Life insurance is an incredible investment. It allows you to get the insurance protection needed for your family, especially if an unfortunate event occurred. But, what if you end up with a chronic condition that drains your bank account?
For anyone with a terminal illness, an accelerated death benefit can be savior.
An accelerated death benefit is an insurance benefit that pays out while the insured is still alive.
Usually, only people who are suffering from terminal illnesses are eligible for accelerated death benefits.
This is also called a living benefit.
What Is A Living Benefit?
A living benefit can be added to an insurance policy before or after purchase. With this benefit, patients who have a terminal illness can access part of their benefits before their death. Initially, when this benefit was first created, it was offered only to people with HIV/AIDS.
Overtime, it was offered to people who suffered from kidney failure, cancer, and other terminal illnesses. Medical expenses for a terminal illness can be very expensive, and there are also living expenses that the terminally ill have to pay as well. A living benefit can aid with all of these expenses and can be of a great help to those who have terminal illnesses.
Many insurance companies offer a living benefit as a rider in some of their life insurance policies. It is commonly included in permanent life insurance policies. So many different packages and payment options are available for living death benefit. You can receive the death benefit if you already have a terminal disease or if you contract one in the future.
Not everyone wants to think of the possibility of contracting a terminal disease, but for some, a living benefit may be something they wish to add to their policy. You will receive a percentage of the death benefits depending on the insurance company. This company usually ranges from 25-95%. After death, the remainder of the benefit is paid out to your beneficiaries. If you should recover from your illness, then you will not have to repay the benefits you received.
How Do You Qualify For An Accelerated Death Benefit?
You qualify for a living benefit if you have contracted a terminal illness and are expected to die in two years, if you have been diagnosed with an illness that will reduce your life span, if you have an illness that requires an organ transplant, if you are in long-term care in a hospice, or if you need assistance with every day activities, like bathing or using the toilet.
The cost of a living benefit will vary depending on the company. Sometimes your policy might have the rider grouped in with your premium which would be ideal. Otherwise, you will owe a percentage of the benefit.
How Are You Taxed On Accelerated Death Benefits?
These benefits are not taxable. Normally if you were to pass within 2 years it would be exempt. Use the rider to supplement any costs that aren’t covered by your insurance company. If you believe you may be eligible for a death benefit, then talk with your insurance agent. Also, keep in mind that receiving a living benefit might change your chances of Medicaid or SSI in the future.
Accelerated Death Benefit Example
Here’s an example of how an accidental benefit rider might play out.
Client induces a qualifying chronic, critical, or terminal illness.
Client files a claim to accelerate all or a portion of the death benefit.
Our claims department and underwriters review the medical records and prognosis ratings and make a discounted offer, based on the change in life expectancy. The higher the change in life expectancy, the higher the percentage the client will be offered.
If the client accepts the offer, they receive the determined amount as a lump sum within two weeks. If the entire death benefit is accelerated, the remaining face is $0 and the policy terminates. If a portion of the death benefit remains, the client’s premium will reflect the new face amount. Below is an example:
Bill is 47 years old, preferred NT with a $2 million policy. He suffered a major heart attack and decides he wants to accelerate $1,000,000 of his face. The company reviews the claim and makes a lump offer of $500,000. Bob accepts and is mailed a $500,000 check in the next two weeks. His death benefit has now been decreased by the amount of face he accelerated ($1,000,000), so his remaining death benefit is $1,000,000. He will now pay premiums based on a $1,000,000 face amount, not the initial $2 million face.
Regarding the taxes: first and foremost, be aware of the fact that I or the insurance company can act in the capacity of a tax advisor or CPA. We always advise our clients to seek their own tax council. That being said, we have designed our ABRs to be within compliance with current IRS regulations. With regards to the terminal illness rider, the IRS has defined it to be an acceleration of the death benefits, and therefore it is not taxable.
What About Chronic Illness?
For chronic illness, they have proposed but not adopted the rider in the same light. The IRS has not provided any opinion on critical illness payments. With all of that in mind, I am not aware of any accelerated benefit that has been taxed by the IRS. This is, of course, under the assumption that the policy has not be turned into a modified endowment contract (MEC). Once a policy is MEC’d, it is always a MEC, and all benefits are taxable. But again, always involve a tax advisor or CPA when dealing with the IRS. They know the dark side of the force better than any of us.
Accelerated Death Riders and Life Insurance
Starting to look at the options associated with your life insurance policy can bring about tough conversations. It’s hard to talk about your death or the demise of someone close to you. But it is important because someone could be left with large debt and final expenses. Having to worry about those payments adds to a stressful situation.
It is common for people to putt off adding the accelerated rider is because they assume that it will be too expensive for their budget, but that is just false. In most cases, there are dozens of affordable options to give your family life insurance protection, and any additional riders that you need.
There are various ways of calculating premiums on their life insurance and riders and no company has the same value on these factors. To get the best rates, you’ll need to ask for many quotes until you find a perfect plan for your needs. Don’t waste your time calling all of those agents yourself. Let us do the searching for you. As independent agents we offer the best way to get the lowest insurance rates. Our appointments are with multiple carriers so we have expanded options which makes it easier to give you the best quote for your coverage.
Our years working in the industry have given us knowledge to answer any question you can think of. And if we don’t know it we will find the answer for you. Our main goal is to give your family the protection they deserve.
In only a few years, the rapid advancement of mobile technology has placed the power to invest at our fingertips and ushered in a wave of fintech startups, armed with new and innovative solutions for investors. Names like Acorns and Stash are now competing head-to-head with traditional brands such as E-Trade, and TD Ameritrade. (Imagine E-Trade being considered a “traditional” brand!)
With so many great options to choose from, it can be downright difficult to decide which investment app is right for you. To take out the guesswork, I’ve compiled a list of the best investment apps for 2021. From beginner investors to advanced traders, there’s something here for everyone.
Before we dive in, I should point out that this list of best apps is not a ranking. Instead, I’ve chosen what I believe are the best apps for a variety of situations – trading stocks, exchange traded funds (ETFs), no-fee, and micro-investing, you name it.
This means that the investment app I chose as best overall won’t necessarily be the top pick for every investor. Rather, it’s the one that I feel most clearly meets the needs of its target client. With that in mind, I present to you the Best Investment Apps for 2021.
Best Overall: Acorns
My top choice for investment app is Acorns. Not because it does everything well, but because it does what it’s designed to do, as well or better than the competition. Acorns was made specifically with new investors in mind, and it delivers precisely what so many of them are looking for: simple, automated investing, with very low fees, and no minimum balance requirement.
To achieve this, Acorns uses an innovative feature known as roundup savings. Here’s how it works. Acorns syncs to your debit and/or credit card, and automatically rounds up your purchases to the nearest dollar. It then deposits the “spare change” into your investment account. For example, let’s say you buy a cup of coffee for $1.48. Acorns will round up to the nearest dollar, setting aside $.52 into your savings.
Open an Acorns Account Today
From there, the money is invested in one of five professionally managed ETF portfolios, that match your recommended asset allocation. What I love about Acorns is how easy it is to set up an account directly from the app, and get saving. For account balances less than $5000, the fee is $1/month (.25% annually for balances over $5000). For an additional $1/month, you can now open an Acorns checking account, complete with a Visa Debit card, making the process even more seamless.
Features:
Ideal for new investors
Easy to use app
Innovative, roundup savings
Syncs to your credit/debit card for automated savings
No minimum balance requirement
Monthly fee: $1 (for portfolios up to $5000, over $5000, .25% annual fee)
Available Acorns checking account with free ATM use nationwide
Acorns Found Money – earn credit from retail partner stores
IRA account available
No stock trading functionality
Best for Automated Investing: Acorns, M1 Finance
While the real magic of automated savings comes in the form of roundups, Acorns offers even more layers of automation. For example, with Acorns Found Money, you can earn cash when you spend money at Acorns retail partner stores, a list that includes Sephora, Barnes & Noble, and Walmart. To register, simply download the Acorns Chrome extension, then sit back and watch as retail discounts are returned back to you in the form of credits to your Acorns account when you shop.
M1 Finance also gets a nod here, for their ability to invest preset amounts directly into an ETF investing platform, absolutely free of charge. Unlike Acorns, however, M1 will require a minimum balance of $100, and they lack some of Acorns added features.
Best for Beginning Investors: Acorns, Stash
From the Acorns app, you can access a huge assortment of educational content for beginner investors. Whether you’re learning about the differences between stocks and bonds, or the basics of dollar cost averaging, these articles will give you the confidence you need to start investing. With tools like this, it’s clear that Acorns understands its target market.
For beginning investors, Stash gets an honourable mention (more on them later), due to the creative names they’ve assigned to their various ETF portfolios, making it easy for beginners to visualize the underlying investments. For example, Stash account holders can choose from portfolio selections such as Retail Therapy, Delicious Dividends, or Robots Rising.
Best for Financial Management: Personal Capital
Personal Capital has become known for their cutting edge tools that help people budget and keep track of their net worth. However, they also act as an asset manager, providing customers with a dedicated advisor, and investment portfolios that include individual stocks and low-cost ETFs. On the downside, they are more expensive than other robo-advisors, charging an annual fee of .89% on assets up to $1MM.
If you meet Personal Capital’s asset threshold, and you’re looking for an investment app that will provide you with powerful tools to help you manage your finances, as well as dedicated advice, Personal Capital might be the way to go.
Features:
.89% fee up to $1MM
$100,000 minimum investment requirement
Free tools
Dedicated advice
App can sync all of your financial information
Best for Stock Trading: TD Ameritrade, E-Trade
TD Ameritrade has long been a leader in the discount brokerage space, with solid pricing (including an introductory offer of 60 free trades), powerful research & data analysis tools, and a very robust trading platform, making them a top choice with stock trading investors. What makes the TD Ameritrade mobile app great, is that it takes a lot of the functionality of the desktop site, and places it right at your fingertips.
Investors can access educational videos right from the app, receive price alerts on stocks they’re tracking, and place trades with ease. In addition to stocks, TD Ameritrade offers over 100 commission-free ETFs, with no account minimum. You can download the TD Ameritrade app for use on any iOS, Android, or Blackberry device.
I’m giving an honourable mention to E-Trade, which, like TD, boasts an easy to use app, loaded with functionality. They do have a $500 account minimum, however, and don’t offer commission-free ETFs.
TD Ameritrade Features:
Powerful research/data analysis tools
Educational videos available from the mobile app
No account minimum
$6.95 per trade (standard)
Free trades for the first 60 days (with qualifying deposit)
Over 100 commission-free ETFs
Best for Free Stock Trades: Robinhood
Robinhood is the investment app that boasts no strings attached, free trades on stocks and ETFs. If low fee investing is what you’re after, Robinhood is pretty hard to beat. In exchange for free trades however, you’ll give up some of the advanced features that come complimentary on competitor apps.
