Banking http://www.wisebread.com/taxonomy/term/800/all en-US 10+ Smart Ways to Get a Small Business Loan http://www.wisebread.com/10-smart-ways-to-get-a-small-business-loan <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/10-smart-ways-to-get-a-small-business-loan" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/000037497774.jpg" alt="Woman finding smart ways to get a small business loan" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>Money is the lifeline of any small business.</p> <p>And using financing to maintain healthy cash flow can be essential for a sustainable operation. Still, when it comes to seeking financing, some business owners may not know where to begin. There are now more options than ever for the hopeful entrepreneur looking to get a bit of a boost to jump start a business. Here is a breakdown of some of the ways you can get financing for your business.</p> <h2>1. Business Loan</h2> <p>With over half of small businesses using them, <a href="https://www.sba.gov/sites/default/files/2014_Finance_FAQ.pdf">traditional bank loans</a> are still the most popular source of financing among small businesses. However, not every organization is able to secure one. According to a nationwide review of 10,000 loan applicants across 700 different industries, 82% of loan applications from small businesses are <a href="https://www.ondeck.com/company/in-the-news/press-releases/ondeck-main-street-pulse-report/">turned down by a bank</a>.</p> <p>There are two basic steps to increase your chances of landing a business loan.</p> <p>First, you need to build and maintain a strong business credit score. Don&rsquo;t confuse your personal credit score with your business credit score. Two thirds of U.S. small business owners haven&rsquo;t <a href="http://www.wsj.com/articles/SB10001424127887323893504578559420352637566">checked their business credit report</a> within the past two years. Before you apply for a business loan, find out your current business credit score, update any missing or incorrect information, and take steps toward improving it.</p> <p>Second, you need to establish a solid business plan, which not only details how you plan to operate your business, but also provides projections of revenues and expenses for the next five years. The more that you can back up your claims and projections with factual information, the better your chance of landing a business loan.</p> <h2>2. SBA Loan Programs</h2> <p>The U.S. Small Business Administration (SBA) offers <a href="http://www.sba.gov/loanprograms">several loan programs</a> for very specific purposes.</p> <h3>General Small Business Loans: 7(a)</h3> <p>This is the SBA&rsquo;s most common loan program, which is available to most small businesses that operate for profit in the U.S. and aren&rsquo;t delinquent on any existing debt obligations to the federal government. You can find more details about <a href="https://www.sba.gov/content/7a-loan-program-eligibility">7(a) loan program eligibility</a> at the SBA website.</p> <h3>Microloan Programs</h3> <p>With an interest rate ranging between 8% and 13% and maximum repayment term of up to six years, the SBA Microloan program provides loans of up to $50,000 to help small businesses in securing working capital, purchasing inventory or supplies, acquiring furniture or fixtures, or investing in machinery or equipment. The <a href="https://www.sba.gov/content/microloan-program">average microloan</a> is about $13,000.</p> <h3>Real Estate and Equipment Loans: CDC/504</h3> <p>A <a href="https://www.sba.gov/category/navigation-structure/loans-grants/small-business-loans/sba-loan-programs/real-estate-and-eq">CDC/504 loan</a> can be used for:</p> <ul> <li>purchasing land, including existing buildings;</li> <li>making substantial real estate improvements;</li> <li>renovating or modernizing facilities; and</li> <li>purchasing long-term machinery and equipment.</li> </ul> <h3>Disaster Loans</h3> <p>Most businesses whose real estate, property, machinery and equipment, inventory, or other business assets were destroyed in a declared disaster, may be eligible to a low-interest <a href="https://www.sba.gov/category/navigation-structure/loans-grants/small-business-loans/disaster-loans">disaster loan</a>. The SBA monies can be used to replace or repair the destroyed business assets.</p> <h2>3. Asset-Backed Loan</h2> <p>Trying to hire extra help during a busy season or taking advantage of a great opportunity to bulk up inventory for cheap can put your small biz in a cash crunch. One way to secure that much-needed capital is to use your accounts receivable or assets as collateral for a loan.</p> <p>Before you run to the bank with a list of all your business assets, you should realize that lenders are only interested in specific high-quality assets:</p> <ul> <li>accounts receivable under 60 to 90 days, depending on lender;</li> <li>heavy equipment;</li> <li>qualifying vehicles (e.g. trucks); and</li> <li>business inventory.</li> </ul> <p>To hedge the loans that they issue, banks generally <a href="http://www.entrepreneur.com/article/52726">appraise eligible receivables</a> and finished inventory at 70% to 80% and 50%, respectively, of their market value. The reason is that if you were to default on your loan or miss several payments, then the bank would liquidate the assets as quick as possible at a lower price. If the sale doesn&rsquo;t cover your remaining loan balance, you&rsquo;re still liable for it.</p> <p>By keeping in mind the lower asset valuations, associated loan fees, and applicable rules, asset-backed lending can be a useful source of financing for small businesses. This is why asset-based credit line commitments at the end of 2014 were <a href="http://higherlogicdownload.s3.amazonaws.com/CFA/72a44465-ed9d-4059-8a2b-308d81a7fe37/UploadedImages/2014%20Annual%20Asset-Based%20Lending%20and%20Factoring%20Survey.pdf">nearly $216 billion</a>, a 6.8% increase over 2013.</p> <h2>4. Kabbage</h2> <p>One of the main challenges of getting a loan for your small business from traditional lenders is that they base the majority of their decisions on a credit score. Even though small biz owners may lack the business credit score traditional lenders are looking for, they can still demonstrate a healthy cashflow through business data from connected sites, such as a QuickBooks, Square, Amazon, PayPal, or Etsy accounts.</p> <p>Leveraging this second type of business data, <a target="_blank" href="http://track.linkoffers.net/a.aspx?foid=22986011&amp;fot=9999&amp;foc=1" rel="nofollow">Kabbage</a> helps small businesses get the funding they need to grow. Through a fully automated, online platform, owners of small businesses can link their latest business data, allowing Kabbage to review the overall health of their business &mdash; not just a credit score &mdash; to approve and provide loans between $2,000 and $100,000 in minutes.</p> <p>Kabbage loans aren&rsquo;t for everybody. These are very short term loans that are payable within six months, requiring payment of one sixth of the total loan plus a monthly fee per month. Fees range between 1% and 12% of your loan for the first two months and 1% for each of the remaining four months. However, you can pay back your loan early without penalty and lower your financing costs.</p> <h2>5. Lending Club</h2> <p>The underlying idea of peer to peer (P2P) lending is to circumvent traditional lenders, such as banks, by crowdfunding funds from a large group of individuals. When one small business owner receives a P2P loan, his peers fund small portions of that loan and receive principal plus interest when the borrower repays the loan. In simple words: a peer lends to another peer. (See also: <a href="http://www.wisebread.com/peer-to-peer-lending-prosper-marketplace-or-lending-club?ref=seealso">Prosper or Lending Club?</a>)</p> <p>Founded in 2007, <a target="_blank" href="http://track.linkoffers.net/a.aspx?foid=22959155&amp;fot=9999&amp;foc=1" rel="nofollow">Lending Club</a> has issued over $11.17 billion in P2P loans since 2007. In 2012, Lending Club issued a total of <a href="http://www.federalreserve.gov/pubs/feds/2014/201410/201410pap.pdf">1,386 small business loans</a> with an average loan amount of $16,268 and an average interest rate of 13.39%. Collateral is not needed for loans under 100k and no appraisals or business plans required. You must own at least 20% of the business and have fair credit. Their loans start at 5.9% fixed and you can choose from 1-5 year terms. There is a one-time origination fee that ranges from 0.99-5.99%.</p> <h2>6. Prosper</h2> <p>The pioneer of P2P lending in the U.S., <a target="_blank" href="http://track.linkoffers.net/a.aspx?foid=22964539&amp;fot=9999&amp;foc=1" rel="nofollow">Prosper</a> uses a credit score-based model for evaluating its P2P loans. more than 2.2 million members and over $4 billion in funded loans. Small business owners can apply for P2P loans between $2,000 and $35,000 and individual lenders invest as little as $25 in each loan listing they select. A small business loan through Prosper can have an APR ranging between 5.99% and 36.00%. Unlike Lending Club which prefers businesses to have been operating for at least two years with 75k in annual sales, Prosper encourages budding entrepreneurs to apply.</p> <h2>7. CircleBackLending</h2> <p><a target="_blank" href="http://track.linkoffers.net/a.aspx?foid=26228790&amp;fot=9999&amp;foc=1" rel="nofollow">CircleBackLending</a> is also a P2P operator but uses institutional investors. Small business owners can borrow between $3,000 to $35,000 at CircleBackLending. Their unsecured loans are fixed-rate with interest rates starting at 5.96% for those with good credit.</p> <h2>8. PersonalLoans.com</h2> <p>Here you can find three types of personal loans: peer-to-peer loans, personal installment loans, and bank personal loans. However, due to applicable laws and regulations that vary by state, some of those loans may not available for you. Each type of loan at <a target="_blank" href="http://track.linkoffers.net/a.aspx?foid=26133992&amp;fot=9999&amp;foc=1" rel="nofollow">PersonalLoans.com</a> has specific requirements. For example, the minimum requirements to qualify for a bank personal loan ranging from $1,000 to $35,000 are a credit score of 580, monthly income of $3,000, proof of employment or self-employment.</p> <h2>9. One Main Financial</h2> <p>Depending on your state of residence, you can borrow between $300 and $15,000 through <a href="http://www.dpbolvw.net/click-2822544-10762894-1411397282000">One Main Financial</a>. An important advantage of using this lender is that you can cancel your personal loan for any reason and return the money within 14 days without any early payment fees or other types of penalties.</p> <h2>10. Avant</h2> <p>Formerly known as Avant Credit, this issuer of personal loans can be an option for small business owners looking to start or build back up their credit history. While you don't need a FICO score to apply for a loan with <a target="_blank" href="http://track.linkoffers.net/a.aspx?foid=26134021&amp;fot=9999&amp;foc=1" rel="nofollow">Avant</a>, all of your payments will be reported to the major credit bureaus, which helps to improve your credit score as long as you're making timely payments.</p> <h2>11. Small Business Credit Cards</h2> <p>By choosing the <a href="http://www.wisebread.com/the-5-best-credit-cards-for-small-businesses?ref=internal">right small business credit card</a>, you can avoid a cash crunch and meet your financing needs to secure future income. Choose the card that offers the best bonuses for your purchases as well as additional benefits like travel perks if you travel frequently.</p> <p><a target="_blank" href="http://track.linkoffers.net/a.aspx?foid=3050779&amp;fot=9999&amp;foc=1" rel="nofollow">SimplyCash&reg; Business Card from American Express</a> offers 5% cash back at U.S. office supply stores and on wireless telephone services. The <a target="_blank" href="http://www.wisebread.com/capital-one-spark-miles-for-business?ref=small-business-loan" rel="nofollow">Capital One&reg; Spark&reg; Miles for Business</a> offers 2x miles per dollar spent on every purchase. The <a target="_blank" href="http://track.linkoffers.net/a.aspx?foid=16530367&amp;fot=9999&amp;foc=1" rel="nofollow">Ink Cash&reg; Business Card</a> offers a 0% Intro APR on purchases and balance transfers for 12 months (after that the APR is 13.24%). (See also: <a href="http://www.wisebread.com/when-you-should-get-a-business-credit-card-over-a-consumer-card?ref=seealso">The Difference Between Business and Consumer Credit Cards</a>)</p> <p>Responsible use of a small business credit card can also help you to separate your business and personal finances.</p> <h2>The Bottom Line</h2> <p>No matter the source of your financing, you should only seek a loan if you&rsquo;re experiencing a cash flow gap. This means that you need the money to meet the operating expenses for a guaranteed source of revenue. For example, you need the capital to buy a piece of equipment for an order that is double your actual capacity, or to hire additional employees during the Christmas season rush.</p> <p>There are several financing options available, so don&rsquo;t jump at the first loan offer that you receive, and always shop around for better rates.</p> <p><em>What are other ways to get a loan for your small business?</em></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/damian-davila">Damian Davila</a> of <a href="http://www.wisebread.com/10-smart-ways-to-get-a-small-business-loan">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-1"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/is-your-credit-score-suffering-without-your-knowledge">Is your credit score suffering without your knowledge?