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According to The Vision Council of America, approximately 164 million Americans wear eyeglasses. Additionally, the average consumer reports spending nearly $130 for their frames, and almost 40% of wearers have two or more pairs of glasses.

Considering how expensive glasses are and the fact that they’re a necessity, it’s unsurprising it’s a $131 billion industry in the United States.

Thankfully, there are ways to save money on contact lenses and glasses if you know where and how to shop. Like many industries, online retailers make it easier to find high-quality prescription glasses at affordable prices. Plus, there are affordable in-store eyewear options if you know where to look.

Where to Buy Affordable Eyeglasses

There’s no reason to pay full price for your next frame upgrade or new pair of glasses. Each of these retailers offers great deals on affordable eyewear.

1. GlassesUSA

Limited time offer: Save 50% off frames for eyeglasses and sunglasses with basic Rx lenses + Free shipping to your doorstep. Some exclusions apply. Use coupon code MONEY-CRASHERS-50 at checkout.

  • Pros: Large clearance section; free shipping; student discount; extensive vision insurance network
  • Cons: Eyewear that isn’t on clearance isn’t as affordable as other options; expensive progressive lenses
  • Verdict: Check GlassesUSA for sales before buying from other online eyewear stores, but stick to their clearance section for savings

GlassesUSA is one of the most affordable ways to buy eyeglasses online. Glasses USA also carries contact lenses and sunglasses, but prescription eyewear is where this website shines. If you shop on clearance, you can get frames up to 60% off and 25% off prescription lenses.

GlassesUSA carries a range of brands and frame styles for adults and kids, including designer name-brand glasses like Ray-Ban, Coach, Oakley, and Givenchy. Use coupon code MONEYCRASHERS40 at checkout to save 40% on select adult designer frames, including Gucci, Prada, and Versace.

You can also buy blue-light-blocking glasses for any prescription for $29 extra. These glasses have lenses that filter emissions from electronic devices, reducing eyestrain.

Once you select a frame style, you can use a virtual mirror to see how the glasses suit your face shape. This feature requires uploading a photo or using your webcam. If you’re happy with the frame, choose your new lens type and submit your prescription before ordering. You can provide your prescription manually or upload a photo.

Frames start at $19 on clearance. Regular frames start at $39 but can range to several hundred dollars for designer pairs. Lens pricing varies depending on their type, although some lenses are included with the frame price:

  • Single Vision: Included in frame pricing
  • Near Vision: Included in frame pricing
  • Progressive: $94
  • Bifocal: $99
  • Nonprescription: Included in frame pricing

You can also upgrade your lens package if you want to add coatings for scratch resistance, ultraviolet (UV) protection, and antireflection. It costs approximately $10 to $30 more to upgrade bifocal lenses to the thinnest, highest-quality lenses. Upgrading progressive lenses costs an additional $20 to $60.

Finally, you can upgrade to transition lenses for $149 or buy prescription sunglass lenses with a color tint for an additional $29 or mirrored tint for $49.

GlassesUSA works with numerous vision insurance providers, including United Healthcare, Cigna, Davis Vision, Aetna, and Humana. You can also refer friends to GlassesUSA for a free Amazon gift card ($10), and the person you refer gets 10% off their first order.

For shipping, U.S. and Canadian orders are free. Most prescriptions take three to four business days to process. If you don’t like your glasses, you can return them for free within 14 days of arrival. This return policy makes GlassesUSA a risk-free way to buy eyeglasses online.

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2. Warby Parker

  • Pros: Free shipping; high-quality eyewear at a reasonable price; extensive vision insurance network; offers lens replacements
  • Cons: Not the cheapest eyewear option
  • Verdict: Shop at Warby Parker if you want eyewear with a designer feel that’s still affordable, especially if you have insurance, and to utilize their free at-home try-on service

Unlike online eyeglass retailers, Warby Parker sells both online and in dozens of retail locations throughout the U.S. and Canada. Warby Parker isn’t the cheapest option for eyewear. But if you’re looking for designer quality and affordability, Warby Parker is still a contender.

Prescription eyeglasses start at $95 for adults, and this price includes single-vision lenses. Progressive lenses are an additional $200. Lenses are scratch-resistant, antireflective, and have UV protection. You can upgrade to blue-light-protective lenses for $50 or add transition lenses for $100.

Warby Parker also carries prescription sunglasses that start at $195 for single-vision lenses. Sunglasses with progressive lenses cost $375.

Orders have free shipping and returns, and you can also book an eye exam, including a contact lens fitting, for $75.

Warby Parker is certainly more expensive than websites like EyeBuyDirect. However, if you see how Warby Parker glasses are made, the price makes sense. Every frame is hand-assembled and polished and uses premium materials.

If you’re not satisfied with your pair, you have 30 days to return them for a full refund or exchange. You also have a one-year no-scratch guarantee for all eyewear.

Warby Parker can also replace your lenses if your prescription changes. Replacement fees vary depending on your prescription and the lenses you select, and this service is only available for Warby Parker frames.

But Warby Parker goes beyond virtual try-ons that the other websites use. Simply complete a short home try-on quiz, pick five frames you’re considering, and get them shipped to your home. When you find the right fit, finish your purchase online and ship the frames back to Warby Parker for free. Warby Parker ships to customers in the U.S., Guam, Puerto Rico, and Canada.

If you want to buy quality eyeglasses while on a budget, Warby Parker is an excellent choice. The prices won’t compete with the cheapest eyeglass options, but with Warby Parker, you get what you pay for.

Additionally, Warby Parker partners with 10 vision insurance providers, so your purchase might be eligible for coverage.

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3. EyeBuyDirect

  • Pros: Some of the cheapest eyewear available; free shipping; student and veteran discounts; loyalty program
  • Cons: No free shipping unless you spend $99 or more; doesn’t accept vision insurance
  • Verdict: Shop at EyeBuyDirect if you’re a student or veteran or can make use of their loyalty program bonuses

EyeBuyDirect is another affordable option to buy eyeglasses online. It’s a worthwhile option if you’re shopping for higher-end brands on a budget.