For example, access to research tools costs $5/month, and margin trading can only be done through Robinhood Gold, for which there is a cost. Think of Robinhood as a discount supermarket, offering rock bottom prices, with no frills service. In addition to free trading, there are no account fees, and no minimum balance requirement.
Active traders may be turned off by the reduced functionality, but if you’re ok with doing your own research and don’t require the margin capability, Robinhood may be the right investment app for you.
It comes as no surprise that Vanguard’s competitive advantage lies in its pricing. After all, would you expect anything less from one of the industry’s forerunners in low-cost investing? What I wanted to know was how well the Vanguard app measured up, when compared to the competition.
With the Vanguard app, you can place trades on thousands of funds and ETFs free of charge. In addition, there are no account fees, nor is there a minimum balance requirement. Where Vanguard comes up short is in its functionality as a stock trading platform. The app is not as capable as offerings from competitors such as TD Ameritrade, and E-Trade.
Not only that, Vanguard’s fee structure for stock trading is somewhat complicated, in fact, it could be argued that it’s biased against active trading. Here’s an example: If you have less than $50,000 in Vanguard funds, you’ll pay $7/trade. But after 25 trades, the fee increases to $20/trade, which alone is enough to steer active traders elsewhere.
In short, if you’re a buy and hold ETF investor, better yet, a dedicated Vanguard investor, you’ll likely find this to be a perfectly suitable investing app. But if you’re looking for a place to buy and sell stocks on a regular basis, it’s best to look somewhere else.
Features:
Well suited for the buy and hold, Vanguard ETF investor
No commission fees on thousands of ETFs
No account fees, or account minimum
Top-notch educational resources available
$7 trading fee for stocks, rises to $20 over 25 trades
Complex fee structure for stock trading
Not suitable for active traders
Best for Socially Responsible Investing: Wealthsimple
Canada’s largest robo-advisor is now making inroads here in the US, with a mobile app that is intuitive, enabling much of the functionality of the desktop site. With Wealthsimple, you can choose from a selection of low-cost ETFs that will fit your investor profile. What I love most about Wealthsimple however, is their focus on Socially Responsible Investing (SRI).
These days, more and more investors are steering clear of companies that may not reflect their values. Wealthsimple makes that easier through their SRI ETFs, which include holdings in the low carbon, cleantech, and affordable housing sectors. In addition, Wealthsimple offers a Halal portfolio, which only includes investments that align with Islamic investing principles.
In other words, any company profiting from the sale of alcohol, tobacco, gambling, pork, or weapons, is excluded from the Wealthsimple Halal portfolio. Halal portfolios do not include income investments, such as bonds or CDs, as they are considered debt instruments. Because of this, rather than ETFs, Halal portfolios are made up of 50 carefully selected, individual stocks.
Features:
Robo-advisor offering a broad selection of low-cost ETFs
.50% annual fee on portfolios up to $100,000, .40% over $100k
No minimum investment amount
Socially Responsible Investing (SRI) available
Halal portfolio available
Best for Real-Estate Investing: Fundrise
The Fundrise investment app was designed with a very specific customer in mind: the real-estate investor. Advertising themselves as an alternative to the stock market, Fundrise enables investors to select from portfolios comprised of private real-estate investments. Fundrise portfolios are tailored to three specific asset allocation models – income, balanced, and long term growth.
What I love about Fundrise is that they make real-estate investing accessible to almost anyone, with a $500 minimum investment. There is an annual fee of up to 1.00%, which is not far off some of the robo-advisor competition.
I will issue a note of caution relating to the historical returns that are advertised prominently on the Fundrise website. Not only is past performance not an indicator of future returns, but Fundrise portfolios have yet to endure a severe market downturn, having only been around since 2012.
That said, real-estate investing, in general, has proven to be a suitable long term investment for many generations. If you’re looking for a way to add some variety to a standard stock and bond portfolio, Fundrise may be a good alternative.
Similar to other micro-investing apps, Stash makes it easy to get started, by saving very small sums of money. What I love about their investment app, is that it allows you to open an account in only a couple of minutes. Not only that, but as soon as you deposit $5, they’ll match it with a $5 contribution of their own.
Investment apps like Stash make micro-investing possible because they have the ability to purchase fractional shares of the underlying investments (stocks and ETFs).
You can actually browse through a large selection of stocks and ETFs on the app, making it easy to choose a portfolio that aligns with your values. As I mentioned earlier, Stash ETF portfolios have some pretty creative names. Who wouldn’t want some Retail Therapy, or Delicious Dividends.
Features:
Same pricing as Acorns
Ability to invest small amounts with fractional share capability
Customized ETF portfolios to align with your values
$5 welcome bonus (with a $5 deposit)
Ideal for beginner investors
$1/monthly fee might not be worth it for everyone
Which Investment App is Right for Me?
To figure out which investment app is right for you, start by deciding which features are the most important.
If simple, automated savings is what you’re after, Acorns is probably your best bet. Serious stock traders will prefer the robust trading platforms and research tools offered by TD Ameritrade or E-Trade, while fans of Vanguard may be satisfied with its offering of thousands of free ETFs.
Either way, once you know what you’re after, the final decision becomes a lot easier.
The good people at the Debt Pay Companies sent me the following press release to share. I’m happy to do that but honestly, I don’t get how this is big news and seems like a lot of fluff and words.
As I said to them, “I’m happy to publish that, but honestly, it just comes off as a standard puff rebranding piece nobody cares about.
Do you have a story to share rather than marketing?”
The answer was nothing more was forthcoming.
Maybe I’m missing something here but what I got out of this is we are great and just changed our name. Please feel free to post a comment if that observation seems off-base.
I wonder how many people will read that new name as Fourth?
So, here is the press release.
Press Release
The Debt Pay Companies are now Forth
The Debt Pay Companies, leading providers of CRM and payment services to the debt relief industry, today launched a major rebranding initiative that reflects the integration of service offerings to seamlessly support debt settlement companies and their customers. Under the new Forth, Inc. brand, the companies will be led by the same trusted teams at Debt Pay Gateway and DebtPayPro. Existing partners and consumers can expect a seamless transition, while Forth continues to demonstrate its commitment to “Paving the way for financial wellness.”
Founded in 2009, Forth has served debt relief service providers with robust solutions that include CRM, marketing automation, payment processing and dedicated account management offerings. With a focus on security, compliance and reliability, they have fostered close relationships in the debt relief space that inspire the Forth team to find new and better ways to serve the industry.
Do You Have a Question You’d Like Steve to Answer? Click Here.
The decision to integrate the two companies under a single, unified brand emerged from a robust strategic planning effort that began in 2021. Juan Cahue, Chief Operating Officer, states, “We have witnessed tremendous growth across our businesses over the past 13 years, while watching strong synergies emerge. Recognizing these synergies — and choosing to invest in them — allows us to bring a wealth of resources and industry experience into focus to achieve a singular, unified mission.”
Establishing the Forth brand has allowed the company to repackage its services and capabilities to better serve the debt relief ecosystem. Michael Duckett, Chief Information Officer, shares details. “Forth functions as our overarching brand that today includes Forth CRM — end-to-end cloud-based solutions that securely integrate data, tools and functionality to create a seamless experience for debt relief solutions teams and their consumers and Forth Pay — our transaction management and accounting platform that offers dedicated accounts and a creditor portal that is native to Forth and works seamlessly with the Forth CRM. These products can be used together or separately, depending upon the needs of our partners and their customers. Over time, the umbrella brand gives us both the structure and the flexibility to seamlessly introduce new products and services as our industry continues to evolve and needs change.”
“The debt relief world has evolved over the past 15 years as the industry has made great strides to become more tightly regulated and transparent,” explains Chris Queen, Co-founder and Co-CEO. “And as the options for settling debt have been legitimized and standardized, consumer attitudes have begun to turn more positive. This allows us the opportunity to serve a new generation of debt-holding consumers who see third-party debt relief as their best path to financial wellness.”
Kris Kehler, Co-founder and Co-CEO elaborates, “As our confident, optimistic name implies, we have eyes on the future, and we’re dedicated to leveraging our exemplary team, track record, technology and operational platform to help consumers exit debt. With every passing year, we continue to observe that when consumers are supported through debt relief with integrity and dignity, they embark on a powerful path to financial wellness that can transform their quality of life — and that of their families — for the long haul.”
The rebranding initiative began in July 2021 with the help of brand consultancy, Otherwise Incorporated. Nancy Lerner, Otherwise Co-founder and Chief Brand Strategist explains, “The new name works as a declaration and an invitation; a starting point. It captures a moment in time when the past and the present turn toward the future, fueled by enormous possibility.”
Lerner continues, “Guided by the new name, we set out to design the visual identity, with a mark that represents a kind of passage or gateway to stability and peace of mind. The symbol is also a trompe l’oeil, since it makes a flat object appear to be three-dimensional; this adds energy and serves as a provocative focal point for attention. And finally, the right side of the mark is also an arrow, leading the way to change and progress.”
The brand was initially introduced to partners in the debt relief industry in October 2022 at the annual American Fair Credit Council conference. The full launch is supported with a fully-integrated, holistic buildout of the brand, including new website, marketing collateral and consumer communications. – Source
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
With fixed-rate mortgages no longer on sale, I thought it’d be useful to take a look at the top adjustable-rate mortgage lenders nationwide.
These are the companies that originated the most ARMs on a loan volume basis for the most recent year data is available.
In 2021, some $611 billion in ARMs were funded by over 3,000 mortgage companies. So it clearly wasn’t a niche product.
But 10 companies stood above the rest. And guess what? They’re all banks!
Read on to see the top 10 lists for more details.
Top Adjustable-Rate Mortgage Lenders in the U.S.
Ranking
Company Name
2021 Loan Volume
1.
Chase
$41.8 billion
2.
Bank of America
$33.5 billion
3.
First Republic Bank
$23.8 billion
4.
Wells Fargo
$21.1 billion
5.
U.S. Bank
$18.0 billion
6.
PNC Bank
$11.7 billion
7.
Charles Schwab Bank
$11.6 billion
8.
Citizens Bank
$11.0 billion
9.
Union Bank
$10.1 billion
10.
Citibank
$10.0 billion
Coming in first place was JPMorgan Chase with nearly $42 billion in adjustable-rate mortgages (ARMs) funded in 2021, per HMDA data from Richey May.
That was more than enough to take the top spot, with second place Bank of America mustering $33.5 billion in ARMs.
In third was First Republic Bank (yes that bank) with $23.8 billion funded, making them a huge ARM loan player as well.
And if the recent fallout is permanent, it will create a sizable gap in the residential ARM loan market.
Taking fourth was Wells Fargo with $21.1 billion in ARM origination volume, followed by U.S. Bank with $18 billion.
The rest of the top 10 included PNC Bank, Charles Schwab Bank, Citizens Bank, Union Bank, and Citibank.