</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-to-prepare-for-a-home-purchase-in-2010">How to Prepare for a Home Purchase in 2010</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/the-5-best-credit-cards-for-small-businesses">The 5 Best Credit Cards for Small Businesses</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/cant-get-a-bank-loan-8-other-ways-to-finance-your-business">Can&#039;t Get A Bank Loan? 8 Other Ways To Finance Your Business</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-best-prepaid-debit-cards">5 Best Prepaid Debit Cards</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Banking Credit Cards Entrepreneurship borrowing money credit score financing loans small business Fri, 28 Aug 2015 13:00:20 +0000 Damian Davila 1539545 at http://www.wisebread.com 8 Ways Your Savings Account May Be Costing You http://www.wisebread.com/8-ways-your-savings-account-may-be-costing-you <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/8-ways-your-savings-account-may-be-costing-you" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/woman_stressed_bills_000039190056.jpg" alt="Woman learning ways her savings account is costing her" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>A savings account is an essential tool of money management. It'll enable you to save for emergencies and financial goals, and you might even get a little bit of interest income along the way. But not all savings accounts are the same. Some are extra-stingy on interest. Some have high fees. And some are just terrible all around.</p> <p>Here's a look at some ways your savings account may actually be making your financial situation worse, and how to find the best savings account for you.</p> <h2>1. Terrible Interest Rates</h2> <p>No bank has high rates these days. But some are offering practically no interest at all. Don't hesitate to shop around for higher rates; it's still possible to get rates higher than 1%, especially on the Internet. Online savings accounts such as Discover Bank&nbsp;and <a href="http://www.wisebread.com/capital-one-360-review?ref=internal">CapitalOne360</a> offer some of the best rates around, so look there first. (See also: <a href="http://www.wisebread.com/5-best-online-savings-accounts?ref=seealso">5 Best Online Savings Accounts</a>)</p> <h2>2. Fees</h2> <p>Many banks charge fees for a wide range of things, from low balances and overdrafts, to frequent deposits or withdrawals. You might even get dinged if you want a paper statement, or want to use an ATM from another bank. If your bank seems to be bleeding you dry with fees, find a different place to put your money. Many online savings accounts offer no fees or minimums.</p> <h2>3. You're Putting Too Much Into It</h2> <p>Let's be clear: There's nothing wrong with saving. We love saving! But if you are placing virtually every dollar of surplus cash in a normal savings account, you're hurting your future self financially. That's because it's also important to put as much money as you can retirement accounts, such as your 401(k) or Roth IRA. Putting some money in stocks and other investments will lead to higher returns and more cash in the long run, and these accounts have great tax advantages. Even taxable brokerage accounts are fine if you're investing in things that generate a higher return than your savings account.</p> <h2>4. A Lack of Sub-Accounts</h2> <p>A savings account is good, but when it's just a pile of money without a designated purpose, it's not as effective as it could be in helping you reach your goals. If you have the ability to open sub-accounts for specific purposes, such as a new car, home repairs, or vacation, you'll find that it's much easier to be disciplined. If you have an account labeled &quot;new car fund,&quot; for example, you'll be less tempted to dip into that account until absolutely necessary. Many online savings accounts offer sub-accounts free of charge, so take advantage of them if you can.</p> <h2>5. The Online Security Stinks</h2> <p>It seems like every day, we're hearing about a company suffering from a major data breach, potentially placing customers' personal and financial information at risk. Credit card users are often the most vulnerable, but be aware if your bank has also had issues protecting the information of account holders. Be sure you're comfortable with the security measures in place to prevent criminals from logging in to your accounts. Loyalty to a bank isn't going to mean much if you spend thousands of dollars getting a case of identity theft resolved.</p> <h2>6. Poor Access to Good CDs</h2> <p>CDs offer terms of varying lengths; the longer the term, the better the rate. But not all banks allow you to easily move cash from a savings account to CDs. And many that do offer them don't have a great selection. When researching a savings account, also research the CD offerings from the same bank.</p> <h2>7. A Dearth of Online and Mobile Services</h2> <p>In this day and age, you need a bank that allows you to save and manage your money in the same way you live your life. This means having access to online banking and mobile apps that let you check balances, pay bills, and move money around when necessary. It means mobile check cashing. It may even mean the ability to make payments to other people from your account, when necessary. If you are still relying on visits to physical banks and monthly paper statements, you're wasting time and money.</p> <h2>8. It's Not Even Your Account</h2> <p>Imagine having an account in which a bank takes your money and places it in its own savings account. Imagine having to ask the bank to transfer money back to you when you need it. Seems absurd, right? But that's exactly what happens if you sign on with the online banking service known as Digit. The service is designed to move money from your checking account to savings when money is available, theoretically encouraging people to save. But the customer doesn't actually own the savings account, and worst of all, Digit offers absolutely no interest to customers, but it makes money by generating interest on your savings. Get it? Me neither. Stay away from banks and services like this one.</p> <p><em>How is your savings account holding you back?</em></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/tim-lemke">Tim Lemke</a> of <a href="http://www.wisebread.com/8-ways-your-savings-account-may-be-costing-you">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-2"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/the-types-of-savings-accounts-which-is-right-for-you">The Types of Savings Accounts: Which Is Right For You?</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/4-things-to-consider-before-you-open-an-online-savings-account">4 Things to Consider Before You Open an Online Savings Account</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/6-reasons-to-love-your-bank">6 Reasons to Love Your Bank</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/discover-bank-review-you-know-the-card-but-what-about-the-bank">Discover Bank Review: You Know the Card, but What About the Bank?</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/banks-still-offering-free-checking-and-great-interest-rates">Banks Still Offering Free Checking and Savings with Great Interest Rates</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Banking CDs fees interest online banking savings accounts Mon, 17 Aug 2015 09:00:17 +0000 Tim Lemke 1523215 at http://www.wisebread.com Chase Total Checking and Savings: Easy Everyday Banking http://www.wisebread.com/chase-total-checking-and-savings-easy-everyday-banking <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/chase-total-checking-and-savings-easy-everyday-banking" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/iStock_000037506278_XXXLarge.jpg" alt="man using smartphone" title="man using smartphone" class="imagecache imagecache-250w" width="250" height="166" /></a> </div> </div> </div> <p>Years ago, when you wanted to open a checking or savings account at a bank, you'd head over to a bank in your neighborhood. These days, setting up a new account no longer requires a live person to walk you through it. There are <a href="http://www.wisebread.com/5-best-online-checking-accounts?ref=internal">banks exclusively online</a> to prove it. (See also: <a href="http://www.wisebread.com/banks-still-offering-free-checking-and-great-interest-rates?ref=seealso">Banks Still Offering Free Checking and Great Interest Rates</a>)</p> <p>If you're shopping for a bank to open a checking or savings account at, you're probably wondering which bank is best: local credit union, exclusive online bank, or one that provides both online and brick and mortar services. While online exclusive banks may offer slightly lower fees or higher APYs, a large, traditional bank can provide valuable resources and services along with integrated online and mobile options that make banking a breeze.</p> <p>Take, for example, Chase Total Checking&reg;. Their motto is &ldquo;Simple and Accessible&rdquo; &mdash; and with 15,500 Chase ATMs and 5,400 branches across the nation, it won&rsquo;t be too difficult to find a location to get cash or deposit checks in person. And you can get even more out of your banking if you open a Chase Savings<sup>SM</sup> account too. And they're offering new customers up to a $250 bonus! See details below.</p> <h2>How to Open an Account</h2> <p>To open a Chase Total Checking&reg; account, you need to deposit a minimum of $25. There is a $12 monthly service fee, which you can get around by doing one of the following:</p> <ul> <li>Make direct deposits to your account totaling $500 or more.</li> <li>Maintain a $1,500 minimum daily balance.</li> <li>Maintain an average daily balance of $5,000 or more in qualifying linked deposits or investments.</li> </ul> <p>The minimum deposit for a savings account is also $25. The monthly fee is $5, which is waived if you do one of the following:</p> <ul> <li>Maintain a $300 minimum daily balance.</li> <li>Have at least one repeating automatic transfer of at least $25 from your personal Chase checking account.</li> <li>Link your savings account to a Chase Premier Plus Checking, Chase Premier Platinum Checking, or Chase Private Client Checking account.</li> <li>Be younger than 18 years old.</li> </ul> <h2>Sign-up Offers</h2> <p>Chase is offering $150 for their new customers who open a Chase Total Checking&reg; account and set up direct deposit. If you open a new Chase Savings<sup>SM</sup> account (even if you already do some of your banking with Chase), you can get $100 by depositing $10,000 in new money within 10 business days and keeping a $10,000 balance for 90 days. This means that you can receive $250 if you qualify for both offers! But be sure to jump on them soon &mdash; these offers expire October 14, 2015.<a rel="nofollow" href="http://track.linkoffers.net/a.aspx?foid=26126800&amp;fot=1253&amp;foc=1" target="_blank"><strong><br /> </strong></a></p> <h2>Online and Mobile Banking</h2> <p>If you prefer to do your banking from the comfort of your living room &mdash; or really, anywhere with Internet connection &mdash; Chase offers online and mobile banking. Some of their services include:</p> <ul> <li><strong>Chase QuickDeposit:</strong> Take a picture of your check and deposit it with the Chase Mobile App. Easy!<br /> &nbsp;</li> <li><strong>Chase QuickPay:</strong> Send money to another person, no cash or checks necessary. Just enter the recipient&rsquo;s email address or mobile number and Chase will send them an email with instructions on how to accept the payment. They don't have to be a Chase customer, but they do have to create a Chase user account.<br /> &nbsp;</li> <li><strong>Online Bill Pay:</strong>&nbsp;Your bill payments will be sent on the date you specify. If your payment is ever delayed, Chase will refund 100% of any late fees (provided they got the payment request before the cutoff time and the payee information was correct).</li> </ul> <h2>Automatic Savings</h2> <p>You can set up a repeating automatic transfer from your Chase checking to your savings account...and forget about it! Actually, don't, because it's important to monitor your money. But there's no denying that Chase's Automatic Transfer Program takes most of the effort out of saving, and it's an easy way to get the monthly fee on your savings account waived &mdash; just set the transfer amount to at least $25 a month.</p> <h2>Account Alerts</h2> <p>Need to keep a close eye on your account? (I mean, who doesn&rsquo;t?) Chase will text or email you if your account is low on funds, there is a large transaction, or other account activity. It&rsquo;s easy to personalize what account alerts you receive and how you receive them.</p> <h2>Pros</h2> <p>$250 is an attractive sign-up offer! Plus, between the online/mobile banking offerings and account alerts, it&rsquo;s easy to stay on top of your finances wherever you are. And you'll likely never worry about having to hunt down a Chase ATM or branch, if you need to access your money quickly or get a banker's help.</p> <h2>Cons</h2> <p>You might forget about the minimum balance or requirements for waiving the monthly fee and get hit with it. That's one of the disadvantages of having an account that &quot;waives&quot; your fee rather than provides it for free. <a href="http://www.anrdoezrs.net/click-2822544-10124087-1437509025000?sid=review-chase_total">Capital One 360</a> offers a free interest bearing checking account, and <a rel="nofollow" href="http://track.linkoffers.net/a.aspx?foid=22914403&amp;fot=1253&amp;foc=1" target="_blank">Discover offers a savings account</a> with a whopping 0.95% APY for all balances.&nbsp;</p> <h2>Are Chase Total Checking&reg; and Savings<sup>SM</sup> Right for You?</h2> <p>If you're looking for a solid bank with both a physical presense as well as plenty of online and mobile conveniences, Chase is a great option. Along with their basic banking offerings, Chase has a good reputation for their other consumer products like credit cards. Having a lot of your financial accounts under one company can be incredibly convenient.