Digital lending solutions provider DocMagic announced this week that it has added ADA-compliant mortgage loan documents to its document library. The new digital documents are accessible to visually impaired users and others with disabilities, unlocking opportunities for these consumers into the broader mortgage market.
“Much of modern lending technology is designed to give consumers the convenience to access loan documents in the ways that work best for them. It is imperative that our industry remains inclusive of all borrowers, and that we design solutions that are accessible to all. By creating ADA-compliant documents, we can continue to ensure that more borrowers are able to easily access, and participate in, the loan process,” Dominic Iannitti, the president and CEO of DocMagic, said.
To comply with the Americans with Disabilities Act (ADA), digital content must be free of barriers that may prevent those with disabilities from accessing information.
Mortgage lenders that implement ADA-compliant documents help promote equality and accessibility for disabled borrowers nationwide. Additionally, these documents help lenders mitigate legal complaints and resulting fines based on ADA standards.
The ADA-compliant loan documents added by DocMagic are dynamic, data-driven and designed to automatically identify and index critical document components during the document generation process, according to the company. ADA metadata tags are applied to each of these components within the documents.
The metadata tags function like HTML code, logically displaying a document’s organizational structure and content hierarchy, and include content-level details as well as descriptive text for images, logos, and other components. The tags also include specific semantic instructions designed to make all text understandable via an advanced Text-To-Speech (TTS) engine that accurately translates on-screen information into clear speech through earphones or speakers.
The new ADA-compliant documents have been implemented at scale by some of the nation’s largest financial institutions, the company said, enabling them to serve more clients and lead the way in providing a heightened level of customer support and user experience.
DocMagic provides end-to-end digital mortgage technology with an intuitive interface that can be used by staff, settlement providers, borrowers, and their agents without a steep learning curve. The company’s lending platform is designed to sustain and scale critical business processes, assisting lenders with paperless eClosings and third-party systems that leverage DocMagic’s data for compliant digital transactions.
This content was generated using AI, and was edited and fact-checked by HousingWire’s editors.
An emergency fund can help you cover life’s curveballs when an unexpected financial situation comes your way. You may be wondering where to keep your emergency fund until you actually need it.
You could stuff your emergency savings under the mattress or in a piggy bank, but a bank account can be a smarter way to save. The best account for emergency fund savings is one that offers you convenient access to your money, a competitive rate on deposits, and minimal fees.
Weighing some of the different banking options can help you decide where to put emergency funds. Read on to learn more about:
• Where you can keep an emergency fund
• How much to keep in an emergency fund
• The pros of having an emergency fund
• How to start an emergency fund
Where to Keep Emergency Funds
Now, where to keep an emergency fund? There are different places you could keep your rainy-day money. When making a decision, it’s important to consider what works best for your lifestyle. And you’ll also want the security of knowing your money is safe, so it can be best to bank at a financial institution that is insured by the FDIC (Federal Deposit Insurance Corporation) or NCUA (National Credit Union Administration).
With that in mind, here are five possibilities you might consider when looking for the best account for emergency funds.
1. Traditional Checking or Savings Accounts
You might consider keeping emergency savings in a traditional checking account or savings account at a brick-and-mortar bank. On the pro side, that could make it easier to access your money in an emergency. However, you may not get the best rate for your money. Also, checking accounts often don’t earn you any interest, and their accessibility can make it tempting to dip into the funds for something that isn’t a true emergency.
Traditional banks are not known for offering the highest annual percentage yields, or APYs, on savings accounts either. You’re also more likely to pay a monthly maintenance fee for a traditional savings account than one at an online bank.
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2. High-Yield Savings
High-yield savings accounts offer above-average rates on balances. For example, you might find a savings account with an APY that’s five, 10, or even 20 times higher than the national average.
It’s more common to find high-yield savings accounts at online banks vs. traditional banks. That’s because online banks tend to have lower overhead costs so they’re able to pass on savings to their customers. You’re also less likely to pay a monthly fee for a high-yield savings account.
Of course, you won’t have branch banking access with an online savings account. You may, however, be able to access your account via an ATM card or debit card, or by transferring funds to a linked account.
3. Bonds
A bond is a type of debt instrument. When you buy a bond, you’re agreeing to let the bond issuer use your money for a set time period. In return, the issuer agrees to pay interest back to you.
Bonds can be attractive since you can earn decent interest rates on savings. However, they’re not great for accessibility since you have to wait for the bond to mature to get your money back.
You could cash out a bond early but that might mean forfeiting some of the interest you could earn. So you may want to consider bonds for money that you’d like to invest, versus money that you might need to tap into for emergencies.
4. Certificate of Deposit (CD) Accounts
A certificate of deposit or CD is a time deposit account. When you put money into a CD, the bank agrees to pay interest on your balance over a set time period. Once the CD matures, you can either withdraw your initial deposit and the interest or roll it all over to a new CD.
CDs can be a reliable way to save, since interest rates are guaranteed. However, your money is locked in for the entire maturity term. If you need to break into a CD early, your bank may charge an early withdrawal penalty. That could cost you some or all of the interest earned.
If you’re interested in using CDs for emergency savings, you might consider a CD ladder. Laddering CDs means opening multiple CDs with different maturity terms. That way, you always have a CD maturity date on the horizon. CD laddering could also help you to capitalize on rising interest rates since you can roll expiring CDs into a new account with a higher APY.
5. Money Market Accounts
Money market accounts combine features of savings accounts with checking accounts. For example, you can earn interest on balances and you might also get a debit card or paper checks that you can use to access your money.
A money market account can offer flexibility since they’re easier to access than bonds or CDs. And you might find money market accounts at online banks that offer rates comparable to what you could get with a high-yield savings account or CD. However, read the fine print: There may be minimum account opening and balance requirements as well as monthly fees to be paid.
If you’re considering a money market account for your emergency fund, consider the fees. An online money market account might be preferable for minimizing what you pay in fees while getting a competitive rate. Remember, the best account for an emergency fund will be the one that suits your specific needs.
How Much Should You Keep in Your Emergency Fund?
A common rule of thumb for emergency savings is to aim for a minimum of three months’ worth of expenses and many financial experts bump this up to six months. How much money you should keep in your emergency fund should be a number that you’re comfortable with, based on your financial situation.
For example, instead of aiming for three to six months’ worth of expenses, you might choose to save $2,000 for every person in your household. If you have a family of four, that means you’d need an $8,000 emergency fund.
Whether that’s sufficient can depend on what expenses you have, what other financial resources you have, and how quickly you believe you could replace lost income if you end up out of work. Some people may be fine with having a $1,000 mini emergency fund while others are more comfortable setting aside nine to 12 months’ worth of expenses for emergencies.
The Benefits of Having an Emergency Fund
The importance of emergency savings can’t be underestimated. When an unexpected situation or expense comes along, your emergency fund can act as a safety net and help you pay bills without resorting to high-interest methods.
In this way, an emergency fund may be able to reduce stress and give you a sense of financial security.
When you have money in emergency savings, it becomes easier to:
• Avoid high-interest credit card debt. Rather than using your credit cards, you can draw from your emergency savings to cover extra expenses. You can then pay yourself back by depositing money into savings, without having to pay the high interest a credit card might charge.
• Get through financial challenges. An emergency fund can pay for a smaller expense, like a new tire, but it can also cover bigger obstacles. For example, if you lose your job unexpectedly, having emergency savings to fall back on can ease anxiety over paying bills while looking for a new job.
• Avoid impulse decisions. Having emergency savings gives you some breathing room so you can make financial decisions with less pressure. That’s a good thing if it allows you to avoid a potentially negative outcome, like rushing into an expensive loan without reading the fine print.
Keep in mind that your emergency savings isn’t meant for any kind of spending. It’s designed for emergencies only.
So what is a financial emergency? Generally, it’s any situation that you weren’t expecting that affects you financially. Examples of financial emergencies can include:
• A job loss or extended layoff
• Natural disasters that displace you from your home
• A car accident or breakdown that requires major repairs
• Illness or injury that leaves you unable to work
• An important appliance (whether that’s a washer or a laptop) that breaks down
• Unexpected loss of a loved one
Those are all examples of when to use your emergency fund. Buying new clothes, funding a last-minute, or upgrading your furniture because there’s a sale happening, on the other hand, are “wants” and not true emergencies.
Starting an Emergency Fund
If you’re ready to start an emergency fund, the first step is finding the money in your budget to save. The amount of money you get started with doesn’t have to be much; the most important thing is to commit to saving for emergencies on a consistent basis.
For example, say you can only save $25 per pay period and you get paid biweekly. That’s $650 you could save in one year if you’re saving regularly. If you’re not satisfied with that amount, you could review your budget to look for more money to save.
Here are a few additional tips for starting an emergency fund:
• Consider opening a separate bank account to hold your emergency savings and linking it to your main checking account. Money in your checking account often gets spent despite the best intentions.
• Look for a savings account that offers a competitive APY with no monthly fees.
• Set up automatic transfers from checking to savings each pay period to make saving effortless.
• Use “found” or extra money, such as tax refunds or year-end work bonuses, to grow your savings versus going shopping with the whole bundle.
Comparing different banks can help you find the best place to keep your emergency fund savings. And remember that while saving money might seem difficult at times, it can pay dividends if you’re able to stick with the habit.
The Takeaway
Having an emergency fund can help you sleep easier at night if you know that you’re covered should an unexpected expense crop up. If you’re looking for the best emergency fund savings account option, you can start with your current bank then compare it to other banks. Look for a combination of high APY and low (or no) fees to make the most of your money.
For instance, you might consider opening an online bank account with SoFi. With our Checking and Savings account, you can spend and save in one convenient place, plus you’ll earn a competitive APY on balances while paying no account fees, which can help your cash grow faster. One other terrific benefit: Qualifying accounts can get paycheck access up to two days early.
Better banking is here with up to 4.30% APY on SoFi Checking and Savings.
FAQ
What type of account is the safest for emergency funds?
A bank account at an FDIC-member bank is the safest option for holding your emergency fund. FDIC insurance protects your deposits in the rare event that your bank fails. Accounts that can be FDIC-insured include savings accounts, money market accounts, checking accounts, and CD accounts. NCUA serves a similar function insuring credit union accounts. Both offer $250,000 coverage per depositor, per account type, per insured institution.
Should I open a separate bank account for my emergency fund?
Opening a separate bank account for an emergency fund can be a good idea if you’re worried that you might be tempted to spend savings that are mingled with other funds. Having a separate savings account that’s linked to your checking account can allow for easy transfers. You’ll also continue earning interest until you need the money.
Should emergency funds be kept in cash?
Keeping an emergency fund in cash can be problematic as it increases the risk of the money being lost or stolen. You’re also not earning any interest by keeping emergency funds in savings. What’s more, certain emergency expenses might need to be paid using a check or debit card, which would still require you to deposit your cash into a bank account at some point.
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.
SoFi members with direct deposit can earn up to 4.30% annual percentage yield (APY) interest on Savings account balances (including Vaults) and up to 1.20% APY on Checking account balances. There is no minimum direct deposit amount required to qualify for these rates. Members without direct deposit will earn 1.20% APY on all account balances in Checking and Savings (including Vaults). Interest rates are variable and subject to change at any time. These rates are current as of 6/9/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
When I was 14 years old, I opened my very first checking account at Bank One. That’s where my Dad banked and so that’s where he drove me when I asked to open an account. Over the years, I continued to give them my business.
By 16, I had opened another checking account (don’t ask me why) and a new savings account, too. At 20, I started my journey into credit cards with… yep, a brand new Chase credit card. (Note: Chase ate Bank One in 2004.)
At 21, I opened my first Chase business checking account and, at 22, I funded $1000 into my new Chase investment account. When my wife and I married the following year, we canceled her National City account to combine our finances with… Chase.
