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Apache is functioning normally

June 12, 2024 by Brett Tams

Series EE bonds, or Patriot Bonds, were initiated in 1980 as a low-risk way for Americans to save. The money invested is guaranteed to double in 20 years.

They build upon the tradition of Series E bonds, or war bonds, which were introduced by the federal government in 1941. Learn more about this savings vehicle here.

What Is a Series EE Bond?

A series EE bond is a U.S. Treasury bond. It’s considered to be a very safe investment, as it’s backed by the U.S. government. It is guaranteed to double in value in 20 years, even if the government has to add funds to it to meet that mark.

To provide some context, here’s a quick look at what bonds are and how bonds work. A bond is a debt instrument. Bonds are issued by corporations or governments in order to raise capital. The bond market is huge — much larger than the equity markets. (In 2023, the market cap of the global bond market was about $133 trillion, versus $111 trillion for the stock market.) Investors provide capital to companies and governments when they buy the bonds, effectively loaning their money to that institution.

Meanwhile, the bond issuer agrees to pay investors the capital back, along with interest, after a certain period.

There are different kinds of bonds investors can purchase, including municipal, corporate, high-yield bonds, and U.S. Treasuries. A savings bond is a type of U.S. Treasury bond, issued with the full faith and credit of the U.S. government, meaning there’s virtually no chance of losing money. Savings bonds allow the government to borrow money for various purposes while giving investors a reliable and predictable stream of interest income.

Series E bonds, which were created in 1941 to help fund the WWII effort, were replaced in 1980 with Series EE bonds, or Patriot Bonds.

💡 Quick Tip: An online bank account with SoFi can help your money earn more — up to 4.60% APY, with no minimum balance required.

How Do Series EE Bonds Work?

If you’re interested in buying bonds, here are details on how a Series EE bond works:

• Series EE bonds are electronic and can only be purchased and managed online with a TreasuryDirect account. They are available in any denomination starting at $25, up to $10,000 per person named on the bond, per calendar year.

• These bonds are guaranteed to double in value in 20 years, even if the government needs to kick in extra cash. You can hold the bond for up to 10 additional years to continue to earn interest.

• When you purchase a Series EE bond, the interest rate will be stated. Through October 31, 2024, the interest rate is 2.70%.

• Interest is earned monthly, compounding semi-annually, for up to 30 years, unless you cash it sooner.

• Series EE bonds can be cashed in (or redeemed) after 12 months, but early withdrawal can trigger a penalty of partial interest loss.

• Electronic Series EE bonds can be cashed in via the TreasuryDirect site.

• Interest earned on Series EE bonds is taxable at the federal level. Federal estate, gift, and excise taxes, as well as state estate or inheritance taxes, may also apply. If the money is used for qualified education expenses, however, you may not be subject to taxes.

• The TreasuryDirect site also makes 1099-INT statements of interest earnings available annually.

Recommended: Understanding the Yield to Maturity (YTM) Formula

Understanding Series E Bonds

The popularity of Series E bonds may have hinged largely on the patriotic call to purchase them as part of the war effort. Buying bonds served two purposes: It helped the government to raise money for the war and it also helped to keep inflation at bay as shortages threatened to push consumer prices up. Apart from that, there were other qualities that might have made a Series E saving bond attractive.

These bonds were issued at 75% of their face value and returned 2.9% interest, compounded semiannually if held to 10-year maturity. So investors were able to earn a decent rate of return on their investment.

Series E bonds were also affordable, with initial denominations ranging from $25 to $1,000. Larger denominations of $5,000 and $10,000 were added later, along with two smaller memorial denominations of $75 and $200 to commemorate the deaths of President Kennedy and President Roosevelt, respectively.

Series E bonds were redeemable at any time after two months following the date of issue. Bond purchasers could redeem them for the full face value, along with any interest earned.

Interest from Series E bonds was taxable at the federal level but exempt from state and local taxes, adding to their appeal. And because they were issued by the federal government, they were considered a safe investment.

Recommended: Understanding the Yield to Maturity (YTM) Formula

Series EE Bond Maturity Rate

The maturity rate for EE bonds depends on when they were first issued.

Here’s a table showing the maturity dates for Series EE bonds over time:

Issuing Date	Maturity Period
January – October 1980	11 years
November 1980 – April 1981	9 years
May 1981 – October 1982	8 years
November 1982 – October 1986	10 years
November 1986 – February 1993	12 years
March 1993 – April 1995	18 years
May 1995 – May 2003	17 years
After June 2003	20 years

Recommended: 13 Tips for Aggressively Saving Money

Are Series EE Bonds Right for Me?

Series EE bonds can be a convenient, low-risk way to help your money grow over time. Plus, many people like the idea of investing in America and having their investment backed by the U.S. government. However, the rate of return may not be optimal, and the bonds are typically held for quite a long time versus a short-term investment.

Here are two popular alternatives you might consider to grow your money:

Savings Accounts

A savings account is a deposit account that’s designed to hold the money you don’t plan to spend right away. You can find various types of savings accounts at traditional banks, credit unions, and online banks. Savings accounts can pay interest, though not all at the same rate.

High-yield savings accounts at online banks, for example, tend to pay much higher rates than basic savings accounts at brick-and-mortar banks. Currently, they may offer around 4.60% APY (annual percentage yield) versus 0.58% for savings accounts.

Stocks

If you’re unclear about how stocks work, they effectively represent an ownership share in a company. When you buy shares of stock, you’re buying an ownership stake in a publicly traded company. The way you make money with stock investing is by buying low and selling high. In other words, you want to purchase stocks at one price then sell them for a higher price.

Stock trading can be a more powerful way to build wealth over time versus keeping money in a savings account or buying bonds. But there’s a tradeoff since stocks tend to be much riskier than bonds or savings accounts. Buying shares of mutual funds or exchange-traded funds (ETFs), which hold a collection of different stocks as well as bonds, is one strategy for managing that risk.

Recommended: Bonds vs. CDs: What’s Smart for Your Money?

Banking With SoFi

Series EE savings bonds can be a safe way to earn a steady rate of return. However, they aren’t the only way to grow your money.

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

When should I cash in EE savings bonds?

Series EE savings bonds are optimally held for 20 years, at which point the money invested will have doubled. If you’d like to keep earning interest, you may hold the bonds for up to an additional 10 years.

How long does it take for a Series EE savings bond to mature?

Series EE savings bonds mature in 20 years. At the end of that period, the initial investment’s value will have doubled. You may hold them an additional 10 years and continue to earn interest, if you like.

Do Series EE savings bonds double after 20 years? 30 years?

Series EE savings bonds double after 20 years. If you don’t redeem them, you may continue to earn interest on them for another 10 years, for a total of 30 years.

Photo credit: iStock/loveguli

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.

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.

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.

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.

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

*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.

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Source: sofi.com

Apache is functioning normally

June 9, 2024 by Brett Tams

Do you ever walk out of the movie theatre after seeing a film and just want to applaud? It can be so satisfying when your favourite actor holds their own in a serious role, successfully transitioning from funny to dynamic and back again. The best actors have mastered the skill of seamlessly segueing between different tonal registers, creating memorable performances that stay with you long after the credits roll. Below are the top 15 picks for those who excel at humorous and dramatic roles!

1. John C. Reilly

Photo Credit: Matteo Chinellato / Shutterstock.

“John C. Reilly, who even had a comedic song at the Oscars once at how he was both in Boogie Nights and Talladega Nights.”, shared one user.

One user quoted, “‘I got cut in half real bad.’”

2. Olivia Colman

Photo Credit: Featureflash Photo Agency / Shutterstock.

One user shared, “Olivia Colman, winner of the 2013 BAFTA TV Award for Best Female Comedy Performance, and Olivia Colman, winner of the 2013 BAFTA TV Award for Best [Dramatic] Supporting Actress.”

Another user replied, “Love her so much. My wife was a huge fan of Peep Show, and we thought she was so funny; then we watched Broadchurch, which blew us away. Now she’s a movie star, and I couldn’t be happier for her.”

3. Bryan Cranston

Photo Credit: Denis Makarenko / Shutterstock.

One user posted, “Bryan Cranston. Amazing in Malcolm in the Middle and Breaking Bad. Simply one of the best.”

Another user commented, “I wonder why I had to scroll down that far. He played both one of the funniest and most threatening roles on TV. There were a few interviews where he slipped into Heisenberg conversation, and it’s fascinating how he can transition flawlessly from funny answers to being hyper-serious and scary.”

4. Rose Byrne

Photo Credit: lev radin / Shutterstock.