EyeBuyDirect only sells three brands: Ray-Ban, Oakley, and their exclusive brand RFLKT. However, there’s still plenty of frame variety to choose from for adults and kids. Additionally, if you shop for sales, you can find eyeglasses for up to 50% off.

If the sales section is still too pricey, EyeBuyDirect also sells cheap glasses that rival Zenni Optical’s $6.95 pairs. This category has a range of eyeglass frames between $6 and $15, and standard lenses cost $30.95. Bifocal lenses are $29, and progressive lenses are $49. There’s also a range of customization options, like lens tinting and blue-light blocking, but you can keep costs down if you stick with the basics. Blue-light-blocking lenses start at $49, mirrored sunglasses start at $19, and transition lenses start at $99.

You also have options for coating upgrades. Standard lenses come with anti-scratch and antireflective coatings. However, there are three other lens options available:

  • Value Lenses: Up to 25% thinner than standard lenses; adds UV protection; $45.90 more
  • Advanced Lenses: Up to 35% thinner than value lenses; adds UV protection; $99.90 more
  • Premium Lenses: Up to 25% thinner than value lenses; adds UV blocking, anti-smudge, and dust- and water-repellent coatings; $134.90 more

Upgrading to thinner lenses with different coatings can increase the cost quite significantly.

However, EyeBuyDirect keeps prices low by shipping directly from their manufacturers to your door. If you join the free loyalty program by spending at least $75 within a year, you also unlock:

  • A buy-one, get-one offer on your birthday
  • 15% off sitewide on your account anniversary
  • 30% off sitewide each quarter
  • A free eyeglasses case
  • Early access to new collections and 15% off

You can also enjoy a 20% student discount or veteran discount if you qualify.

Like Zenni Optical, EyeBuyDirect doesn’t accept insurance, so check with your vision care provider before shopping to see if they can reimburse you.

Regular U.S. shipping costs $5.95 unless your order is $119 or more. EyeBuyDirect also ships internationally starting from $19 ($9.95 to Canada). You have 14 days to make a return for a replacement or refund. Your glasses are also covered for one year if there are evident defects in material and build.

If you don’t mind the lack of brands and want incredibly affordable eyeglasses, EyeBuyDirect is one of the best websites to shop.

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4. Zenni Optical

  • Pros: $6.95 eyewear is one of the cheapest options
  • Cons: No free shipping; no complete refund policy; doesn’t accept vision insurance
  • Verdict: Shop at Zenni if you aren’t picky about your frame options and want to keep costs as low as possible

With prices starting at $6.95 for single-vision prescription glasses, it’s hard to find a more affordable solution for eyewear than Zenni Optical.

Like Glasses USA, Zenni Optical carries various frame styles for adults and kids. In fact, there are thousands of frame designs. Plus, unlike many online glasses retailers, Zenni Optical also manufactures their own eyeglasses.

That cuts out intermediaries and the need to hold massive amounts of inventory, which is why Zenni Optical is so affordable. Once you find a design that appeals to you, you can also complete a virtual try-on to confirm you like the fit.

You must provide your pupillary distance (PD) to order glasses. However, measuring your PD is easy if your eye doctor hasn’t already done so. If you’ve never worn glasses before, you can also use the sizing chart to find the right fit. To finalize an order, enter your prescription information and confirm.

Prices include the frame, basic thin and single-vision prescription lenses, anti-scratch coating, and UV protection. You can add blue-light-blocking lenses to almost any Zenni frame starting at $16.95. Progressive lenses start at $27.95, and bifocals start at $17. You can also add a sunglass tint for free, though the premium tint option is $29.95.

Zenni Optical doesn’t accept insurance. However, if you have vision insurance, check with your provider to see if they will reimburse your total purchase from Zenni Optical or cover vision expenses up to a certain amount.

Standard U.S. shipping costs $4.95, and orders take 14 to 21 days to arrive. Zenni Optical also ships internationally. You have 30 days from receiving your glasses to make a return for a 50% refund or one-time 100% store credit reimbursement. If there is a manufacturing error or damage, you receive a full refund under the 30-day warranty.

If you’re looking for designer glasses or an extensive list of name brands, this website isn’t for you. However, if you want to buy cheap glasses online, it’s hard to beat a starting price of $6.95 for frames and low prices on both progressive and bifocal lenses.

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5. Eyeconic

  • Pros: Free shipping; a range of 10% discounts; benefits for certain vision insurance providers
  • Cons: Limited clearance section and expensive lens upgrades
  • Verdict: If you have vision insurance with Eyeconic partners or want to take advantage of a 10%-off bonus, shop at Eyeconic

If you prefer certain name-brand eyewear or want variety, Eyeconic offers more choice than most online eyewear retailers. In fact, Eyeconic carries nearly 50 brands for adults and kids, including Cole Haan, Columbia, Jones New York, Kate Spade, Oakley, and Saint Laurent.

Frames start at around $120 unless you find a sale. This price includes single-vision lenses with scratch-resistant coating and UV protection. Progressive lenses add approximately $60 to $70 to the price, depending on your frames. Unfortunately, prescription sunglasses don’t include free prescription lenses, and the cheapest pair of single-vision-lens sunglasses starts at around $170.

If you want an antireflective coating and impact-resistant lenses, you can also upgrade to the gold lens package for about $100. The platinum lens package is $145 extra and includes Eyeconic’s thinnest lenses. Finally, you can upgrade to blue-light-protective lenses or transition lenses for $100.

If you shop on clearance, you can usually find pairs from designer brands for between $100 and $150. Clearance inventory isn’t where Eyeconic shines, and the selection is admittedly limited. However, where Eyeconic differs from the competition is in their eyewear discounts. Though subject to change at any time, current discounts include:

  • 10% off your first order after signing up for Eyeconic’s newsletter
  • 10% off for students, teachers, military members, first responders, and seniors
  • Free frame adjustment at participating in-network doctors
  • 20% off on eyewear for VSP, MetLife, and Cigna members
  • $40 or more in credits for VSP, MetLife, and Cigna members for connecting their vision insurance to their Eyeconic account

Eyeconic also states that VSP, MetLife, and Cigna members can save up to $220 on eyewear and contacts. Vision insurance is the best way to save money on eyewear at many retailers, but Eyeconic promotes these savings across their website.

