credits Archives - Page 12 of 170

Apache is functioning normally

July 11, 2024 by Brett Tams

Bank reserves refer to the amount of funds a financial institution must have on-hand at any given time. These reserves are a percentage of its total deposits set aside to fulfill withdrawal requests, and comply with regulations and can also provide a layer of trust for account holders.

Bank reserves act as assurance to depositors that there is always a certain amount of cash on deposit, so the scenario mentioned above doesn’t happen. No one wants to ever withdraw some cash and be left empty-handed. As a consumer with a bank account, it can be important to understand the role bank reserves play in the financial system and the economy.

What Are Bank Reserves?

Bank reserves are the minimum deposits held by a financial institution. The central bank of each country decides what these minimum amounts must be. For example, in the United States, the Federal Reserve determines all bank reserve requirements for U.S. financial institutions. In India, as you might guess, the Reserve Bank of India determines the bank reserves for that country’s financial institutions.

The bank reserve requirements are in place to ensure the financial institution has enough cash to meet financial obligations such as consumer withdrawals. It also ensures that financial institutions can weather historical market volatility (that is, economic ups and downs).

Bank reserve requirements are typically a percentage of the total bank deposit amounts determined by the Federal Reserve Board of Governors. Financial institutions can hold their cash reserves in a vault on their property, with the regional Federal Reserve Bank, or a combination of both. This way, the financial insulation will have enough accessible funds to support their operational needs while letting the remaining reserves earn interest at a Federal Reserve Bank.

💡 Quick Tip: Most savings accounts only earn a fraction of a percentage in interest. Not at SoFi. Our high-yield savings account can help you make meaningful progress towards your financial goals.

How Do Bank Reserves Work?

Bank reserves work to ensure that a certain amount of cash, or percentage of overall deposits, is kept in a financial institution’s vault.

Suppose you need to withdraw $5,000 to purchase a new car. You understand savings account withdrawal limits at your bank and the amount you need is within the guidelines, so you head to your local branch. When you arrive, you’re told they don’t have enough money in their vault to meet your request.

This is what life could be like without bank reserves. The thought of not being able to withdraw your own money might be upsetting, worrisome, and deeply inconvenient. To prevent this kind of situation is exactly why banks must have a certain percentage of cash on hand.

In addition to ensuring consumers have access to their money, bank reserves may also aid in keeping the economy functioning efficiently. For example, suppose a bank has $10 million in deposits, and the Federal Reserve requires 3% liquidity. In this case, the bank will need to keep $300,000 in its vault, but it can lend the remaining $9.7 million to other consumers via loans or mortgages. Consumers can use this money to buy homes and cars or even send their children to college. The interest on those loans is a way that the bank earns money and stays in business.

Bank reserves are vital in helping the economy control money supply, interest rates, and the implementation of what is known as monetary policy. When the reserve requirements change, it says a lot about the economy’s direction. For example, when reserve requirements are low, banks have more opportunity to lend since more capital is at their disposal. Thus, when the money supply is plentiful, interest rates decrease. Conversely, when reserve requirements are high, less money circulates, and interest rates rise.

During inflationary periods, the Federal Reserve may increase reserved requirements to ensure the economy doesn’t combust. Essentially, by decreasing the money supply and increasing interest rates, it can slow down the rate of investments.

Recommended: Understanding Fractional Reserve Banking

Types of Bank Reserves

There are two types of bank reserves: required reserves and excess reserves. The required reserves are the percentage of deposits the institution must have in cash holdings and deposit balances to abide by the regulations of the Federal Reserve. Excess reserves are the amount over the required reserve amount that the institution holds.

Excess reserves can provide a larger safety net for the financial institution and enhance liquidity. It can also contribute to a higher credit rating for institutions. On the other hand, excess reserves can also result in losing the opportunity to invest the funds to yield higher returns. In other words, since the extra money is sitting in cash, it will not generate the same returns it might yield by lending or investing in the market.

Recommended: What Is Quantitative Easing?

Get up to $300 when you bank with SoFi.

Open a SoFi Checking and Savings Account with direct deposit and get up to a $300 cash bonus. Plus, get up to 4.60% APY on your cash!

History of Bank Reserves

Reserve requirements first came about in 1863 during the passing of the National Bank Act. This act intended to create a national banking system and currency so money could flow easily throughout the country. At this time, banks had to hold at least 25% reserves of both loans and deposits. Bank reserves were necessary to ensure financial institutions had liquidity and money could continue circulating freely throughout the nation.

But despite the efforts to establish a robust banking system, banking troubles continued. After the panic of 1907, the government intervened, and in 1913, Congress passed the Federal Reserve Act to address banking turmoil. The central bank was created to balance competing interests and foster a healthy banking system.

Initially, the Federal Reserve acted as a last resort and a liquidity grantor when the banks faced trouble. During the 1920s, the Federal Reserve’s role expanded to playing a proactive role in the economy by influencing the credit conditions of the nation.

After the Great Depression, a landmark in the history of U.S. recessions and depressions, the Banking Act of 1935 was passed to reform the structure of the Federal Reserve once again. As part of this act, the Federal Open Market Committee (FOMC) was born to oversee all monetary policy.

💡 Quick Tip: Don’t think too hard about your money. Automate your budgeting, saving, and spending with SoFi’s seamless and secure mobile banking app.

How the 2008 Crisis Impacted Bank Reserves

Prior to the global financial crisis of 2008, financial institutions didn’t earn interest on excess reserves held at a Federal Reserve Bank. However, after October 2008, the Federal Reserve was granted the right to pay interest to banks with excess reserves. This encourages banks to keep more of their reserves. The Board of Governors establishes the interest on reserve balances (IORB rate). As of July 2024, the IORB was 5.4%.

Then, after the recession subsided in 2009, the Federal Reserve turned its attention to reform to avoid similar economic disasters in the future.

Recommended: Federal Reserve Interest Rates, Explained

How Much Money Do Banks Need to Keep in Reserve?

Reserve requirements vary depending on the size of the financial institution. As of July 2024, reserve requirements are 0%, where they’ve been since early 2020 and the onset of the COVID-19 pandemic.

Prior to this revision, banks with between $16.9 to $127.5 million in deposits were required to have 3% in reserves, whereas banks over this amount had to have at least 10% in bank reserves.

Recommended: Investing During a Recession

What Is Liquidity Cover Ratio (LCR)?

Bank reserve requirements aside, financial institutions want to ensure they have enough liquidity to satisfy the short-term financial obligations if an economic crisis occurs. This way, they know they will be able to weather a crisis and not face complete bankruptcy. Therefore, financial institutions use the Liquidity Coverage Ratio (LCR) to prevent financial devastation resulting from a crisis.

The LCR helps financial institutions decide how much money they should have based on their assets and liabilities. To calculate the LCR, banks use the following formula:

(Liquid Assets / Total Cash Outflows) X 100 = LCR

Liquid assets can include cash and liquid assets that convert to cash within five business days. Cash flows include interbank loans, deposits, and 90-day maturity bonds.