“Rose Byrne.”, posted by one user.

Another user shared, “Came to say this—she’s clearly had dramatic chops since the Damages days, but she’s also hilarious in any comedy you put her in, even if the movie itself isn’t.”

5. Steve Carell

Photo Credit: Denis Makarenko / Shutterstock.

“Steve Carrell always had that comedic actor label for the longest time for me. Even with more serious roles like in Dan in Real Life he still played it funny. But then I saw Foxcatcher, and he just DISAPPEARED into that role and was absolutely terrifying. I totally bought him as Du Pont, and despite all of the comedic roles he’s done before, it did not take me out of his monstrous performance he did one bit. Great addition!” said one user.

6. Sam Rockwell

Photo Credit: Shutterstock.

One user mentioned, “Second him. In my experience, all his characters are likable and charismatic in some way. In The Green Mile, he was not exactly a likeable guy, but his performance was so energetic it was hard not to enjoy watching it.

Loved him in Three Billboards Outside Ebbing Missouri. That was a character that felt part realistic, partly like a comedic character. Serious and humorous. Such an outstanding balance.”

7. Jeff Daniels

Photo Credit: Denis Makarenko / Shutterstock.

One Redditor stated, “Jeff Daniels.”

Another added, “Lol My Favorite Martian and Dumb and Dumber to Newsroom is so insane because it’s such an extreme contrast in terms of performances but he nails both perfectly. I think this is my favourite addition. Thank you!”

8. Robin Williams

Photo Credit: Shutterstock.

“Robin Williams. He can break your heart, make you just about [pee] yourself laughing, then break your heart, leaving you sobbing all over again, all in the space of 3-4 minutes,” posted one user.

9. Adam Scott

Photo Credit: Featureflash Photo Agency / Shutterstock.

A Redditor added, “Surprised no one mentions Adam Scott. Significant in Severance and Step Brothers/Parks and Rec.”

Another user replied, “I was in awe at how amazing he was in Severance. I wouldn’t have bet on him being this good.”

10. David Tennant

Photo Credit: lev radin / Shutterstock.

“David Tennant. One of the most popular incarnations of Doctor Who; played the insidious Purple Man in Jessica Jones; then was fantastic in Broadchurch (alongside another worthy mention Olivia Colman) and is currently back as Crowley in Good Omens,” commented one user.

11. Emma Stone

Photo Credit: Andrea Raffin / Shutterstock.

One posted, “Emma Stone.”

Another user replied, “Great choice! I absolutely cannot wait to see her in Poor Things.”

11. Bob Odenkirk

Photo Credit: Joe Seer / Shutterstock.

“Bob Odenkirk deserves a mention,” shared one user.

12. John Goodman

Photo Credit: Joe Seer / Shutterstock.

One user shared, “John Goodman.”

Another user replied, “Check out the TV series Treme. The first season, he was amazing.”

13. Phillip Seymour Hoffman

Photo Credit: Andrea Raffin / Shutterstock.

“I’m pretty amazed everybody in this thread really forgot about Phillip Seymour Hoffman,” one user posted.

Another Redditor added, “Same, I thought he’d be close to the top. He was the first actor I thought of.”

14. Robert de Niro

Photo Credit: Shutterstock.

One Redditor shared, “De Niro made a pretty solid transition to comedy with Analyze This and Meet the Fockers, but then it didn’t quite continue, and he made more bad comedies than good. Still, he himself can definitely do perfect comedy and is believable; just should have picked better scripts.”

15. Meryl Streep

Photo Credit: Denis Makarenko / Shutterstock

“Meryl Streep,” shared one user.

One Redditor commented, “Meryl does whatever the f- she wants because she can, and she pulls it off. Same with Helen Mirren. They’re perfect and my life goal for beautiful aging.”

What do you think of the actors listed above? Share your thoughts, or you can read more here!

10 Actors Perfectly Cast for Their Character Roles

Photo Credit: Warner Bros.

Have you ever watched a movie or show and been completely lost in it because of how well an actor or actress became their character? Check out this article for a whole list of actors who were perfectly cast!

11 Vampire Movies That Will Make You Thirst for More

Photo Credit: Columbia Pictures.

You know that feeling where you’re on a movie kick in a certain genre, but you seem to run out of good movies to watch? Well, if you’re down for a vampire movie or three, check out this article for the best ones out there!

10 Incredible Movies That People Rated 10 Out of 10

Photo Credit: Universal Studios.

It’s pretty hard to replicate the experience of watching your favorite movie for the first time, but we’ve put together a list of movies that people have rated at a perfect 10/10. Next time you need a good movie to watch, check this out!

10 Famous People Who Canceled Themselves With Their Own Stupidity

Photo Credit: Shutterstock.

We’ve all been there: you make a comment you haven’t thought through at all, and the whole room goes silent at what you’ve just said. But can you imagine doing that as a famous person—and getting canceled? Check out this list of celebrities who did just that!

13 Things You Shouldn’t Do When You’re in the US

Photo Credit: Shutterstock.

Are you planning a trip to the US? Culture varies a lot between countries, even countries that share borders. So if you’re headed to the good old U. S. of A, here are a few pointers to make your travels go more smoothly!

About the Author

Source: financequickfix.com

Apache is functioning normally

June 8, 2024 by Brett Tams

Even in a hot real estate market, it’s possible to learn how to buy a house with no money down. The trick is, you need to know where to look.

Zero down home loans aren’t available everywhere and to every borrower, but if you do qualify and can find an area with a zero down mortgage, homeownership could be much more attainable.

Here’s exactly what you need to know about how to buy a house with no money down.

Can You Buy a House With No Money Down?

You can buy a house with no money down with certain loan programs in certain areas. There are more homeowner resources to help you buy a home than you may realize.

And first-time homebuyer qualifications can be more flexible than you know. Here’s where to look for and what to expect on a zero down mortgage.

💡 Recommended: Learn more about first-time home buyer programs.

How to Buy a House With No Money

Of all the things you need to buy a house, a down payment holds many buyers back.

But there are a few avenues you can take to buy a home with no money down.

• Buy a home with a VA or USDA loan, which are no down payment mortgages

• Receive assistance for your down payment or closing costs from a state or local program or a family member

• Receive a lender credit

• Ask for a seller concession

USDA Loan

A USDA loan requires no money down and is intended for buyers in rural areas. There are two ways the U.S. Department of Agriculture loans money:

• single-family housing direct loans

• single-family housing guaranteed program

The direct loans are issued by the USDA and come with a 33-year term for low- and very low-income households. (Very low-income applicants may stretch the repayment term to 38 years.)

The guaranteed program is run through approved lenders with a 30-year fixed rate for low- to moderate-income households.

The USDA eligibility site shows eligible areas and income limits.

VA Loan

A loan guaranteed by the U.S. Department of Veterans Affairs is a zero down payment mortgage with low interest rates for qualified veterans, active-duty service members, certain reservists and National Guard members, and surviving spouses of those who died in the line of duty or as a result of a service-related injury. Most borrowers pay a one-time funding fee, which can be rolled into the loan.

Lenders can be more flexible with credit scores, mortgage amounts, and debt-to-income ratios.

💡 What credit score do you need for a VA loan?

Down Payment and Closing Cost Assistance Programs

Many city and state agencies offer different mortgage types and down payment assistance to buyers, especially low- to moderate-income homebuyers, first-time homebuyers, veterans, and people buying in federally targeted areas.

The terms vary. Sometimes the assistance for a down payment is in the form of a second mortgage that is repaid over time. Other terms include deferred payments that are only due if the property is sold, loans that are forgivable if the property is occupied by an owner for a specified amount of time, and even grants.

HUD, the U.S. Department of Housing and Urban Development, steers homebuyers to city, state, and nonprofit programs that offer down payment assistance.

First-time homebuyers can
prequalify for a SoFi mortgage loan,
with as little as 3% down.

Down Payment Gift From a Family Member

A down payment gift from a family member can also help you buy a house with no money down. The main thing to remember about a down payment gift from a family member is that the money must be properly documented with a gift letter. Your lender will likely provide a template to make sure you have all the crucial elements included.

Lender Credits

Lender credits are what you get when you agree to pay a higher interest rate in return for some money that the lender contributes toward your closing costs. The more lender credits you receive, the higher your rate will be. With some lenders, you can cover your closing costs entirely with lender credits. This is a common practice when refinancing a loan.

Seller Concessions

One strategy real estate agents have used is to ask for a credit from the seller, to be contributed toward the buyer’s closing costs. Making an offer above asking price in tandem with the seller concessions makes this option more palatable for sellers in a competitive housing market.