You get the point. While this may not seem too out of the ordinary, there’s only one problem: Neither of us really likes Chase Bank.
In fact, I’ve never really liked them that much. I’ve wanted to switch to a local credit union for years, but just haven’t done it. I’ve been eyeballing USAA ever since they opened their checking and savings accounts up to civilians. Mentally, I want to change…but physically I’m still a Chase customer.
What Does It Take to Make You Switch Banks?
There are plenty of reasons why someone might switch banks. A couple factors that come to mind:
Higher rates. This not only applies to rate chasing to find the highest interest rates, but any form of benefits offered. Maybe there’s a 0.5% better savings rate at the bank across the street. Maybe another is offering a free $100 when you open a new account. These are all situations where the bottom line may be the primary influence.
Customer service. I love great customer service and I’m willing to pay more for it. In banking, this now includes both in-person and online customer service features. While I abhor having to call Chase (try it someday, it’s terrible),I love a couple of the people at my local branch. I know the branch manager and business banker well, and they always greet me by name. In addition, I have specific online banking features set-up that I’ve been using for years. Their online services aren’t perfect, but they’re above average.
Length of history. As I outlined above, I’ve had a Chase account for over a decade now (and I’m only 25). In this day and age, customers will longer histories at a single bank are more rare. Anytime I have an issue on the phone, I immediately have them look up my history. While I’m not a big fish to them in terms of money, my account history tab shows dozens of accounts over nearly a dozen years!
Principle. The longer I’m involved in personal finance, the more I prioritize this category. I’m not a huge fan of big banking. I’m not a conspiracy theorist and I won’t be picketing in Washington, but I like the idea of giving my business to a local bank. “Principle” is a major reason Courtney and I reject credit cards, and many people point to this reason giving their business to credit unions.
Accessibility. Years ago, the only factor I cared about was how close my bank was to my house. Here in the Midwest, no one does that better than Chase. It’s almost as bad as McDonald’s (almost…)! With the rise of online banks, the walls of this one are coming down. For some, however, it remains a huge factor in choosing a bank.
So, will I walk the walk? I’m not sure whether Courtney and I will switch our bank. We want to, but we aren’t compelled to…at least not yet.
I’d enjoy supporting a local credit union or a testing out a bank with a reputation like USAA. I’m not much of a rate chaser and accessibility isn’t a huge priority. I much would prefer a bank I feel good about supporting and that offers me fantastic customer service.
At this point, Chase seems to be just doing enough to keep us around. But after writing this, we’ll see how long that lasts!
Have you recently switched banks? What was your motivation? Any suggestions for me?
J.D.’s note: I stuck with a lousy bank for a l-o-n-g time. Ultimately, I moved my accounts to a local credit union, and I love it. I’ve since added an online bank to the mix (ING Direct). Neither of these banks is perfect, but they both provide excellent customer service and above-average deals, so I’m pleased to stay with them.
North Carolina is experiencing a boom these days, with record employment growth and an increasing population. If you live in the state, you already know there’s plenty to offer, including beautiful tourist attractions, breathtaking scenery, and a rich history that makes it unique.
But North Carolina also has plenty to offer when it comes to banks and credit unions. Whether you’re looking for an interest-bearing checking account or retirement accounts that offer the biggest bang for your buck, the best bank is the one that suits your needs.
15 Best Banks in North Carolina
If you’re on the hunt for a new bank or credit union, you’re in luck. North Carolina has a little of everything when it comes to bank accounts, from that small local bank with a focus on community service to large banks with branches in the state. This list of the best banks in North Carolina covers a variety of areas to ensure you find the best place to park your cash.
1. U.S. Bank
U.S. Bank offers customers the unique combination of local access with the extensive services of a nationwide bank. By opening a Bank Smartly® Checking account with U.S. Bank, clients can potentially earn up to $300. The qualification process involves two steps within the first 90 days of opening the account online:
Ensure at least two direct deposits totaling $6,000 or more
Register for online banking or download the U.S. Bank Mobile App
This promotional offer is subject to specific terms and restrictions and will remain valid until July 11, 2023. As a member of the FDIC, U.S. Bank ensures customer deposits are protected up to the FDIC’s established limits.
Fees:
$0 – $6.95
No-fee overdraft protection
Balance requirements:
$1,500 minimum balance or $1,000 direct deposit to qualify for free checking
$25 opening deposit
ATMs:
No ATM transaction fees at U.S. Bank ATMs
No surcharge fees at MoneyPass® Network ATMs
Interest rates:
Up to 4.50% APY on money market accounts
Up to 4.75% on fixed-rate CDs
Additional perks:
$300 bonus
Competitive rates on money market accounts & CDs
2. First Citizens Bank
Founded in North Carolina in 1898, First Citizens Bank has expanded over the years. You’ll find First Citizens Bank branches in 21 states, but the majority of its locations are in North Carolina and South Carolina.
If you frequently travel, though, check the service area. You’ll pay a $2.50 out-of-network ATM transaction fee if you can’t locate a First Citizens ATM while you’re away from home.
Fees:
No monthly fees
$10 overdraft fee
Balance requirements:
$50 minimum opening deposit
No minimum monthly balance
ATMs:
Fee-free at 500+ First Citizens Bank ATMs
$2.50 for out-of-network ATM transactions
Interest on balance:
0.03% APY on savings accounts
Up to 0.15% APY on CDs
Up to 0.15% APY on money market accounts
Additional perks:
Credit cards offer generous rewards
Robust mobile banking solutions
3. Chime
Chime is ideal for those who do most of their banking virtually. While you won’t find any brick-and-mortar locations, Chime does offer 24/7 phone support and access to cash through more than 60,000 ATMs nationwide. You can also deposit cash at more than 90,000 retail partners, including CVS and Walmart.
Fees:
No service fee
No overdraft fee
Balance requirements:
No deposit to open
No minimum balance required
ATMs:
Fee-free at 60,000+ ATMs nationwide
$2.50 for each out-of-network ATM transaction
Interest on balance:
2.00% APY on savings account balances
Additional perks:
Access to direct deposits up to 2 days early
SpotMe covers up to $200 in overdrafts
4. CIT Bank
North Carolina residents interested in online banks should take a look at CIT Bank, which is based in Raleigh, North Carolina. This national bank recently merged with First Citizens Bank, which means CIT Bank customers can enjoy brick-and-mortar banking at any CIT location.
You’ll get everything you need to manage your money in CIT’s mobile banking app, as well as refunds of up to $30 in out-of-network ATM fees each month.
Fees:
No monthly fees
No overdraft fees
Balance requirements:
$25 minimum deposit to open
No minimum daily balance required
ATMs:
No ATMs provided
Up to $30 in ATM fees reimbursed monthly
Interest on balance:
Up to 0.25% APY on checking
Up to 4.736% APY on savings accounts
Up to 5.00% APY on CDs
Up to 1.538% APY on money market accounts
Additional perks:
Competitive rates on business loans
Award-winning customer service
5. Coastal Federal Credit Union
Credit unions tend to offer perks you won’t find with banks, and Coastal Federal is no exception. You can qualify if you’re with one of the employers or associations approved for membership or if you live or work in one of the North Carolina cities CFCU services.
As with many credit unions, though, CFCU’s real value comes with its interest rates. Not only will you enjoy an interest checking account, but you can also find great rates on share certificates, which are the credit union version of CDs.
Fees:
No monthly service fees
$31 overdraft fee
Balance requirements:
No minimum opening deposit
No minimum daily balance required
ATMs:
Fee-free at CFCU ATMs
Fee-free at CO-OP ATMs nationwide
$2 out-of-network ATM fee (waived for first five per month)
Interest on balance:
Up to 3.00% APY on savings account balances
Up to 5.00% APY on share certificates
Up to 3.50% APY on money market accounts
Additional perks:
Competitive rates on loans
Financial planning assistance available
6. GO2bank
Another online-only bank is GO2bank, which stands out for its cash accessibility. Not only can you withdraw cash, fee-free, at any Allpoint ATM, but you can deposit cash at more than 90,000 retailers nationwide.
All you need to waive monthly maintenance fees is at least one direct deposit monthly, either from an employer or the government. Those looking to build credit should check out the secured credit card, which you can get with no credit check. Pay your bill on time each month and GO2bank will report your activity to the three credit bureaus, helping you boost your score.
Fees:
$5 monthly fee (waived with requirements)
$15 overdraft fee
Balance requirements:
No minimum deposit to open
No minimum daily balance required
ATMs:
Fee-free at Allpoint ATMs nationwide
$3 for each out-of-network ATM transaction
Interest on balance:
4.50% APY on savings accounts
Additional perks:
Deposit cash at 90,000+ retailers nationwide
Secured credit card helps you build credit with no credit check required
7. Ally Bank
Ally Bank is an online and mobile banking option that puts a priority on budgeting and wealth building. The fee-free checking account comes with no minimum requirements and gives you access to more than 53,000 ATMs nationwide. But one of the best features of Ally Bank is its annual percentage yield on savings and CDs. You’ll earn 4.00% APY on savings and up to 5.00% APY on CDs.
Fees:
No monthly fees
No overdraft fees
Balance requirements:
No minimum opening deposit
No minimum balance requirements
ATMs:
Fee-free at 53,000+ Allpoint ATMs nationwide
No out-of-network ATM fees
Up to $10 in ATM fee refunds monthly
Interest on balance:
Up to 0.25% APY on checking accounts
4.00% APY on savings accounts
Up to 5.00% APY on CDs
4.15% APY on money market accounts
Additional perks:
Spending buckets make it easy to save money
Robo Portfolios help automate investing
8. Chase
Like Bank of America, Chase Bank is one of the biggest banks in North Carolina, with more than 4,700 branches and 16,000 ATMs across the country. Currently, Chase is offering a $100 bonus for new checking account customers as long as you complete at least 10 qualifying transactions within the first 60 days.
Whether you go with Chase for your regular banking or not, though, take a look at Chase’s credit card offerings. Chase has multiple card options, with each offering perks like bonuses and cash back rewards.
Fees:
$12 monthly maintenance fee
$34 overdraft fee
Balance requirements:
No deposit to open
No minimum balance required
ATMs:
Fee-free at 16,000 Chase Bank ATMs nationwide
$3-$5 for each out-of-network ATM transaction
Interest on balance:
0.01% APY on savings account balances
Up to 3.75% APY on CDs
Additional perks:
$100 bonus for new checking accounts
Multiple credit card options with bonuses and generous rewards
9. First Horizon Bank
First Horizon Bank is a regional bank with branches in 11 states across the Southeast, including a heavy presence in North Carolina. One standout feature of First Horizon is its money market rates, which currently go as high as 5.38%. You’ll find ATMs throughout the Southeast, but you can also use your debit card at any Allpoint ATM nationwide without a fee.
Fees:
No monthly service fee
$37 overdraft fee
Balance requirements:
$50 minimum deposit to open
No minimum balance required
ATMs:
Fee-free at more than 600 First Horizon ATMs
Fee-free at Allpoint ATMs nationwide
$3 for each out-of-network ATM transaction
Interest on balance:
Up to 2.78% APY on savings accounts
0.10% APY on CDs
Up to 5.38% APY on money market account
Additional perks:
Business banking options available
Wealth management help available
10. Truist Bank
In 2019, BB&T and SunTrust Banks merged to become Truist Bank. Although Truist has a limited ATM footprint, the Truist One checking account makes it worth it. You’ll get a 10% loyalty bonus based on your monthly balance in addition to a 10% bonus if you choose a Truist credit card.
The interest rates also make Truist a suitable option, since you’ll earn 5.00% APY on 7-month CDs. To waive the $12 monthly service fee on your checking account, you’ll need at least $500 in direct deposit activity each month.
