancorp Bank, N.A. and Stride Bank, N.A. Member of the FDIC."

See more information from Chime

Chime says: "Round Ups automatically round up debit card purchases according to dollar amounts, and transfer the round up from Your Chime Account to your Checking Account onto your savings account."

"The retailer who receives your cash is responsible for transferring the funds for deposit into your Chime Bank Checking account. Cash deposit fees may apply when you use a different retailer in addition to Walgreens."

"Save When I Receive Paid" automatically transfers 10% of your cash deposits up to $500 in your Checking Account to your Savings Account."

"Out-of-network ATM withdrawal charges may apply except at MoneyPass ATMs at 7-Eleven or at any Allpoint or Visa Plus Alliance ATM."

"Mobile Check Deposit" eligibility is determined by Chime at its discretion. It can be granted depending on a variety of factors, including but not limited to, enrolling in direct deposits."

The Aperture Percentage Yield ("APY") for Chime Savings Accounts is subject to change and could be altered at any time. The APY disclosed is in effect as of October 25 2022. There is no minimum balance requirement. It is necessary to have $0.01 of savings in order to get interest.

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The most reliable prepaid debit cards and alternatives: Summary

Account/card

Monthly cost

The number of ATMs that are free

Bluebird from American Express

$0

30,000+

Chime account

$0

60,000+

FamZoo Prepaid Card

$2.50 to $4.33 If prepaid; $5.99 when charged

None

5th Three Access 360deg Reloadable Prepaid Card

$0-$4

50,000+

Greenlight Prepaid Mastercard

$4.99 to $9.98

None

Walmart MoneyCard

$0-$5.94

None

Commonly asked questions What is a prepaid debit card?

A prepaid debit card could be used as a tool for budgeting or be used as a replacement for an bank account. They provide convenience and don't charge many charges.

It's no credit check required to obtain a prepaid credit card, and they're usually available when you're unable to open a bank account because of a bad credit score. The funds are loaded onto the prepaid cards prior to using them to make purchases. Generally, you can also use a prepaid debit card to withdraw cash from ATMs.

Where can you find an prepay card?

Prepaid cards can be purchased at stores that sell retail (usually at a cost) and some of them can be bought through the internet.

How do you add money a credit card?

The methods of adding funds to a prepaid card are different between cards. But generally, the options include adding cash at a retail register (often for a fee) or by using an app to make the deposit on a mobile device, or by direct deposit, card-to-card transfer or bank transfer.

What is a debit card that is prepaid?

A prepaid debit card can be used to budget or as a substitute for a bank account. They are convenient and don't cost a lot of fees. It's no credit check required to apply for a prepaid card and they're often available even if you can't get a bank account because of a bad credit background. The funds are loaded onto prepaid cards before using them for purchases. Generally, you can also utilize a debit card prepaid for cash withdrawals from ATMs.

Where can you find the credit card that is prepaid?

Prepaid cards can be purchased at retail stores (usually for a fee) and some of them can be bought on the internet.

How do you add money the prepay card?

The ways to add funds to a prepaid card vary from card to card. But generally, the options include cash deposits at a cash register (often at a cost), adding funds by using an app to make an online check deposit and by direct deposit, card-to-card transfer and bank transfer.

METHODOLOGY : Best Prepaid Debit Cards for 2022

We examined 45 reloadable prepaid debit cards that are offered by the largest banks as well as credit unions, as well as the issuers of prepaid debit cards. When multiple card plans were available only the monthly fee plan was selected.

We analyzed four categories for each card generally-related charges and features, purchases and withdrawals, reloading charges and options, and additional services like bills pay and savings accounts. The cards on this list had the best combination of these categories. Some cards in this roundup include nonbank program managers who partner with banks. In any case, all card issuers are banks who insure consumers' funds through the No cards above include overdraft charges.

Prepaid debit cards we considered included: The Fifth Third Access 360deg Reloadable Card, , Mango Visa Prepaid Card, , .

