Today we’ll do a deep dive into the top mortgage lenders in New Jersey.
Using HMDA data, we can see which companies originated the most home loans in the state last year.
I break this down by both home purchase loans and refinance loans to determine who specializes in what.
After all, the home buying experience can differ quite a bit from the mortgage refinance process, the latter of which is reserved for existing homeowners.
As you may have guessed, Rocket Mortgage topped the list in 2021. Read on to see the others in the top-10.
Top Mortgage Lenders in New Jersey (Overall)
Ranking
Company Name
2021 Loan Volume
1.
Rocket Mortgage
$9.9 billion
2.
Wells Fargo
$8.9 billion
3.
Chase
$6.8 billion
4.
loanDepot
$6.2 billion
5.
NJ Lenders Corp.
$4.5 billion
6.
Newrez
$4.3 billion
7.
UWM
$4.2 billion
8.
Pennymac
$3.6 billion
9.
Bank of America
$3.5 billion
10.
Guaranteed Rate
$3.3 billion
Detroit-based Rocket Mortgage funded $9.9 billion in home loans in New Jersey in 2021, per HMDA data from Richey May.
That was a full billion more than second place Wells Fargo, which mustered $8.9 billion in the Garden State last year.
Nearby New York-based Chase grabbed third, but was well behind the two leaders with $6.8 billion in home loan origination volume.
Far away, SoCal-based loanDepot took fourth place with $6.2 billion, beating out hometown lender NJ Lenders Corp., which funded $4.5 billion.
They were the only Jersey-based lender in the top 10, though about 80% of their overall volume came from the state.
The remaining five from the top 10 included Newrez, United Wholesale Mortgage (UWM), Pennymac, Bank of America, and Guaranteed Rate.
No big surprises on the list, with national #1 Rocket Mortgage the biggest, and the sole New Jersey-based lender NJ Lenders Corp.
Although, it should be said that Newrez is very close to Jersey, being located in nearby Fort Washington, PA.
Top New Jersey Mortgage Lenders (for Home Buyers)
Ranking
Company Name
2021 Loan Volume
1.
Wells Fargo
$3.5 billion
2.
Chase
$3.1 billion
3.
NJ Lenders Corp.
$2.1 billion
4.
Rocket Mortgage
$2.0 billion
5.
loanDepot
$1.9 billion
6.
CrossCountry Mortgage
$1.9 billion
7.
Guaranteed Rate
$1.8 billion
8.
Allied Mortgage Group
$1.8 billion
9.
UWM
$1.6 billion
10.
Pennymac
$1.6 billion
As always, when we filter out refinances and focus solely on home purchases, the list changes quite a bit.
Wells Fargo managed to top this list with $3.5 billion funded, not a big surprise despite their many controversies.
Consumers still love to go to a big bank when buying a home, even if that bank has had troubles.
Chase took second place with $3.1 billion funded. Again, folks like big banks and Chase is local.
Speaking of local, NJ Lenders Corp. made the podium with $2.1 billion funded, a good showing for the hometown lender.
Rocket Mortgage and loanDepot rounded out the top five with $2.0 billion and $1.9 billion funded, respectively.
The rest of the top 10 included CrossCountry Mortgage, Guaranteed Rate, Allied Mortgage Group, UWM, and Pennymac.
Again, a lot of big national brands, and one almost New Jersey lender, Allied Mortgage Group, which is located just west of Philly.
Top New Jersey Refinance Lenders (for Existing Owners)
Ranking
Company Name
2021 Loan Volume
1.
Rocket Mortgage
$7.7 billion
2.
Wells Fargo
$5.2 billion
3.
loanDepot
$4.3 billion
4.
Chase
$3.6 billion
5.
Newrez
$2.9 billion
6.
UWM
$2.6 billion
7.
NJ Lenders Corp.
$2.4 billion
8.
Freedom Mortgage
$2.3 billion
9.
Mr. Cooper
$2.1 billion
10.
Homepoint
$2.0 billion
Top Mortgage Lenders in Newark
Ranking
Company Name
2021 Loan Volume
1.
Rocket Mortgage
$2.9 billion
2.
Wells Fargo
$2.6 billion
3.
Chase
$2.4 billion
4.
loanDepot
$1.8 billion
5.
Guaranteed Rate
$1.7 billion
6.
NJ Lenders Corp.
$1.4 billion
7.
Newrez
$1.3 billion
8.
Bank of America
$1.2 billion
9.
UWM
$1.1 billion
10.
Homepoint
$1.1 billion
As is often the case, when we only look at refinance transactions, Rocket Mortgage takes center stage.
And that was abundantly clear in New Jersey, with Rocket originating $7.7 billion in refinance loans.
They trounced second place Wells Fargo, which managed just $5.2 billion, along with loanDepot’s $4.3 billion.
Chase took fourth with $3.6 billion, followed by Newrez with $2.9 billion in fifth.
The five remaining lenders in the top 10 were UWM, NJ Lenders Corp., refinance specialist Freedom Mortgage, Mr. Cooper, and Homepoint.
Again, a pretty typical mix of big banks and household-name mortgage lenders.
One surprise omission was New Jersey-based PHH Mortgage, which funded over $20 billion nationally but didn’t make any of the lists above.
Are New Jersey’s Best Mortgage Lenders Listed Above?
Many highly-rated mortgage companies and banks are listed above, but they may not be #1 from a customer satisfaction standpoint.
There are many different ratings websites with varying criteria, so it’s difficult to determine who is really best.
But once you narrow down your home loan search to a handful of companies, you can research their ratings online.
Some large companies have mediocre reviews, while others excel despite serving a massive customer base.
At the end of the day, finding the right fit is key to your own personal satisfaction when it comes to getting a mortgage.
That might mean enlisting a New Jersey-based mortgage broker, visiting a local credit union, or working remotely with a big corporation.
There will never be a one-size-fits-all answer for everyone, but as long as you put in the time and obtain multiple quotes, you should be in good shape.
Save more, spend smarter, and make your money go further
Daily deal websites are a dime a dozen these days, from Groupon, to Living Social and Tippr, to the hundreds of smaller sites aspiring to ride the wave of group buying success.
To be sure, the deals can be pretty great. But signing up to get all of the alerts means your inbox will be inundated with daily deal emails, not to mention the time you’ll spend sifting through to find those that meet your needs.
Enter daily deal aggregators. A handful of companies are doing the work for you by aggregating all of the Internet deals into one place. Some will send you targeted deals while others will list all of the deals per day on their site. Yahoo is even incorporating offline deals like direct marketer coupons into its service. Either way, these free services promise to take the work out of discount hunting and leave you with what you’re truly after: the discounts.
YipIt offers up recommendations
Unless you’ve been living under a rock in the past year, you’ve probably heard of Groupon and LivingSocial — the two biggest group-buying daily deal websites. But there are hundreds of smaller ones out there. YipIt, a New York-based daily deal aggregator, had mulled launching a daily deal service, but decided instead to be an aggregator, betting that the number of daily deal sites will explode — which has happened, indeed.
“It’s very easy to launch one of these deal websites so we took a bet with the new service and launched in five cities,” in February, says Jim Moran, co-founder of YipIt. At launch, YipIt counted 2,000 users. Less than a year later, it is now in twenty cities, with 85,000 subscribers.
Recognizing that people don’t want deals for the sake of the deal, YipIt customized its service so that subscribers only get offered deals that are relevant to them. Subscribers get to pick and choose their categories of interest. Let’s say you’re into spas and shopping, but don’t eat out much. YipIt will only send you deals on spas and shopping and not flood your inbox with restaurant discounts. “If we don’t find anything that matches your preferences, we won’t send it to you,” Moran says.
YipIt makes money from the daily deal websites, but Moran said the company maintains its independence and won’t be swayed to feature one deal more prominently than another. Subscribers only get seven offers a day, even though YipIt works with close to 250 sites.
“We have a team of about 15 curators that work around the country to ensure that the smaller sites still get attention,” he says.
Yahoo takes it online and off
Not to be left out of the daily deal craze, in November Internet heavyweight Yahoo announced it would be getting into the local deal aggregation market with its Yahoo Local service. Sunnyvale, California-based Yahoo inked partnerships with twenty companies to provide a combination of daily deals and discounts from local direct marketers like ValPak, which sends coupon books to people’s homes. Some of Yahoo’s partners include Groupon, LivingSocial, Gilt City and BuyWithMe. Yahoo plans to ink more partnerships going forward.
“Our strategy with this program is to build the most comprehensive store of deals available online,” says Matt Idema, vice president of Yahoo! Local. “We are trying to get every local offer available to you in one place.” Idema noted that Yahoo will use its targeting technology to make sure subscribers get coupons and deals that are relevant to them.
While Yahoo could have created its own daily deal site, Idema says an aggregation service meets a need. “Consumers don’t have time to get through everything,” he says.
Yahoo’s service is currently in testing phase. Idema wouldn’t say when it will be rolled out to the masses, nor would he disclose the ultimate destination online for this service.
Dealery.com lists them all
Dealery.com, out of New York City, is another company that is going after the aggregation market. But unlike Yahoo and YipIt, it isn’t customizing the deal for subscribers. Launched at the end of August, it currently lists all the daily deals within 14 cities from around two dozen daily deal websites. The company is constantly expanding to add more deals and more cities.
“There are so many sites and clones that once you subscribe in that circus, you are inundated with all these emails. It’s almost too much information,” says Dealery.com founder and chief executive officer Limor Elkayam.
While the competition in the deal aggregation market is heating up, Elkayam says there’s enough room for multiple players and the whole idea of a daily deal isn’t a flash in the pan idea that will quickly sputter out. But chances are, she notes, that the model of offering daily deals will go through iterations, with some companies emerging as niche players in certain areas.
“People just want to save money even if the economy is in a better position than last year,” said Elkayam “Whether the economy is good or bad, saving money isn’t a fad.”
Save more, spend smarter, and make your money go further
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Today we’ll take a look at the top mortgage lenders in Colorado.
Interestingly, the top lender in the state isn’t a direct lender or a depository bank.
In fact, aspiring home buyers and existing homeowners can’t even work with this company directly.
Instead, they’ll need to work with an intermediary to access the loan programs offered by this behemoth of a mortgage company.
This company was also the top mortgage lender in the state of Arizona, giving them a strong foothold in the Mountain West region of the United States.
Top Mortgage Lenders in Colorado (Overall)
Ranking
Company Name
2021 Loan Volume
1.
UWM
$11.7 billion
2.
Rocket Mortgage
$9.5 billion
3.
Chase
$8.5 billion
4.
Wells Fargo
$4.6 billion
5.
U.S. Bank
$4.6 billion
6.
Homepoint
$4.5 billion
7.
Fairway Independent
$4.2 billion
8.
American Financing
$4.1 billion
9.
Pennymac
$4.0 billion
10.
loanDepot
$3.9 billion
As alluded to, the top Colorado mortgage lender last year was actually a wholesale lender that works with mortgage brokers.
This runs counter to the more traditional retail lending channel offered by big banks and household lenders like Rocket Mortgage.
Yet somehow United Wholesale Mortgage (UWM) managed to beat the competition quite easily with $11.7 billion in loan origination volume, per HMDA data from Richey May.
That was more than enough to take out national #1 overall Rocket Mortgage’s $9.5 billion, and JPMorgan Chase’s $8.5 billion.
In order to work with UWM, you’d need to enlist a mortgage broker that is approved to do business with UWM.
Seeing that UWM is the largest wholesale mortgage lender in the nation, most mortgage brokers are.
Another advantage to using a mortgage broker is that they will likely be approved with several companies, so it may turn out that they have a better option beyond UWM.
For the record, Rocket Mortgage also operates a wholesale unit so a broker could be working with both simultaneously and send your loan to the one offering the best price.
Moving on, a pair of depository banks took fourth and fifth, Wells Fargo and U.S. Bank, both with roughly $4.6 billion each.
The rest of the top 10 featured a slew of nonbank lenders, including Homepoint, Fairway Independent Mortgage, American Financing Corp., Pennymac, and loanDepot.
American Financing Corp. is the only Colorado-based mortgage lender on the list, headquartered in Aurora, just east of Denver.