<a rel="nofollow" href="http://track.linkoffers.net/a.aspx?foid=26126800&amp;fot=1253&amp;foc=1" target="_blank"></a></p> <p>&nbsp;</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/amy-lu">Amy Lu</a> of <a href="http://www.wisebread.com/chase-total-checking-and-savings-easy-everyday-banking">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-3"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-best-online-savings-accounts">5 Best Online Savings Accounts</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/new-debit-card-rules">New Debit Card Rules</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/discover-bank-review-you-know-the-card-but-what-about-the-bank">Discover Bank Review: You Know the Card, but What About the Bank?</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/banks-still-offering-free-checking-and-great-interest-rates">Banks Still Offering Free Checking and Savings with Great Interest Rates</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/8-credit-mistakes-that-could-hurt-your-mortgage-application">8 Credit Mistakes That Could Hurt Your Mortgage Application</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Banking bank reviews chase checking account credit cards savings account Tue, 28 Jul 2015 23:01:36 +0000 Amy Lu 1500568 at http://www.wisebread.com 38 Ways to Save Money Without Trying (Much) http://www.wisebread.com/38-ways-to-save-money-without-trying-much <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/38-ways-to-save-money-without-trying-much" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/woman_saving_money_000015136579.jpg" alt="Woman saving money without trying" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>Ugh, just the phrase &quot;<a href="http://www.wisebread.com/6-simple-ways-to-save-money-by-tracking-your-receipts">saving money</a>&quot; can make it seem like a herculean task. But it doesn't have to be. There are plenty of ways to drop extra money into your bank account that don't require that much effort or thought on your part. Here are a number of them. You probably are already doing a few (good for you!), but it's always a good reminder to keep you on task!</p> <h3>1. Automate</h3> <p>Automating your bank account so part of your paycheck immediately gets dumped into your savings is an easy way to save without really thinking about it. This way, you'll have to live within your means.</p> <h3>2. Lay Off the Credit Cards</h3> <p>Swiping credit cards may cause you to spend more than you like. If you're not responsible with your money, try to opt to live credit-card-free. Yes, you may be losing out on reward points or cash back, but if you're going into debt because you're not thinking about your purchases, perhaps you need to lay off charging things to credit.</p> <h3>3. Read More</h3> <p>Do you know what <a href="http://www.savvysugar.com/Warren-Buffett-Success-Tips-34015340">Warren Buffett does</a> with most of his time? Read. OK, maybe you won't become a billionaire, but reading personal finance books or <a href="http://www.savvysugar.com/Books-Change-My-Life-21195577">self-improvement books</a> can put you on track to having a healthier relationship with money. Saving money will become second nature to you, which will make it easier to save.</p> <h3>4. Go to the Library</h3> <p>Reading more doesn't mean spending more cash on books. Start thinking of your local library as your friend and explore all the freebies they have to offer &mdash; it's not just books. You can borrow free DVDs, use their Internet for free, <a href="http://www.savvysugar.com/Free-Services-From-Library-25766579">and more</a>.</p> <h3>5. Make Your Own Coffee</h3> <p>Invest in a coffee machine or a french press to easily make coffee instead of going to your local Starbucks on your way to work. Instant coffee is a good idea as well if you don't mind the flavor.</p> <h3>6. Make ExercisePart of Your Lifestyle</h3> <p><a href="http://www.eurekalert.org/pub_releases/2012-05/nu-lct052412.php" target="_blank">Studies have shown</a> that picking up one healthy habit can lead to positive benefits in other parts of your life. If you add working out to your routine, your relationship with money may benefit from it as well.</p> <p>RELATED:&nbsp;<a href="http://www.popsugar.com/smart-living/How-Stop-Wasting-Money-Grocery-Store-34831861">19 Ways You're Wasting Money at the Grocery Store</a></p> <h3>7. Hang Out With Frugal Friends</h3> <p>Your friends can be a huge influence on you, so choose wisely who you spend the most time with. That's not to say that you should avoid your spendthrift friends like the plague, but be honest when you can't afford to do something instead of trying to keep up with the Joneses.</p> <h3>8. Start a Money-Making Hobby</h3> <p>You may think that a <a href="http://www.savvysugar.com/Making-Extra-Income-23682849">second income</a> sounds like a lot of work, but hear me out. If you already have a hobby that you spend a lot of time on and enjoy doing, figure out how to&nbsp;<a href="http://www.savvysugar.com/How-Make-Money-From-Hobbies-17582307">make money from it.</a> It can be anything from making homemade laundry soap you can sell on Etsy or writing freelance pieces for a magazine.</p> <h3>9. Get Good Sleep</h3> <p>Getting a good night's rest can really affect your impulse control. Make sure you're not caving into or fighting off impulse purchases that can really wreck your savings.</p> <h3>10. Get a Brita Filter</h3> <p>Instead of buying bottles of water, save the environment and money by investing in a <a title="undefined" href="http://www.amazon.com/gp/product/B004GNGID0/ref=as_li_tl?ie=UTF8&amp;camp=1789&amp;creative=9325&amp;creativeASIN=B004GNGID0&amp;linkCode=as2&amp;tag=wisbre03-20&amp;linkId=NOLKVL747HK6L3UB">Brita filter pitcher</a> ($41).</p> <h3>11. Use Vinegar to Clean</h3> <p>Instead of buying cleaning products, use this powerful cleaning agent that you already have in your kitchen &mdash; <a href="http://www.savvysugar.com/Uses-Vinegar-22333420">vinegar</a>. Using <a href="http://www.savvysugar.com/DIY-Cleaning-Products-28901279/">pantry items to clean</a> is not only cheaper, but less toxic for the home as well.</p> <h3>12. Replace Your Light Bulbs</h3> <p>Upgrading your light bulbs to more efficient ones can save you <a href="http://energy.gov/energysaver/articles/lighting-choices-save-you-money" target="_blank">$50 a year</a>, and all you have to do is just screw them in! Read our review of the best soft-glow <a href="http://www.savvysugar.com/Best-Soft-Glow-CFLs-2014-33208938">energy-efficient lightbulb</a>.</p> <h3>13. Try These Fun and Free Activities</h3> <p>Having fun doesn't always mean a drain on your wallet. We've come up with plenty of ways to keep yourself <a href="http://www.savvysugar.com/Free-Ways-Entertain-Yourself-Home-30926585">entertained at home</a> and <a href="http://www.savvysugar.com/Free-Things-Do-Outside-House-35172780">outside of your home</a>. Go for a hike, fly a kite, or grab a well-loved book to reread. Start equating fun with activities that don't cost much, it's very important to make that connection.</p> <h3>14. Cut Cable</h3> <p>More and more households are cutting the cord. Read our <a href="http://www.savvysugar.com/How-Quit-Cable-24791307">step-by-step guide</a> to quitting cable cold turkey. It's an option to consider if you're not a big TV fanatic.</p> <h3>15. Improve Your Credit Score</h3> <p>Working on your credit score will save you money in ways you won't expect. For example, you'll get a lower interest rate on your mortgage and credit cards, better rates on insurance, and some companies like your cell phone provider or cable company may waive big deposits for your clean credit record. Here are some tips on <a href="http://www.savvysugar.com/How-Improve-My-Credit-Score-3170689">raising your score</a>.</p> <p>RELATED:&nbsp;<a href="http://www.popsugar.com/smart-living/Best-Things-Life-Money-Cant-Buy-34442356">98 of the Best Things in Life That Money Can't Buy</a></p> <h3>16. Take Care of Your Things</h3> <p>Something that tends to trip up our savings is having to buy new things when the items we own broke or get worn out. You can prevent that by properly taking care of your things and lenghtening their lives. Here are some tips to <a href="http://www.savvysugar.com/Making-Groceries-Last-Tips-16971878">make groceries last</a> and to <a href="http://www.savvysugar.com/How-Make-Your-Cheap-Clothes-Last-Longer-30811657">preserve your clothes</a>.</p> <h3>17. Use Reward Credit Cards</h3> <p>If you're good with your money, taking advantage of reward credit cards would work very well in your favor. Figure out what the biggest things you spend money on are and find the best reward cards for that category. For example, if travel is your thing, check out our top picks for <a href="http://www.savvysugar.com/Best-Travel-Reward-Credit-Cards-24441826">travel credit cards</a>.</p> <h3>18. Download WhatsApp and Viber</h3> <p>Keep in touch with your friends for free with these apps that let you&nbsp;<a href="http://www.geeksugar.com/Apps-Text-Free-31094824">text and talk for free</a>. It's great when your traveling overseas and don't want to rack up a huge phone bill.</p> <h3>19. Get a Crock-Pot</h3> <p>You've heard repeated reminders of making your own meals to save money, but who has the time right? Well, if you invest in a crockpot, cooking will seem like a breeze because all you have to do is throw the ingredients in and let it work its magic. Check out our vast array of <a href="http://www.popsugar.com/latest/Slow-Cooker">slow-cooker recipes</a>.</p> <h3>20. Don't Procrastinate</h3> <p>If you have problems with procrastinating, you know that bad habit ends up costing you money. You'll have to pay for late fees, penalties for canceled appointments, and more. Nip your procrastinating problem in the bud <a href="http://www.savvysugar.com/How-Stop-Chronic-Procrastination-21784767">with these tips</a>.</p> <h3>21. Double-Check Things</h3> <p>Being careless can be very costly. For example, you might miss some wrongful charges on receipts or forget your phone in a cab. Always, always double-check everything to make sure it's accurate and to make sure you have everything with you.</p> <h3>22. Get a Prepaid Phone</h3> <p>This is not a big secret, but one of the biggest ways to <a href="http://www.savvysugar.com/How-Reduce-My-Cell-Phone-Bill-24228468">save money on your phone bill</a> is to get a prepaid phone instead of signing up for a contract. Read about how one woman saves over <a href="http://www.savvysugar.com/-Contract-Cell-Phone-Plans-Save-Money-34295289">$300 a year</a> on no-contract plans.</p> <h3>23. Get Fake Flowers</h3> <p>Instead of continually buying flowers, get fake flowers that look real to freshen up your home. Gone are the days of supercheesy plastic flowers that look fake &mdash; these days there are plenty that look real. Or you can even go a different approach and get flowers made out of cool materials <a href="http://www.savvysugar.com/DIY-Coffee-Filter-Peonies-32236106">like coffee filters</a> and book pages.</p> <h3>24. Stay With Friends and Family When Traveling</h3> <p>It's no hardship to spend time with friends and family, so kill two birds with one stone by crashing with them on your trips. Better yet, they'll be able to share their local knowledge with you when you explore their cities.</p> <p>RELATED:&nbsp;<a href="http://www.popsugar.com/smart-living/Things-I-Wish-I-Knew-21-37289179">What We Would Tell Our 21-Year-Old Selves If We Had the Chance</a></p> <h3>25. Swap Clothes With Friends</h3> <p>I'm sure you have items in your closet that are collecting dust that you just can't bear to sell or donate. What about outfitting your BFF with them? Swap clothes and accessories you don't use with your pals and see some of your favorite pieces on her! While you're at it, perhaps throw a <a href="http://www.savvysugar.com/How-Host-Clothing-Swap-21486470">clothing swap party</a>!</p> <h3>26. Shop at the Outlets or Factory Stores</h3> <p>I have a friend whose motto is to never buy things at full price &mdash; that can be yours, too. Wait for sales, which usually come during national holidays, and shop at outlet and factory stores.</p> <h3>27. Get a Water-Flow Regulator for Your Shower</h3> <p>Install a water-flow regulator in your showerhead to save money and the environment. You can purchase them from around $10 to $20 and <a href="http://energy.gov/energysaver/articles/reduce-hot-water-use-energy-savings" target="_blank">save up to 60 percent</a> on your water bill.</p> <h3>28. Moderate Your Temperature</h3> <p>Everything in moderation, right? That goes for your temperature too if you want to up your savings. Invest in a thermostat to regulate your heating bills. Perhaps even a smart thermostat might be worth the high initial investment as well &mdash; see our <a href="http://www.savvysugar.com/Nest-Worth-33496519">review of Nest</a>.</p> <h3>29. Ask for a Raise</h3> <p>Time to put on your adult pants and ask for the raise you deserve. It can be nervewracking, but it'll pay off in more ways than you think. Not only will you have more money in your savings account, but you'll gain confidence and some smart negotiation skills.</p> <h3>30. Put Your Tax Refund, Birthday Presents, or Bonuses Straight into Your Savings Account</h3> <p>Funnel any windfall you get straight to your savings account. You won't even notice the loss, but you'll definitely see the gain in your savings!</p> <h3>31. Cancel Subscriptions You Don't Need Anymore</h3> <p>Subscriptions that you were too lazy to cancel can be sucking up your savings. A simple phone call or online request can put a stop to them immediately, and you won't have to deal with them anymore.