A simple change to when you make your mortgage payments can save you thousands of dollars—and a few years—on your mortgage obligation.
Many people dream of saying goodbye to their mortgage and living debt-free. Perhaps the most popular method for doing this is making biweekly mortgage payments. These are just what they sound like. Instead of paying your mortgage once a month, you pay every two weeks.
Here’s how it works: You take your required monthly mortgage payment and divide it evenly in two. Then, you make that half-payment every two weeks. If your mortgage payment is $3,000, for example, you’d pay $1,500 today, and then the other $1,500 two weeks from now.
You’d then continue that process every two weeks for the rest of the year—ideally with automatic payments you can set and forget. Because the calendar doesn’t split months evenly, you’ll end up making 26 half-payments over the course of the year, or 13 total monthly payments, instead of 12.
“I’m a big proponent of biweekly mortgage payments,” says David Johnston, a certified financial planner and managing partner of Amwell Ridge Wealth Management in Flemington, N.J. “It’s a way to accelerate your mortgage payoff without hefty lump sums.”
How much can you save with biweekly mortgage payments?
The exact amount of savings you’ll see by making biweekly mortgage payments depends on your loan size, interest rate, loan term and other factors.
“Paying biweekly will save you thousands of dollars over the term of your loan, since it’ll be paid off earlier,” says Steven Conners, founder and president of Conners Wealth Management in Scottsdale, Ariz.
Here’s a look at how making biweekly payments would alter a $500,000 mortgage loan with a 6.5% rate.
Monthly payments
Biweekly payments
Loan amount
$500,000
$500,000
Payment amount
$3,160 monthly
$1,580 biweekly
Payments per year
12 full payments
26 half payments
Payoff date
Year 30
Year 24
Total interest paid
$637,722
$486,076
Savings
–
$149,646
While cash savings are likely the biggest benefit of making biweekly mortgage payments, there are other perks, too. Paying your loan off earlier, for example, can lighten your financial load as a household, freeing up cash flow to put toward other things—such as investments or your retirement account.
Biweekly payments also allow you to build equity faster. “They act as an equity booster,” says Mike Roberts, co-founder of City Creek Mortgage in Draper, Utah. “The quicker you pay down the principal, the more equity you build in the home.”
Roberts says this extra equity could prove “invaluable” later on if you opt to refinance your loan or take out a home-equity loan or Heloc. (Lenders typically won’t allow you to do either unless you’ll still have at least 20% equity.)
Finally, for many homeowners, biweekly payments just line up with some paycheck schedules better. For example, if you get paid every two weeks, it may be simpler to manage cash flow if your mortgage payments align with your pay days.
“By dividing the payment in half and aligning it with your pay cycle, it may be easier on your overall budget,” says Rachel Caballero, community development manager at TruWest Credit Union in Tempe, Ariz.
There can be downsides to biweekly payments, too. There may be fees from your lender, it could be hard to remember the payments (unless you set up autopay) and you might be taking away cash from other financial goals, such as paying down higher-interest debts or saving for retirement.
Setting up biweekly mortgage payments
With all their benefits, it might be tempting to just divide that payment in half and start biweekly payments right away. But before you dive in, you’ll need to contact your lender or loan servicer.
First, not all servicers will allow you to make biweekly payments. And if yours does, you need to make sure they’ll apply the payment to your principal at the time of payment—not just on your payment’s due date.
“You need to confirm with your servicer that the biweekly payments will actually be applied to your principal,” Roberts says. “Some servicers might hold the extra payments in an escrow account until the end of the month, negating the benefits.”
This essentially means they’ll put the payments in a holding account until your actual due date rolls around. This would keep your earlier-in-the-month payments from reducing your principal balance (and the interest you’re charged on it) as intended.
You should also ask if there’s a fee for setting up or processing biweekly payments. It might seem silly to charge a fee when the lender is actually getting bigger payments from you, but remember those interest savings.
“Less interest cost for you is less interest income for them,” says Troy A. Young, a certified financial planner and founder of Destiny Financial Group in Atlanta.
Richly textured, colourful, comfortable and full of character, the country house style – whether you live in a Chelsea mansion flat or a rural farmhouse – has returned to form in 2024. Fuelled by the recent screen successes of Saltburn and The Gentlemen via Bridgerton, there’s a distinctive move away from safe neutrals and neat silhouettes towards an old-money aesthetic of verdure tapestries hung on the walls, layers of oriental rugs on wooden floors, gilt framed portraits in oils and drawing room shelves showing off Grand Tour-style collected treasures.
Country-house tastemakers
Of all the decorators in operation today, Sibyl Colefax & John Fowler is recognised worldwide for its art in capturing English country-house design whether the firm is working on a house in London, Oxfordshire or deep in the Catskill mountains of New York state. Ironically, its story began with an American, Nancy Lancaster, who joined forces with rising star of interior decorating John Fowler just before the outbreak of the Second World War in 1938. “John’s meticulous attention to historical detail – scraping back paint to find the original colours of the walls – was tempered by Nancy’s irreverence for grandeur and her ability to make imposing rooms beautiful, and also incredibly comfortable,” explains the firm’s joint managing director, Emma Burns. “At the heart of the country house aesthetic is the opportunity for everyday life to play out uninterrupted – spaces where a stray newspaper or a forgotten cup of coffee doesn’t look out of place but rather fits in perfectly. It’s generous, beautiful rooms that aren’t disrupted when a dog jumps on the sofa or 20 teenagers rock up unexpectedly to chill.” Her must-have elements include deep, comfy sofas and armchairs, updated over time with loose covers and cushions, as well as good lamps, baskets filled with logs, and coffee tables piled high with books. “It’s about comfort first and foremost.”
Emma Burns arranged a lineup of blue-and-white china on the entrance hall’s sideboard to enhance the deep navy of its banister;
Credit: Emma Burns
A well-decorated room must look effortlessly balanced, no matter how much hard work has gone into it,” say Will Fisher and Charlotte Freemantle of Jamb, the Pimlico Road emporium which is a go-to destination for those wanting to achieve the country-house look. “For us, the focal point of the room will always be the chimneypiece anchored on a hearth. It doesn’t need to be flanked on either side by a matching piece of furniture, the balance can be created instead by the proportion and scale being mirrored either side. Colour is equally important. A marble bust and a vellum lampshade could hardly be more different and yet because they’re the same tone, there’s potential in their ability to balance a room.”