The minimum LCR should be 100% or 1:1, though this can be hard to achieve. If the LCR is noticeably lower than this amount, the bank may have liquidity concerns and put the bank’s assets at risk.

The Takeaway

Financial institutions must have a certain amount of cash on hand, referred to as bank reserves. These assets are usually kept in a vault on the bank’s property or with a regional Federal Reserve Bank. These cash reserves ensure financial institutions can support consumer withdrawals and withstand a financial crisis.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 4.60% APY on SoFi Checking and Savings.

FAQ

Are bank reserves assets or liabilities?

Bank reserves are considered an asset since they’re an item the bank owns. Other bank assets can include loans and securities.

How are bank reserves calculated?

Bank reserve requirements are calculated as a percentage of the institution’s deposits. So, if the reserve requirement is 3% for banks with $10 million in deposits, the bank would have to hold $300,000 in its reserves.

Where do banks keep their reserves?

Financial institutions usually keep a certain amount of their cash reserves in a vault to meet operational needs. The remaining amount may be kept at Federal Reserve Banks so the balance can generate interest.

Photo credit: iStock/Diy13

SoFi members with direct deposit activity can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.

As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 4.60% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.60% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.

Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2023 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.

The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

SOBK-Q224-1945721-V1

Source: sofi.com

Apache is functioning normally

July 9, 2024 by Brett Tams

Holland America Line’s current fleet includes 11 ships, which are mostly midsize. They visit all seven continents, with stops in the Caribbean, Tahiti, the Mediterranean, Antarctica and more. Its Alaska presence is especially strong, and Holland America claims it has visited Glacier Bay National Park more than any other cruise operator.

Holland America’s parent company is Carnival Cruise Line, which acquired Holland America in 1989. But while Carnival touts offerings like the “first roller coaster at sea” on its flagship brand, Holland America is for folks with — let’s call it — more refined tastes.

Here’s your guide to Holland America, including amenities, costs and how you might save money on your next sailing.

Is a Holland America cruise right for you?

Many ships feature a library. (Photo by Sally French)

Here are some types of people best suited for Holland America:

Travelers ready for relaxation rather than partying

Though open to travelers of any age (infants must be at least six months old to embark on most cruises), Holland America caters to the mature set.

Unlike Disney Cruises or Royal Caribbean ships, which are laden with waterslides, flashy designs and high-energy shows, Holland America is more subdued. Its most lively entertainment includes a casino, trivia nights and live music. Children or adult travelers seeking maximum stimulation might be less enthused.

But relaxed cruisers seeking peace might find it here.

Cruisers who prefer a ship that’s not too big yet not too small

The salon. (Photo by Sally French)

Every Holland America ship has a gym, portrait studio, sports courts, a spa, salon and multiple pools. On a short three-night cruise, you could eat three meals a day at a different restaurant and never hit them all. The largest ship has 10 restaurants, not including snack spots like the café and gelato shop.

Still, Holland America ships are relatively small. While Royal Caribbean’s behemoth Icon of the Seas ship has more than two dozen restaurants and a capacity for 5,610 guests, Holland America’s largest ship, Rotterdam, accommodates 2,668 guests.

Holland America destinations

Holland America covers almost 100 countries or territories and more than 470 ports, including stops in the Amazon and Antarctica.

For its 2025-26 cruise season, Holland America will operate in 11 countries in Asia alone. The primary focus is Japan, where it will dock in 24 ports around the country.

Mexico and Panama Canal cruises are also big. The 2025-26 cruise season adds a new stop at the port of Acajutla, El Salvador, on most Panama sailings. Meanwhile, two ships will offer Mexico itineraries with stops including Cabo San Lucas and Puerto Vallarta.

(Photo courtesy of Holland America)

The 2025-26 season brings an iconic Pacific Northwest itinerary that hasn’t been offered in decades. Dubbed the “Great Bear Rainforest,” the seven-day itinerary departs from Seattle and includes stops in Ketchikan, Alaska. Expect to see whales, eagles and potentially bears.

Holland America ships

Here’s a breakdown of all 11 Holland America ships, sorted by largest to smallest guest capacity:

Staterooms

Suites feature whirlpool bathtubs. (Photo by Sally French)

The smallest, two-guest rooms are about 143 square feet, though suites are easily double that. The smallest suite, the Vista Suite, ranges from 260-356 square feet. For maximum space (and service), book the Pinnacle Suite, which fills roughly 1,290 square feet. High-end suites include frills like whirlpool bathtubs, vanities, dressing rooms, decks and floor-to-ceiling windows.

Holland America also caters to solo travelers by offering single-person staterooms that are as small as 127 square feet.

Whether you choose a lavish suite or an inside stateroom, expect fairly upscale accommodations.

Holland America food

Larger ships have a dozen or more eateries. Some restaurants operate on every ship, such as Canaletto (a casual Italian restaurant) and Lido Market (which serves meals in an all-you-can-eat, cafeteria-style setting).

All you can eat

Meals at The Dining Room are included with your cruise fare — a rare exception for fine dining restaurants on Holland America. (Photo by Sally French)

Most casual restaurants are complimentary and all-you-can-eat, included in your cruise fare.

While most restaurants cost extra, the exception is The Dining Room. Its multicourse dinners feature rotating, elevated menu items (such as lamb loin). As part of a partnership with Masaharu Morimoto, The Dining Room serves dishes similar to those in Morimoto’s restaurants.

No matter your cabin class, 24-hour room service is complimentary, delivering items such as salads and sandwiches.

With beverages, the free stuff is generally limited to the basics like water, tea and coffee. Sodas, specialty coffees, mocktails and alcohol cost extra.

What food costs extra?

Aside from The Dining Room, waiter-service restaurants cost extra. Some operate an à la carte model, such as Nami Sushi. There, entrees cost about $15, while sushi rolls run about $5 each.

Others charge fixed prices. For example, dinner at Pinnacle Grill, a steakhouse, costs an additional $46 per person. Certain items also have an additional charge (caviar costs an extra $50).

Though the additional charges might be annoying, they can be considered a deal relative to dining at a steakhouse on land.

In addition to fancy restaurants, some casual dining options (including the cafés and gelato shop) incur an extra fee.

🤓Nerdy Tip

For free ice cream, head to Lido Market, where you can DIY dessert at the ice cream station.

Holland America drink packages

On Holland America, you’ll need to purchase a drink package to sip from these soda machines. (Photo by Sally French)

For beverages beyond the basics, buy them individually or through a drink package.

The soda-only package entails unlimited fountain drinks for $8 per person, per day.

The Quench package costs $17.95 per person, per day and includes sodas, premium coffee (like lattes), juice, mocktails and bottled water. It’s technically not unlimited, but there’s plenty to go around with a 15-drink daily limit.

For packages with alcohol, you’ll owe at least $55 per person, per day (premium spirits cost more). Again, there’s a 15-drink daily cap.

Is the food any good?

Food quality varies. Lido Market is your run-of-the-mill buffet but other restaurants are generally excellent (just note the surcharge).

For example, dinner at Canaletto costs $25 extra per person and includes pasta and gelato — both made fresh on board.

