Denver, Colorado, is a city renowned for its breathtaking natural beauty and abundant outdoor recreational opportunities. For those considering a move to Denver, whether in search of a home for sale or an apartment for rent, you’ll be excited to discover the city’s numerous popular parks. In this Redfin article, we will explore eight beloved parks in Denver that offer a wide range of amenities and activities for outdoor enthusiasts and nature lovers alike.
1. Rocky Mountain National Park
Located just a short drive from Denver, Rocky Mountain National Park is a true gem of the region. Spanning over 415 square miles, the park showcases awe-inspiring mountain peaks, pristine alpine lakes, and diverse wildlife. Visitors can enjoy hiking on the park’s extensive trail system, which offers trails for all skill levels, from easy nature walks to challenging summit climbs. Additionally, activities such as camping, fishing, and wildlife watching make Rocky Mountain National Park a must-visit destination for outdoor adventure.
2. City Park
Nestled in the heart of Denver, City Park is a vibrant urban area that offers a wide array of recreational opportunities. Spanning 330 acres, the park has lush green spaces, scenic lakes, and stunning views of the city skyline and the Rocky Mountains. Visitors can enjoy picnicking, playing sports, or taking a leisurely stroll around the park’s pathways. City Park is also home to the Denver Zoo and the Denver Museum of Nature & Science, making it an ideal spot for anyone to explore and learn.
3. Washington Park
Washington Park, also known as Wash Park, is a beloved destination for outdoor lovers in Denver. This 165-acre park is home to beautiful gardens, two scenic lakes, and ample open space for picnicking and recreational activities. The park boasts an extensive trail system that is perfect for walking, running, or biking. Visitors can also rent paddle boats or kayaks to enjoy the serene waters of Smith Lake.
4. Red Rocks Park and Amphitheater
Renowned for its breathtaking natural amphitheater, Red Rocks Park is a unique and iconic destination in Denver. The park’s towering red sandstone formations create a stunning backdrop for concerts and events held at the amphitheater. Visitors can explore the park’s trails, which offer views of the surrounding landscapes, or participate in outdoor yoga classes and fitness activities. Red Rocks Park is not only a place for outdoor recreation, but also a place where music and nature converge.
5. Cherry Creek State Park
Located southeast of downtown Denver, Cherry Creek State Park is a haven for outdoor enthusiasts seeking water-based activities. The park features an expansive reservoir where visitors can go boating, paddleboarding, and fishing. Additionally, the park offers miles of trails for hiking, biking, and horseback riding, as well as spacious picnic areas for gatherings. With its blend of water-based fun and natural beauty, Cherry Creek State Park provides an escape from the city without venturing too far.
6. Sloan’s Lake Park
Sloan’s Lake Park is an urban park situated around Sloan’s Lake, one of Denver’s largest natural lakes. The park offers a 2.6-mile trail that encircles the lake, providing scenic views of the water and the Denver skyline. Visitors can enjoy activities such as jogging, biking, and rollerblading, as well as picnicking and birdwatching. Sloan’s Lake Park is a tranquil retreat where residents and visitors can unwind and appreciate Denver’s natural beauty.
7. City of Cuernavaca Park
Nestled in the historic Highlands neighborhood, City of Cuernavaca Park is a charming community park with a range of amenities. The park features a playground, basketball court, and open fields for various sports and recreational activities. Its shaded picnic areas and barbecue grills make it an inviting spot for gatherings and outdoor meals. With its welcoming atmosphere and family-friendly facilities, City of Cuernavaca Park is a favorite among locals.
8. Cheesman Park
Cheesman Park is a beautifully landscaped urban park located in the heart of Denver. The park’s lush green spaces, flower gardens, and scenic paths make it an ideal place for relaxation and leisurely walks. It also offers stunning views of the nearby Denver Botanic Gardens and the downtown skyline. Cheesman Park provides a peaceful retreat where residents can connect with nature and enjoy the serenity of their surroundings.
A final note on parks in Denver
Living in Denver, Colorado, you have access to an array of popular parks that cater to outdoor enthusiasts and nature lovers. From the majestic Rocky Mountain National Park to the urban oases of City Park and Washington Park, there is no shortage of natural beauty and recreational opportunities in this city. So, whether you’re seeking adventure, relaxation, or simply a place to connect with nature, Denver’s parks have it all.
Editor’s note: This post has been updated with new information and offers.
Capital One Venture X Rewards Credit Card overview
The Capital One Venture X Rewards Credit Card (see rates and fees) is the issuer’s first foray into the world of premium travel rewards cards and knocks it out of the park. With an annual fee that undercuts the competition and plentiful perks that are easy to understand, the card is nearly a no-brainer for travelers ranging from luxury seekers to the more budget-minded. Chase and Amex, take notice. Card rating*: ⭐⭐⭐⭐½
* Card rating is based on the opinion of TPG’s editors and is not influenced by the card issuer.
Over the last couple of years, premium cards like The Platinum Card® from American Express and Chase Sapphire Reserve have taken center stage with major updates, including adding new perks and statement credits — along with increased annual fees.
However, the Capital One Venture X stole the limelight when it launched in November 2021 with some incredibly valuable perks. Plus, with an annual fee of just $395, the Venture X is more affordable than its main competitors. The card also offers up to $300 in annual statement credits toward bookings made through Capital One Travel, which makes up for the majority of its annual fee.
If you’re considering the Venture X, here is everything you need to know before clicking that “apply” button.
Official application link: Capital One Venture X with 75,000 bonus miles after you spend $4,000 on purchases in the first three months from account opening.
Capital One Venture X welcome offer
The Venture X card’s sign-up bonus is 75,000 bonus miles after you spend $4,000 on purchases in the first three months from account opening.
According to TPG’s latest valuations, 75,000 Capital One miles are worth $1,388, thanks to the outsized value you can get from transferring Capital One miles to the program’s airline and hotel partners.
Even if you don’t want to navigate the complexities of transferable points, you can still use your Capital One miles directly for travel at a rate of 1 cent per mile — making the sign-up bonus worth $750.
Sign up for our daily newsletter
Related: How (and why) you should earn transferable points
Earning miles with the Capital One Venture X
The Venture X accrues miles at the following rates:
10 miles per dollar on hotels and car rentals booked via Capital One Travel.