This approach is being embraced and tweaked by a new generation of decorators. Octavia Dickinson agrees that comfort is fundamental to country- house style. “I often approach a room like a beautiful painting, combining colours, textures and shapes in ways which delight the senses but never jar,” she says. “I like to make grand rooms feel less grand or vice versa and most importantly, comfortable; it’s home, after all!” Fabrics, too, want to be soft and flowing, with lots of florals and a mix of patterns that feel like they’ve been collected over time, she adds. Use natural finishes such as unlacquered antique brass, which weathers over time.
Henry Prideaux, who worked for Nicky Haslam and others before establishing his own practice, is known for his classic–meets–contemporary style. His approach is to rework the main country- house design tropes of florals, loose covers and antique furniture in an updated way. “Incorporate decorative trims and wallpaper borders to add detail. For example, I use grosgrain ribbon or patterned paper borders applied to frame doorways and embellish cornicing. Modern artwork and decorative lighting are also ways of adapting traditional country-house design for today.”
Henry Prideaux created this maximalist Miss Marple-inspired study for a terraced house in Putney
Credit: Rooz Ahmadian
An escape to the country often conjures the image of a historic property with space to breathe; in old houses, this is particularly true of the bathroom, which is usually converted from a former bedroom. “For a bathroom that meets the brief, think freestanding,” says James Lentaigne, creative director of Drummonds. “Clawfoot baths are perfect for a long soak while gazing out at the garden, while freestanding showers and towel rails are also overwhelmingly popular. They have a certain historical grandeur but – most importantly – they sit harmoniously in the room without disrupting its character.”
Drummonds has also seen an increase over the last year in bathrooms designed for couples; a space to catch up during the morning and evening routine. “We’re increasingly selling double vanity basins, double showers and even side-by-side baths, particularly in country homes.”
The Sibyl Colefax & John Fowler managing director created a rich backdrop to this bathroom using Rameau Fleuri wallpaper
Credit: Emma Burns
Finally, decorating a classic country house today means listening both to it and the client’s needs, says interior designer Flora Soames. “A house in the English countryside often speaks to me more than anywhere else in the world. It sets the boundaries within which you can play. But do push these boundaries with colour, pattern, playing with scale and introducing the unexpected; that is where it starts to become interesting.”
A modern country house in London
When a French family relocated from America to Kensington, they appointed the multidisciplinary creative studio OWN London to renovate their outdated four-storey house. The resulting fusion of art, colour and functionality is a fun-filled and updated interpretation of country-house character distilled into an urban format.
OWN London’s renovation of this four-storey Kensington family home features playful country manor touches
Credit: Darren Chung for One Menagerie
Associate director of interior design Alicia Meireles was responsible for the decorative schemes throughout the house. These range from slipcover chairs in a jaunty red-and-blue striped fabric by Studio Atkinson, a banquette upholstered in a Flora Soames design and console tables with bobbin legs by Alfred Newall. In a nod to the country houses of yesteryear, the team introduced a dumb waiter from the kitchen in the lower ground floor to the dining room on the raised ground floor.
Other country house elements which are increasingly finding their way into London properties include what once would have been called “domestic offices” such as laundry rooms, pantries and boot rooms. Typically, these will be located on the lower-ground floor. Nicky Dobree recently designed a boot room and laundry room in the basement of a London house. “It’s a luxury if space allows. We used Humphrey Munson and introduced fabrics to add layers and soften the timber.”
Country homes moodboard
Get stately pile style with rich textures and prints alongside generous fittings and fixtures.
The London Magazine celebrates prime property and luxury lifestyle in the world’s greatest city. Read the latest issue online.
The capital city of North Carolina, Raleigh, has a lot to offer residents. If you’re looking to rent an apartment in Raleigh, the average rent for a one-bedroom apartment is $1,384. If you’re curious about Raleigh’s most expensive neighborhoods, then you’re in the right place. ApartmentGuide has gathered a list of the top neighborhoods to rent an apartment in this year, including the luxurious Brier Creek Country Club and the picturesque Cameron Village. Read on to find out what areas made the list.
13 Most Expensive Neighborhoods in Raleigh
From the lush greenery of Oberlin Village to the galleries of Moore Square, there are plenty of exciting neighborhoods in Raleigh. Whether you’re looking for a luxurious home to rent in Raleigh or wondering where to live in the city, we’ve got you covered.
1. Oberlin Village 2. Fayetteville Street District 3. Hedingham 4. Brier Creek Country Club 5. Cameron Village 6. University Park 7. Wade 8. Glenwood 9. Warehouse District 10. Wilmont 11. Downtown Raleigh 12. Central Raleigh 13. Moore Square
Let’s jump in and see what these neighborhoods have to offer.
1. Oberlin Village
Average 1-bedroom rent: $2,255 Apartments for rent in Oberlin Village
Oberlin Village is the most expensive neighborhood in Raleigh, as the average rent for a one-bedroom unit is $2,255. This unique and historically rich neighborhood is characterized by its charming mix of well-preserved historic homes and modern developments. The area stands out with its beautiful tree-lined streets and a strong sense of community, evident in landmarks like the historic Oberlin Cemetery and the restored Oberlin Baptist Church. Residents enjoy easy access to attractions such as Jaycee Park, which offers playgrounds, sports fields, and a community center, fostering an active and connected lifestyle. The vibrant arts scene is highlighted by local galleries and events at the nearby Cameron Village, providing cultural enrichment. Getting around Oberlin Village is convenient, with bike-friendly streets and proximity to the Raleigh Greenway trails, encouraging outdoor activities and sustainable transportation. Additionally, the neighborhood’s location near Hillsborough Street and the NC State University campus adds a youthful and dynamic atmosphere, making Oberlin Village a distinctive and appealing place to live.
2. Fayetteville Street District
Average 1-bedroom rent: $2,100 Apartments for rent in Fayetteville Street District
The Fayetteville Street District in Raleigh stands out as the city’s vibrant core, known for its blend of historic and contemporary architecture lining the iconic, tree-shaded Fayetteville Street. The neighborhood is a hub of activity, featuring landmarks like the Martin Marietta Center for the Performing Arts and the North Carolina State Capitol, which attract residents and visitors alike. Cultural attractions such as Artspace, a thriving visual arts center housed in a historic building, and the Raleigh City Museum enrich the local cultural scene. The area’s bustling atmosphere is complemented by a variety of locally-owned restaurants and cafes, such as Beasley’s Chicken + Honey, offering residents unique dining experiences. Getting around is easy, with the GoRaleigh bus system providing extensive routes and the walkable nature of the district encouraging pedestrian exploration. Events like the annual Hopscotch Music Festival and Downtown Raleigh Food Truck Rodeo make the Fayetteville Street District a lively and engaging neighborhood, distinct in its combination of history, culture, and urban energy.