Holland America also has some food options from famous chefs. The first Morimoto By Sea opened aboard the Nieuw Amsterdam, bringing the award-winning restaurant chain to sea.

A spread of items served at a Morimoto pop-up restaurant on the Koningsdam. (Photo by Sally French)

Holland America activities

The art gallery on the Koningsdam. (Photo by Sally French)

Holland America activities are pretty tame, such as live music and wine tasting.

A music venue. (Photo by Sally French)

Every ship features World Stage, a theater hosting entertainment like expert lecturer talks and dance performances. Ships also have at least one lounge or club, such as Rolling Stone Rock Room or B.B. King’s Blues Club.

A shuffleboard court on the Koningsdam. (Photo by Sally French)

Every ship has a casino, spa, fitness center and outdoor sport courts, including pickleball courts. After all, Holland America is the exclusive cruise line partner of the Professional Pickleball Association.

Holland America Kids Club

Most cruises offer a kids club with crafts, video games and scavenger hunts.

Kid-friendly offerings are extremely limited (especially compared with competitors like Royal Caribbean and Disney Cruise Line) so don’t expect many kids onboard. Many cruisers consider the lack of kids one of Holland America’s best features.

Which Holland America ship is best?

[embedded content]

Because amenities are so similar on every ship, it’s hard to pick one best ship. But here are some factors to consider:

If you want the most options: Rotterdam is the largest (and has the most restaurants).
If you want the newest ship: The Rotterdam is also the newest ship, which first set sail in 2021. Newer ships often (though not always) mean better layouts and up-to-date fixtures.
If you prioritize smaller ships: Volendam and Zaandam are the smallest.
If you want to live on a ship: Two ships, Volendam and Zuiderdam, carry out the Grand Voyages and World Cruises, which sail around the world for months. Zuiderdam is slightly larger than Volendam — offering more guest rooms and entertainment venues.

The Crow’s Nest offers a lounge for relaxing and panoramic views. (Photo by Sally French)

Holland America: How much does it cost?

According to a NerdWallet analysis of more than 100 Holland America cruise itineraries through 2024, the average seven-night, inside stateroom starts at $646 per person. That figure assumes double occupancy (so a couple sharing a room would owe about $1,300), but doesn’t account for extra fees, including taxes and gratuities, or optional add-ons like beverages or Wi-Fi.

Suites can easily cost double that (or far more). For example, the average Vista Suite (the lowest class of suites), averaged $1,322 per person for a seven-night trip. The fanciest of the suites, the Neptune Suite, averaged $2,766 per person.

An inside stateroom on the Koningsdam. (Photo by Sally French)

Prices can also vary widely by region. Here were the average prices per person for seven-night journeys (assuming inside staterooms with double occupancy), broken down by major regions:

California coast: $349.
Alaska: $413.
Caribbean: $609.
Mediterranean: $909.
Northern Europe: $972.

Other costs

The dessert spread at the Morimoto pop-up restaurant on the Koningsdam. (Photo by Sally French)

That’s the base fare, but anticipate other expenses, including:

Taxes, fees and port expenses: Holland America passes on fees and taxes imposed by governments or port operators. Expect a few hundred dollars added to your base rate.
Gratuity/tip: An automatic $17 ‘Crew Appreciation’ charge is added per stateroom guest, per day. For guests in suites, it’s $19. Though automatically added, you can adjust the figure upon settling your bill at checkout.
Service charge: Add-ons like beverages, speciality meals and spa services incur an 18% service charge.
Ability to choose your stateroom: For those who want to sleep closest to the best deck on a cruise ship, there’s an additional fee to select your specific stateroom, though prices vary by cruise.

[embedded content]

Some activities: Certain activities incur extra costs, such as spa treatments.
Shore excursions: Upon docking, you’re free to exit the ship and roam around on your own, but Holland America sells curated shore excursions, too, that easily cost more than $100 per person. Prices vary by excursion. In Maui, you can tour a pineapple plantation for $190, while a behind-the-scenes tour of the Maui Ocean Center costs $560. Although you can book excursions through third parties, beware. Benefits of booking through Holland America include early departure and a guaranteed return.
Wi-Fi: Wi-Fi starts at roughly $22 per day depending on cruise length. More robust Wi-Fi (such as streaming capabilities) costs more than $30 per day.
Specialty dining and drinks: Specialty restaurants — as well as most beverages beyond basics such as coffee, tea and water — cost extra.

Is the Have It All premium cruise package worth it?

For the latter three items — shore excursions, Wi-Fi, speciality dining and drinks — the Have It All premium cruise package may be worth it.

Packages vary depending on the cruise length. Here’s what’s included:

NerdWallet analyzed dozens of Holland America cruise fares. On average, here’s how much money you would save, depending on the cruise length:

In every data point in NerdWallet’s analysis, the Have It All package ended up cheaper than buying all of those things a la carte. But consider what you really need. If you only drink one alcoholic beverage per day, the $55 beverage package probably isn’t worth it.

How to save on a Holland America cruise

[embedded content]

Cruise last-minute: The Last Minute Cruise Deals page lists discounted sailings within the next 60-90 days. However, don’t overlook other costs such as potentially-expensive, last-minute airfare.

Scout out promotions: Holland America’s general deals page is the spot for Black Friday cruise deals or other seasonal promotions.

Refer a friend: Holland America regularly runs a referral program where you might get a cruise credit if your friend enters your name in the referral form.

Become an AARP member: AARP members can earn up to $200 in stateroom credits. Actual amounts depend on room type and cruise length. Considering AARP membership costs $16 annually (and potentially less if you commit to more than one year), joining pays for itself based on the cruise credit alone.

[embedded content]

Should you purchase travel insurance for a Holland America cruise?

Holland America sells a cancellation protection plan, which allows you to cancel your cruise for any reason. It’s called the Holland America Line Cancellation Protection Plan (CPP). Unlike traditional insurance plans that require proof (e.g., a doctor’s note confirming illness) or have tons of fine print around reasons the insurer doesn’t have to pay out, CPP is convenient because it lets you cancel for truly any reason.

Plans start at $79, but can run higher depending on coverage and trip length.

The cheapest plan, Standard, requires you cancel at least 24 hours before departure. The Platinum Plan lets you cancel any time up to departure. Neither gets you a full refund though. The Standard Plan refunds up to 80% of your total cost, and Platinum refunds up to 90%.

The Platinum Plan also covers potential costs such as emergency medical and dental care, coverage for lost or delayed bags and trip delay insurance.

Is the Holland America credit card worth it?

The Holland America Line Rewards Visa® Card has a $0 annual fee, so it’s hard to knock it. It earns 2 points per $1 spent on Holland America purchases and 1 point per $1 spent everywhere else. There are also no foreign transaction fees.

Top travel cards

Chase Sapphire Reserve®

on Chase’s website

U.S. Bank Altitude™ Reserve Visa Infinite® Card

Bank of America® Premium Rewards® credit card

on Bank of America’s website

Citi Strata Premier℠ Card

Annual fee

Rewards earn rate

• 10 points per $1 on Chase Dining, hotel stays and car rentals purchased through Chase.

• 5 points per $1 on air travel purchased through Chase.