💡 Need more help? Head to the Home Loan Help Center

The Takeaway

Learning how to buy houses with no money takes some research, but could be well worth your time. With a VA or USDA loan, down payment assistance, gift money, or lender credits, it is possible to obtain a no money down mortgage.

Qualifying first-time buyers can still catch a break with a conventional mortgage loan from SoFi by putting just 3% down.

SoFi offers fixed-rate loans and a team of mortgage loan officers to answer all your mortgage questions.

Get pre-qualified for a home loan in minutes.

FAQ

Can cash gifts be used as a down payment?

Yes, but certain rules must be followed for the gift to be documented by the lender, usually in the form of a gift letter.

Are there any homebuyer grants?

Sometimes. They’re usually reserved for first-time buyers, veterans, or people buying homes in federally targeted areas. You might start a search for assistance with your state housing finance agency or HUD and then look for city and county programs.

What are down payment assistance programs?

Down payment assistance programs help homebuyers afford down payments and sometimes closing costs as well. This is done in the form of grants and loans and can vary by location.

What credit score do I need to buy a house with no money down?

For a zero down mortgage backed by the USDA or VA, lenders are advised to look at a borrower’s situation case by case. Approved USDA loan lenders usually require a minimum credit score of 640, though the department itself doesn’t have a credit score requirement.

Most VA loan lenders will want to see a credit score above 620, but again, the VA does not have a minimum credit score. Applicants may qualify with a score below 620 when debt, income, and the ability to shoulder future mortgage payments are given a close look.

Down payment assistance programs often require a minimum credit score of 620.

Photo credit: iStock/Paperkites

SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility for more information.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

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Source: sofi.com

Apache is functioning normally

June 7, 2024 by Brett Tams

Our goal here at Credible Operations, Inc., NMLS Number 1681276, referred to as “Credible” below, is to give you the tools and confidence you need to improve your finances. Although we do promote products from our partner lenders who compensate us for our services, all opinions are our own.

Home equity loan Home equity line of credit (HELOC) Interest rate Fixed Variable Monthly payment amount Fixed Variable Closing costs and fees Yes Yes, might be lower than other loan types Repayment period Typically 5-30 years Typically 10-20 years

FAQ

What is a rate lock?

Interest rates on mortgages fluctuate all the time, but a rate lock allows you to lock in your current rate for a set amount of time. This ensures you get the rate you want as you complete the homebuying process.

What are mortgage points?

Mortgage points are a type of prepaid interest that you can pay upfront — often as part of your closing costs — for a lower overall interest rate. This can lower your APR and monthly payments.

What are closing costs?

Closing costs are the fees you, as the buyer, need to pay before getting a loan. Common fees include attorney fees, home appraisal fees, origination fees, and application fees.

If you’re trying to find the right mortgage rate, consider using Credible. You can use Credible’s free online tool to easily compare multiple lenders and see prequalified rates in just a few minutes.

Source: foxbusiness.com

Apache is functioning normally

June 6, 2024 by Brett Tams

Both certificates of deposit (CDs) and money market accounts (MMAs) are types of savings accounts that tend to earn higher interest rates than traditional savings accounts. But there are some key differences between them.

An MMA allows you to withdraw money as needed (and even comes with checks or a debit card), though you may be limited to a certain number of transactions per month. With a CD, on the other hand, your money is locked up for a set period of time. In exchange for leaving your money untouched, however, CDs generally pay higher rates than MMAs.

Whether you should choose a CD or MMA will depend on your financial needs and goals. To help you make the right choice, here’s a closer look at how these two savings options compare.

Main Differences Between Money Market Accounts and CDs

Here’s a quick snapshot of the differences between money market accounts and CDs.

	Money Market Accounts	CDs
Interest rates	Variable; typically lower	Fixed; typically higher
Liquidity	Highly liquid	Lacks liquidity (early withdrawal incurs a penalty, in most instances)
Minimum balance requirements	Higher than regular savings accounts	Varies by CD
Debit card/checks	Yes	No

Money Market Accounts

A money market account (MMA) is a type of savings account offered by banks and credit unions that provides some of the conveniences of a checking account. Like a typical savings account, you earn interest on your deposits, often at a higher rate than what you could earn in a traditional savings account. In addition, these accounts typically come with checks and/or a debit card, making it easier to access your funds.

Money market accounts may come with withdrawal limits (such as six or nine per month), however, so they aren’t designed to be used as a replacement for a checking account. MMAs also often require you to keep a certain minimum balance in order to avoid fees or earn the advertised annual percentage yield (APY).

The money you deposit in an MMA is insured up to $250,000 by the Federal Deposit Insurance Corporation (FDIC), if held at an FDIC-insured bank, or by the National Credit Union Administration (NCUA), if held at an insured credit union. That means you can’t lose your money (up to certain limits) even if the bank were to go bankrupt or shut its doors.

Pros and Cons of Money Market Accounts

Here’s a look at some advantages of opening a money market account.

• Higher interest rate: Typically, money market accounts have higher interest rates than traditional savings accounts.

• Security: Because of the FDIC and NCUA insurance, the funds in a money market account are typically insured against loss.

• Funds are liquid: You can withdraw your money when you need to (though you may be limited to a certain number of transactions per month).

• Ease of access: It’s possible to access the funds in a money market account by withdrawing cash at an ATM, doing an electronic transfer, using a debit card, and/or writing checks.

MMAs also have some disadvantages. Here are some to keep in mind.

• Better rates may be available elsewhere: You may be able to find a high-yield savings account at an online bank that offers a higher APY than an MMA at a traditional bank (with potentially fewer restrictions and/or fees).

• Minimum balance requirements: Banks often require a minimum deposit to open an MMA, as well as a minimum amount you must keep in the account in order to earn the top APY and/or or avoid a monthly maintenance fee.

• Variable interest rate: APYs on MMAs are based on market interest rates at a given time. It’s difficult to predict how the market will perform and if this interest rate will rise or fall.

• Limited growth potential: If you’re looking for long-term growth, you can potentially make more by investing your money in the market.

Certificates of Deposits (CDs)

A certificate of deposit (CD) is a type of savings account that offers fixed interest rate that is generally higher than a traditional savings account. A CD also comes with a fixed-term length and a fixed maturity date. This means you need to leave the funds in a CD untouched for a set term, which can range anywhere from a few months to several years. Generally, the longer the CD’s term, the higher the APY, but this is not always the case.

CDs don’t charge monthly fees, but will typically have an early withdrawal penalty, and you usually can’t add any additional funds after the initial deposit.

CDs are offered by banks and credit unions: at credit unions, they are often referred to as share certificates. Like regular savings accounts, CDs are typically insured by the FDIC or NCUA, so you get your money back (up to $250,000) in the unlikely event that the bank or credit union were to go out of business.

Pros and Cons of CDs

Here’s a look at some of the advantages that come with depositing money into a CD.

• Potentially higher rates: CDs tend to offer higher APYs than regular savings accounts and money market accounts.

• Guaranteed rate of return: Because CDs typically have fixed rates for fixed terms, you know up front how much interest you will earn.

• Security: Like other types of savings accounts, CDs are insured by either the FDIC or NCUA.

• Convenience: It’s fairly easy to open a CD, since most banks and credit unions offer them.

There are also some disadvantages of CDs that you’ll want to bear in mind.

• Relatively low returns: While CDs tend to earn more than a regular savings account, investing in stocks and bonds can be a better option if you’re looking to maximize your returns over the long term (though, unlike CDs, returns are not guaranteed).

• Rates won’t go up: Because CDs come with fixed interest rates, the APY won’t go up even if market rates rise during the term of your CD (unless you open a bump-up CD).

• No liquidity: Unlike other types of savings accounts, you can’t withdraw funds as needed. To benefit from a CD, you must wait until the CD term ends before you access your cash.

• Withdrawal penalties: If you end up needing the money before the CD matures, you will likely incur an early withdrawal penalty.

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When Should I Consider a Money Market Account or CD Over the Other?

MMAs and CDs have different requirements and benefits, and which one will serve you best will depend on your needs and preferences.

Choosing a Money Market Account Over a CD

A money market account may be a better choice than a CD if:

• You want the option to add and withdraw money regularly. You can save money over time with a money market account. You can also withdraw the money at any time, though you may be subject to some restrictions.

• You’re building an emergency fund. A money market account can be a good place to stash your emergency fund. You can likely maintain the minimum balance requirement and can benefit from the extra interest. Should you need the money, however, you can get it right away.

