bank account

How to Get the Best Bank Sign Up Bonus

September 7, 2018 By Christina Majaski 1 Comment

Did you know banks are offering new customers hundreds of dollars in bonuses? However, before you run off to open a new account, you should consider a few things. Here’s how to make sure you get the highest and most valuable bank sign up bonus.

How Much is the Bank Sign Up Bonus Really Worth?

First, to get the highest bank sign up bonus, there are some things you should consider (besides what you’ll be spending your extra cash on.

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Weigh the Cost vs. the Bonus

Banks not only offer huge bonuses for opening new accounts, but they can also include costly expenses. Make sure you read through the fine print and calculate how much extra your new account will cost you in the long run.

Will it cost you an additional $15 a month just to have the account? If so, maybe the $50 bonus isn’t so valuable to you.

The Cost of Convenience (Or Inconvenience)

Although there are tons of online banking options that don’t require you to ever step foot in a bank, you might have personal reasons for preferring to step inside a bank once in a while. Ask yourself a couple of questions first.

Will you have to drive an extra 50 or more miles to get to your new bank?
Is it difficult to reach someone in customer service if you need help or have questions?

Withdrawing Money and ATM Access

This goes along with both costs and convenience. Before opening an account, you want to make sure it isn’t going to cost you a lot in either fees or access to get your money when you need it. If your new bank doesn’t have an ATM anywhere near you, you’ll have to use expensive out-of-network ATMs.

Plus, there’s nothing worse than not being able to get to your money when you need it.

Bank Promotion Requirements

Although banks offer big sign up bonuses just to open a new account, there are often requirements that you have to meet to qualify.

For instance, you might need to make sure you have a certain amount of money in the account for a specific period of time. It’s important to be sure you can meet these requirements. Don’t waste your time going through the hassle of opening a new account for nothing.

4 Banks with High New Customer Promotions

Both online and traditional banks offer new account promotions from time to time. If you’re looking for a new account, make sure you check the most current offers before signing.

The following four banks currently offer a high bank sign up bonus.

Chase

Chase often has different offers for new customer promotions. Right now, you can get one of the highest bonuses of $350, if you open a checking account and a savings account. You get $200 when you open a Chase Total Checking account and set up direct deposit. You also get $150 when you open a Chase Savings account and deposit $10,000 or more in new money.

Citi

Citi also runs various promotions. Right now, you can earn $400 if you open a checking and savings account in the Citibank Account Package and deposit $15,000. Further, if you open a new checking and savings account and deposit $50,000 new-to-Citibank funds, you can earn $600. While this limits those with lower balances, Citi does offer other promotions for new account holders from time to time.

SunTrust

SunTrust currently offers an opportunity for new account holders of up to $300, if you deposit at least $100, complete at least $2,000 in direct deposits for a Signature Advantage account, and make at least 10 debit card purchases. There is also a lower offer of $150 if you open and complete the qualifications for a Select Checking account.

PNC Bank

If you open an account with PNC Bank, you can earn up to $300. At the lowest threshold, you earn $50 when you open a new Virtual Wallet, establish direct deposits of at least $500, and make at least 10 purchases with your debit card linked to the account.

What do you look for in a new bank account? Let us know in the comments below.

Give the gift of savings! Learn more

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5 Ways To Save (And Earn) Even More In 2016

March 1, 2016 By Jennifer Clark 1 Comment

The popular phrases “time is money” and “it’s not what you earn, it’s what you save” offer valid points and is sound advice. However, if you don’t put in the time, you may not make the money, and if you aren’t earning enough, it can be really hard to save. What’s worse is putting in the time and still barely breaking even. Are we hitting the nail on the head? Is this a constant battle for you?