• 3 points per $1 on other travel and dining not booked with Chase.

• 1 point per $1 on other purchases.

• 5 points per $1 on prepaid hotels and car rentals booked directly in the Altitude Rewards Center.

• 3 points per $1 on eligible travel purchases and mobile wallet spending on Apple Pay, Google Pay and Samsung Pay.

• 1 point per $1 on all other purchases.

• 1.5 points per $1 spent.

• 10 ThankYou® points per $1 spent on hotels, car rentals and attractions booked through the Citi Travel site.

• 3 points per $1 on air travel and other hotel purchases.

• 3 points per $1 on supermarkets.

• 3 points per $1 on gas stations and EV charging stations.

• 3 points per $1 on restaurants.

• 1 point per $1 on all other purchases.

Travel credit benefit

$325 annual credit.

$100 in airline incidental statement credits.

This card does not offer a travel credit benefit.

Still not sure?

Is cruising with Holland America worth it?

The casino. (Photo by Sally French)

Holland America offers a traditional and elegant cruise experience. The emphasis on high-quality dining makes it good for foodies — just note that the best restaurants cost extra. Crowds are mature, which is a pro or a con depending on the level of entertainment, nightlife and energy you seek.

Families or people seeking high stimulation and constant entertainment should skip it. Additionally, budget travelers might find the additional charges aggravating (though additional charges are common across pretty much any cruise line).

In short, cruisers who value sophisticated service, delicious food, and exploration may love Holland America.

(Top photo courtesy of Holland America)

How to maximize your rewards

Source: nerdwallet.com

Apache is functioning normally

July 9, 2024 by Brett Tams

Once upon a time, people had to fit their schedules around the limited “bankers’ hours” of bank branches. Today, it’s easy to take care of almost all of your banking needs without ever stepping inside a physical branch. As long as you have your smartphone and a wifi connection, you’re good to go.

The rise of mobile banking has boosted convenience without sacrificing the features you come to expect with a bank account. It’s no wonder that one recent survey found that 78% of respondents use their bank’s mobile app weekly and 62% said they couldn’t live without it. Read on to learn more about what’s available in the world of mobile banking — and what’s ahead.

Key Features of Mobile Banking Apps

Mobile banking apps offer tools that are increasingly becoming more personalized and sophisticated. While nearly every major bank allows customers to do some business on their website and/or through their mobile app, the exact mobile banking features will vary depending on the bank.

Here are a few of the most common mobile banking app features:

• Account opening and closing

• Bill pay, including instant payments

• Mobile check deposit

• ATM and branch locator

• Low balance notifications

• Transaction history

• Budgeting and planning tools

• Direct deposit

Check your bank or credit union’s app or website to see what mobile banking features are available to you.

Get up to $300 when you bank with SoFi.

Open a SoFi Checking and Savings Account with direct deposit and get up to a $300 cash bonus. Plus, get up to 4.60% APY on your cash!

How Mobile Banking Simplifies Your Finances

Mobile banking can truly makes it much easier to monitor your checking account and other account balances so that you can keep your budget on track. You can quickly transfer money from your checking to your savings account to meet your financial goals, for example, or potentially automate that process so that a portion of your paycheck is funneled to your savings. You can also set up recurring payments to make sure bills are automatically handled on time.

As mentioned above, some mobile banking platforms include budgeting tools you can use to plan your spending and saving. Some also include the ability to save money in vaults, or subaccounts, that earmark funds for specific goals, such as vacations, holiday spending, or emergency funds.

Many banks have mobile banking account alerts that will notify you if your balance drops below a certain threshold. (This can help you avoid pricey overdraft fees.) You can generally customize these alerts, both by setting the amount that triggers the alert as well as indicating how you want to be notified.

You can also typically access options for sending money quickly to others, whether through an integrated payment platform or possibly via a wire transfer that is initiated on your phone.

There are, of course, both mobile banking pros and cons, but most people find that the benefits of using mobile banking apps outweigh any potential negatives.

Mobile Banking & Security

One of the biggest questions that many people have about mobile banking is whether mobile banking is safe.

It’s reassuring to know that most major banks and financial institutions follow state-of-the-art encryption, security, and fraud protection best practices, such as SSL (secure sockets layer) encryption and two-factor authentication (2FA). Additionally, many banks have a no-fault policy that says that you won’t be held liable for unauthorized transactions.

Also worth noting: Not all of the ways your account could be vulnerable are under the bank’s control. For example, hackers and scammers can be relentless when trying to gain access to checking and savings accounts. It’s smart to acquaint yourself with their latest ruses and follow best practices, like having a strong password that you don’t use for other sites as well as enabling 2FA.

Innovation & the Future of Mobile Banking

Mobile banking continues to evolve and innovate. Over the past decade, many people have adopted mobile wallets that allow them to store and access banking and credit card information instead of carrying around a physical card. You also are probably familiar with new forms of biometric authentication that are gaining ground, such as using facial or voice recognition to unlock your mobile account.

Cardless ATM withdrawals, which involve using your phone at a terminal vs. a card, is another new direction, and a growing number of banks are incorporating the latest AI and chatbot technologies to offer more personalized customer service while clients use their app.

Recommended: How Long Does It Take for a Mobile Deposit to Clear?

The Takeaway

Mobile banking provides convenience and security for bank users. It can simplify and speed up such banking tasks as depositing checks, bill payments, checking account balances, and receiving account alerts. The features of a mobile banking app will vary somewhat depending on the financial institution, so check with your bank or credit union to see what mobile banking features are available to you.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 4.60% APY on SoFi Checking and Savings.

FAQ

What are the key features of mobile banking apps?

Most mobile banking apps have a core set of features, such as account management, bill pay, account alerts, and mobile check deposits. Some banks may offer additional features, such as dashboards that track your earnings, spending, and savings, as well as vault bank accounts, which allow users to bucket their money into subaccounts.

How does mobile banking make saving easier?

Mobile banking makes saving easier in a number of different ways. You’re able to have more insight into your finances just by glancing at your smartphone. You can also set up automatic transfers from checking to savings on payday and often track your spending via the app’s dashboard. Establishing low balance alerts can also help you avoid pricey overdraft fees, which is another way to save money.

What security measures are in place with mobile banking?

Most major banks use industry-standard security best practices involving encryption, continuous authentication, and other features. It’s also wise to follow such security measures as not reusing your password, regularly monitoring your account, and setting up 2FA on your account.

How does mobile banking offer clarity about financial data?

Mobile banking lets you check your account balances, allowing you to get a better picture of your overall financial health, anytime and anywhere. Many mobile banking apps also allow you to track your spending and will alert you of upcoming payments that are due, which can also offer greater control and clarity.

Photo credit: iStock/whitebalance.oatt
SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2023 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.

The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

SOBK-Q224-1854078-V1

Source: sofi.com

Apache is functioning normally

July 8, 2024 by Brett Tams

The typical cost of residential solar panels in Florida, before the federal solar tax credit, was $33,673 in the second half of 2023. This is lower than the national average of $34,122. The average system size is 14.3 kWs, compared to the national average of 11.6 kWs.