Top Mortgage Lenders in Colorado (for Home Buyers)
Ranking
Company Name
2021 Loan Volume
1.
UWM
$4.7 billion
2.
Chase
$3.9 billion
3.
Fairway Independent
$2.7 billion
4.
FirstBank
$2.1 billion
5.
U.S. Bank
$2.1 billion
6.
Cherry Creek Mortgage
$1.9 billion
7.
Rocket Mortgage
$1.7 billion
8.
Wells Fargo
$1.6 billion
9.
loanDepot
$1.5 billion
10.
Guaranteed Rate
$1.4 billion
If you’re thinking about buying a home, you might be curious who the top lenders are for home purchase loans.
Some mortgage lenders specialize in both purchase loans and refinances, while others focus on just one.
When we narrow it down to just purchase transactions, UWM still retained the lead with $4.7 billion funded.
That was enough to keep Chase’s $3.9 billion at bay, and more than enough to conquer Fairway Independent Mortgage’s $2.7 billion.
Coming in fourth was Colorado’s own FirstBank with $2.1 billion, which has over 100 locations in The Centennial State.
U.S. Bank snagged fifth with roughly the same amount funded during the year.
Local mortgage banker Cherry Creek Mortgage took sixth with $1.9 billion, followed by Rocket Mortgage, Wells Fargo, loanDepot, and Guaranteed Rate.
Always good to see some local names on these lists – and it makes more sense to be in this category as home buyers tend to gravitate to more native companies for big life decisions.
Top Refinance Lenders in Colorado (for Existing Homeowners)
Ranking
Company Name
2021 Loan Volume
1.
Rocket Mortgage
$7.7 billion
2.
UWM
$7.0 billion
3.
Chase
$4.5 billion
4.
American Financing
$3.7 billion
5.
Freedom Mortgage
$3.3 billion
6.
Homepoint
$3.3 billion
7.
Wells Fargo
$2.9 billion
8.
Pennymac
$2.7 billion
9.
loanDepot
$2.5 billion
10.
Newrez
$2.4 billion
When it came to mortgage refinancing, Detroit-based Rocket Mortgage ruled the roost with $7.7 billion funded last year in the state.
However, their crosstown rival UWM (also from Michigan) wasn’t far off with $7.0 billion funded.
If Rocket served more home buyers in Colorado, they could have challenged the top spot overall.
Coming in third was Chase with $4.5 billion, followed by local mortgage banker American Financing Corp. with $3.7 billion.
And rounding out the top five was Freedom Mortgage with $3.3 billion. They tend to excel when it comes to refinance loans.
Others in the top 10 refinance list included Homepoint, Wells Fargo, Pennymac, loanDepot, and Newrez.
Top Mortgage Lenders in Denver
Ranking
Company Name
2021 Loan Volume
1.
UWM
$7.2 billion
2.
Rocket Mortgage
$5.4 billion
3.
Chase
$5.2 billion
4.
American Financing
$3.0 billion
5.
Fairway Independent
$2.8 billion
6.
U.S. Bank
$2.8 billion
7.
Homepoint
$2.8 billion
8.
Wells Fargo
$2.4 billion
9.
loanDepot
$2.3 billion
10.
Newrez
$2.0 billion
Top Mortgage Lenders in Colorado Springs
Ranking
Company Name
2021 Loan Volume
1.
Ent Credit Union
$1.8 billion
2.
UWM
$1.4 billion
3.
Freedom Mortgage
$1.3 billion
4.
Pennymac
$1.2 billion
5.
Rocket Mortgage
$1.2 billion
6.
NBH Bank
$615 million
7.
Cherry Creek Mortgage
$557 million
8.
Homepoint
$493 million
9.
loanDepot
$468 million
10.
Chase
$450 million
Top Mortgage Lenders in Fort Collins
Ranking
Company Name
2021 Loan Volume
1.
UWM
$550 million
2.
Cornerstone Home Lending
$543 million
3.
Rocket Mortgage
$510 million
4.
Chase
$344 million
5.
First National Bank of Omaha
$342 million
6.
U.S. Bank
$275 million
7.
Elevations CU
$267 million
8.
First Western Trust Bank
$259 million
9.
Homepoint
$258 million
10.
loanDepot
$249 million
Top Mortgage Lenders in Boulder
Ranking
Company Name
2021 Loan Volume
1.
Elevations CU
$1.2 billion
2.
Chase
$720 million
3.
UWM
$558 million
4.
Rocket Mortgage
$510 million
5.
Cherry Creek Mortgage
$398 million
6.
Wells Fargo
$348 million
7.
FirstBank
$305 million
8.
Homepoint
$259 million
9.
Guaranteed Rate
$247 million
10.
loanDepot
$216 million
Are Colorado’s Top Mortgage Lenders Also the Best Choice for Homeowners?
While size can matter when it comes to choosing a mortgage lender, it isn’t always a major consideration.
As noted, the top mortgage lender in Colorado isn’t even a retail company. They operate solely via the business-to-business, wholesale lending channel.
This means working with a smaller mortgage brokerage if you get a loan from UWM, which could be a single individual running their own shop.
Additionally, only one Colorado-based lender made the top-10 list, American Financing Corp.
So if you want a local lender, they might not even feature in these lists. And that’s totally fine, as long as they’re financially sound and above board.
Sure, you might find that the largest lender is also the one you like best, but they don’t necessarily need to be big to get the job done.
As always, take your time, do your research, obtain multiple quotes, and ask lots of questions before you proceed.
I started to write a post that helped 20 year-olds decide how much life insurance they needed to buy when something hit me – I’m not 20 anymore!
Instead of trying to remember what time frame that I was in my 20’s, I thought it would be better to go to the source directly. My junior advisor, Tyler, is 24, married, and working on his first child. He had the foresight to be a term life insurance policy before even getting hired by me.
Let me tell you that this is rare – extremely rare – for 20 year-olds. So here’s the decision process he went into buying life insurance and how much as a 20 year old…..
When I first started to look for Life insurance, I had many options to choose from and had to determine whether term vs whole life was best for me. It turns out the most suitable type of insurance for me was Term Life Insurance. Term life insurance is the cheapest form of life insurance, especially for someone my age. Term insurance does not have a cash value that you can borrow against such as in a whole life insurance policy. Term insurance is strictly life insurance.
The next thing you have to decide is how much term insurance do I need??? This amount is different for everyone, no matter your age. Typically you want to do a multiple of your income to protect your loved ones. This can be 4, 5, 6, 7 (x) your income. If you have kids you may even want to go higher such as 8, 9, 10, or more (x) your income.
Just imagine if you were to die (cheery thought, right?), would your family suffer financial loss? If so, you’ll need to give them a safety net, which is where life insurance comes in.
It gives them time and resources to find a way to permanently replace your income without having to worry about paying for basic expenses. For my case I do not have any kids right know, but we are planning on having kids in the near future. I also have a mortgage and a car payment that I would not want my wife to struggle with if something were to happen to me.
Debts are the single most important factor in your life insurance needs. This can be anything from mortgages and car payments to student loans and credit card bills. You don’t want to leave your loved ones with thousands of dollars of debt and no resources to help them pay it off.
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I ran several quotes just to give me a range on what kind of annual premium I was looking at.
Here are the results:
$500,000 30 Year Term Life Policy for 20 Year Old
$400,000 30 Year Term Life Policy for 20 Year Old
$350,000 30 Year Term Life Policy for 20 Year Old
For me the best option is probably the $500,000 policy. Right now at my age it is cheap enough for me to afford it, leaves my wife with more than enough money to pay our debts and put away money for our future kids college.
Life Insurance For Spouse as a 20 Year-Old
I am also wanting to get life insurance for my wife. Since she is planning on becoming a stay-at -home mom, her income will not be needed in the future. My income will be sufficient to pay the bills with. Since we will not be dependent on her income I am just going to get enough insurance on her to pay off our mortgage. I did to quotes on her to give me an idea of cost.
$125,000 30 Year Term Life Policy – Female
$100,000 30 Year Term Life Policy- Female
Now that I have a basic Idea of what everything is going to cost, I have decided to go with a $500,000 policy for myself and the $100,000 policy for my wife. These policies will cost a yearly premium of $476. This is a great price for the peace of mind that it will give us (and other 20 year-olds) if something were to happen to one of us.
As you can see, life insurance coverage is much more affordable than most applicants think. Before you run out to buy a plan, the quotes above are only generic examples. There are so many different factors which alter your premiums.
The biggest is your health. Just because you’re young doesn’t mean you’re healthy. Hopefully, you’re in good health, but if not, you’re going to pay for it.
Speaking of your health, you kick the bad habits like smoking cigarettes. Unless you want to pay double for your coverage, you need to let those cigarettes go.
It is important to keep in mind that while you are in your 20’s these policies are going to be SUPER cheap. If you put off getting a policy then you are going to pay much more. For example, a person looking to get an over 50 life insurance policy will probably pay twice as much as what Tyler is paying.
If you’re in your 20s, you have a huge advantage, you’re going to pay almost nothing for your life insurance, but even if you’re outside of your 20s (even WELL outside of your 20s) you can still get affordable life insurance coverage.
There are thousands of different companies on the market, all of them can sell you a life insurance policy that they claim is “the best coverage available” but how are you supposed to choose between all of these companies and policies?
This is why working with an independent agent is so important, we can help you navigate the murky waters of the life insurance journey. The joy of working whit us is you are actually working with 50 companies through one agent.
With an independent agent, you don’t have to worry about being sold expensive policies, or being sold additional policies that you don’t need. We help you find the perfect company and plan to fit your needs.
There are millions of 20-year-olds that don’t have a life insurance policy, and for some of them, that’s okay. But there are millions of those that need a plan. If you’re one of those, don’t wait any longer.
Generally speaking, value stocks are shares of companies that have fallen out of favor and are valued less than their actual worth. Growth stocks are shares of companies that demonstrate a strong potential to increase revenue or earnings thereby ramping up their stock price. The terms value and growth refer to both two categories of stocks and two investment “styles” or approaches of investing in stock.
Each style has pros and cons. When value investing, investors can buy shares or fractional shares of a company that has strong fundamentals at bargain prices. However, investors must be careful not to fall in a “value trap”—buying stocks that appear cheap, but are actually trading at a discount due to poor fundamentals.
What Are Value Stocks?
When investors hunt for value stocks, they are looking for stocks that are relatively cheap, unfashionable, or that they believe aren’t receiving a fair market valuation. Value investors try to identify value stocks by examining quarterly and annual financial statements and comparing what they see to the price the stock is getting on the market.
Investors will also look at a number of valuation metrics to determine whether the stock is cheap relative to its own trading history, its industry, and other benchmarks, such as the S&P 500 index.
For example, investors often look at price-to-earnings (P/E) ratio, which is the ratio of price per share over earnings per share. Some experts say that a value stock’s P/E should be 40% less than the stock’s highest P/E in the previous five years.
Investors may also look at price-to-book, which is the price per share over book value per share. A stock’s book value is a company’s total assets minus its liability and provides an estimate of a company’s value if it were liquidated.
Value investors are hoping to buy a quality stock when its price is in a temporary lull, holding it until the market corrects and the stock price goes up to a point that better reflects the underlying value of the company.
What Could Make a Stock Undervalued?
There are a number of reasons that a stock could be undervalued.
• A stock could be cyclical, meaning it’s tied to the movements of the market. While the company itself might be strong, market fluctuations may temporarily cause its price to dip.
Recommended: Cyclical vs Non Cyclical Stocks
• An entire sector of the market could be out of favor, causing the price of a specific stock to dip. For example, a pharmaceutical company with an effective new drug might be priced low if the health care sector is generally on the outs with investors.
• Bad press could cause share prices to drop.
• Companies can simply be overlooked by investors looking in a different direction.
What Are Growth Stocks?
Growth stocks are shares of companies that demonstrate the potential for high earnings or sales, often rising faster than the rest of the market. These companies tend to reinvest their earnings back into their business to continue their company’s growth spurt, as opposed to paying out dividends to shareholders. Growth investors are betting that a company that’s growing fast now, will continue to grow quickly in the future.
To spot growth stocks, investors look for companies that are not only expanding rapidly but may be leaders in their industry. For example, a company may have developed a new technology that gives it a competitive edge over similar companies.