</p> <h3>32. Get Your Hair Done at a Beauty School</h3> <p>Haircuts can get expensive, so take a chance at your local beauty school. You'll be able to get deeply discounted haircuts (or maybe even free!) in exchange for hairdresser newbie to practice her snipping skills. Do your research online to see which one of the beauty schools in your area has the best reputation for haircuts.</p> <p>RELATED:&nbsp;<a href="http://www.popsugar.com/smart-living/How-Happy-Your-20s-37636389">24 Ways to Stay Sane in Your 20s</a></p> <h3>33. Unsubscribe to Daily Deals</h3> <p>Kick your daily deal habit to the curb and buy the ones you really need. Not only are the everyday prompts clogging up your inbox, but you may also be tempted to buy things you don't need. Unsubcribe from their mailing lists, and shop for the daily deals when you need them. Search the site&nbsp;<a href="http://yipit.com/" target="_blank">Yipit</a>, which aggregates all the daily deals out there to find the deals you actually need.</p> <h3>34. Make a Big Batch of Food Whenever You Cook</h3> <p>Maybe you're not into cooking every day, but if you cook once in a while, be sure to make a huge batch of food so you can keep on eating the leftovers. Freeze whatever you have leftover or pack it for lunch.</p> <h3>35. Get Friends to Pet Sit or House Sit</h3> <p>Pet and house sitters can be quite pricey, so try to get a pal to do it for you instead. Many people are more than happy to have the company of a pet or stay in a location they may find more convenient or comfortable than their own.</p> <h3>36. Babysit for Each Other</h3> <p>Swap babysitting services with fellow moms and dads. You'll get a night off without paying a dime in the hands of a parent you trust. Win-win all around.</p> <h3>37. Only Drink at Happy Hour</h3> <p>Make it a point to take advantage of happy hour prices and limit your alcohol consumption to those times. You're not totally cutting it out of your diet and you'll still be able to indulge!</p> <h3>38. Automatically Increase Your 401(k) Contribution Each Year</h3> <p>Opt to have your 401k contributions increase automatically so you don't even have to think about it. You may have to request the autoincrease but there are many plans that already have you enrolled.</p> <div class="field field-type-text field-field-blog-teaser"> <div class="field-items"> <div class="field-item odd"> A penny saved is a penny earned. Do it over and over and over again and you&#039;re talking some serious saving! </div> </div> </div> <div class="field field-type-text field-field-guestpost-blurb"> <div class="field-label">Guest Post Blurb:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <p style="text-align:center;"><a href="http://www.savvysugar.com" style="border:none;"><img alt="" src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/u921/POPSUGARrgb.jpg" style="height:95px; width:300px" /></a></p> <p><em>This is a guest contribution from our friends at </em><a href="http://www.savvysugar.com/"><em>POPSUGAR Smart Living</em></a><em>. Check out more useful articles from this partner:</em></p> <ul> <li><a href="http://www.popsugar.com/smart-living/How-Stop-Wasting-Money-Grocery-Store-34831861">19 Ways You're Wasting Money at the Grocery Store</a></li> <li><a href="http://www.popsugar.com/smart-living/Best-Things-Life-Money-Cant-Buy-34442356">98 of the Best Things in Life That Money Can't Buy</a></li> <li><a href="http://www.popsugar.com/smart-living/Things-I-Wish-I-Knew-21-37289179">What We Would Tell Our 21-Year-Old Selves If We Had the Chance</a></li> <li><a href="http://www.popsugar.com/smart-living/How-Happy-Your-20s-37636389">24 Ways to Stay Sane in Your 20s</a></li> </ul> <p>&nbsp;</p> </div> </div> </div> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/popsugar-smart-living">POPSUGAR Smart Living</a> of <a href="http://www.wisebread.com/38-ways-to-save-money-without-trying-much">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-4"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/14-pricey-things-you-shouldnt-buy-and-what-to-get-instead">14 Pricey Things You Shouldn&#039;t Buy (And What to Get Instead)</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/10-big-expenses-you-can-easily-get-rid-of">10 Big Expenses You Can Easily Get Rid Of</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-to-have-an-above-average-life-for-below-average-prices">How to Have an Above-Average Life for Below-Average Prices</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/47-simple-ways-to-waste-money">47 Simple Ways To Waste Money</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/are-you-saving-too-much">Are You Saving Too Much?</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Banking Budgeting Lifestyle cut spending save spending Fri, 26 Jun 2015 17:00:12 +0000 POPSUGAR Smart Living 1457126 at http://www.wisebread.com EverBank: Promising High Yields on Online Banking http://www.wisebread.com/everbank-promising-high-yields-on-online-banking <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/everbank-promising-high-yields-on-online-banking" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/woman_ATM_000050062808.jpg" alt="" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>It's often the case that online banks are able to offer better rates and higher yields than their brick-and-mortar counterparts, and with today's technology, it's easier than ever to do all your banking online. Of the many online banks to choose from, EverBank is definitely one to consider for its high yields and low fees. (See also <a href="http://www.wisebread.com/5-best-online-checking-accounts?ref=review">5 Best Online Checking Accounts</a>)</p> <h2>Features and Benefits EverBank</h2> <p>EverBank offers a variety of products for your personal and business banking needs.&nbsp;<span style="color: rgb(51, 51, 51); font-size: 13px; line-height: 1.7em;">Their line of Yield Pledge accounts promise that your yield will always be in the top 5% of competitive accounts &mdash; not bad, right? It&rsquo;s available for their checking, money market, and certain CD accounts.</span></p> <h3>Yield Pledge Checking</h3> <p>With $1,500, you can open a checking account with a current first-year APY of 0.85%, which can go up to 1.01% depending on your balance. You also get a bonus interest rate of 1.40% on the first $100,000 for the first 6 months. Additionally, there's free bill pay and no monthly fee to maintain the account. To deposit a check, just use EverBank's online service, mobile banking app, or mail it in a free, postage-paid deposit envelope provided by EverBank. If you have at least $5,000 in your account, they'll automatically reimburse 100% of the ATM fees.<a target="_blank" href="http://track.linkoffers.net/a.aspx?foid=22989347&amp;fot=1234&amp;foc=1"><strong><br /> </strong></a></p> <h3>Yield Pledge Money Market</h3> <p>For accounts with $50,000 and lower, the current first-year APY is 1.01% with a bonus interest of 1.40% for the first 6 months. Naturally, a money market account is not as flexible as checking, but you are allowed to move money up to 6 times a month while enjoying the higher yield. Plus, this account is IRA eligible.<a href="http://track.linkoffers.net/a.aspx?foid=22918544&amp;fot=1234&amp;foc=1" target="_blank"><strong><br /> </strong></a></p> <h3>Yield Pledge CD</h3> <p>EverBank's Yield Pledge CD starts you off with an APY of 0.34% if you choose the shortest term, 3 months; with a 5-year term, the APY goes up to an impressive 1.90%. There's no monthly fee, and when your CD is close to term, you get a 20-day maturity alert along as well as automatic rollover. Like EverBank's money market accounts, their CDs are also IRA eligible.</p> <h3>WorldCurrency Accounts</h3> <p>If you want to diversify your portfolio, or if you work overseas, then check out EverBank's suite of WorldCurrency accounts. You gain access to global currencies and low conversion rates (which is great if you travel a lot), and can rest easy knowing your WorldCurrency accounts are FDIC-insured.</p> <h3>Mortgages</h3> <p>EverBank offers traditional mortgages, jumbo financing up to $3 million, and government-insured FHA and VA loans, as well as various refinancing options.</p> <h3>Investing</h3> <p>Besides the Yield Pledge CD and money market accounts, which can be opened as IRAs, and the WorldCurrency accounts, EverBank also offers investment options in precious metals and MarketSafe CDs. These CDs invest in new markets while keeping your deposited principal secure, which may offer some peace of mind to investors.</p> <h3>Business Account</h3> <p>EverBank has different checking options for small businesses, large businesses, and non-profit groups &mdash; they'll work with you to find the right fit. They also offer money market and CD accounts for businesses. Small businesses can get a package deal that includes three accounts: business checking, business money market, and Yield Pledge checking. Unlike the personal accounts, EverBank may charge a small monthly fee for the business version, depending on your balance.</p> <h2>Bottom Line</h2> <p>Though you need to deposit $1,500 to open an account with EverBank, with no monthly fees on personal accounts and no minimum balance requirement, it can be worth your while to leave the money in an account that promises such high yields. Use it alongside EverBank's other products, and banking becomes easy as pie.<a href="http://track.linkoffers.net/a.aspx?foid=22917289&amp;fot=1234&amp;foc=1" target="_blank"><strong><br /> </strong></a></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/amy-lu">Amy Lu</a> of <a href="http://www.wisebread.com/everbank-promising-high-yields-on-online-banking">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-5"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/discover-bank-review-you-know-the-card-but-what-about-the-bank">Discover Bank Review: You Know the Card, but What About the Bank?</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/10-smart-ways-to-get-a-small-business-loan">10+ Smart Ways to Get a Small Business Loan</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-best-prepaid-debit-cards">5 Best Prepaid Debit Cards</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/best-ways-to-count-and-cash-in-your-change">Best Ways to Count (and Cash in) Your Change</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/new-debit-card-rules">New Debit Card Rules</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Banking everbank online bank Wed, 10 Jun 2015 03:45:15 +0000 Amy Lu 1421563 at http://www.wisebread.com Earn Up to $500 Bonus from Capital One 360 Savings http://www.wisebread.com/earn-up-to-500-bonus-from-capital-one-360-savings <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/earn-up-to-500-bonus-from-capital-one-360-savings" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/woman_piggy_bank_000020578681_0.jpg" alt="" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p><strong>Special Bonus Offer!</strong> Open your first 360 Savings Account and <a href="http://www.dpbolvw.net/click-2822544-12224389-1432134049000">earn up to $500</a>! Offer ends 9/30! Details below.&nbsp;</p> <p>It's been a few years since&nbsp;Capital One bought ING DIRECT, the popular bank that conducted most of its operations online. (See also:&nbsp;<a href="http://www.wisebread.com/7-banks-still-offering-free-checking-and-great-interest-rates">7 Banks Still Offering Free Interest-Bearing Checking Accounts</a>)</p> <p>For most people looking to centralize their banking and find competitive rates, Capital One 360 is a viable option. Capital One 360 makes it easy to access all of your accounts from your account summary.</p> <h2>Features and Benefits of Capital One 360</h2> <p>Capital One 360 offers a variety of banking products and services.</p> <h3>360 Savings</h3> <p>This is the classic account that started it all. There are no fees, no minimum deposit requirements, and no catches. Right now, the yield is reasonably competitive at <a href="http://www.dpbolvw.net/click-2822544-11665596-1393350842000" target="_top"><script src="https://home.capitalone360.com/js/accounttype.js"></script> <script>document.write(type_3000_apy);</script> </a> % APY as of 5/20/15, especially when you consider that there are no minimums and no fees to open or keep an account. It&rsquo;s easy to link your account to other banks and set up automatic transfers to make saving easy.&nbsp;</p> <p><strong>Now through 9/30/2015, earn up to $500 when you open your first 360 Savings account,</strong></p> <ul> <li>This must be your very first 360 Savings account. If you've had a savings product with Capital One 360 or ING DIRECT before, you won't be eligible for the bonus.</li> <li>Your account must be funded within the first 10 days of account opening. Deposits from an existing Capital One 360 account will not qualify for the bonus.</li> <li>The minimum deposit to qualify for the bonus is $5,000, and the daily balance of $5,000 must be maintained for the 90 days, after the initial 10 day period.</li> <li>The amount of your bonus will be determined based on the highest amount you deposit within the first 10 days of account opening, and the balance that is maintained daily for the next 90 days after that.</li> </ul> <p>Bonus Tiers:</p> <ul> <li>$5,000+ earns a $50 bonus</li> <li>$10,000+ earns a $100 bonus</li> <li>$20,000+ earns a $200 bonus</li> <li>$30,000+ earns a $300 bonus</li> <li>$40,000+ earns a $400 bonus</li> <li>$50,000+ or more earns a $500 bonus</li> <li>$500 is the maximum bonus you can earn.</li> </ul> <p><strong><a href="http://www.dpbolvw.net/click-2822544-12224389-1432134049000">Click here to open a 360 Savings Account today!</a></strong></p><br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/lynn-truong">Lynn Truong</a> of <a href="http://www.wisebread.com/earn-up-to-500-bonus-from-capital-one-360-savings">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-6"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/discover-bank-review-you-know-the-card-but-what-about-the-bank">Discover Bank Review: You Know the Card, but What About the Bank?