5 miles per dollar on flights booked via Capital One Travel.
2 miles per dollar on other purchases.
This simplicity builds off the $95-per-year Capital One Venture Rewards Credit Card (see rates and fees), a product that has been around for over a decade. In that way, the Venture X represents the best of both worlds — high earning potential on travel purchases, specifically, but a solid everyday earning rate that’s easy to keep track of.
Read more: Credit card showdown: Capital One Venture vs. Capital One Venture X
Redeeming miles with the Capital One Venture X
Capital One miles can be redeemed in several ways, but transferring miles to travel partners probably represents the most lucrative opportunity.
Transfer miles
Over the years, Capital One has made significant improvements to its mileage program, including shifting from solely fixed-rate redemptions to adding a host of airline and hotel transfer partners, most of which now convert at a 1:1 ratio.
Here is the full list of transfer partners and their respective transfer ratios from Capital One:
Transfer partner
Transfer ratio
Aeromexico Club Premier
1:1
Air Canada Aeroplan
1:1
Air France-KLM Flying Blue
1:1
Avianca LifeMiles
1:1
Accor Live Limitless
2:1
British Airways Avios
1:1
Cathay Pacific Asia Miles
1:1
Choice Privileges Hotels
1:1
Emirates Skywards
1:1
Etihad Guest
1:1
EVA Infinity MileageLands
2:1.5
Finnair Plus
1:1
Qantas Frequent Flyer
1:1
Singapore KrisFlyer
1:1
TAP Air Portugal Miles&Go
1:1
Turkish Airlines Miles&Smiles
1:1
Virgin (Atlantic) Red
1:1
Wyndham Rewards
1:1
Leveraging transfer partners offers several sweet-spot redemption opportunities, including economy flights to Hawaii for just 7,500 Capital One miles by transferring to Turkish Miles & Smiles and redeeming for United flights, and business-class flights to South America for 50,000 Capital One miles transferred to TAP and redeemed on United.
Fixed-value redemptions
Capital One offers several fixed-value redemption options if you consider simplicity more important than cent-per-point value:
Book travel: You can book travel directly through Capital One Travel at a value of 1 cent per mile.
Pay off travel purchases: You can pay off travel purchases made in the past 90 days on your card statement without worrying about the complexities of loyalty programs. You’ll again get a flat value of 1 cent per mile.
Redeem for gift cards: You can use miles for gift cards at the same rate of 1 cent per mile.
Redeem for cash back: You should do everything possible to avoid this option, as it will only provide a redemption value of 0.5 cents per mile.
You should never use the last option here since it slashes the value you get compared to travel redemptions.
Capital One Venture X benefits
While a $395 annual fee might initially seem like a deterrent, it’s easy to see how the Venture X’s perks can offset the yearly cost with minimal effort:
Statement credit: Up to $300 back in statement credit annually for bookings made through Capital One Travel.
Anniversary bonus: 10,000 bonus miles every account anniversary, starting on your first anniversary (worth $100 toward travel).
Lounge access: Complimentary access for cardholders, authorized users and up to two guests per visit to Capital One Lounges .
Authorized users: Up to four authorized users can be added at no charge, and they also get the same guest access as the cardholder for the Capital One Lounge and Priority Pass.
Access to luxury hotels: The Capital One Premier Collection offers cardholders free breakfast, on-property credits and room upgrades (if available).
Rental car status: The primary cardholder and authorized users receive complimentary Hertz President’s Circle status**.
Global Entry or TSA PreCheck: Up to $100 in statement credits for either TSA PreCheck or Global Entry.
Trip delay reimbursement: Up to $500 per person for reasonable expenses
Cellphone protection: By using the card to pay your monthly wireless bill, you’re eligible for up to $800 in coverage per claim. A $50 deductible applies per occurrence.
Primary rental car insurance: for damage caused by collision or theft to a rental car.*
Purchase, extended warranty and return protection: warranties extended by an additional year; returns up to $300 per item and $1,000 per account.*
* Benefits available on Visa Infinite cards. **Upon enrollment, accessible through the Capital One website or mobile app, eligible cardholders will remain at upgraded status level through December 31, 2024. Please note, enrolling through the normal Hertz Gold Plus Rewards enrollment process (e.g. at Hertz.com) will not automatically detect a cardholder as being eligible for the program and cardholders will not be automatically upgraded to the applicable status tier. Additional terms apply.
Which cards compete with the Capital One Venture X?
With a $395 annual fee, the Venture X falls within the premium travel cards category. Two main competitors come to mind; however, both of these cards come with significantly higher annual fees — $550 for the Chase Sapphire Reserve and $695 for the Amex Platinum (see rates and fees).
If you want loads of benefits: The Amex Platinum has a complicated assortment of benefits and perks, including at least 10 different built-in statement credits allotted in time frames ranging from monthly to every four years, making them difficult to keep track of. While you can offset the card’s hefty $695 annual fee with these included credits, it is a lot to manage — not to mention some of these perks might not be useful for certain card members. For more information, read our full review of the Amex Platinum.
If you want more travel and dining rewards: The Chase Sapphire Reserve cardholders earn bonus points at similar rates to the Venture X when booking through the Ultimate Rewards travel portal, with 10 points per dollar on hotel and car rental purchases and 5 points per dollar on airfare. However, they also earn 3 points per dollar on other travel and dining, which beats the Venture X. The annual $300 travel credit on the Sapphire Reserve is easier to use. For more information, read our full review of the Sapphire Reserve.
For additional options, check out our list of the best premium travel cards.
Read more: The best premium credit cards: A side-by-side comparison
Bottom line
With simple rewards and overall solid value, the Venture X has mass appeal, especially for those searching for (or switching from) a premium travel rewards card. In addition, there are a lot of under-the-radar perks on the card, including Visa Infinite benefits with an extensive list of trip, luggage, car rental and purchase protections.
Add in a growing network of airport lounges, no-fee authorized users, Capital One’s robust transfer partners and a luxury hotel program, and you have a card that is nearly a no-brainer.
Official application link: Capital One Venture X with 75,000 bonus miles after you spend $4,000 on purchases in the first three months from account opening.