Florida’s primarily humid subtropical climate requires a lot of energy for air conditioning. Installing larger systems makes sense in a state that has one-to-one net metering, which allows customers to offset more of their energy bills with solar. The state’s net metering policies and abundant year-round sunshine have fueled strong adoption of residential solar. Florida has few state tax rebates and solar incentives compared to other states, but customers there may still qualify for the federal tax credit

N.C. Clean Energy Technology Center at N.C. State University. Programs. Accessed Jun 28, 2024.

Solar costs in Florida at a glance


Typical cost of home solar system before federal solar tax credit
Typical cost of home solar system after federal solar tax credit
Median cost per watt
Average system size
Source: EnergySage, a solar and home energy product comparison marketplace founded in 2012. Data is from the second half of 2023.

Costs and trends in Florida

Solar has been having a moment in Florida, part of a general upward trend in interest and installations.

“Florida is ranked third nationally in solar growth, and it is continuing to grow in popularity,” said Wendy Parker, executive director of the Florida Solar Energy Industries Association (FLASEIA), in an email

. “Most of the state still has net metering, which makes it very favorable to homeowners.”

System sizes are high in Florida compared to other states, at 14.3 kW on average in the second half of 2023. A contributing factor is the falling cost of solar installations, which went from $2.45 per watt in Florida in early 2023 to $2.35 per watt in the second half of 2023.

System size is also often tied to average monthly energy consumption, which is comparatively high at 883kWh per month in Florida.

“In the past year, prices have been trending down, and levelizing some. Certain equipment has come down in price, and extra competition in Florida has driven costs down from some companies. We’ll have to see what the tariffs do, potentially driving prices back up,” says Dan Massaad, CEO of Guardian Home, an energy-efficient home services and solar installation business in Florida.

Florida established statewide renewable energy goals in 2022 but repealed them in May 2024

,. Legislation and incentives may vary with the future priorities of new political administrations.

Tax incentives and rebates in Florida

Net metering. Florida adopted net metering in 2008, as well as guidelines to allow residential solar to interconnect with utility grids. Net metering allows homeowners to sell excess electricity to the local utility.
Property tax breaks. Florida has a property tax incentive for renewable technologies. It ignores the increase in property value due to the installation of solar panels. This savings can add up over time

.
Tax credits. Florida doesn’t offer state and local rebates or incentives on rooftop solar panels. However, customers may qualify for the federal tax credit.
Low-cost loans. Some cities offer solar loan programs. For instance, the City of Tallahassee Utilities offered a 5% loan with a 10-year term for solar panel installations, with a maximum loan amount of $20,000

.
Related equipment rebates. Providers like the Fort Pierce Utilities Authority also offer flat rebates on solar water heaters. If you intend to include a solar water heater in addition to a solar panel system, check for this type of incentive in your area

.

“Florida is a net metering friendly state,” Massaad says. “A lot of the big utility companies give you a true 1-to-1 credit on whatever you overproduce, so it makes a lot of sense for many clients to go solar.”

Energy storage in Florida

Floridians often use the grid as their backup, but interest in battery storage is on the rise.

“In Florida, the battery storage is often for clients who are more concerned with power outages, like with hurricanes, and those clients have some control to either operate a room or a few circuits, or a whole home backup,” Massaad says.

The average cost of battery backup was $16,887 in Florida in June 2024 before the federal tax credit. However, a small battery for key circuits in one part of the house may cost less and can help cool one part of a home during extreme heat or keep important medical equipment running during a power outage.

Frequently asked questions

How should you pick a solar panel installer in Florida?

In addition to installation price, find out how long a solar panel company has been in business and read reviews. “The absolute cheapest company may not be building a sustainable, service business for the client, so do your research and make sure you’re asking questions about longevity,” Massaad says.

What kind of roof makes installing solar panels more complex?

Most roof types can work with standard solar panel mounting, but clay tile roofs are occasionally used in Florida. The solar mounting supplies can break the fragile tiles, so prepare to pay for additional labor to keep the roof tile safe.

Source: nerdwallet.com

Apache is functioning normally

July 7, 2024 by Brett Tams

Paid and unpaid internships can provide students with relevant work experience in their field of choice. But while both opportunities offer knowledge and training, only one rewards you with a paycheck.

Although paid internships are more common, it doesn’t mean everyone can land one. So if you want the experience and don’t want to pass up a chance to beef up your resume, you may have to work for free. Spending several months at an unpaid internship can be difficult, especially if you’re already carrying debt, dealing with high living expenses, or need to work a paying job.

Whether interns should be paid or not is an ongoing debate with a lot to consider before committing to one. Find out about the pros and cons of an unpaid internship to see if it’s worth the investment.

What Is an Unpaid Internship?

An unpaid internship is a temporary work arrangement offered to graduate or college students, or as internships for high school students, so they can gain training and knowledge by working in their area of interest. Interns are able to perform duties related to their chosen career, observe professionals in a workplace setting, and receive direct guidance from mentors.

These non-compensated arrangements differ from an apprenticeship, which is designed to provide hands-on training in a specific trade or industry. Apprenticeships are paid and wage increases occur as new skills are acquired.

Are Unpaid Internships Legal?

Yes, according to the The Fair Labor Standards Act (FLSA), which states that “for-profit” employers must pay employees for their work. However, interns and students may not be “employees,” in which case the law doesn’t require payment for their work. If an internship qualifies as paid, companies must pay their interns at least minimum wage for their services plus any overtime.

💡 Quick Tip: Help your money earn more money! Opening a bank account online often gets you higher-than-average rates.

How Do Unpaid Internships Work?

Unpaid internships typically require you to work for a specific period of time during the school year or during the summer. The program may ask you to work on site, but with the increase in some employees working from home, remote internships have become more of a possibility.

Before you start your internship, you’ll likely discuss what you’ll be doing and when you’ll be able to work with your supervisor. Since you’re not being compensated, you’ll probably have more flexibility with scheduling.

It’s important to remember an unpaid internship isn’t volunteer work and should be more beneficial to you than the business or organization. After all, the reason you’re there is to receive training and education you simply can’t get by sitting in a classroom.

Pros of Taking Unpaid Internships

Building your professional resume can be priceless and let’s face it, your calling card once you hit the job market. Besides offering exposure to what it will be like working in your specialty, you’ll build potentially lifelong connections with people who may be able to open doors for you down the road.

There are many ways an unpaid internship can help prepare you for future career success. Here are some significant advantages:

Getting Valuable Experience

As an intern, you’ll get actual hands-on training that attracts future employers. According to the National Association of Colleges and Employers (NACE), applicants with industry internship experience have a leg up when it comes to employers’ hiring decisions.

Working as an intern allows you to develop crucial skills you’ll need in a professional setting, such as how to communicate effectively and collaborate with others. These abilities can make you even more of a stand out to prospective employers.

Valuable experience gained from an internship isn’t exclusive to undergrads. Already have your degree? You can still build upon your knowledge with an unpaid post graduate internship. These secondary education opportunities allow you to keep actively learning while you’re pursuing full-time employment or, if you want some down time after graduation.