3. Hedingham
Average 1-bedroom rent: $2,091 Apartments for rent in Hedingham
With an average one-bedroom rent of $2,091, Hedingham is the third most expensive neighborhood in Raleigh. The neighborhood is distinguished by its scenic golf course and resort-like amenities. The area features beautifully landscaped streets and homes nestled around the Hedingham Golf Club, offering residents picturesque views and a luxurious living experience. Attractions such as the Neuse River Greenway Trail provide ample opportunities for outdoor activities like biking, hiking, and kayaking, promoting an active lifestyle. Residents also enjoy access to the community’s fitness center, swimming pools, and tennis courts, fostering a sense of community and wellness. Getting around Hedingham is convenient with well-maintained roads and close proximity to major highways like I-540, ensuring easy commutes to other parts of Raleigh.
4. Brier Creek Country Club
Average 1-bedroom rent: $2,071 Apartments for rent in Brier Creek Country Club
Brier Creek Country Club is the next most expensive neighborhood in Raleigh. The neighborhood stands out for its luxurious amenities and meticulously designed landscape, centered around the prestigious Brier Creek Country Club golf course. This exclusive community features elegant homes with beautiful architectural details, surrounded by lush greenery and scenic views. Residents enjoy top-tier amenities, including a grand clubhouse, fine dining at The Grille Room, and a state-of-the-art fitness center. The neighborhood also boasts extensive recreational facilities such as tennis courts, swimming pools, and walking trails, catering to a range of active lifestyles. Conveniently located near Raleigh-Durham International Airport and major highways like I-540 and US-70, Brier Creek offers easy access to the broader Triangle area.
5. Cameron Village
Average 1-bedroom rent: $2,050 Apartments for rent in Cameron Village
Cameron Village in Raleigh is renowned for its vibrant mix of historic charm and modern amenities, creating a unique living experience. The neighborhood is home to the iconic Village District Shopping Center, a local favorite offering a variety of boutique shops, upscale dining options, and community events. Architectural diversity is evident, with beautifully preserved mid-century homes alongside contemporary apartments, providing a range of housing styles. The nearby Fletcher Park, with its lush gardens, walking trails, and playgrounds, offers residents a serene green space for relaxation and recreation. Public transportation is easily accessible, with several bus routes connecting Cameron Village to downtown Raleigh and other key areas.
6. University Park
Average 1-bedroom rent: $1,976 Apartments for rent in University Park
Next up is University Park, the sixth most expensive neighborhood in Raleigh. Located near North Carolina State University, the area buzzes with academic energy and offers residents a mix of collegiate events and cultural activities. The neighborhood’s centerpiece, Pullen Park, features a historic carousel, train rides, and beautiful gardens, making it a favorite spot for families and outdoor enthusiasts. University Park is also home to the vibrant Hillsborough Street corridor, where unique eateries like Irregardless Café and local coffee shops like Jubala Coffee attract both residents and visitors. The neighborhood’s walkability and bike-friendly streets, along with convenient access to public transit options like the Wolfline and GoRaleigh buses, make getting around easy.
7. Wade
Average 1-bedroom rent: $1,950 Apartments for rent in Wade
The Wade neighborhood in Raleigh stands out for its blend of historic charm and modern conveniences. Known for its beautiful tree-lined streets and well-preserved early 20th-century homes, Wade offers a picturesque setting that is unique to Raleigh. Residents enjoy easy access to the nearby Pullen Park, one of the oldest amusement parks in the U.S., featuring a historic carousel, playgrounds, and boating. The neighborhood is also close to the North Carolina Museum of Art, which offers extensive galleries and outdoor trails filled with sculptures. Local eateries like Neuse River Brewing offer residents craft beers and gourmet dining in a cozy setting. Wade’s central location ensures convenient transportation options, with easy access to major roads and public transit, making commutes to downtown Raleigh and other areas seamless.
8. Glenwood
Average 1-bedroom rent: $1,929 Apartments for rent in Glenwood
Glenwood takes the eighth spot on our list of most expensive neighborhoods in Raleigh. It is renowned for the bustling Glenwood Avenue, which is lined with an array of independent shops, art galleries, and locally-owned restaurants like Layered Criossanterie known for its breakfast dishes. The neighborhood’s rich history is evident in its well-preserved early 20th-century homes, adding a unique architectural character to the area. Residents enjoy the nearby Fred Fletcher Park, offering lush green spaces, walking trails, and sports facilities for outdoor activities. The Glenwood South nightlife district adds to the appeal, with venues such as C. Grace, a speakeasy-style jazz club, providing entertainment options. Convenient public transportation and pedestrian-friendly streets make it easy for residents to navigate the neighborhood and connect with the broader Raleigh community.
9. Warehouse District
Average 1-bedroom rent: $1,752 Apartments for rent in Warehouse District
The Warehouse District in Raleigh stands out for its dynamic blend of historic industrial buildings and contemporary urban culture. This neighborhood is a hub for creativity, featuring unique attractions like CAM Raleigh, a contemporary art museum housed in a converted warehouse, and Videri Chocolate Factory, where visitors can tour the artisanal chocolate-making process. The area is dotted with innovative eateries such as Morgan Street Food Hall, which offers a variety of local food vendors in a lively, communal setting. Nightlife thrives here, with venues like The Pour House Music Hall & Record Shop providing a space for live music and local bands. Getting around is easy with the R-Line, a free downtown circulator bus that connects the Warehouse District to other key areas of Raleigh.
10. Wilmont
Average 1-bedroom rent: $1,750 Apartments for rent in Wilmont
The tenth most expensive neighborhood in Raleigh is Wilmont. Known for its tree-lined streets and charming mid-century homes, Wilmont offers a peaceful retreat while being just a short distance from the bustling Hillsborough Street corridor. Residents have easy access to the Raleigh Little Theatre and Rose Garden, a cultural gem featuring performances and beautifully landscaped gardens. The neighborhood’s close-knit community is enhanced by local favorites like Neuse River Brewing Company, offering craft beers and a welcoming environment. Transportation is convenient with well-connected roads and nearby public transit options, making it easy to commute to downtown Raleigh and other areas.
11. Downtown Raleigh
Average 1-bedroom rent: $1,732 Apartments for rent in Downtown Raleigh
Number 11 on our list is Downtown Raleigh. It is home to landmarks like the North Carolina State Capitol and the Martin Marietta Center for the Performing Arts, which host a variety of cultural events and performances. The area is known for its thriving arts scene, exemplified by local galleries and the Contemporary Art Museum (CAM Raleigh). Residents enjoy an array of dining options, such as Bida Manda, which offers authentic Laotian cuisine. The neighborhood is highly walkable and bike-friendly, with easy access to public transportation, including the GoRaleigh bus system and the new Raleigh Union Station.