Other options include a combined daily balance of $500 across all your Truist accounts, a Truist credit card or qualifying loan, or a linked business checking account. Students 25 and younger also qualify for a fee-free checking account.
Fees:
$12 monthly service fee (waived with requirements)
No overdraft fees
Balance requirements:
$50 minimum deposit to open
No minimum balance required
ATMs:
Fee-free at Truist Bank ATMs
$1 for each out-of-network ATM transaction
Interest on balance:
0.01% APY on savings accounts
Up to 5.00% APY on CDs
Additional perks:
Generous cash rewards with Truist Bank credit card
Checking balances earn rewards
11. Mechanics & Farmers Banks
You may know it as M&F Bank, but it actually started under the name of Mechanics & Farmers Bank in 1907. Throughout the 1900s, it was known as one of the most influential Black-owned businesses in the state of North Carolina. Today, M&F has locations throughout North Carolina and access to 44,000 ATMs nationwide, thanks to partnerships with Bank of America, JPMorgan Chase, and Wells Fargo.
Fees:
No service fee
$35 overdraft fee
Balance requirements:
$50 deposit to open
No minimum balance required
ATMs:
Fee-free at M&F Bank ATMs
Fee-free at Bank of America, JPMorgan Chase, and Wells Fargo ATMs
$3 for each out-of-network ATM transaction
Interest on balance:
Rates not publicly disclosed
Additional perks:
Rewards on debit card transactions
Robust business banking options
12. First National Bank
First National Bank has branches throughout North Carolina, as well as in DC, Maryland, Ohio, Pennsylvania, South Carolina, Virginia, and West Virginia. The free checking account is Freestyle Checking, but it does come with overdraft fees, and the exact fee amount isn’t disclosed until you sign up for an account.
You’ll also only get fee-free transactions at First National Bank ATMs, and they’re limited to the First National Bank service area.
Fees:
No monthly fee
Balance requirements:
$50 minimum deposit to open
No minimum balance required
ATMs:
Fee-free at 1,500+ First National Bank ATMs
Interest on balance:
Up to 0.05% APY on savings accounts
Up to 5.00% APY on CDs
Up to 1.25% APY on money market account
Additional perks:
Cash and check deposit available at Smart Deposit ATMs
The site makes ordering banking products and scheduling branch appointments easy
13. PNC Bank
PNC Bank has branches in 29 states, including 107 branches in North Carolina. Currently, new customers are eligible for bonuses of up to $400. You’ll get a $50 bonus simply for opening a Virtual Wallet with a basic checking package, but that bonus bumps up to $200 if you add a Performance Spend checking account and $400 if you upgrade to a Performance Select account.
The PNC Bank basic account only requires $500 in monthly direct deposits or a combined $500 balance between accounts.
Fees:
$7 monthly fee (waived with requirements)
$36 overdraft fee
Balance requirements:
$25 minimum deposit to open
No minimum balance required
ATMs:
Fee-free at PNC Bank ATMs
Fee-free at 60,000+ partner ATMs nationwide
$3 for each out-of-network ATM transaction
Interest on balance:
Up to 0.03% APY on savings accounts
Up to 4.00% APY on CDs
Additional perks:
Up to $400 bonus for new virtual wallet customers
Financial planning tools built into the app
14. Fifth Third Bank
Fifth Third Bank focuses operations on the Midwest and Southeast U.S. regions, with 1,087 full-service locations in 11 states. You’ll find a variety of banking products, from savings and checking accounts to investment and retirement accounts. Fifth Third Bank offers competitive interest rates on CDs, with a 7-month CD currently offering 5.00% APY.
Fees:
No monthly maintenance fee
$37 overdraft fee
Balance requirements:
No minimum deposit to open
No minimum balance required
ATMs:
Fee-free at 2,100+ Fifth Third Bank ATMs
Fee-free at 40,000+ partner ATMs nationwide
$3 for each out-of-network ATM transaction
Interest on balance:
0.01% APY on savings account balances
Up to 5.00% APY on CDs
Additional perks:
Early Pay gives you access to direct deposit two days early
Grace period to resolve overdrafts
15. Bank of America
If you prefer what national banks have to offer, you can’t go wrong with Bank of America, which is one of the biggest banks in the country. You’ll find ATMs and branches across the country, as well as a wide variety of services. Although Bank of America does have competitive interest rates on CDs, the basic checking account comes with a $12 monthly fee and a $100 deposit to open.
Fees:
$12 monthly fee
$10 overdraft fee
Balance requirements:
$100 deposit to open
No minimum balance required
ATMs:
Fee-free at 15,000+ Bank of America ATMs nationwide
$5 for each out-of-network ATM transaction
Interest on balance:
Up to 0.04% APY on savings account balances
Up to 4.75% APY on CDs
Additional perks:
Generous bonus on new credit cards
Wealth planning services available
Our Methodology: How We Chose the Best Banks in North Carolina
North Carolina has a large selection of banks, some paying more in interest than the national average. In putting together this list, we kept in mind that each person has different criteria when choosing savings and checking accounts. Your choice of bank will largely depend on your own banking habits. If you tend to do all your banking online, a user-friendly app might be a top priority, while those who prefer the in-person experience might put nearby branches first.
Our top goal was to bring a variety of banking options to this list. We’ve combined local, regional, online, and national banks to help you choose. We also looked at fees and interest rates to help you protect and grow your earnings.
Frequently Asked Questions
You have questions, and we have answers. Here are some of the most frequently asked questions about banks in North Carolina.
What is the safest bank for your money?
Lately, financial security has been a top priority for account holders in search of a new bank. The top thing to look at is a bank’s Federal Deposit Insurance Corporation coverage. This insurance protects each deposit holder for up to $250,000 if a financial institution goes belly up.
Once you’ve verified a bank is FDIC insured, pay attention to any news of mergers or buyouts involving your bank. Selling can be a sign of financial distress.
See also: Safest Banks in the U.S. for 2023
What is the best bank in North Carolina?
That’s a tough question because the definition of “best bank” can vary from one person to another. If you think the best checking accounts come with an annual percentage yield and a mobile app to manage it all, you’ll be looking at different criteria from someone who wants a local bank with personalized customer service.
If you’re going for customer satisfaction ratings, J.D. Power gives high marks to both Capital One and Chase, which both have a heavy presence in North Carolina. But if you’re looking for that local banking experience, you can’t go wrong with First Citizens Bank or M&F Bank.
What is the best credit union in North Carolina?
There are several credit unions in North Carolina, but the one that impressed us most was Coastal Federal. CFCU’s fee-free checking and annual percentage yield on savings and share certificates makes it stand out. But it’s also important to take a look at the interest rates on personal loans and compare them to banks in the area to make sure you’re getting the best deal.
One issue with credit unions is that they tend to come with strict membership requirements. You may find you’re limited to only those that will accept your employer or city of residence, and those credit unions might not have financial accounts that meet your needs. However, there are also some credit unions that anyone can join.
Which bank has the most branches in North Carolina?
If you do most of your banking in North Carolina, you might not care if your debit card works at ATMs across the country. In that case, you’ll need a bank with plenty of branches and ATMs in the areas where you work and live.
When it comes to sheer branch numbers, take a look at Truist Bank and Wells Fargo. Both have a heavy branch presence throughout the state. For smaller banks, First Citizens and First Horizon both have substantial branch coverage in North Carolina.
However, you’ll also need to check your neighborhood. If you’re interested in that in-person bank experience, you’ll be disappointed if you have to drive a half hour or more to get to the closest branch.
What banks are in Charlotte, NC?
North Carolina isn’t just a thriving state filled with business opportunities. The state is a financial center in itself. Not only does Charlotte have smaller banks like M&F Bank and First Citizens Bank, but both Bank of America and Truist Bank are headquartered in North Carolina, as well.
This heavy financial presence has made North Carolina great for finding banking services. The many banks in the state are eager to win your business and offer competitive rates to ensure it happens. That means it’s more likely that checking accounts come with low fees and savings accounts earn top-dollar interest rates. When combined with the many online bank options, the biggest issue will be narrowing the list to just one.
From high-yield savings accounts to fee-free checking accounts, North Carolina has it all. Shopping around will help you choose from the best banks so that you can find the perfect banking partner for you.
Inside: Working mothers face many challenges when balancing work and family life. This guide offers the best jobs for moms. Find out how to maximize your career opportunities while raising children.
Moms often feel like they can’t have a successful career and be a good moms at the same time.
I completely feel that way too. I struggled to be a stay-at-home mom when my kids were little because I wanted to help out financially to help pay down debt. It took me a few years, but I soon realized there are great ways to make a mom and be a great mom!
I have uncovered plenty of jobs for moms with no degree that offers flexible hours, good pay, and satisfying work.
The best jobs for moms with no degree are ones that offer flexibility, good pay, and room for growth.
It can be tough to balance family and career, but it is possible to find a job that fits your lifestyle.
Here are the best jobs for moms with no degree or with a degree.
What jobs are good as a mom?
As a mom, finding a job that allows for flexibility and growth can be challenging, especially if you don’t have a college degree.
However, there are still plenty of opportunities out there that can help you balance your family and career.
Most importantly, you need to find a job that you LOVE! An environment that you thrive in!
With flexible schedules, remote work options, and potential for growth, these jobs can provide the stability and income moms need while still being able to prioritize their families.
Whether you’re looking for a part-time job or a full-time career, there are plenty of opportunities out there for moms.
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
Are you passionate about words and reading?
If so, proofreading could be a perfect fit for you, just like it’s been for countless of readers! Learn how you can create a freelance business as a proofreader.
Check out this free workshop!
Bookkeeping is the most stable, reliable & simple business to own. This is how to make a realistic income -either part-time or full-time.
Find out TODAY if this is THE business you’ve been looking for.
What are the best careers for current stay-at-home moms?
Stay-at-home moms face the challenge of balancing their family responsibilities with the desire to pursue a career.
With the high cost of child care, you need to find a job that allows you to take your kids or one that offers flexibility to work around your kid’s schedules.
Hello- that is me! I am a blogger and day trader when I’m not taxing my kids around.
Your best bet is to check out how to make money online for beginners. That is where you will find the most job options that can be done from home or offer flexible schedules, making it possible to have the best of both worlds.
What are the best careers for former stay-at-home moms?
Returning to the workforce after being a stay-at-home mom can be a daunting task, but there are many careers that are best suited for moms.
You still want careers that offer flexibility, high earning potential, and a good work-life balance.
You need to consider your previous employment, any education or certificates you hold, or skills and/or interests.
As such, the answer will vary for each person reading this post. So, consider any one of these past ideas.
Best Jobs for Moms
There are plenty of great jobs for working moms.
The key is to find a position that offers the right mix of income, hours, and flexibility.
Preferably, you want a low-stress job that pays well without a degree.
Here are jobs to consider if you’re a working mom with no degree.
1. Web developer
Web development is a highly flexible and lucrative career option that is ideal for working moms who may not have a college degree. With the ability to work remotely or part-time, web development is a perfect fit for moms who need a flexible schedule.
This field is rapidly growing and in high demand, making it an excellent choice for those looking for a career change.
To become a successful web developer, proficiency in programming languages like HTML, CSS, and JavaScript is essential. Additionally, knowledge of website design and development tools is crucial to create visually appealing and functional websites.
The skills required for web development can be learned through online courses or boot camps, making it accessible to anyone with an interest in technology and design.
Benefits:
Many web developers work from home or have flexible schedules, making it easier for moms to balance work and family life.
The demand for web developers is expected to grow, making it a stable and secure career option.
Web development is a field that allows for creativity and self-expression.
Pay: The salary for a web developer varies greatly on experience, but it is possible to make six figures.
2. Customer Service Representative
Customer service representative is an excellent career option for working moms who do not hold a college degree.
As a customer service representative, you will be the primary point of contact between customers and the organization, providing information about products and services, taking orders, responding to customer complaints, and processing returns.