If you have vision insurance with a different provider, you can complete an out-of-network claim form and still benefit from coverage. Note that an out-of-network claim doesn’t guarantee a discount or up to $220 in savings if your provider doesn’t have the same arrangement with Eyeconic.

Standard ground shipping is free. Currently, Eyeconic only ships within the U.S.

Eyeconic isn’t the cheapest way to buy eyeglasses online if you don’t have vision insurance. However, between their 10% discount and vision insurance promotions, it’s an excellent option for VSP-, MetLife-, and Cigna-covered individuals looking specifically for designer eyewear.

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6. Eyebobs

  • Pros: Free U.S. shipping; high-quality readers you can wear that all day; variety of lens upgrades; one-on-one style consultations to help you find the right eyewear
  • Cons: Single-vision and progressives are on the pricier side
  • Verdict: Shop at Eyebobs if you want high-quality readers you can wear all day

Eyebobs is another option to buy affordable eyeglasses for adults, especially if you’re looking for high-quality reading glasses.

Readers start at $95 at regular pricing and $49 when on sale. Overall, Eyebobs has more variety for readers than most online eyewear retailers that focus on prescription glasses. According to its website, Eyebobs is the No. 1 premium reader brand. And its all-day readers have a progressive lens with your reader magnification at the bottom part of the lens, half the magnification in the middle, and no magnification at the top. That means you can wear the same pair of readers while reading a book, typing at your computer, or socializing with friends.

Blue-light readers start at $135, and all-day readers start at $155. You can also find dozens of stylish designs for blue-light glasses and sunglasses starting at $95 if you want more than reading glasses.

For prescription eyewear, Eyebobs is on the pricier side versus the cheapest eyewear retailers, with glasses starting at $245 for single-vision prescriptions and $345 for progressives. Glasses come with coatings for scratch-resistance, antireflection, and UV protection. You also have several upgrades available:

  • Thinner lenses for $50
  • Blue-light-blocking lenses for $40
  • Transition lenses for $90
  • Polarized lenses for $90

There’s a webcam-powered virtual try-on option that lets you see how most frames fit your face. Eyebobs also has a 10-question style quiz that asks about your face structure, reading habits, and style preferences to find the perfect pair. Finally, you can book a one-on-one virtual Zoom consultation with an Eyebobs team member to find the right eyewear.

U.S. shipping is free, and international shipping rates vary depending on the country. U.S. customers can return or exchange unused eyewear within 90 days for free. International customers also have 90 days for returns or exchange but have to pay for shipping. Eyebobs doesn’t accept vision insurance payments but recommends checking with your provider to see if your purchase is eligible for reimbursement.

Eyebobs isn’t the most affordable choice if you want a cheap pair of prescription eyewear with single-vision or progressive lenses. But for premium readers, Eyebobs certainly stands out from the competition with more frame variety and lens upgrade options.

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7. Costco Optical

  • Pros: In-store optometrists; free shipping on orders of $75 or more; accepts most vision insurance plans
  • Cons: Not the cheapest eyewear option; requires an annual Costco membership
  • Verdict: Shop at Costco Optical if you already have a Costco membership and prefer buying eyewear in person or need to see an optometrist

For many households, shopping at Costco is an easy solution to save money by buying in bulk without sacrificing on quality. Warehouse stores generally charge a lower markup than regular retailers, which is why a warehouse membership is often worth it.

A basic Costco membership is $60 per year. However, if you plan to shop at Costco Optical in addition to the regular warehouse, the cost is easily worth it.

Costco isn’t as cheap as online retailers like Zenni Optical. According to Clark.com, the price of an entry-level pair of single-vision glasses at Costco is approximately $126, though this is subject to change over time and between stores. However, when you consider the quality of service and availability of Costco, it’s easy to see why Costco Optical is a popular choice for those who prefer shopping for eyewear in person.

You can also shop online at Costco Optical. However, you need an up-to-date prescription, and the risk of buying the wrong frame is higher than shopping in the store. At Costco, you have trained opticians to assist you at every step, from your eye exam to finding the right frame.

Costco accepts most vision insurance plans. You can shop for a range of brand-name and designer frames, like Oakley and Balmain. Costco also carries Kirkland Signature HD progressive lenses, which are antireflective and provide higher-definition vision at any distance.

If you don’t shop at Costco and would only use your membership for optical purchases, the cost probably isn’t worth it. However, when you consider the quality of service and multiple ways to save money at Costco, their optical center is an affordable option for members.

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8. Sam’s Club Optical

  • Pros: Free shipping; 20% off eyewear with plus membership; in-store optometrists
  • Cons: Requires an annual Sam’s Club membership
  • Verdict: Shop at Sam’s Club if you already have a membership there and don’t have vision insurance to take advantage of a 20% discount

Sam’s Club is an affordable way to buy everything from electronics and furniture to office supplies, groceries, and sporting goods. A basic membership only costs $45 per year. You can also buy the plus membership for $100 and earn 2% cash back on select purchases, enjoy free shipping, and get free select prescriptions.

But the plus membership also provides 20% off a pair of prescription eyeglasses or prescription sunglasses at regular price. Unfortunately, the offer doesn’t apply if you use vision insurance.

The optical center is also more affordable than Costco’s, though pricing is subject to change. Designer frames with nonglare, single-vision lenses start as low as $59. According to Consumer Reports, you can find basic progressive lenses at Sam’s Club for as low as $79. You can also change your lenses and frames to suit your needs. Lens options like Pentax are similar to Kirkland Signature HD progressive lenses, and options like UV protection and adaptive lenses are available.

You can’t purchase prescription eyewear online with Sam’s Club. However, like Costco, Sam’s Club has on-site optometrists, so you can schedule an eye exam. Sam’s Club generally accepts popular vision insurance plans but states that you should contact your local Sam’s Club to check eligible providers.

If you want to save money on everyday purchases alongside eyewear, signing up for a Sam’s Club membership is undoubtedly worth the money.