12. Central Raleigh
Average 1-bedroom rent: $1,732 Apartments for rent in Central Raleigh
Taking the 12th spot is Central Raleigh. It features beautifully preserved historic homes alongside contemporary residences, creating a unique blend of old and new. Attractions like the North Carolina Museum of Natural Sciences and the North Carolina Museum of History offer enriching experiences and educational opportunities. Central Raleigh’s culinary scene is diverse, with local favorites such as Poole’s Diner, known for its upscale comfort food, and the culinary innovation at Second Empire Restaurant and Tavern. The neighborhood is well-connected by the GoRaleigh bus system and features bike-friendly streets, making it easy for residents to navigate the area.
13. Moore Square
Average 1-bedroom rent: $1,732 Apartments for rent in Moore Square
Moore Square the final neighborhood on our list. At its heart is Moore Square Park, a historic green space that hosts numerous community events, concerts, and farmers’ markets. The area is also home to the City Market, a charming collection of local shops and eateries, including the popular Big Ed’s Restaurant, known for its hearty Southern breakfasts. Art lovers can visit Artspace, a visual arts center housed in a historic building, offering galleries, artist studios, and educational programs. The neighborhood’s walkability is enhanced by well-maintained sidewalks and access to public transportation, such as the GoRaleigh bus service, making it easy for residents to navigate the city.
Methodology: Whether a neighborhood has an average 1-bedroom rent price over the city’s average. Average rental data from Rent.com in June 2024.
It’s now possible to activate all 5% category credit cards for the third quarter of 2024, including the Chase Freedom, Chase Freedom Flex, Discover IT, Citi Dividend, US Bank Cash+ and some smaller cards. In this post we’ll provide the activation link for each card and links to track your spend, along with strategies to help increase spend in these categories.
Dates: July 1st – September 30, 2024. Store purchases can usually be done until the last minute while online purchases should be given a buffer zone since the charge typically posts on the shipping date.
Chase Freedom – Gas, EV, Entertainment
Activation Link / FAQ / Sample Stores & Exclusions / Our original post
With the Chase Freedom and Freedom Flex cards, activate to earn 5% back this quarter on up to $1,500 in spend at gas stations, on EV charging, select live entertainment and movie theaters.
Gas and EV charging – Useful for gas and also for buying gift cards inside some gas stations and similar convenience stores
Select live entertainment and movie theaters
Tip: Click this link (login required) to check how far you are along the $1,500.
Discover – Grocery, Walmart
Activation Link / Our original post
With your Discover card, activate to earn 5% back this quarter on up to $1,500 in purchases at Grocery Stores and at Walmart.
Grocery Stores – always a useful category. Grocery stores also sell a wide variety of gift cards to other retailers.
Walmart – Walmart store purchases, online purchases, and gas purchases are included. You can buy a Walmart gift card online or in-store and then use that for Sam’s Club purchases as well. Walmart sells third party gift cards too.
Activate to earn 5% Cashback Bonus at Grocery Stores and Walmart from 7/1/24 (or the date on which you activate 5%, whichever is later) through 9/30/24, on up to $1,500 in purchases. Grocery Store purchases include those made at supermarkets, meat lockers, bakeries, smaller grocery stores, and grocery delivery services. All purchases made from Target, convenience stores, wholesale clubs, and discount stores are not eligible. Walmart purchases include those made at Walmart.com, through the Walmart app, in-store at Walmart Discount Stores, Walmart Supercenter Stores, Walmart Neighborhood Market Stores, Curbside Pickup, Walmart +, and Walmart Gas Stations. Purchases using Walmart Pay with your Discover Card will also be included. Purchases from individual merchants and stand-alone stores within physical Walmart locations may not be eligible for this promotion. Sam’s Club purchases are not eligible. Purchases made through affiliates of Walmart.com are not a part of this promotion. The Walmart.com logo is a registered trademark of Walmart Inc. Listed merchants are in no way sponsoring or affiliated with this program.
Tip: Login, then click this link to see you how far along the $1,500 you are.
Citi Dividend – Gas
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With your Dividend card, activate to earn 5% back this quarter at Gas Stations. Citi is different than the other cards in that you have a $6,000 annual cap rather than a $1,500 quarterly cap. You can get 5% back on up to $6,000 in this quarter or you can save the entire amount for a different quarter, or you can use part up each quarter.
Excludes gasoline purchases at warehouse clubs, discount stores, convenience stores or other merchants that do not use the gas station merchant category code.
U.S. Bank Cash+/Elan – Select your Categories
Activation link | Merchant List | Our Original Post
U.S. Bank Cash+ and Elan Max offer 5% cash back in two categories, up to $2,000 combined total per quarter. Keep in mind that Car Rentals was recently replaced with TV, Internet, and Streaming Services.
Here are the current options:
TV, Internet, and Streaming Services
Home utilities
Select clothing stores
Cell phone providers
Electronic Stores
Gyms/Fitness
Fast food
Ground Transportation
Sporting goods
Department Stores
Furniture Stores
Movie theaters
Tip: Login here, then scroll down and click on the red “View Your Cash+ History” button.
U.S. Bank Shopper – Select your Categories
Our Original Post
The U.S. Bank Shopper Cash Rewards comes with a $95 annual fee and offers 6% cashback on your first $1,500 in combined eligible purchases each quarter with two retailers you choose. Options include Amazon, Apple, Best Buy, Home Depot, Lowe’s, Walmart, Target, and many more. You must enroll each quarter into two retailers.
Bank of America Customized Cash Rewards
Our Original Post
The Cash Rewards card from Bank of America offers 3% back on one selected category, up to $2,500 per quarter. If you don’t select anything it defaults to gas. Once you selected a category for one quarter, that remains your category in the future unless you change it. Each calendar month you can change it if you’d like, but you’re always limited to $2,500 for the entire quarter.
Gas and EV charging stations (default category)
Online Shopping; this category also includes cable, streaming, internet, and phone plan
Dining
Travel
Drug Stores
Home Improvement/Furnishings
This category is especially lucrative for those who have Preferred Rewards status with Bank of America which can get you 5.25% back on one of these categories at the higher relationship level.
Lots of useful categories here. Important note: the Cash Rewards card also offers 2% back at grocery stores and wholesale clubs up to $2,500 per quarter, and that $2,500 limit combines with the Category Selection limit. After spending $2,500, you’ll earn 1% back on everything.