When you’re living paycheck to paycheck, saving can seem impossible. Luckily, we’re here to help. Below are five ways to save (and earn) even more in 2016:

Start at the bank account. Evaluate your monthly spending. It’s amazing when you take a deeper look at your monthly expenses how much you’ll find you spend on miscellaneous things like coffee or dining out. It may not seem like it, but these are both luxuries. Place a limit on how much you spend on these activities each month. If you make a goal to not spend more than $30 on dining out a month, but you instead spend $50, reduce your budget for the following month. Conversely, if you don’t spend your dining out budget for a couple months, take that amount to splurge on yourself one month. You could also use what you don’t spend on your budget to increase your savings account.
Skip the extreme couponing. After all, as we reminded you above, time is money, and this type of discount searching can absorb a lot of time in order to reap a benefit. Instead, use that time for other activities such as spending time with family (priceless) or researching smarter ways to invest your money (also priceless with the potential to gain). This is not to say utilizing a coupon or two will not help decrease costs; just know there are other ways to save while grocery shopping.
Adjust your spending choices. What financial goals do you have for yourself this year? If the answer is none, it may be time to make some for yourself. Examples include wanting to save more money, finding a profitable investment, earn more money, etc. Whatever the goal, be as specific as possible. A rule of thumb is to save 20% of your income. So, if you bring in $1,800 in a month, $360 should go into savings. If this seems impossible (and by following rule number one, you may find that it’s actually quite feasible) shoot for 10% and increase by 1% each month. Regardless, at the beginning of every month, fund your reserve accounts after paying your bills so that you can have a little more financial freedom in the following weeks.
Pay off your debt. Investing does not have to be in stock; you can also put money toward your debt, and in fact, you should work on paying off your debt first. If financial freedom is your ultimate goal, monetary obligations will always hold you back. Obviously, the more you earn, the more you can close out these bills. Earning more, however, is the ultimate challenge. But, in today’s world, it is easier now more than ever to make a side income, whether it’s through Uber or Lyft, selling on Ebay or, yes, even blogging, the possibilities are seemingly endless. As you earn more, though, save more so that you can reach those economic ambitions much sooner.
Choose investments that will pay you back. If you’re contemplating purchasing rental property as a means to make a secondary profit, know the costs such as insurance, maintenance and taxes prior to going in. Also know that your time may be an investment as well. Increasing the rent will not solve your problems; increasing your knowledge will.

The ultimate goal is to improve your net worth, and through these efforts, you can accomplish this. Decreasing your debt, starting a retirement account and feeding your savings account are all important to do. You will need to work smarter, hustle and research; but with consistency, you can pull yourself out of financial worry faster than expected.

Photo: Flickr: Pictures of Money

How to Write a Check

August 18, 2015 By Will Lipovsky 1 Comment

The paper check is a dying payment method. But even if it is dying, it still comes in handy sometimes. We might use them to pay the doctor or the landlord, for instance. Just one of those reasons is enough to know how to write a check. After all, you don’t want to miss a rent payment because of an improperly filled out check!

When you need to write a check, there are just a few simple steps to follow.

Filling in the Blanks

Writing a check is a simple matter of filling in the blanks:

Date – The top right corner has a line for you to fil in today’s date. Include the month, day and year. Some people will postdate a check for cashing at a future time. This is called postdating and there’s nothing wrong with it as long as you can be certain the funds to cover the check will be in the bank by the date you put on the check.

Pay to the Order Of – Write the name of the person or company you’re giving the check to in the line next to this phrase. Use the full legal name and be careful to spell it correctly. Avoid writing too large or else risk running out of space.

Dollar Amount – Most checks have a box on the right for the check amount in dollars and cents. The dollar sign is usually already printed next to the box. If the check you’re writing is for $100.00, you only need to print “100.00” in that box.

Write Out the Amount – To be sure the amount in the box is correct, checks include a second line ending with the word ‘dollars’ under the ‘Pay to the Order Of’ line. Here you will write out the check amount in words. Using our example above, you would write ‘One Hundred and 00/100’ on that line, or simply, ‘One Hundred’. If you do not use all the space provided, put a line through the unused space. This way, no one can change the amount by adding a word, changing it from ‘One Hundred’ to ‘One Hundred Thousand,’ for example.