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9. 39DollarGlasses

  • Pros: 4% cash-back rewards program; extensive vision insurance network; offers lens replacements
  • Cons: No free shipping unless you spend $99
  • Verdict: Shop at 39DollarGlasses during a sale period or if your household can take advantage of the EyeBucks rewards program with multiple purchases

If you want a happy medium between $6.95 eyeglasses from Zenni Optical and more expensive in-store brands, 39DollarGlasses is for you.

As the name suggests, 39DollarGlasses carries a variety of prescription glasses for $39. Prescription sunglasses are only $48.95. All eyewear purchases include single-vision lenses, and regular bifocals and progressive lenses cost $80.

You can also add lens customizations like HD light and thin or polarized lenses. For single-vision glasses, it’s possible to stay at $39 if you don’t add customizations. Otherwise, expect to pay at least $100 to $150 for a pair of prescription eyewear. Blue-light-protective lenses are also available for an extra $50.

This retailer also offers lens replacement. Just enter details about your frame, lens type, and whether you want upgrades like blue-light protection. The base price for lenses is still $39, although bifocals and progressives cost at least $80. There’s also a $14.95 lens replacement fee. Ultimately, it can save some money if you have expensive frames and just need to fix broken lenses or receive a new prescription.

You can save more money by joining the EyeBucks rewards program. Once you make a purchase, you’re automatically enrolled. This loyalty program pays 4% of eyeglasses purchases in cash-back account credits, and credits don’t expire.

Shipping is free if you spend more than $99. Otherwise, regular shipping costs $4.95, and most orders arrive within two weeks. The company also ships internationally. For returns, you have 90 days to seek in-store credit after delivery. If you want a refund, you only have 30 days, and shipping charges are nonrefundable.

The company occasionally offers coupon codes and seasonal bonuses, so remember to visit their website when shopping around for a new pair of eyewear. The company also partners with 10 vision insurance providers, including Aetna, EyeMed, Humana, and Avesis.

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10. DiscountGlasses.com

  • Pros: Free shipping; affordable starting frames; offers lens replacements
  • Cons: Fewer options for lens coating customization; no blue-light protection for progressive lenses
  • Verdict: DiscountGlasses.com has a competitive clearance section, although there are fewer frame options on sale than websites like Glasses USA

DiscountGlasses.com is another affordable online eyewear retailer that carries over 1,000 designs for adults and kids. Plus, with frames starting under $15 on clearance and under $30 for nonclearance frames, DiscountGlasses.com has an affordable entry point for eyewear.

Pricing includes single-vision lenses. You can upgrade to thin or ultra-thin lenses for an extra $20 or $50, respectively. Basic progressive lenses cost an additional $60, meaning you can find progressive lens eyewear for less than $100 if you buy the cheapest non-clearance frames. Thin and ultra-thin progressive lens upgrades cost about $20 and $50, respectively.

There are also several upgrades available for your lenses:

  • Blue-Light Protection: Only available for single-vision lenses for about $20 extra
  • Transition Lenses: Available for single-vision and progressive lenses for about $80 extra
  • Sun Tint: Turn eyeglasses into sunglasses with UV protection for about $5
  • Antireflective Coating: Costs an additional $20

DiscountGlasses.com also carries prescription sunglasses starting under $30 on clearance and under $50 for nonclearance frames. Lenses start at around $10 extra, although you can upgrade to thin and ultra-thin lenses for about $30 and $50 extra, respectively. Adding polarized lenses costs an additional $10.

Plus, DiscountGlasses replaces lenses for free within one year of your purchase if your doctor changes your prescription due to vision problems you’re experiencing with your current pair of eyewear.

DiscountGlasses.com states they are an out-of-network provider for most insurance plans, including Davis Vision, EyeMed, Spectra/United Healthcare, and VSP. If you shop at DiscountGlasses.com, check with your current vision care provider to see if you have coverage.

Standard U.S. shipping is free with DiscountGlasses.com, regardless of your order total, which is a plus. There’s also a 365-day return policy under which you can return eyewear for store credit or a replacement pair if you’re unsatisfied with your eyewear.

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11. Lensabl

  • Pros: Free U.S. shipping; extensive upgrade options; free blue-light protection; offers lens replacements; more affordable than some of the competition
  • Cons: Not a huge selection of bifocals
  • Verdict: If you want extensive prescription upgrades, Lensabl is for you; may not be the best option for those who need bifocals

Like Warby Parker, Lensabl offers regular and designer eyewear at affordable prices. While this isn’t the cheapest eyewear retailer, prices are comparable to Warby Parker, though some frames are totally free with a lens purchase. Plus, in terms of lens upgrades, Lensabl has more selection than the competition.

Single-vision prescription with frames and lenses start at $97, and progressives start at $197. You can also find designer frames from brands like Toms and Grey Ant, but those generally cost around $200 to $250. Additionally, bifocals aren’t an option for most frame types and are usually only available in premium brands, not the $97 starter prescriptions.

Upgrade options include:

  • Premium Progressive Lenses. These high-definition, wide-corridor progressive lenses have a wider reading area compared to normal progressive lenses. This upgrade costs $327 in total.
  • High-Index Lenses. This single-vision prescription upgrade to 25% thinner lenses costs $50 more.
  • Transition Lenses. These lenses adapt to light, darkening when you’re outdoors and remaining light while inside. This upgrade costs an additional $60.
  • Trivex Lenses. These impact- and shatter-resistant lenses cost an additional $60.
  • Premium Coating Package. Get scratch resistance, smudge resistance, UV protection, and a hydrophobic (water-repellant) coating for $40 more.
  • Premium Coating and Antifog. Antifog protection plus everything from the premium coating package costs $75 more.
  • Crizal Prevencia AR. All premium coatings, superior scratch resistance, antifog protection, and blue-light protection costs $125 more.
  • Edge Polishing. Edge polishing helps lenses appear thinner, making it popular for prescriptions with thicker lens edges to enhance their cosmetic appearance. However, polishing can cause more reflections and overall light to enter, so it’s best to pair this with an antireflective coating. Polish the edges of rimless glasses for $15 or polish and roll the edges of rimless glasses for $25.

Ultimately, Lensabl’s various coating options let you upgrade your prescription to suit your needs. It’s also worth noting that blue-light protection is available for free, which is a nice touch since most retailers charge extra for it.