For rates and fees of the Amex Platinum Card, click here.
For Capital One products listed on this page, some of the above benefits are provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply.
Additional reporting by Ryan Wilcox, Eric Rosen and Christina Ly.
On average, American consumers only spend five hours researching their home loan options, despite the fact that such transactions are arguably the largest in most borrower’s lives.
That compares to two hours for a television, four hours for a computer, and 10 hours for a car, according to a new survey from Zillow, which offers mortgage rate shopping via its Mortgage Marketplace platform.
The average cost of a mortgage is $145,920, so if just five hours of research are put in, each hour is worth $29,184.
Those surveyed actually spent the same amount of time planning a week-long vacation, which has an average cost of $1,708, or $341 per hour.
At least those surveyed spent more time searching for a house, though at 40 hours, it’s still pretty light relative to other seemingly everyday purchases.
Despite the ongoing mortgage crisis, borrowers are spending no more time researching home loans than they did two years ago.
And borrowers are actually gathering fewer mortgage rate quotes, with the average number down to three versus four in 2008.
It doesn’t hurt to get estimates from both mortgage lenders and mortgage brokers.
“The last few years should have driven home the lesson that understanding one’s home loan is critically important, but mortgages continue to be something that most people don’t want to spend time thinking about,” said Zillow Chief Economist Dr. Stan Humphries, in a statement.
“Not understanding a home loan can have catastrophic consequences.”
For example, a half percentage point in loan rate could save a borrower with a $400,000 mortgage more than $44,000 (how to buy down your mortgage rate).
A new initiative spearheaded by mayor Michael Bloomberg aims to provide free legal aid to New York City residents facing foreclosure.
The so-called “NYC Service Legal Outreach” will support homeowners with free legal assistance during the mandatory settlement conference stage, which is a meeting between the bank/mortgage lender and homeowner where foreclosure alternatives are negotiated.
Such conferences give homeowners an opportunity to avoid foreclosure, and the presence of legal representatives will likely improve a homeowner’s chances.
The NYC Service Legal Outreach program intends to recruit 300 volunteer attorneys over the next three months – 100 will be stationed at courthouses to screen homeowners and provide counsel.
An additional 200 attorneys will be directly matched with individual homeowners and will advocate for the homeowners throughout the foreclosure settlement process.
“The City’s legal community has a long, proud history of pro bono work, and we are tapping into that tradition to bolster our comprehensive effort to prevent foreclosures,” said NYC Mayor Michael Bloomberg, in a release.
“The City has not been hit as hard as some other areas by the foreclosure crisis, in part due to our efforts, but we are seeing a serious impact. No family facing the loss of their home should be without representation.”
Last year, there were 20,773 foreclosure filings in New York City, up from roughly 14,000 in 2007 and 2008.
That compares to less than 7,000 foreclosure filings in the City in 2004.
The NYC neighborhoods most impacted by foreclosure filings include Jamaica, Bellrose/Rosedale, Flatlands/Canarsie, East New York and the North Shore of Staten Island.
Homeowners facing foreclosure who are interested in retaining free legal services should go to www.nyc.gov or call 311.
If you own a home, you probably realize you have some precious equity, especially now that home prices have increased for years on end.
Put simply, home equity is the difference between your property value and your existing lien(s). So if your home is worth $500,000 today and your mortgage balance is $300,000, you’ve got $200,000 in equity.
Those interested in getting their hands on that money can either do a cash-out refinance, take out a home equity loan/line, or sell for a tidy profit.
Not so long ago, the opposite was true. Many millions of homeowners were in negative equity positions, meaning they owed more on their mortgages than their properties were worth.
Using our example from above, they may have owed $350,000 when the property was worth just $300,000.
For these folks, a refinance was only possible using special government programs like HARP, which were borne out of the crisis, and no cash out was possible. All they could do was lower their interest rate and/or switch from an ARM to a fixed-rate loan.
What a Difference a Few Years Make
Real estate investment isn’t short-term
It can take time to see a return on your investment
Those who stick with it
Will be rewarded over time
Instead of headlines screaming about negative equity and underwater homeowners, we’re now hearing about the many millions who are “equity rich.”
And just what does it mean to be equity rich, you ask? Well, it means your current loan-to-value ratio is 50% or lower, this according to ATTOM Data Solutions, formerly known as RealtyTrac.
In a recent release, they noted that 13,125,367 U.S. homeowners were equity rich as of the end of the third quarter, which represents 23.4% of all homeowners with a mortgage.
This prized population has increased more than 2.6 million from a year ago, and probably increased from last week thanks to rapidly rising home prices.
When ATTOM first began tracking the equity rich back in the fourth quarter of 2013, just 18.5% of the population with a mortgage were in that esteemed category.
That equated to just over nine million with LTVs of 50% or less. It has since marched higher and higher and is close to reaching 25%.
It’s unclear what the historic norm is or what the recent high is, but a combination of longer tenures and rising home prices have been good to homeowners.
Indeed, those who sold in the third quarter had owned their homes for an average of 7.94 years, a new high in ATTOM’s database and markedly longer than the 4.26 year average pre-recession.
What’s So Great About Being Equity Rich?
It means you have wealth
That can be tapped into
Via a HELOC or cash-out refinance
It gives you lots of options
The beauty of being equity rich is the increased flexibility the homeowner enjoys.
For one, they’ve amassed a lot of wealth through home price appreciation and/or the forced saving of paying down the mortgage over time.
This means they’ve got a nice nest egg for the future should they sell or downsize. Additionally, it means they’re closer to paying off the mortgage in full, assuming they’re close to retirement and want to avoid steep monthly payments once on a fixed income.
Perhaps just as important, they’ve got options when it comes to getting another mortgage. At 50% LTV or less, they will get the best pricing available, all else being equal.
So if they want to refinance, they can do so with relative ease and obtain the lowest mortgage rate available.
And as noted, they can tap into that equity if they need/want the cash for something else. The equity cushion can also be used for a subsequent home purchase, including a move-up buy where a large down payment is needed.
In summary, it’s good to be equity rich, though not everyone is so gung ho about paying down the mortgage early.
I should also point out that over six million remain seriously underwater (LTVs of 125% or higher), which represents 10.8% of all homeowners with a mortgage.