For the record, Union Bank was acquired by U.S. Bank in late 2022. So there might be two vacancies in the top 10.
The top nonbank ARM lender was Rocket Mortgage, which originated $6.2 billion in ARMs in 2021.
Top 7/1 ARM Lenders in the U.S.
Ranking
Company Name
2021 Loan Volume
1.
Chase
$13.2 billion
2.
Bank of America
$11.7 billion
3.
Wells Fargo
$11.1 billion
4.
First Republic Bank
$8.9 billion
5.
Charles Schwab Bank
$4.1 billion
6.
Union Bank
$3.6 billion
7.
U.S. Bank
$3.1 billion
8.
Rocket Mortgage
$3.0 billion
9.
PNC Bank
$2.8 billion
10.
NYCB (Flagstar)
$2.8 billion
There are a variety of different adjustable-rate mortgages, with the 7/1 ARM perhaps being the most popular lately.
It provides a full 84 months of fixed payments before becoming adjustable.
Leading this category was Chase with $13.2 billion funded, followed by Bank of America with $11.7 billion and Wells Fargo with $11.1 billion.
In fourth was under-fire First Republic Bank with $8.9 billion, and Charles Schwab Bank rounded out the top five with $4.1 billion.
The bottom half of the top 10 included Union Bank, U.S. Bank, Rocket Mortgage, PNC Bank, and New York Community Bank.
Recently, NYCB’s Flagstar Bank unit took over the deposits and certain loan portfolios of failed Signature Bank.
The next biggest nonbank player in the 7/1 ARM game was loanDepot with $2.0 billion funded.
Top 5/1 ARM Lenders in the U.S.
Ranking
Company Name
2021 Loan Volume
1.
Chase
$17.3 billion
2.
NYCB (Flagstar)
$3.4 billion
3.
Bank of America
$2.6 billion
4.
Charles Schwab Bank
$2.4 billion
5.
State Employees CU
$2.3 billion
6.
Signature Bank
$1.6 billion
7.
Luther Burbank Savings
$1.5 billion
8.
Axos Bank
$1.4 billion
9.
Wells Fargo
$1.4 billion
10.
Pacific Premier
$1.2 billion
Another popular type of adjustable-rate mortgage is the 5/1 ARM, which provides fixed payments for 60 months.
Once again, Chase led in this category with $17.3 billion funded, blowing away the competition and then some.
In second was NYCB (Flagstar Bank) with $3.4 billion, followed by Bank of America with $2.6 billion.
Fourth place went to Charles Schwab Bank with $2.4 billion and State Employees Credit Union snagged fifth with $2.3 billion.
The North Carolina-based company was the only credit union to make the top-10 list.
Sixth place went to now-defunct Signature Bank and so-called boutique bank Luther Burbank Savings grabbed seventh.
Axos Bank, Wells Fargo, and Pacific Premier Bank rounded out the top ten.
Where to Get an Adjustable-Rate Mortgage?
As you can see from these lists, depository banks dominate adjustable-rate mortgage lending.
So if you’re looking to get your hands on an ARM, instead of a boring old 30-year fixed, a bank might be a good place to look.
In fact, only two nonbank lenders made it into the top-25, Rocket Mortgage and loanDepot.
Banks tend to keep ARMs and other non-agency loans (Fannie/Freddie/FHA/VA) on their own books.
This allows them to offer portfolio loans with their own unique terms that other companies may not.
If you are considering an ARM vs. fixed-rate mortgage, be sure to pay close attention to the spread between products.
This is the difference in interest rate, which will help you determine the potential savings, which must also be measured against the risks of an ARM resetting higher.
The story of the banking industry is, in many ways, the story of America. Immigrant successes, Westward expansion, rebuilding after massive losses, inventing new technology… American banks have been part of all these efforts and more.
This is especially true of the largest banks in America. With international presence and massive amounts of wealth, these banks play an important role in the history and future of world finance.
What’s Ahead:
1. JP Morgan Chase
Assets: $3,380,824M
Number of U.S. branches: 4,828
HQ: Columbus, OH
JP Morgan Chase’s ancestor institution, The Bank of The Manhattan Company, began as a water supplier. In 1799, New York Assemblyman Aaron Burr led an initiative to bring Manhattan residents fresh water. The entrepreneurial Burr used his state charter to start both a waterworks and a bank, which would outlive the water company and merge with Chase Bank in 1955.
Two other large institutions gave the bank its name. Famous financier J. Pierpont Morgan joined an 1871 merchant banking partnership to support American industrial growth. Publisher John Thompson established Chase National Bank in 1877, naming it after friend and Supreme Court Justice Salmon P. Chase. By 1930 Chase National Bank was the world’s largest.
Morgan spurred his firm’s growth by financing the railroad industry in the late 19th century. Struggling railroads like the Erie and the Northern Pacific got “Morganized” with cost-cutting measures and restructuring. Other companies that would later be a part of JP Morgan Chase founded American engineering projects standing today, like the Brooklyn Bridge and the Statue of Liberty. In 1904 J.P. Morgan & Co. financed the Panama Canal with a record-breaking real estate transaction of $40 million.
Later, JP Morgan Chase-affiliated institutions spearheaded 20th-century banking technologies including cash dispensers — the ancestors of ATMs — and home banking services.
2. Bank of America
Assets: $2,440,022M
Number of U.S. branches: 3,895
HQ: Charlotte, NC
Bank of America began in San Francisco as Bank of Italy. It traces its roots to 1904, when founder Amadeo Giannini, an Italian-American, had a vision for a new type of bank.
At the time major banks only catered to the wealthy. The Bank of Italy provided loans to middle and working-class Americans, immigrants, and farmers. Giannini convinced his neighbors, many of whom were fellow immigrants, to keep their money safely in a vault and earn interest. He began operations in a former saloon.
Giannini’s bank grew quickly and changed its name in 1930 to a name he felt better described his mission: Bank of America.
Bank of America continued to make inroads beyond its West Coast headquarters. By Giannini’s death in 1949 the bank was the world’s largest with $6 billion in assets.
In 1958, Bank of America issued the first bank credit card. By 1991, Bank of America had purchased a major California competitor and become the first bank to operate from coast to coast in the United States.
The 2009 acquisition of Merrill Lynch helped turn Bank of America into the largest wealth-management corporation in the world.
3. Citigroup
Assets: $1,720,308M
Number of U.S. branches: 666
HQ: Sioux Falls, SD
When the First Bank of the United States lost its charter in 1811, several of its investors decided to charter their own banks. One of these new banks was the City Bank of New York, founded in June 1812.
It was led by Samuel Osgood, a former member of George Washington’s cabinet and a Revolutionary War veteran. The bank was one of the first institutions to set up an office on Wall Street before the street became a financial hub.
City Bank saw opportunities in the early transportation industry. In the 1850s, bank president Moses Taylor invested in railroads and steamships.
City Bank was also the first American bank to open a department abroad. By 1915 it was the nation’s primary international bank. Texas entrepreneur James Stillman became bank president in 1891 and started trading with countries like Spain, Japan, and Brazil.
After a series of mergers, the former City Bank branched out into a holding company (Citigroup) and a banking business (Citibank) in the 1970s, forming Citigroup Inc. in 1998.
4. Wells Fargo
Assets: $1,712,535M
Number of U.S. branches: 4,739
HQ: Sioux Falls, SD
The California gold rush inspired investing partners Henry Wells and William Fargo to open a new venture in San Francisco in 1852. Wells, Fargo & Co. operated a bank and express delivery service for gold. As gold miners spread to cities and camps throughout California, Wells Fargo & Co. followed.
The company made its name in transportation. Prospectors needed to get their gold from coast to coast. There was a huge market for other transit needs, too, like communicating messages.
Wells Fargo used steamships, ponies, railroads, telegraphs, and stagecoaches to make deliveries across the developing West. They operated the western leg of the Pony Express in 1861 and expanded with the transcontinental railroad in the 1870s.
By 1888, Wells Fargo, using the mottoes “Ocean-to-Ocean” and “Over the Seas,” ran the U.S.’s first national express company and looked towards global expansion. They also boasted the world’s largest collection of stagecoaches and served areas where railroads didn’t run.
5. U.S. Bank
Assets: $582,253M
Number of U.S. branches: 2,251
HQ: Cincinnati, OH
Like most banks on the list, U.S. Bank is the product of multiple mergers. The combined power of several original “legacy” banks across the country, from Oregon to Ohio to Colorado, helped make U.S. Bank the success it is today.
U.S. Bank’s oldest legacy bank, Firstar of Milwaukee, was founded in 1853 as Farmers and Millers Bank. And the administration of President Abraham Lincoln approved the charter for the First National Bank of Cincinnati (later Star Banc) in 1863, in the midst of the Civil War.
San Miguel Valley Bank in Colorado, later part of U.S. Bank, earned its own claim to fame when it was robbed by Butch Cassidy in 1889 — the first bank the outlaw ever robbed.
As American prospectors and businesspeople went West to seek profits, U.S. Bank expanded westward as well. The United States National Bank of Portland opened in 1891 in Oregon. It later formed a holding company called U.S. Bancorp. U.S. Bank locked in its name before a 1913 law prohibited other banks from using “United States” in their names.
Over a century later, in the early 2000s, Firstar of Milwaukee — now much larger and wealthier than the Farmers and Millers Bank of 1853 — combined with U.S. Bancorp. More regional mergers and acquisitions in the 1990s and 2000s added Star Bank, along with regional banks in Missouri and Minnesota, to the U.S. Bank fleet.
6. PNC Bank
Assets: $534,347M
Number of U.S. branches: 2,639
HQ: Wilmington, DE
PNC stands for Pittsburgh National Corporation. In some ways, PNC hasn’t strayed far from its Pennsylvania roots. The company still does business in the same Pittsburgh location where the First National Bank of Pittsburgh opened in the mid-19th century Civil War era.
The bank continued to serve the community during the Great Depression in the 1930s, partnering with Peoples-Pittsburgh Trust Company to finance local improvement projects. They established a simple process for home and auto loan approvals and opened branches in small Pennsylvania manufacturing towns.
In 1983, PNC merged with the bank Provident National Corporation, taking advantage of new laws that permitted statewide banking. At the time, this was the largest merger in U.S. banking history. Conveniently, the two companies had the same initials.
As technology took on a larger role in banking, PNC established a common platform for each of its member banks in 1990. This way, customers had consistent access to the same services. A 1999 acquisition of an investor services group helped PNC branch into the worldwide investment industry.
7. Truist Bank
Assets: $532,080M
Number of U.S. branches: 2,117
HQ: Charlotte, NC
A company with proud Southern roots, Truist began in Atlanta, Georgia, as the Commercial Travelers’ Savings Bank in 1891, with a grocer as its first president. The bank moved into an eight-story building a few years later (the first “skyscraper” in the South) and became Trust Company of Georgia (TCG), focused on investment banking.