Lensabl also carries contact lenses and prescription sunglasses. Like regular prescription eyewear, single-vision sunglasses start at $97 and progressive prescription sunglasses start at $197. Night lenses that are 50% orange-tinted help block blue light are also available for $127 for single-vision prescriptions and $227 for progressive prescriptions.

Another convenient feature Lensabl offers is lens replacement. If you damage your lenses, you can send your glasses to Lensabl for repair and receive your glasses back within four to seven business days. Lens replacement starts at $77 for single-vision prescriptions. Progressive lenses cost $197 and bifocals cost $127. Various coating upgrades or thinner lenses are regular price for lens replacement.

Lensabl doesn’t accept vision care insurance as payment. However, some vision care partners allow you to submit your invoice for reimbursement. Lensabl partners include VSP, Atena, United Healthcare, Cigna, Humana, and EyeMed.

U.S. shipping is free, and Canadian shipping is $35. You can’t return eyewear, although remakes are free if there’s a defect with your prescription or they were made incorrectly. You have 30 days to ask for a remake.

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12. Felix Gray

  • Pros: Free U.S. shipping; high-quality blue-light blocking eyewear
  • Cons: Bifocal and progressive lenses unavailable; lack of lens customization options
  • Verdict: Felix Gray is your best option if you want single-vision prescription eyewear with leading blue-light blocking technology

Unlike other eyewear retailers, every pair of eyewear from Felix Gray comes with blue-light blocking technology. If you’re always staring at a screen because of an office or remote job or just have a lot of screen time in general, Felix Gray’s commitment to digital wellness is a selling point.

There are two primary eyewear lines at Felix Gray:

  • Clear Lens. Felix Gray says these are the best lenses for anyone experiencing headaches, blurry vision, or eyestrain. According to Felix Gray, these lenses also filter out 15 times more blue light than other blue-light-blocking brands.
  • Amber Lens. Eyewear in this line is best for anyone experiencing headaches, blurry vision, difficulty sleeping, and eyestrain. Felix Gray says these lenses are clinically proven to improve sleep and filter out 23 times more blue light than other brands. If you stay up late watching TV or are on your phone or laptop before bed, this is the right line for you.

Eyewear styles are available for adults and kids. Prescriptions for Clear lens eyewear start at $145, while Amber prescriptions start at $195.

Felix Gray only offers single-vision prescription, reading glasses, and nonprescription eyewear. Unfortunately, that means you can’t order bifocals or progressives. But Felix Gray says it can fulfill single-vision prescriptions from minus 6.00 to plus 4.00 and prescriptions that have an add power, which increases lens power.

Ultimately, that makes Felix Gray less flexible than other eyewear retailers. But if you wear a single-vision or reading prescription or nonprescription glasses and want the best blue-light-blocking technology, it’s an excellent choice.

You can use a virtual try-on tool that uses your computer’s webcam to demonstrate how the frames fit your face. You also get free shipping, returns, exchanges, and a 30-day money-back guarantee, allowing you to try Felix Gray without any risk. Eyewear also has a one-year manufacturer’s warranty that protects against defects in material, design or manufacture, coating, and cracks.

Customers in Canada and Mexico have to shop through Amazon for Felix Gray eyewear. But if you’re a Prime member, you can still enjoy free shipping. International customers shop through MyUS.com to buy Felix Gray glasses at variable shipping rates, depending on where they live.

Felix Gray doesn’t accept vision insurance directly, but you can submit a reimbursement request if you have vision insurance. Felix Gray suggests checking with your provider to see if blue-light lenses are eligible for coverage and if eyewear needs a minimum magnification to qualify.

If you want to buy cheap prescription eyewear and save as much as possible, Felix Gray isn’t the right fit. But for single-vision prescriptions with leading blue-light blocking technology, Felix Gray is your best choice.

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13. Swanwick

  • Pros: High-quality, scientifically proven blue light blocking capabilities; prescription grade CR-39 lens; free shipping on orders over $50
  • Cons: Great selection for blue light blockers but limited otherwise
  • Verdict: Swanwick is your best choice for blue light blocking and filtering glasses that help you fall asleep more easily, wake up feeling refreshed, and manage eye strain throughout the day.

Swanwick specializes in blue light blocking glasses with scientifically proven benefits for people with eye strain and sleep issues. Its product lineup includes:

  • Night Swannies specifically designed for use before bed and during sleep periods
  • Day Swannies, which filter blue light throughout the day without sacrificing vision clarity or contrast
  • Prescription Swannies featuring CR-39 lenses
  • Readers and fitovers with blue light filtration capabilities
  • Kids Swannies built to fit kids of all ages
  • Polarized sunglasses with blue light blocking capabilities

Swanwick also sells accessories like glasses cases and sleep aids like eyemasks and aromatherapy diffusers. Pricing is very competitive and shipping is free on orders over $50.

Shop Now

Final Word

Unless you get laser eye surgery, spending money on eyeglasses or contacts is an inevitable part of your annual budget.

Vision care is expensive. However, you don’t have to pay full price for eyewear or let expensive designer frames drain your bank account. If you shop for deals and understand your health insurance coverage, it’s easy to buy discount eyeglasses that are both stylish and affordable.

Just remember to schedule regular eye exams to ensure your prescription is up to date. The cost of an eye exam is worth ensuring your prescription actually helps your vision, and you can make up the cost by never overpaying for eyewear again.

Tom is a freelance writer originally from Toronto, Canada. Tom’s passion for finance and discovering methods to make money originally sparked in college when he was trying to make ends meet on a tight budget. Outside of freelance writing, Tom also manages the blog This Online World – a personal finance website dedicated to helping young adults make and save more money.

Source: moneycrashers.com

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If you’re shopping for an online bank with a variety of products, no monthly service fees, and interest earning checking accounts, Quontic Bank delivers. Our Quontic review evaluates the variety of checking and savings accounts.

Plus, we will explore the bank’s history, from a brick-and-mortar bank with New York City branch offices to an online only bank serving consumers in all 50 states. Which Quontic products are right for you?