Check out the full list

, , MoneyAccount, , Boost Mobile Wallet Prepaid Mastercard Brink's Prepaid Mastercard, Card.com Prepaid Card, CashPass Prepaid Mastercard, Commerce Bank mySpending Card, Control Prepaid Mastercard The Exact Prepaid Mastercard, FamZoo Prepaid Card, Fancard, FasterMoney, Fifth Third Access 360deg Reloadable Prepaid Card, Fred Meyer Prepaid Card and Greenlight Prepaid Mastercard, H&R Block Emerald Prepaid Mastercard, Mango Visa Prepaid Card, MOVO Virtual Prepaid Visa Card, MyVanilla Prepaid Card, , NexsCard Visa Prepaid Card, Opt+ Prepaid Visa Card, PNC SmartAccess Prepaid Visa Card, Regions Now Visa Prepaid Card, , Starbucks Rewards Visa Prepaid Card, TD Connect Reloadable Prepaid Visa Card, Western Union Netspend Prepaid Card.

We also looked at two alternatives, or nontraditional bank accounts: and .

What are the meanings of the ratings:

-among the top

-- Very good; only minor caveats for the majority of customers.

-- Good; issues which could cause a change to certain customers.

Fair. Make sure your you have strengths as well as weaknesses that are good match for you.

-- Poor; proceed with extreme care

(or below) -- Best to avoid

The authors' bios: Spencer Tierney is a writer and NerdWallet's authority on deposit certificates. He has had his work highlighted by USA Today and the Los Angeles Times.

Ruth Sarreal is a content management specialist at NerdWallet. She has edited and written content on personal finance topics for over five years.

On a similar note...

Find an alternative to a checking account

Check out NerdWallet's top picks for the top checking accounts.

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Join us and we'll send you Nerdy content on the money topics that are important to you along with other ways to help you make more value from your money.

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Here are few common reasons for this type of vehicle purchase: You'll eventually get your license. You require the vehicle for work purposes, and you will have someone who will drive it. You'll hire an experienced driver to take you around. It's a gift to someone who does have an license. The limitations of buying a vehicle without a driver's license Although it's usually possible to buy a car when you don't have an driver's license, you may encounter certain limitations. Each state has its own regulations and laws, so be sure to limit your research to the state that you'll be buying and registering the vehicle in. Some states require the registration of a car. If the state allows you to purchase a vehicle however, you could be subject to restrictions. It is more work to get the car registered When you buy a vehicle -- either -- you have to get the vehicle registered and the title transferred to your name. This process may be more challenging if you do not have an authorization. For one, registering a vehicle requires an identity. A license is usually used for this purpose, but when you don't have a license you will need to carry a different type of identification. It is also possible to be . Certain states might also require a different registration procedure for those who do not possess a valid license. It is possible that you will need to visit the registration office in person to complete the procedure. Insurance may be more expensive To drive your car you need to have car insurance. It can be even more difficult to obtain the license. Some car insurance companies may not allow you to get insurance through them if don't have a driver's license. If you come across an insurance company that will require for the information of the driver who is the primary. If the driver has a less than stellar driving record, insurance rates may be more expensive than normal. It could be more difficult with the driver's license doesn't necessarily mean that you are required to . But, it is generally some type of photo identification. If you don't have a driver's license, you'll need to have another type of photo ID issued by the government in order to be eligible for loans. 4 steps to purchase a car without a license. The procedure of without a license is quite similar to what it is if you already have a license. Make sure that you are aware of the laws for your state. 1. Select the method you want to purchase. There are many ways to buy a vehicle. You can purchase a brand new car from a dealership. You can also . A used car can be bought by an individual, or through an used car dealer. Choose the type of car you would like to purchase and then look for options. 2. Decide how you'll purchase it. If you decide to do so , you can either pay for the car with cash or finance it with an auto loan. A car loan allows you to spread out the cost of the car over time. It also offers the possibility to buy a car that you do not have the total amount of cash currently. But the taking out of a loan means you will also be responsible for interest and loan charges in addition to the price of the vehicle. If you pay for the car in cash, you might not be capable of affording all the options. But, you don't have any financing charges to pay for and you don't have to fret about loan payments in the future. 3. Find a vehicle Once you know your budget and the location you wish to search for cars, you need to find an automobile. There are many vehicles for sale by people on websites like craigslist or Facebook Marketplace. If you are looking for either a used or a new car, look for local dealers that sell the kind of vehicle you are looking for. It is an excellent idea to look at several dealers to find the best bargain. 4. Transfer the title Once you get your car, you will need to transfer the title in your name. When you buy from a dealer, they usually handle this process. If you purchase through an individual you'll both need to visit the registration office to transfer the title. Be aware that the requirements for a title purchasing a car that does not have licenses differ for each state. Ways to avoid buying a car without a license Are you unsure if you're willing to take on the burden of purchasing a car without a license? There are several other alternatives to consider: Get your driver's license. This eliminates any hurdles you may encounter when purchasing an automobile without a permit. Take public transport. Instead of purchasing a vehicle, use the local public transportation system to get around. Make use of a ridesharing program. Services such as Uber or Lyft can assist you in getting around. They are expensive when you are using them frequently however, if you require transportation once some time, it could be an alternative. Take a bike ride or walk. A great option for your wallet as well as your well-being, walking or using your bike to get around may be an option for you if you don't have a lot of distance to travel. The bottom line It's possible to buy a car without a permit, however you need to know the rules in your particular state. Know your requirements and study your choices. Knowing all of your options will help you decide which option is best for you. Learn more