Memo – The memo line is optional. It’s really just for record keeping purposes. Most people don’t take the line too seriously. You can use it for an account number if you’re tired of writing out words.

Signature – The lower right of the check includes a line for your signature. Be sure it’s the same way you sign your name on your bank account, credit card slips and legal documents. Be consistent.

Following these simple steps will ensure you write checks correctly while minimizing the chances of someone using your check fraudulently. Writing checks is simple but it’s very important. You were wise for taking just a few minutes to learn how its properly done. There will be no more guessing about this payment type from now on. If you’ve understood this post, you’ve mastered the skill of writing checks. If you have yet to get a bank account, read this post about how to apply for a bank account.

Suggested reading: Simple Ways to Avoid Bounced Checks

How to Apply for a Bank Account

August 17, 2015 By Will Lipovsky 2 Comments

$Getting an American bank account takes a little doing. But don't worry. There are only a few steps between you and your very own bank account. The process for a savings account and checking account are basically the same. It's definitely worth the effort. Choosing the Right Bank Generally, you can choose from big, physical banks (plenty of ATM's, higher fees), online banks (plenty of ATM's, lower fees, no cash deposits) and local credit unions (fewer ATM's, lower fees). Each type of bank has its own benefits and drawbacks. You'll have to decide if the benefits are worthwhile and if the drawbacks are deal breakers. But since many banks are similar, it's probably wise to simply choose what's most convenient for you. You can chase interest rates on your next bank account. Your first account should primarily focus on getting you in the habit of using it. Applying for a Bank Account To apply for a bank account, you'll need your social security number. You'll also need your current address and others where you have lived in the past five years. Other personal information, similar to what you would put on a credit card application will be needed too (like a valid email address). Although you can apply in person in most cases, you can also apply online in most cases. Filling in paper forms is sooo 1999. Considering the sensitivity of your personal financial information, it's important to apply only over a secure internet connection. Make sure the bank you are dealing with is legitimate and FDIC or NCUA insured as well. After submitting the application form, you will usually receive instant approval and account details via email, allowing you to start banking right away. If you have a less-than-stellar banking history, however, you could be denied. Dealing a Negative Banking History Banks use verification services like ChexSystems that work much like credit reports, recording any negative unpaid banking balances or other infractions. Also, if you apply for a new account each year, that may look suspect. You may get denied because of that. Infractions remain on the report for five years. Just as with a credit report, you have a right to obtain a copy of the report and dispute errors. Banks may also check your credit history for signs of fraud or identity theft. If a bank denies your application and you cannot dispute the report. You should ask the bank about a second chance account. These bank accounts usually come with a probationary period that restricts access. Fees are generally higher. But, as with a secured credit card, you should be able to get a full access account within a year. Final Thoughts For most of us, opening a bank account is a simple, straightforward process. Just be sure to choose the right bank for your lifestyle and stay diligent about using it wisely. If you have any problems, ask why. Then ask the personal banker how you can get approved. It may take a little patience but remember, the first time is always the hardest. Your 2nd, 3rd, 4th accounts will be a breeze.$

Getting an American bank account takes a little doing. But don’t worry. There are only a few steps between you and your very own bank account. The process for a savings account and checking account are basically the same. It’s definitely worth the effort.

Choosing the Right Bank

Generally, you can choose from big, physical banks (plenty of ATM’s, higher fees), online banks (plenty of ATM’s, lower fees, no cash deposits) and local credit unions (fewer ATM’s, lower fees). Each type of bank has its own benefits and drawbacks. You’ll have to decide if the benefits are worthwhile and if the drawbacks are deal breakers. But since many banks are similar, it’s probably wise to simply choose what’s most convenient for you. You can chase interest rates on your next bank account. Your first account should primarily focus on getting you in the habit of using it.