There are also a number of metrics growth investors may examine to help them identify growth stocks. First, investors may look at price-to-sales (P/S), or price per share over sales per share. Not all growth companies are profitable, and P/S allows investors to see how quickly a company is expanding without factoring in its costs.
Investors may also look at price-to-earnings growth (PEG), which is P/E over projected earnings growth. A PEG of 1 or more typically suggests that investors are overvaluing a stock, while PEG of less than one may mean the stock is relatively cheap. PEG is a useful metric for investors who want to consider both value and growth investing.
Investors jumping into growth stocks may be buying a stock that is already valued relatively high. In doing so, they run the risk of losing a potentially significant amount of money if an unforeseen event causes prices to tumble in the future.
How Are Growth and Value Strategies Similar?
While growth and value investing are two different investment strategies, distinctions between the two are not hard and fast — there can be quite a bit of overlap. Investors may see that stocks listed in a growth fund are also listed in a value fund depending on the criteria used to choose the stock.
What’s more, growth stocks may evolve into value stocks, and value stocks can become growth stocks. For example, say a small technology company develops a new product that attracts a lot of investor attention and it starts to use that capital to grow its business more quickly, shifting from value to growth.
Investors practicing growth and value strategies also have the same end goal in mind: They want to buy stocks when they are relatively cheap and sell them again when prices have gone up. Value investors are simply looking to do this with companies that are already on solid financial footing, and hopefully, see stock price appreciation should rise as a result. And growth investors are looking for companies with a lot of potential whose stock price will hopefully jump in the future.
Using Growth and Value Strategies Together
The stock market goes through natural cycles during which either growth or value stocks will be up. Investors who want to capture the potential benefits of each may choose to employ both strategies over the long term. Doing so may add diversity to an investor’s portfolio and head off the temptation to chase trends if one style pulls ahead of the other.
Investors who don’t want to analyze individual stocks for growth or value potential can access these strategies through growth or value funds. Because of the cyclical nature of growth and value investing, investors may want to keep a close eye on their portfolios to ensure they stay balanced — and consider rebalancing their portfolio if market cycles shift their asset allocation.
The Takeaway
Growth and value are different strategies for investing in stocks. Investing in growth stocks is considered a bit riskier, though it also may provide potentially higher returns than value investing. That said, growth stocks have not always outperformed value stocks.
As a result, some investors may choose to build a diversified portfolio that includes each style so they have a better chance of reaping benefits when one is outperforming the other.
Ready to invest in your goals? It’s easy to get started when you open an Active Invest account with SoFi Invest. You can invest in stocks, exchange-traded funds (ETFs), and more. SoFi doesn’t charge commissions, but other fees apply (full fee disclosure here).
For a limited time, opening and funding an account gives you the opportunity to win up to $1,000 in the stock of your choice.
SoFi Invest® The information provided is not meant to provide investment or financial advice. Also, past performance is no guarantee of future results. Investment decisions should be based on an individual’s specific financial needs, goals, and risk profile. SoFi can’t guarantee future financial performance. Advisory services offered through SoFi Wealth, LLC. SoFi Securities, LLC, member FINRA / SIPC . SoFi Invest refers to the three investment and trading platforms operated by Social Finance, Inc. and its affiliates (described below). Individual customer accounts may be subject to the terms applicable to one or more of the platforms below. 1) Automated Investing—The Automated Investing platform is owned by SoFi Wealth LLC, an SEC registered investment advisor (“Sofi Wealth“). Brokerage services are provided to SoFi Wealth LLC by SoFi Securities LLC, an affiliated SEC registered broker dealer and member FINRA/SIPC, (“Sofi Securities).
2) Active Investing—The Active Investing platform is owned by SoFi Securities LLC. Clearing and custody of all securities are provided by APEX Clearing Corporation.
3) Cryptocurrency is offered by SoFi Digital Assets, LLC, a FinCEN registered Money Service Business.
For additional disclosures related to the SoFi Invest platforms described above, including state licensure of Sofi Digital Assets, LLC, please visit www.sofi.com/legal.
Neither the Investment Advisor Representatives of SoFi Wealth, nor the Registered Representatives of SoFi Securities are compensated for the sale of any product or service sold through any SoFi Invest platform. Information related to lending products contained herein should not be construed as an offer or prequalification for any loan product offered by SoFi Bank, N.A. 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. Claw Promotion: Customer must fund their Active Invest account with at least $10 within 30 days of opening the account. Probability of customer receiving $1,000 is 0.028%. See full terms and conditions. SOIN0523037
If you’re looking for a free checking account, you have multiple options in both traditional and online banks. With more than 4,100 banks in the U.S., according to the FDIC, the choices can be downright overwhelming.
It can help if you get clear on what you want in a checking account, narrow down your options, and then read reviews like the one below to find the best free checking account to meet all your needs.
12 Best Free Checking Accounts
When you’re ready to open a new checking account, consider the no fee checking accounts on this list. We’ve evaluated the fees, minimum deposit requirements, annual percentage yield APY on those that earn interest, and more.
Most of the best checking accounts offer features like overdraft protection, mobile banking and the ability to get paid up to two days early with your direct deposit. But financial institutions that let you earn interest on your checking balance or deliver cash back also gained our favor.
1. Chime Checking
Chime boasts truly fee-free checking and a host of advantages for those seeking an online-only banking solution. The bank has no monthly service fees, no overdraft fees, no transaction fees, and no minimum daily balance fees. If you lose your debit card, you don’t even have to pay to replace it!
Chime has a few features that can help you manage cash flow. First, if you sign up for direct deposit you can receive your paycheck up to two days earlier than you might with a conventional bank.
Second, Chime’s SpotMe program covers overdrafts up to $200 (depending on your qualifications). To take advantage, you must have a monthly direct deposit of at least $200. If your debit card purchase exceeds your overdraft limit, it will be declined, so you won’t ever pay overdraft fees.
Your Chime debit card is linked to a nationwide network of 60,000+ fee-free ATMs. The only fee you might pay is if you withdraw money from an out-of-network ATM or use your debit card to withdraw funds from your account during an over-the-counter debit card purchase.
Chime is an online financial services company, not a bank. It provides $250,000 worth of FDIC insurance per account holder, per account, through Stride Bank and The Bancorp Bank, both members FDIC.
Unlike some neobanks, Chime offers multiple means to reach their customer service representatives. You can reach out on live chat through the app or website 24/7/365.
Best for: Free Overdraft Coverage
Minimum Deposit: None
Monthly Fee: None
2. Bank of America Advantage Plus Banking®
Bank of America offers three Advantage checking accounts:
SafeBalance
Advantage Plus
Advantage Relationship
All three allow you to waive the monthly maintenance fee in a few different ways. Preferred Rewards members, who hold at least $20,000 in a Bank of America account or Merrill investment account enjoy free checking from Bank of America.
Otherwise, to waive the fee for your Advantage Plus checking account, you’ll need a qualifying direct deposit of $250 or more per month, or maintain a $1,500 minimum daily balance.
If you don’t qualify to have fees waived, your Bank of America Advantage Plus account will cost a reasonable $12 per month.
As the “middle-of-the-road” account which would fit the needs of the average customer, we chose Advantage Plus as the best free checking account from the big bank. It is also the most popular of the three.
You’ll want to be aware that your BOA account may have additional fees, including an overdraft fee of $10 for each item paid. You can avoid this fee by linking another eligible Bank of America account to your Advantage Plus checking account to cover overdraft transactions with no transfer fees.
Other Bank of America fees include a $15 replacement fee for a lost debit card, an international transaction fee equal to 3% of the transaction in U.S. dollars, and ATM fees of $2.50 for using an out-of-network ATM. With roughly 16,000 ATMs, nationwide, however, it should be easy to avoid out-of-network ATM fees.
Bank of America offers some features you won’t find at other banks. For instance, you’ll gain access to “Erica,” Bank of America’s virtual financial assistant to easily manage your accounts.
You can also enroll in Bank of America’s Keep The Change program, which allows you to round up debit card purchases and have the extra money deposited into your BOA savings account or your child’s linked BOA account.
Keep the Change is an easy way to sneak some extra savings into your budget. Preferred Rewards members can earn more than 5% interest on money in their linked Bank of American Advantage Savings account.
Best for: Preferred Rewards members
Minimum Deposit to Open: $100
Monthly Fee: $0 or $12
3. Quontic High Interest Checking
While it doesn’t compare to Wealthfront’s 4.55% APY for a Cash Account, Quontic offers what qualifies as a high interest checking account with a 1.10% APY.
Be aware that to earn that rate, you’ll need to make at least 10 qualifying debit card purchases of $10 or more in each statement cycle. Otherwise, your money will earn just 0.01% APY.
Quontic’s free checking account with no monthly maintenance fees, no overdraft fees, and no minimum account balance is straightforward, FDIC insured, and socially responsible. The online bank is one of fewer than 3% of all banks designated as a Community Development Financial Institution.
That means Quontic uses your money with fiscal responsibility for social good, depositing it into accounts to help serve lower income families, under-served demographics and small business owners obtain affordable mortgages.
But opening an account with Quontic doesn’t just help others. Account holders enjoy a host of benefits. You’ll gain access to online bill pay and a “roundup program” to shuffle extra “change” from your debit card purchases into your linked high yield Quontic savings account with a 4.25% APY.
You’ll also get a Quontic Pay Ring, a wearable that replaces your debit card for point-of-sale purchases.
Enjoy access to 90,000+ fee free ATMs through the AllPoint, MoneyPass, or SUM program ATMs, as well as Citibank ATMs nationwide. You’ll find these ATMs at popular stores like Target, Speedway, Walgreens, CVS, Kroger, Safeway, Winn Dixie, and Circle K.
In addition to its High Interest Checking Account, Quontic offers a Bitcoin Rewards checking, which rewards you in cryptocurrency for debit card purchases, and a Cash Rewards checking account, which pays 1% cash back on all eligible debit card purchases.
Both accounts offer the same features as the High Interest checking account, except you’ll receive rewards instead of interest on your checking balance.
For a higher APY, you can open a Quontic Savings account with no monthly service fee and a high 4.25% APY.
Best for: Socially conscious banking
Minimum Balance to Open: $100
Monthly Fee: None
4. Wealthfront Cash Account
Like Chime, Wealthfront is not a bank. But some would argue that, with no monthly maintenance fee, FDIC insurance of up to $5 million through partner banks, and a high 4.55% annual percentage yield APY on the Wealthfront Cash Account, it’s even better.
Your Wealthfront Cash Account offers many of the same features as a traditional or an online bank. You’ll receive a free debit card and can withdraw cash with no ATM fees at a network of 19,000 ATMs nationwide.
Most consumers will choose the Individual Cash Account, with features such as early direct deposit, online bill pay, mobile check deposit through the app, and fraud protection. Wealthfront also offers a joint account, with up to $10 million FDIC insurance, and a Trust Cash account.
Best of all, Wealthfront charges no overdraft fees, no transfer fees from external accounts, and no fees if your account dips below a minimum balance. It requires just $1 to open an account.
If you are interested in retail investing, Wealthfront makes it easy with virtually instant transfers between your Wealthfront Cash Account and linked Wealthfront Investment accounts.
As you build your portfolio, you can take advantage of Wealthfront’s vast array of financial services, including automated investing, stock investments with zero commissions, and tax loss harvesting services.
As your Wealthfront investment portfolio grows, you can borrow up to 30% of your portfolio’s value at an interest rate as low as 7.40% APR.
For consumers looking for a one-stop shop for investments, fee-free checking, and savings with a high annual percentage yield, Wealthfront represents a solid choice in online financial service companies or neobanks.
Best for: High Annual Percentage Yield APY
Minimum Deposit to Open: $1
Monthly Fee: None
5. Capital One 360
A Capital One 360 checking account combines the security and convenience of one of the nation’s largest banks with no monthly maintenance fees and no minimum opening deposits.
Account holders also earn 0.10% APY on all checking account balances in their Capital One 360 account.
You can open your account online or in a branch. If you want in-person assistance, you can visit a Capital One branch or Capital One Café for help.