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Authored by Rebecca Betterton Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers in navigating the ways and pitfalls of borrowing money to purchase an automobile.

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Rhys has been writing and editing for Bankrate from late 2021. They are committed to helping readers gain the confidence to control their finances with concise, well-researched, and clear information that breaks down complex topics into manageable bites.

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Bankrate has a strict policy standard of conduct, which means you can be confident that we're putting your interests first. Our award-winning editors, reporters and editors produce honest and reliable information to aid you in making the best financial decisions. Key Principles We respect your confidence. Our goal is to provide readers with reliable and honest information, and we have standards for editorial content in place to ensure this happens. Our reporters and editors thoroughly fact-check editorial content to ensure the information you're reading is correct. We keep a barrier between advertisers as well as our editorial staff. Our editorial team does not receive any direct payment by our advertising partners. Editorial Independence Bankrate's team of editors writes for YOU as the reader. Our aim is to provide you the most accurate advice to aid you in making informed financial decisions for your personal finances. We adhere to strict guidelines to ensure that our editorial content isn't influenced by advertisers. Our editorial staff receives no direct compensation from advertisers, and all of our content is checked for accuracy to ensure its truthfulness. Therefore, whether you're reading an article or a review, you'll be able to trust that you're getting credible and dependable information.

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There are money-related questions. Bankrate has the answers. Our experts have been helping you master your finances for more than four years. We are constantly striving to provide our readers with the professional advice and tools needed to be successful throughout their financial journey. Bankrate follows a strict , therefore you can be confident that our information is trustworthy and precise. Our award-winning editors, reporters and editors create honest and accurate content to help you make the right financial decisions. The content we create by our editorial team is factual, accurate and is not influenced by our advertisers. We're honest regarding how we're in a position to provide quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated for the placement of sponsored products and, services, or by you clicking on specific links on our website. Therefore, this compensation may influence the manner, place and when products are listed and categories, unless it is prohibited by law. We also offer mortgage or home equity products, as well as other products for home loans. Other elements, such as our own rules for our website and whether or not a product is offered in your area or at your self-selected credit score range can also impact the manner in which products appear on this site. We strive to offer an array of offers, Bankrate does not include specific information on every financial or credit product or service.