Quontic Bank Overview

Quontic originated in 2009 as a local bank in New York City, with a mission to serve underbanked and unbanked populations. In 2015, the U.S. Treasury deemed Quontic a Community Development Financial Institution, an honor held by only 3% of all U.S. banks.

As the only all-digital CDFI bank in the U.S., Quontic provides a variety of mortgage products to members in under-served communities across the country.

Quontic differs from many other fintechs or neobanks in several ways.

  • Originated as a community bank
  • Dedicated to serving under- and unbanked groups as a CDFI member
  • Offers a Bitcoin rewards account
  • Has a virtual location in the metaverse
  • Provides a wearable payment device for digital transactions

If these features pique your attention, continue reading our Quontic Review for all the details. Quontic also receives high marks from across the Web. It was placed on the Forbes Advisor list of Best Online Banks for 2023, and earned a rating of 4.5 stars or higher from top personal finance websites.

Get started with Quontic

on Quontic’s secure website

Quontic Locations and Rewards

Quontic no longer has real-world branch locations. However, it’s one of few banks with a virtual branch in the Decentraland outpost of the metaverse. Users can access the virtual branch without a VR headset, interact with Quontic employees, earn NFTs, explore products, and more – all as an exclusive, custom avatar.

In addition to its virtual presence, Quontic is accessible online or through the mobile app. It no longer has a New York City branch.

Quontic offers its customers rewards on its checking account and Bitcoin rewards checking account. The online bank also offers a high interest checking account of up to 1.1% APY and high interest savings products, as well.

Quontic Bank Savings Overview

Quontic offers three different savings products:

  • High yield savings
  • Money market account
  • Certificates of Deposit

Interest rates are higher than the national average for all savings products, with no monthly fees. All accounts are FDIC insured up to $250,000 per account holder, per account ownership category.

Which of the savings accounts are best for you? Let’s compare.

Quontic Bank Savings Account Review

The Quontic High Yield Savings account currently offers 4.25% APY on all balance tiers. Interest is compounded daily, so your money can grow faster.

You’ll pay no monthly maintenance fees and no overdraft fees should your savings account go into the negative. However, if you make more than 6 transactions per month, you’ll pay a $10 excess transaction fee for each transfer, check, draft, debit, or similar transaction.

The high yield savings account requires a $100 minimum deposit to open the account. You can fund the account from an existing Quontic account, or via ACH from another bank.

Earnings from a Quontic High Yield Savings vs. a Traditional Savings Accounts

A Quontic savings account offers a hefty 4.25% annual percentage yield to customers right now. The average U.S. savings account right now offers just 0.39%. This national average includes rates from high yield savings accounts like Quontic. Traditional banks typically offer much lower interest rates.

For instance, right now, Chase Bank offers just 0.01% APY, with interest compounded monthly. Interest earned on your Quontic account is compounded daily, which means your money can grow even faster.

APY vs. APR

It’s easy to see that 4.25% is a much larger number than 0.01%. But when there’s less of a gap in the interest rate, you’ll want to compare the APY (Annual Percentage Yield) instead of the APR (Annual Percentage Rate).

Two banks with the same APR will have a different Annual Percentage Yield if one compounds interest daily and the other compounds interest monthly.

Quontic Bank CD Accounts

Quontic Bank offers certificates of deposit in a variety of terms, with yields as high as 4.75% APY. As with other Quontic deposit accounts, money held in CDs is FDIC insured.

CD account rates and terms are as follows:

  • 6 months: 3.75% APY
  • 24 months: 4.4% APY
  • 3 years or 5 years: 4.3% APY

CDs require a minimum deposit of $500 to open, which is half of what many other online banks with similar CD interest rates require. Quontic indicates that withdrawals before the CD matures may be subject to penalties.

Compare CD Rates

Let’s compare CD rates between Quontic and other top-rated online banks with certificates of deposit for similar terms.

Capital One 360, the online and mobile banking option from Capital One, offers CDs with terms ranging from 6 months to 60 months, or five years. The 60-month CD has an APY of 4.1%, putting it slightly behind Quontic’s offerings. However, the two banks have comparable 36-month CDs, both with APYs of 4.3%.

CIT Bank, a renowned online bank, caters to a wide range of customers with competitive savings products and a focus on long-term financial growth.

CIT Bank requires a minimum deposit of only $1,000 for CDs, comparable to Quontic. It offers terms from 6 months to 5 years. However, the APY is notably higher than Quontic’s, reaching up to 5.00% for select terms.

Quontic Money Market Account

If you want high interest rates combined with the flexibility to withdraw your money without fees or penalties, consider a Quontic Bank money market account.

This account compares favorably to other money market accounts when it comes to interest rates, offering a higher APY than top-ranked TIAA, Ally Bank, and Discover Bank, all rated as the best money market accounts by Crediful. The Quontic money market account also has a low minimum deposit of just $100. Once you’ve opened the account, there’s no minimum balance requirement.

This account delivers competitive rates with an APY of 4.75%, with no monthly maintenance fees.

The drawback? You are only allowed six transfers or withdrawals per statement cycle. This may feel limiting, but it can help you remain disciplined in your saving and also save you money on excess transaction fees you might experience with a regular Quontic high yield savings account.

Compare Savings Accounts

If you’re looking to earn the highest interest rate at Quontic, have at least $500 to invest, and don’t mind keeping your money tied up for six months or more, consider parking your cash in a Quontic CD.

Otherwise, you can choose between a high APY of 4.25% with a high yield savings account, or 4.75% with a money market account. If you feel you can be disciplined enough to avoid excess transaction fees, a high yield savings account is the clear winner for competitive rates.

Both the money market account and savings account have no monthly fees and a $100 minimum deposit. Both accounts also come with a Quontic debit card that you can use for purchases online and in stores, or to withdraw money at any of 90,000+ surcharge free ATMs across the U.S.

Quontic Bank Checking Accounts Overview

As a digital bank that focuses on underserved communities, Quontic Bank offers checking accounts that require no credit check to open, no monthly fees, and a low minimum opening deposit. If you’re looking for high interest checking accounts or rewards checking accounts, Quontic Bank has three checking accounts to choose from.