• You’re saving for a large purchase. If you’re saving for a big ticket item like a car, a money market account will allow you to write a check from the account when you’ve reached your goal and it comes time to use those funds.

Choosing a CD Over a Money Market Account

A CD may be a better fit than a money market account if:

• You have a longer-term savings goal. If you don’t need to use the money for a year or two, you may benefit from the higher returns offered by CD.

• You want to make sure you don’t touch the money. If you’re setting aside money for a specific future expense, like a wedding or vacation, a CD helps insure you won’t impulsively spend it on something else.

• You want some growth without risk. Unlike money invested in the market, the money you put into a CD is insured (up to certain limits) and the rate of return is guaranteed.

Recommended: How to Save Money: 33 Easy Ways

The Takeaway

Both money market accounts and CDs offer safe ways to earn more interest on your savings than you could in a traditional savings account. While money market accounts offer more flexibility and liquidity than CDs, CDs tend to offer higher APYs.

If you won’t need the money for a set period of time (say, six months to three years), and can find a good rate on a CD, you might be better off going with a CD over an MMA. If you may need to tap the funds at some point (but you’re not sure when), an MMA allows you to earn a higher-than-average interest rate while keeping the money liquid, with the added benefit of offering checks or a debit card.

Before choosing any type of savings account, however, it generally pays to shop around and compare current APYs. You may find another savings vehicle, such as a high-yield savings account, that offers the returns you want with minimal requirement, restrictions, or fees.

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 CDs or money markets better?

If you don’t need to access your funds for a while, a CD could be a better fit. CDs tend to offer higher interest rates than money market accounts, and the interest rate is fixed which makes the return predictable. Conversely, if you might need to draw on the funds in the near-term, an MMA may be a better route.

What are the tax implications of money market accounts vs. CDs?

With both certificates of deposit (CDs) and money market accounts (MMAs), the interest you earn is considered taxable income. You will receive a Form 1099-INT from your bank at the end of the year, which you must report on your tax return.

The Interest from CDs is typically taxed in the year it is earned, even if you don’t withdraw it until the CD matures. This means you might owe taxes on interest even if you haven’t received it yet. Interest on MMAs, however, is usually credited monthly and taxed in the year it is credited.

What are other options besides money market accounts and CDs?

Money market accounts and certificates of deposit (CDs) offer a low-risk way to earn a solid interest rate on your money. But they aren’t your only option. Here are some alternatives:

• High-yield savings accounts. These accounts offer higher interest rates than traditional savings accounts and provide easy access to your funds with no fixed terms.

• Treasury Securities. U.S. Treasury bills, notes, and bonds are government-backed securities that can offer competitive returns. They vary in term length and interest rate and are considered very safe investments.

• Bond Funds. These mutual funds invest in a diversified portfolio of bonds, offering potentially higher returns than money market accounts and CDs, though they come with higher risk.

Photo credit: iStock/Vanessa Nunes

SOBK-Q224-1885727-V1

Source: sofi.com

Apache is functioning normally

June 5, 2024 by Brett Tams

Maui is a popular Hawaiian vacation destination for a reason. The island boasts beautiful beaches, year-round warm weather, welcoming locals and a rich culture to learn about and experience during your trip. But it’s also a very expensive island to visit, with hotel rooms averaging more than $550 per night before taxes and fees in the first quarter of 2024, according to data from Hawaii Tourism Authority.

If you’re looking to book a Maui vacation without breaking your budget, below we dive into the best hotel on Maui to book with points, including the best hotels on Maui for families and for guests looking for a luxury stay.

Hyatt’s best hotels in Maui

Hyatt has a relatively small footprint on Maui, with only four hotels on the island: the Andaz Maui at Wailea Resort, Hana-Maui Resort, Hyatt Regency Maui Resort and Spa, and the Hyatt Vacation Club at Ka’anapali Beach. Still, these are great options to use Hyatt points.

Best overall Hyatt hotel on Maui: Andaz Maui at Wailea Resort

View from the balcony of an ocean view room at the Andaz Maui at Wailea Resort. (Photo courtesy of Josh Garber)

On 15 acres of beachfront in Wailea, the Andaz Maui at Wailea Resort is a beautifully designed luxury property.

The hotel features five pools (including an adult tranquility pool for guests 18 and older), a spa and four on-site restaurants. Be sure to check out the Feast at Mōkapu Lu’au, an oceanfront luau that takes place at the hotel on Tuesday, Thursday and Sunday nights.

Rooms at the Andaz Maui at Wailea Resort start at 35,000 Hyatt points per night.

Best Hyatt hotel for families: Hyatt Vacation Club at Ka’anapali Beach

For families visiting Maui and looking to use Hyatt points, the Hyatt Vacation Club at Ka’anapali Beach is your best bet. The Hyatt Vacation Club at Ka’anapali Beach has a number of family-friendly options, including a children’s area of the pool, a small in-hotel market where you can shop for snacks and sandwiches, and rooms with full kitchens.

Rooms at the Hyatt Vacation Club at Ka’anapali Beach start at 25,000 Hyatt points per night.

Cards for Hyatt points and perks

World of Hyatt Credit Card

on Chase’s website

World of Hyatt Business Credit Card

on Chase’s website

Annual fee

Welcome offer

Earn 30,000 Bonus Points after you spend $3,000 on purchases in your first 3 months from account opening. Plus, up to 30,000 More Bonus Points by earning 2 Bonus Points total per $1 spent in the first 6 months from account opening on purchases that normally earn 1 Bonus Point, on up to $15,000 spent.

60,000 Bonus Points after you spend $5,000 on purchases in your first 3 months from account opening.

Earn rates

• 4 points per $1 at Hyatt hotels and resorts.

• 2 points per $1 on dining, airline tickets purchased directly from the airline, gym memberships, and local transit and commuting.

• 1 point per $1 on all other eligible purchases.

• 4 points per $1 at Hyatt hotels and resorts.

• 2 points per $1 in your top three spend categories each quarter through Dec. 31, 2024, then your top two categories each quarter.

• 2 points per $1 on fitness club and gym memberships.

• 1 point per $1 on all other eligible purchases.

Benefits

• Earn one free night on each cardmember anniversary to redeem at any Category 1-4 World of Hyatt property.

• Earn five elite night credits when you get the card, and two additional elite night credits for every $5,000 spent.

• Earn one free night on each cardmember anniversary to redeem at any Category 1-4 World of Hyatt property.

• Earn up to a $100 Hyatt statement credit on your cardmember anniversary.

• World of Hyatt Discoverist status.

• Earn a rebate of 10% of points (up to 200,000 points) redeemed after reaching $50,000 in annual spend.

• Earn five elite night credits for every $10,000 spent.

Learn more

Marriott’s best hotels in Maui

Marriott has the largest hotel footprint on Maui, with 10 hotels throughout the island. Given all the options, here’s which Marriott Maui property to stay at if you’re booking with points.

Best Marriott hotel in Maui: The Westin Maui Resort & Spa, Ka’anapali

Ka’anapali Beach on Maui. (Photo courtesy of Josh Garber)

Located beachfront on Ka’anapali Beach on Maui, The Westin Maui Resort & Spa, Ka’anapali is a great hotel for couples, families and even solo travelers.

While you could easily spend your entire stay on the property (taking advantage of the pool, spa, restaurants and beach right in front of the hotel), the hotel is right next to Whalers Village, an outdoor shopping mall that includes local shops and restaurants, including Monkeypod, Hula Grill and Leilani’s on the Beach.

Rooms at The Westin Maui Resort & Spa, Ka’anapali start at 64,000 points per night.

Best Marriott hotel for a luxury experience: The Ritz-Carlton Maui, Kapalua

The Ritz-Carlton Maui, Kapalua is a 54-acre resort overlooking the Pacific Ocean with amenities that include two 18-hole championship golf courses, six distinctive restaurants and a spa with treatments inspired by ancient Hawaiian traditions.

Rooms at The Ritz-Carlton Maui, Kapalua start at 84,000 points per night.

Best Marriott hotel for families: The Westin Ka’anapali Ocean Resort Villas North

For family trips on Marriott points, check out The Westin Ka’anapali Ocean Resort Villas North.

All rooms at this hotel feature either a full kitchen or kitchenette, which can come in handy if you have hungry kids who just need a quick snack (or if you’d like to save money from dining out). The hotel also offers one- and two-bedroom villas, which can be a great option for families that would like a bit more space and privacy.

The hotel has a separate children’s pool and a cultural center for families wanting to learn more about local traditions and history.