TCG also played a role in financing one of the country’s favorite drinks. In 1919, TCG purchased the Coca-Cola company and received $110,000 of shares in Coca-Cola stock.
After becoming a full-service commercial bank in 1933, TCG expanded through Georgia and the southeast. They merged with Florida-based Sun Banks, Inc., in 1985, the largest bank merger in the American southeast at the time. The new company, SunTrust, became one of the first banks to use electronic check transactions in 2004.
A much larger merger followed in 2019, as SunTrust combined with fellow Southern bank BB&T. To start fresh as a new institution, the now-larger bank hired a branding company to come up with an original name. As American Banker reports, many customers thought the name Truist was strange — but this doesn’t seem to have impacted the company’s profits.
8. Goldman Sachs
Assets: $501,906M
Number of U.S. branches: 3
HQ: New York, NY
Marcus Goldman, a German American shopkeeper living in New York City, found a niche in the banking market in 1869. His “commercial paper” trading business helped merchants and small businesses get short-term funds without paying for pricey bank credits. In 1882 his son-in-law Samuel Sachs joined the firm.
The newly named Goldman, Sachs & Co. was trading on the New York Stock Exchange by 1896. Business started booming. They scored big-name clients like Sears, Roebuck & Co., bought overseas banks, and started trading in international currency.
Goldman Sachs is known for pioneering the initial public offering or IPO, a process where a company offers shares of its stock for investors to buy. The IPO has since been essential to the growth of hundreds of companies and is one of the main ways companies raise capital.
9. TD Bank
Assets: $405,223M
Number of U.S. branches: 1,159
HQ: Wilmington, DE
TD Bank has Canadian roots. As the grain industry became more profitable in Canada, a group of merchants and grain millers founded the Bank of Toronto in 1855. A decade later in 1869, The Dominion Bank opened to serve Canadians, and both banks expanded across the country in the early 20th century.
After World War II, the two banks decided to merge in response to the challenges of the postwar economy. Their new combined name, Toronto Dominion (TD), has lasted since 1954.
Post-merger, TD Bank added substantially to its products and services, branching into mutual funds, discount and full-service brokerage, and commercial real estate. In 1987, the bank opened Toronto Dominion Securities Inc. for corporate investors.
Their expansion into the United States began in 2007-8 when TD Bank acquired the U.S.-based Commerce Bancorp. Commerce was known for its convenient hours, open seven days a week and almost 365 days a year. In its new incarnation, TD Bank adopted the tagline “America’s most convenient bank” throughout the U.S. and Canada.
10. Capital One
Assets: $388,440M
Number of U.S. branches: 296
HQ: McLean, VA
Compared to the other big banks in the United States, Capital One hasn’t been around for long at all. It wasn’t founded until 1988.
How did Capital One experience such rapid growth in only a few decades? Part of the answer is its niche expertise as a credit card company. Though Capital One has offered loans and consumer banking since 2005, its greatest profits in its early years came from customers’ desire for credit cards — which were more novel and exciting in the 1990s than they are today.
Capital One was pretty clever at growing its credit card business. The company used data to target customers with personalized offers, and grew its customer base by offering secured cards and joint accounts to customers with less-than-perfect credit. Additionally, Capital One offered the standout feature of letting cardholders design their own cards.
Catching up for its late start, Capital One acquired several other banks and increased its presence in the United States and Canada. By 2016, Capital One was the third-largest credit card issuer in the United States.
Nowadays, in addition to its booming credit card trade, Capital One has consumer banking and commercial banking divisions — including its Capital One 360 services that adapt checking, savings, and money market accounts for the digital age.
11. Bank of New York Mellon (BNY Mellon)
Assets: $365,102M
Number of U.S. branches: 29
HQ: New York, NY
The original Bank of New York (BNY) dates all the way back to 1784, when it was founded by Alexander Hamilton. BNY loans helped finance U.S. infrastructure projects like the Erie Canal and the subway in New York City.
Its future partner, Mellon Financial, got started in 1869 as a wealth management firm. Though the two companies are combined today, they still maintain a separate wealth management business.
In 2006-7, the Bank of New York acquired Mellon Financial and took on the new name BNY Mellon. The new company focuses primarily on corporate banking, including securities and asset management.
This focus is one reason for its huge profits; many of America’s large foundations, pension funds, and other Fortune 500 power players do business with BNY Mellon. By the end of 2020, the bank was servicing more money in assets than any other company in the world.
12. State Street Bank & Trust Co.
Assets: $296,434M
Number of U.S. branches: 2
HQ: Boston, MA
State Street’s predecessor banks date back to the 18th and 19th centuries. In 1792, Union Bank (later National Union Bank) was approved by Massachusetts Governor John Hancock and started business in Boston. They opened a headquarters on Boston’s State Street.
A century later in 1891, their competitor, the State Street Deposit & Trust Co., opened nearby. The two Boston banks merged in 1925 and kept the name of the street they had in common.
One major factor in State Street’s expansion was its embrace of technology and software. In 1973, when computers were still being developed, State Street acquired part of Boston Financial Data Services and began using data processing to improve their accounting and customer service.
When a 1974 law increased companies’ responsibilities to report pension plans to the government, State Street worked on software that helped companies maintain these records. That same year, the bank opened its own data processing headquarters in a Boston suburb.
Summary
The 12 biggest banks in America all have different stories, but also many things in common: savvy entrepreneurs behind them, massive growth fuelled by mergers and banking innovations, and a whole lot of assets in their vaults.
Today is April 15th, and it appears that economic impact payments passed as part of the CARES Act, also known as 2020 stimulus checks, are now being direct deposited into people’s accounts.
If you haven’t received your stimulus direct deposit yet, and you did not file your 2018 or 2019 taxes, you may need to go to the government site for “non-filers” and enter your payment information.
Also, if you did file you can go to the “Get My Payment” page via the same link, and check your payment status, confirm your payment type and enter your bank account information for direct deposit if the IRS doesn’t have your direct deposit information. While the portal was buggy at first, the IRS updates to taxpayer data have improved things.
For most people the coronavirus stimulus checks are sorely needed with millions of new people filing for unemployment in the past few weeks due to the COVID-19 pandemic.
It is estimated that the 4 week total for unemployment claims will top 22 million, roughly one in eight in the workforce.
If you’re out of work due to a layoff, furlough or other reason it’s important to file for unemployment insurance right away, and then to look into making sure you’ve done everything you need to in order to claim your first stimulus check.
With individuals able to claim a $1,200 payment, and couples collecting $2,400, the money should help plug some holes. If couples have eligible children under 17 they can also collect $500 per child.
A hypothetical family of 4 (like ours!) would be able to collect an economic impact payment of $3400.
With the stimulus payments starting to go out today, people are already starting to talk about a possible second stimulus check.
Today we’ll explore what people received for the first stimulus payment, who was eligible to receive it. Then, we’ll explore the following question:
Will there be a second stimulus check for 2020?
The “In Case Of Emergency Binder” is over 90 pages of simple, printable worksheets to organize everything your family may need to know in the event of an emergency, like the current one. Learn More about the ICE Binder.
The First 2020 Stimulus Check Details
As the COVID-19 virus began to spread it was clear that extraordinary measures would need to be taken in order to give help to states, businesses, the health care industry and to individual taxpayers.
To date we’ve had 3 coronavirus aid packages passed by Congress and signed into law by President Trump.
Coronavirus Aid Package – Phase 1: This $8 billion package passed in March included emergency spending to boost funding for testing of the virus, money to help pay for vaccines and help fund costs of medical expenses related to the virus.
Coronavirus Aid Package – Phase 2: Phase two was signed into law in mid-March and included $100 billion in paid sick and family leave protections, free testing for many, expansions of unemployment assistance and more.
Coronavirus Aid Package – Phase 3: The third phase of coronavirus aid, the Coronavirus Aid, Relief and Economic Security (CARES) Act, was signed into law at the end of March. It is a $2.2 trillion stimulus package designed to give direct payments to individuals and small businesses in order to help during this extended mandatory shutdown. It also expands on existing unemployment insurance benefits giving an additional 13 weeks of unemployment, and a bump in maximum weekly benefits of $600 through 7/31/20. It also gives unemployment benefits to some who typically don’t receive them, gig workers and self-employed individuals.
Who Is Eligible For The First Stimulus Check?
With the first stimulus checks being sent out let’s examine all of the details about who gets them.
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First of all, who is eligible to receive the first stimulus payment?
Just about anyone that has a Social Security Number and who isn’t claimed as a dependent on someone else’s return. They just have to make less than the income phaseout range to earn the full refundable tax credit.
Individual taxpayers get a $1,200 payment.
Couples get $2,400.
If you have a qualifying child based on the same criteria as the Child Tax Credit (16 and under on 12/31/2020) you’ll get an additional $500 for each child.
Once taxpayers reach an adjusted gross income threshold of $75,000 ($150,000 couple) the refundable tax credit begins to phase out at a rate of $5 for every additional $100 above the limit. Once income reaches the level of $99,000 ($198,000 couple), the credit is phased out completely.
The income range is determined from your 2019 taxes. If you haven’t filed yet for 2019, your 2018 tax returns will be used.
If you qualify for the payment based on your 2018 return, but not your 2019 return, you may want to hold off on filing 2019 because you may be able to receive the payment. From what they’re saying economic impact payments will not be clawed back if people don’t qualify based on their final 2020 taxes.
So let’s look at a few of hypothetical scenarios:
Example 1: A couple files taxes married filing jointly and has 2 children under 10 years of age. They make $140,000 in income. They would get $2,400 for filing jointly as a couple, and then $500 for each child, for a total of $3,400.
Example 2: A couple files taxes married filing jointly and has one child 14 years of age, and one 17 years of age. They make $70,000 in income. They would get $2,400 for filing jointly as a couple, $500 for the 14 year old child, and nothing for the 17 year old since they are over 16 years old. They would receive a total of $2,900.
Example 3: An individual files taxes as a single person and has no children. They make $92,000 in income. They would get a reduced stimulus payment since their income is $17,000 over the $75,000 threshold, but under the $99,000 cutoff. The individual would receive a total of $350. ($1,200-$850 reduction).
Example 4: A couple files taxes married filing jointly and has one child 17 years of age, and one at 21 years of age. Both are still claimed as dependents. The couple makes $199,000 in income. They would get $0 for filing jointly as a couple since they’re over the income phaseout limit, and then $0 for the children since they’re both over 16 years of age. The two children cannot claim their own individual stimulus payment either since they are claimed as dependents on their parents tax returns. The entire family would receive no stimulus payment.
There are a thousand different possible scenarios. The key is to figure out where you fall with your adjusted gross income as an individual or family, calculate if you can claim your kids for the extra $500 based on their age.