  • High interest checking account
  • Bitcoin Rewards checking account
  • Cash Rewards checking account

Which option is best for you? It depends on how often you plan to use your Quontic debit card for purchases and the types of rewards you prefer. We lay out all the details below.

Quontic Bank Cash Rewards Checking Account

Not many banks offer cash rewards checking accounts, especially with no monthly fee. Quontic’s Cash Rewards checking delivers 1% cash back on all qualifying debit card transactions, which include point-of-sale purchases in stores and online.

Earn 1% cash back on all qualifying debit card transactions, paid at the start of your statement cycle. You’ll need just $100 for minimum deposit to open a cash back account.

Quontic Bank High Interest Checking Account

Quontic checking account customers might prefer high interest checking in lieu of cash back rewards. If that sounds like you, look into opening a high interest checking account with no monthly service fee, no overdraft fees, and no insufficient funds fees, either.

You’ll need to make at least 10 qualifying debit card purchases of at least $10 per statement cycle to cash in on the 1.1% Annual Percentage Yield.

While there is no minimum balance requirement, you’ll need at least $100 to open your account.

Quontic Bank Bitcoin Rewards Checking Account

No other banks offer a rewards checking account that pays you back in Bitcoin. For those looking to invest in crypto, the Bitcoin rewards checking account is a solid choice. It pays 1.5% back in Bitcoin on all eligible debit card purchases.

Quontic Bank lists eligible debit card purchases as:

  • Point-of-sale transactions in stores
  • Online purchases

Several types of transactions do not qualify. These include:

  • ATM withdrawals
  • Online bill payments
  • ACH payments
  • Wire transfers
  • Transfers from one account to another

You can sell the Bitcoin you’ve accrued at any time for a 2% fee. Cash will be transferred to your Bitcoin checking account. Like other Quontic Bank checking accounts, your Bitcoin Rewards account has no monthly fees, no overdraft fees, and no fees for insufficient funds notices.

Get started with Quontic

on Quontic’s secure website

Compare Checking Accounts

All three Quontic bank accounts come with a debit card and a Quontic Pay Ring, an innovative way to make contactless payments at the point-of-sale. Your debit card gives you free access to more than 90,000 ATMs across the U.S.

You can set up direct deposit to any of your Quontic bank accounts. But the bank doesn’t seem to offer any capabilities to get paid up to two days early, a feature offered by many other top online banks.

However, if you’re looking for bank accounts with competitive rates, robust online banking capabilities, and no monthly service fees, any of these three accounts can work for you. Keep in mind that the Bitcoin account is not available in Hawaii or North Carolina.

More Banking Products from Quontic

In addition to a wide array of checking and savings products with competitive rates, Quontic Bank offers a variety of mortgages. Quontic loan offices specialize in helping those typically under-served in the mortgage industry, including self-employed home buyers, non-US citizens, first-time buyers, and real estate investors.

Quontic Customer Service

Quontic Bank offers customers three easy ways to get in touch with a customer service representative. There is an integrated chat box in the app and on the website. You can enter your phone number and receive a call from a Quontic representative. Or you can speak with someone directly through your computer.

Bank Experience

Those looking for an exclusively online banking experience won’t be disappointed in Quontic. The website and app are both robust and easy to use. You can open an account online in under three minutes.

The app is available in the Google Play store or Apple’s App store. Quontic’s mobile banking experience gives you a few added capabilities over the desktop experience, enabling you to turn your debit card on or off for security, remote check deposit, and connections to a digital wallet.

How to Open a Quontic Account

You can open a Quontic account online or in the app. Visit the Quontic.com home page and click “Open an account.” You’ll be prompted to choose what kind of bank account you’d like.

You’ll need to fund your account through an ACH transfer from an external account or from an existing Quontic account. Take note of the minimum deposits required for the various account types.

None of the Quontic accounts have a monthly service fee, which can save you money compared to traditional banks.

How to Withdraw Money from an Account with Quontic

You can withdraw money from Quontic checking, savings, and Quontic bank money market accounts with no fees using your debit card at any one of the 90,000+ ATMs in Quontic’s network. That includes ATMs at Citi branch locations. You can also request cash back during debit card purchases at stores that allow it.

Finally, you can use Zelle to send money to another checking or savings account, or you can initiate an external transfer to another bank.

Get started with Quontic

on Quontic’s secure website

FAQs

See what people are asking after reading our Quontic bank review.

Is Quontic Bank FDIC insured?

Yes, Quontic Bank is FDIC insured, protecting account holders for up to $250,000 per account holder for each category of deposit accounts.

Does Quontic Bank have any branches?

As a digital bank only, Quontic no longer has local branches. However, its banking services are available in all 50 states and easily accessible online or through the mobile app.

What do I need to open an account at Quontic Bank?

To open an account at Quontic bank, you’ll need your name, address, email, social security number, and an external bank account or existing Quontic account to fund your new account.

Source: crediful.com

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Need an easy way to exercise at home, and have a little extra space? Get a treadmill.

Finding time to work out can be challenging. This is especially true if you don’t have an on-site fitness center, or don’t like working out in front of other people. Some will develop their own exercise routine they can do at home, but that’s not always rigorous enough. So, if you have the room in your apartment, consider buying a treadmill.

Treadmills are a great workout tool. They can help you burn fat, lose weight and get the cardio in you need to maintain heart health. Using one 3-4 times per week, for 30 minutes, can make an impact on your health.

Whether you’ve got a spare room to devote to working out, or can only spare a small corner of your bedroom, you can work out at home. Check out the best treadmills for apartments to start and consider adding one to your own rental.

When you’ve got limited space

Source: Amazon.com

Let’s start with the most common problem of bringing a treadmill into your apartment — space. If you don’t have enough of it but want an easier way to get exercise, consider a treadmill slim enough to live under existing furniture, or even upright behind a bookshelf.

The CITYSPORTS Treadmill is ultra thin and easy to store. It has a silent belt, so you won’t disturb others and a strong motor for a long life. Bluetooth speakers, integrated into the treadmill, let you connect to your devices for musical accompaniment. Take it out when you want to use it and store it out of sight when you’re done exercising, no extra space needed.