You can work from home part-time or full-time, and many times the work takes place remotely. To succeed in this role, you will need to have strong communication and negotiation skills, patience, and the ability to multitask.
Benefits:
The work environment is flexible, and you can work from the comfort of your home.
Job offers great work-life balance and schedule options, making it an ideal choice for working moms.
Pay: As a customer service representative, you can expect to make from minimum wage to $20 an hour.
3. Proofreader
Being a proofreader can be a rewarding and fulfilling career for individuals who have a way with words and a keen eye for grammar. As a proofreader, your primary responsibility would be to review and correct spelling, grammar, and punctuation errors in various types of written content, such as books, websites, and social media posts.
Moreover, the earning potential as a proofreader can be quite lucrative. For instance, Caitlin Pyle, a successful proofreader, made $43,000 in one year working part-time.
To get started as a proofreader, it is important to develop the necessary skills. You can start by attending a free introductory workshop or enrolling in a course that teaches the skills needed to become a freelance proofreader.
Benefits:
Great flexibility as you work on a project basis.
The significant earning potential in the field of proofreading, especially for those who are dedicated and skilled in their craft.
Rewarding career path for individuals with a passion for language and a meticulous eye for detail.
Pay: In terms of salary, the median pay for a proofreader ranges from $15.22 to $26 an hour, depending on experience and the project you are working on. Many other proofreaders earn between $1,000 to $4,000 per month.
4. Flight Attendant
A flight attendant is a career that does not require a college degree but extensive training and certification. It is an ideal job for working moms due to its non-traditional scheduling that allows them to work part-time, take extended periods off, and get out of the house.
Flight attendants can take on trips when they know they have child care covered, and stay at home for days at a time.
Benefits:
Enjoy the perks of travel.
Flexible schedules.
Great health benefits.
Pay: The pay ranges by airline, but the median salary is $65000 per year.
5. Blogger
For moms who are looking for a flexible work-from-home job that doesn’t require a degree, becoming a blogger could be the perfect fit.
With the rise of the internet, there is an increasing demand for content writers and bloggers. These jobs allow you to work from home, set your own schedule, and choose the topics you want to write about. Additionally, these jobs don’t require a degree, making them accessible to anyone who has a passion for writing and a way with words.
Blogging is another option for those who want to write about specific topics they are passionate about and share their insights with others.
Benefits:
Be your own boss.
Flexibility blogging offers – work as much or as little as you want.
Work from home.
Choose the topics you want to write about.
Pay: As a blogger, you are creating passive income through ads, affiliating marketing, and paid sponsorships.
6. Engineer
Returning to work as a mom can be a challenging transition, but leveraging your engineering degree can open up a range of opportunities for you. With your technical skills and problem-solving abilities, there are several career paths that can offer a healthy work-life balance and flexibility to accommodate your family responsibilities.
Here are ways to utilize your degree and still have the flexibility you crave:
Pursue freelance work in your field. As a freelance engineer, you have the freedom to determine your own schedule and take on projects that align with your interests and availability. Platforms like Upwork provide a space for engineers to connect with clients and offer their services on a project basis. This allows you to work on engineering projects from the comfort of your own home, giving you the flexibility to balance work and family life.
Explore part-time or remote positions with engineering firms or companies that value work-life balance. Many engineering firms recognize the importance of accommodating working parents and offer flexible work arrangements. With your engineering background, you can contribute to projects and collaborate with teams remotely, allowing you to work from home and adjust your schedule to meet the needs of your family.
Pursue a career in technical writing or content creation. Many companies and organizations require technical documentation, manuals, and instructional materials to accompany their products or services. With your engineering background, you can leverage your expertise to create clear and concise technical content.
Work as an engineering consultant. As a consultant, you can offer your specialized knowledge and expertise to clients on a project basis. Consulting also provides the opportunity to work remotely or have a flexible work arrangement, making it an ideal option for moms returning to work.
By expanding your knowledge and skill set, you can position yourself for more opportunities and increase your marketability in the engineering field.
Benefits:
This can be done on a freelance basis or as a remote employee, allowing you to work from home and have more control over your schedule.
Take on projects that align with your skills and interests.
Have a fulfilling career that allows you to balance work and motherhood successfully.
Pay: Additionally, engineering offers high earning potential, which can help support a family and provide financial stability. Most engineers earn over $100000 a year.
7. Virtual Assistant
For working moms with no degree, finding a job that balances well with their family life can be a challenge. However, virtual assistant jobs can be the perfect solution.
As a virtual assistant with no experience, you can work from home, set your own schedule, and earn a good income.
A virtual assistant provides administrative support remotely, handling tasks such as email and social media management, scheduling appointments, data collection, customer service, and event planning. The skills required for this job include strong multi-tasking, organizational, and time-management skills, as well as basic computer skills.
Here is a virtual assistant checklist to see if you would enjoy this job possibility.
Benefits:
Be the boss of your own schedule.
Build your own small business if you desire.
Earn significant income
Pay: Most virtual assistants can earn $21 an hour or more pending experience.
8. Teacher
Teaching can be an excellent option for moms who want to work in a field that values education and have the same schedule as their kids.
Plus you can take on one of these summer jobs for teachers to extra cash.
Another option is to become a teacher’s aide that assists teachers in the classroom, helping with tasks such as grading papers, supervising students, and preparing materials. To become a teacher’s aide, you need to have a high school diploma or GED.
Benefits:
Same work hours as your children.
Work in a field that values empathy and care for children, while also providing financial stability and work-life balance.
Most teacher retirement plans are well worth working your full 30 years for that ongoing income post-retirement.
Pay: Unfortunately, teachers are one of the lowest paid salaries for the fantastic work they do. Find out if teachers get paid in the summer.
9. Substitute teacher
Substitute teaching can be an excellent job option for working moms who don’t have a degree. It offers flexibility, a chance to get teaching experience, and a decent daily rate of pay.
A substitute teacher fills in for full-time teachers when they are absent.
This experience can be helpful if you decide to pursue a permanent teaching position in the future.
Benefits:
Allows you to work when your schedule permits. You can note your availability and work as much or as little as you like.
Gain teaching experience without committing to a full school year.
Rewarding job option for some.
Pay: As of right now, there is a shortage of teachers, so the pay for substitute teachers has increased immensely. Substitute teachers can earn a daily rate ranging from $60 to $200, depending on the school district and the region with most substitutes making $22 an hour or more.
10. Consultant
As a consultant, you can use your prior work or life experience to offer solutions and advice to clients in a wide range of areas, including sales, marketing, operations, and management.
Furthermore, consulting can be an ideal way to transition your prior work or life experience into a new career and shorten the time spent in school, making it a great option.
To become a successful consultant, you need to have strong communication skills, the ability to work independently, and experience in your field to run a successful business.
Benefits:
As a consultant, you can enjoy flexible work hours.
The potential to work from home.
Ability to control your schedule.
Pay: The hourly rate for consultants varies depending on the type of consultant and the industry, with some earning high salaries.
11. Day Trader
Swing or day trading is a popular option for individuals who want to work from home and make a living from the stock market. Day traders buy and sell securities within the same day, aiming to make a profit from small price movements.
This job requires a certain set of skills and investing knowledge, as well as specific equipment and software.
It is possible to make money with stocks fast.
Day trading can be a good option for working moms with no degree because it offers flexibility and the potential for high earnings. Personally, I love trading stocks and options. I learned from Teri Ijeoma.
Benefits:
Unlike traditional jobs, day trading allows individuals to work from home and set their own schedules.
Successful traders can make a significant amount of money, with some earning six-figure or seven-figure incomes.
While a degree is not required for day trading, I highly recommend taking this investing course to jumpstart your learning.
Pay: Widely variable as it depends on your risk. You can lose money or make $1000 a day.
12. Claims adjuster
As a claims adjuster, you will be responsible for investigating insurance claims, negotiating settlements, and collaborating with other professionals such as lawyers and medical experts. To become a claims adjuster, you will need to possess relevant experience, strong communication abilities, and proficiency in data analysis.
The work environment can be fast-paced and stressful, but the potential for career growth and the flexibility to work remotely make this an attractive option for many working moms.
Claims adjusters must also maintain accurate records and documentation of all claims activities.
Benefits:
While the work environment can be fast-paced and stressful, the potential for career growth is likely.
Flexibility to work remotely make this an attractive option for many working moms.
Pay: Claims adjusters can advance to higher positions within the insurance industry, such as senior claims adjuster or claims manager. Additionally, many claims adjusters work as independent contractors or consultants, providing even more flexibility and potential for career growth.
13. Bookkeeper
As a bookkeeper, one is responsible for monitoring a company’s cash flow by keeping track of transactions and preserving copies of receipts. The job requires great attention to detail, excellent organizational skills, and an ability to analyze and interpret financial data.
This job can be done virtually, making it an excellent position for moms who want to improve their work-life balance.
Bookkeeping does not require a degree and one can earn a decent hourly pay or salary. To become a bookkeeper, one must have bookkeeping skills, which can be learned from online courses.
Benefits:
Flexible working hours, allowing them to work whenever suits them.
Great for someone who loves analytics.
Pay: Most bookkeepers enjoy relatively high hourly salaries. They can work as independent contractors or be paid as a salaried employee.
14. Nanny
Being a nanny is an excellent option for moms who want to balance work and family life.
As a nanny, you would be responsible for taking care of children, cooking, cleaning, and running errands. The best part about being a nanny is the flexible hours, which allow you to work part-time or full-time while still being present for your family.
Finding a job that allows moms to work while still being present for their families is crucial, and being a nanny provides the perfect solution.
Benefits:
Be able to care for your own children at the same time.
Find a nanny job that works for your circumstances.
Stay young and playful while working with kids!
Pay: The pay varies widely for a nanny, but once you have experience and great references, you can earn good money.
15. Marketing Specialist
Marketing can be an excellent job choice for moms looking for flexibility, potential job growth, and the opportunity to work remotely. With the advancement of digital marketing, moms can now pursue a career in marketing without having to leave their homes or work in a traditional office setting.
As a digital marketer, there are various specializations and skills that can be honed to advance in the field. These include SEO (search engine optimization), web development, content creation, and marketing strategies.
By continuously learning and improving these skills, moms can enhance their professional reputation and open doors to new opportunities within the marketing industry.
Benefits:
Ability to work from home.
Work flexible work hours that can be adjusted to fit their family’s needs.
Digital marketing also offers potential job growth and career development.
Pay: As a marketing specialist, the pay can vary greatly if you work as a freelancer or a bigger corporation.
16. Financial Advisor
Financial advising can be an excellent career path for working moms without a degree, offering flexibility and opportunities for growth.
Honestly, I know many people who have successfully entered the workforce as financial advisors.
The first step towards becoming a financial advisor is to obtain relevant certifications and licenses, such as the Certified Financial Planner (CFP) designation. Once certified, financial advisors can work for a firm or start their own business, providing financial advice to clients.
Pursuing a career as a financial advisor can offer a good salary and work-life balance, making it a great option for working moms.
Benefits:
Help others pursue a life of financial independence.
Perfect for someone who loves numbers!
Pay: The pay for a financial advisor varies greatly, but the median salary is $75000 a year.
17. Writer
Becoming a writer can be a great career choice for moms who want to work from home and have a passion for writing. With flexibility, the potential for a decent income, and no degree required, it’s an accessible and rewarding career path.
Highly recommended to take this writing course to jumpstart your networking opportunities.
As a writer, you can work as a content writer, staff writer, or freelance writer.
Content writers produce content for websites, such as blogs, news aggregators, and e-commerce sites.
Staff writers write articles for publications, such as magazines or newspapers.
Freelance writers write for clients without being permanent employees.
What’s more important is having a way with words, strong research skills, and a passion for writing.