Applying for a Bank Account

To apply for a bank account you’ll need to locate a reliable financial institution to supply you with a savings and checking account. When you go in you’ll need your social security number. You’ll also need your current address and others where you have lived in the past five years. Other personal information, similar to what you would put on a credit card application will be needed too (like a valid email address). Although you can apply in person in most cases, you can also apply online in most cases. Filling in paper forms is sooo last century.

Considering the sensitivity of your personal financial information, it’s important to apply only over a secure internet connection. Make sure the bank you are dealing with is legitimate and FDIC or NCUA insured as well.

After submitting the application form, you will usually receive instant approval and account details via email, allowing you to start banking right away. If you have a less-than-stellar banking history, however, you could be denied.

Dealing a Negative Banking History

Banks use verification services like ChexSystems that work much like credit reports, recording any negative unpaid banking balances or other infractions. Also, if you apply for a new account each year, that may look suspect. You may get denied because of that. Infractions remain on the report for five years. Just as with a credit report, you have a right to obtain a copy of the report and dispute errors. Banks may also check your credit history for signs of fraud or identity theft.

If a bank denies your application and you cannot dispute the report. You should ask the bank about a second chance account. These bank accounts usually come with a probationary period that restricts access. Fees are generally higher. But, as with a secured credit card, you should be able to get a full access account within a year.

Final Thoughts

For most of us, opening a bank account is a simple, straightforward process. Just be sure to choose the right bank for your lifestyle and stay diligent about using it wisely. If you have any problems, ask why. Then ask the personal banker how you can get approved. It may take a little patience but remember, the first time is always the hardest. Your 2nd, 3rd, 4th accounts will be a breeze.

It’s Okay to Begin the 365 Day Penny Challenge Anytime

February 4, 2014 By Jeffrey Strain 3 Comments

When it comes to year-long money challenges, most people think about them at the beginning of the year. This is usually as part of their New Year’s resolutions. Because of this, many people have the impression that in order to correctly do them, you need to start the challenge at the beginning of the year.

The truth is that you can begin the 365 day penny challenge any day you want during the year. Yes, beginning on January first wraps it neatly into a single year time period, but there is nothing that says you have to start then. The fact is that the challenge has been specifically created so that you can start at any point during the year. You simply have to pick a day to begin and you’ll be done 365 days later.

365 Day Penny Challenge (click on image to print)

Not having to wait until the “perfect time” is one of the best aspects of this challenge. There really isn’t an excuse not to begin it the day that you come across it. If you decide to delete the lowest amount each day, you’ll be out less than $5 for the first month, but you’ll have saved money on a daily basis for 30 straight days. Even in the worst case scenario, the vast majority of people should be able to pull this off even without any preparation ahead of time.

The penny challenge is one of the easier challenges to understand. Each year has 365 days, and on each of these days you need to pay yourself first. It can be as little as a penny, and as much as $3.65. Once you have paid the amount, you cross it off the challenge sheet, and the next day pay one of the remaining amounts still available on the chart. At the end of 365 days, you will have saved just under $668.

Another important part of this challenge is that you should physically place the amount you’re saving each day into a jar (or other container). So you don’t accidentally forget, the jar should be in a place you’ll see each day. You can then place the accumulated money into a dedicated bank account every week or so. This way you have your savings all in a single place where you know it’ll be each day, and it will help ensure that you make the savings payments daily.

The big advantage of this challenge over the 52 week savings challenge is that it requires you to make a payment to your savings each and everyday. The goal is not only to get you to save the $668, but also to instill the habit of saving money, even small amounts, so that it becomes a part of your daily routine. Once the habit is formed, you should be able to continue it with even bigger challenges in the future.

Aut0mate Your Savings

Savings apps like digit.co are great alternatives or supplements to money challenges. Basically, the app analyzes your account, and puts small amounts into savings for you. Automating your savings account can make it a lot easier to build that emergency fund or vacation fund you’ve been planning to start. You can sign up for digit.co here.