The good news is that’s 854,000 less homeowners than last year, and well below the peak of 12.8 million (28.6% of all homeowners with a mortgage) in the second quarter of 2012.
Top 10 Equity Rich Metros Nationwide
San Jose (55.7%) San Francisco (49.8%) Honolulu (39.3%) Los Angeles (38.2%) Pittsburgh (34.5 %) Portland (33.1%) San Diego (33.0%) Oxnard-Thousand Oaks-Ventura (32.7%) Seattle (31.5%) Austin (31.0%)
Consolidating credit card debt is a common use of personal loans. And it makes sense, given that personal loans typically have lower interest rates than credit cards (which currently average 24.58%).
But what about saving money on an existing personal loan? Can you refinance a personal loan, ultimately saving money on interest or lowering your monthly payment? The answer is, yes. However, it may not make sense for every person or every type of personal loan.
Read on to learn why you might refinance a personal loan, how the process works, plus the pros and cons of a personal loan refinance.
Table of Contents
Why Refinance a Personal Loan?
While there may be a variety of reasons to refinance a loan, it mainly comes down to two.
1. To lower the overall interest rate and total interest paid.
2. To lower the monthly payment.
These two might seem like the same thing, but they’re not.
When you refinance any type of loan, you are essentially replacing your old loan with a new loan that has a different rate and/or repayment term. If the new loan has a lower annual percentage rate (APR), you can save money on interest. If the APR is the same but the repayment term is longer, you can lower your monthly payments, making them easier to manage, but won’t save any money. (In fact, a longer repayment term generally means paying more in interest over the life of the loan.)
Another reason why you might consider refinancing a personal loan is to consolidate your debts (so you just have one payment) or to add or remove a cosigner.
Possible Advantages of Refinancing a Personal Loan
Here’s a look at some of the benefits of refinancing a personal loan.
Pay Less in Interest
If you are able to qualify for a personal loan with a lower APR, it may be possible to save a significant amount of money over time, provided you don’t extend your loan term. You can also save on interest by shortening your existing loan term, since this allows you to pay off the loan sooner.
Lower Your Monthly Payment
Refinancing to a lower APR and/or extending the length of the loan can lower your monthly payment. A lower monthly bill could help you get back on track, especially if you’ve been struggling to make your monthly payments.
Consolidate Multiple Debts
If you have a personal loan as well as other debts (such as credit card debt), you can use a new personal loan to consolidate those debts into one loan and a single monthly payment. If your new loan has a lower APR than the average of your combined debts, you may also be able to save money.
Possible Disadvantages of Refinancing a Personal Loan
Refinancing a personal loan might not be the right move for everybody. Here are some disadvantages to consider.
You May Pay More in Interest
If you refinance a personal loan using a loan that has a longer repayment term, you could end up paying much more in interest over the life of the loan.
You May Have to Pay an Origination Fee
Many personal loan lenders charge origination fees to cover the cost of processing and closing the loan. This is a one-time fee charged at the time the loan closes and, in some cases, can be as high as 10% of the loan. Since the fee is deducted before the loan is disbursed to you, it reduces the amount of money you actually get.
You Might Get Hit with a Prepayment Penalty
Some lenders charge a fee if you pay off the loan before the agreed-upon term, which is known as a prepayment penalty. If your original lender charges you a prepayment penalty, it could cut into your potential refinancing savings.
Refinancing a Personal Loan
If you are thinking about refinancing a personal loan, here are some steps you’ll want to take.
Check Your Credit Report and Score
To benefit from personal loan refinancing, you typically need to have better credit than you had when you got your original personal loan. With a stronger credit profile, you might qualify for a lower APR on the new personal loan.
You can access your credit report for free from each of the three major credit bureaus — Equifax, TransUnion, and Experian — through Annualcreditreport.com. It’s a good idea to scan your reports for any errors and, if you find one, report it to the appropriate bureau.
You can typically access your credit score for free through your credit card company (it may be listed on your monthly statement or found by logging in to your online account).
Shop Around for Loans
Every bank has different parameters for determining who they’ll offer loans to and at what rate, so it’s always worth it to shop around. This could mean looking at traditional banks, credit unions, and online-only lenders.
Many lenders will give you a free quote through a prequalification process. This typically takes only a few minutes and does not result in a hard inquiry, which means it won’t impact your credit score. Prequalifying for a personal loan refinance can help compare rates and terms from different lenders and find the best deal.
Awarded Best Online Personal Loan by NerdWallet. Apply Online, Same Day Funding
Applying for a Loan
Once you’ve decided on a lender who can help you refinance to a new loan, it’s time to formally apply. You’ll likely need to submit several documents, including pay stubs, recent tax returns, and a loan payoff statement from your original lender (which will show how much is still owed).
Paying Off the Old Loan
Once you have your new loan funds, you can pay off your original loan. You’ll want to contact your original lender to find out what the process is and follow their instructions. It’s also a good idea to ask your original lender for documentation showing the loan has been paid off.
Making Payments on the New Loan
Be sure to confirm your first payment due date and minimum payment amount with your new lender and make your first payment on time. You may want to enroll in autopay to ensure you never miss a payment. Some lenders even offer a discount on your rate if you sign up for autopay.
The Takeaway
Can you refinance a personal loan? Yes, and doing so may allow you to get a better rate and/or more affordable payments. However, you’ll want to factor in any fees (such as origination fee on the new loan and/or a prepayment penalty on the old loan) to make sure the refinance will save you money. Also keep in mind that extending the term of your loan can increase the cost of the loan over time.
If you’re interested in exploring your personal loan refinance options, SoFi could help. SoFi personal loans offer competitive, fixed rates and a variety of terms. Checking your rate won’t affect your credit score, and it takes just one minute.
SoFi’s Personal Loan was named NerdWallet’s 2023 winner for Best Online Personal Loan overall.
FAQ
Can you refinance a personal loan?
Yes, it is possible to refinance a personal loan. Refinancing involves taking out a new loan to pay off the existing personal loan, ideally with more favorable rates and terms. However, whether you can refinance your personal loan will depend on factors such as your creditworthiness, the terms of the original loan, and the policies of the new lender.