Capital One 360 gives you access to your money through more than 70,000 fee free ATMs in the Allpoint, MoneyPass or Capital One networks.
Capital One 360 has no overdraft fees, but you can decide how you want the bank to handle transactions that exceed your account balance.
You can set it up so that a transaction that would cause an overdraft is declined. Or you can transfer funds from a linked savings or money market account to cover an overdraft.
Alternatively, Capital One may accept certain transactions that put your account into overdraft. You’ll need to deposit money to cover the overdraft or additional transactions will be declined.
Capital One offers direct deposit up to two days sooner than many banks.
Capital One’s robust mobile app allows for bill payments online, mobile check deposits, and Zelle person-to-person transfers. If you want to add cash to your account, you can do it in person at a CVS store. If you have other Capital One accounts or credit cards, you can manage them all through one login.
Your Capital One 360 account has no foreign transaction fees, but keep in mind there may be fees for using out-of-network ATMs, cashier’s checks, outgoing wire transfers, or paper checkbooks.
Best for: Capital One Credit Card customers
Minimum Balance to Open: None
Monthly Fee: None
6. Consumers Credit Union
The only credit union on our list of the best free checking accounts, this checking account is open to virtually all U.S. residents over the age of 18.
You’ll just need to pay a one-time, $5 membership fee to the Consumers Cooperative Association. Consumers Credit Union even reimburses this fee after you open your free checking account. Children as young as age 12 can join as the second member on a joint account.
Your Consumers Credit Union Rewards checking account offers many of the same benefits as top rated online banks with no monthly fees and no fees of any kind.
You will even be reimbursed for fees incurred while using out-of-network ATMs. CCU has a network of 30,000+ ATMs nationwide.
Enjoy early direct deposit, mobile banking, and even the ability to write unlimited checks with no fees. Plus, you’ll earn up to 5% APY on your balance, depending on certain actions you take. Here’s how the tiered checking account interest works for balances up to $10,000:
Earn 3% APY if you make at least 12 debit card purchases a month and have direct deposits, mobile check deposits, or ACH credits of at least $500 each month
Earn 4% APY if you meet the above requirements plus spend $500 or more on your CCU Visa credit card each month
Earn 5% APY if you meet the requirements to earn 3% plus make $1,000 or more in purchases on your CCU Visa card monthly
Balances of $10,000.01 to $25,000 earn 0.20% APY and balances over $25,000 earn 0.10% APY.
If you don’t meet the requirements in a given month, you will still have free checking and free online bill payments and you will receive a 0.01% APY on all checking account balances. You also won’t qualify for ATM fee reimbursement.
You can reach Consumers Credit Union customer service online, by phone, or at CCU branches across Illinois. You can also bank at shared branches across the U.S. that are part of the CU Service Center Network, a co-op of credit unions.
Best for: Those who prefer to bank at a credit union
Minimum Balance to Open: $5
Monthly Fees: None
7. Ally Bank Interest Checking
Ally is not just a robust fin-tech; it is a nationally chartered bank with $196 billion in assets and 11 million customers. The bank offers an interest earning checking account with no monthly fee and no overdraft fees, high-yield savings, money market account and CDs. Plus, it provides investment services, loans, and credit cards.
The Ally Bank free checking account lets you earn interest of 0.25% annual percentage yield APY on all balances.
You’ll pay no monthly service fees, no overdraft fees, and no ATM fees at more than 43,000 Allpoint ATMs nationwide. Ally also reimburses you up to $10 on out-of-network fees charged at other ATMs.
Your Ally checking account makes money management easy. You can put money in specific “spending” buckets allocated for different purchases. This can help you track your spending and stick to your budget. You can also get paid up to two days early with direct deposit.
Many of the best free checking accounts offer overdraft protection. Ally offers two choices to help you avoid overdraft fees. With the Overdraft Transfer Service, you can link your Ally Bank online savings or money market account to your Interest Checking account.
Ally will automatically transfer funds to your checking account to cover your purchase. If you make more than six withdrawals in a statement period, you may be charged “excessive transaction fees,” but Ally Bank reimburses those fees.
The CoverDraft service will cover purchases up to $100 as long as you have deposited at least $100 into your Interest checking account in the past 30 days. You can extend that coverage up to $250 if you receive a qualifying direct deposit of at least $250 for two months in a row.
You’ll need a direct deposit every 45 days to maintain your expanded coverage. You will have 14 days to bring your balance out of the negative.
Best for: Online only banking
Minimum Balance to Open: None
Monthly Fee: None
8. Axos Bank Rewards Checking
Axos Bank offers three different checking accounts with no monthly maintenance fee.
The Essential Checking online account has no overdraft fees, no monthly account fees, and unlimited reimbursement for out-of-network ATM use within the U.S.
The Rewards Checking has all the benefits of the Essential checking account and adds up to 3.30% APY in interest on qualifying balances.
Now until June 30, 2023, you can earn a sign-up bonus of $100 when you open an Axos Bank Rewards checking account and receive direct deposits totaling $1,500 or more each month for the first three months your account is open.
The Axos Bank Rewards checking account has complicated requirements to qualify for the highest annual percentage yield. Here’s how it works:
Direct deposits of $1,500 per month or more earn 0.40% APY
Once you fulfill that requirement, you’ll need 10 point-of-sale signature transactions with your debit card (minimum $3 purchase) or enrollment in account aggregation/personal finance manager account to earn an additional 0.30% APY.
Maintain an average daily balance of $2,500 in an Axos self-directed trading invest account to earn 1%
Maintain an average daily balance of $2500 in an Axos Managed Portfolio Invest account to earn another 1%
Make a monthly payment to an open Axos Bank consumer loan from your Rewards checking account to earn up to 0.60%
Together, this results in a 3.30% APY.
A Cashback Checking account offers the same benefits as the other checking accounts, except instead of earning interest you will receive 1% cash back on eligible debit card purchases.
Keep in mind that to earn the full 1% cash back, you’ll need to maintain an average daily balance of $1,500 in your checking account. If the balance falls below $1,500, you’ll earn .50% for that month.
Best for: Sign-up bonus
Minimum opening balance: $50
Monthly fee: None
9. SoFi Checking and Savings
Another excellent option in online banking, SoFi offers a wide range of financial services, including investments and loans. The bank provides a combination Checking and Savings account with a high yield APY of 4.20% for balances in your savings or Vault, and 1.20% APY on checking balances.
You will need to set up direct deposit to qualify for the high interest rates and other benefits, such as 2-Day Early Paycheck and no-fee overdraft coverage. But there is no minimum balance required.
Right now, the bank is offering new customers who open a free account up to $250 in cash. To receive your bonus, simply open your account and set up direct deposit. Deposits of $1,000 to $4,999.99 qualify for $50 cash back, while a deposit greater than $5,000 will net you $250.
There are no account fees when you bank with SoFi. Account holders with qualifying direct deposits receive fee-free overdraft protection for up to $50 per purchase.
You can even keep the money in your SoFi online savings to collect the high annual percentage yield APY of 4.20% and the bank will automatically transfer funds to checking to cover certain purchases. It will not, however, transfer money from Vaults, which are designed to help you reach specific savings goals.
Your SoFi debit card gives you access to your money for free at more than 55,000 ATMs in the AllPoint network. Plus, when you use your debit card for point-of-sale transactions at many local businesses, you can earn 15% cash back.
SoFi is a nationally chartered back with FDIC coverage. Thanks to a partnership with other banks, SoFi’s FDIC insurance exceeds the $250,000 maximum.
Your deposits are insured up to $2 million per account holder, per account, with SoFi. That makes SoFi an excellent choice in online banking for those with high savings, money market, or CD balances.
Best for: Money management and saving
Minimum Opening Balance: None
Monthly Service Fees: None
10. Varo Bank
Varo Bank has the distinction of being the first financial technology company to become a nationally chartered, online only bank. While most of the banks on our list of best free checking accounts have important features in common, Varo has a few perks that are harder to find in a free account.
First, your Varo debit card offers up to 6% cash back at select online retailers and brick-and-mortar stores. Each time your cashback balance reaches $5, you’ll see the funds deposited directly into your Varo bank account.
When you open a Varo checking account, it pays to open Varo savings at the same time. You’ll gain access to features like “Save Your Change,” which allows you to round up debit card purchases and put the difference in savings.
You can also use Save Your Pay, which deposits a portion of every paycheck you receive via ACH transfer directly into savings. You can set up these features in the mobile app.
Varo also offers a cash advance feature called “Varo Advance,” which allows you to borrow up to $250 and pay it back within 30 days.
You’ll pay nothing for advances less than $20, but there are fees up to $15 associated with borrowing larger amounts. As with many other banks, Varo also lets you get paid via direct deposit up to two days early.
Varo makes it easy to deposit cash into your account by purchasing a Green Dot MoneyPak at stores like Walmart, CVS, Rite Aid, Walgreens, 7-11, Dollar General, and others. You can also deposit cash at the register in any of these stores. You might pay a fee of up to $4.95 for this service.
Varo has no minimum balance requirements, no overdraft fee, no monthly fee, no foreign transaction fees, and fee-free access to 55,000+ ATMs in the Allpoint network.
If you use an out-of-network ATM, you will be charged a $3 fee by Varo, plus any charges incurred from the other bank. If you withdraw money using your Varo debit card at the point-of-sale in a store, you’ll pay $2.50 for the convenience.
You can reach Varo customer support via chat on the app every day from 8 AM to 4:30 PM, Mountain Time, except on Thanksgiving, Christmas, and New Year’s Day.
Varo phone support is also available Monday through Friday during the same hours for help logging into your account, filing a dispute if you suspect fraudulent charges, or to receive help adding your Varo card to a digital wallet.
Best for: Cashback debit
Minimum Opening Balance: None
Monthly Fee: None
11. Discover Cashback Debit
In the world of finance, Discover is best known for offering a straightforward cashback rewards credit card. Discover’s free online checking account also offers cash back rewards of 1% for up to $3,000 worth of debit card purchases monthly.
That could equal up to $30 in free money every month. You can even choose to have that Cashback Bonus deposited directly into your Discover Online savings account, where it can earn up to 3.90% APY.
Discover has no fees for anything. This includes overdraft protection through your linked Discover savings, no insufficient funds fee, no fee for official bank checks, no fee to receive expedited delivery of a new debit card, and no fees for paper checks. The only service that incurs a fee is an outgoing wire transfer. That will cost $30.
You can use your Discover debit with no fees at any of 60,000+ ATMs nationwide. Like many other financial institutions on this list, Discover allows you to receive ACH deposits from your employer up to two days early through the Discover “Early Pay” program.
Unlike many other online only banks, Discover offers 24/7 U.S.-based customer service by phone at 800-347-7000. If you prefer the convenience and cost savings of an online only bank account but want access to 24/7 phone service, Discover Bank could be the best choice for you.
Best for: 24/7 customer service by phone
Minimum Opening Balance: None
Monthly Fee: None
12. Chase Total Checking®
JPMorgan Chase & Co. is not just one of the “big four” banks in the U.S. It is the biggest bank in the U.S. and the world’s largest financial institution based on market cap. For that reason, many people choose Chase Bank for its convenience and 4,700 branches nationwide.
Chase Total Checking is the bank’s most popular checking account, requiring no minimum opening deposit, and a low monthly fee of $12 that’s fairly easy to waive. To waive the fee, you’ll need to do one of the following each month:
Have at least $500 in direct deposits
Maintain a beginning daily balance of $1,500 or more
Maintain an average beginning day balance of $5,000 or more in any combination of your Chase checking account plus other qualifying accounts
Chase offers overdraft protection in the form of its Overdraft Assist program. You won’t pay an overdraft fee if you’re overdrawn by $50 or less at the end of the business day.
If you are overdrawn by more than $50 but bring the account current or bring your overdraft to $50 or less by the next business day, you also won’t pay any fees.
Chase offers access to Zelle for person-to-person payments and has an intuitive and user-friendly app for online and mobile banking.
You can also take advantage of Chase Autosave features to automatically have a portion of deposits transferred into your Chase savings account, or set up automatic transfers on a schedule, such as weekly or monthly.
Set savings goals and have money deposited into specific buckets or transfer funds into your general savings account to build your emergency savings. You can even pause automatic savings if your checking account drops below an amount you set.