So what are you waiting for? The day to begin is today, and there really is no excuse not to. If you started another challenge this year but have already stopped for some reason, it’s time to begin again. If you know someone who procrastinates, tell them to try this challenge. You have nothing to lose except the fear of not having an emergency savings account. And for those of you who are saying to yourself that you like the idea, but don’t know where you would begin to find the savings, you can’t even give that as an excuse. Here are thirty-one savings tips that will ensure that you’re able to make it through the first month of the penny challenge.

(Photo courtesy of Sh4rp_i)

Five Ways to Save in Fifteen Minutes This Week

May 3, 2009 By David G. Mitchell 10 Comments

Why are you here? I am not asking for your take on the meaning of life or your grand purpose in life (although I am always happy to listen if you want to tell me). Rather, I want to know why you are reading this article at this very moment.

Are you here to learn? To be entertained? To share your views? Perhaps a combination of all three elements? Although I hope that you come here for a combination of all three elements, a desire to learn and to save money should be your primary motivation. Indeed, if you are coming here solely for entertainment, I shall be flattered but I shall also direct you to some writers who are far more entertaining than me (or so I am told by my friends and family).

So, if you are here to learn how to save money, how often have you actually taken the time to adopt the ideas that we have shared on this site? Have you actually cut your costs in some meaningful way, or found some interesting way to make your money go farther? I suspect that for most of us, we have not followed through with nearly as many of the easy suggestions found on these pages as we should have. Accordingly, I have a challenge for each and every person who reads this article.

Each day for the next five days, I want you to undertake the activities described below. I do not believe any of them will require more than fifteen minutes per day but each can result in material savings to you. You can do these things on your lunch break, after your kids have gone to school or at whatever time suits your schedule, but do them. I also want you to come back here each day to let us know if you have been successful.

Monday: If you are reading this article, you have an internet connection. Have you ever tried to negotiate with your internet service provider? If you have not done so recently, you need to do so today. About one year ago, I called my ISP and announced that although I was happy with the service I was receiving, I was thinking of switching to a new provider that would not cost as much. I then asked whether my current ISP could offer me a better rate. In less than 30 seconds, my ISP had slashed my monthly bill from $60 per month to $30 per month. With a five minute phone call, I had saved almost $500 per year.

Tuesday: If you are reading this article, you also pay money to your electric company. Call your electric utility company today and find out whether you can negotiate a better rate than the rate you are currently paying. One of my friends did this recently and was able to substantially reduce the amount she paid per kilowatt hour. Even if your utility will not negotiate with you, explore any money saving programs that you might be able to exploit. Last year, I agreed to allow my utility to cut the power to my water heater on an intermittent basis that would not interfere with my water temperature. As a result, I save about $200 per year in energy costs. The phone call required only ten minutes of my time.

Wednesday: If you own your own home, contact your mortgage holder to explore refinancing. If, as I suspect, you have already done that, you should still explore moving to a biweekly payment schedule. If you pay biweekly, you will more rapidly pay down your principle and you will save a huge amount of interest by the time you have paid off your loan.

Thursday: Go to your bank and determine whether you can get a better rate on your savings account deposits. Our bank offers promotional rates which revert to its ordinary rates after a period of time, but if we go in to our bank periodically (roughly each quarter), we ensure that we get the best rate possible.

Friday: Call for competing rates from insurance companies. Insurance companies rely on customers to stay with them over time and make a lot of money by increasing premiums each year. Since the first year’s rate is usually attractive, it pays to shop around for new car insurance and homeowners insurance.

I hope that if you do each of the things identified above, you will have saved or gained a significant sum by the end of this week, but do not stop there. Read through the articles that have appeared on this site and look for other steps that you can adopt and make a plan for saving money that stretches beyond this week, beyond this month, and all the way to the end of this year. And don’t forget to come back and let us know each day this week whether you have saved any money.