Does refinancing a loan hurt your credit?
Refinancing a loan can have both positive and negative impacts on your credit. Initially, the process of refinancing may result in a hard inquiry on your credit report, which can cause a temporary decrease in your credit score. However, if you use the refinanced loan to pay off the existing loan and make timely payments on that loan, it can positively impact your credit over time.
Can I refinance a personal loan with another bank?
Yes, it is possible to refinance a personal loan with another bank. Many banks, credit unions, and online lenders offer loan refinancing options. This allows you to transfer your personal loan balance to a new loan with a new lender. However, eligibility criteria, terms, and interest rates will vary by lender. It’s a good idea to shop around, compare offers, and consider factors such as interest rates, fees, and repayment terms before deciding to refinance with another bank.
What are the pros and cons of refinancing a personal loan?
The pros of refinancing a personal loan include the potential to:
• Secure a lower interest rate
• Reduce monthly payments
• Consolidate multiple debts into a single loan
• Switch to a more favorable lender
This can result in savings on interest costs and improved cash flow. However, there are also potential downsides to consider, which include:
• Paying an origination fee for the new loan
• Getting hit with a prepayment fee from your original lender
• Extending your loan term can increase the total cost of the loan
It’s important to weigh the pros and cons before you pursue a personal loan refinance.
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.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
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.
Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .
Whether you are a freelancer, side hustler, or run a full-time business, opening a separate business bank account should be your first move after starting your business.
A business bank account helps you keep your business finances and personal income and expenses separate. Having a business bank account for all your business finances makes it easy to run records and track your costs and deductions at tax time.
Business checking accounts can also help business owners establish credit, which they can use for net terms with suppliers or to take out business loans or business credit cards.
But which business checking account is best? And can you find good options with free business checking accounts?
12 Best Free Business Checking Accounts
We’ve done the legwork for you, compiling a list of the 12 best free business checking accounts available in the U.S. today.
1. Bluevine: Best Free Business Checking Account Overall
Bluevine offers one of the most comprehensive and best free business checking accounts you’ll find. It has no monthly maintenance fees, no overdraft fees, and an annual percentage yield APY of 2% on up to $250,000 of your balance if you meet monthly activity goals. To qualify, simply make $500 in debit card purchases with your Bluevine business debit or receive $2,500 per month in customer payments to your account.
Bluevine offers features that make it great for a team, including the ability to open multiple sub-accounts and even have separate logins for employees or contractors, like accountants and virtual assistants.
While some free business checking accounts have transaction limits, your Bluevine business checking account does not. Funds are backed by Coastal Community Bank, Member FDIC. Coastal Community Bank provides business banking services for Bluevine customers.
2. Capital One Business Bank Account: Best for Local Branches
If you’re looking for personalized service at local branches, consider Capital One business checking. Capital One offers two tiers of checking accounts: Basic and Enhanced. Both accounts offer unlimited digital transactions, free overdraft coverage, access to Capital One’s mobile app, no ATM fees at 70,000 Capital One, Allpoint, and MoneyPass ATMs, and low monthly fees that are easily waived when you meet minimum balance requirements.
Capital One Enhanced business checking is designed for larger businesses who can meet $25,000 average daily balance requirements needed to waive the $35 monthly service fee. Enjoy free incoming wire transfers, five free outgoing wire transfers monthly, and a remote scanner for mobile check deposits.
3. GO2bank: Best for Online Banking
GO2bank is a complete mobile banking solution with digital banking services provided by Green Dot Bank. The bank offers many features in its online business checking account that will appeal to business owners and their employees, including co-branded debit cards, optional overdraft protection, and a co-branded app for businesses. You can also get a secured business credit card through GO2bank.
Waive the monthly fees with qualifying direct deposits, and receive ACH payments up to two days early. You can also purchase eGift cards for yourself or as employee incentives and earn up to 7% cash back.
4. Found: Best for Freelancers
Hailed as the debit card for the self-employed, we rate Found as the best free business account for freelancers. It has no monthly maintenance fees, no minimum deposit or minimum balance requirements, and no credit check to open your account.
Found has a few features that can help you streamline your business. By evaluating your income and expenses, Found can calculate your tax bill, categorize tax write-offs, and even auto-save the correct amount from each deposit to cover your quarterly taxes. You can also send invoices from the app.
Found is a financial technology company, not a bank. Deposits are FDIC insured through Piermont Bank.
5. First Citizens Bank Basic Business Checking: Best for Checking Account Choices:
Most business checking accounts have one option for a business owner. First Citizens has four choices to help you choose the right business checking account with the features you need. The basic business checking account offers 100 transactions with no monthly fee, and has a minimum opening deposit of $100.
Business Banking I is free with a merchant account or a minimum daily balance of $25,000. It offers processing of up to $250 transactions per month, plus $10,000 in cash processing, including cash deposits. Business Banking II has similar features with 500 free transactions and $15,000 in cash processing, including cash deposits. There is a $50 monthly fee unless you have a merchant account or an average daily ledger balance of $50,000.
Business Banking III is best for larger enterprises who want choices and do a high volume of business. Process up to 750 transactions free each month, with $20,000 in cash deposits. You’ll need a merchant account or $75,000 in your average daily ledger balance to avoid the monthly maintenance fee.
Business Banking I, II, and III accounts also let you customize your plan with additional discounted services.
6. Novo Business Checking Account: Best for E-commerce and App Integrations
Novo is not a bank, it’s a financial technology company with deposits backed by Middlesex Federal Savings, Member FDIC. Novo is one of the most tech-forward financial institutions on our list, offering easy integration with apps like Shopify, Wise, Stripe, Square, and Quickbooks.
The Novo Business Checking account has no monthly fees, no minimum balance requirements, no cash deposit fees, and ATM fee reimbursement for out-of-network ATM use. Account holders can also get discounts on popular business software and services, including LegalZoom, Constant Contact, and Stripe.
7. Mercury Banking For Start-ups: Best for Start-ups
Bootstrapped and venture-backed startups of every size have unique needs in a business checking account. A Mercury free business checking account helps your money stretch further with no monthly fee, no minimum balance requirements, and no minimum deposit to open. You can earn 5.11% annual percentage yield APY with mutual funds invested through Mercury Treasury if you have an account balance of $250,000 or more.