Chase Premier Plus Checking offers even more benefits, including free money orders and cashier’s checks, ATM fee reimbursement for out-of-network ATMs four times per statement cycle, and free checks.
Your Chase Premier Plus Checking account earns a 0.01% APY on all account balances, which is the same as a Chase Savings account.
You can avoid the fees on your Chase Premier Plus Checking account if you have an average beginning day balance of $15,000 in any combination of Chase checking, savings, and other deposit accounts.
Another option is if you have a linked qualifying Chase mortgage enrolled in automatic payments, or if you are a member of the U.S. military or a veteran.
When you are a Chase checking customer, you can refer friends to open a Chase account and receive a $50 bonus, up to $500 per year. Like most financial institutions on this list, Chase has a robust and easy to use mobile app.
Best for: 4,700 branches nationwide
Minimum Opening Balance: None
Monthly Fee: $12.95 (for Chase Total Checking) or free if you meet requirements
Methodology: How We Select the Best Free Checking Accounts
We evaluated multiple factors to find the best free checking accounts for consumers across the U.S. Whether you have large monthly direct deposits or have been “unbanked” until now, you’ll find the best free checking accounts for any need or any budget here.
ATM network or generous ATM-fee reimbursement program
You shouldn’t have to pay extra money to access your money. After all, that’s the opposite of a “free checking account,” isn’t it? You want to find a bank with a large, fee-free ATM network to conveniently withdraw cash or make deposits. If the bank reimburses out of network ATM fees, that’s a bonus.
Nationwide availability (Physical locations or mobile access)
If you’re looking for a traditional bank, you want to make sure it has branches near you. Otherwise, an online bank might be the best choice. For this list of free checking accounts, we eliminated credit unions that don’t serve customers nationwide or have strict membership requirements.
Credit unions are often a solid choice for banking, and often have low fees and high interest rates. For instance, Navy Federal Credit Union is a highly ranked financial institution backed by the National Credit Union Administration. But it’s only open to members of any branch of the U.S. Armed Forces, U.S. veterans, their families, and Department of Defense personnel.
We tailored this list around banks with national appeal, with means they serve customers nationwide, with no residency requirements or specific occupational requirements. The one outstanding credit union on the list, Consumers Credit Union, is open to virtually anyone in the U.S. over the age of 18.
No Monthly Maintenance Fee
When most people think of a free checking account, they think of one with no monthly maintenance fees. You’ll see a few banks with monthly maintenance fees on this list because the benefits outweigh the fees. But any monthly service fees are easy to waive by meeting direct deposit or minimum balance requirements.
Low Minimum Deposit and Balance Requirements
Truly free checking accounts should be accessible to most consumers. That means having low or no minimum deposit or minimum balance requirements.
No or Low Foreign Transaction Fees
If you travel abroad or make international transactions, you don’t want to pay fees. This may not be important to everyone, but foreign transaction fees may be a point to consider.
No Account Closure Fee
This was a deal-breaker for us. If you choose to close your account, you should be allowed to do so with no account closure fee. All the banks on this list make it as easy to close your checking account as it is to open it.
No Overdraft Fees
Likewise, if you accidentally spend more money than you have in your account, you shouldn’t be punished. Sometimes we forget that an automatic payment cleared or sometimes, you just need a helping hand to make it to your next paycheck. We gave preference to account with no overdraft fees, overdraft protection, or generous overdraft forgiveness.
Benefits such as high APY, cash-back rewards, or other additional perks
From cash back debit cards to interest bearing checking accounts, generous perks can make it easy to choose one fee-free checking account over another. Other nice-to-have features include:
The ability to pay bills online
Early direct deposit
Mobile check deposit
These account features make it easy to manage your money. We evaluated all these aspects when compiling our list of the best free checking accounts.
Customer Service
Whether you opt for a neobank or a traditional bank with brick-and-mortar branches, you want fast and responsive customer service. We took branch hours or phone hours into consideration, as well as a responsive chat or email for those who prefer automated service without speaking directly to a person.
Other Products and Services
Many people want to use the bank that holds their primary checking account as a one-stop shop for all their financial needs. They don’t want to download another mobile app, remember another password, or keep their money in different places.
For this reason, we considered the availability of high yield savings or money market accounts, CDs and other financial services when choosing the top free checking accounts. Chase, Capital One, and a few others got bonus points from us for the ability to link a child’s account to teach money management at a young age.
How to Choose the Best Free Checking Account
Before you choose a free account, decide what features are most important to you. Do you want a bank with brick-and-mortar branches or are you comfortable banking online only? If you choose an online financial institution, find out if there is a way to deposit cash, since some only allow mobile deposits and ACH transfers from other accounts.
Most of the checking accounts on this list offer similar features, including an easy to use mobile app, no monthly fees, direct deposit capabilities, and overdraft protection. Some have no minimum deposit to open the account, which is convenient since you can set up the account and then fund it within a few days or when you receive your next paycheck.
If you’re looking for interest bearing checking accounts, you’ll find a few on this list. Others provide debit rewards, which isn’t a common feature in a free deposit account. These benefits can help put extra cash in your pocket to help you reach your financial goals.
Determine if you want a linked savings. If so, do you want the capability to transfer funds into multiple savings buckets to help with budgeting?
All the banks on this list are FDIC insured for up to $250,000 per account holder for each type of deposit account. CCU is insured for the same amount by the National Credit Union Administration. That means your money is safe, which is important in today’s climate of economic uncertainty.
Ultimately, your checking account becomes a hub for your financial life. Whether you’re opening your first account or thinking about switching banks to get free checking and more perks, this list provides a good place to start your search.
Free Checking Account FAQs
See what people are asking about the best free checking accounts.
What are monthly maintenance fees?
Monthly maintenance fees are service charges imposed by a bank simply for holding an account. The free checking accounts on this list have fee free checking or it is easy to waive the monthly maintenance fee by having monthly direct deposits or meeting minimum balance requirements.
Do free checking accounts have any fees?
When people think of fee-free checking, they often think of an account with no monthly maintenance fees. However, some free checking accounts may have a monthly fee that can be easily waived with a monthly direct deposit or by meeting minimum balance requirements within a statement cycle.
So-called free checking accounts may have over fees besides the monthly fee. Read the fine print closely to find truly free checking accounts.
What fees do I need to watch out for?
Some banks who advertise free checking accounts may forego a monthly maintenance fee, but charge overdraft fees, ATM fees, withdrawal fees (typically only for savings or money market accounts), fees for paper checks, fees for paper statements, foreign transaction fees, and wire transfer fees. If you lose your debit card, you might have to pay a fee to have it replaced, as well as covering mailing costs.
Can I open a free checking account without a deposit?
Some banks allow you to open a checking account with no minimum deposit required. Of course, if there are any perks, benefits, or sign-up bonuses, you’ll want to fund the account to earn interest or take advantage of special offers.
How do banks make money on free checking accounts?
Banks might make some money from monthly maintenance fees and other customer service charges. But the bulk of their revenue comes from the interest rate they earn on your money when they invest it in other securities, as well as interest collected on loans they make.
Banks don’t necessarily keep the money you deposit in your account. They hold cash withdraws to allow customers to withdraw their money. But they also invest the money and earn revenue on those funds.
They may also earn money on loan services, financial advisory services, investment services with fees, and other services they provide to customers.
These other revenue streams allow banks to offer free checking accounts without losing money.
What’s the difference between a checking and a savings account?
A checking account is where you keep cash for everyday spending. Typically, you can make debit card purchases and withdraw funds from an ATM easily, without fees. Most checking accounts don’t pay interest on your deposits, but some do.
A savings account, on the other hand, holds money you are saving either for a specific events – such as vacation or large purchase – or for an emergency. Financial experts recommend keeping as much as three to six months of living expenses in an easy-to-access savings account.
Savings accounts pay interest ranging from .01% annual percentage yield APY up to 4% or 5% APY. Be aware that some savings accounts charge fees for monthly withdrawals exceeding a limit of six per month.
As a new homeowner, I recently had to buy a homeowners insurance policy. And as a personal finance writer, I tried to take my own advice and “shop around.”
To be honest, it was a pain, and the rates I was getting on my own were way too high. Maybe it wouldn’t have been so bad if I wasn’t also trying to close on a house. In the end, I found an independent insurance agent, and she saved me hundreds of dollars and lots of headaches.
But I also learned that there were things I could do to help her keep my premium low year after year. For instance, I had planned to install an ADT security system, which I later learned would lower our premium.
So if you’re in the market for a new policy, here are six ways to make sure you’re getting the best possible rate:
1. Make sure you aren’t over-insured.
Being under-insured can be a big problem when disaster strikes. But being over-insured means you’re wasting your hard-earned moolah. So the ideal situation is to have just the right amount of coverage. So how do you do that?
Review your policy when it’s up for renewal each year. Specifically, make sure to review any floaters, which are extra insurance for items not fully covered in a standard homeowner’s policy. Examples include things like expensive electronics or equipment, valuable jewelry and artwork. If you no longer own the item or if its value has lowered, cancel or reduce the floater.
2. Reconsider your deductible.
A deductible is the amount of money you have to pay before your insurance policy kicks in and pays the claim. And the lower your deductible, the higher your insurance premium. According to the Insurance Information Institute (III), today most insurance companies recommend a deductible of $500 or more. But if you can afford to raise your deductible to $1,000, you could save as much as 25 percent. And, advises the III, don’t forget that you might have more than one kind of deductible. For instance, if you live in a disaster-prone area, like one prone to windstorms, hail or earthquakes, your insurance policy may have a separate deductible those specific types of damage.
3. Clean up your credit report.
Like it or not, when it comes to insurance, your credit report is up for grabs. The Fair Credit Reporting Act (FCRA), states that insurance companies have a “permissible purpose” to look at your credit information without your permission. And since insurers have found that credit history is a reliable predictor of how risky someone is to insure, they use that information to determine whether or not to offer you a policy, as well as how much to charge for your premium.
So besides all the other important reasons to monitor your credit report, doing so can also yield you a lower premium on your home insurance, or at least prevent your premium from going up. And be sure to order copies of your credit reports once per year, since you can be sure insurers are checking it before you renew. For instance, a 2007 report by the Arkansas Insurance Department found that in 2006, a total of 457,982 policies in the state were written or renewed that involved the use of credit as one of the factors weighed in determining the premium. Of those, 32.3 percent resulted in the premium being decreased, and 9.2 percent resulted in the premium being increased. In the remaining 58.5 percent, credit was a neutral factor.
According to the III, in most states the insurance company has to advise you that they’re raising your premium because of red flags on your credit report. But it’s best to just check your credit on a regular basis and correct errors quickly to make sure your record is always accurate.
4. Make your home Fire Marshall Bill-proof.
Fire Marshall Bill was a Jim Carrey character on the sketch show In Living Color, and his safety lessons, which he demoed on himself, resulted in fires, explosions, and loss of limb.
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You probably know better than to toss lighter fluid on a burning pipe, but you might not know about less ridiculous safety measures that could lower your insurance premium. Talk to your insurance agent or rep to find out if you can save money by doing things like:
Making your home more windstorm-resistant, such as adding storm shutters.
Updating your plumbing and electrical systems to reduce the risk of water and fire damage.
Increasing your home security with smoke detectors, burglar alarms or dead-bolt locks.
These aren’t cheap updates, so make sure they’ll lower your premium enough to make it worthwhile and that your updates will qualify for the discount. For instance, an insurer might have a list of qualifying alarm systems. Realistically, expensive updates like these aren’t usually done solely to save crazy money on insurance premiums. They’re typically things you want to do to make your home safer, or as Fire Marshall Bill would say, less “Dtuhhh-dthuhhh…DEADLY!”
5. Shop around every year.
We talked about this earlier, but really and seriously, you have to shop around if you want to make sure you’re getting a great rate. Ask your network for recommendations, and check out the National Association of Insurance Commissioners (www.naic.org) for help finding an insurer in your area. Pay special attention to the consumer complaint information, since price isn’t the only thing you want to consider when deciding on an insurer.