Other Cards with 5% Category
Nusenda FCU – Gas, Hotels, Airfare, Education
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Earn 5% this quarter on up to $1,500 in purchases on Gas, Hotels, Airfare, and Education.
This is on top of the regular 1% for a total earn of 6% back. (apparently no longer the case?)
Langley FCU – Walmart, Wholesale, Gas, EV
Landing Page | Our Original Post
Langley Federal Credit Union offers 5% back each month in one selected category, on up to $100 cash back total ($2,000 spend).
The category options at time of this writing: Walmart, Wholesale, Gas, EV.
Vantage West [AZ] – Select your Category
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Get 5x points on the category of your choice, up to $1,500 per quarter. Eligible categories:
Safe Credit Union Cash Rewards Visa card offers 5% this quarter on your choice of one category each quarter (with no apparent limit). This quarter the categories are:
Enjoy complimentary access to top ideas and insights — selected by our editors.
Three years after a condominium building collapsed in Surfside, Florida, killing 98 people, policies have changed regarding the safety of condo buildings — as well as mortgage lending for residents within these buildings. Fannie Mae and Freddie Mac have both updated policies, especially as condo living is on the rise due to a recent lack of housing inventory.
The number of condominium and homeowner associations is set to increase from 365,000 in 2023 to as much as 370,000 in 2024, accounting for almost one-third of U.S. home inventory, according to a recent Foundation for Community Association Research study and forecast.
“Approximately 67% of the homes completed in 2023 were in a homeowner’s association, condominium or housing co-op. That’s a big number,” Dawn Bauman, executive director of the foundation and chief strategy officer at the Community Associations Institute, recently told National Mortgage News.
Read more: Congress must act to fix Fannie Mae and Freddie Mac, FHFA says
Community associations new and old now account for around 30% of overall housing stock. While the association component of new home construction is considerable, the sector does also include a significant number of older buildings more than 40 years old, Bauman said. Because of this, Freddie Mac and Fannie Mae established more rigorous guidelines for ensuring the safety and soundness of these residential buildings.
Lenders and associations haven’t argued with the need for some rule changes following the Surfside condo collapse, but have looked for improvement in communication regarding which buildings have issues that bar financing and processes available to remedy such concerns.
Both Freddie Mac and Fannie Mae have responded with plans to improve transparency for both associations and lenders.
In addition, Freddie is extending the use of attorney opinion of title letters to loans collateralized by condominiums and those with deed restrictions, such as properties that are part of a homeowners association.
While broader use of options like attorney opinion letters has gotten pushback from the title insurance industry, saying they’re insufficient given the risk, efforts to explore this are moving forward due to the potential to save borrowers hundreds of dollars upfront per loan.
However, American Land Title Association CEO Diane Tomb said the letters are likely to rarely, if ever, result in savings and “will expose additional consumers and lenders to unneeded risk and weaken protection of their property rights.”
One-third of title claims are for issues not found in routine searches conducted for an AOL, the cost of insurance has fallen almost 8% since 2004 “seller-pay” regimes in many states minimize buyer costs for insurance. Condos are considered particularly vulnerable to risks, according to ALTA.
Read more about the recent policy changes both Fannie Mae and Freddie Mac have made on condo buildings.
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Budgeting is such an adulting term.
Nothing can make you feel more like an adult when you need to learn how to budget your money, stop buying frivolous things, and save for retirement.
A budget just sounds like no fun.
Is it possible to learn how to budget money and still enjoy life?
However, the bright side to budgeting (and normally overlooked aspect) is by setting up a budget is you start to live within your means and start your path to financial freedom. Here are all the advantages of budgeting.
Personally, financial freedom is way more enticing!
So, that means a budget is necessary. A budget is key. A budget will change your life forever.
Just FYI…Here at Money Bliss, we like to call it a Cents Plan. Why? A budget sounds constricting. Take your money cents and put it with your head sense to make your Cents Plan.
We will detail what is the proper way to budget for money.
But the question remains how to budget money without pulling out your hair and still enjoy life. (It is easier than you think!)
Do you Need a Budget?
First, let’s answer this age-old debate. Do you really need a budget?
The simple answer is it depends on what you want out of life.
Do you want to live paycheck to paycheck, struggling with money, straddled with debt? Or with financial independence where you control your destiny?
Stress vs. joy. The choice is yours.
With human nature, our tendency is to spend money. While there are some savers in the room, it is typically a learned trait. Society wants quick results and with material items so cheap, it is easy to go overbudget.
Does extra income really solve someone’s money problems?
Last I checked, there are plenty of people who made millions are in bankruptcy because of overspending, not living within their means, and a budget wasn’t a term they used.
Here is a quick test…
If you have read this far into the post, then you need a budget. Keep reading. We have plenty of information to help you succeed. Also, you will learn various ways to budgeting that work for you.
Longer Answer & Must Read: Money Bliss Steps to Financial Freedom – this is the long term answer to “Do You Need a Budget?”
Purpose of a Budget
Okay, so we figured out that you need a budget. But, you aren’t truly convinced about why you need a budget.
What is the reason or main purpose of a budget?
The purpose of a budget is to first decide where you plan to spend/save money and then, see if you followed through on your plan.
Are you under budget? Are you over budget? Specifically, are you making progress to your life’s vision?
That is the role of a budget.
It is a guide for your money. Like we have said many times before you can manage your money or have your money manage you.
Personally, we use a budget to reach financial freedom faster and to make sure we have money set aside to travel. We have chosen to live a little more frugal than our neighbors (some might say much more frugal). However, the trade off for us is to travel now. Not wait until “retirement.”
For us, the purpose of a budget helps us to travel each year plus work our way towards financial freedom.
For you, what is the purpose of a budget? What do you want out of life?
Use on of these methods of budgeting as a guide to develop your budget.
Importance of Budgeting
There are many benefits of budgeting. However, most people struggle with a budget because saying no to yourself can be hard.
Let’s look at the bigger picture.
Do you want to manage your money? Or have your money manage you?
The choice is yours.
A budget is just a spending plan written out in advance.
You manage money your way!
That is a huge importance of budgeting. Personally, I would much rather decide how I want to spend my money. That is one of the biggest reasons we decided to pay off our debt in one year.
The importance of budgeting is to make sure you are living within your means and have the ability to pay for your expenses.
A budget doesn’t have to be complicated. It helps you lower big ticket expenses like housing, food, and transportation and then make sure you have enough remaining for the rest of your expenses.
If debt is a part of your life, then you are able to pay off debt faster by knowing where you spend money (and specifically what is worth spending money on). If you are debt-free, then you can continue paying in cash rather than racking up debt.
By moving towards a budget, then the foundation is laid to build a solid money journey.