</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/banks-still-offering-free-checking-and-great-interest-rates">Banks Still Offering Free Checking and Savings with Great Interest Rates</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-best-online-savings-accounts">5 Best Online Savings Accounts</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/9-good-reasons-to-choose-a-credit-union-instead-of-a-bank">9 Good Reasons to Choose a Credit Union Instead of a Bank</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/capital-one-360-review">Capital One 360: A Competitive Banking Option</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Banking capital one 360 credit cards Wed, 03 Jun 2015 13:00:07 +0000 Lynn Truong 1445472 at http://www.wisebread.com 6 Powerful Ways to Protect Your Money From Cyber Theft http://www.wisebread.com/6-powerful-ways-to-protect-your-money-from-cyber-theft <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/6-powerful-ways-to-protect-your-money-from-cyber-theft" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/man_stolen_identity_000023163541.jpg" alt="Man finding ways to protect his money from cyber theft" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>Since 2013, cyber criminals have been pulling off what amounts to the largest bank heist in history &mdash; hitting at least 100 banks across the globe. During this two-year period, <a href="http://www.wisebread.com/small-business/cyber-crime-you-re-the-mark">cyber criminals</a> released malicious software targeting bank employees that allowed them to infiltrate bank security systems. The undetected malware resulted in the theft of $1 billion stolen directly from banks.</p> <p>Cyber attackers like these and others are at large, and while there's nothing you can do to stop attacks on financial institutions, there are measures you can take to protect yourself and ensure the financial data you share over the Internet is kept safe. Don't compromise your financial transactions. Take these steps to keep cyber thieves at bay and keep your money safe.</p> <h2>1. Use a Separate Computer for Financial Transactions</h2> <p>One of the safest measures you can take to protect your finances is to use a designated computer when accessing investment accounts. Cyber criminals steal your information using programs that only you can give them access to &mdash; when you click on an infected download, advertisement, e-mail, photo, or attachment.</p> <p>Use a designated device like the <a href="http://www.amazon.com/b/ref=as_li_ss_tl?_encoding=UTF8&amp;camp=1789&amp;creative=390957&amp;linkCode=ur2&amp;node=2858603011&amp;pf_rd_i=google%20chromebook&amp;pf_rd_m=ATVPDKIKX0DER&amp;pf_rd_p=2079390022&amp;pf_rd_r=1B11JC1SF66HF33CWNEC&amp;pf_rd_s=desktop-auto-sparkle&amp;pf_rd_t=301&amp;qid=1432218150&amp;ref=spks_0_0_2079390022&amp;tag=wisbre03-20&amp;linkId=CVEJDSJLFEM472K6">Google Chromebook</a> that only connects to Internet. They're inexpensive &mdash; around $200 &mdash; and are a good option for managing your finances online.</p> <h2>2. Install Malware Scanners</h2> <p>Install an Internet security program, like Kaspersky Internet Security Safe Money Technology, to clean up your machine and systematically scan and remove potential new threats before they corrupt your system.</p> <h2>3. Use Unique Usernames and Passwords</h2> <p>Create highly unique usernames and passwords, and change them periodically. Choose a password with six or more characters comprised of both upper and lowercase letters, numbers, and special characters. And as an added precaution, make a habit of changing your password every 60&ndash;90 days.</p> <h2>4. Monitor Transactions</h2> <p>It's a wise decision to sit down every so often and review your financial statements for errors or suspicious activity. Try to do so at least once a month, even if you have not initiated a transaction and don't expect activity on your account.</p> <h2>5. Get Security Alerts</h2> <p>Sign-up for security alerts &mdash; receive notifications when there's unusual activity for a wide variety of activities, including wire transfers, new-account setups, foreign transactions, and changes in bill payee information.</p> <h2>6. Use Two-Factor Authentication</h2> <p>In addition to your username and password, some major financial institutions offer two-factor authentication, which prompts you to enter an additional verification code when accessing your accounts. Choose this option whenever it's available.</p> <p><em>How do you protect your money from cyber theft?</em></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/qiana-chavaia">Qiana Chavaia</a> of <a href="http://www.wisebread.com/6-powerful-ways-to-protect-your-money-from-cyber-theft">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-7"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/free-ways-to-keep-big-brother-out-of-your-bidness">Free Ways to Keep Big Brother Out of Your Bidness</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/simple-ways-to-shop-around">Simple Ways to Shop Around</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/continue-your-education-online">Continue your education...online</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/bit-of-fun-turns-into-10000">Bit of fun turns into $10,000</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/quick-vista-hack-to-get-you-browsing-at-high-speed-again">Quick Vista Hack to Get You Browsing at High-Speed Again</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Life Hacks Banking cyber criminals Internet online theft Mon, 01 Jun 2015 17:00:11 +0000 Qiana Chavaia 1437167 at http://www.wisebread.com 9 Ways to Avoid Overdraft Charges http://www.wisebread.com/9-ways-to-avoid-overdraft-charges <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/9-ways-to-avoid-overdraft-charges" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/man_smartphone_city_000051110530.jpg" alt="Man finding ways to avoid bank overdraft charges" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>I would venture to guess that mine was the last generation that was taught how to balance a checkbook. (I remember a Junior Achievement course in the 8th grade, circa 1995, that provided me the skills to keep my cash flow in the black.) But there's something to be said for the ease and convenience of mobile banking.</p> <p>With that ease, however, comes errors &mdash; sometimes multiple errors &mdash; in the form of overdraft fees because we've overspent without knowing it. Keep those unnecessary expenses in check with these ways to avoid <a href="http://www.wisebread.com/charged-with-an-overdraft-fee-get-your-money-back">overdraft fees</a>.</p> <h2>1. Get Familiar With Your Bank's Policies</h2> <p>Before you choose a bank, it's important to familiarize yourself with its policies. Not all banks are alike, after all. Some banks offer overdraft protection, while some offer no-fee transfers from savings to checking. All banks have fine print that you should absolutely read. Going into a financial situation educated will help you cut back on costly mistakes that can be easily avoided.</p> <h2>2. Use Mobile Banking to Track Spending</h2> <p>If you're one of the few people in America who still use paper checks as a primary source of payment, thus constituting the balancing of a checkbook, I should introduce you to my grandmother &mdash; because I think you'll have lots in common.</p> <p>But if you prefer to be part of the majority who live in the 21st century, it's wise to keep track of your finances via mobile banking. Most banks have apps that you can download to your phone to keep track of your finances anytime, anywhere. There are lots of cool features as well, like the ability to transfer between accounts and deposit checks with a few taps and photo image. The latter is a godsend for me as a small business owner, since I no longer have to take time out of my day to deposit checks at a banking brick-and-mortar.</p> <h2>3. Login Daily to Monitor Your Balance and Transactions</h2> <p>What's the first thing you do when you wake up? When you asked this question in the 1980s, the answer was usually &quot;Go to the bathroom.&quot; Fast-forward 30 years and that answer is altogether different &mdash; for me, at least. The first thing I do in the morning is check my social media and bank accounts.</p> <p>Because before I start my day, I want to make sure that 1,500 strangers still like me, and none of them have robbed me blind. Logging in everyday reminds me to check for erroneous charges, allows me make a mental note on recent charges that may not have posted yet, and informs me on whether I can afford to go out to lunch or I should reign in the spending a bit &mdash; all of which help me avoid overdraft fees.</p> <h2>4. Get Alerts When Your Account Dips Below a Certain Threshold</h2> <p>When researching the ins and outs of your banking institution &mdash; particularly the checking account services it offers &mdash; look for information regarding text or e-mail alerts that notify you when your account dips below a certain threshold. For instance, I have alerts set at $100. If I make transactions that cause my account to go below $100, I'll receive an alert that serves as a warning to stop spending immediately and build my account back up.</p> <h2>5. Transfer Funds Immediately</h2> <p>If you think you've perhaps made more purchases than you have money, transfer those additional funds from your savings to your checking account immediately. I don't recommend dipping into your savings often (it defeats the purpose), but you should deal with the issue at hand first, which is avoiding overdraft fees. It's also wise to bank at an institution that offers no-fee transfers when you're in a bind. Sustaining a hit to avoid a hit is sure to put a kink in your day.</p> <h2>6. Ask to Have Overdraft Fees Waived</h2> <p>Pull a page from my playbook and call your bank if you feel like you deserve a pass on an overdraft fee. If it's been awhile since you've made that mistake, or if you've been a loyal customer to the bank for many years, it's worth the effort. In most cases, the bank will work with you to eliminate the fee on a one-time basis.</p> <h2>7. Opt Out of Overdraft Protection</h2> <p>Overdraft protection is good on one hand because it lessens the fee you pay if you overdraw the account &mdash; usually a $10 fee instead of $25 or $35. On the flip side, overdraft protection will allow you to continue to make purchases for which you don't have the money. This is an especially unfortunate consequence if you're not aware that you're overdrawn and you continue making multiple purchases. You'll rack up a fee for every single transaction, which, by the time they've all posted, could become a significant amount.</p> <h2>8. Don't Use the Credit Option on Your Debit Card</h2> <p>Back in the early days of debit cards, my bank would charge me a nominal fee for each purchase when using it as a debit card, kind of like a competing ATM does. Made absolutely no sense to me, but because of that I started using the credit option when making purchases, which had no fees attached. Nowadays, debit charges are fee-free, so I try to remember to push the purchases through using that method, for one reason: Debit transactions post immediately, whereas credit transaction could take a few days to post. The former will help you stay on top of your financial situation in real-time while the latter could have you overdrawing your account unknowingly.</p> <h2>9. Keep X Amount of Dollars in Your Checking Account at All Times</h2> <p>The best way to avoid overdraft fees is to keep your bank account in the black at all times. To help ensure that you don't go into the red, choose a self-imposed amount at which you'll always keep your account &mdash; $100, for instance. If you mentally make it standard policy that your account consistently has at least $100 in it, you'll rarely overdraw, if at all.</p> <p><em>Do you have other suggestions on how to avoid bank overdraft fees? Let me know in the comments below.</em></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/mikey-rox">Mikey Rox</a> of <a href="http://www.wisebread.com/9-ways-to-avoid-overdraft-charges">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-8"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/charged-with-an-overdraft-fee-get-your-money-back">Charged With an Overdraft Fee? Get Your Money Back!</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/38-ways-to-save-money-without-trying-much">38 Ways to Save Money Without Trying (Much)</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/6-simple-ways-to-safeguard-against-bank-bullying">6 Simple Ways to Safeguard Against Bank Bullying</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/behind-the-times-i-learn-about-keep-the-change">Behind the Times - I learn about Keep the Change</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/6-smart-things-to-do-with-your-bonus">6 Smart Things to Do With Your Bonus</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Banking apps mobile banking overdraft fees savings spending Fri, 15 May 2015 09:00:14 +0000 Mikey Rox 1416668 at http://www.wisebread.com 5 Dangers of Mobile Banking — And How to Avoid Them http://www.wisebread.com/5-dangers-of-mobile-banking-and-how-to-avoid-them <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/5-dangers-of-mobile-banking-and-how-to-avoid-them" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/woman_phone_000039409614_0.jpg" alt="Woman using her phone to manage mobile banking" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>Managing your money has never been so easy. With the rise of mobile banking, paying your bills and checking your balance can be as simple as posting a photo to your Instagram feed. But there's a price to pay for the convenience of depositing checks from anywhere in the world with a simple click of your mobile camera. That price is the increased risk that your private data and access to your accounts could fall into the wrong hands.