Your credit score, the vehicle you buy and your lender all play a role in the price you pay for an auto loan. Finding the best place to borrow from requires several applications and additional study prior to buying. Preapproval gives you more negotiating power when you visit the dealer -- and could allow you to get a cheap car loan which can save you hundreds worth of money over the loan term. 5 steps to obtain an affordable car loan Be prepared to shop by knowing your budget and credit score, as well as the ideal loan term. These steps will to find a low-cost -- and perhaps even affordable -- lender. 1. Be aware of your budget Experts suggest that you do not spend more than 20 percent of your per-month income for auto loan expenses, which include each month's loan payment, fuel , and other related costs. (The recommended maximum for new and used car installments of 15 and 10, in both cases.) Ideally, you'll go into an auto showroom with a clear concept of what you want, and include the additional . Be mindful of your budget when choosing a vehicle that is suitable for your requirements. Utilize websites like Edmunds or Kelley Blue Book for car estimations of reliability and price. The interest rates for new vehicles are generally less than on however used cars typically cost less overall. 2. Check your credit report Lenders take your credit score heavily when evaluating your capability to repay the loan. The higher your credit score is, the lower the interest rate. If you're looking to get the highest rate the lender gives, a great score is usually necessary. You can get the credit scores and history by contacting Equifax, Experian and TransUnion or at no cost at . Try and get your score to the best state possible prior to trying to get the auto loan. Some ways to include filing disputes with credit bureaus. If you discover any mistakes regarding your credit score, file disputes with the appropriate credit reporting agency immediately. Any negative information you find on your credit report that's inaccurately reported can drag your credit score down. Making sure you are current on any outstanding debt balances. Payment history accounts for 35 % of credit scores, it's crucial to bring any outstanding accounts up to date and make timely payments on the outstanding debt going forward. Reducing your unpaid debt balances. Aim for a credit utilization rate of 30 % or lower to help boost the credit rating. You can also to lower the rate of credit utilization. Avoiding new credit applications. Refrain from applying for other types of loans or credit cards. Multiple hard inquiries within a short period could ding your credit score. 3. Apply to multiple lenders. Although most lenders use the same criteria to determine your interest rate however, they use these factors differently. The best way to find the most affordable rate based on your credit is to make an application to several lenders. Get information from several banks, credit unions and online lenders and compare their rates of interest. The comparisons will help you get a grasp of what is available. And once you have an idea of what you qualify for, you will have an understanding of your monthly payments will be. If you wish to, you could make an arrangement with an existing backup plan in place. 4. Make an application for loans within a 14-day timeframe. Each credit application that you make results in a hard credit inquiry which lowers your credit score by a couple of points. The inquiry stays on your credit report for upto two years. In addition, hard inquiries affect the score of your credit for up-to 12 months, which makes several applications during a brief period problematic for your credit score. Luckily, an exception to the rule applies to auto loans. The loan applications submitted within a 14-day window count as a single inquiry, minimizing the impact on your credit score. Be aware that any applications made within this time frame could result in a more significant drop on your score and cause you to be ineligible for best rates. 5. Calculate the numbers Although an annual percentage rate that is low (APR) is appealing but it's not the only figure to be concerned about. The value of the trade-in on your old car, and yours will be the amount of it that is incorporated into how much you pay for your new vehicle. The more you can pay upfront -- and the lesser interest you pay overall -the less expensive the vehicle loan will be. Utilize an application to determine the total amount of interest you'll pay and your monthly payment. It's an excellent tool, especially once you have prequalified with several lenders and know what rates to expect. Most car loans are available with terms of 24 to . While a longer period will result in an lower monthly installment but it will cost more in the long run due to interest. Pick the loan with the shortest duration you can manage to lower the total cost. Where can you find the most affordable car loan Dealerships partner with credit unions, banks as well as online lending institutions to offer you finance. If you want to get the lowest cost car loan you must be sure to avoid paying additional fees for the same loan. Banks: If you already have an account open with a financial institution, you can look there for Auto loan. It is possible to get a discount for a relationship on top of a competitive interest rate. Because the majority of dealers rely on banks to finance their business and lending, you'll receive the same level of service . Online lenders: Since online lenders must compete with credit unions and banks, they tend to have the same rates. The best part is that they have a relationship with borrowers who are not creditworthy , so they can be an excellent option for an affordable loan even if you don't have an long credit background. Credit unions: As they're not-for-profit, they usually provide lower rates and comparable loan conditions to banks. This means they're one of the cheapest ways to get an auto loan. However, since you must be an active member, it could require a couple of monthswith having an active account before you can apply. The next step is to apply for a car loans are among the biggest expenses most people will have and so you must put in effort to find the lowest cost car loan feasible. Determine the monthly payment and total loan amount you are able to afford prior to signing a contract for the purchase of a new car. Do your research and apply to multiple lenders to ensure you're getting the best price. Find out more

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Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers to navigate the ins and outs of securely borrowing money to purchase the car they want.