Networking Equals Potential Opportunity

Making connections is one of the most important things you can do to grow your career. In fact, an estimated 80% of all positions are filled through networking. Many jobs aren’t publicly advertised so if you’ve left a positive impression, you may be the first person your past internship boss calls when a job opens up. Even if your internship doesn’t culminate in employment, building a solid network and maintaining relationships can pay off if you need a future job reference, letter of recommendation, mentoring, or career advice.

Companies Offering College Credit

Many companies will offer unpaid internships for college credits as compensation for your work. Knowing you’re receiving credits towards your degree, which can be a form of currency in its own right, may help justify the decision to take an unpaid internship.

Working in a Relevant Field

Internships give a preview of what it may be like working in your area of expertise, placing you in an environment where you’re exposed to the latest technology, industry norms, and business culture. With some concrete training spent working in your field, you may be more likely to be hired compared to someone with zero internship experience or those who have interned in an unrelated field.

Helps With Making Future Career Decisions

During an unpaid internship, you may come to the realization your selected career isn’t all you imagined. In this case, you could save yourself from wasting valuable time in the future and start exploring other career options. On the other hand, your internship could crystallize how much you love what you’re doing, validating you’ve made the right choice.

You may also decide to continue on with your education as something to do after college instead of entering the job market right away. This could be an ideal time to fit in an unpaid internship before pursuing a graduate degree.

Recommended: How to Make a Budget in 5 Steps

Cons of Taking Unpaid Internships

The main cons of unpaid internships center around the obvious: no financial compensation for your efforts. Unpaid internships can also create barriers for disadvantaged or low-income students, possibly eliminating some extremely qualified candidates from gaining training and having a shot at making a serious contribution to a company.

Consider these downsides when thinking about applying for unpaid internship:

No Money for Your Hard Work

Strapped with tuition and other college-related costs, many students simply can’t work without pay. Participating in an unpaid internship can require commuting or even relocation during the summer months, increasing your need to have money in a bank account or earning it at another job.

Often Not Receiving Company Benefits

As an unpaid intern and temporary worker, you’re not entitled to the same benefits of a paid employee, such as paid vacation days, medical insurance, or the ability to contribute to a 401(k). Performing duties similar to a permanent employee’s and not gleaning any of the perks may also lead to feeling resentful, unappreciated, or lonely, especially if you’re the only one working while employees get to leave early for a three-day holiday weekend.

Possible Inequalities in the Workplace

Student interns who aren’t paid may find themselves doing more menial tasks and feel looked down upon by other employees. Staffers may be dismissive, impatient, condescending, or exclude them from conversations because they’re the intern.

One major criticism of unpaid internships concerns the perpetuation of socioeconomic and racial inequities. For example, the National Association of Colleges and Employers 2023 study found that white students were more likely to have paid internships than Hispanic or Black students.

Potential Lower Future Income

Showing you’re willing to work for free may give employers the idea you might accept a lesser amount compared to someone who had a paid internship. Making this assumption on their part could lead to a lower salary offer.

Recent research by the Strada Education Network found having a paid internship as an undergraduate is linked with a predicted increase in annual wages of $3,096 just one year after graduation. Unpaid internships, practicums and cooperative learning aren’t associated with higher earnings post-graduation, the study reports.

Are Unpaid Internships Worth It?

Of course, it’s an individual choice based on a student’s particular circumstances, but unpaid internships can be worthwhile. Even if you’re not being compensated, these situations can provide training you can only get by working with professionals and mentors. Taking an unpaid internship could take the pressure off some of the expectations, duties, and necessary time commitment you’re more likely to have as a paid intern.

The Takeaway

An unpaid internship can pay off in significant ways such as offering college credits, meeting and networking with people in your field, and providing solid work experience to bolster your resume. Unpaid internships can also help you decide whether or not you’re on the right career path. But, interning without compensation can pose some major challenges for those who can’t afford to work for free. Before applying, think through the pros and cons to help you determine your best route to working toward your career and financial goals.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 4.60% APY on SoFi Checking and Savings.

FAQ

Are unpaid internships exploitation?

A criticism of unpaid internship programs is that they take advantage of a student’s free labor without providing any practical experience or educational benefits. While you may be asked to move some boxes or go on a coffee run, an unpaid internship that is not exploitative should mostly involve tasks that expand your skill set and teach you about your future career.

Is there a better workflow if interns are paid?

Interns help boost a company or organization’s workflow regardless, but paid interns may boost workflow more, since being financially compensated is associated with feeling satisfied and valued, which in turn is connected to productivity.

What percentages of companies offer unpaid internships?

Research shows that nearly 41% of interns in the U.S. are unpaid, and 59% are paid.

Photo credit: iStock/PeopleImages

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

4.60% APY
SoFi members with direct deposit activity can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.

*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

SOBK-Q224-1945787-V1

Source: sofi.com

Apache is functioning normally

July 7, 2024 by Brett Tams

Shopping for solar panels can be confusing, especially when trying to compare solar panel quotes. Solar panels are a big purchase ($23,885 on average, before tax credits), and one that will be with you for a long time. These seven steps can make comparing solar panel quotes easier.

1. Really know how much electricity you need

Solar installers might base their quotes on a measure of your average electricity use, but in the real world, your electricity needs are likely to fluctuate from month to month.

Look at your electric bill history, usually available online at your utility’s website. If your gas bill is combined with your electric bill, look at the portion of your bill that’s for electricity.

2. Review system sizes and designs

Sizing a solar system can be part science and part art, and solar companies are unlikely to arrive at exactly the same system size or number of solar panels for your home. For each quote, verify whether the estimated electricity production from your system meets or exceeds your monthly electricity needs. If system sizes vary widely in the quotes, ask the contractors about their sizing assumptions.

Do the quotes assume the same amount of available roof space?
Do the quotes assume you need to power an electric vehicle or heat pump heaters? You might want to size your system a bit larger now if you think you’ll need more panels later.
Do the quotes assume you will generate extra power to sell back to the grid?

🤓Nerdy Tip

If your utility’s net metering export credit is low for unused electricity you send back to the grid, your savings could be less if your solar system is too large.

Also, pay attention to the system designs. Consider where the contractors propose placing the panels on your roof as well as locating the conduit to them. You’ll be looking at your solar system for a while.

3. Find each quote’s cost per watt

The main thing to compare on solar quotes is the cost per watt. Don’t compare the total costs, because solar contractors are likely to propose slightly different sizes and financing options for your system. To compare apples to apples, compare the cash purchase cost per watt.

Fortunately, this is simple to do:

First, find the cash price for each quote. Solar quotes can be full of loans, leases, tax incentives and rebates. Focus on the cash price before incentives.
Next, determine the cost per watt. To find the cost per watt, divide the total preincentives cash price by the proposed system size. For example, if the quote’s preincentives cash price is $35,000 and the proposed system size is 11 kilowatts (kW) or 11,000 watts, you’ll divide $35,000 by 11,000 to get the cost per watt: $3.18.

Get more smart money moves – straight to your inbox

Sign up and we’ll send you Nerdy articles about the money topics that matter most to you along with other ways to help you get more from your money.