</p> <p>Banking fraud expert Julie Conroy warns, &quot;as additional people flock to the mobile channel and transactions multiply, the bad guys are paying attention and <a href="http://money.usnews.com/money/personal-finance/slideshows/10-dangers-of-mobile-banking">deploying more attacks</a> against it.&quot;</p> <p>The best way to protect yourself, of course, is to know the risks. Read on for our guide to the dangers of mobile banking and foolproof tips on how to avoid them.</p> <h2>1. Wireless Networks Are Hacker-Friendly</h2> <p>Unlike websites, mobile apps don't <a href="http://www.consumer.ftc.gov/articles/0014-tips-using-public-wi-fi-networks#Mobile">properly encrypt information</a>, which means it's not a good idea to access your bank account via mobile app when you're on a public or otherwise unsecured Wi-Fi network. As computer science expert Ron Vetter explains, &quot;mobile banking apps are connected to wireless networks, and these networks are inherently insecure as they broadcast their messages into the open air.&quot;</p> <p>If you plan to use a mobile app to conduct a sensitive transaction, you're better off using a secure wireless network or your phone's data network. This will help reduce the risk of your private information being intercepted by a hacker or some other third party.</p> <h2>2. Poor Reception Means Poor Security</h2> <p>Even if you're diligent in accessing your mobile banking app on your phone's data network rather than a wireless network, the security of your financial information could still be at risk if your 4G or 3G data drops into a lower service range. Poor reception invites the chance that the data contained in your banking transaction could misfire and be intercepted by an unauthorized third party.</p> <h2>3. There's More at Stake If You Lose Your Phone</h2> <p>Studies show that nearly 40% of smartphone owners don't <a href="http://www.federalreserve.gov/econresdata/consumers-and-mobile-financial-services-report-201403.pdf">password protect</a> their devices. If any of those folks were to lose their phone, anyone could pick it up, log into their banking app, and access their money. Even if you do password protect your phone, you could still be putting yourself at risk by auto-saving your password. For optimal security, select &quot;no&quot; when any of your apps ask to remember your username and password. You can further help protect yourself from fraudsters who gain access to your phone by installing a remote-wiping application that allows you to <a href="http://www.pcmag.com/article2/0,2817,2352755,00.asp">erase your phone's data</a> even when the device isn't physically in your possession.</p> <h2>4. You May Not Be Able to Access Newly Deposited Funds Right Away</h2> <p>Although you can deposit funds into your account instantly via a mobile banking app, there may be a longer lag than normal until you can access those funds.</p> <p>&quot;In many cases, [banks] will protect themselves against fraud by increasing the delay in the availability of funds, as compared to if you'd just deposit that check in an ATM or branch,&quot; Conroy says.</p> <h2>5. Fraudulent Apps May Deceive You</h2> <p>Mobile apps can cost you &mdash; even the free ones. <a href="http://securitywatch.pcmag.com/mobile-security/317083-mobile-threat-monday-malicious-banking-apps-and-crafty-copycats">Fraudulent apps</a> posing as your official banking institution are lurking throughout the app store, and if you unknowingly start using one, the app creators can access &mdash; and abuse &mdash; your private information. Download your app directly from your bank's website to avoid this scam. And if you use Android, set your security settings to abort installations from sources other than Google Play.</p> <p><em>Has your mobile banking security ever been compromised? How did you recover?</em></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/brittany-lyte">Brittany Lyte</a> of <a href="http://www.wisebread.com/5-dangers-of-mobile-banking-and-how-to-avoid-them">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-9"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/making-direct-deposit-safe-for-the-garnished">Making direct deposit safe for the garnished</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/that-sneaky-bank-almost-got-me">That Sneaky Bank Almost Got Me</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/chexsystems-what-it-is-and-how-it-can-make-it-difficult-for-you-to-open-a-bank-account">ChexSystems: What It Is, and How It Can Make It Difficult for You to Open a Bank Account</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/think-twice-before-ditching-your-current-bank">Think Twice Before Ditching Your Current Bank</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/my-bank-stole-my-grocery-money">My Bank Stole My Grocery Money</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Banking Consumer Affairs data mobile apps mobile safety networks security wi-fi Fri, 27 Mar 2015 17:00:08 +0000 Brittany Lyte 1359338 at http://www.wisebread.com 6 Smart Things to Do With Your Bonus http://www.wisebread.com/6-smart-things-to-do-with-your-bonus <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/6-smart-things-to-do-with-your-bonus" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/young_couple_financial_advisor_000020064711.jpg" alt="Young couple meeting with financial consultant" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>&quot;The windfall of great riches can, if mismanaged, make things worse, not better, for the recipients,&quot; said American author and professor Michael Mandelbaum.</p> <p>But you don't need a college degree to know that extra cash shouldn't be spent frivolously &mdash; that part is easy. The hard part is actually figuring out what exactly qualifies as a good way to use a small windfall. Here are six simple &mdash; and most importantly, <em>smart</em> &mdash; things to do with your bonus or commission check.</p> <h2>1. Build an Emergency Fund</h2> <p>One in four Americans has no emergency savings. If you're guilty as charged, then use your bonus check to set up your emergency fund <em>stat</em>. A good rule of thumb is that your emergency stash should cover six months of living expenses.</p> <p>When calculating your monthly expenses, go beyond just your mortgage or rent payment and include important recurring payments such as groceries, utilities, and minimum debt payments. If the final number shocks you, take that as a wake-up call about how important it is to have your emergency fund in place.</p> <h2>2. Pay Off High Interest Debt</h2> <p>By only paying the minimum on your maxed out credit cards, you're shelling out way more than you should.</p> <p>Let's assume that you have balance of about $2,461 on your credit card with an APR of 12.24%. If you make no additional charges, and each month you only pay the required minimum of $50, you will pay off the balance in &mdash; get this &mdash; 17 very long years! Even worse, you'll end up paying a total of $4,753, or nearly twice what you originally owed!</p> <p>Be smart and pay off those high interest credit cards <em>pronto</em>. (See also: <a href="http://www.wisebread.com/when-to-do-a-balance-transfer-to-pay-off-credit-card-debt?ref=seealso">When to Do a Balance Transfer to Pay Off Credit Card Debt</a>)</p> <h2>3. Max Out Contributions to Retirement Accounts</h2> <p>In 2014, workers and their employers averaged $9,670 in 401(k) contributions. While this number may seem impressive, keep in mind that the contribution limit in 2014 was $17,500.</p> <p>There is still a lot of room for improvement in our nest eggs. This year, there is even more. In 2015, the IRS bumped up the <a href="http://www.irs.gov/Retirement-Plans/Plan-Participant,-Employee/Retirement-Topics-401k-and-Profit-Sharing-Plan-Contribution-Limits">contribution limit</a> for 401(k) and profit-sharing plans to $18,000. For those age 50 and over, you are permitted to make an additional catch-up contribution of $6,000 to traditional and safe harbor 401(k) plans, and $3,000 to solo 401(k) plans. (See also: <a href="http://www.wisebread.com/5-dumb-401k-mistakes-smart-people-make?ref=seealso">5 Dumb 401(k) Mistakes Smart People Make</a>)</p> <p>Making out your contribution to your retirement accounts is also a great way to defer income taxes until retirement, when you're more likely to be in a lower tax bracket.</p> <h2>4. Start Saving for College</h2> <p>Data from the U.S. Department of Labor shows that workers with four-year college degrees have an hourly rate earning 98% higher than people without a degree. The same data shows that the gap is continuously increasing over time.</p> <p>This means that saving up for your, or your kids', college education is a smart thing to do with your commission check. A good way to save for college is via a <a href="http://www.savingforcollege.com/529_plan_details/">529 college-saving plan</a>, because in 34 states and the District of Columbia, you can receive a state income tax deduction for your contribution.</p> <p>To make sure that your higher education investment pays off, double check the market value of your or your child's college diploma. Some <a href="http://www.wisebread.com/5-college-degrees-not-worth-the-money">degrees aren't worth their cost</a>.</p> <h2>5. Get Better Banking Options</h2> <p>Your lucky windfall could unlock some better banking opportunities.</p> <ul> <li>By maintaining a larger account balance, you could qualify for a better interest rate. For example, my credit union currently offers an annual percentage yield of 0.20% for balances below $25,000, 0.25% for balances between $25,000 and $99,999, and 0.30% for balances over $100,000.<br /> &nbsp;</li> <li>Depending on your financial situation, you may not have access to free checking accounts. Make use of your bonus to pad your checking account and meet the minimum threshold for avoiding any fees.<br /> &nbsp;</li> <li>Determine if your bank can offer you a better deal with a larger account balance. If your bank can't provide you one, it's time to shop around for a better financial situation. (See also: <a href="http://www.wisebread.com/9-good-reasons-to-choose-a-credit-union-instead-of-a-bank?ref=seealso">9 Good Reasons to Choose a Credit Union Instead of a Bank</a>)</li> </ul> <h2>6. Prepare for Taxes Next Year</h2> <p>Last but not least, it can be wise to start preparing for next year's tax season<em> now</em>.</p> <ul> <li>Your year-end bonus may put you in a higher tax bracket this year. Ask your employer if he or she can defer your bonus (or at least a portion of it) in order to lower your tax bill this year.<br /> &nbsp;</li> <li>Keep in mind that most employers opt to slap a standard <a href="https://turbotax.intuit.com/tax-tools/tax-tips/General-Tax-Tips/What-is-the-Federal-Supplemental-Tax-Rate-/INF19305.html">25% withholding rate</a> (39.6% for amounts over $1 million) on bonuses and commissions. If your usual tax rate is far below that 25%, then you may already have paid enough in taxes this year. You'll need to adjust your W-4 form to decrease how much is withheld for taxes for the rest of 2015.<br /> &nbsp;</li> <li>Ask your human resources department which withholding option works best for you. Besides the standard withholding rate, the IRS allows employers to treat the bonus as regular compensation or take additional taxes only from the bonus check.</li> </ul> <p>Every year, 75% of U.S. taxpayers withhold too much tax. Don't become one of them and plan ahead. You want to enjoy as much as possible from that well-deserved bonus or commission check.</p> <p><em>What are you planning to do with your bonus or commission this year?</em></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/damian-davila">Damian Davila</a> of <a href="http://www.wisebread.com/6-smart-things-to-do-with-your-bonus">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-10"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-inspiring-people-who-each-paid-off-over-100000-in-debt">5 Inspiring People Who Each Paid Off Over $100,000 in Debt</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/credit-cards-vs-debit-cards-a-comprehensive-comparison">Credit Cards vs. Debit Cards: A Comprehensive Comparison</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/trick-yourself-into-saving-more-of-your-biweekly-paychecks">Trick Yourself into Saving More of Your Biweekly Paychecks</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/is-your-personality-sabotaging-your-saving">Is Your Personality Sabotaging Your Saving?</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/when-to-use-savings-to-pay-off-debt">When to Use Savings to Pay Off Debt</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Career and Income Banking Debt Management bonus check savings smart spendings windfall Wed, 18 Mar 2015 15:00:15 +0000 Damian Davila 1345313 at http://www.wisebread.com 6 Times When It's Okay to Take a Loan http://www.wisebread.com/6-times-when-its-okay-to-take-a-loan <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/6-times-when-its-okay-to-take-a-loan" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/couple-contract-financial-consultant-loan-iStock_000051526142_Large.jpg" alt="couple financial advisor" title="couple financial advisor" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>Loans are a tricky subject in the financial world, because ideally, you'd never really need one. In the real world, however, plenty of responsible people find themselves needing loans for legitimate reasons. (See also: <a href="http://www.wisebread.com/6-times-you-should-never-take-a-loan?ref=seealso">6 Times You Should Never Take a Loan</a>)</p> <p>Whether it's an unplanned financial emergency or a necessary, major purchase, there are some situations when taking out a loan can't be avoided. Read on to understand when a new loan is actually okay.