Benefits:
Flexibility to work on a story when you are able to.
For those with a love of English, this is a great way to express yourself.
Pay: While the average hourly rate for writers and bloggers varies, it’s possible to earn a decent income in these fields.
17. Social Media Specialist
As a social media specialist, you will manage social media accounts, create and post content, increase engagement, analyze data, and monitor social media. This role requires skills such as graphic design, writing appealing content, an eye for design, and flexibility.
Moms possess many of these skills naturally, such as multitasking, creativity, and communication. These skills can be applied to social media management, including content creation, scheduling, and community management.
Social media management is also a growing field. As a result, this job can provide moms with a stable income and career growth opportunities while allowing them to prioritize their family life.
Benefits:
Great for those who personally love social media.
Easy to work anywhere.
Pay: With an average salary of $52000 a year, this job can be done from home, making it a perfect fit for moms.
18. Human resources manager
Work-life balance is crucial for working moms, and a career as a human resources manager can provide just that.
Human resources managers are responsible for managing employee benefits, overseeing hiring processes, and handling employee relations. This job offers flexibility, including the ability to work remotely or part-time.
A career in human resources management can positively impact a working mom’s family life by providing a consistent schedule that doesn’t involve weekends or holidays.
Benefits:
HR managers are in high demand in many industries, as every organization requires HR expertise to manage its workforce effectively.
Opportunities for personal and professional growth.
Make a positive impact on employees’ lives.
Ample networking opportunities with employees, upper management, and external stakeholders.
Pay: Human resource managers often receive competitive salaries, with average annual earnings exceeding $120,000.
19. Sell on Printables on Etsy
In recent years, the demand for printable products has grown tremendously, making Etsy a great platform for working moms without a degree to earn a steady income from home.
Printables are digital files that customers can download and print at home, such as wall art, planners, calendars, and invitations.
The best part is that once you create a printable, you can sell it repeatedly without having to invest more time or money.
Check out the list of the most popular printables you can create.
Benefits:
A flexible job that allows you to work from home and set your own hours.
Earn a steady income from a single printable, which means you can focus on creating new products and growing your business.
Able to start s small business.
Pay: This is a passive income. Learn how much these sellers have made.
20. Retail associate
Many moms become retail associates to get a discount from the retailer!
Working in retail can be a rewarding and dynamic career choice. Retail jobs are generally physically demanding, as employees are often on their feet for long periods and may need to lift and move heavy items.
The nature of retail work can also be stressful, especially during busy periods such as holidays or sales events. However, it can also be an opportunity to develop and utilize various skills, particularly when interacting with customers.
Benefits:
Working part-time hours while your children are at school.
Discounts to the retailer you work.
Flexible scheduling hours.
Pay: This is a minimum wage job earning $13 an hour to $18 an hour.
21. Nursing
Nursing is a fulfilling career for moms who enjoy taking care of others.
While most nursing positions require a degree, there are also entry-level jobs available for those without a degree. Certified nursing assistant (CNA) and licensed practical nurse (LPN) are two such positions.
Both positions require certification and training, which can be completed in a matter of months. Pursuing a career in nursing as a working mom without a degree offers the flexibility to balance work and family while also providing the opportunity for career advancement.
Benefits:
Flexible scheduling around what works best for your family.
Ability to work part-time or full-time.
Great career option to take fewer hours while your children are little and more hours when they are in school.
Pay: The average hourly rate for nursing varies depending on where you work. Most certified nurses make between $32 an hour to $50 an hour.
22. Transcriber
As a transcriber, you will listen to audio files and create a document that contains an accurate record of what was said. This is one of the best jobs for moms with no degree, as most transcription companies just require you to pass their test before they give you work.
To become a successful transcriber, you will need fast typing skills, attention to detail, and the ability to sit for long periods of time. You may also need to purchase special transcribing equipment, depending on the company you work for. Most transcription jobs will require the ability to type 75 WPM or more.
This is a great non phone work from home job.
With the right skills and tools, you can become a successful transcriber and earn a decent income. So if you are a fast typer with an eye for detail, consider taking a free mini-course to find out if this is the right job for you.
Benefits:
Transcription jobs from home are available remotely and work as many hours as you want.
Set your own schedule.
Make money by meeting deadlines.
Pay: Generally, transcriptionists earn around $19 per hour in the US, but this can be more depending on your employer.
23. Graphic Designer
Graphic design is an excellent job for working moms with no degree, as it allows for significant flexibility in working hours and can be done from home.
As a graphic designer, you will be responsible for creating logos, designing websites, and developing marketing materials such as brochures and flyers. To succeed in this field, you’ll need to be creative, detail-oriented, and able to work with clients to meet their specific needs.
Benefits:
Balance their family responsibilities with a fulfilling and rewarding career.
Perfect to showcase your creative side.
Pay: With a median annual wage of $48000 per year, graphic design is a lucrative career that offers plenty of room for growth and advancement.
24. Online Coach
Being an online coach is a great job for individuals who are looking to earn money online without a degree. While some online coaches do gain certifications, it is not always necessary.
There are several types of coaching fields to enter, including career coaching, life coaching, health coaching, family coaching, and fitness coaching. It is advisable to choose a field that you have experience in or feel comfortable handling.
As a life coach, for example, you can assist clients in achieving their goals, dealing with self-esteem issues, or working on relationships.
Benefits:
Freedom to set your own schedule and work from home, which allows you to balance work and family responsibilities.
Potential to earn a good income, especially if you specialize in a high-demand niche and build a strong client base.
Viable career option for working moms without a degree.
Work remotely from their computers and communicate with clients online.
Pay: Most coaches make between $30 an hour – 100 an hour pending experience.
25. Counselor
Counseling is indeed a vital service that plays a crucial role in helping individuals and families overcome difficult challenges.
As a counselor, you work closely with clients to address various issues and support them in achieving their personal and professional goals.
Counselors can work in diverse settings, including private practices, mental health centers, schools, substance abuse centers, or government institutions. This allows for a wide range of opportunities and flexibility in terms of work environment and schedule. Additionally, advancements in technology have made it possible for counselors to provide their services online, further expanding the accessibility and convenience of counseling.
Benefits:
Flexibility to work part-time or full-time.
Making a positive impact on the lives of others and contributing to their well-being is a significant aspect of counseling that attracts many individuals, including moms, to pursue this profession.
Offers a fulfilling and financially rewarding career path.
Pay: The average hourly rate for counselors is $39 an hour.
Other Jobs Options to Consider:
Home Health Aide: Care for patients in their own homes. Many opportunities for part-time work.
Personal Care Aide: Assist clients with daily tasks such as bathing, dressing, and grooming. Flexible schedules are available.
Event Planner: Plan and organize events such as weddings, conferences, and parties. Can often work on a freelance or contract basis.
Photographer: Take photographs for a variety of purposes such as weddings, events, or marketing materials. Can often work on a freelance basis.
Personal Trainer: Help clients achieve fitness goals through exercise and nutrition coaching. Can often work on a freelance or contract basis.
House Cleaner: Clean homes or businesses on a regular basis. Offers flexibility in terms of schedule and workload.
Online Tutor: This job involves teaching students online in various subjects. Skills required include teaching ability, subject expertise, and communication. To balance work and family life, set a schedule and prioritize family time.
Translator: This job involves translating written or spoken content from one language to another. Skills required include fluency in multiple languages, attention to detail, and communication. To balance work and family life, set a schedule and prioritize family time.
Pet Sitter/Dog Walker: This job involves caring for pets while their owners are away. Skills required include love for animals, responsibility, and time management. To balance work and family life, set a schedule and communicate with clients to ensure availability.
Personal Shopper: This job involves shopping for clients and delivering their purchases. Skills required include organization, communication, and time management. To balance work and family life, set a schedule and communicate with clients to ensure availability.
What to consider when choosing a job for working moms without a degree?
Working mothers without a degree face many challenges when it comes to finding a job.
They need to find a balance between their family and career commitments, and they also need to find a job that is flexible enough to accommodate their schedule. Here are the things to consider when looking for a new job.
1. Hours and Shiftwork
For working moms being able to control their own schedules allows them to be present for their children’s needs while also earning an income is extremely important. It is important to consider the hours you have available to dedicate to a job along with the shiftwork necessary when choosing a job.
Think about whether you want to go part-time or full-time.
Also, weekend shifts are also an option for those who need to work around their family’s schedule. Even better, remote work has become increasingly popular and offers even more flexibility.
2. Salary
Salary considerations play a significant role in achieving this stability a mom desires.
It is essential to explore different salary options and negotiate to ensure that you are being fairly compensated for your skills and experience.
Consider starting salary, the potential for growth, benefits packages, and negotiation when exploring job options.
3. Responsibility and Stress
As any working mom can tell you, being a working mom can be an incredibly stressful experience. Mothers often have to balance their work responsibilities with household chores and childcare, which can be overwhelming.
Finding a job that balances responsibility and stress is crucial for working moms to maintain their mental and physical health, and to be able to provide for their families.
4. Level of Education Required
As a working mom, it is important to consider the level of education required when choosing a job.
Plus, it is crucial to research job requirements and considers personal interests and skills when selecting a job. By doing so, working moms can find a job that offers flexibility, decent pay, and job satisfaction.
5. Professional Licenses and Certifications
Obtaining, professional licenses and certifications is an excellent way for working moms without a degree to increase their job opportunities, earn higher salaries, and improve job security.
These certifications and licenses are often required for specific industries, such as healthcare, education, and law enforcement.
With so many options available, it’s important for working moms to explore the various certifications and licenses that are relevant to their industry and career goals.
6. Work-Life Balance
Balancing work and family life is a challenge for anyone, but it can be particularly daunting for working moms.
However, there are several factors to consider when choosing a job that can help achieve a work-life balance:
Flexible Work Hours: A job with flexible work hours can help working moms without a degree balance their work and family responsibilities. This can include part-time work, remote work, or jobs that allow for flexible scheduling.
Remote Work Options: Remote work can be an excellent option for working moms without a degree who need to work from home.
Company Culture: A supportive company culture can make all the difference for working moms. Look for companies that offer family-friendly policies such as paid time off, flexible work schedules, and on-site childcare.
By prioritizing work-life balance, working moms can achieve success in both their personal and professional lives.
7. Vacation and Time Off
For working moms without a degree, vacation and time off are crucial benefits to consider when evaluating a potential job offer.
Here are three factors to consider when reviewing a company’s vacation and time off policy:
The number of vacation days offered, including paid time off for sick days and personal days.
The flexibility of the policy, such as the ability to take time off for family emergencies or unexpected events.
The potential for extended leave, such as maternity or paternity leave.
8. Career Advancement
When considering a job as a mom, career advancement is an important consideration. It is essential to choose an employer and a job that offers opportunities for growth and progression in your chosen field.
Advancing in your career not only allows you to achieve personal and professional goals but also provides financial stability and job satisfaction.
Don’t underestimate the power of setting clear career goals and actively working towards them.
By investing in your skills, building a strong network, and setting clear career goals, you can pave the way for a successful and fulfilling career as a mom.
9. Job Security
Job security is especially significant for working moms, who may face more challenges in finding and keeping a job.
Typically, working moms are limited in their job options.
So, look for careers that provide financial security as well as companies with a solid track history.
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FAQ
You can search for remote jobs, part-time jobs, or freelance gigs.
You can also look for companies that have flexible policies in place. Also, reach out to your network and ask if anyone knows of any openings that are flexible.
Stay-at-home moms can find a variety of jobs that can be done from home and offer flexibility to work around their schedule. Here are some of the options available:
Working from home offers the benefit of having a better work-life balance and the ability to be present for their families while still earning an income.
Which Job for Moms will You Choose?
For moms who want to balance family and career, finding a job that offers work-life balance and career growth is crucial.