4. Look at the fine print on the financing options

There are four main ways to get solar:

Buy a system for cash.
Get a loan to buy the system.
Lease the system instead of buying it.
Get a power purchase agreement (PPA) instead of leasing or buying.

Not all contractors offer all of these options, and the terms will vary. If you’re opting for these, you’ll want to compare the terms:

Loans: There are various types of loans you can use to pay for a solar system. If the installer is offering to help you get a loan, find out who the lender is (often it’s a third party working with the installer). Be sure to compare each lender’s interest rates, monthly payments, repayment terms and fees.
Leases and PPAs: In addition to comparing the monthly payments for leases and PPAs, see if your quotes include escalators, which act as scheduled increases in your monthly payment each year.

5. Compare the panel efficiency scores

Installers sell different brands of solar panels. Find out the exact makes and models in the quotes, because some solar panels are more efficient than others. The more efficient the solar panel, the less roof space it will take to generate the electricity you need. If you have ample roof space, you may not need to consider efficiency, so you can save money by getting less-efficient panels, which are cheaper. If your roof space is limited, it may make sense to spend a bit more.

6. Check to see which kind of inverter the installer is quoting

The inverter converts the sun’s rays from direct current (DC) to alternating current (AC) power that your home can use. Solar installers offer four main types of inverters.

String inverters, which connect multiple panels, are the cheapest type and they offer the simplest maintenance. They aren’t as shade tolerant, so they’re best if your roof has full sun all day.
Microinverters, which attach to each panel, are generally more expensive than string inverters. They are a good option if you have any shading because if one or two panels are shaded at any time, the other panels will continue producing.
Power optimizers, which give a string inverter system a boost, are installed on the back of every solar panel. Adding expense to a string inverter system but cheaper than microinverters, they can provide a happy medium.
Hybrid inverters, also more expensive than string inverters, convert and draw energy from a solar system and a battery and may be programmable, providing more operating options.

7. Compare the warranties

They’re not all the same. To ensure that the equipment in your system continues working as it should, compare the warranties in solar quotes.

Product warranties, which protect against manufacturer defects, typically offer 10 to 25 years of protection.
Power warranties or guarantees, which guarantee that your solar panels will maintain a specified percentage of electric power production during the warranty period, often run for 25 years.
Workmanship warranties, which protect against damage during the installation process (especially to your roof), may cover five to 25 years.

Getting help

Frequently asked questions

How can I tell how much solar will fit on my roof?

The PV Watts Calculator from the National Renewable Energy Laboratory can estimate how much solar will fit on your roof and how much electricity the system will produce each year. First, determine your total electricity consumption for the year by adding your kWh consumption from your last 12 electric bills. Then, compare that with the annual kWh production estimate from PV Watts.

Should I compare estimates of how much energy or money I’ll save?

Solar installers will provide estimates in their quotes of how much energy your solar system will generate and how much money you’ll save. These are based on the number and efficiency of the panels in their design, but they also rely on assumptions like weather patterns and future electricity rates.

Because of that, it’s not very useful to compare projections for system performance or savings. If the proposed systems are the same size and use panels with the same watt capacity, you can expect to generate about the same amount from each .

Should I pick the contractor with the lowest bid?

The lowest price isn’t always the best. Consider the other factors covered in this article, such as the financing terms, the equipment and the warranties. If your solar quotes vary widely, ask the contractors to explain the difference.

Source: nerdwallet.com

Apache is functioning normally

July 7, 2024 by Brett Tams

Quick menu

Create unforgettable spaces with the best interior design software. Whether you’re a professional interior designer or a home design enthusiast, these are the top tools for bringing 2D and 3D spaces to life.

Our expert team of reviewers have tested the best architecture software or the best 3D modeling software, so we know what you want to check out when choosing your next interior design app, and which ones really measure up.

best landscape design software for crafting eye-catching exterior spaces.

The best interior design software of 2024 in full:

Why you can trust TechRadar

We spend hours testing every product or service we review, so you can be sure you’re buying the best. Find out more about how we test.

Below you’ll find full write-ups for each of the entries on our best interior design software list. We’ve tested each one extensively, so you can be sure that our recommendations can be trusted.

The best interior design software overall

(Image credit: Floorplanner)

Best interior design software overall

Specifications

Operating system: Browser

Plan: Free, Subscription

Reasons to buy

Free plan available

Intuitive and easy to use

Broad use from interior designers to real estate

Numerous customization options

Reasons to avoid

–

Some limitations with the free account

–

No desktop app

Floorplanner is an online interior design app for individuals and companies, letting you redesign everything from a single room to an entire floor, or even a whole building. You can also plan out how your furniture will fit in your new home.

This is a web-based home interior design tool, so you can achieve dazzling designs through the browser. There’s also online collaboration for editing and presenting projects in the cloud.

In our hands-on review, we felt the best home design software “is an excellent online service, designed to help you create rooms and furnish them with great accuracy. Working with it is fluid and easy, and we didn’t observe any discernible glitches. The fact there’s a free option means many amateur designer will happily use it to configure a room, but there are limitations to that option.”

Working in Floorplanner is fluid and simple – allowing you to create and furnish rooms with real accuracy. Best of all, if your needs are modest, using the program is free.

That makes it ideal for amateur designers or those learning the art of interior design. If you find the free account too limiting, there are several subscription options available to you. Business pricing starts at $59 a month for teams. Individual pricing starts at $5. You’ll also find a credit system. As you earn credits, you can unlock extra features not typically associated with your plan.

It’s all browser-based designing, however, so needs a constant inter connection. There is an Android app available, but this is designed for presenting designs created on the website.

Read our full Floorplanner review.

The best interior design software for architects

(Image credit: Chief Architect)

Best interior design software for architecture

Specifications

Operating system: Windows, macOS

Plan: Subscription, Perpetual license

Reasons to buy

Easy to learn

Multi-platform

Limitless possibilities

Reasons to avoid

–

Can appear daunting at first

–

3D views don’t always respond as expected

Home Designer Suite delivers professional-style interior design software – which makes it powerful but also increases the learning curve. It’s not too steep as to be unnavigable, although it might overwhelm first-timers. Stick with it.

If you’re looking for meticulous planning, precise editing and customizing tools, and everything else, right down to the material required for specific jobs, this is the best interior design software for you.

We praised the home design software in our review for its “highly detailed customisation options while at the same time, automating many processes to ease the creation process. It’s a great balance that help you create detailed environments quickly and easily.”

The interior design program is very full featured. You have full control over pretty much everything, including landscaping your dream garden. Despite its apparent complexity, there are many automatic tools that do a lot of the work for you, enabling you to focus on the details, to turn a design into a house.

Available for both Mac and Windows, you have in your digital hands everything you need to build the home of your dreams.

Read our full Home Designer Suite review.

The best interior design software for indoor/outdoor spaces

(Image credit: NCH Software)

Best interior design software for indoor and outdoor spaces

Specifications

Operating system: Windows, Mac

Plan: Subscription, Perpetual license

Apache is functioning normally

July 5, 2024 by Brett Tams

Your 40s can be a pivotal decade in your life. It’s typically a time of peak earnings, growing family responsibilities, and an increased focus on long-term financial stability. You may have a house, kids, and a busy job. College expenses may be looming. Maybe you’re hatching a plan to start your own business or buy a beach house that’ll one day be your empty-nester home.