</p> <h2>1. When You Can Easily Afford the Payments</h2> <p>This might seem like a no-brainer, but when people are desperate they will sometimes assume loans with large payments they couldn't possibly afford. Before you take out any loan, create a realistic budget that includes the payment. If you can't afford it, you should probably reconsider the loan.</p> <p>Don't fall into the temptation of telling yourself that you will find <em>some way</em> to make ends meet. Instead, take care of securing any realistic extra income sources <em>before</em> you sign on the dotted line. Get a second job, line up freelance work, start selling stuff on eBay, or do whatever else you need in order to make loan repayment affordable. Just do it before you get the loan &mdash; otherwise, you're just creating more financial stress for yourself. And isn't that what the loan was supposed to solve?</p> <h2>2. When Your Purchase is Essential</h2> <p>Loans are never a good idea when you're using them to finance a lifestyle that is beyond your means. If, however, you find yourself in a place where you absolutely must have something <em>essential</em> (no, a remodeled kitchen or a tropical vacation are not essentials), and you can't afford it, a loan might be a good idea.</p> <p>Again, I'm talking basic essentials here. If you have to drive to work, you must have a functioning vehicle. If you live in a cold climate, you need a working furnace. Most of the time, these aren't purchases that can wait until you've saved the funds, and so a loan might be necessary.</p> <h2>3. When You Have Good Credit</h2> <p>If you have good credit (above a 720), you will most likely be eligible for lower interest rates on your loans. This means that you will pay less over the life of the loan and that your individual payments will be lower than they would be if your credit were poorer. And having good credit is, in itself, an indicator that you're probably capable of managing your debt effectively.</p> <p>Having good credit makes loans a lot more affordable. But once again, make sure you can make those payments! Otherwise, you'll ruin that solid credit score.</p> <h2>4. When Interest Payments Are Less Than Your Investment Returns</h2> <p>Many investors think that they should use money from their investments to make major purchases before considering a loan. While this is sometimes true, it's also possible that it'll be better financially to leave your investments untouched and get a loan to cover the purchase instead. As an example, if your portfolio generates 10% annual returns, but a loan's interest rate would be only 4%, then it doesn't make sense to lose that extra 6% in returns that your portfolio's funds are generating.</p> <p>If the rate on the loan is lower than your rate of return <em>and</em> you can make the loan payments, take the loan and keep your money invested. On the other hand, monies from your portfolio might be a smart source of cash for re-paying very high interest loans, such as credit cards. Never touch your emergency fund, though &mdash; that's the money you'll need for true emergencies, and unless you're facing bankruptcy or legal action, high interest debt isn't quite a <em>true</em> emergency that warrants depleting your safety net.</p> <h2>5. When You Can Pay it Off Early</h2> <p>Sometimes you know there's money coming in, but you just don't have it yet. If you need to make a major purchase before that money arrives, you can take out a loan and repay it as soon as the funds hit your bank account.</p> <p>But if you're taking this approach, be sure that your loan doesn't have any prepayment penalties. This strategy can work well for people who get large bonus or commission checks on a quarterly or yearly basis, so long as you don't overestimate your actual earnings.</p> <h2>6. When You Qualify for a &quot;Special&quot; Loan</h2> <p>There are a lot of &quot;special&quot; loans on the market, most offered by different government programs for things such as home-buying, education, or energy-efficiency retrofitting. These loans typically offer very favorable repayment terms which often make them worthwhile.</p> <p>For example, <a href="http://www.fha.com/fha_loan_requirements">FHA loans</a>, <a href="http://www.benefits.va.gov/homeloans/purchaseco_eligibility.asp">VA loans</a>, and even <a href="http://time.com/money/2929695/home-loan-usda-credit-rural-development/">USDA loans</a> can help people buy homes who might not have qualified otherwise. My husband and I bought our house last year using his VA loan, which saved us tons of money on the up-front costs. Without it, we'd have been hard-pressed to afford the house.</p> <p>Taking out a loan is something that a financially responsible person might never want to do. However, sometimes loans are necessary to meet our larger goals and, in the above cases, they may not be such a bad idea.</p> <p><em>What have you bought with money from a loan? Do you think that getting the loan was worth it?</em></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/sarah-winfrey">Sarah Winfrey</a> of <a href="http://www.wisebread.com/6-times-when-its-okay-to-take-a-loan">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-11"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-loan-options-for-those-with-good-credit">5 Loan Options for Those With Good Credit</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/stop-is-that-loan-too-big-for-your-wallet">Stop! Is That Loan Too Big For Your Wallet?</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/best-of-personal-finance-credit-where-credit-is-due-edition">Best of Personal Finance: Credit Where Credit Is Due Edition</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/co-signing-for-a-loan-4-things-to-consider-first">Co-Signing for a Loan: 4 Things to Consider First</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/7-ways-paying-off-student-loans-early-can-boost-your-finances">7 Ways Paying Off Student Loans Early Can Boost Your Finances</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Banking Debt Management big purchases borrowing finances loans Wed, 11 Mar 2015 13:00:09 +0000 Sarah Winfrey 1333072 at http://www.wisebread.com 6 Times You Should Never Take a Loan http://www.wisebread.com/6-times-you-should-never-take-a-loan <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/6-times-you-should-never-take-a-loan" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/couple_finances_000054083718.jpg" alt="Couple considering whether or not to take a loan" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>Banks create loans everyday, but this doesn't mean you should apply for one without fully weighing the risks. Sure, a loan can help build your credit history, and makes it easier to purchase high-ticket items, such as a home and an automobile. If you can afford a loan and you're able to manage it responsibly, getting approved for financing can be a godsend. But, there are clearly times when you should avoid taking out a loan at all costs. These are six of them.</p> <h2>1. The Bank Requires a Cosigner</h2> <p>A bank may not approve your loan unless there's a cosigner. But even if a parent or sibling agrees to cosign, the fact that you even need a cosigner is a sign you shouldn't get the loan. Seriously, dude, stop and think about this for a bit. You're not qualified &mdash; harsh reality, I know &mdash; so this loan probably isn't the best decision.</p> <p>If a lender says you don't qualify on your own merit, rather than get a cosigner and put a Band-Aid on the situation, get to the root of the rejection and fix your credit in order to qualify on your own. Besides, a cosigner is a joint applicant, and the way you manage this account affects their credit history. Unless you want to risk damaging a relationship, leave friends and relatives out of your financial matters.</p> <h2>2. You Have a Low Credit Score</h2> <p>A low credit score doesn't mean you can't get a loan, but you'll certainly pay more for it than someone with good credit. Since you're a risky applicant, the bank will charge a higher interest rate, which also increases your monthly payments. Depending on how much you pay, getting a loan with bad credit can be a very costly decision in the long run. You're better off postponing the loan, <a href="http://www.wisebread.com/how-to-rebuild-your-credit-in-8-simple-steps">fixing your credit</a>, and then applying once you can qualify for prime rates.</p> <h2>3. To Pay for an Upcoming Vacation</h2> <p>If you're burnt out and need a break, it might be time for a vacation. Holla! But if you don't have cash to afford a vacation, getting a loan isn't the answer. Vacations are a time to relax and spend time with your family &mdash; not complicate your life. Unless you're in a position to pay off a loan immediately after you return home, think twice before financing your vacay. Yeah, it might be a trip of a lifetime and create memories for years to come, but it's not worth coming home to added financial stress, especially if you have to work more to pay off this loan. As an alternative, look into shorter getaways closer to home that won't cost a lot of money.</p> <h2>4. To Pay for a Wedding</h2> <p>Some people think the bigger the wedding, the better the wedding. These same people also think weddings are a once-in-a-lifetime event (and let's hope it is), so it's okay to splurge and go deep into debt. But given that 50% of all marriaged&nbsp;<a href="http://www.apa.org/topics/divorce/">end in divorce</a>, there's a solid chance that the wedding debt will last longer than the vows. A real kick in the you-know-whats, isn't it? I don't have firsthand experience (my husband and I are still holding our marriage together, but we also didn't spend a fortune on a wedding), but I'm guessing it's pretty frustrating to make payments on a wedding loan years after you and an ex-spouse break up. Anger-inducing, even. Some people have the fairy tale and enjoy happily ever after, but there are no guarantees. If you can't afford a lavish wedding with your own money, don't have one. You will regret it later.</p> <h2>5. When You're Borrowing Against Your Retirement</h2> <p>The decision to take a loan against your retirement account is ultimately your decision, but there are many factors to take into consideration. This money can be useful during a hardship or if you're buying a house and need a down payment. But a recent study shows that approximately $6 billion is lost to&nbsp;<a href="http://www.asppa.org/Portals/2/PDFs/White%20Papers/WP2014-01.pdf">401(k) loan defaults</a> annually. That's a lot of well-intentioned people failing to repay their 401(k) loans.</p> <p>If you're committed to paying back your retirement account, and if retirement is several years into the future, borrowing from your account isn't the end of the world. But if you don't think you'll be able to replenish an IRA or a 401(k) account, or if retirement is right around the corner, this isn't the time to gamble with your future.</p> <h2>6. You Can't Get Traditional Financing</h2> <p>If you can't get traditional financing from a bank, you might be tempted to get a payday or title loan. These loans can put fast cash in your pocket, and they don't typically require a credit check. But these are two of the riskiest loans available. Title loans have to be paid in full within two weeks and you'll pay high fees &mdash; as much as $25 per every $100 you borrow. A car title loan isn't any better. These loans require a paid off car and your title acts as collateral &mdash; but there's a catch: If you can't pay back a title loan, you lose your car. Steep sentence, for sure. Here's another catch: Nobody's wants to drive your broke butt around town because you can't manage your money, so don't make foolhardy financial mistakes.</p> <p><em>Did you take out a loan when you shouldn't have? What happened?</em></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/mikey-rox">Mikey Rox</a> of <a href="http://www.wisebread.com/6-times-you-should-never-take-a-loan">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-12"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/10-smart-ways-to-get-a-small-business-loan">10+ Smart Ways to Get a Small Business Loan</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/6-times-when-its-okay-to-take-a-loan">6 Times When It&#039;s Okay to Take a Loan</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/the-three-interest-rates">The Three Interest Rates</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/what-the-new-credit-card-formula-means-for-your-wallet">What the New Credit Card Formula Means for Your Wallet</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/10-things-you-think-affect-your-credit-score-but-dont">10 Things You Think Affect Your Credit Score — But Don&#039;t</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Banking borrowing credit score loan Tue, 03 Mar 2015 18:00:06 +0000 Mikey Rox 1316744 at http://www.wisebread.com 4 Ways HSBC's Shady Schemes Helped the Rich Avoid Taxes http://www.wisebread.com/4-ways-hsbcs-shady-schemes-helped-the-rich-avoid-taxes <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/4-ways-hsbcs-shady-schemes-helped-the-rich-avoid-taxes" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/iStock_000026265114_Large.jpg" alt="close-up $100 bill" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>Fugitive diamond dealers, convicted drug lords, terror suspects, royal families, famous athletes, and allies of Vladimir Putin are among the controversial figures HSBC helped hide money from the taxman by setting up and managing 1,000s of&nbsp;<a href="http://www.bloomberg.com/news/articles/2015-02-08/leaked-hsbc-list-shows-who-was-banking-on-swiss-secrecy">secret Swiss bank accounts</a>. The bank now faces criminal prosecution for its role in not only allowing, but advocating that select wealthy clients hide their identities (and in some cases huge amounts of illicit cash) in order to skirt taxation. It's the latest in a string of shady Swiss banking busts, and one that could result in a hard crackdown on offshore tax havens.