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

Rhys has been writing and editing for Bankrate since the end of 2021. They are passionate about helping readers gain the confidence to control their finances with concise, well-researched, and well-informed facts that break down otherwise complex topics into manageable bites.

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How we make money Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for the placement of sponsored products and services, or when you click on certain links posted on our website. This compensation could impact how, where and when products are displayed within the listing categories, unless it is prohibited by law for our mortgage home equity, mortgage and other home loan products. Other elements, such as our own rules for our website and whether a product is available within your area or at your own personal credit score may also influence the manner in which products are featured on this site. Although we try to offer the most diverse selection of products, Bankrate does not include specific information on every credit or financial product or service. Bankrate, LLC NMLS ID# 1427381 | BR Tech Services, Inc. NMLS ID #1743443 |

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Good Debt vs. Poor Debt Learn the difference

Advertiser disclosure You're our first priority. Each time. We believe everyone should be able to make financial decisions with confidence. Although our site doesn't include every business or financial product in the marketplace, we're proud that the guidance we offer and the information we offer as well as the tools we design are objective, independent, straightforward -- and cost-free. So how do we make money? Our partners pay us. This could influence the types of products we review and write about (and the way they appear on the site), but it doesn't affect our advice or suggestions that are based on hundreds of hours of research. Our partners are not able to pay us to guarantee favorable review of their services or products. .

Good Debt is different from. Bad Debt: Be aware of the difference

Credit can be a great way to reach your goals, whereas bad debt is expensive and could cause them to fall off.

Written by Sean Pyles Senior Writer | Personal finances, financial debt Sean Pyles leads podcasting at NerdWallet as the producer and host of NerdWallet's "Smart Money" podcast. In "Smart Money," Sean talks with Nerds from the NerdWallet Content team to answer listeners' personal finance questions. With a focus on shrewd and actionable financial 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 also creates special segments that explore subjects like the racial inequality gap, how to start investing and the history for student loans.

Before Sean took over podcasting at NerdWallet He also covered issues concerning consumer debt. His work has appeared on USA Today, The New York Times as well as other publications. When when he's not writing about personal finance, Sean can be found digging around the garden, taking walks, or walking his dog for long walks. Sean is located within Ocean Shores, Washington.

Updated February 21, 2023

Written by 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 working at The Oregonian in Portland in capacities such as chief of the copy desk and team director of design and editing. Previous experience included copy and news editing for many Southern California newspapers, including the Los Angeles Times. She received a bachelor's degree in journalism and mass communications in The University of Iowa.

Many or all of the products featured here come from our partners, who pay us. This affects the products we review and the location and manner in which the product appears on the page. But, it doesn't influence our evaluations. Our views are our own. Here is a list of and .

Before you commit to any kind of debt, think about whether the car loan or new credit card can help you meet your financial goals or make them more difficult to accomplish. The you take on as well as the amount and cost, can mean the distinction between good debt and bad debt.

A credit card, as an instance, could be an option to finance large costs and also earn reward points. But if not managed carefully the credit card debt that comes with high interest rates can get out of hand.

Here are some general guidelines for good and bad debt and the best way to handle it in the event of having too much debt.

What is good loan?

Low-interest debt that helps you increase your income as well as net worth, are examples for good debt. However, too much of any kind of debt, regardless of the potential it may create could turn into bad debt.

Medical debt, as an example does not neatly fit into either the "good" and "bad" debt category. It's a cost that is largely uncontrollable and often doesn't have the benefit of an annual interest. There's a chance .

Student loans

Generally, they are viewed as an investment in the future, student loans tend to be lower in interest rate, particularly when they're federal student loans.

Guidelines: In general, try to have your student loan payment to stay below 10% of your projected after-tax monthly income a year following graduation. For someone who expects to earn $50,000 a year, the annual borrowing limit will be $29,000.