Mercury free business checking offers unlimited free transactions, including no cash deposit fees, for businesses who process less than $200,000 per month. The account offers team management tools, debit cards for multiple employees, and capabilities to open multiple checking and savings accounts to manage cash flow.
Plus, your Mercury account is backed by up to $5 million worth of FDIC insurance through partner banks. Banking services are provided by Choice Financial Group and Evolve Bank & Trust, Members FDIC and deposits are held in various partner banks.
8. U.S. Bank Silver Business Checking: Best for Sign-up Bonus
If you’re looking to earn free cash to boost your business, consider a U.S. Bank Silver Business checking account with a $100 minimum deposit before June 30, 2023. You can earn a $500 bonus when you make new deposits of at least $5,000 and maintain a minimum balance of at least $5,000 until 60 days after the account opening. Increase that to $15,000 in new money deposits and maintain that balance for 60 days and earn $750 deposited into your new business checking account.
U.S. Bank offers tons of benefits for business owners, including no transaction fees for up to 125 transactions each month, 25 free cash transactions (or up to $2,500 in free cash deposits, whichever comes first), no monthly maintenance fee, and 50% off on your first check order, up to $50.
Larger businesses may prefer a Gold Business Checking Account, with no transaction fees for up to 300 transactions per month. It also has a waivable $20 monthly fee.
There is also a Platinum Checking Account Package with 500 free transactions and a $30 monthly fee. This fee is waived by meeting monthly minimum balance requirements.
9. Chase Business Complete Banking: Best for Payment Processing
For those who want to avoid online only banks and are looking for a big bank with international recognition and branches and ATMs across the U.S., Chase Business Complete Banking offers a solid solution. It comes with many ways to waive the monthly service fee.
Chase also makes it easy to accept credit and debit card payments without using a third-party payment processor. Chase QuickAccept is a built-in feature as part of Chase Business Complete Banking. You don’t need to apply for a separate merchant account, and the transaction fees are competitive with other credit card processing companies.
QuickAccept also allows you to access money faster with same-day deposits with no added fees. If you need a merchant payment processing provider that works in synch with your bank account, Chase Business Complete Banking could be the best choice for you.
Right now through August 3, 2023, businesses can earn a bonus up to $500 when they open a Chase Business Complete Checking account and meet requirements, which including total deposits of $15,000 or more. Deposit just $2,000 or more and snag an easy $300 for your new business checking account.
10. Huntington Business Checking 100 (Midwest): Best for Community Banking
Huntington National Bank, headquartered in Columbus, Ohio, since 1866, offers three business checking accounts, including a business interest checking account, Unlimited Plus Business Checking.
The top-tier account includes unlimited transactions, plus cash deposits of up to $25,000. Waive the $40 monthly fee with up to $50,000 in total deposit relationship balances across business accounts. Designed for larger businesses, the Unlimited Plus Business Checking allows you to choose two bonus services such as a fraud tool, waived returned deposited items fees on up to 25 items per month, or two free incoming domestic wires monthly.
The Unlimited Business Checking account offers similar features, with unlimited transactions, free cash deposits on up to $10,000 per month, and a choice of one bonus service. Waive the $20 monthly fee by maintaining a minimum balance of at least $10,000. A Business Checking 100 account offers up to 100 transactions per month, and up to $5,000 in cash transactions with no monthly fee.
Huntington is devoted to the local communities it serves and spotlights small business owners on its website. It also specializes in SBA loans and offers a linked business money market account to earn interest on savings with no monthly maintenance fee if you maintain an average daily balance of $10,000+.
11. Relay Business Checking: Best for Money Management
Relay online banking offers up to 20 primary business checking accounts for members of your team or for different business expenses, plus 50 virtual or physical Visa debit cards. Designed to assist with cash flow and money management, your Relay online banking account allows automated transfers into the various checking accounts based on percentage of income or flat-rate dollar figures.
Your Relay online and mobile banking account also includes up to two business savings accounts with APYs of 1% to 3%. Best of all, unlike many free business checking accounts that are only free if you meet transaction or balance requirements, Relay has no monthly maintenance fee, no transaction fees, no overdraft fees, no ATM fees, and no minimum balance requirements.
12. Axos Basic Business Checking Account: Best for No Fees
Axos Bank has been voted best online bank by Money Magazine and its business offering stands out for small business owners as a straightforward business checking account with no transaction fees, no monthly maintenance fee, and no minimum opening deposit. You also don’t have to worry about balance requirements or ATM fees. You’ll even receive unlimited reimbursements for using out-of-network ATMs within the U.S.
You will need to maintain a minimum balance of at least $5,000 for the first five statement cycles to earn a $100 account opening bonus. You will receive $25 into your business account each month you maintain the minimum requirements. However, if you close the account within 120 days, you might have to pay a $100 early closure fee.
What to Consider When Choosing the Best Free Business Checking Account
The best free business checking account for your business depends on the volume of cash deposits, number of transactions, the size of your company and your general banking needs.
It’s important for a business of any size, including a sole proprietor or 1099 contractor, to open a business checking account to keep business funds separate from your personal checking account and other personal finances. This is especially important at tax time.
Many of the business bank accounts on our list of best free business checking accounts make it easy for you to track your business finances. They offer end-of-month or quarterly reports or integrate with QuickBooks or other accounting software to make money management easy. This, along with costs, quality of customer service, mobile apps, and more should factor into your decision when you choose a small business checking account.
Monthly Maintenance Fee
Account fees have long been a fact of life for individuals and business owners, but they no longer have to be with so many free checking accounts available today. Some of the banks on this list, including Axos and Relay, offer no monthly fee of any kind. Others make it easy to waive the monthly fee by meeting balance requirements.
See if there are any balance requirements, direct deposit requirements, or minimum debit card purchases to avoid the monthly service fee, and if you will be able to meet those minimums easily each month.
Easy-to-use Online and Mobile Banking
Even basic business checking today should have a robust app and mobile banking solutions, including mobile check deposits, capability to turn your debit cards on or off, and to monitor spending in a user-friendly app.