</p> <p>Read on for our step-by-step guide to how the world's second-largest bank got away with helping people avoid paying their taxes &mdash; and why you can't do the same.</p> <h2>1. Aggressive Marketing</h2> <p>To drum up business, HSBC promoted its <a href="http://www.theguardian.com/business/2015/feb/10/hsbc-files-swiss-bank-aggressive-marketing-clients-avoid-new-tax">tax dodging strategization</a> services. For example, the bank alerted select wealthy clients about a scheme it masterminded for the purpose of helping depositors avoid a new tax levied in 2005 on the Swiss savings accounts of EU citizens. Since the tax applied only to personal savings accounts, HSBC offered to transfer clients' monies into a puppet corporate account it created so that those monies wouldn't be subject to the tax. The likelihood of your bank setting up an ingenuine account to help you avoid paying your taxes is slim to none.</p> <h2>2. A 1934 Swiss Law</h2> <p>Most western nations outlawed anonymous banking long ago. But the practice is alive and well in Switzerland, where banking secrecy is supported by a 1934 law that makes it punishable by three years in jail for a banker, current or former, to make public the identity of a depositor. Instead of legal names, HSBC's secret accounts were tied only to numbers and <a href="http://www.theguardian.com/business/2015/feb/08/hsbc-files-1934-swiss-law-secrecy?CMP=share_btn_tw">code names</a>&nbsp;like Captain Kirk. Just a select few within the banking giant's Swiss branch knew the true identity of its depositors.</p> <h2>3. Untraceable Banknotes</h2> <p>When you use untraceable banknotes, there's no paper trail to set off the IRS or other authorities. With this knowledge, HSBC reportedly made untraceable cash available to its depositors, and then allowed those depositors to make <a href="http://www.theguardian.com/business/2015/feb/09/hsbc-files-swiss-bank-cash-machine-rich-clients?CMP=share_btn_tw">large cash withdrawals</a> &mdash; a major red flag in legal banking operations that would normally result in a denial of the request to make a withdrawal. Some of these withdrawals were in amounts as large as $100,000.</p> <p>If you tried to make a cash withdrawal in the amount of $100,000 &mdash; or even $10,000 &mdash; your bank would almost certainly block the transaction. But HSBC never did. In fact, the bank encouraged such transactions. In one example, the Guardian reports that wealthy HSBC clients in Paris would use the bank to exchange the illicit proceeds from big drug deals in the city for untraceable cash.</p> <h2>4. Tip-Offs</h2> <p>Chances are that your bank would advise you on how to comply with the law &mdash; not on how to skirt it. But HSBC clearly wasn't playing the role of typical bank. In fact, it tipped off its clients when they were on the verge of making a transaction that might catch the attention of the taxman. In many cases, it would then suggest an alternative way to make that same transaction while staying under the radar. A surgeon from the U.S., for example, said HSBC's Swiss bank gave him &quot;bricks&quot; of $100,000 in notes so he could secretly send them home in a series of envelopes. Wiring the money, the bank advised him, would &quot;create a trail for U.S. authorities,&quot; the Guardian reports.</p> <p>The super-rich get all sorts of benefits you and I don't. HSBC's tax-dodging strategies are just the latest example.</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/brittany-lyte">Brittany Lyte</a> of <a href="http://www.wisebread.com/4-ways-hsbcs-shady-schemes-helped-the-rich-avoid-taxes">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-13"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/10-smart-ways-to-get-a-small-business-loan">10+ Smart Ways to Get a Small Business Loan</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-best-prepaid-debit-cards">5 Best Prepaid Debit Cards</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/best-ways-to-count-and-cash-in-your-change">Best Ways to Count (and Cash in) Your Change</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/new-debit-card-rules">New Debit Card Rules</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/credit-cards-vs-debit-cards-a-comprehensive-comparison">Credit Cards vs. Debit Cards: A Comprehensive Comparison</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Banking hsbc one-percenters rich tax evasion Fri, 20 Feb 2015 18:00:08 +0000 Brittany Lyte 1302367 at http://www.wisebread.com 7 Ways to Pick the Bank That's Right for You http://www.wisebread.com/7-ways-to-pick-the-bank-thats-right-for-you <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/7-ways-to-pick-the-bank-thats-right-for-you" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/couple-meeting-bank-advisor-Dollarphotoclub_64228585.jpg" alt="couple meeting bank advisor" title="couple meeting bank advisor" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>With so many options, picking the right bank isn't always easy, leaving some people to pick a bank at random without giving much consideration to whether the institution meets their banking needs. (Personally, I chose Bank of America because of its abundance of locations across the country; I was tired of paying all those ATM fees from other banks while I was traveling). But while this a quick way to pick a bank, it doesn't guarantee the best banking experience. (See also: <a href="http://www.wisebread.com/9-good-reasons-to-choose-a-credit-union-instead-of-a-bank?ref=seealso">9 Good Reasons to Choose a Credit Union Instead of a Bank</a>)</p> <h2>1. How Do You Prefer to Bank?</h2> <p>Some people prefer going to an actual branch and speaking with a banker face-to-face, so they need a brick-and-mortar location. And if you travel a lot for either work or pleasure, you might need a big bank with locations in most of the country. When I first moved to New York City, I had to switch banks specifically for this reason. The bank I was with had very few branches in Manhattan, and I would have to take a 15-minute subway ride to deposit a $25 check.</p> <p>On the other hand, if you're primarily banking within your community, and you prefer personable service and a hometown feel, a regional or community bank might provide a better banking experience.</p> <p>Then again, maybe you can't remember the last time you stepped foot in a bank branch. Or perhaps you conduct most of your bank transactions electronically &mdash; thank goodness for mobile deposit, amiright? &mdash; so an <a href="http://www.wisebread.com/5-best-online-checking-accounts">online checking</a> or savings might be right up your alley.</p> <h2>2. Check for FDIC Backing</h2> <p>Even a big bank can shut its doors. Remember 2008? No matter the type of bank you choose, you need to be confident that your money is safe. Therefore, only bank with institutions that are insured by the FDIC. Your funds are protected up to $250,000 per account, so you know your cash is safe if the bank goes under.</p> <h2>3. What Are the Hours and Locations?</h2> <p>Choose a bank with locations and hours that work with your banking schedule and location, since you probably don't have time to drive 10 or 15 minutes out the way to find a branch. Also, factor in a bank's lobby and drive-up teller hours. When are you most likely to visit branches? If you prefer visiting a branch before or after work, a bank that opens before 9 a.m. and remains open until 6 p.m. might be a better fit. Or if you conduct most of your transactions on the weekends, a bank that offers Saturday or Sunday hours may be a better option.</p> <h2>4. What Are the Fees and Interest Rates?</h2> <p>If you're switching banks because you're fed up with high fees and low rates, you need to be more selective this time around. Besides, if you're looking to grow your money and reach a financial goal, the last thing you need are <a href="http://www.wisebread.com/12-annoying-bank-fees-and-how-to-avoid-them">fees eating away at your balance</a>. Speak with a banker or visit the bank's website for information on fees and rates.</p> <p>Is there a monthly maintenance fee for checking and savings account? If so, is there a way to avoid this maintenance fee? Does the bank offer free overdraft protection? What's the returned check fee? What type of rates can you anticipate for a checking or savings?</p> <h2>5. Does the Bank Offer a Variety of Investment Options?</h2> <p>Regular savings accounts don't earn much interest, but with a certificate of deposit, a money market account, or interest checking, you'll usually get more bang for your buck. Does the bank offer these products?</p> <p>Some small banks only have one type of checking or regular savings, whereas other banks offer a variety of accounts to accommodate different customer needs. Some banks offer accounts specifically for students or senior citizens. You should thus consider your banking needs and determine whether your chosen bank offers adequate options. The goal is finding a bank with accounts that match your savings or checking needs.</p> <h2>6. Do You Need Other Financial Products?</h2> <p>You may prefer using your bank for all your financial needs. So, when choosing a bank, make sure you inquire about other products. If you're planning on getting a mortgage or auto loan in the near future, you might choose a bank that offers these products as well. As an existing account holder, you might be eligible for better rates on loans and credit cards.</p> <h2>7. What Services Are Important to You?</h2> <p>Make a list of must-have banking services. Big banks offer a massive selection of services, such as online banking, bill pay, wire transfers, and direct deposit. These institutions usually have the resources to provide the most innovative products. But if you're working with a community or a regional bank, services might be limited. Visit the bank's website to make sure the institution offers the services you use.</p> <p><em>How did you choose your bank? Did any other these suggestions factor in? Let me know in the comments below.</em></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/mikey-rox">Mikey Rox</a> of <a href="http://www.wisebread.com/7-ways-to-pick-the-bank-thats-right-for-you">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-14"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/that-sneaky-bank-almost-got-me">That Sneaky Bank Almost Got Me</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/10-smart-ways-to-get-a-small-business-loan">10+ Smart Ways to Get a Small Business Loan</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/credit-unions-vs-banks-whats-the-difference">Credit Unions vs. Banks: What&#039;s the Difference?</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/charged-with-an-overdraft-fee-get-your-money-back">Charged With an Overdraft Fee? Get Your Money Back!</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/the-benefits-and-drawbacks-of-credit-unions">The Benefits and Drawbacks of Credit Unions</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Banking bank fees banks interest rates loans money management Thu, 11 Dec 2014 14:00:11 +0000 Mikey Rox 1267058 at http://www.wisebread.com Capital One 360 Black Friday Sale: Get $100 When You Open an Account http://www.wisebread.com/capital-one-360-black-friday-sale-get-100-when-you-open-an-account <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/capital-one-360-black-friday-sale-get-100-when-you-open-an-account" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/146799833.jpg" alt="" title="" class="imagecache imagecache-250w" width="250" height="167" /></a> </div> </div> </div> <p><strong>NOTE: This deal has ended</strong></p> <p>4 Days Only (November 28-December 1): For their Black Friday Special, get $100 when you open a fee-free 360 Checking Account (with a $250 minimum deposit) and make 5 Debit Card purchases or 5 CheckMate deposits or any combination of the two within 45 days. This is an interest bearing checking account!</p> <p><a target="_blank" href="http://www.tkqlhce.com/click-2822544-12034567" rel="nofollow">Go here to learn more and sign up for a 360 Checking Account.</a></p> <p>You can also grab $100 when you open a 360 Savings Account with a $1000 minimum deposit. The bonus starts earning interest on day 1, but you can&rsquo;t take it out for at least 30 days.</p> <p><a target="_blank" href="http://www.kqzyfj.com/click-2822544-12034566" rel="nofollow">Go here to learn more and sign up for a 360 Savings Account.</a></p> <p><strong> </strong>Sales ends 12/1!</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/lynn-truong">Lynn Truong</a> of <a href="http://www.wisebread.com/capital-one-360-black-friday-sale-get-100-when-you-open-an-account">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-15"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/capital-one-360-review">Capital One 360: A Competitive Banking Option</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/credit-unions-vs-banks-whats-the-difference">Credit Unions vs. Banks: What&#039;s the Difference?</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/the-benefits-and-drawbacks-of-credit-unions">The Benefits and Drawbacks of Credit Unions</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/9-good-reasons-to-choose-a-credit-union-instead-of-a-bank">9 Good Reasons to Choose a Credit Union Instead of a Bank</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/that-sneaky-bank-almost-got-me">That Sneaky Bank Almost Got Me</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Banking banks Capital One ing direct Sat, 29 Nov 2014 05:21:26 +0000 Lynn Truong 1261418 at http://www.wisebread.com