You know where and how your money is spent. Then, you’re not left at the end of the month wondering if and when you will run out of money.
Another key importance of budgeting is it forces you to be organized with your finances. Then, you know where your money is going.
Creating a budget shouldn’t be overcomplicated or hard. That is something we will teach you how to do.
Benefits of Budgeting
Too many times people have good intentions of creating a budget and give up too quickly, then they never finally understand the benefits of budgeting.
It will take a few months or paycheck cycles to truly notice the benefits of budgeting (AKA spending less than you make).
You need to learn how to budget money and get into the groove of it.
No matter what we do…we can’t change how fast the days move. This is hard when you are working hard on your budget for the first time and want to see progress faster.
Consistency makes budgeting actually work.
A few of the benefits of budgeting include:
Stop fighting about money
Ability to reach your goals faster
Prioritize spending
Did you realize we only listed a few of the benefits of budgeting? Learn all nine Surprising Advantages of Budgeting your Money. (#7 may save your marriage)
As paychecks roll in and the months go by, you start seeing the bigger and bigger picture on the benefits of budgeting.
How to Manage Money
Now, that you read you need a budget, the purpose of a budget, the importance of budgeting plus the true benefits of budgeting, let’s learn how to manage money.
Specifically, how to manage your money.
Remember you have the choice to manage your money or have your money manage you. The choice is yours.
So, how can you manage your money?
One place to start is look at what others are doing. What makes them successful or not successful.
You can manage your money based off percentages like the Cents Plan Formula.
You can look at the household budget percentages to see how people spend money according to the statistics.
Ask a friend or family member how they manage money. (Some may tell you others won’t say a word.)
You can also go in depth with My Ultimate Money Blueprint.
Just remember, in the end, you want to manage money your way.
Steps on How to Budget Money
Managing money is more than just a budget.
It is about giving you choices in life.
These steps on learning how to budget money are very global. They aren’t specific tactics for budgeting. You can learn that in the 7 steps to making a budget.
These is the overarching themes that guide you on how to budget your money. Let’s budget your life and change your finances.
1. Life’s Vision
Before we starting truly budgeting, we just tracked our spending. Without fail each and every month, there wasn’t money leftover to do what we wanted in life. Things just didn’t seem fair.
Then, I got this hair-brained idea to pay off all of our debt in 1 year.
Let me tell you…it was the best decision we ever made. You can read about our journey to be debt free.
By paying off our debt, we decided to put us first and what we wanted in life.
Extra money was going towards all of debt each month. So, that meant everything else was hacked to make paying off debt possible.
During that time, we truly understood what we wanted in life, what was important to us, and how we would get there. I guess you could say we began to budget our life.
Do you know what your life vision is? Your why? Your next money goal?
If not, then start here on making money goals.
2. Live Within Your Means
While this seems blatantly obvious, it is one of the hardest things for people to do.
Simply put…
Income > Spending
Your income is greater than your spending (and hopefully savings is included in that number too).
One of the fastest ways to start living within your means is with a no spend challenge.
Plus it will help you uncover your life’s visions and what truly matters to you.
If you have been spending more than you make, then you are letting money manage you.
By living within your means, then you are managing your money your way.
Learn Exactly… How to Live Below Your Means and Love Life
3. Be Okay Being Different
The comparison trap is real.
With social media, it is hard to escape any type of comparison game. It used to be “Keep up with the Joneses’” and that just meant the neighbors and friends around you. Now, it is comparing yourself to influencers and people you will never meet in your lifetime.
The key to long term success on how to manage money is doing it your way, which means that your priorities will be different than everyone around you. And you have to be okay with being different.
Need ideas to stay on budget? Find 101 Fun Things To Do With No Money.
Need the motivation to live in a minimalist home? Could You Live In a Minimalist Home? (Real Life Minimalists) Hint: We were featured because while less is more.
4. Find a System to Work for You
The recommendation I always make when starting out with a budget is to use paper and pencil. Something tangible that you can touch and feel. Then, it becomes a constant reminder of your new ways of managing money.
Over the long-term with budgeting, you must find a system to work for you. Maybe an app? Maybe a spreadsheet? Possibly a software?
The key is finding a system that will work for you. And if you combine finances, it has to work for both of you.
This is where most people fail.
There are so many options for free and paid budgeting apps today. It may seem overwhelming. But, you can’t go back to other habits.
Today, we use Quicken and a personalized spreadsheet. Thankfully, Quicken does all of the hard work of downloading transactions, categorizing them, and creating reports.
5. Celebrate Successes
This is something that doesn’t happen as much as it should with money goals. Too many times, we are so focused on saving money and living frugally, we forget to live and enjoy life.
You need to stop and smell the roses.
In this case, you need to celebrate your wins along your journey.
Here at Money Bliss, we like to focus on…
Life. Money. Enjoy.
Life is first. You need to enjoy your life and figure out how money relates to your life. You need to budget your life.
Don’t be afraid to celebrate your success. And if you don’t believe us…One of the steps in the Money Bliss Steps to Financial Freedom is about celebrating success and doing something for you.
How to Set up a Budget
Setting up a budget shouldn’t be hard or complicated.
Don’t overanalyze. Don’t give up.
Most people have to work on setting a budget that works for them over a couple of months. Each month making small refinements.
The end goal is to set a budget that works for you.
A High-Level View of Budgeting:
Determine what your money goals are
Figure out your income
Track how much you are spending
Set up a Budget or Spending Plan
Track your progress
Yes, this is a very high-level view of setting up a budget. At this point, you don’t have to divide up into budgeting categories if you don’t want to.
There are plenty of resources on our site to help you finalize a budget that works for you.
Find detailed resources on how to make a budget.
The key to setting up a budget is be realistic.
You want to set yourself up for success – not instant failure.
One of the key ingredients to make you a success is pocket money. Personally, I believe this one category can make or break your budget. Understand how pocket money (AKA slush money) works.
When setting up a budget for the first time, set aside time to work through the budgeting process. A solid budget that will work (remember that is a key ingredient for success) needs to be based on your life’s visions. Not just slapped together in 5 minutes.
Learn How to Budget Money
Learning how to budget money is completely doable.
Budgeting shouldn’t be cumbersome or overwhelming. In the long run, the benefits of budgeting outweigh living paycheck to paycheck or stressed about money.
A budget makes sure your expenses (and savings) are below your income. From there you can decide how detailed you want to get with your budget.
The purpose of a budget is to help you successfully reach your life’s visions. The point where you start managing your money and not being managed by your money.
Further resources on budgeting:
Make sure to download our free budget printables!