Or find an independent insurance agent, who shops around for you. Before finding my agent, my auto and home insurance quotes were in the $1,000-$1,300 range. Then I employed her services and she found a great policy from a reputable company for just $700. That’s some serious savings.
And speaking of auto and home insurance…
6. Consolidate to save more.
Some companies that sell multiple types of insurance, such as homeowners, auto and liability, will knock a percentage off your premium if you buy two or more policies from them. It can save you anywhere from 5 to 15 percent, according to the III. Just make sure the combined price with a discount is actually lower than buying separate policies from different companies.
Readers, can you add anything to this list? How have you saved money on your home insurance policy?
If you’re moving away for college and planning to bring a car, remember to check how this change might impact your car insurance. You might need to purchase your own car insurance policy, for example, or you may be able to stay on your parents’ policy if you meet certain conditions. Having the right coverage in place can help ensure you’re covered in case of an accident.
If you’re a teen driver or you have a teen driver listed on your policy, you might also be looking for ways to save. Adding a younger driver can make car insurance more expensive, but the good news is that some companies offer cheaper average rates than others for college students. In addition, several companies offer competitive student discounts.
The best car insurance for college students
While many of the best car insurance companies provide discounts to college students, some are more generous than others. Below, Bankrate’s insurance editorial team selected five top car insurance providers that offer competitive rates to college-aged drivers on their parents’ policy, according to 2023 auto insurance rate data pulled from Quadrant Information Services.
Each company is listed with its Bankrate Score, which shows how well each insurance provider performs overall, on a five-point scale. Our team calculates Bankrate Scores by analyzing each company’s average premiums, coverage offerings, discount options, complaints filed with the National Association of Insurance Commissioners (NAIC), mobile app, J.D. Power score for customer service and AM Best rating for financial strength. The closer a company scores to five, the better it performs across each category.
Insurance company
Bankrate Score
Average full coverage premium with a student discount on their parents’ policy
Average full coverage premium without a student discount on their own policy
Geico
4.4
$2,523
$4,048
State Farm
4.2
$2,689
$7,089
Progressive
4.2
$3,163
$7,088
Farmers
3.8
$2,762
$6,567
Allstate
3.8
$4,184
$7,089
*Rates calculated for 18-year-olds students, either on their parents’ joint policy with a student discount applied or on their own policy without a student discount applied
Geico
Why we picked this carrier: Geico offers a low average full coverage rate when adding an 18-year-old college student to their parents’ car insurance policy.
If you’re looking for cheap car insurance, you may want to get a quote from Geico. Geico’s average annual cost for full coverage car insurance for 18-year-olds on their parents’ policy is $2,523 per year with a good student discount. College students may also be able to qualify for other discounts to further bring down the cost, like Geico’s discounts for membership in several organizations. The company received a high Bankrate Score of 4.4 for its wide range of discounts and low average premiums. However, the company lost a few points for its lack of optional endorsements. Unlike some of its competitors, Geico does not offer a 24-hour helpline.
PROS
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Offers discounts for fraternity, sorority, honor society and other membership organizations
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Several student discounts available
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Low average rates for college students added to their parents’ policy
CONS
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No 24/7 helpline
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Few optional endorsements
Learn more: Geico insurance review
State Farm
Why we picked this carrier: State Farm offers a generous potential discount percentage for good students.
Parents with 18-year-old students on their State Farm auto policy pay an average annual cost of $2,689 for full coverage car insurance with a good student discount. State Farm offers savings for eligible college students who can maintain a GPA of at least 3.0. Students attending school away from their primary residence without a car may also be eligible for a distant student discount, and combining these two discounts could result in an even lower premium. The company received one of the highest Bankrate Scores on our list for its low average premiums, accessible mobile app and excellent online policy management. However, if you’re interested in buying accident forgiveness coverage, a State Farm policy wouldn’t be ideal. The company only offers the coverage as a perk earned by having a certain number of claim-free years on your record, which can’t be bought.
PROS
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Low average rates for college students added to their parents’ policy
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Good student and distant student discounts available
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Offers a safe driving program for teens called Steer Clear
CONS
Close X
Gap insurance unavailable
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Accident forgiveness can’t be purchased, only “earned”
Learn more: State Farm insurance review
Progressive
Why we picked this carrier: Progressive’s Snapshot telematics program could be a great savings opportunity for college students who drive safely and infrequently.
Progressive’s average annual cost of full coverage car insurance for 18-year-olds on their parents’ policy is $3,163 with a good student discount. In addition to the standard good student and distant student discounts, Progressive also offers Snapshot, a usage-based car insurance program — which could help lower your rate based on your driving habits. The company earns a high Bankrate Score for its exceptionally wide range of coverage options, plentiful discounts and seamless online policy management. However, the company tends to have lower-than-average customer satisfaction ratings according to J.D. Power.
PROS
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Usage-based car insurance available
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Good student and distant student discounts available
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Offers an automatic teen discount for drivers age 18 and younger
CONS
Close X
Typically ranks lower than the average in J.D. Power customer satisfaction
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Rates may differ between online and agency quotes
Learn more: Progressive insurance review
Farmers
Why we picked this carrier: Farmers offers several discount opportunities to students.
Parents with 18-year-old college students on their policy pay an average of $2,762 for their insurance each year with Farmers with a good student discount applied. Farmers also offers a youthful driver discount for anyone under 25 who is a child or grandchild of a current policyholder. While Farmers scored well in terms of mobile app and policy management, the company doesn’t have 24/7 customer support and is not available nationwide.
PROS
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Students who make the dean’s list or honor roll may be able to save
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Several student and young driver discounts available, such as the Youthful Driver discount
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Offers a telematics program called Signal
CONS
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Not available nationwide
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No 24/7 support
Learn more: Farmers insurance review
Allstate
Why we picked this carrier: Allstate has multiple discount opportunities for college students.
Although Allstate has a high average premium for a student on their parents’ policy, college students may be able to apply discounts to bring down the cost of auto insurance. College students who can maintain a GPA of at least 2.7 may qualify for a good student discount, which is more generous than many other insurers’ good student discount qualifications. The company’s Bankrate Score was impacted by its high premiums. However, it gained points for its A+ (Superior) AM Best financial strength rating and user-friendly policy management.
PROS
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Money-saving programs such as Smart Student and teenSMART available
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Several student discounts available
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Robust digital tools
CONS
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High average premiums
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Fewer additional coverage options than other carriers
How can college students lower their car insurance premium?
Because car insurance rates for young drivers are significantly higher than the national average cost of car insurance, finding ways to save money may be critical. To find cheap car insurance for college students, you may want to get several quotes to give you an idea of what you will pay. Some other ways to save include:
Student discounts
Many car insurance companies offer discounts designed specifically for college students, such as:
Earning good grades in school demonstrates to insurers that you are responsible, making it more likely that you are a responsible driver and often earning you a discount.
Another way to save money on car insurance is to complete a driver’s education course. For example, drivers with a Geico insurance policy could save by completing a defensive driving course to refresh their memory on the rules of the road.
You could save money by leaving your car at home when you are away at school. Most car insurance carriers will discount your rate if you a a certain number of miles away without a car, prorating your premium to reflect the months you are away at school and not using your vehicle.
Students can often save by demonstrating their safe driving practices through insurance programs designed for young drivers. For instance, there are savings programs like American Family’s Teen Safe Driver, for drivers under age 21, and State Farm’s Steer Clear program, for young drivers up to age 25. After completing the program, drivers could get a discount on their car insurance.
Affiliation discounts for students
Many insurance companies also offer discounts for students who participate in certain organizations or associations, such as:
Geico offers car insurance discounts for fraternities, sororities and even honor societies, along with an extensive list of other organizations.
Some companies may offer discounts if you are an alumni of a certain university or even if you’ve simply completed a two- or four-year degree.
If a parent is a veteran or military member, you might save extra money on your car insurance through military discounts. As a military-only provider, USAA is one option for military discounts for your car insurance, but a few other companies offer military discounts, too, such as Geico, The General and Liberty Mutual.
Other ways to save
In addition to student and affiliation discounts, there are other ways college students can help lower car insurance premiums using these additional savings programs:
Lower your mileage: When you spend less time on the road, there’s a lower risk of accidents happening, so many carriers will offer lower car insurance premiums to drivers who rack up fewer miles.
Drive a used car: Newer cars may be more expensive to repair or replace, so rates could be higher. A used car is generally cheaper to fix and may qualify you for lower car insurance premiums than a new car. Driving a vehicle with extra safety features is another way to potentially earn lower premiums, so explore models with safety features like anti-lock brakes, electronic stability control, forward-collision warnings and automatic emergency braking.
Explore pay-as-you-go insurance: Instead of paying full price for car insurance, you might be able to sign up for pay-per-mile insurance, which monitors your driving and charges your car insurance accordingly. It’s a popular option with several car insurance companies: Allstate offers its Milewise program and Nationwide has its SmartMiles program.
Car additions: Some additions and upgrades may make your car safer and help you save money on car insurance premiums.
Dash cams: Dash cameras could help reduce car insurance rates by reducing the likelihood of crime involving your vehicle and also protecting you against false liability claims that could cost your insurer money. Discounts for dash cams aren’t common, but you may find a carrier that offers one.
Navigation systems: A GPS navigation system can help keep you feel more prepared when driving, helping you drive slower and more safely, which could translate to lower rates.
Anti-theft device: A car alarm or other anti-theft device may earn you extra discounts by lowering the risk of theft or vandalism.
Ways to save on driving
Driving can be expensive, especially so for college students on tight budgets. Keeping transportation costs low can help students afford to keep their cars and maintain insurance on the vehicle. Here are some ways to save on gas and vehicle maintenance.
How to save on gas
Gas can be pricey, especially if you drive often. Here are some ways to lower your gas costs:
Choose a car with good gas mileage: College students often commute between home and school, so a car with excellent gas mileage can easily save hundreds of dollars each year.
Use a rideshare service: Using rideshare services like Uber and Lyft can help you save on gas costs, and may be especially cost-effective if you opt for group ridesharing, where you split the cost with others.
Utilize public transportation: Public transportation can almost entirely eliminate transportation expenses. Buses, trains or subways are often a fraction of the cost of driving and are usually accessible at most colleges or universities.
Invest in a bicycle: A bicycle can be an even better substitute for public transportation, especially for students in urban areas. Using a personal bicycle is free after purchase, and there are also typically lots of options for low-cost bike sharing or rentals in more populated areas.
Carpool with your classmates or colleagues: If you must drive, consider setting up a carpool or car-sharing arrangement with classmates or colleagues who live along your route. They will probably appreciate the opportunity to save money and it gives you the added benefit of some company during the commute. Just be sure to talk to your insurer if you’re exchanging money for gas and maintenance, to make sure you’re still covered.
How to save on maintenance
Maintenance costs should be factored into buying a vehicle as well, as they can be a large portion of your car budget. Here are some tips to save on maintenance:
Find car deals for new graduates: Many car manufacturers offer special purchase deals for current college students or recent graduates to buy a new car. There may also be short-term leasing specials available for students for those not ready to purchase a vehicle.
Ask about student savings programs for oil changes: Another potential place to save is regular oil changes. College students can burn through many miles and require more frequent oil changes, but many of the larger chains, such as Jiffy Lube, offer students discounts.
Utilize free tire and air fill-up services: To save extra money on diagnostic and professional services, check your tire pressure yourself. Most gas stations offer free or cheap stations to check tire pressure and add air if necessary.
Research DIY repairs: There are several basic car repairs that can be done at home. Learning how to do essential maintenance can save money on parts and high labor costs. It will also save time to repair the car on your own schedule. These basic repairs are easy to learn and can save hundreds of dollars. Before attempting them, it’s worth researching potential safety hazards so that you can avoid complications:
Change the battery.
Change the oil.
Change your spark plugs.
Replace tail lights or headlights.
Swap out windshield wipers.
Methodology
Bankrate utilizes Quadrant Information Services to analyze 2023 rates for ZIP codes and carriers in all 50 states and Washington, D.C. Rates are weighted based on the population density in each geographic region. Quoted rates are based on a 40-year-old male and female driver with a clean driving record, good credit and the following full coverage limits:
$100,000 bodily injury liability per person
$300,000 bodily injury liability per accident
$50,000 property damage liability per accident
$100,000 uninsured motorist bodily injury per person
$300,000 uninsured motorist bodily injury per accident
$500 collision deductible
$500 comprehensive deductible
To determine minimum coverage limits, Bankrate used minimum coverage that meets each state’s requirements. Our base profile drivers own a 2021 Toyota Camry, commute five days a week and drive 12,000 miles annually.