Rooms at The Westin Ka’anapali Ocean Resort Villas North start at 70,000 points per night.

Cards for Marriott points and perks

Marriott Bonvoy Bold® Credit Card

on Chase’s website

Marriott Bonvoy Boundless® Credit Card

on Chase’s website

Marriott Bonvoy Bountiful™ Card

Marriott Bonvoy Brilliant® American Express® Card

Annual fee

Welcome offer

Earn 30,000 Bonus Points after spending $1,000 on purchases in your first 3 months from account opening with the Marriott Bonvoy Bold® Credit Card.

Earn 3 Free Night Awards (each night valued up to 50,000 points) after spending $3,000 on purchases in your first 3 months from account opening with the Marriott Bonvoy Boundless® Credit Card!

Earn 85,000 Bonus Points after you spend $4,000 in purchases in your first 3 months from your account opening.

Earn 95,000 Marriott Bonvoy bonus points after you use your new Card to make $6,000 in purchases within the first 6 months of Card Membership. Terms Apply.

Earn rates

• 3 points per $1 at participating Marriott Bonvoy hotels.

• 2 points per $1 on other travel purchases (such as airfare, taxis and trains).

• 1 point per $1 on all other eligible purchases.

• 6 points per $1 at participating Marriott Bonvoy hotels.

• 3 points per $1 on up to $6,000 a year in combined purchases on grocery stores, gas stations and dining.

• 2 points per $1 on all other eligible purchases.

• 6 points per $1 at participating Marriott Bonvoy hotels.

• 4 points per $1 on up to $15,000 a year in combined purchases at grocery stores and on dining.

• 2 points per $1 on all other eligible purchases.

• 6 points per $1 at participating Marriott Bonvoy hotels.

• 3 points per $1 at restaurants worldwide and on flights booked directly with airlines.

• 2 points per $1 on all other eligible purchases.

Terms apply.

Benefits

• 15 Elite Night Credits annually, qualifying you for Silver Elite Status

• Free Night Award (valued up to 35,000 points) every year after account anniversary.

• 15 Elite Night Credits annually, qualifying you for Silver Elite status, plus path to Gold Status when you spend $35,000 on purchases each calendar year.

• 1 Elite Night Credit toward Elite Status for every $5,000 you spend.

• Free Night Award (valued up to 50,000 points) after spending $15,000 in a calendar year.

• Gold Elite status, plus 15 Elite Night credits each year toward Platinum Elite status.

• 1,000 points per paid eligible stay booked directly with Marriott Bonvoy at participating properties. Terms apply.

• Free Night Award (valued up to 85,000 points) every year after your account renewal month.

• Platinum Elite Status and 25 Elite Night credits per year.

• Fee credit for either Global Entry or TSA Precheck.

• Priority Pass Select lounge membership (enrollment required).

• Up to $300 in statement credits per calendar year (up to $25 per month) for eligible purchases at restaurants worldwide.

• Terms apply.

Learn more

Hilton’s best hotels in Maui

Similar to Hyatt, Hilton also has a small footprint on Maui with only four hotels (although Hilton is opening a fifth hotel in June 2025).

If you’re looking to book a Hilton hotel with points on Maui, the Grand Wailea, a Waldorf Astoria Resort has the honor of not only being the best overall hotel to book on Maui with points, but also being the best luxury hotel and family hotel.

Best overall Hilton points on Maui: Grand Wailea, a Waldorf Astoria Resort

Palm trees and green grass at the Grand Wailea, a Waldorf Astoria Resort. (Photo courtesy of Josh Garber)

The Grand Wailea, a Waldorf Astoria Resort is a massive property, sitting on 40 acres with 844 rooms (of which 57 are suites and 50 are villas) that range in size from 640 square feet to 1,300 square feet. The hotel is perhaps best known for its Wailea Canyon Activity Pool, which is actually a collection of nine pools spanning 25,700 square feet that are connected by waterslides and a lazy river.

The Wailea Canyon Activity Pool is enough to make the Grand Wailea, a Waldorf Astoria Resort the best resort for families (and arguably the best hotel for families on the entire island of Maui).

Not only does the pool feature a lazy river and waterslides connecting the nine pools mentioned earlier, but it also features a Tarzan pool with rope swing, six waterfalls, caves, a sand “baby” beach and a swim-up bar for parents who need some time away from the kids. If you or your kids are more adventurous, you can enjoy the Lava Tube Slide, a three-story waterslide with 360-degree turns where you can reach speeds as fast as 22 miles per hour.

The hotel also offers a Grand Passport for kids. During check-in, children are given a passport that maps and lists all educational and cultural activities on the island to keep them engaged during their stay.

After a day at the pool, be sure to make reservations for dinner at Humuhumunukunukuāpuaʻa, the hotel’s signature beachfront restaurant that specializes in seafood.

Rooms at the Grand Wailea, a Waldorf Astoria Resort start at 110,000 Hilton points per night.

While Hilton does have another luxury option on Maui, Ho’olei Villas at Grand Wailea, rooms at that hotel will set you back around 574,000 points per night. Given that you can stay at the Grand Wailea for 110,000 points per night, the Grand Wailea wins as the best Hilton points hotel on Maui for a luxury experience.

Cards for Hilton points and perks

Hilton Honors American Express Surpass® Card

The Hilton Honors American Express Business Card

The Platinum Card® from American Express

The Business Platinum Card® from American Express

Annual fee

Welcome offer

Earn 130,000 Hilton Honors Bonus Points plus a Free Night Reward after you spend $3,000 in purchases on the Hilton Honors American Express Surpass® Card in the first 6 months of Card Membership. Offer Ends 7/31/2024. Terms apply.

Earn 175,000 Hilton Honors Bonus Points after you spend $8,000 in purchases on the Hilton Honors Business Card within the first six months of Card Membership. Offer Ends 6/5. Terms Apply.

Earn 80,000 Membership Rewards® Points after you spend $8,000 on eligible purchases on your new Card in your first 6 months of Card Membership. Terms Apply.

Earn 150,000 Membership Rewards® points after you spend $20,000 in eligible purchases on the Card within the first 3 months of Card Membership. Terms Apply.

Earn rates

• 12 points per $1 on eligible purchases with a hotel or resort within the Hilton portfolio.

• 6 points per $1 at U.S. restaurants, U.S. supermarkets and U.S. gas stations.

• 4 points per $1 on U.S. online retail purchases.

• 3 points per $1 on all other eligible purchases.

Terms apply.

• 12 points per $1 on eligible purchases with a hotel or resort within the Hilton portfolio.

• 5 points per $1 on other purchases made using the Hilton Honors Business Card on the first $100,000 in purchases each calendar year, 3 points per $1 thereafter.

Terms apply.

• 5 points per $1 on flights booked directly with airlines or with American Express Travel, on up to $500,000 spent per year.

• 5 points per $1 on prepaid hotels booked with American Express Travel.

• 1 point per $1 on other eligible purchases.

Terms apply.

• 5 points per $1 on flights and prepaid hotels booked American Express Travel.

• 1.5 points per $1 in key business categories and eligible purchases of $5,000 or more (on up to $2,000,000 in purchases per year).

• 1 point per $1 on other eligible purchases.

Terms apply.

Benefits

• Hilton Honors™ Gold Status, which gives you an 80% points bonus, as well as complimentary breakfasts at select hotels and room upgrades at select properties where available.

• Path to Diamond status. Get an upgrade to Diamond if you spend $40,000 or more on the card in a calendar year.

• $200 annual statement credit for eligible Hilton purchases on your card (doled out in $50 statement credits per quarter).

• Potential free night. Earn a weekend night reward after you spend $15,000 on purchases on your card in a calendar year.

Terms apply.

• Hilton Honors™ Gold Status, which gives you an 80% points bonus, as well as complimentary breakfasts at select hotels and room upgrades at select properties where available.

• Path to Diamond status. Get an upgrade to Diamond if you spend $40,000 or more on the card in a calendar year.

• Potential free nights. Earn a free night reward after you spend $15,000 on purchases on your card in a calendar year and a second when you spend an additional $45,000 in the same calendar year ($60,000 total).

• Airport lounge access. Ten complimentary Priority Pass visits each year. Enrollment is required.

Terms apply.

• Access to more than 1,400 airport lounges worldwide, including AmEx’s own Centurion Lounges and Delta Sky Clubs (when flying Delta).

• Credit for the application fee for TSA PreCheck or Global Entry.

• Hundreds of dollars a year in credits for travel, shopping and entertainment. These include up to $200 a year for incidental fees on an airline you choose, up to $240 for digital entertainment from select providers, and up to $200 a year for Uber. Enrollment required. See terms for details.