You may think online-only banks have better mobile capabilities, but that’s not always the case. All the best business checking accounts on our list have intuitive, user-friendly mobile apps.
Low Minimum Opening Deposit Requirements
Most of the free checking accounts on our list have low minimum opening deposit requirements. Some may have higher minimums to earn a bonus on your business checking account. Make sure to read the fine print and know the minimum deposit requirements if you want to earn that sign-up bonus.
Reasonable Fees
While it’s possible to find a business checking account with no monthly service fee, your bank may have some fees. Read the fine print so you know exactly what you’re getting for your money. It should be easy to avoid ATM fees, overdraft fees, and even monthly fees.
However, you may have to pay for wire transfers, out-of-network ATMs, and other transactions. Unlike personal accounts, it’s common for business bank accounts to have fees if you deposit cash. Sometimes, a certain number of cash transactions is included in your monthly fee.
Customer Service
It’s important to research the bank’s customer service before you commit to a business checking account. Online only banks, especially, may have limited ways to reach customer support. Find out if they offer 24/7 service. Many people prefer online banking for the convenience and low account fees. But if you experience a problem, you want to make sure you can get help promptly.
Positive Customer Reviews
When you’re looking for the best business checking account, it pays to research the opinions of other business owners like you. Customer reviews can give you a feel for the level of customer service, ATM fees, monthly fees, fraud protection, and more.
Practical Transaction and Cash Deposit Limits
Many of the best business checking accounts offer unlimited transactions and reasonable monthly limits to deposit cash. Many banks offer different tiers of business checking accounts, so you can pay a set monthly fee for the level of service you need.
Linked Business Savings Account or Business Interest Checking Account
If you want to earn interest on your cash reserves, look for a checking account that pays interest or for a bank with a high interest savings account. Pay attention to account fees, withdrawal limits, and
Consider the Need for a Bank With Physical Locations
Online banking offers lower monthly fees and convenience. But if your business needs to deposit cash regularly or you just want personalized service and relationship banking, you might prefer a bank account at a financial institution with brick-and-mortar locations.
Questions to Ask Before Deciding on a Business Checking Account
When you’re shopping around for a free business checking account, consider your needs, the number of transactions you conduct daily, your account balance, and whether you prefer a traditional bank or are willing to consider online only banks for your business checking needs. Ask yourself the following questions so you can compare your options.
Will you be making regular cash deposits?
Many business checking accounts charge a fee if you want to deposit cash. Sometimes, a number of cash deposits will be included in your monthly fee. Make sure to pick an account with the capabilities you need.
Do you prefer a bank or credit union?
You might prefer the personalized service of a credit union instead of choosing a large bank or an online bank. When you’re evaluating credit unions, compare all the features and fees the same as you would evaluate business bank accounts.
Do you need to process customer transactions?
Banks like Chase offer credit card processing as an add-on feature to their services. If you are using an online bank, you might want one that integrates with Stripe, Square, or other payment processors. The capability to process customer transactions is one element that sets a business bank apart from a personal checking account.
Do you want to earn interest on your balance?
Several banks on our list offer high yield savings accounts, which is a benefit for small businesses, start-ups, and any business that wants to earn free money from their balance. You might also consider an interest earning business checking account like Bluevine, which pays interest on your checking account balance.
Business Checking vs. Money Market Account
A money market account is a special savings account designed to hold money that you may need to access in the short term. Some money market accounts offer higher APYs than other savings accounts. A money market account often has limits on the number of fee-free withdrawals per month.
Most business owners will want to open a free business checking account and link it to a money market account to earn interest on cash reserves.
What You Need to Open a Small Business Checking Account
You may not need an Employer Identification Number or Tax ID number to open a business checking account. If you have one, you should open the account using that number instead of your Social Security number to help keep your business and personal funds separate.
But if you are a freelancer and file taxes as a sole proprietor/self-employed, you can open your business checking account with your SSN. However, if your business has a DBA (doing business as) you will need a certificate or paperwork showing that name.
Likewise, if you are an LLC, you’ll need your business registration along with your EIN. If you have a partnership, you’ll need your partnership agreement and paperwork showing the business name.
Beyond that, you can open a business checking account with your business address, a phone number, email address and the minimum deposit (if required). Visit a branch for personalized service or open your free business checking account online.
FAQs
See what people are asking about free business checking accounts.
Do you need to pay account or transaction fees?
Some business checking accounts have monthly fees that you can waive by meeting specific requirements. You may also pay ATM fees, fees for cash deposits, and fees for wire transfers or international transactions.
Read the fine print or speak to a personal banker to choose the account that’s right for you.
Can you open a business checking account with no credit check?
Most banks and credit unions will allow you to open a business checking account with no credit check. By maintaining a positive balance in your account, you can build your business credit. A credit check may be required for business loans, lines of credit, or “net” terms with vendors.
What are the most important features of business checking accounts?
Most business owners are looking for business checking with no ATM fees and no monthly fee or easy ways to waive the monthly fee. Beyond that, consider the type and number of transactions you complete monthly, whether you need payment processing capabilities, and if you want a linked savings account to earn interest.
What banks offer free business checking accounts?
Many online and traditional banks offer free business checking or easy ways to waive the monthly fee. The list above describes 12 of our favorite options in free business checking.
Mortgage rates have increased a little over the past twenty-four hours thanks to an impending long-term government bond auction this afternoon.
It’s important to keep an eye on that event as we move towards the end of the trading day. Read on for more details.
Where are mortgage rates going?
Rates see modest increase
Mortgage rates are moving slightly higher from where they were at the start of the week.
The yield on the 10-year Treasury note briefly touched 3.00% again today as investors get antsy ahead of a $25 billion 10-year Treasury auction.
We’re also seeing the market affected by President Trump’s decision to pull the U.S. from the Iran nuclear deal.
The expectation here is for a tighter global oil supply, leading to higher prices.
That inflation pressure could play a part in forcing the Federal Reserve to increase rates at a faster pace in 2018 than expected.
Mortgage rates aren’t directly set by the federal funds rate, but the word out from the Fed certainly plays a part in which way rates move.
The more likely it looks like the Fed will raise the federal funds rate, the more upward pressure we will see on mortgage rates.