Take action: To handle overburdened student loans consider options such as refinancing and income-driven repayment plans.

Mortgages

Likely the biggest financial decision you'll ever make, a mortgage can be the first step towards homeownership.

Guidelines: Be aware prior to shopping, and limit a mortgage loan at 36% or less of income.

Do something about it: downsizing your home,, or moving in a less expensive area could make housing costs more manageable.

Car loans

For many, cars are vital to daily life.

Guideline: Keep total auto costs, including your car loan payment, . Loan terms must be 4 years or less, and usually with a 20% down payment.

Do something about it: trading in a car that isn't affordable can help you manage costs for your car.

Make sure you track your debt the simple way

Sign up to NerdWallet to view your debt breakdown and upcoming payments all in one place.

What is a bad credit?

The burdensome debts that eat away at your financial standing are classified as bad debt. Examples include debts with significant or variable interest rates in particular when used for discretionary expenses or things that lose value.

Sometimes bad debts are bad debts that go awry. The credit card is an illustration of this: If you have an interest-rate credit card that is high and you pay it off each month, there's no problem. But if high-interest credit card debt accumulates and you are unable to pay it off, you could get into danger.

Credit cards with high interest

High interest rates including those higher than 20%, could make your debts more expensive.

Guideline: If you're not seeing progress in paying off your debts with credit cards despite paying all you can every month, it could be an indication that you're dealing with problems .

Do something about it If you're able to manage your spending Consider a plan where you pay off the small debts first. A can make credit card debt less expensive, though you'll need good credit to qualify. In other cases, a nonprofit credit counseling agency might be a good alternative.

Personal loans for discretionary purchases

Taking on debt for expenses such as a trip or new clothes could be an expensive habit.

Guidelines: Personal loans are a great option for those who have a specific objective you want to achieve, for instance .

Take action: If you're facing an unaffordable personal loan, you may be eligible to .

Payday loans

are considered a bad loan which can become toxic. They are usually accompanied by interest rates of up to 300% which could make them unaffordable immediately. These are short-term, small-amount loans that are intended to be paid back with your next paycheck.

Guidelines: Financial experts warn against payday loans as borrowers may quickly fall into a debt cycle.

Take action: Consider alternatives such as borrowing from the credit union or asking family members for help.

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

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Do You Have Too Much Debt?

Advertiser disclosure You're our first priority. Each time. We believe everyone should be able to make sound financial decisions without hesitation. And while our site doesn't include every financial or company product on the market We're pleased of the advice we offer, the information we provide and the tools we develop are independent, objective, straightforward -- and cost-free. So how do we earn money? Our partners compensate us. This could influence the types of products we write about (and the places they are featured on our website) However, it in no way affects our suggestions or recommendations which are based on hundreds of hours of research. Our partners are not able to promise us favorable reviews of their products or services. .

(image: https://picography.co/page/1/600)Are You In Too Much Debt?

Take the sum of certain kinds of debt and compare the total to income to determine if there's an issue and how to proceed.

Through Our Nerdwallet contributors are experts in their fields and have various backgrounds including journalism, finance and consulting. Our editorial standards are the highest quality of journalism to ensure that our readers have the information necessary to make financial decisions without trepidation. Learn more about our

Last updated Aug 5, 2021 11:28AM PDT

Editor: Kathy Hinson Lead Assigning Editor Personal finance, credit scoring, financial management and debt Kathy Hinson leads the Core Personal Finance team at NerdWallet. In the past, she worked for 18 years with The Oregonian in Portland in roles including copy desk chief and team director of design and editing. Previous experience included news and copy editing at many Southern California newspapers, including the Los Angeles Times. She received a bachelor's degree in mass communication and journalism in Iowa's University of Iowa.

The majority or all of the products featured here are from our partners who pay us. This impacts the types of products we write about and where and how the product appears on a page. However, this does not affect our opinions. Our opinions are our own. Here's a list and .

Are you concerned about having too much debt? Looking into your debt-to-income ratio can help answer your question. Add your monthly debt obligations (things such as auto loans, housing payments and credit card debts) and divide by your monthly gross income. Debt loads in excess of 36 percent of your DTI could be difficult to pay off and hinder your ability to obtain credit.