Terms apply.

• Get 35% of your Membership Rewards points back when you redeem points for an eligible first or business class flight on any airline, or a flight in any cabin of travel on an airline you choose (up to 500,000 points per year).

• Access to more than 1,400 airport lounges worldwide, including AmEx’s own Centurion Lounges and Delta Sky Clubs (when flying Delta).

• Credit for the application fee for TSA PreCheck or Global Entry.

• Up to $1,000 a year in credits for various business expenses and travel. These include $400 a year for U.S. Dell purchases, $200 a year for incidental fees on an airline you choose, $120 for a U.S. wireless credit, and more. See terms for details.

Terms apply.

Learn more

Final thoughts on the best hotels on Maui to book with points

Hyatt, Marriott and Hilton all have great options for guests looking to stay at a hotel on Maui using points. Some of our favorite points properties on Maui include the Hyatt’s Andaz Maui at Wailea Resort, Marriott’s The Westin Maui Resort & Spa, Ka’anapali and Hilton’s Grand Wailea, a Waldorf Astoria Resort.

To view rates and fees of The Business Platinum Card® from American Express, see this page.

To view rates and fees of The Platinum Card® from American Express, see this page.

To view rates and fees of the Hilton Honors American Express Surpass® Card, see this page.

To view rates and fees of The Hilton Honors American Express Business Card, see this page.

To view rates and fees of the Marriott Bonvoy Brilliant® American Express® Card, see this page.

How to maximize your rewards

Source: nerdwallet.com

Apache is functioning normally

June 3, 2024 by Brett Tams

An ACH routing number is a nine-digit code that identifies a financial institution during an electronic financial transaction. It ensures that money transferred using the ACH (Automated Clearing House) network is taken from and sent to the right place. ACH transfers are usually faster than paper checks and are used for various transactions like autopay and direct deposits.

Since ACH routing numbers play a vital role in everyday banking, let’s take a closer look.

What Is an ACH Routing Number?

An ACH routing number is essentially a digital address for your bank. It’s used specifically for transfers made using the Automated Clearing House (ACH) network, a system that facilitates electronic payments and direct deposits between financial institutions in the U.S.

Smaller banks and credit unions may have only one ACH routing number, while big banks may use several different ACH routing numbers based on region.

You’ll need your bank’s ACH routing number for a number of financial transactions. This includes setting up direct deposit at work, getting a tax refund directly deposited into your bank account, authorizing a one-time online payment, setting up autopay, and using a P2P payment app.

To set up an ACH transaction, you also need to provide your account number, which (unlike an ACH number) is unique to you. Your account number identifies the specific account, such as a traditional or online checking account, within the bank you want to use for the ACH credit or debit.

How Do I Find My ACH Routing Number?

Let’s say you want to sign up to pay your homeowner’s insurance automatically every month or you need to enroll in a P2P app to send someone money. To find your bank’s ACH routing number, you have a few options.

Using Your Checkbook

If you have paper checks, you can find your routing number by looking at the string of numbers printed along the bottom of a check. Your bank’s routing number is the first set of nine digits on the bottom left. It is usually followed by your account number and then the check number.

Using Your Online or Mobile Bank Account

Another way to get your ACH routing number is to go to your bank’s website and sign into your account. Methods vary by bank but, typically, here’s how you do it: Click on the last four digits of your account number (which appears above your account information) and choose “see full account number” next to your account name. A box will then open to display your bank account number and routing number.

You can also find your ACH routing number by signing into your bank’s mobile app. Typically, you just need to choose your account title and then tap “show details,” and your bank account and routing number will appear.

Using the Internet

If you don’t have access to online banking, you can also find your ACH routing number by going to your bank’s official website. You can then use the search function to look for “ACH routing number” or check the “Help” or “FAQ” sections.

Another option is to do a simple internet search. Put “ACH number” and the name of your bank into a search engine and you should be able to find it. Keep in mind that some large banks may have multiple regional ACH numbers. You want to make sure you are getting the one associated with your location.

Contacting Customer Service

If you can’t get online, you can always contact your bank’s customer service department by phone. They can provide you with the correct ACH routing number.

What Are ACH Routing Numbers Used For?

ACH routing numbers serve several essential functions in the banking system. Here are some of the main uses for ACH routing numbers:

• Direct deposit Employers use ACH routing numbers to deposit salaries directly into employees’ bank accounts. This method is fast, secure, and convenient for both employers and employees.

• Bill payments Many people use ACH routing numbers to pay bills electronically. This includes payments for utilities, mortgages, and other recurring expenses.

• Tax refunds The IRS and state tax agencies use ACH routing numbers to deposit tax refunds directly into taxpayers’ bank accounts.

• Transfers between accounts ACH routing numbers are used to transfer money between different bank accounts, whether within the same bank or between different banks. This is common for personal transactions, such as moving funds from a checking account to a savings account.

ACH vs ABA Routing Numbers: The Differences

An ABA (American Bankers Association) routing number is similar to an ACH routing number in that it identifies your bank. However, these numbers are used in different contexts.

ACH routing numbers are specifically used for electronic transactions processed through the Automated Clearing House network. This includes direct deposits, bill payments, and other electronic funds transfers. ABA routing numbers (also known as check routing numbers) are used for processing paper checks and for wire transfers. ABA and ACH simply refer to the method in which the money is moved.

These days, the same nine-digit number can serve as both an ACH routing number and an ABA routing number, which means that the ABA and ACH routing number for your bank is likely the same. If that’s the case, your bank will simply refer to its ABA/ACH routing number simply as its “routing number.”

Some banks, however, may provide separate ACH numbers (for electronic transfers) and ABA numbers (for checks and wire transfers).

ACH vs ABA Routing Numbers: History

ABA numbers were created in 1910 by the American Bankers Association (ABA) to help facilitate the sorting, bundling, and shipping of paper checks. They are still used for the processing of paper checks (and also for wire transfers).

More than a half century later, in the late 1960s, a group of California banks banded together to find a speedier alternative to check payments. They launched the first ACH in the U.S. in 1972; that was a key milestone in the evolution of electronic banking.

ACH vs ABA Routing Number: Numerical Differences

In the past, ABA and ACH numbers were slightly different, specifically the first two digits. Today, though, they are typically identical. Your bank’s ABA routing number and ACH routing number are likely to be one and the same. The reason is that both ABA and ACH numbers are used for the same purpose — transferring funds to the correct destination.

The Takeaway

An ACH routing number is a nine-digit code that identifies a bank during an electronic financial transaction. The ACH system has been used for decades and makes life easier by keeping transactions quick and secure. While ACH numbers used to be different from ABA routing codes, today these two numbers are typically the same.

Whether you are setting up direct deposits, paying bills, or transferring money between accounts, it’s essential to know your bank’s ACH routing number. You can find it by looking at your checks, logging into your account, or doing a simple online search. It’s that easy.

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

Is the routing number different for ACH and wire transfers?

In some cases, the routing number for ACH transactions may be different from the routing number used for wire transfers. ACH routing numbers are used for electronic transactions processed through the Automated Clearing House network, such as direct deposits and bill payments.

Wire transfers, which are often faster and more direct, require an ABA or wire transfer routing number. It’s a good idea to confirm with your bank to ensure you use the correct routing number for the type of transaction you are making.

Do all banks have an ACH routing number?

All banks and credit unions that process ACH transactions have an ACH routing number. This nine-digit number is your bank’s digital address, and is essential for facilitating electronic transactions such as direct deposits and bill payments. Each financial institution has its own specific ACH routing number to ensure that transactions are routed correctly.

Is your ACH number your account number?

No, your ACH routing number is not the same as your account number. The ACH routing number is a nine-digit code that identifies your bank or financial institution. Your account number, on the other hand, is a unique identifier for your specific bank account within that institution.

Both numbers are required for electronic transactions, but they serve different purposes. The routing number directs the transaction to the correct bank, while the account number specifies the particular account to be credited or debited within that bank.

Photo credit: iStock/fizkes

SOBK-Q224-1885644-V1

Source: sofi.com

Apache is functioning normally

June 2, 2024 by Brett Tams

If you have a significant amount of money in a bank or brokerage account, you may crave reassurance that your funds would be covered in the rare instance of a financial institution failing. The United States government has a couple of programs in place that help to protect savers and investors in the case of a bank failure. These programs help to ensure overall consumer confidence in the U.S. financial sector.