Rate/Float Recommendation
Locking now is likely the smart move
Looking at the market right now, it seems as though mortgage rates will continue to gradually move higher as 2018 unfolds. Given that expectation, we think it’s wise for most borrowers to lock now.
Learn what you can do to get the best interest rate possible.
Today’s economic data:
PPI-FD
Producer prices rose 0.1% month over month in April, putting them at 2.6% year over year.
Producer prices less food and energy rose 0.2% month over month, bringing it to 2.3% year over year.
Producer prices less food, energy, and trade services ticked up 0.1% month over month, making it 2.5% year over year.
10-Yr Note Auction
Fedspeak
Atlanta Fed President Raphael Bostic at 1:15pm
Notable events this week:
Monday:
Tuesday:
NFIB Small Business Optimism Index
JOLTS
Wednesday:
PPI-FD
10-Yr Note Auction
Fedspeak
Thursday:
Consumer Price Index
Jobless Claims
Bloomberg Consumer Comfort Index
Friday:
Fedspeak
Consumer Sentiment
*Terms and conditions apply.
Carter Wessman
Carter Wessman is originally from the charming town of Norfolk, Massachusetts. When he isn’t busy writing about mortgage related topics, you can find him playing table tennis, or jamming on his bass guitar.
This week, we interviewed Bryan Chong from PocketBuildings.
Without further ado…
Who are you and what do you do?
Thanks for including me as part of this series. My name’s Bryan Chong and I’m the co-founder and CEO of PocketBuildings. PocketBuildings is a platform that allows commercial real estate professionals to develop, manage, and transact faster by organizing the extensive visual content for their portfolios
What problem does your product/service solve?
Not long ago, visual information for a building consisted of paper plans and photographs. Now there are AutoCAD files, drone videos, 360 photos, 3D models, virtual tours, time-lapse photography, not to mention the new technologies on the horizon.
When my co-founder, Greg Moulton, and I were working together at a Google spinoff, we saw CRE companies having real difficulties managing all this new visual information. Files were everywhere — with the architect, the property manager, the broker, the photographer, corporate drives, or in random Dropbox accounts. Even when the files could be located, the user often lacked the needed software to open them or the access links were expired. Hosting and sharing visual data is an ongoing problem for commercial real estate professionals, so we created PocketBuildings.
PocketBuildings is a user-friendly platform where CRE companies upload their visual content – floor plans, photos, videos – to create building profiles. We’ve eliminated the constant searching and emailing to track down information. Everything is stored in one easy-to-access location that is secure, visually appealing, and simple to share.
What are you most excited about right now?
It’s such an exciting time to be in real estate technology. I’m most excited about the iPhone 12 Pro. When Apple added lidar, it marked the beginning of reality capture for the masses. No longer do you need to be an engineer or architect to have access to the technology needed to digitize your building. There’s a growing trend of remotely performing tasks – like measurements, estimates, and due diligence – and the new iPhone capabilities will help accelerate digitally showcasing and visually sharing information about a property.
What’s next for you?
We’re very excited about the release of our mobile app next month. Afterward, we’re turning our attention to building customized tools that allow CRE professionals to quickly and easily perform their unique day-to-day tasks. When people see PocketBuildings for the first time, they often envision using it for a unique purpose. What someone in marketing might do with a building’s visual data is quite different from someone in asset management, property management, or design and construction. Our platform will be easily customizable to meet different users’ needs.
What’s a cause you’re passionate about and why?
I’ve always been passionate about building design and town planning. For the past 13 years, I’ve been a volunteer member of my town’s Design Review Board. The board serves the citizens of the community and through it I can “think globally, act locally” – a concept attributed to town planner and social activist Patrick Geddes. Long before governments began enforcing environmental laws, individuals were coming together as part of grassroots efforts to protect habitats and the organisms that live within them. It’s been immensely rewarding to be involved with town planning in my local community.
Thanks to Bryan for sharing his story. If you’d like to connect, find him on LinkedIn here.
We’re constantly looking for great real estate tech entrepreneurs to feature. If that’s you, please read this post — then drop us a line (Community @ geekestate dot com).
The Consumer Financial Protection Agency hit ACI Worldwide and its subsidiary ACI Payments with a $25 million fine Tuesday for illegally initiating withdrawals from borrower bank accounts totaling over $2.3 billion in April 2021.
According to the government watchdog, the payment software company accidentally triggered “erroneous bill payment orders to be sent to consumers’ banks for processing,” while contractors conducted internal testing of Speedpay, a payment system ACI acquired from Western Union in 2019.
This snafu impacted close to 500,000 borrowers with mortgages serviced by Mr. Cooper. Roughly 100 of those impacted incurred non-sufficient funds fees from their banks as a result of ACI’s error, the mortgage servicer previously said.
This error stemmed from the company’s lack of security protocols and training and “caused substantial consumer harm including significant frustration, confusion, and monetary loss,” the government watchdog’s consent order read.
“The CFPB’s investigation found that ACI perpetrated the 2021 Mr. Cooper mortgage fiasco that impacted homeowners across the country,” said CFPB Director Rohit Chopra in a written statement Tuesday. “While borrower accounts have now been fixed, we are penalizing ACI for its unlawful actions that created headaches for hundreds of thousands of borrowers.”
Per the CFPB’s order, ACI contractors testing the company’s electronic payment platform used data containing sensitive consumer information, contrary to ACI policy.
Further, during its performance testing, ACI improperly sent several large files filled with Mr. Cooper’s customer data into the ACH network, unlawfully initiating electronic mortgage payment transactions from homeowners’ accounts. As a result, many borrowers unknowingly had multiple debits for monthly mortgage payments scheduled to hit their bank account on a single day.
The Elkhorn, Nebraska-based company responded to the consent order by highlighting that “Speedpay was a recently acquired addition to ACI’s portfolio, and the inadvertent transmission occurred shortly after the company assumed management of Speeday’s legacy data environment.”
The company noted that it “consented to the issuance of the consent order without admitting any wrongdoing to avoid the expenses and distraction of litigation.”
Apart from paying a penalty, the CFPB is requiring ACI to beef up its information security practices, while prohibiting the company from processing payments without obtaining authorization and using sensitive consumer information for software development for testing purposes without having a good reason for it.