Not only can working increase income, but it can also lead to career advancement and personal fulfillment.
Above, we listed many great jobs for moms. You can choose a job that allows you to work from home, or one that provides flexible hours. Also, many moms like me prefer one of these early morning jobs.
Whatever you choose, make sure you find a job that you enjoy and that allows you to spend time with your family.
Know someone else that needs this, too? Then, please share!!
Building equity in a home takes time, and the amount of equity you’ve built can impact the amount you can borrow. If you need substantial funds for home improvements, education expenses or debt consolidation, Spring EQ home equity loans are an attractive option. Spring EQ reviews praise its ability to provide homeowners with access to a larger percentage of their home’s equity compared to many other lenders.
Unlike many other mortgage lenders who cap the amount of equity you can access at 85%, Spring EQ lets you borrow up to 95% of your home’s equity. We selected Spring EQ as one of the best home equity loan providers in large part because of its generous equity allowance. Its interest rates are also competitive, and its flexible terms make Spring EQ a good choice for many homeowners.
Spring EQ HELOC pros and cons
Before applying, you should consider the pros and cons of a home equity line of credit (HELOC).
Access to up to 95% of your equity
Flexible loan terms
Low minimum credit score
Not available in all states
Appraisal and title insurance required for some loans
No online payment option
Pros explained
Access to up to 95% of your equity
Spring EQ allows jmyou to access up to 95% of your home’s equity. In contrast, most lenders limit you to 85%. This 10% difference might seem small, but it can translate to a significant amount of funds when dealing with home values. With Spring EQ, you can tap into a higher percentage of your home’s worth, empowering you to accomplish more with your loan.
Flexible terms
Spring EQ provides a range of flexible terms. You can repay your loan in increments of five to 30 years, or choose up to 10 years of interest-only payments. If you’re planning to do major home improvements, you can take advantage of this flexibility to avoid taking out a home improvement loan.
Low minimum credit score
Spring EQ offers home equity loans and home equity lines of credit with various credit score requirements. You’ll only need a minimum credit score of 640 to qualify for a home equity loan. If you want to take out a HELOC, you’ll need a credit score of 680. However, to borrow up to 95% of your home’s equity with a Spring EQ home equity loan, you will need a credit score of 700 or higher.
Cons explained
Not available in all states
Spring EQ does not offer home equity products to residents in Alaska, Hawaii, Idaho, Massachusetts, Missouri, Nevada, New York, North Dakota, South Dakota, West Virginia, Wyoming or Utah.
Appraisal and title insurance required for some loans
Spring EQ’s appraisal requirements depend on several factors, including how long you’ve owned your home and the date of your last appraisal report. You may be able to use a previous appraisal if it was done within the last 12 months. However, if your loan is over $175,000, you’ll need a full interior appraisal. If your loan is over $250,000, you’ll need title insurance as well.
No online payment option
Spring EQ doesn’t give you the option to make online payments, but that may be an option soon. For now, you can make a phone payment, set up recurring payments or mail in a payment.
Spring EQ HELOC offerings
Home equity loans
Spring EQ offers fixed-interest home equity loans with repayment terms from five to 30 years. You can access up to 95% of your home’s value with a loan amount of up to $500,000 without the need to refinance. With same-day approval and an average fund availability of 21 days, you’ll have quick access to your money.
Home equity lines of credit
Spring EQ also offers a home equity line of credit (HELOC) with a variable interest rate and a term of 30 years. With a HELOC, you can make interest-only payments for the first 10 years. One downside to Spring EQ’s HELOC is that you must take an initial draw of at least $50,000, which is higher than many other lenders. Your debt-to-income ratio must be 45% or lower, and the minimum credit score is 680 to qualify for a HELOC.
Home purchase loans
Although Spring EQ is primarily known for its HELOC and home equity loans, it also offers home purchase loans. The interest rates and loan terms for a home purchase loan will depend on your profile as a borrower. If you’re self-employed, you’ll need to provide more extensive documentation of your income. You’ll have to meet the underwriting guidelines for verifying your credit profile and debt-to-income ratio.
Home refinance loans
Spring EQ also offers traditional refinance loans if you prefer to refinance instead of taking out a home equity loan or HELOC. The guidelines and terms for refinancing are similar to those for a home purchase loan.
Spring EQ HELOC pricing
Spring EQ doesn’t list its minimum interest rate, nor does it publicly disclose its fees. However, in addition to applicable administration fees, you’ll have to pay for an appraisal and title insurance if needed.
Spring EQ HELOC financial stability
Spring EQ is a Pennsylvania-based home lending company that specializes in home equity loans and home equity lines of credit (HELOCs). It was established in 2016 and is accredited by the BBB with a rating of A+. It’s in good standing with the Department of Banking and Securities in Pennsylvania with a current license.
Spring EQ HELOC accessibility
Availability
Spring EQ’s loan products are not available in the following states:
Alaska
Hawaii
Idaho
Massachusetts
Missouri
Nevada
New York
North Dakota
South Dakota
West Virginia
Wyoming
Utah
In addition to residing in one of states that Spring EQ offers services in, you’ll need to meet certain underwriting guidelines, including:
Minimum credit score of 640 for home equity loans
Minimum credit score of 680 for HELOC
Minimum credit score of 700 for 95% equity loans
Documentation of income and other information in your application
Debt-to-income ratio of 45% or less (total monthly debt payments divided by total monthly gross income)
Contact information
Spring EQ can be contacted by:
Phone: Call Spring EQ at 1-855-463-7407 or 1-888-978-9978.
Mailing address: Mail a check or send any documents to Spring EQ, ATTN: Servicing, 100 W. Matsonford Road, Building 5, Suite 100, Radnor, Pennsylvania 19087.
Corporate address: Send corporate mail to 1 West Elm St., Suite 450, Conshohocken, Pennsylvania 19428.
User experience
Spring EQ offers preapproval based on your online application almost instantly, although your terms will depend on verification of the provided information. Submit an application on the website, or get in touch with a loan officer by calling 1-877-972-8873.
To apply for a loan, you’ll need to provide the following information:
Date of birth
Phone number
How much you want to borrow
Details of your financial history, including income, debts and past history of bankruptcies or defaults
Details about co-borrowers
Information about the property, including whether it’s your primary residence, how much you owe on it and if there are any liens on it
Once you’ve submitted this information, you’ll get prequalified for a loan amount. This is a preliminary step and isn’t binding until you submit the formal application and your information is verified. You can finish applying online or ask to be connected with a loan officer. After you submit a formal application, you’ll be asked to submit verifying documentation. You’ll generally have your funds available within 21 business days.
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Spring EQ HELOC customer satisfaction
Spring EQ reviews reveal an average customer satisfaction rating of 4.3 with the Better Business Bureau (BBB), indicating that most customers are satisfied with its service. Of its 193 customer reviews, only 42 are complaints, and 26 complaints have been closed in the past 12 months. Spring EQ responds promptly to customer reviews and provides a contact person to assist with complaints.
One customer complained that the lending guidelines changed during their application process, making them ineligible for a loan. Another complained that they received more of a draw on their HELOC than requested. Yet another complained the rate and payment were higher than expected. Given that Spring EQ responds promptly to all complaints and that many of the complaints were ultimately closed, it has an A+ rating with the BBB.
Some of the negative Spring EQ reviews mention that representatives didn’t communicate well, gave them a loan amount that was less than expected or took too long to approve their loan. However, most of the reviews are positive, with praise for the professional loan officers and the easy, convenient process.
Spring EQ HELOC FAQ
Is Spring EQ legit?
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Spring EQ is a legitimate loan originator. They’ve been in business for seven years, have an A+ rating from the Better Business Bureau and have an up-to-date license with the Department of Banking and Securities in Pennsylvania.
Who owns Spring EQ?
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Spring EQ is a privately owned company. It’s a limited liability corporation (LLC) based in Pennsylvania. While it’s not always possible to find out who owns an LLC, one of the investors is Saluda Grade Ventures. Jerry Schiano is a co-founder and chief executive officer, and James Curt is the senior vice president.
What is Spring EQ?
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Spring EQ is a loan originator, so it facilitates the process of acquiring a loan. Loan originators are involved in the initial stages of the loan process, and their responsibilities include:
Evaluating the borrower’s credit history, income, debts and other financial information to determine their ability to repay the loan
Informing the borrower of the various loan options available, including interest rates, loan terms and other conditions
Assisting the borrower in completing the loan application and gathering all the necessary documentation
Coordinating with underwriters, appraisers and other professionals to process the loan application (including verifying the information provided by the borrower and assessing the property value if the loan is secured by real estate)
Acting as the main point of contact for the borrower, keeping them informed on the status of the loan application and answering any questions they may have.
Coordinating the closing process, ensuring that all documents are in order and that the funds are disbursed to the borrower or the seller in case of a mortgage.
How long does Spring EQ take to underwrite?
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From approval to disbursement of funds, the entire process takes 21 days on average. However, the exact amount of time it takes will depend on various factors such as how quickly you provide documentation and if you need an appraisal or title insurance.
How we evaluated Spring EQ HELOC
To review Spring EQ, we considered the following criteria:
Pros and cons: We assessed the overall pros and cons of Spring EQ, including the features it offers and how it compares to other home equity loan originators.
Pricing: We evaluated how transparent Spring EQ is regarding interest rates, initiation and service fees, closing costs and additional costs such as appraisals.
Offerings: We examined the types of loans offered, the flexibility in terms, the minimum and maximum loan amounts and the borrowable amount of home equity.
Customer experience and satisfaction: We looked into complaints and reviews filed with the Better Business Bureau to evaluate how happy customers were with Spring EQ.
Accessibility: We checked the eligibility requirements, the application process, the minimum required credit score, what states Spring EQ services and how easy it is to contact them.
Summary of Money’s Spring EQ HELOC review
Spring EQ is a great option to access more of your home’s equity than you can with traditional lenders. They make the preapproval and application process convenient and quick. However, coverage is currently limited, so you must own property in one of the states they service. Additionally, they could be more transparent about both interest rates and fees associated with home equity loans and lines of credit.
The U.S. Department of Housing and Urban Development (HUD) announced this week that it has established a new Office of Manufactured Housing Programs, which will report to Assistant Secretary for Housing and Federal Housing Administration (FHA) Commissioner Julia Gordon. The office will work to accelerate manufactured housing in order to help address the nation’s inventory issues.
“This organizational change represents a recognition of the critically important role that manufactured housing plays in our country’s housing market,” said Gordon. “Thanks to the work executed by our Office of Manufactured Housing Programs over the last two years, we have made significant progress to support the availability of modern and affordable manufactured homes.”
Previously organized under the Office of Housing’s Office of Risk Management and Regulatory Affairs, the new structure is designed to make clear the role that manufactured housing can play in addressing the nation’s housing needs.
“Manufactured housing has figured prominently in the Biden-Harris Administration’s efforts to increase the supply of affordable housing and can be a helpful avenue for those of more modest means to achieve the wealth-building potential of homeownership,” the HUD announcement said.
HUD also highlighted actions taken by the administration to expand its manufactured housing programs, including support for the continued production of manufactured homes despite COVID-19 supply chain challenges; implementing “the first major changes in almost a decade” to the Manufactured Home Construction and Safety Standards, most commonly referred to as the “HUD Code;” and initiating “the largest set of proposed changes to the HUD Code in over two decades,” HUD said.
Those proposed changes include bringing the HUD Code in line with recent manufactured housing industry standards; allowing “certain ridge roof designs;” adding language to allow for multifamily manufactured homes of up to three units; updating open floor plan requirements and plans for attics; and accessibility improvements.
The department also included a new description for the office and its responsibilities.