Two of these programs are run by government corporations known as the FDIC and SIPC. The Federal Deposit Insurance Corporation (FDIC) protects money that is held in a checking, savings, certificate of deposit (CD), or other deposit account at an insured bank. The Securities Investor Protection Corporation (SIPC) protects customers of SIPC-member broker-dealers if the firm fails financially.

While these two insurance programs have a lot of similarities, they also have a few key differences that you’ll want to be aware of.

What Is FDIC?

The Federal Deposit Insurance Corporation (FDIC) is an independent agency that was created by an act of Congress passed in 1933. During the Great Depression of the 1930s, many local and regional banks failed. Congress created the FDIC to help ensure that people would not lose their hard-earned money in the case of future bank failures.

The FDIC insures $250,000 per depositor, per insured bank, for each account category (such as single, trust, or joint accounts). Since FDIC insurance first went into effect in 1934, no depositor has lost any insured money that was held in an eligible bank.

While the FDIC offers insurance for deposits held at participating banks, the National Credit Union Administration (NCUA) insures deposits held at credit unions. It’s important to understand that key difference between the FDIC and NCUA.

Also worth noting is that some financial institutions offer programs which can insure excess deposits for more than the $250,000 limit with extended insurance coverage.¹ This is typically accomplished by bank partnerships which ensure that no single financial institution holds more than the $250,000 FDIC limit for a client.

If you want to keep more than $250,000 on deposit, it can be worthwhile to look into these expanded FDIC insurance coverage offers.

What Is SIPC?

In addition to the FDIC and the NCUA, the SIPC is a nonprofit organization that is set up to protect U.S. consumers. The Securities Investor Protection Corporation (SIPC) was started when Congress passed the Securities Investor Protection Act of 1970. The SIPC protects the securities and cash in a brokerage account, up to a total amount of $500,000.

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SIPC vs FDIC

When comparing the SIPC to the. FDIC, you will learn that they are two different organizations. They share the goal of protecting accounts held in U.S. financial institutions and instilling consumer confidence.

Here’s a look at how the SIPC and FDIC are similar and different:

Securities Investor Protection Corporation (SIPC)	Federal Deposit Insurance Corporation (FDIC)
Protects money invested in brokerage accounts	Protects money invested in bank accounts
Protects the securities and cash in your brokerage account up to $500,000	Protects up to $250,000 per depositor, per ownership category, per bank
Founded in 1970	Founded in 1934
Applies if a brokerage firm becomes insolvent and/or goes bankrupt	Applies when a bank fails

Similarities

The SIPC and FDIC share the same goal — ensuring that money and investments held in U.S. accounts remain in the hands of consumers. One isn’t necessarily better than the other, since they apply to different kinds of financial holdings. No matter where you are holding your money and/or investments, you’ll want to make sure that your investments are insured by either the FDIC, NCUA, or SIPC.

Differences

The biggest difference between the FDIC and the SIPC is when they apply. The FDIC covers deposits held at certain banks. The SIPC applies to investments at brokerage accounts.

Another difference is the amount of coverage. The FDIC protects up to $250,000 in a bank account, while the SIPC covers up to $500,000 in a brokerage account, including up to $250,000 protection for cash in your brokerage account.

Pros and Cons of FDIC vs SIPC

There aren’t really pros and cons when comparing the insurance offered by the FDIC and SIPC. It’s not a matter of, say, SIPC insurance vs. FDIC: They are not competitors. Each organization works in a slightly different way.

In terms of upsides, the FDIC covers deposits held by FDIC-insured banks. That means if you have money in a checking, savings, CD, or other kind of depositor account, held at an insured bank, you would be covered against loss in the very rare instance of the bank failing. The downside, if you want to look at it that way, is that this insurance doesn’t extend to brokerage accounts.

The SIPC covers the value of investments held in a brokerage account. As for positives, the reassurance of knowing your funds are covered is an excellent feature. However, the downsides could be seen as the limits of this coverage: up to $500,000 and only for funds held per SIPC guidelines.

Because they work in different ways, the FDIC and SIPC complement each other to work towards strengthening consumer confidence.

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Is Your Bank Account Insured?

No matter where you keep your money, you’ll want to make sure that the money in your account is insured by a program such as the FDIC or SIPC. Being insured by the FDIC is a component that can be used to rate banks against each other.

It is usually fairly straightforward to find out if your bank is insured by the FDIC. To find out if your bank is FDIC-insured, go to the BankFind Suite on the FDIC website.

It may be more complicated to find out if your brokerage account is held in an account covered by the SIPC. If you cannot find the answer on the broker’s website, contact them to make sure.

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FAQ

Is SIPC as good as FDIC?

The Securities Investor Protection Corporation (SIPC) and Federal Deposit Insurance Corporation (FDIC) are not direct competitors. They insure investments and deposits at brokerage firms and banks, respectively.

Is it safe to keep more than $500,000 in a brokerage account?

Whether it’s safe to keep that much money in a brokerage account depends on your individual risk tolerance. Just keep in mind that the SIPC will only cover up to $500,000 in a brokerage account, which includes $250,000 in cash in your brokerage account.

What does SIPC not cover?

The SIPC covers what it defines as “securities” — stocks, bonds, Treasury securities, certificates of deposit, mutual funds, money market mutual funds, and certain other investments. SIPC does not protect most commodity futures contracts, foreign exchange trades, investment contracts and fixed annuity contracts that are not registered with the U.S. Securities and Exchange Commission under the Securities Act of 1933.

Photo credit: iStock/AlexSecret

¹SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by banks in the SoFi Insured Deposit Program. Deposits may be insured up to $2M through participation in the program. See full terms at SoFi.com/banking/fdic/terms. See list of participating banks at SoFi.com/banking/fdic/receivingbanks.

SOBK-Q224-1848020-V1

Source: sofi.com

Apache is functioning normally

June 1, 2024 by Brett Tams

Checks seem a pretty mundane bit of banking, but when they say “Do not convert to ACH,” that means the payer doesn’t want the funds transferred electronically. Rather, they are requesting manual processing.

Here, learn more about the implications of these five little words on a check.

ACH System 101

First, understand what ACH is. It stands for Automated Clearing House, which is an electronic system that transfers funds throughout the United States. This network allows individuals and businesses to move money from one financial institution to another, quickly and securely.

Every time you set up automatic bill pay or receive your paycheck by direct deposit or write an eCheck, that’s ACH at work. Apps such as PayPal and Venmo also use the ACH network to send and receive money.

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How Does ACH Work?

ACH transfers are initiated by either making a withdrawal or deposit into an account. You can send money to another account on a one-time basis — such as through an ACH debit to a utilities company or transferring money to a friend for your share of a restaurant meal — or opt into recurring payments. For example, some companies allow you to make automatic payments, such as for subscription services. In either case, you give permission for the receiver to initiate a withdrawal from your account.

You can also get money via an ACH credit. This happens when people receive a direct deposit of their paycheck or Social Security.

Once you or someone else initiates a transfer, the request will be processed first by your financial institution, usually by the next business day. You may be able to expedite the request, as well as schedule a transfer for a future date.

Typically, ACH transfers are faster than other types of transactions, though a potential downside is that it’s only available for transfers within the U.S. (That’s one of the distinctions between an ACH vs. wire transfer, incidentally; the latter has global reach.)

What Is Check Conversion?

Check conversion refers to the process of transforming a check payment into an electronic payment. This usually happens at one of these three points:

• Point of Purchase (POP), meaning when a purchase is made, say, at a store

• Accounts Receivable Conversion (ARC), when a business receives a check by mail and then processes it electronically

• Back Office Conversion (BOC), or when a check is processed electronically after acceptance at, say, the office of a retail location

What Does Conversion to ACH Mean?

ACH conversion describes the fact that a paper check will be converted to a payment that’s processed through the ACH network. In other words, even though a paper check was written and used as payment, it will become an electronic ACH transfer.

Recommended: How to Cash a Check with No Fees

Why Might a Check Be Converted to ACH?

The main reason why a check may be converted is to save time and money when processing payments. Plus, converting a check payment to ACH could be more efficient, as it can help financial institutions detect potential bank fraud earlier, make fewer mistakes, and even result in fewer returned payments. The service of ACH transfers is typically free to consumers.

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Can a Check Be Converted to ACH?

A check can be converted to ACH in many cases (unless it says “do not convert to ACH”) to help it move swiftly and securely; there’s no check to get lost or be forged, for instance.

How the conversion usually happens: When the check gets deposited in a checking account, the payment details are captured from the check. Then, the check itself will be stored securely by the financial institution — unless you have the physical check and are making a mobile deposit. If the check is converted in person, then the original check will be voided and given back to the payer.