If you can't keep on top of your payments, or you're facing stress or sleepless nights If so, it's time to create a plan to consider or research .

Watch your debts dwindle

Create an account to link your credit cards, loans and accounts to keep them all in one place.

Figure out your debt load

Utilize the calculator to find out if there is a problem. The calculator will also offer recommendations for what to do next.

Enter various debts -- such as credit card payments and medical bills as well as your earnings to this tool. The student loans and mortgages are typically less problematic forms of debt, so put them aside for the moment.

View your result for these riskier kinds of debt with regard to possible solutions:

If it's less than%, your debt load is considered acceptable based on your earnings.

If it's between 36% and 42% , consider DIY techniques like

If the ratio is 43% to 50%, take action to lower your debt burden; consulting a may be helpful. If it's 50% or more your debt load is high-risk; think about seeking advice from an lawyer.

Consider these guidelines as general guidelines. "There is no set standard for credit," says David Nash who is a certified financial advisor with Magister Wealth in San Antonio, Texas. He adds that "If your debt level is increasing as a percentage of your income, it means that you need to make tougher choices in the tradeoffs to be considered."

Distinguish between good debt and bad debt

It's important to separate the good from the bad, and the harmful. A mortgage that has an annual percentage rate of 3.5%, for example could be considered differently as a credit card with a 20% APR.

What's a good loan?

If you have an interest rate that is fixed and low, it is also when you take out the loan can be used to buy something that grows in value, like a house, business or college education. It's also beneficial when the interest is tax-deductible like the majority of student and mortgage loan interest.

What is bad debt?

Loans with high or variable interest rates that are used to purchase items that decrease in value or are exhausted. Some examples include personal loans for purchases that are discretionary, such as holidays and auto loans that last five years or longer or loans with high interest that have increasing amounts.

What's a toxic debt?

No credit check and with APRs over 36 percent, loans so long you pay more than the item is worth, or loans that require collateral that you cannot afford to lose, such as your vehicle.

The burden of bad debt is the high cost of interest and can limit your savings, cash flow and the ability to borrow for purposes like purchasing a house According to Erika Safran who is a certified financial planner who works with Safran Wealth Advisors in New York City.

But a low-interest mortgage that is affordable for you shouldn't keep you up at night.

Common warning signs of problem in the area of debt

Your debt balance is not decreasing despite your regular payments.

You're living paycheck-to-paycheck and have no cash at the end each month.

There's no reason to contribute money into a retirement plan that's sponsored by your employer since you're in need of the funds.

You're unable to build an of at least $500 to safeguard against financial unexpected events.

Credit cards are used for cash advances.

Are the other forms of debts a problem?

The following guidelines will give you an idea of how much is considered to be too much in these debt categories and how to handle it if you're overloaded:

Housing

Guideline: When buying a house, you should limit your mortgage costs to . This calculator can help you determine .

How to deal with an overwhelming situation: Think about , or consider downsizing as well as moving to lower-cost location. If you're refinancing or switching homes in your 40s or 50s, consider a in order to have no mortgage when you retire.

Student loans

The rule of thumb is to not borrow more for your education than the amount you anticipate earning within your first year in the workforce. If you expect a starting salary of $40,000, for instance, limit your loans to $10,000 annually for a four-year degree. is a common regret among students loan recipients, as per NerdWallet research.

How to handle an overflow: Look into your options, such as income-driven repayment plans and refinancing.

Car loans

Guidelines: Experts suggest that your auto expenses (including -- should stay of your take-home pay. Car loans are required to be less than four years and, ideally, coupled with 20% down. So you don't have to spend years owing more than the value of your car.

How to handle an overloaded vehicle: If you have an , consider or selling your vehicle for a more affordable one.

Medical debt

The guideline is that medical debt is a special situation because health-related expenses are typically out of the consumer in their control. This kind of debt is generally interest-free but the amount involved can make it unmanageable.

How to deal with an overload You can try bargaining with the billing office to lower the amount to be paid or arrange an affordable payment plan. You can do this on your own, if you are able however, you might need to look into .

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