From all of the free and paid budgeting apps, here are our top budgeting apps to check out!
This section may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. Please read the full disclosure below.
Empower Personal Wealth, LLC (“EPW”) compensates Money Bliss for new leads. Money Bliss is not an investment client of Personal Capital Advisors Corporation or Empower Advisory Group, LLC.
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HoneyMoney increases your awareness about your money habits. Being fully aware of your money naturally changes how you spend it.
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Know someone else that needs this, too? Then, please share!!
Did the post resonate with you?
More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!
Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.
Safe deposit boxes are storage units located in banks that offer a secure way to store important items you may not want to keep at home, such as critical documents, collectibles, and family heirlooms.
Due to the growth of online banking and digital storage, safe deposit boxes aren’t as popular as they once were. However, there are some situations where these boxes can be useful. Here are key things to know about safe deposit boxes.
What Is a Safe Deposit Box?
A safe deposit box (also called a safety deposit box) is a secure locked box, usually made of metal, that stays in the safe or vault of a federally insured bank or credit union. They are typically used to keep valuables, important documents, and sentimental keepsakes protected from theft or damage.
Safe deposit boxes often come in two different sizes, usually 3” by 5” or 10” by 10,” and can be rented for an annual fee. In exchange for the fee, banks provide security measures to protect your valuables, such as alarms and surveillance cameras. In addition, the safe deposit boxes are stored in vaults that are designed to withstand natural disasters such as fires, floods, hurricanes, and tornadoes.
Unlike a bank account, however, the contents of a safe deposit box are not protected by the Federal Deposit Insurance Corporation (FDIC) or National Credit Union Administration (NCUA). As a result, there is still a small risk that you could lose the items in your container due to theft or damage.
Recommended: What Are the Differences Between FDIC and NCUA Insurance?
What You Should and Shouldn’t Keep in a Safe Deposit Box
Safe deposit boxes can be a good place to keep hard-to-replace documents and small valuables that you won’t need to access frequently. However, you generally don’t want to keep any items that you may need to grab in a hurry in the box, and certain items are prohibited.
Here’s a breakdown of things to keep — and not to keep — in a safe deposit box.
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Items Typically Kept in a Safe Deposit Box
• Important documents: Documents that are difficult to replace and often needed for legal purposes are commonly stored in safe deposit boxes. These include: birth certificates, marriage licenses, car titles, divorce records, citizenship papers, property deeds, and mortgage documents.
• Valuables: Jewelry, rare coins, stamps, and other valuable collectibles can be safely stored away from potential theft.
• Financial Instruments: Stock certificates, bonds, and other financial instruments that require safekeeping can be securely stored in a safe deposit box.
• Backup data: You might store external hard drives or USB drives containing sensitive personal or business information here to protect against data loss.
• Personal keepsakes: Irreplaceable items like family heirlooms, photos, and memorabilia can be stored to ensure they don’t get lost or damaged.
Items to Avoid Putting in a Safe Deposit Box
• Cash: While you may be tempted to store some cash in your safe deposit box, you’re likely better off putting the money in a high-yield savings account at a bank or credit union, which will allow your money to grow. The cash will also be insured (up to certain limits) by the FDIC or NCUA.
• Original copies of wills: Original wills should not be stored in a safe deposit box because they may be difficult to access immediately after the owner’s death, delaying probate. You might instead store a copy of a will.
• Durable power of attorney: Similar to wills, these documents might be needed quickly in emergencies, and delays could cause significant issues. Consider storing a copy.
• Passport: If you need to travel urgently, accessing your passport from a bank vault could be problematic due to limited bank hours.
• Frequently used items: Any items you need regular access to should not be kept in a safe deposit box due to limited accessibility.
• Prohibited items: Banks and credit unions generally prohibit the storage of firearms, explosives, weapons, hazardous materials, illegal substances (such as drugs), alcohol, perishable items, and cremated remains.
How Much Does a Safe Deposit Box Cost?
Rental fees vary by the box’s size and financial institution. The average cost to rent a box at a commercial U.S. bank runs between $15 and $350 per year. Additional costs may include fees for lost keys or late payments.
Some banks and credit unions will offer discounts on a safe deposit box cost if you have a relationship with the bank. In some cases, an institution may offer free access to a safe deposit box as a perk to their customers.
How to Get a Safe Deposit Box
To rent a safe deposit box, you’ll generally need to follow these steps:
1. Research your options. Not all banks and credit unions offer safe deposit boxes. You’ll want to find an institution that both provides this service and is conveniently located.
2. Meet the requirements. Many banks require you to be an existing customer with a checking or savings account. However, some banks may allow noncustomers to rent boxes for an additional fee.
3. Provide identification. You’ll need to bring valid identification, such as a driver’s license or passport, to verify your identity. If you plan to allow another person access to your safe deposit box, they will need to be present and show ID as well.
4. Sign a rental agreement. You (and, if applicable, your corenter) will need to sign a rental agreement outlining the terms and conditions of the box rental.
5. Make a payment. You generally need to pay the initial rental fee upfront. Some banks may offer discounts for long-term rentals or automatic payments.
6. Get your key. Upon completing the paperwork, you will receive a key to your safe deposit box. The bank retains a second key. Both keys are required to access the box. If the bank offers keyless access, they will likely scan your finger or hand.
Keep in mind that every time you wish to access your safe deposit box, you’ll need to present your photo ID, as well as your key (if it’s not keyless). The bank may also require your signature before allowing you to open your box.
Recommended: How Long Does It Take to Open a Bank Account?
How Safe Is a Safe Deposit Box?
Safe deposit boxes are generally very secure. They are housed in a bank vault, which offers robust protection against theft, fire, flood, and other disasters. Banks employ multiple layers of security, including surveillance cameras, alarms, and restricted access to the vault area.
When you rent a safe deposit box, the bank typically gives you a key to use. The bank also retains a second “guard key” which must be used by a bank employee in tandem with your key. Some banks now use a keyless biometric entry system, where you scan your finger or hand instead.
However, it’s important to note that the contents of a safe deposit box are not insured by the bank or the FDIC. As a result, you may need to obtain separate insurance or add a rider to your homeowners or renters insurance for coverage.
Recommended: Are Online Savings Accounts Safe?
Pros and Cons of Safe Deposit Boxes
Safe deposit boxes can be a good way to protect your valuables. Here are some of the upsides of renting one:
• Security: Safe deposit boxes offer a high level of security, since they are stored in areas with limited access and stepped-up surveillance.
• Environmental protection: They can protect your valuables from environmental damage, such as a flood or fire.
• Privacy: The contents of a safe deposit box are known only to the renter, offering a high degree of privacy.