“The Office enforces standards directly or through state agencies that have partnered with HUD, inspects factories and retailer lots, regulates installation standards for homes, and administers a dispute resolution program for defects,” the Department said. “The Office also oversees a Manufactured Housing Consensus Committee, a federal advisory committee composed of twenty-one producers, users, and general interest and public officials to advise HUD.”
In the world of personal finance, offshore bank accounts have long been a source of intrigue, often associated with high-net-worth individuals, multinational corporations, and even cinematic tales of mystery and suspense.
However, they’re not just tools for the James Bonds of the world. From asset protection to currency diversification, offshore bank accounts can offer a wide range of benefits.
What is offshore banking?
Offshore banking refers to the process of keeping money in a financial institution located outside the depositor’s home country. This foreign financial institution could be in a country halfway across the world or in a neighboring nation, depending on the account holder’s needs and preferences.
Despite the name, an offshore bank account functions much like your local bank account, providing similar services such as savings accounts, debit cards, credit cards, and online banking.
How to Open an Offshore Bank Account Legally
Opening an offshore bank account can be a relatively straightforward process, albeit with more documentation involved than opening a domestic account. To open a foreign bank account, you need to conduct research on countries that offer offshore banking services and the offshore banks that operate within these jurisdictions.
Typically, the account opening process involves providing your identification documents, proof of address, and, in some cases, proof of income or wealth, to the foreign bank. Some foreign banks may also request a bank reference, which usually comes in the form of bank statements from your current bank.
Advantages of Offshore Banking
When considering an offshore bank account, it’s essential to weigh the potential advantages it offers. These benefits can be quite compelling, depending on your specific financial situation and needs.
Asset Protection
One significant advantage of offshore banking is asset protection. This benefit is of particular interest to high-net-worth individuals and business owners, but it can be equally beneficial for anyone interested in safeguarding their assets from legal disputes or economic instability.
Offshore bank accounts can serve as a secure and central location for assets. By keeping part of your wealth in a jurisdiction other than your home country, you’re diversifying the risks associated with potential economic downturns or changes in governmental policies. For instance, if your domestic economy takes a downturn, having a portion of your assets abroad could provide a financial buffer.
Moreover, certain offshore accounts offer a level of legal protection, potentially shielding your assets from legal proceedings such as lawsuits or bankruptcy filings.
Currency Diversification
Currency diversification is another advantage of offshore bank accounts. When you hold money in an offshore bank account, you’re not restricted to a single currency. Instead, you can hold deposits in multiple currencies, providing a hedge against currency risk.
For example, if your home country’s currency significantly depreciates, it could lead to a relative decrease in your wealth. However, if you hold funds in other currencies through your offshore account, you might be shielded from this depreciation. This multi-currency feature can also be beneficial for frequent travelers or individuals conducting business across different countries.
Tax Benefits
Lastly, it’s worth noting the potential tax advantages of offshore banking. Certain offshore banks are located in tax havens, or countries known for their low or no taxes on certain types of income. These jurisdictions might offer favorable tax conditions compared to your home country.
While these potential tax benefits should never be used to avoid paying taxes unlawfully, they can be part of an effective wealth management strategy when used correctly. For instance, some offshore jurisdictions don’t tax interest income, which could be beneficial for those with a substantial amount of money in their savings or investment accounts.
It’s important to always disclose these accounts and income to your home country’s tax authority, to stay in compliance with all tax laws.
Disadvantages of Offshore Banking
While offshore bank accounts can offer several benefits, they also come with challenges that potential account holders need to be aware of.
Cost
Some of the best offshore bank accounts are often associated with various costs. To start, there might be a substantial minimum deposit requirement. This can put some of the more premium offshore accounts out of reach for individuals without a high level of wealth.
Furthermore, offshore banking can involve monthly maintenance fees and transaction fees that are often higher than those of a domestic bank. These fees can add up over time, potentially eroding the benefits gained from lower taxes or higher interest rates.
Accessibility
Physical and technological accessibility can be a concern when banking offshore. Depending on the location of the bank, accessing your funds when you need them can be more challenging than with a domestic account. For instance, differences in time zones can make real-time banking difficult, and language barriers could potentially complicate communication with customer service.
Regulation and Stability
Lastly, not all countries that offer offshore banking have the same level of political and economic stability. While places like the Cayman Islands and Switzerland are known for their stability, this is not a universal trait among all jurisdictions offering offshore accounts.
Moreover, the level of consumer protection offered by offshore banks may not be as comprehensive as what you would find in your home country. For instance, some countries might lack deposit insurance schemes, leaving your funds vulnerable if the bank were to fail.
The Legal Landscape of Offshore Accounts
While offshore bank accounts have unfortunately been linked to money laundering and tax evasion, it’s essential to underscore that having an offshore account is completely legal. However, account holders must adhere to tax laws and regulations in their home country, and not use these accounts for illegal purposes.
This includes reporting your offshore accounts to the relevant tax authorities and paying any taxes owed on interest or other income earned from these accounts. Failure to do so could lead to severe penalties, including charges of tax fraud.
The Role of Offshore Banking in Investment and Savings
Offshore banking can also be an effective tool for managing your savings and investments. Many offshore banks offer a variety of financial services, including investment accounts and high-yield savings accounts, allowing individuals to invest money in a range of assets across different markets.
This makes offshore banking particularly appealing to expatriates, international businesspeople, and globe-trotters, as it provides a level of flexibility that is often unmatched by domestic accounts. However, it’s important to note that these potential benefits should always be balanced against any associated costs, such as monthly fees or transaction charges.
Myths and Misconceptions About Offshore Banking
Offshore banking is often misunderstood, thanks to a slew of myths and misconceptions. The truth is, you don’t have to be a billionaire or an international spy to open an offshore bank account. Many people, from expatriates to retirees, can benefit from foreign currency holdings, potential tax benefits, and other financial advantages that come with having an account with a foreign bank.
Bottom Line: Is Offshore Banking Right for You?
Offshore banking can offer a host of benefits, from asset protection to potential tax advantages. However, it’s not a decision to be taken lightly. It’s crucial to understand the legal implications, costs, and potential risks before deciding to bank offshore.
Whether to open an offshore bank account will largely depend on your individual circumstances. If you’re considering banking offshore, it’s always a good idea to consult with a financial advisor or tax professional to understand all the implications.
After all, navigating the world of offshore accounts can be tricky, but with the right guidance and knowledge, you can make an informed decision that aligns with your financial goals.
Frequently Asked Questions
Can I open an offshore bank account online?
Yes, many offshore banks offer the option to open an account online, but the process can vary depending on the bank. Some banks may require a notarized copy of your passport, proof of address, and a reference from your current bank. Others may need more or less, depending on their internal policies and the regulations of the country where they’re located.
Can U.S. citizens open offshore bank accounts?
Yes, U.S. citizens can legally open an offshore bank account. However, it’s important to note that U.S. citizens must report these accounts to the IRS and the U.S. Treasury Department if the total value of their foreign financial accounts exceeds a certain threshold.
How can I access the money in my offshore account?
There are several ways to access your money in an offshore account. You can use a debit or credit card issued by your offshore bank, make electronic transfers, or write checks. The exact methods will depend on the services your offshore bank provides.
What happens to my offshore account if I die?
In the event of your death, your offshore account would be handled based on the local laws of the country where the bank is located and any instructions you may have left with the bank. Some offshore jurisdictions are notoriously complex when it comes to probate laws, so it’s essential to discuss this aspect with your bank when opening an account.
Can I open an offshore account anonymously?
While some offshore jurisdictions used to allow anonymous accounts, this is no longer the case due to global efforts to increase transparency and fight against illicit activities like money laundering and tax evasion. Today, every bank is required to know its customers (KYC regulations) and will need your personal information when you open an account.
Can offshore banking help with my retirement planning?
Yes, offshore banking can be a part of your retirement planning, especially if you plan to retire abroad or travel frequently during your retirement. Some offshore banks offer specific services for retirees, including access to medical insurance and investment products.
Opening a bank account online has not only become an effortless task but also a smart move towards managing your finances with ease. This guide will help you understand the benefits, requirements, and steps to transition your banking experience into the digital realm.
This will give you control and accessibility like never before. Embrace the future of banking today and discover how opening a bank account online can be a game-changer for your financial journey.
Understand Your Banking Needs
Determining your banking needs is a crucial first step in choosing the right account. Are you looking for a secure place to deposit your paycheck, withdraw cash, and manage your bills? A checking account could be your answer. It’s an excellent tool for everyday transactions, providing features like check writing, debit card access, and often, the ability to set up direct deposits.
Alternatively, if you have a financial goal in mind, such as saving for a down payment or creating an emergency fund, a savings account could be more suitable. These accounts typically offer higher interest rates compared to checking accounts, allowing your money to grow over time.
It’s worth noting that many people maintain both checking and savings accounts. The checking account serves as a hub for daily transactions, while the savings account functions as a reservoir for longer-term savings and investment goals. Your specific mix will depend on your personal financial needs and goals.
Choosing the Right Bank
Finding the right bank depends on your individual needs and preferences. There are three main types of banks to consider: traditional banks, credit unions, and online banks.
Traditional banks offer a wide array of services like various types of accounts, credit cards, and loans. They are great if you prefer having in-person access to services and a large network of ATMs.
Credit unions are member-owned and often excel in customer service. They generally offer better interest rates on savings accounts but may have less online and physical accessibility than traditional banks.
Online banks operate purely online, which often allows them to offer lower fees and higher interest rates. They’re a good choice if you’re comfortable doing all your banking digitally.
No matter which type of bank you choose, make sure it’s FDIC insured to protect your money. Also, consider the bank’s fees, such as monthly service and ATM fees, as they can add up over time. A bank with fewer fees or options to waive them could save you money.
Requirements for Opening a Bank Account Online
Once you’ve decided on your banking needs and the financial institution, it’s time to gather the necessary information to open your bank account online.
Most financial institutions will require:
Personal Information: Your legal name, date of birth, and Social Security number.
Contact Information: A valid mailing address and phone number. Banks typically require these to verify your identity and as part of their communication and security protocols.
Identification: A valid form of identification such as a driver’s license, state ID, or passport. You may need to provide the ID number and expiration date.
Initial Deposit: Some banks may require an initial deposit to open the account. You can usually fund this by transferring money from an existing account or using a credit or debit card.
Before starting, it’s helpful to check the specific requirements of your chosen bank, as requirements may vary from one financial institution to another.
Step-by-Step Guide on How to Open a Bank Account Online
Taking your banking experience online might seem intimidating initially. However, the process is typically straightforward, taking just a few minutes. Follow this step-by-step guide to set up your bank account online.
Visit the bank’s website: Begin by visiting the official website of your chosen bank or credit union. Look for the “Open an Account” or “Apply Now” option, typically found in the main navigation or home page.
Fill out the application form: The bank will prompt you to fill out an application form requiring your personal information. This includes your full name, mailing address, and Social Security number. You may also need to provide a valid form of identification and employment information.
Verify your identity: As part of the process, you’ll be asked to verify your identity. This could involve answering security questions based on your credit history or providing a valid ID. This step is crucial to protect against identity theft and fraud.
Fund your account: Most banks require an initial deposit when opening a new account. You can fund your account via a transfer from an existing bank account, a credit or debit card, or even a check. The required deposit varies from bank to bank, with some online banks allowing you to open an account with no initial deposit.
Confirm and finalize your account setup: Once you’ve completed these steps, you’ll receive a confirmation email or message from the bank. This message usually contains instructions on how to set up online banking, including setting up your username and password.
What to Do After Opening Your Account
With your bank account online set up, it’s vital to get acquainted with all its features and maximize them for your convenience and financial growth.
Set up direct deposit: Direct deposit is a crucial feature to set up as soon as your account is active. It allows your paycheck to be automatically deposited into your account, saving you from manual deposits and giving you quicker access to your money.