For a more in depth discussion of who is and isn’t eligible, please see our full post on the 2020 stimulus check.
Is There Going To Be A Second Stimulus Check For 2020?
On or around April 15th the economic impact payments included as part of phase three of the coronavirus aid packages started to be deposited into taxpayer accounts. Here’s one from another publisher below.
Checks will start to go out in following weeks, with checks going to those with lower income first.
Ever since the CARES Act passed and was signed into law on March 27th, there has been quite a bit of talk that one round of stimulus payments for individuals and business might not be enough.
From the Wall Street Journal:
As lawmakers last week completed a record-shattering economic-rescue package estimated at $2 trillion, Senate Minority Leader Chuck Schumer (D., N.Y.) predicted: “This is certainly not the end of our work here in Congress—rather the end of the beginning.”
Legislators from both parties, administration officials, economists, think tanks and lobbyists are already roughing out the contours of yet another emergency-spending package—perhaps larger than the last—to try to keep the coronavirus crisis from turning into a 21st-century Great Depression. Many expect the debate to begin in earnest by late April.
The article talks about how in the week after the phase 3 stimulus package was passed, that they were already talking about extending the stimulus/aid package into a phase 4 aid package. Among the things they floated that they’d like to include:
More money to shore up state government budgets.
Extension of unemployment benefits from the phase 3 package to make the benefits last even longer.
Funds to increase testing and supplies for testing and other healthcare spending.
Plugging holes in the phase 3 bill (Giving benefits to those who should have received them but didn’t).
Hazard pay for essential workers.
Possible additional stimulus payments.
All of this is hypothetical at this stage, and lawmakers made clear that they want to give the phase 3 plan time to work so that they know better what type of additional measures might be necessary to give our economy a boost.
One question hanging over what is already being called “Phase Four” is whether that spirit of urgency and compromise can continue as the downturn advances. Or, will Washington return to the polarization that has often paralyzed Congress in recent years—especially as the November elections erode incentives for cross-party cooperation?
Another concern: Legislating amid travel restrictions and the risk that more in Congress come down with the disease.
Policy makers and economists will need to assess in coming weeks whether the most recent package does enough to tide over companies and workers through the end of the shutdown—whenever that occurs—or whether prolonged closures require another dosage of the same medicine.
President Trump has mentioned that they are now considering a second round of stimulus payments. Congressional leaders and President Trump have stated publicly that another recovery package might be necessary.
Even before Americans get to cash in their stimulus payments, President Donald Trump is floating the idea of a second round. At Monday’s news briefing, Trump said a second set of direct payments is under consideration to help blunt the economic impact of the coronavirus pandemic.
“We could very well do a second round,” Trump said. “It is absolutely under serious consideration.”
In a later tweet Trump signaled something else for phase 4.
In a tweet, Trump said infrastructure should be the focal point of the phase-four stimulus package. Aid to healthcare and broadband infrastructure will likely get bipartisan support in Congress, according to The Hill.
House Speaker Pelosi has said she would like direct payments to be a part of a second round.
Pelosi has said that another stimulus should include a second round of direct payments. This month, many Americans taxpayers received stimulus checks of up to $1,200 for single filers and up to $2,400 for married couples. But many congressional Democrats have said that the $1,200 check, which barely covers what the average American spends on rent and utilities, doesn’t go far enough. Pelosi’s plan would also give more aid to states, cities, small businesses, health systems, and first responders, Politico reported.ABC News reported that Pelosi hoped to bring the phase-four stimulus package to the House floor in late April.
At this point both Democrats and Republicans have brought measures to Congress to supply an additional $250 billion in small business funding to shore up measures from phase 3, but both competing measures have failed.
Possible Second Round Of Stimulus Checks
This past week we have seen several competing proposals for additional stimulus payments in Congress.
A group of 62 members of Congress, Senator Kamala Harris, Senator Bernie Sanders and Representative Alexandria Ocasio-Cortez among them, have urged Senate and House leaders to make the stimulus payments a monthly occurrence.
Representatives Ro Khanna and Tim Ryan, Democrats from California and Ohio respectively, have proposed recurring stimulus payments of $2,000 per month for at least 6 months, along with $500 per child up to 3 children. To be eligible you would have to earn less than $130,000 as a single filer, or $260,000 as a married couple. Taxpayers 16 and older would be eligible.
Republican Senator Josh Hawley has proposed the federal government cover 80% of wages for workers at any U.S. business up to the national median wage, until the crisis ends.
Senate Democrats have proposed a “heroes fund” to give a $25,000 pay increase to so called “essential workers”, health care workers, grocery clerks and delivery drivers among others. They also proposed a $15,000 bonus to recruit new essential workers.
At this point the very earliest we would likely see details of any concrete phase 4 plan would be after Congress returns to the Capitol on May 4th.
So for now, take advantage of your stimulus check from the first round, and stay tuned for details on a phase 4 stimulus package.
We’ll update here as to what ends up passing (if anything), and let everyone know if there will be additional direct stimulus payments to taxpayers.
In the meantime, what would you do with the money if you received a second stimulus check? Have you received the first stimulus yet? Tell us in the comments.
Create Your Own Income Stimulus Package
While we’re waiting to hear about whether there is going to be another stimulus, it might not be a bad idea to start creating your own stimulus package of sorts. Every little bit of income helps right now.
Here’s a few posts that talk about ways to make some extra money in the midst of the downturn.
Looking for the best money saving apps and websites?
When it comes to using technology to save money, there are a variety of money saving apps and websites to choose from. I’ve sifted through the best personal finance apps to find which ones will help you save the most money, and I’m sharing a list and summary of your best options.
What I love about these kinds of apps is that you can easily keep track of your savings. You can simply pull out your phone and see what’s happening with your finances.
Whether they make managing your money easier, allow you to make or save more money, simplify financial tasks, cut your expenses, or something else, there are many benefits to the apps I’m sharing today.
Saving money is so important, but it can be difficult to do with the rising cost of things. That’s why every little bit counts when it comes to saving money!
The money saving apps and websites below will help you:
Save money from your phone
Save/earn money when shopping online
Manage your money online
Side hustle online
Save when you grocery shop
Set and reaching savings goals
Invest for your future
Improve your spending habits
Cut your expenses
And more.
The apps I’m sharing will work on Apple iOS, Android, laptop, and/or tablet. You should be able to sign up for them through your phone’s app store or by visiting the company’s website.
In today’s article, I am going to explain the top money saving apps and answer frequently asked questions, such as if money saving apps are safe, why these apps are willing to pay you cash, and more.
Related content:
20 Best Money Saving Apps
Before we begin, I want to quickly list out all of the best money saving apps below:
Personal Capital
Capital One Shopping
Upside
Fetch Rewards
Ibotta
Qapital
Yotta Savings
Swagbucks
Rakuten
Acorns
American Consumer Opinion
Neighbor
Survey Junkie
InboxDollars
Decluttr
Bestmark
RVshare
Get Jerry
Chime®
Albert
1. Personal Capital
Personal Capital is a very popular personal finance and investment portfolio tool.
With Personal Capital, you can see your net worth, see if you’re saving enough for retirement, set a monthly spending target (and organize your spending and savings), analyze your cash flow, check up on your investments, and more.
There’s even a feature that analyzes your investment fees. It helps you identify places you can save on fees, which will help you put more of your money to work for you.
Personal Capital also has a high-interest rate savings account. This is a fee-free, FDIC-insured account, and it currently offers a savings APY of 3.35%!
Plus, it’s a free personal finance app that you can access right from your phone.
You can learn more about Personal Capital here.
2. Capital One Shopping – Automatically apply coupon codes
Capital One Shopping is one of the best money saving apps because it automatically applies coupon codes when you’re shopping online. That means you don’t have to search for coupon codes, which can save you time and money.
This is one of the best automatic savings apps because you don’t have to do anything extra. The Capital One Shopping app does the work for you by running through a variety of coupon codes as you check out, and then it automatically applies the best digital coupons for you and your purchase.
It’s free to use Capital One Shopping, and it is a browser extension that works with all major browsers.
You simply just shop as you normally do, and the Capital One Shopping app works in the background. I have it installed on my laptop, it works great, and I am always able to find the best deals with no extra time spent on my end.
You can sign up for Capital One Shopping here.
3. Upside – Save at gas stations
Upside helps you find gas stations, groceries, and restaurants where you can earn cash back on your purchases. You simply sign up for a free account, and then look at the Upside app to find places near you.
You can earn up to $0.25/gallon cash back at gas stations, up to 30% back on grocery purchases, and up to 45% back at restaurants. This app can help you offset the cost of inflation by helping you save money on everyday purchases.
App users can earn cash back at more than 50,000 locations nationwide, such as Shell gas station, Phillips 66, Burger King, Dunkin Donuts, Piggly Wiggly, and so much more.
One of my favorite Upside features is the map that tells you how much each gas station in your area is charging for a tank of gas. This helps you find the lowest price possible, while also giving you cash back.
You can check out Upside here to learn more.
4. Fetch Rewards – Scan your grocery receipts
If you’re looking for the best money saving app for groceries, I’ve been using Fetch Rewards the last few months, and it is so easy to save on groceries and other daily purchases!
Fetch Rewards is a cashback and gift card app that rewards you for purchases that you’ve already made.
With Fetch Rewards, you can earn points by submitting your receipts to the Fetch Rewards app from any grocery store, clothing store, restaurant, gas station, and more. Yes, ANY!
Then, you can redeem the points that you have earned for gift cards (to places such as Target or Amazon) and other rewards.
All you have to do is take a picture of your receipt with your cell phone, and you can easily earn points. I scan any and all receipts into my Fetch Rewards app and can easily earn rewards.
Here’s how Fetch Rewards works:
Shop like you normally would
Scan your receipt after you’re done
Earn points on Fetch Rewards
You can sign up for Fetch Rewards here.
5. Ibotta – Submit your receipts on your everyday purchases
With Ibotta, you simply create an Ibotta account, unlock rebates and rewards, go shopping, verify your purchases, and then get cash.
This is a great daily savings app. You can redeem rebates from over hundreds of stores, such as The Home Depot, Walmart, Chewy, and Best Buy.
You can earn cash back online as well as in-store, which is where Ibotta really stands apart from other companies. Plus, you can connect your favorite loyalty cards to your Ibotta account as well, and then Ibotta automatically applies loyalty discounts.
Ibotta is one of the easiest and best money saving apps because you’re making money shopping like you normally do. Ibotta then pays you in cash or gift cards to Amazon, Starbucks, and other stores.
6. Qapital – Save with minimal effort
Qapital is an app that can help you to save, invest, and spend with money better. This award-winning savings app has over 2 million users who have saved over $3 billion!
You can set triggers for saving, like when you post a status update to Facebook, every time you go for a run, when the space station flies over your house, etc. You can also set automatic deposits, do round-ups, and more. This can be a great way to get into automatic savings.