These are sample rates and should only be used for comparative purposes.
Age: Rates were calculated by evaluating our base profile with age 18 (base: 40 years) applied. The 18-year-old driver on their own policy is a renter. Age is not a contributing rating factor in Hawaii and Massachusetts due to state regulations.
Despite being a big banking hub, the top mortgage lenders in North Carolina are mostly nonbanks.
In fact, just three of the top 10 are depository banks, with one credit union and the rest nonbank direct lenders.
However, several of the top lenders in the state also happen to be headquartered in North Carolina.
Those names include Bank of America, Truist Financial, and State Employees’ Credit Union.
Read on to see who topped the list in 2021 for mortgage lending overall.
Top Mortgage Lenders in North Carolina (Overall)
Ranking
Company Name
2021 Loan Volume
1.
Rocket Mortgage
$11.5 billion
2.
Wells Fargo
$8.1 billion
3.
State Employees CU
$7.3 billion
4.
Truist
$6.3 billion
5.
Movement Mortgage
$5.3 billion
6.
Pennymac
$4.7 billion
7.
Freedom Mortgage
$4.0 billion
8.
UWM
$3.5 billion
9.
loanDepot
$3.1 billion
10.
Bank of America
$2.8 billion
Yep, you probably guessed right. Rocket Mortgage was the top mortgage lender in North Carolina last year with $11.5 billion funded, per HMDA data from Richey May.
In second was San Francisco-based bank Wells Fargo with $8.1 billion, followed by Raleigh based-State Employees’ Credit Union with $7.3 billion.
Next up was Charlotte-based Truist Financial with $6.3 billion, formerly two companies (BB&T and SunTrust Bank).
Completing the top five was Movement Mortgage with $5.3 billion, a South Carolina-based direct lender.
The rest of the best included Pennymac, Freedom Mortgage, United Wholesale Mortgage (UWM), loanDepot, and Bank of America.
UWM is a wholesale lender that works exclusively with mortgage brokers, meaning you can’t work with them directly.
Top Mortgage Lenders in North Carolina (for Home Buyers)
Ranking
Company Name
2021 Loan Volume
1.
Movement Mortgage
$3.7 billion
2.
Wells Fargo
$3.2 billion
3.
Truist
$2.9 billion
4.
State Employees CU
$2.9 billion
5.
Rocket Mortgage
$2.5 billion
6.
Pennymac
$2.3 billion
7.
Atlantic Bay Mortgage
$1.9 billion
8.
Fairway Independent
$1.7 billion
9.
Chase
$1.4 billion
10.
Guaranteed Rate
$1.4 billion
If we focus solely on home purchase lending, Fort Mill-based Movement Mortgage was the top dog with $3.7 billion funded.
It was more than enough to beat out Wells Fargo’s $3.2 billion, often the purchase loan king.
In third and fourth were NC’s own Truist and State Employees’ Credit Union, both with about $2.9 billion funded.
In a more distant fifth place was Rocket Mortgage with $2.5 billion in loan origination volume.
The other players in the top 10 included Pennymac, Atlantic Bay Mortgage, Fairway Independent Mortgage, Chase, and Guaranteed Rate.
Top Refinance Lenders in North Carolina (Existing Homeowners)
Ranking
Company Name
2021 Loan Volume
1.
Rocket Mortgage
$8.9 billion
2.
Wells Fargo
$4.7 billion
3.
State Employees CU
$4.1 billion
4.
Freedom Mortgage
$3.3 billion
5.
Truist
$3.0 billion
6.
Pennymac
$2.4 billion
7.
loanDepot
$2.3 billion
8.
UWM
$2.2 billion
9.
Better Mortgage
$1.9 billion
10.
Mr. Cooper
$1.8 billion
Now a look at the mortgage refinance leaders in the state of North Carolina.
Unsurprisingly, national #1 mortgage lender Rocket took the top spot with $8.9 billion funded.
That was nearly double second place Wells Fargo, which managed just $4.7 billion in refinance loan volume.
Once again, State Employees’ Credit Union had a strong showing, taking third place with $4.1 billion.
Florida-based refinance specialist Freedom Mortgage took fourth with $3.3 billion, while Truist grabbed fifth with $3.0 billion funded.
Others in the top 10 included Pennymac, loanDepot, UWM, under-fire Better Mortgage, and Mr. Cooper.
It was mostly household names on this list, as it usually is. State Employees’ Credit Union did a good job of keeping it local, despite refinances being mainly price driven.
Those who rely too much on refis might have trouble in coming years as the market leans heavily on purchase transactions.
Top Mortgage Lenders in Charlotte
Ranking
Company Name
2021 Loan Volume
1.
Rocket Mortgage
$4.3 billion
2.
Wells Fargo
$3.0 billion
3.
Movement Mortgage
$2.6 billion
4.
Truist
$1.8 billion
5.
Bank of America
$1.7 billion
6.
UWM
$1.5 billion
7.
loanDepot
$1.3 billion
8.
Pennymac
$1.2 billion
9.
Freedom Mortgage
$1.1 billion
10.
American Security Mtg
$1.1 billion
Top Mortgage Lenders in Raleigh
Ranking
Company Name
2021 Loan Volume
1.
Rocket Mortgage
$2.4 billion
2.
Wells Fargo
$1.8 billion
3.
State Employees CU
$1.4 billion
4.
Truist
$1.4 billion
5.
UWM
$972 million
6.
Pennymac
$885 million
7.
loanDepot
$841 million
8.
Movement Mortgage
$779 million
9.
Better Mortgage
$752 million
10.
Freedom Mortgage
$690 million
You May Have Never Heard of the Best North Carolina Mortgage Lenders
Size isn’t everything. It can be advantageous to be large to get things done in the mortgage industry, but it may also prove to be a nuisance if you’re too big.
Sometimes, a nimbler lending partner, such as a mortgage broker or credit union, could get you to the finish line faster, with fewer headaches along the way.
I understand that when it comes to financial decisions, using a big, household name can feel like the safe move, but consider all your options.
Obviously take the time to vet any company or individual first, but know there are many different ways to get a mortgage.
Whether it’s an individual broker, local bank, online lender, credit union, or major financial institution.
Chances are there are some really highly-rated mortgage companies out there that probably don’t advertise or get much press.
And that’s just fine, as long as they’ve got good reviews, offer competitive pricing, and provide quality service.
Inside: Trade and Travel is a legitimate investing course to learn how to make money in the stock market. See my personal view as a student.
I have been in the personal finance industry for a long time and have watched gurus with CFP and many more designations struggle to make money consistently in the stock market.
There are many concepts on how to trade the stock market.
Teri’s IWT system works.
It’s legit.
I’m a part of her investing course. I have seen the results. $1000 a day club in my LIVE account. Yes.
So, you get to read my Invest with Teri review first.
Teri is able to break down investing into the stock market like no one else I have seen.
You can read a book or blog and find many different concepts that work for them. Then, walk away with your head spinning and quit on the idea of trading and lose a bunch of money along the way. This is why most people leave it to professionals (which is a mistake with that pesky 1% asset management fee).
The Invest with Teri Method is a 7 Step Process that simplifies how to invest in the stock market.
She goes into detail on each of the seven steps to make sure you pick the right companies, limit your risk, know when to buy, and when to take profit.
Plus you have access to a private Facebook group and countless hours of coaching calls to really understand the IWT method.
This is how I am choosing to finance the life I want.
Okay, now that we got that out of the way… let’s dig into the details of the Invest with Teri review and learn how to travel and travel.
This is what you want? Right?
Make more money and have more time freedom.
Enough sitting on the sidelines… read this IWT review and then sign up today.
Honestly, if you have any money in the stock market, you need to take this course to understand the fundamentals.
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.
What Are Online Stock Trading Classes?
If you’re interested in taking stock trading classes, there are a few things to consider before jumping into the world of investing. Stock trading is an investment that can be profitable if done correctly and is a way to grow your money.
Stock trading courses are a great way for newcomers to learn about the stock market. Also, courses are fantastic for those who want to refine their investing skills or maybe stop the bleed of money from trying on their own.
The Invest with Teri Ijeoma course provides a more structured learning path and can help you avoid some of the common mistakes made by novice traders.
In order to get the most out of a stock trading course, it is important to find one that matches your individual needs and goals. Plus one that can offer support and guidance because learning to trade is a learning curve.
Who Should Take Stock Trading Classes?
It is possible to learn the ins and outs of stock trading on your own without taking any classes.
However, for those who want a more structured learning experience, or for those who want to have access to a community of traders, stock trading classes can be a great option.
Taking stock trading classes can be a great idea for people who are interested in getting into the industry. The stock market is one of the most popular industries to get involved with, so it is likely that you’ll want to pursue a side hustle that may lead to a career in this field.
There are many different types of stock trading classes available, so it is important to do your research and find the one that best suits your needs.
Even if you are an index fund investor doing it on your own, this investing class is great knowledge to understand how the market works beyond “I hope it keeps going up.”
Must Read: How To Invest In Stocks For Beginners: Investing Made Easy
Trade and Travel 2.0
Right now, Teri and the rest of her coaches are doing a MAJOR overhaul on the signature course.
Her design team is currently working really hard to create an updated look and feel so you can experience Trade and Travel even better than before.
However, there will be changes – some we know about and some we don’t.
What we Know Today:
A significant Price increase happened (like double to $10k)
Shorting and gaps will be included in the main Trade and Travel course.
Limited time support on coaching calls. (However, a subscription model for additional coaching will be available.)
What You’ll Learn in the Trade and Travel 1.0 Course
The Trade and Travel course is an online course that will teach you everything you need to know about the world of trading, and more!
First of all, Invest with Teri along with Trade and Travel are used interchangeably. They are both the same AMAZING course that will teach you to make money in the stock market.
You will learn the Teri Ijeoma trading strategy.
The Invest with Teri 1.0 course is divided into two sections:
Travel & Travel – This is the basic course to understand fundamentals and to learn how to make money as the stock market goes up.
VIP Program – This is an advanced course that covers shorting, gaps, and options.
The great news… you can start with the basic Trade & Travel program and upgrade to VIP at a later date.
If any of this sounds foreign to you, Teri is one of the best teachers I have ever met. She breaks break down investing in the stock market like no one else I have seen. She is able to take difficult concepts and make them easy.
Simply put, Teri offers a course that teaches you everything you need to know about investing.
Later, in this Invest with Teri review, I will detail the difference between the two courses and what you will learn.
Teri’s Purpose of Trade and Travel – Financial Independence
The purpose of the course is to help students learn how to generate wealth.
Students can use the extra income earned from the course to supplement their income, pay off debt, or save so they can solidify their financial independence.
There is no doubt that in order to achieve financial independence, you need to invest in yourself. This means learning new skills, working on your mindset, and making smart choices with your money.
With a positive attitude and a determined spirit, anything is possible!
Want to Learn More about Investing?
How do you trade with Teri?
The privilege to have one-on-one coaching with Teri herself is very rare. However, she is known to offer group mastermind sessions for her VIP students.
So, in order to trade with Teri, you must enroll in the full $5000 course and wait for the next opportunity to trade with her.
Trade And Travel Program
The Trade and Travel program is the fundamental part of the investing course. This section will teach you the basics of the stock market and how to make money on the way up.
Teri’s trading strategies focus on risk management and she has seen many of her students achieve success with trading.
To be upfront in this Trade and Travel review, you will learn:
Learn how to pick stocks
Understand how the stock market works and how you can make money off it
Recognize why risk management is the most important aspect of trading
Understanding how to read charts
Learn the best places to buy and sell a stock could be
Be able to tell the story of the candles
Understand if your stock trade has a strong likelihood of being profitable
Determine how many stocks to buy based on your risk tolerance
How to place a trade at your brokerage
Manage your trade and exit based on your trading plan
That is a highlight of what you will learn in the basic Trade and Travel program.