To navigate these years successfully, it’s essential to make strategic financial moves that can secure your future and make your plans and dreams a reality. Here are some critical financial planning tips to consider as you move through your 40s.

7 Financial Moves to Make During Your 40s

In your 40s, you’re old enough to know what you want and likely have enough earning years ahead to achieve your goals — if you manage your money right. The following strategies can help you build wealth in your 40s.

1. Maintain or Replenish Emergency Funds

Life is full of unexpected twists and turns. Not all of them are fun, such an expensive car or home repair, a medical emergency, or losing your job. An emergency fund offers financial stability during a stressful time. It also saves you from running up expensive debt that could derail your financial goals.

A general rule of thumb is to have six to 12 months’ worth of living expenses stashed away for the unexpected. If you already have an emergency fund but it has been partly or fully depleted, you’ll want to prioritize replenishing it to maintain financial security.

Consider setting up automatic transfers into savings to build your emergency fund consistently. Keep these funds in a liquid, easily accessible account, such as a high-yield savings account, to ensure you can access the money quickly when needed.

2. Manage Your Debt

Debt management is a crucial aspect of financial planning at any age, but it becomes even more critical in your 40s. Since high-interest debts, like credit card balances, can significantly hinder your ability to save and invest for the future, you’ll want to prioritize paying them off as quickly as possible.

One strategy that can help is the avalanche payoff method. Here, you list your debts in order of interest rate from highest to lowest, then put extra money toward the highest-interest debt, while continuing to pay the minimum on the others. Once that debt is paid off, you put your extra funds toward the debt with the next-highest rate, and so on.

Alternative approaches to paying down high-interest debt include getting a low- or no- interest balance transfer credit card or taking out a personal loan for debt consolidation with a lower rate than you are paying on your cards.

Get up to $300 when you bank with SoFi.

Open a SoFi Checking and Savings Account with direct deposit and get up to a $300 cash bonus. Plus, get up to 4.60% APY on your cash!

3. Revisit Retirement Saving

In your 40s, you’re roughly at the midpoint between entering the workforce and traditional retirement age. How you invest and save for retirement at this point in your career can strongly impact your future assets and ability to one day retire comfortably.

If you’re not currently contributing to a retirement plan, such as a 401(k) or individual retirement account (IRA), now’s a good time to start. If you have been, it’s time to assess your progress. Consider how much of a nest egg you will need to retire and, using an online retirement calculator, whether your current plan will get you there.

If you’re behind on your savings, consider stepping up your contributions or, if you’re already contributing the max allowed, making “catch-up” contributions down the road. Starting at age 50, the IRS allows higher maximums designed to help people catch up on their retirement savings goals.

4. Plan for Childrens’ College Expenses

If you have kids, planning for their future education expenses may be top of mind. College costs continue to rise, and early planning can alleviate future financial stress. If you haven’t started saving for college expenses, you may want to explore opening a 529 college savings plan, which offers tax advantages and can be a flexible way to save for educational expenses.

An online college cost estimator can help you determine how much you need to stash away each month or year, based on the year your child will likely attend college and the type of school they might choose.

Just keep in mind that it’s important to balance college savings with other financial goals, like retirement. As kids get closer to leaving the nest, you may also want to encourage them to apply for scholarships and grants, and explore financial aid options.

5. Choose or Reevaluate Insurance Coverage

Insurance is an important component of financial planning in your 40s. You’ll want to evaluate your current insurance coverage and make sure it’s adequate to meet your family’s needs. This includes not only health and home insurance, but also life and disability insurance.

Life insurance provides financial security for your family should you die prematurely. If you don’t currently have a life insurance policy, consider purchasing one. If you do have one, you’ll want to make sure your policy’s coverage amount is sufficient to cover your family’s current living expenses, outstanding debts, and future financial needs, such as college tuition for your children.

It’s also a good idea to review your disability insurance, which protects your income if you’re unable to work due to illness or injury. Many companies provide a policy through work. However, you may want to consider supplementing employer-provided coverage or, if you’re self-employed, getting your own policy. This offers a different, but equally important, safety net for you and your family.

Recommended: Which Insurance Types Do You Really Need? Here Are 6 to Consider

6. Invest Outside of Retirement

While retirement accounts are crucial, investing outside of retirement can diversify your portfolio and help you achieve goals that may be five or 10 or more years away, such as a downpayment on a vacation home or a child’s wedding.

Though investing carries risk and can be volatile in the short term (which is why you generally don’t want to invest funds you’ll need in the next few years), an investment account has the potential to grow more than other types of accounts over the long term. Consider taxable investment accounts that align with your risk tolerance and financial objectives.

7. Meet with a Financial Professional

Getting expert advice on managing your finances can be invaluable at this stage of life. Whether you opt for regular meetings or simply go for a one-time consultation, a financial professional can provide valuable insights and help you navigate complex financial decisions.

An advisor will typically look at your whole financial picture and assist you with creating a comprehensive financial plan. This may include optimizing your investment strategy and ensuring you’re on track to meet your goals, including retirement, investments, and college savings.

The Takeaway

It’s never too late to take control of your finances. In your 40s, you are likely entering your prime earning years, so it’s a good time to focus on paying down debt, preparing for the next chapter of your children’s lives, and saving and investing for your future retirement. With some wise money moves, you’ll be set to make the most of this decade and beyond.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 4.60% APY on SoFi Checking and Savings.

FAQ

What financial goals should a 40-year-old have?

Ideally, a 40-year-old will want to focus on several financial goals. These include:

• Establish or maintain an emergency fund with three to six months’ worth of essential living expenses.

• Reduce financial burdens by paying off high-interest debt.

• Ensure you’re on track with retirement savings by maximizing contributions to retirement accounts.

• Start or continue saving for children’s college expenses through plans like 529s.

• Consider investing outside of retirement to diversify your portfolio and build wealth.

How much should a 40-year-old have saved?

By age 40, financial advisors often recommend having three times your annual salary saved for retirement. This benchmark ensures you’re on track to meet long-term financial goals and maintain your desired lifestyle in retirement.

In addition, you’ll want to maintain an emergency fund with three to six months’ worth of living expenses.

Savings outside of emergency and retirement, such as investments in taxable accounts, can further enhance financial security. The exact amount can vary based on individual circumstances, income, lifestyle, and future goals.

How can I build my wealth in my 40s?

To build wealth in your 40s, you’ll want to focus on several strategies:

• Maximize retirement account contributions, taking full advantage of employer matches.

• Pay off high-interest debts to free up resources for savings and investments.

• Establish or maintain an emergency fund to cover unexpected expenses without derailing financial goals.

• Consider additional income streams, such as side businesses or rental properties.

• Diversify investments across stocks, bonds, real estate, and other assets to balance risk and growth potential.

Photo credit: iStock/shapecharge

*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

SOBK-Q224-1920632-V1

Source: sofi.com