Qapital also has goal-based savings features, making it a great app for saving money for a trip, your wedding, emergency fund, and more. You simply set a savings goal, and Qapital automatically moves money into that account to help you realize your goal by your deadline.
There is a small monthly fee to use Qapital, but you can get a 30-day free trial. After that, they have three pricing tiers from $3 a month to $12 a month.
You can sign up for Qapital by clicking here.
7. Yotta Savings – Win up to $10 million weekly
The Yotta Savings app gives you the chance to win up to $10,000,000 weekly.
Yotta Savings uses the psychology that drives Americans to play the lottery to instead motivate Americans to save money.
For every $25 that you save with Yotta, you have the chance to win $0.10 all the way up to $10,000,000, every week.
If you don’t win, the cash you’ve saved still has a 0.20% savings rate, which is twice as high as the national average.
I personally signed up for Yotta Savings, and I think it’s a fun way to get people into saving more money. So many people enjoy playing the lottery, and this can be a great way to motivate people to save their hard-earned income.
There is even a Yotta debit card where you can earn 10% back and the chance to get any item you buy for free with the Yotta Debit Card. Plus, your savings accounts with Yotta are FDIC insured.
You can click here to download the Yotta Savings app. You can also learn more in my Yotta Savings Review.
8. Swagbucks – Complete simple tasks online
I started using Swagbucks years ago, and it has helped me easily earn extra cash on the side, and all you need is an internet connection.
There are many ways you can earn money on Swagbucks, such as:
Watching videos on their website
Playing free games online
Scanning your receipts
Installing the Swagbutton
Printing coupons
Answering daily polls
Searching the web and using their search engine
And much more.
Here’s how Swagbucks works:
You can join Swagbucks through my referral link, and receive a $10 bonus.
You can then earn points by taking online surveys, searching the web like you normally do, watching videos on Swagbucks, and shopping online.
Then, you can redeem your points for PayPal cash or gift cards (such as to Amazon or Walmart).
As you can see, Swagbucks is very easy to use!
9. Rakuten – Get cash back at online retailers
Rakuten (used to be called Ebates) is one of the best apps for saving money, and it allows you to earn free money for spending how you normally would online.
All you do is click on a store that you want to shop through (they have tons of stores such as Walmart, Target, Old Navy, etc.) and shop just like how you normally would shop online.
Rakuten makes a commission for referring you to the store you just shopped at, and they give you some of that money back as a reward. This can help you to trim your expenses and put a little more money back in your pocket. Who doesn’t love putting their money to work?
When you sign up through my link, you’ll receive a free $10 cash sign-up bonus.
10. Acorns – Invest your spare change
Is there an app that saves your spare change? Yes, and it’s called Acorns!
Founded in 2012, Acorns is the original micro-investment app. Micro-investing means you’re investing in fractional shares of stocks. So instead of buying a full stock share, you can invest with smaller amounts of money, which makes investing more accessible than ever before.
Acorns allows users to link and round up transactions to the nearest dollar from both debit and credit cards and essentially invest their spare change. Acorns also does 2x, 3x, and 10x multipliers on round-ups so you can maximize your investments.
For example: If you use a linked card to buy a $4.58 coffee, Acorns will round it up (to the nearest dollar) to $5 and invest the $0.42 difference.
Acorns also has many other features within their app, such as the ability to earn money while you shop, find jobs, and more.
You can click here to sign up for Acorns.
11. American Consumer Opinion – Paid online surveys
American Consumer Opinion is a survey company that I recommend, and it is free to sign up.
You can earn anywhere from $1 to $50 per survey taken through American Consumer Opinion, but $50 for surveys is pretty rare. It all depends on the length of the survey, and I would say the average is probably more around $1 to $5 per survey taken.
American Consumer Opinion also sometimes gives you free items to test out and give your feedback on.
They have paid out over $35,000,000 to survey takers and have posted over 20 million surveys. There are also over 7,000,000 active members.
You can sign up for American Consumer Opinion here.
12. Neighbor – Rent out your garage
Do you have unused storage space? If so, you may be able to earn money with it.
Neighbor is the Airbnb of storage space.
You can use this website to list your unused space for rent and earn up to $15,000 per year. With Neighbor, you can rent out your garage, driveway, basement, or even an unused closet.
You can set your own prices and decide for yourself what storage reservations you want to approve. You can even talk with renters in advance before deciding if they’re a good fit.
You can sign up for Neighbor for free here.
13. Survey Junkie – Share your feedback
Survey Junkie is a top survey company that provides online surveys that pay cash. You simply build a profile with them, and they match you to paid online surveys that fit your information.
They pay either cash through PayPal or with gift cards to places such as Amazon, Target, and more.
Survey Junkie accepts members from the United States, Canada, and Australia.
You can take surveys for cash by signing up for Survey Junkie here.
14. Inbox Dollars – Play games online and use coupons
InboxDollars is an online rewards website that rewards its members for watching videos, taking surveys, redeeming grocery coupons, playing games online, and more.
It is free to sign up and free to become a member.
Most of the paid online surveys on Inbox Dollars pay from $0.50 to $5.00 and take 3 to 25 minutes to complete.
Sign up for InboxDollars here and receive a free $5.
15. Decluttr – Sell your old phone
Decluttr is a website where you can sell your old cell phones, CDs, DVDs, games, and books.
It is one of the most popular buy-and-sell electronic/tech websites, and for good reason: They pay well and quickly.
Here’s how to make money on Decluttr:
Open Decluttr’s app and get a free instant valuation for the items that you want to sell.
Tell them the make, model, and condition of your cell phone. If you’re selling CDs, DVDs, or games, then you just enter your barcode or take a picture of the barcode with the Decluttr cell phone app.
If you’re happy with the amount that they are offering you for your item, then you simply get a box (any box that you think will keep it safe while it’s in the mail) and pack it up safely to ship to Decluttr. Decluttr sends you a free shipping label, and all you have to do is print out and tape it to your mailing box.
Once your item arrives at Decluttr and it’s been looked over and verified, you will receive payment the next day by direct deposit to your bank account or PayPal.
As you can see, it is easy to use this website. If you have items around your home that you are no longer using, then this can be an easy way to make money. I also recommend shopping through Decluttr if you want to save money on electronics!
You can check out Decluttr here.
16. Bestmark – Mystery shopping
Companies hire mystery shoppers because they want to get a better idea of what the customer experience is actually like. This could be a clothing shop, a car dealership, a movie theater, and more. Basically, any business that’s selling something to customers can benefit from mystery shoppers because they want to see their business through their customers’ eyes.
Mystery shopping can be an interesting way to make extra money online, while shopping in-store, over the phone, and so on.
In the past, I have done mystery shops that paid me actual money, and others paid me in free items too, such as a nice dinner out and makeup. After using Bestmark for mystery shopping, I highly recommend them.
There is no monthly fee with Bestmark, and it is free to sign up!
You can learn more at Want To Make An Extra $100 A Month? Learn How To Become A Mystery Shopper.
17. RVshare – Rent out your RV
If you have an RV that you aren’t currently using, then you may be able to earn $100 to $300 a day or more by renting it out to others through RVShare.
Think of RVshare as Airbnb for RVs.
You can rent all kinds of RV on RVShare, such as:
Camper vans
Travel trailers
Pop-ups
Class C Motorhome
Class A Motorhome
Toy hauler
RVshare also securely handles all payments and releases funds to your bank account one business day after the start of each rental.
Related: Have an RV that you want to rent out? Check out How To Make Extra Money By Renting Out Your RV.
18. Get Jerry – Save money on car insurance
When was the last time you shopped around for car insurance?
Even though it’s very easy, shopping around for insurance is something that most people avoid because it takes time. The problem is that not shopping around can cost you tens of thousands of dollars over your lifetime.
Jerry is an insurance comparison company that will help you get the best value car insurance.
With Jerry:
You can sign up in just 45 seconds
Compare quotes from over 45 companies
Save an average of $879 per year
You can shop car insurance rates through Get Jerry here.
19. Chime® – Round-up savings app
Chime is an award winning financial app that will help you save money and make the most of your spending. One of their most exciting features are automatic round-ups when you make a purchase. Chime will automatically round up your purchase to the next dollar amount and save the rest for you.*
Here are even more Chime features:
Get paid up to two days early^ when you set up direct deposit
No monthly fees and fee-free overdraft
Send fee-free payments to friends and family
Higher-than-average APY*
You can sign up for Chime here.
Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC.
*Round Ups automatically round up debit card purchases to the nearest dollar and transfer the round up from your Chime Checking Account to your savings account.
*The average national savings account interest rate of 2.00% is determined by FDIC as of November 17, 2022 based on a simple average of rates paid (uses annual percentage yield) by all insured depository institutions and branches for which data are available. Visit National Rates and Rate Caps to learn more.
^Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.
20. Albert – Simple saving and investing app
Albert is an app designed to make it easier to save and invest all in one place. This app has features for saving, investing, and budgeting.
They even have a Genius feature, which is an in-app chat where you can ask one of their Geniuses anything related to money, from credit cards, buying a car, student loans, and more.
You can learn more about Albert here.
Do money saving apps actually work?
Yes, money saving apps and websites actually work. They exist for a reason!
Now, not every single one will work for everyone, but there are many options that you may be able to try out.
I have personally used many money saving apps and websites over the years, from online savings accounts, to cash back websites to paid online surveys, and more.
Are money saving apps safe?
The money saving apps and websites included in this article are safe and legitimate.
I did thorough research on each company, and I use many of them myself.
Where do money saving apps get money from? Why would they pay me?
Many of the money saving apps and websites listed above make money in ways such as:
They may get paid a commission when a customer buys something from one of the company’s partner sites.
Selling market research data, which is what survey sites pay you for.
Display advertising – which means getting eyeballs to their website, app, etc. – may earn them money through advertising on their website/platform/app.
Some of these apps make money because you are selling something to them, and then they resell it, such as with Decluttr.
Mystery shopping companies make money from the company that is hiring them to have the mystery shop done. For example, a clothing store may pay them to find mystery shoppers and conduct the mystery shop.
They all make money in some way, which is why they do what they do.
They are all legitimate, and many people earn money with each of the ways listed in this article.
What are the best money saving apps for iPhone? And what are the best money saving apps for Android?
Out of this list of apps, Acorns and Ibotta are two of the top-rated iPhone and Android apps. But that doesn’t mean those are the only ones you should check out. These companies all have very user-friendly and safe apps.
What are the best money saving apps?
To quickly recap the above, the best money saving apps include:
Personal Capital
Capital One Shopping
Upside
Fetch Rewards
Ibotta
Qapital
Yotta Savings
Swagbucks
Rakuten
Acorns
American Consumer Opinion
Neighbor
Survey Junkie
InboxDollars
Decluttr
Bestmark
RVshare
Get Jerry
Chime
Albert
The money saving apps above may help you to save money, cut your expenses, reduce your fees, build larger savings accounts, improve your spending habits, get rewards, make money, and more.