If the check was converted for ACH, it will typically appear on a bank statement as a direct payment (or withdrawal) in the same section as ATM withdrawals or other forms of electronic payments. It could also appear as a check payment — some banks include a scanned image of the check or include the payment details.

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What Does It Mean When a Check Says ‘Do Not Convert to ACH’?

When a check says “do not convert to ACH,” it means that the payer does not want to make a payment electronically. Instead, the payment needs to be processed manually from one financial institution to another through the check collection system.

More specifically, it means the financial institution will contact the other financial institution to request the funds, which are then delivered through a local clearinghouse exchange or other form organization like the Federal Reserve Bank.

It’s rare to receive a check that says this on it, but if you do, there’s not much to be done to alter the payer’s request.

What Is the Benefit to the Drawee if a Check Says ‘Do Not Convert to ACH’?

Checks that say “Do not convert to ACH” may sometimes be printed when a payer is issuing multiple checks; for example, if a class action suit is being paid out. In this case, perhaps the check issuer does not want the much faster electronic processing of their checks. Perhaps it suits them to have a slower payment process.

What Is the Difference Between ACH and a Check?

The difference between ACH and check payments is the network by which they’re processed. ACH payments are processed electronically through the ACH network, whereas non-converted paper checks are processed manually. In many cases, ACH transfers are processed faster than paper checks, since you may have to wait for a check to clear.

The Takeaway

When it comes to getting paid, converting a check to ACH is most likely the fastest, safest way. Unfortunately, there’s not much you can do if the check you receive says “Do not convert to ACH,” however rare they may be. You’ll probably need to deposit it and allow the extra time required for it to become available cash.

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FAQ

Can an ACH payment be declined?

Yes, an ACH payment may be declined or rejected for a few reasons, the most common one being that the payer doesn’t have enough funds in their account for the transfer. Other reasons include the account was closed by the time the transfer took place, the funds have been frozen, or the payer has stopped the payment request.

What does “ineligible for conversion” mean on a check?

If a check says “ineligible for conversion,” it means the check can’t be converted to an ACH payment. This may be due to the paper the check was printed on. The payee needs to either cash or deposit the actual check at a local branch.

Why would a bank reject a check?

There are several reasons a bank would reject a check, including:

• You don’t have an account at the bank where you want to cash the check

• You don’t have proper identification to show to the bank

• The amount may be too large for the financial institution to process

• The check is void (for example, the check is old and the payment is no longer valid)

• The signature on the check doesn’t match what the bank has on file

Photo credit: iStock/fizkes

*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-Q224-1902266-V1

Source: sofi.com

Apache is functioning normally

June 1, 2024 by Brett Tams

If you sell your home after the middle of August, cheers: You could end up pocketing the money that previously would have gone to the buyer’s agent.

But before you celebrate, consider the downside of waiting until late summer to list your home for sale: House prices tend to fall after August. The price drop might surpass the money you save on commission.

New policies governing real estate commissions are set to go into effect Aug. 17 as a result of the settlement of an antitrust lawsuit. The amended policies give home sellers more room to negotiate what to do about the buyer’s commission — whether they want to use it to induce competitive bids or keep it to themselves entirely.

The choices complicate this season more than usual, for both buyers and sellers. Here’s what to know to help you and your agent come up with the best strategy for you.

What, exactly, is changing?

Starting Aug. 17, sellers will no longer set the commissions for real estate agents who represent buyers. Buyers will decide how much their agents will be paid. Even when sellers are willing to pay some or all of the commission for the buyer’s agent, the amount will no longer appear on the multiple listing service.

For decades, and up to Aug. 17, MLS listings have been required to advertise how much commission the seller is offering to buyer’s agents. The information wasn’t visible to home buyers but could be viewed in agent-only fields of the MLS.

When sellers set commissions for buyer’s agents, they’re sometimes advised that offering a low commission will attract fewer buyer’s agents — and therefore fewer competing offers. The plaintiffs in the antitrust suit argued that the policy of requiring commission info on the MLS was designed to discourage them from negotiating lower commissions for buyer’s agents.

Can sellers start offering 0% to buyer’s agents today?

Technically, sellers have always had the option of offering zero or minimal commission to the buyer’s agent. But most sellers have offered such commissions to motivate buyer’s agents.

The money may come directly out of the seller’s pocket, as has been the norm.
The money may come directly out of the buyer’s pocket.
The buyer and seller may split the payment.
The buyer may pay indirectly, by adding their agent’s commission to the price of the house when they make an offer.

Here’s an example of how an indirect payment might work for a buyer who is paying a 3% commission. The buyer finds a house costing $400,000. The 3% commission is $12,000. The buyer offers $412,000 and asks the seller to transfer $12,000 to the buyer’s agent at closing.

Keep in mind that sellers, having equity, tend to have more access to cash than first-time home buyers, who accounted for 33% of buyers in April. A seller who’s willing to pay all or some of the buyer’s commission may end up with more offers, and a higher final price, than one who flatly takes that commission off the table.

How much money could sellers keep, though?

As a home seller, you stand to save thousands of dollars on commissions if the buyer pays their agent directly or indirectly.

Let’s say the agents in your town typically collect 2.5% on each side of the transaction, and you sell your house for $400,000. Each agent earns $10,000. If you pay both agents, you’ll shell out $20,000 and end up with $380,000.

But if the buyer pays their agent, you would pay your agent $10,000 and walk away with $390,000. That’s $10,000 more.

On the other hand, buyers might request bigger closing cost credits, subtracting from the seller’s bottom line, Chuck Vander Stelt, a real estate agent in Valparaiso, Indiana, said in an email. Or buyers might offer less because they will bear the expense of paying their own agents.

Even after Aug. 17, sellers might keep offering commissions to buyer’s agents as motivation, Vander Stelt added. These offers could remain standard in many markets, multiple agents said. Offering commissions to buyer’s agents will still be permissible under the new policies, but those offers will no longer appear on the MLS. Listing agents can communicate the information on brokerage websites, or in phone calls, emails and texts.

What would be the cost of waiting?

You might be tempted to keep your home off the market until the new policy goes into effect. But waiting might not be a wise move, because it would mean sitting out homebuying season.

Home prices peak from May through August, then drop off. In 2023, the median existing home cost $410,100 in June, $405,600 in July, $404,200 in August — and $392,700 in September, according to the National Association of Realtors. If you list your house after mid-August, you probably won’t close until October or later, when prices are even lower.

With house prices peaking in summer, you might come out ahead by selling during the busiest time of the year, even if you end up paying the buyer’s agent’s commission.

“I don’t really have anybody holding off until after August to list their house because they want to save a couple bucks,” says Michelle Doherty, an agent in northern Virginia with RLAH Real Estate. She says her clients will be ready to sell in June or July, “depending on how things progress with prepping the house.”

Can I negotiate the listing agent’s commission too?

You might save money if you don’t pay the buyer’s agent’s commission. But what about the commission that you pay the listing agent for selling your home? You might not see an immediate reduction. If a cut in commissions from 3% to 2% is your hope, you’ll probably mope.

“First of all, nothing’s going to change quickly, OK?” says Stephen Brobeck, senior fellow for the Consumer Federation of America. “The industry will resist, and consumers don’t really focus on this much.”

Vander Stelt said that he sees headlines that proclaim “the end of the 6% commission.” That’s a mistaken belief, he said. “Overall, the average commission costs per transaction on a percentage is likely to come down over the coming years,” he said. But not instantly.

What if I list before Aug. 17 but sell after?

Months can pass between the day you put your home on the market and the day you hand over the house keys at closing. What if the Aug. 17 policy change happens in the middle of this period? The National Association of Realtors provides guidance for two scenarios:

Your home’s MLS listing offers to pay the buyer’s agent’s commission, and you sign the contract accepting the purchase offer before Aug. 17: You’ll pay the commission, even if the closing occurs on Aug. 17 or after.
Your home’s MLS listing offers to pay the buyer’s agent’s commission. But in accordance with the new policy, that offer is removed from the MLS on Aug. 17. Sometime after that date, you accept the purchase offer: That defunct commission offer on the MLS is no longer valid. You and the buyer will negotiate how to take care of the buyer’s agent’s commission.

When you put up your home for sale, you’ll sign a listing agreement with your agent. NAR says that listing agreement might have to be amended if it says that an offer to pay the buyer’s agent must be made “on the MLS.” As of Aug. 17, that clause in the listing agreement will conflict with the new policy. Your agent might ask you to sign an amended listing agreement before that date.

Source: nerdwallet.com

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