Trade And Travel VIP Investor Program
The VIP program is the advanced piece of the course once you learn the fundamentals of the Trade and Travel program.
For those looking to upgrade to the VIP program, you will learn:
Make money when the market goes down.
How does shorting the stock work
When to look for gaps and what they mean
What is globex?
Options! This is everyone’s favorite part of the course!
Understand how to make money with option contracts
Risk management with options
Plus so much more!
Plus you can rewatch all of the curriculum and coaching calls over and over until you get it. That aha moment!
Both Travel & Travel and VIP offer live zoom training each week. Plus there is a vault of recording coaching calls to review.
Supportive Trading Community
Teri has built a supportive trading community of fellow students who have gone through the course.
Each trade cuzzin offers encouragement, advice, moral support, and feedback to each other.
This supportive community can help people overcome their anxiety and doubts when trading and investing.
You can find this supportive community on Facebook groups, Telegram groups, Clubhouse clubs, local meetups in your city, and people have connected to create a mastermind group. Honestly, there are plenty of people available to make sure you are successful on your journey.
Don’t forget… There are weekly live calls and chart parties.
This is how many people have turned 10k into 100k.
My Personal Trade and Travel Reviews
This is one of the best educations I have received.
My biggest regret is that I did not enroll in the course sooner (same as the time before I upgraded to VIP).
In all honesty, this course is a better education than spending hundreds of thousands on a college degree.
Personally, I meet Teri during FINCON, a huge conference for personal finance content creators and brands.
I loved how Teri spoke during her presentation and quickly reached out to learn more about her Invest with Teri course. Also, I was intrigued by the $1000 in a day club.
As always, I investigate every single company or platform that I recommend.
Obviously, this course has an eye-shocking price tag when you first see it. However, once you start earning your money back, you quickly realize how undervalued her course is.
As I always tell my readers… if I wouldn’t put my time, energy, or money on the line, then I am not going to tell you about it. I will only recommend products, services, and courses only that I truly know that work.
My View as a Trade and Travel Student
After a few months of debate if I could afford to spend the money on this investment course…
I became a Trade and Travel student in February 2021.
As outlined above, the course is jam-packed with information. I thought with my background in personal finance I would have a leg up over the others. However, I quickly learned that I need to view the stock market from Teri’s point of view and put blinders on to others’ opinions or styles of trading.
There are a ton of ways to make money in the stock market. This is one of them.
You can google and probably find many more investment courses and rabbit holes to follow. Investing is one of the most popular Reddit Personal finance topics. People want to learn to trade and most are looking to be fed information.
You have heard that saying, “teach a man to fish and he will never go hungry.”
The same holds true for completing this course, “Teach a trader to make money and you will be more profitable than your dreams.”
The best thing about life is you get to decide what you want to do, spend your time, and budget your money. Investing in this course is a big pill to swallow and I get it. However, I would not be so adamant about telling others about this course since I see a path for people to stop the stress with money.
I am successful with trading. Now, it is your turn to become successful.
This is by far the best investing course I have ever seen. 1000% recommended by me personally.
$1,000 In A Day Club
Here is proof. I made the $1k club in my live account and $10K in SIM.
I am a part of the trading community.
What exactly is the $1000 in a day club?
This exclusive club is for those traders who have made over $1k in a day.
Many IWT traders have received this plaque and part of this $1000 in a day club.
If you want to invest money and make $1000 a day this is how to start.
This is how I am choosing to finance the life I want.
Get one step closer to reaching your dreams and financing your life!
How Long Does It Take to Learn to Trade Stocks?
The time it takes to learn how to trade stocks depends on your personal learning style.
It typically takes 2 to 3 years to learn how to trade stocks.
By taking an in-depth course, you can shorten your learning curve.
Teri’s Approach to Learning to Trade Stocks
More importantly, the results you see trading stocks will depend on the effort put in to learn the curriculum, manage the trade, minimize your risk, and prepare your mindset.
Teri’s goal for her student is to earn 1% of our capital consistently.
This is not a get-rich-quick scheme. You have to put in the hard work to reap the benefits (aka profit).
For example, some people learn better by reading and others prefer watching videos. Some people may find that they learn best by following an instructor in a live trading room.
Who is Teri Ijeoma?
How many years of trading experience does Teri have?
Teri Ijeoma has over 10 years of trading experience.
Once she left her job as an elementary school assistant principal, she took off to travel the world. Those around her started asking questions and she taught her first group of students in Thailand.
Teri enjoys enlightening people on investing strategies and is passionate about building wealth.
Combining her trading experience with her teacher background, Teri is a talented educator in the investing world.
Teri has been featured on Forbes, NBC, CBS, ABC, Black Enterprise, Yahoo Finance, Business Insider, Fox News, Comcast – just to name a few!
She thrives by teaching others how to invest, so they can afford the life of their dreams.
Teri has made significant amounts of money through trading and is motivated by helping others achieve success.
Check out Teri discussing her $1,000,000 in a day profit. Yes, one million dollars in a day!
I’m scared to lose my real money trading. Can I still take the course?
Don’t want to risk your money, but are curious?
You can practice in a simulated account before you move to real money. Then, you can make mistakes. Learn from those mistakes. Understand how the stock market moves. Make wins.
The bottom line you can make real money in the stock market. You just have to be armed with knowledge and a trading system that works.
That is why most people lose money in the stock market! They don’t understand how the stock market works. They have poor risk management strategies and tend to select the wrong companies to trade with.
In the Trade and Travel course, you will walk away with so much investment knowledge and support from other people in the course to be successful.
Afraid to trade individual stocks? Teri’s process works with ETFs too!
Is Invest with Teri Reviews Reddit? Is this a scam?
As with any popular r/personalfinance thread, this is one that comes up often…is Invest with Teri legit?
There is a lot of mixed information on the web when it comes to Invest with Teri.
Some people have had great experiences and made a lot of money, while others have had negative experiences and lost money.
Since I have been forthcoming that I am a student of her course, I would recommend active trading as a way to supplement your income.
However, you must be willing to put in the time and effort to see the results.
And honestly, that is where most people give up because you must put in the effort.
At Invest With Teri, they believe anyone can learn how to invest and generate income through investment. They offer a variety of courses on how to invest, as well as a community of support to help you get started.
Their program has helped people from all backgrounds achieve their financial goals.
Did this Trade and Travel Review Convince You?
Teri Ijeoma is a millionaire trader and coach who shares her tips and tricks for success.
Trading is a skill that can be learned, and with the right education, anyone can do it successfully.
Trading is not a get-rich-quick scheme – it takes time and effort to learn.
Don’t waste your time or money on being a self-taught trader. Take a course from an expert.
I am part of this trading community and so excited to be a trade cuz!
Start building another income stream for yourself.
Invest with Teri Ijeoma teaches you how to make a lot more money than you currently are. Very possibly, trading can help you replace your current income or even exceed it
To be successful, you need to invest in this investing course, develop a solid trading plan and stick to it.
Get one step closer to reaching your dreams and financing your life!
Be the first to know when Teri releases a coupon code for her Invest with Teri course.
Do you have an Invest with Teri Coupon?
It is VERY rare that Teri puts out a coupon code.
However, if she does, I always notify my email list who have been on the fence about enrolling.
Typically, these coupon codes are valid for a limited time only.
Trade and Travel FAQs
Obviously, you are doing your due diligence before enrolling in this course, which I completely understand. I did too! I spent a lot of time researching prior to enrolling in this course.
Here are answers to the most asked questions about Invest with Teri, Trade and Travel, VIP program, as well as Teri Ijeoma.
Is the Trade and Travel course for new investors?
Yes, the Trade and Travel course is for both new investors and experienced investors.
Honestly, you are more likely to lose money in the stock market by trading on your own rather than spending money on the best investing course available.
The course is designed for everyone, regardless of experience level.
There are different courses available within the program for more advanced students (like shorting and options).
How long does the program take to complete?
You can complete the course within a weekend if you binged watch everything.
However, it takes 8 weeks to thoroughly go through the curriculum.
The main Trade and Travel course is broken down into sections, and modules include videos, tutorials, pdf worksheets, quizzes, and more.
The course instructor, Teri Ijeoma, estimates that it will take 8 weeks to complete the online course material before you begin trading.
In addition, there are plenty of coaching calls, which are filled with gems of information that you can watch.
This investing course is much like obtaining a college degree. The more you study, the better results you will have.
What will I learn in Invest with Teri course?
You will learn how to trade stocks and options based on her Invest with Teri method.
This is a solid, effective investing strategy.
Learning how to effectively trade stocks and make 1% consistently is the goal. This is higher than the market returns on any given day.
How much does Teri ijeoma course cost?
The cost of the Trade and Travel 2.0 course is $10000.
In addition, there is a payment plan available that allows you to pay in installments which is a great option without interest or hidden fees.
Honestly, this investing course is undervalued given the amount of knowledge you will gain.
Is there a payment plan?
Yes, there is a payment plan.
This is a great way to invest in the program with an affordable payment plan based on what you can pay today.
Right now, you can start the course with Payment Plans as LOW as $208/Month.
Can I purchase the Trade and Travel course and upgrade to the VIP program later?
Yes, you can always upgrade to VIP and pay the $2,500 difference. This is something you can do at any time.
I purchased the course to learn the basics and when I made money to pay for the VIP course I upgraded. Many students have done the same.
My gem of advice… eventually, you need to upgrade to VIP to fully understand the chart analysis as well as make money on the way down.
How much money do I need to start trading?
Many students start with $500.
This question is very difficult to answer because it depends on your personal finance situation and the type of trading you want to do.
The best advice is to start small and grow your account.
Trading stocks and options come with risk as such you must recognize that it is possible to lose all of your trading money.
Personally, I recommend starting with the amount you are comfortable losing. For me, I started with $3000.
Again, you do not need a lot of money to start trading. Check out this interview with Chris Calvin (aka Trade with Coach). He started with $500 and quickly grew it to 5 figures!
What trading platform does Teri Ijeoma use?
In her Trade and Travel course, she reveals which brokerages she has used in the past.
Right now, she is known to use Tradestation.
Recently, in her 5 Day Take the Trade Live Challenge, she set up a brokerage account with TD Ameritrade.
Do I have to attend coaching calls live?
You don’t have to attend coaching calls live. Also, all of the live trainings are recorded except the weekly Trade and Travel Q&A.
By attending a live coaching call, you have the opportunity to ask questions and get help from the instructor.
You can access the class recordings at your convenience once the coaching call is uploaded.
Personally, I attend the VIP coaching calls live to get the best out of the experience.
Remember, if you miss a class, you can always watch the recording later. You will have lifetime access to the coaching call recordings.
How long do you have access to the curriculum?
LIFETIME ACCESS!
You will have lifetime access to the curriculum.
That is pretty amazing to have these resources available forever.
You can review the curriculum as many times as you like.
Personally, I have gone back and reviewed many modules and coaching calls again (and again).
Is there a Facebook group? How long do you have access?
In fact, there are two Facebook groups for students that are run by the IWT coaching staff.
One Facebook group focuses on the general IWT method and the other is specific to VIP strategies.
In addition, there is a Trade and Travel sponsored Telegram group.
These Facebook groups are a great way to connect with other students and to learn from each other.
You have access to the group for as long as you are enrolled in the course.
What’s Teri’s Instagram handle?
First of all, there are so many fake accounts for Teri Ijeoma, Invest with Teri and the Trade and Travel Course.
Teri’s real account is @teriijeoma
Beware of imposters accounts and scams.
Can I share my course log-in information with others?
No, this is not allowed.
Each person should purchase the course separately.
The only exception is you can share with your spouse.
What is the refund policy?
According to their policy, refunds are not available for any of their courses. (You can read that here).
However, they do not want unhappy students or I don’t want unhappy trading cuz.
So, if you need additional assistance, reach out to their support team at [email protected] and one of the fabulous coaches will assist you.
Honestly, this makes 100% sense as a student. There is so much knowledge and information in the course that it is not surprising.
If you truly put in the time and effort, you will see success. You have to put in the work though.
Just a reminder… trading is a risky investment if you don’t know what you are doing. You can lose money in the stock market.
Know someone else that needs this, too? Then, please share!!