Northwestern Mutual Donates $270,000 to Nonprofits Nationwide through its Community Service Awards Program Company recognizes its financial advisors’ unwavering dedication to volunteerism MILWAUKEE, Feb. 16, 2023 /PRNewswire/ — Celebrating the philanthropic work of its financial advisors, Northwestern Mutual is recognizing the individuals who have shown outstanding volunteerism and leadership through its 2023 Community Service Awards. … [Read more…]
Northwestern Mutual Recognized by Forbes as one of America’s Best Large Employers MILWAUKEE, March 15, 2023 /PRNewswire/ — Northwestern Mutual, a leading financial services company, announced today that it was selected by Forbes as one of America’s Best Large Employers. This honor – the latest in a series of awards and accolades recognizing Northwestern Mutual’s exceptional … [Read more…]
Free money sounds too good to be true, but there are actually a number of different ways to get your hands on money with no cost and very low effort on your part.
Here, we’ll take a look at more than 20 free money apps that will put some extra money in your pocket with minimal time or effort.
While you’re not going to get rich or generate a full-time income from these apps, you will be able to get a little bit of extra money that you can spend, save, or invest. And best of all, anyone can do it.
Best Free Money Apps
1. Swagbucks
Best for: Earning easy money in lots of different ways during your spare time.
If you’re looking to make some extra money in your down time, you’ll definitely want to check out Swagbucks. This popular website and app gives you several different ways to make money including:
Taking short surveys
Watching videos
Playing games
Downloading and installing apps
Taking advantage of special offers
Cashback for your online purchases
Using the Swagbucks search engine
Most people know Swagbucks as a survey app, and while that’s true, you can make more money with Swagbucks than most other survey apps because there are so many different ways to earn.
Each task or activity will earn you a specified number of points (referred to as “Swagbucks” or SB). After you’ve accumulated some SB, they can be redeemed for your choice of rewards, including cash via PayPal or a wide variety of gift cards.
The best way to earn significant amounts of money with Swagbucks is to take advantage of special offers. When you’re logged in to the dashboard, click on “Discover” to see the offers that are currently available. You might be able to earn Swagbucks by creating an account at a website, opening a bank account, starting a free trial, or any number of other things. The offers change frequently and if you take advantage of the highest-paying offers while they’re available, you can do pretty well with Swagbucks.
One of the many reasons to love Swagbucks is that you can redeem your rewards very quickly. While some sites/apps don’t allow you to cash out until you’ve earned $20 – $30 in rewards, Swagbucks allows you to redeem your rewards for as little as $3. They also run a lot of sales, which allows you to get a higher value gift card for your points.
Get Swagbucks here|Read our Swagbucks review
2. InboxDollars
Best for: Supplementing Swagbucks as another way to make money with easy tasks.
InboxDollars is very similar to Swagbucks. As an InboxDollars user, you’ll be able to make money by:
Taking surveys
Watching videos
Playing games
Printing coupons
Shopping online
Claiming special offers
Like Swagbucks, the best way to earn money quickly with InboxDollars is through the special offers. The available offers will change periodically, but as an example of what you’ll find, right now here are a few of the offers that I see in my dashboard:
$10 to get a free insurance quote
$2 to enter a competition/giveaway
$1.50 to download an app and create a free account
$2 to get a free credit score and credit report analysis
Those are just a few examples of what’s available. If you take advantage of these easy offers, you can earn a decent amount of money with very little effort.
Unlike Swagbucks and many other similar sites, InboxDollars doesn’t work on a point system. Instead of earning points that will be redeemed for prizes, you’ll earn real cash. Each task or offer has an assigned dollar amount that you’ll earn.
InboxDollars requires you to have a balance of at least $10 in order to redeem your cash.
Get InboxDollars here| Read our InboxDollars review
3. Survey Junkie
Best for: Making money with simple online surveys.
While you can make money by taking surveys with both Swagbucks and InboxDollars, Survey Junkie is a bit different. Instead of offering surveys plus several other ways to make money, Survey Junkie focuses exclusively on surveys.
If you want to earn cash through online surveys, the best approach is to use a few different websites and apps. If you’re really active, you may run out of available surveys from a particular app, until new surveys are added. Using a few different sites or apps gives you more possibilities. Plus, you can pick and choose the surveys you take since you’ll have more selection. You can opt to take only the surveys that allow you to earn the most money for your time.
Since Survey Junkie focuses exclusively on surveys, most people are able to make more at other sites like Swagbucks that have more options. However, if you’re looking specifically for surveys, there’s no better place to find them than Survey Junkie.
When you create an account and login to the dashboard, you’ll need to take a brief profile survey with some details about yourself so you can be matched up to the right surveys (you’ll also earn a little money for completing this intro survey).
Then you’ll see a list of the available surveys. Each one will list the amount that you’ll earn for completing it, as well as the estimated amount of time it will take to complete the survey.
Get Survey Junkie here.
4. Vindale Research
Best for: Supplementing Survey Junkie as a source of paid surveys.
Vindale Research is another survey website/app that allows you to earn money by:
Completing short surveys
Watching videos
Opening promotional emails
Referring your friends
Although Vindale offers a few different ways to make money, taking surveys is the primary offer here. You’ll earn real cash that can be redeemed by PayPal.
Vindale Research is a good option for anyone who wants to make money with online surveys. The income potential is not as high as Swagbucks or InboxDollars, but Vindale is worth including in your collection of sites/apps that you use for surveys.
Get Vindale Research here
5. Rakuten
Best for: Easy cashback for online purchases at thousands of websites.
Rakuten (formerly Ebates) is the most popular cashback website/app and you can save money on many of the purchases that you would be making anyway.
With a free Rakuten account, you’ll earn cash back at thousands of their partner stores and websites. While there are some options for cashback on in-store purchases, the majority of the offers are for online purchases.
Thankfully, using Rakuten is extremely simple. They offer a convenient browser extension you can install, and then whenever you visit a website that offers cashback through Rakuten, you’ll see a notice in your browser. All you need to do is click on that notification and Rakuten will track any purchases that you make and credit your count with the appropriate amount of cashback.
If you do any shopping online, using Rakuten is a no-brainer. It takes no extra effort and you can save money on a lot of the things you need to buy. The browser extension is awesome because you don’t even have to remember, it will notify you of opportunities. The browser extension will also automatically search for and apply coupon codes when you’re checking out, which will also save you a lot of money.
The amount of cashback you’ll earn will vary depending on the store and the specific purchase. It can range from 1% up to 50%.
One of my favorite things about Rakuten is the fact that you can stack these rewards on top of credit card rewards and other loyalty rewards to save even more.
Get Rakuten here | Read our Rakuten review
6. Ibotta
Best for: Cash back on grocery shopping.
Ibotta is another must-have cashback app. Unlike Rakuten, Ibotta is great for in-store purchase, as well as online shopping.
There are a few different ways you can use Ibotta:
Claim offers in the app and then scan your receipt after purchasing.
Link your store loyalty accounts from your favorite retailers to earn cashback faster.
Buy gift cards for your favorite stores and restaurants to earn cash back on the entire amount.
Earn cash back for online purchases that originate through the app or website.
With the help of Ibotta, you can save money on groceries, clothing, home goods, and more. Ibotta is easily one of the best ways to save money on groceries since they are partnered with many leading grocery stores and there are always a lot of offers available.
Before you go shopping, you’ll simply browse the current offers in the Ibotta app and claim the items that you want to purchase. After the purchase, you’ll scan the receipt using the Ibotta app and you’ll be credited for the offered items that you purchased. Alternatively, you can link your store loyalty account to Ibotta so you won’t need to scan receipts.
And just like Rakuten, Ibotta is great for stacking rewards on multiple levels. If you’re shopping for groceries, you can earn cashback through Ibotta, earn cashback or rewards through your credit card, and rack up loyalty points through the store’s program.
Get Ibotta here | Read our Ibotta review
7. Fetch Rewards
Best for: Supplementing Ibotta to save more money on groceries.
Fetch Rewards is another cashback app, but it was created specifically for grocery shopping. It works a little bit differently than Ibotta. You don’t need to claim offers ahead of time. You’ll simply do your shopping and then scan the receipt with your phone or submit the digital receipt for your online grocery shopping.
The best thing about Fetch Rewards is that it’s very easy to use since you don’t need to browse and claim offers before you go shopping. You’ll simply open the app and scan your receipts. At any time, you can browse the app to see the available offers and see what purchases will earn you money, but you don’t need to claim anything. The cashback will be automatically added when your receipt is scanned.
In general, most people earn more cashback with Ibotta, but Fetch Rewards is great to use in addition.
Once you’ve accumulated some rewards, you’ll be able redeem them for your choice of gift cards.
Get Fetch Rewards here | Read our Fetch Rewards review
8. MyPoints
Best for: Alternative to Rakuten, plus surveys and other ways to make money.
MyPoints has a cashback component that is similar to Rakuten. You’ll earn cashback for your purchases at all of their partner websites. MyPoints also has a browser extension you can install that will notify you of money-saving opportunities while you’re browsing.
In addition, you can also earn money in a few other ways like taking surveys, watching videos, playing games, and printing coupons. Like Swagbucks and InboxDollars, there are also special offers available through the dashboard that allow you to earn points quickly.
MyPoints uses a points system and then those points can be redeemed for gift cards or your choice of rewards. However, the conversion of points to dollars is not as straightforward as Swagbucks, so MyPoints can be a little confusing. For example, a $10 gift card might cost you 1,590 points. The fact that it’s not a round number makes it a little more challenging to know how much your points are worth.
If you’re looking to make money with surveys, special offers, or cashback, MyPoints is definitely and app that you should be using.
Get MyPoints here
9. TopCashback
Best for: Maximizing your cashback for online purchases (offers are sometimes better than Rakuten).
TopCashback is very similar to Rakuten and it’s one of the best ways to get easy cash back for your online purchases. They have a huge collection of more than 4,000 partner retailers offering cash back through their platform.
Rakuten is the most-well-known cashback program and probably the easiest to use, but TopCashback actually offers higher amounts of cashback in many cases. Of course, the details vary from one retailer to the next, but TopCashback has done a really great job of providing users with the best offers possible.
If you’re looking to maximize the cashback you earn, you should be using TopCashback in addition to Rakuten. Like Rakuten, TopCashback also offers a browser extension and mobile app that provide easy and convenient ways to save on many of the purchases you need to make anyway.
Get TopCashback here
10. Dosh
Best for: Automated cashback from participating merchants, including local retailers and restuarants.
Dosh is a cashback app that provides automatic cashback. When you download and install the app, you’ll link it to your credit cards or debit cards and then whenever you make a purchase at a participating retailer, you’ll automatically earn the cashback for your purchase.