• Organization: Safe deposit boxes help keep important documents and valuables in one secure location, making it less likely you will misplace them.
But safe deposit boxes also come with downsides. Here are some to consider:
• Limited access: Access is restricted to bank hours, which can be inconvenient, especially in an emergency.
• Cost: There is an ongoing rental fee, which varies based on the size of the box.
• Not insured: Contents are not insured by the bank or FDIC. Separate insurance may be needed for valuable items.
• Delayed access for loved ones: In the event of the renter’s death, accessing the box may require legal processes that could delay access to important documents.
Recommended: Different Types of Savings Accounts You Can Have
The Takeaway
If you’re looking for a safe place to stash vital papers or valuable possessions, you might consider renting a safe deposit back at a brick-and-mortar bank or credit union. Items stored in these containers are protected against theft, loss, or damage due to a flood, fire, or other disaster.
But the protection has limits: Unlike regular bank accounts, safe deposit boxes are not insured by the FDIC. Also keep in mind that safe deposit boxes aren’t ideal for items you may need to grab in a hurry, since access is limited to banking hours.
Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.
Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 4.60% APY on SoFi Checking and Savings.
FAQ
What can I use instead of a safe deposit box?
Alternatives to a safe deposit box include:
• A fire-rated personal home safe: This can offer protection from environmental damage (such as fire or flood). However, a thief could potentially steal the whole safe.
• Digital storage solutions: Cloud services can securely store important documents and data backups.
• An attorney’s office: For legal documents, a trusted lawyer’s office may offer secure storage.
• Private vault facility: These are a viable alternative to a safe deposit box but tend to cost more.
Can safe deposit boxes be jointly shared?
Yes. When you open a safe deposit box, you can designate one or more corenters who will have equal access to the box. This is useful for couples, business partners, or family members who need shared access to important documents and valuables. Each renter typically receives a key, and all corenters’ signatures are required on the rental agreement.
Is it safe to keep money in a safe deposit box?
While it is physically safe to keep money in a safe deposit box, it is not recommended. Cash stored in a safe deposit box does not earn interest and is not insured by the Federal Deposit Insurance Corporation (FDIC). You’re generally better off keeping cash in a high-yield savings account or other insured financial instrument that offers safety, liquidity, and interest earnings.
Do banks know what you put in a safety deposit box?
No. The contents of a safe deposit box are private, and bank employees do not have access to the items stored inside. When you rent a safe deposit box, you receive a key, and the bank retains a second key. Both keys are required to open the box, but only you can open it and see its contents. This ensures privacy and confidentiality.
Photo credit: iStock/AlexSecret
SoFi members with direct deposit activity can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.
As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 4.60% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant.
SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.60% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.
SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.
Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.
Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.
Ultimately a Very Drama-Free Day; Back to Watching Data
By:
Matthew Graham
Tue, Jul 2 2024, 5:00 PM
Ultimately a Very Drama-Free Day; Back to Watching Data
Tuesday helped buck the recent trend of frustratingly counterintuitive selling sprees in the bond market. The amount of blame assigned to politics or to the arcane practices dictating monthly positioning in bonds can be debated, but there’s less urgency on that front with today bringing moderate improvement. Fed Chair Powell’s appearance at SINTRA was a non-event, but perhaps in a “no whammies” sort of way. Bonds gradually improved during his time on stage but lost some ground after the JOLTS data (as it should be, considering the higher than expected reading). Buyers held firm, however, and we hit the close with gains intact. To some, that’s proof positive that there’s no glacial repricing of risk following the presidential debate. To others, it’s a suggestion that it didn’t matter as much as it may have seemed. Either way, we have big ticket data to look forward to in the next two business days.
Job Openings (lower = better for rates)
8.14m vs 7.91m f’cast, 7.919m prev
Job “Quits” (lower = better for rates)
3.459m vs 3.452m prev
09:46 AM
Moderately stronger overnight with additional gains in early trading. MBS up more than an eighth. 10yr down 4bps at 4.423
11:00 AM
Some weakness after JOLTS, but improving again now. MBS up 7 ticks (.22) and 10yr down 3.1bps at 4.433
02:53 PM
Modest additional improvement with 10yr down 2.9bps at 4.435 and MBS up 6 ticks (.19)
04:54 PM
Closing at decent levels, right in line with the previous update.
Download our mobile app to get alerts for MBS Commentary and streaming MBS and Treasury prices.
As is often the case with internet headlines these days, the headline overstates the reality on the ground–or at least over-dramatizes it.
Considering the last notable “ceiling” was seen less than a month ago and that the last short term ceiling, less than a week ago, the word “finally” probably doesn’t apply. And then there’s the word “ceiling” itself. In this case, it’s used only because there isn’t one convenient word to say “a day where mortgage rates moved at least slightly lower after 2 or more days spent moving noticeably higher.”
In other words, that happened today.
It’s refreshing or reassuring any time rates stop moving higher after a somewhat abrupt jump remains in place for more than a day. In the current case, the past two days merely look like slightly bigger continuations of a gentle uptrend in rates that’s been in place since mid June.
From here, economic data will take center stage with important reports on each of the remaining two mornings of this week (Thursday is closed for Independence Day). Of those, it’s Friday’s jobs report that has far more power to cause volatility.
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New Home Construction Slows as Mortgage Rates Remain High
Home building in May fell to its slowest pace in four years despite a supply shortage. That trend could put even greater strain on buyers.
Learn more
Housing starts declined in May on both single-family and multifamily dwellings.Credit…Kim Raff for The New York Times
June 20, 2024
Construction of new homes in the United States dropped below expectations in May as builders pull back on new residential projects largely in response to high interest rates, reinforcing concerns about stubbornly high housing prices.
Government data released on Thursday showed that new-home construction, or housing starts, fell 5.5 percent last month to an annualized rate of 1.28 million, a sign of more cracks in the already shaky housing market. Slower construction of both single-family and multifamily homes contributed to the overall drop. Building permits dipped 3.8 percent, pointing to less future construction.
This downturn in home building comes as the average rate on 30-year mortgages, the nation’s most popular home loan, has reached highs not seen in decades, though the rate dipped slightly this week to 6.87 percent, Freddie Mac reported on Thursday.
The magnitude of the decrease in construction last month underscores that high interest rates are both weakening housing demand and raising costs for builders — two dynamics that are ultimately contributing to builders’ reluctance to start projects. Home builder sentiment dropped in May to its lowest level this year before falling even further this month, suggesting relatively tepid home construction data in the coming months, Daniel Vielhaber, an economist at Nationwide, said in a statement.
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