Learn to use online banking features:Familiarize yourself with key online banking features. Bill pay, for instance, can automate your monthly payments, ensuring timely transactions without manual intervention. Mobile check deposit lets you deposit checks without the need to visit a bank branch, and the money transfer feature enables seamless transfer of funds between accounts or to friends and family, making your banking experience both quick and hassle-free.
Regularly review your account statements: Regular monitoring of your account statements is a good financial habit. It helps track your spending, review any account fees, and promptly detect any suspicious activity or discrepancies. This practice keeps you aware of your financial status and ensures the security of your account.
The Importance of Regularly Reviewing Your Banking Needs
As life unfolds and your circumstances evolve, so too do your banking needs. Major life events – a career shift, marriage, welcoming a child, or even retirement, could alter your financial landscape significantly.
Perhaps a job change comes with a pay increase, necessitating a better savings strategy, or marriage might call for a joint account. A new child could lead you to start a college savings account. These changes underscore the importance of regularly reassessing your banking arrangements.
Every few years, or at the occurrence of significant life events, it’s beneficial to review your banking needs. This regular review ensures your financial arrangements align with your life’s dynamics, ensuring your money is working for you at every stage.
Bottom Line
Opening a savings or checking account online is an easy and efficient process, offering you the freedom to manage your finances at your fingertips. But remember, the process doesn’t stop with opening an account.
Make sure to fully utilize the features of your online account, keep a close eye on your statements, and adjust your banking needs as your life changes. Stay informed and proactive in your approach to banking – this way, you ensure that your online bank account serves you effectively in every phase of your financial journey.
Frequently Asked Questions
Can I open a bank account online without a deposit?
Yes, certain banks allow you to open an account with no opening deposit. However, they may require you to fund the account within a specific time frame to keep it active.
What should I do if I don’t have a Social Security number?
If you’re an international resident without a Social Security number, you might still open a bank account using an Individual Taxpayer Identification Number (ITIN), passport, or other forms of identification. It’s advisable to contact the bank directly for their specific requirements.
How old do I need to be to open a bank account online?
Typically, the minimum age to open a bank account online is 18. For those under 18, many banks offer the option of joint accounts with a parent or guardian, or specific accounts designed for minors.
Can I open multiple bank accounts online?
Yes, you can open multiple bank accounts online, including a mix of checking and savings accounts, depending on your financial needs. It’s important to consider potential monthly fees and the ease of managing multiple accounts.
Is it safe to open a bank account online?
Opening a bank account online is generally safe as long as you’re using a secure network and are applying through the official website of a reputable bank or credit union. Always look for indications of security, like the “https” at the beginning of the web address.
What should I do if I face issues while opening a bank account online?
If you encounter any issues while opening a bank account online, the best course of action is to contact the bank’s customer service for assistance. They can guide you through the process or resolve any technical glitches you might be facing.
Hawaii is an exciting place to call home. It offers incredible weather, scenic views, friendly people, and a slow-paced lifestyle. If you’re lucky enough to live or work in Hawaii, you might be looking for the best banks in the state.
While the Aloha State has fewer banks than other states, there are still plenty of reputable, member FDIC options available to you.
12 Best Banks in Hawaii
To make your search for a bank a bit easier, we’ve done some research and compiled this list of the best banks in Hawaii.
1. First Hawaiian Bank
First Hawaiian Bank, the oldest bank in the state, holds the distinction of having the most branches in Hawaii. This makes it a convenient choice for many people looking to open a checking account, as it provides three different options.
Their first option, Pure Checking, offers a straightforward, fee-free experience, complete with a complimentary debit card. The second, Priority Banking Gold, expands on these features by offering free checks and online bill pay, as well as discounts on loans.
For those seeking the most benefits, the Priority Banking Platinum provides an extensive list of perks, including a credit card with unlimited rewards and cash back, travel points, and no restrictions on redemption dates.
Beyond checking accounts, First Hawaiian Bank also caters to various other personal banking needs. They offer savings accounts, mortgage services, and wealth management solutions, among other things.
2. SoFi
SoFi serves as a top-notch alternative to traditional banking, catering to individuals seeking the convenience and flexibility of online banking. The SoFi Checking & Savings account offers a unique combination of checking account accessibility and high-yield savings account returns in a single, streamlined account.
There is no minimum balance requirement, no monthly fees, and no overdraft fees, positioning SoFi as a cost-effective solution for a broad spectrum of users. There’s also an enticing offer of earning up to $250 with qualifying direct deposits.
One of the most compelling aspects of SoFi is the impressive interest rates it offers. The savings account yields a 4.30% APY, while checking account balances earn 1.20% APY, both rates far outpacing those offered by most traditional banks. What’s more, deposits are insured by the FDIC up to $2 million, providing an added layer of financial security.
With SoFi Checking & Savings, accessing your money is both straightforward and convenient. Over 55,000 Allpoint® Network ATMs across the globe offer fee-free withdrawals, ensuring you can easily access your money whenever you need it.
3. Ally Bank
Ally Bank is an online bank that serves residents in every state, including Hawaii. It’s worth considering if you’re seeking an interest bearing checking account or competitive rates on high yield savings accounts, CDs, and money market accounts.
While deposit accounts are Ally’s bread and butter, the bank also offers mortgages, auto refinancing, and investment products. As an Ally account holder, you won’t have to worry about any monthly fees or minimum opening deposits.
Since Ally is an online-only bank, there are no local branches in Hawaii. Fortunately, it’s part of the Allpoint ATM network that will give you free access to more than 43,000 Allpoint ATMs. If you do use an out-of-network ATM, the bank will reimburse you up to $10 per month.
4. First American Trust
First American Trust operates one branch in Honolulu. If you have a particular interest in wealth planning, it should definitely be on your radar. It provides several wealth planning services, such as financial planning, retirement planning, and estate planning for individuals and families.
Its advisors can also help you set up a trust and protect your greatest assets. Additionally, First American Trust is a great resource if you’d like to build a diversified investment portfolio.
5. Bank of Hawaii
Headquartered in Honolulu, Bank of Hawaii is a regional bank and the second-oldest bank in the state. It serves local communities with a comprehensive suite of products and services as well as sponsorships and volunteerism. The bank’s lineup of personal banking products includes checking accounts, savings accounts, certificates of deposit (CDs), credit cards, personal loans, and insurance.
In addition, it supports small business owners with business deposit accounts, business credit cards, merchant services, and small business loans. The bank also specializes in investment services and long-term financial planning to help you meet your personal finance goals. If you’re interested in Bank of Hawaii, you can chat with a banker online or in-person at a local branch.
6. Central Pacific Bank
Central Pacific Bank has been around since 1954 and has physical locations in Hawaii, Oahu, Maui, and Kauai as well as mobile banking services. It was originally founded to help immigrants build a safe life.
Today, the Hawaii bank offers a wide range of products and services to individuals and small businesses in the Aloha State. Central Pacific Bank stands out for its diverse savings account options, high rates on CDs, and low minimum balance requirements.
It also provides personalized, high quality wealth planning services from a team of wealth advisors. You can download the bank’s mobile app to pay bills, send money through Zelle, check your online statements, set notifications, track your budget, and keep tabs on your financial activity.
7. CIT Bank
CIT Bank is a digital bank with several attractive products for Hawaii residents. Savings Connect is a savings account that offers a competitive interest rate you might not be able to find elsewhere.
Another savings account you may want to consider at CIT Bank is the Savings Builder. While the Savings Builder has a lower annual percentage yield or APY than Savings Connect, it can encourage you to save as you must deposit at least $100 per month from your paycheck or elsewhere to secure the highest APY.
Unlike many brick-and-mortar financial institutions, CIT Bank doesn’t charge monthly maintenance fees, overdraft fees, ATM fees, or excessive transaction fees. You can open a new account and manage it via the online portal or mobile app. If you have any questions or concerns, you can contact phone support on weekdays and Saturdays during select hours.
8. Hawaii National Bank
Hawaii National Bank is a local bank that made its debut in 1960 and has branch locations in Oahu, Maui, and Hilo. It offers several checking accounts, including the Household Checking, Personal Checking, 55+ Checking, Super NOW, and VIP Money Market Deposit. Even though some checking accounts come with monthly fees, the bank may waive them if you maintain a certain balance.
Savings account options include the traditional Personal Savings account with a variable, competitive interest rate, Kids’ Savings account for kids ages 5 to 17, and Christmas Savings account that can help you save for the holiday season.
In addition to checking accounts and savings accounts, you may turn to Hawaii National Bank for personal loans, credit cards, home loans, CDs, and retirement accounts. The bank also serves small business owners with deposit accounts, business loans, and commercial mortgages.
9. American Savings Bank
Known as the third-largest bank in Hawaii, American Savings Bank serves the Aloha State with a wide range of offerings. You can choose from three checking accounts, six savings accounts, and several credit cards with cash back rewards or points. American Savings Bank also offers CDs, student loans, mortgages, and credit cards.
If you open a checking account, you’ll reap the benefits of Overdraft Courtesy, which protects you from overdrafts that may occur from checks and electronic payments. Additionally, the bank’s advisors can assist you with investments and insurance.
If you become an American Savings customer, you may take advantage of online banking, which allows for mobile check deposit, automatic bill pay, Zelle payments, eStatements, and more.
10. Synchrony Bank
Synchrony Bank is an online bank you might want to explore as a Hawaii resident. With Synchrony, you can expect high interest rates on savings accounts and CDs, no monthly fees, a variety of credit card options from popular retailers, and reimbursements for out-of-network ATM access.
If you join the Synchrony Bank Perks Rewards program, you can earn elite status if you meet certain criteria. You’ll reach Diamond status, which is the top level if you deposit more than $250,000 or stay with the bank for five years. This status comes with perks like three free wire transfers per statement cycle and unlimited reimbursements for domestic ATMs.
11. Territorial Savings Bank
Territorial Savings Bank has served Hawaii customers since its inception in 1921. If you open a checking account, you’ll be able to earn interest as long as you deposit $100.
The bank also offers numerous CDs with competitive interest rates, special mortgage rates for first time homeowners, and discounts from local merchants, like hotels, car rental companies, and restaurants.
If you’re a small business owner, you may select from a number of business deposit accounts, business credit cards, and business loans.
12. Finance Factors
Headquartered in Honolulu, Finance Factors has 13 branches throughout the Aloha State. The bank’s deposit products are savings accounts, CDs, and retirement accounts.
It also specializes in a wide range of home loans like conventional mortgages, government-backed mortgages, jumbo mortgages, and investor mortgages. You can stop into a local branch or log into the online portal to manage your account.
Bottom Line
As you can see, there are a variety of banks in the Aloha State. Before you move forward with one, it’s a good idea to weigh the pros and cons of all your options. Factors like your particular banking needs and whether you prefer an online or in-person banking experience will help you make the best choice for your unique situation. Good luck with your search for the best bank in Hawaii.
Frequently Asked Questions
What is the largest bank in Hawaii?
First Hawaiian Bank holds the title as the largest bank in Hawaii, establishing a significant presence with a total of 49 branches scattered across the state. Founded in 1858, it boasts a long history and deep roots in the local community.
Should I choose an online bank or a traditional bank in Hawaii?
An online bank is your best bet if your goal is to land the best interest rate and lowest fees. However, if personalized service is important to you, you’d likely be better off with a traditional bank. Fortunately, most traditional banks offer mobile apps and online portals.
Is a credit union a good option in Hawaii?
If you find a credit union with the ideal loan or the products and services you need and qualify for membership, you may want to join it. But you may find a wider range of offerings at a bank.
Why are there no national banks in Hawaii?
National banks aren’t in the Aloha State due to its small population and the high cost of real estate. Smaller banks are your only option if you live or work in Hawaii. The good news is you’ll find many local banks that offer just as many products and services as big banks.