When you’re in the Dosh app, you can view the offers from retailers and restaurants that are near you. You can also shop online through the app and earn cashback.
One of the nice things about Dosh is that you’ll find cashback offers from many smaller businesses and local restaurants, not just the major retailers and chains.
After you’ve earned some cashback, you can redeem it by having it transferred directly to your bank account.
Get Dosh here | Read our Dosh review
11. Pei
Best for: Automated cashback, plus savings through the app/website.
Pei is another cashback app that allows you to link a credit or debit card to earn automatic cashback. You’ll earn cashback automatically from purchases made in-store at participating retailers, and you can also browse the app or website to find offers for shopping online.
You can even use Pei as a search engine to search for merchants or products and see if there are any current offers.
Pei is a great app for earning cashback on in-store purchases because it’s so simple to use and there’s really nothing you need to do after linking your cards.
One of the most interesting things about Pei is that you can claim your rewards in Bitcoin instead of cash, if you prefer.
12. Lucktastic
Best for: A chance at winning large prizes by playing games.
Lucktastic is a free app that allows you to earn money and rewards by playing games. You can win expensive trips and huge cash prizes (up to $1 million) with Lucktastic.
If you’re not lucky enough to win one of the big prizes, you can still earn tokens as you play and redeem those tokens for your choice of gift cards.
While hitting it big with Lucktastic certainly isn’t something that everyone is going to do, it can still be a fun way to try and make some money while playing games in your spare time. If you’re looking for something that gives you a more predictable way to earn money, the options covered earlier in the article would be more appropriate for you.
Get Lucktastic here
13. Mistplay
Best for: Earning smaller rewards, like gift cards, for playing games.
Mistplay is another app (available only for Android) that pays users for playing games. You can find and discover new games, earn units based on how long you play, and redeem those units for your choice of rewards.
As you use the app, you’ll be able to unlock different achievement badges and earn more units.
To date, Mistplay has paid out more than $13 million in rewards. Try another app that pays you to game here: Gamehag
Get Mistplay here
14. Zap Surveys
Best for: A good source for surveys that actually pay out.
Zap Surveys is the #1 survey app, and by using the app you can get paid to share your opinion on a variety of topics. To date they’ve paid out over $30 million dollars in rewards to Zap Surveys members, and when you sign up with our link you’ll earn $6.25 on your first survey.
Types of surveys they have include:
High paying surveys where you will not only be rewarded, but we will also donate to child starvation every completed survey!
Logo polling – get paid to tell companies what design they should use for their next logo!
Surveys that appear based on your location!
There is no limit to the number of times you can cash out, but the minimum cash out is $25.00. Cash out with PayPal, Amazon gift cards or Visa gift cards!
Get Zap Surveys here
15. Nielsen Computer & Mobile Panel
Best for: A chance at monthly prizes, in exchange for your browsing data.
Nielsen is a data research company that’s willing to pay for your browsing data. Nielsen can be used on laptops in addition to mobile devices.
You’ll simply download it to your computer or device and let it run in the background. In exchange, you’ll be rewarded for leaving it active and have a chance to win the $10,000 that Nielsen gives away each month.
Get Nielsen Computer & Mobile Panel here
16. Embee Meter CX
Best for: Passive rewards for your mobile browsing data.
Embee Meter CX is another mobile data research app (Android only) that rewards you for providing access to your device. Simply install the app on your device and you’ll earn “meter points” for leaving it active.
You can redeem the meter points for cash through PayPal or your choice of gift cards. Like Nielsen and MobileXpression, Embee Meter CX is an easy way to earn a little something extra.
Get Embee Meter CX here
17. UpVoice
Best for: Passive rewards for visiting websites you probably already visit.
UpVoice is another easy way to earn something for the things you’re already doing. You probably already visit websites like Amazon, YouTube, LinkedIn, and Twitter on a daily basis, so why not get some rewards for it?
All you need to do is download UpVoice to your computer and let it run in the background. You’ll earn tokens whenever you visit these sites. After you’ve earned enough tokens, they can be redeemed for your choice of gift cards.
UpVoice obviously monitors your browsing, however, it’s anonymous and no personal data is tracked.
Get UpVoice here
18. Honeygain
Best for: Payment for sharing your internet access.
Honeygain is another option for earning money passively, but you don’t have to provide access to your data in order to do it. Instead, you’ll install Honeygain and it will allow users to access the internet from your location. There are a number of reasons why a business would want to do this, including testing to see what ads are being shown to a user at your location.
Other users don’t get any access to your data through Honeygain, and you’ll earn money for providing the internet access.
Like the other passive apps, you’re not going to get rich with Honeygain, but it does present an easy way to make a little bit of extra money.
Get Honeygain here
19. Rocket Money
Best for: Bill negotiation services to lower your monthly payments.
Rocket Money helps you to manage your finances in a few different ways, but the most significant is by reducing your monthly bills through negotiation. You can allow Rocket Money’s professional negotiators to work on your behalf to get you the best deal cable TV, internet access, mobile phone service, and more.
If Rocket Money isn’t able to save you any money, you’ll be charged nothing. If they are able to lower your bills, they’ll keep 40% of the savings.
Get Rocket Money here
20. Trim
Best for: Bill negotiation services to lower your monthly payments.
Trim is another bill negotiation service that’s similar to Rocket Money. Both companies offer some additional features and services as well, but the bill negotiation is the easiest way to save money.
Trim’s rates for bill negotiation are actually a little lower than Rocket Money. Just like Rocket Money, they won’t charge anything if they can’t save you any money, but they’ll take 33% of any savings.
Get Trim here
21. Paribus
Best for: Monitoring price changes for low-price guarantees and monitoring shipments from Amazon.
*Capital One Shopping compensates us when you sign up for Capital One Shopping using the links below.
Paribus from Capital One helps you to get easy money that is owed to you. You’ll sign up for free and link it to the email account you use for online shopping. Whenever Paribus sees a receipt it will automatically go to work.
After you’ve made a purchase, Paribus will monitor price changes and notifies you if the price has dropped on a purchase from a retailer with a price-match guarantee. They’ll tell you exactly what to do in order to get the refund that is owed to you.
Paribus also monitors shipments from retailers like Amazon and helps you to get compensation when a shipment is late.
Get Capital One’s other shopping tool, Capital One Shopping, to save money when you’re shopping online. The browser extenstion will tell you if you’re getting a good price, help you comparison shop and more. Read a full Capital One Shopping review here.
Get Paribus here | Get Capital One Shopping
22. Upside
Best for: Saving money on your gas.
Upside is a savings app that helps you to find the best prices on gas, and also get additional cash back savings once you find the best price.
Not only can you get cash back on gas, but many local restaurants, grocery stores and convenience stores have cash back offers available as well.
Upside works with major gas stations like Shell, BP, Exxon, Speedway, Holiday Stations and more. See gas prices near you at 9000+ stations and earn fuel rewards with real cash back every time you fuel up.
I’ve found that the stations near me typically advertise around $0.25 cents/gallon savings on their gas prices. You can also save additional money on the price by referring other users to the app.
We’ve been using the app quite a bit for Burger King and Wendy’s restaurants in our area as they give anywhere from 25-40% cash back on your order. That’s pretty awesome, and it usually stacks with cash back from other services like Dosh or Pei!
In checking our cash back history just now I realized we’ve earned over $1210 in cash back using Upside. I’ll take that!
You can cash out whenever you want in the app, and they pay cash back via PayPal, check, or gift card.
Sign up for the app through our link below, and use promo code: AFF25 to get an extra 0.25 cents/gal cash back on gas on your first fill-up.
Get Upside here
23. ReceiptPal
Best for: Making money on all of your receipts, no matter where they come from.
ReceiptPal is a receipt scanning app, similar to Fetch Rewards mentioned above. Often you can use multiple apps like this to earn rewards at more than one service. I personally use ReceiptPal and Fetch Rewards for most of my grocery receipts.
With ReceiptPal you earn rewards points simply for scanning all of your paper receipts, along with getting points for linked Amazon or email accounts where additional receipts can be counted.
For every 4 receipts you can you’ll get 100 points that you can use towards a reward. You can redeem your points with as little as 2200 points for a $5 Amazon gift card, or a Target, Lowe’s Best Buy or Visa gift card, among a few others. You can also refer other users and earn 250 points per user.
While it takes a while to earn rewards with ReceiptPal, I like it because it’s easy, and you’re taking something that wouldn’t otherwise earn rewards, scanning receipts, and monetizing it.
I just started using it a few months ago and so far I’ve been able to cash in my points for several $5 and $10 Amazon gift cards.
Get ReceiptPal here
Make Money With Apps In Your Free Time
While these apps may not make you rich, even a small amount of extra money is a good thing.
These free money apps work in various ways, but they all help you to make or save money with little-to-no effort needed.
Have your own favorite apps that you’ve used to make money? Tell us what they are in the comments!
Frequently Asked Questions
Are there apps that pay you cash?
Yes, there are countless apps that will pay you in cash, bitcoin and gift cards. I’ve earned thousands of dollars myself by using many of these apps, and you can too. Check out our full list of apps at Bible Money Matters for more information.
What apps pay you instantly?
Most apps allow you to earn points until you reach a certain payout threshold. Some secret shopper and gig apps like Field Agent, Gigwalk or Mobee will give you an instant payout. Uber and lyft will also allow you to do a same day cashout, although there are some limitations. Other services like DoorDash will offer an immediate payout once you’ve been with them for a while, but not before.
What cash back apps are the best?
My favorite cash back apps are Upside, Drop, Ibotta, Fetch Rewards and Dosh. Apps like Dosh, Drop, and Upside even work automatically with no receipt scanning or anything else, once you link a credit card. I use them the most becaause they’re the easiest to use.
What apps pay you money to play games?
There are a lot of apps and websites that pay you to play games. Some of the more popular ones include Swagbucks, Mistplay, Gamehag, Inbox Dollars, Lucktastic, MyPoints, and Bananatic.
Can you make money from apps?
Yes, you can make money from apps. Some apps will pay you for doing your online shopping using their app. Others will pay you to fill out surveys, or to scan your receipts from your in-store purchases. Others will pay you to perform small tasks, or to partake in the gig economy (dog walking, ridesharing, etc). Others you can use to sell your stuff, and then get a payout when it sells. It just comes down to deciding how much time you have to invest, and how much you want to make.
Which apps pay the most?
The highest paying apps are probably going to be the ones where you’re actually engaging in a side hustle to earn income. Apps like Uber, Lyft, Rover and other gig economy apps can help you to earn close to a full time income. Other apps will have good sign up bonuses that it pays to take advantage of. Empower has a $20 Amazon gift card to sign up, Ibotta has a $10 sign-up bonus. Otherwise, other apps may take a while to earn as much as you want.