When you need to keep it quiet

If you’ve got a neighbor who jumps at the chance to file a noise complaint against you, don’t worry. Treadmills are getting quieter so you can use them in your apartment no matter who lives next door.

Known as one of the quietest treadmills out there, the NordicTrack Commercial X22i is a little pricey. But, it gives you so much more than just somewhere inside your apartment to run.

This incline treadmill has Quiet Drive incline tech and up to 40 percent incline control. It comes with a 22-inch touchscreen and streams workout-on-demand from around the world. It’s a complete package.

When you need extra cushioning

Not everyone who loves exercise gets excited about the idea of using a treadmill. If you suffer from muscle or joint pain, the cardio workout you get running in place isn’t worth the stiff joints and inflammation you feel after. However, finding a treadmill with a more cushioned track could make a world of difference.

The SOLE F63 is a great treadmill when you need more support for your ankles, knees and even hips. Inclining up to 15 levels, with six preset programs, the treadmill has the bonus feature of including certain controls within the armrests. You don’t have to reach for the screen.

When you need to do a pre-set workout

Source: Amazon.com

A treadmill with a few more bells and whistles may be necessary if you’re looking to take advantage of pre-existing exercise routines. Not having to think about how many minutes you run or walk, and what elevation and speed you’re going, can make your workout feel less tedious.

With 24 presets and two custom programs, the TRX2500 Performance Series Treadmill from XTERRA Fitness can really make a difference. Smooth and powerful, there’s an easy-to-read LCD screen that keeps you on top of your stats and your workout, while the existing programs can help keep you motivated. You can also use this treadmill in manual mode if you need to shorten your workout, or simply want to take a walk.

When you don’t want to deal with a motor

Motorization isn’t a part of all treadmills. A benefit of having one without a motor is you don’t need to set it up near an electrical outlet. These treadmills can go anywhere because they run on your movement, and while that means a little extra exertion on your part, it could also make your workout feel more rewarding.

The Assault Fitness AirRunner, for example, enables you to burn up to 30 percent more calories than a motorized treadmill. There’s zero electrical connection, and using it gives you a more natural feel, promoting an efficient stride. Lightweight and portable, without depending on electricity, you can move this treadmill out of the living room when friends come over and slide it right back in the next day when it’s time to exercise.

When you need some extra ‘smarts’

Features vary from treadmill to treadmill, but when you need something that’s a little smarter than average, look for features like an interactive touchscreen or integration with classes on demand.

A solid choice in this category is the NordicTrack Commercial 1750. Grab one with an iFit Membership and you’ll have a great machine that streams live and on-demand workouts from around the globe. The 10-inch HD touchscreen is easy to use, and the treadmill has a SMART-Response motor to make using the machine more effective. When you’re done using it, this treadmill folds up and locks into place for sleeker storage.

When you don’t want to overspend on a treadmill

Source: Dick’s Sporting Goods

A lot of treadmills out there can easily break the bank if money is tight. But, you don’t have to invest thousands to exercise in your apartment. Treadmills often go on sale but are also available in a wide range of price points.

The Horizon Fitness T101 Series Treadmill costs under $1,000. It integrates with Bluetooth, can go between 0-10 MPH and has five goal-oriented workout programs. The incline extends up to 10 percent and EasyDial controls, right on the hand grips, make speed and incline adjustments easy. You won’t even notice you’ve paid less for this treadmill once you start to use it, it’s so full of extras.

When you just want a treadmill to walk on

Most treadmills aren’t made specifically to walk on, but there are certain models that serve you better as a walker than a runner. Treadmills in this category run the gamut when it comes to price and features. If you want one that’s great for walking and for small spaces, check out the Echelon Stride Treadmill.

This basic treadmill is perfect for walking, and for an additional membership cost, you can access plenty of workouts to keep you motivated to stay on your feet. Even better, when the treadmill folds up, with its auto-fold feature, it’s only 10 inches tall. Auto-fold also makes it easy to store this treadmill out of the way when not in use.

When you want to work and walk at the same time

Any treadmill without armrests and a top display will fit under a desk if you want to work and walk at the same time, but there are also all-in-one treadmills out there. If you want the option to be on your feet and moving most of the day when you’re working from home, you can find a desk-and-treadmill combination.

Although a bit more expensive, this splurge will be worth it when you don’t have to think about stopping work to work out. The LifeSpan Fitness TR1200-Power Treadmill Desk has an adjusting desktop to get it to the perfect height while you walk. This combination workstation is small and compact, with a good-sized desk.

Walking while you work can help burn calories while you decrease stress and reduce the low back pain caused by sitting too long. It’s a win-win without an extra furniture footprint in your apartment.

The best treadmills for apartments

There are so many great treadmills out there when it comes to affordability, function and features. You’ll have no trouble finding one that fits into your apartment, no matter how much room you have to spare. Have fun shopping.

When you buy through links in this article, we may earn an affiliate commission.

Source: rent.com

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PacWest Bancorp agreed to sell its Civic Financial Services unit to real estate lending firm Roc360, as the regional bank seeks to bolster liquidity following turmoil among its peers.

Roc360 has purchased the origination assets of Civic Financial, the New York-based firm said in a statement Tuesday. Excluded from the sale are previously originated, loans and loan servicing operations.

Civic Financial, which PacWest acquired in early 2021, specializes in so-called residential business-purpose loans, or mortgages explicitly made for a borrower’s investment property. Civic has lent more than $9.4 billion through its borrower-direct, broker, and correspondent channels since 2014, according to the statement.

Shares of PacWest are up 29% this week through Tuesday after it agreed to sell a $2.6 billion portfolio of real estate construction loans although the stock is still down 68% so far this year.

Morgan Lieberman/Bloomberg

Representatives for Beverly Hills-based PacWest didn’t immediately respond to a request for comment placed outside business hours. The Wall Street Journal reported the news earlier, citing Maksim Stavinsky, Roc360’s co-founder and president.

PacWest rose as much as 9.8% in premarket trading on Wednesday. Shares of PacWest are up 29% this week through Tuesday after it agreed to sell a $2.6 billion portfolio of real estate construction loans although the stock is still down 68% so far this year.

Source: nationalmortgagenews.com

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For the longest time, luxury homes were synonymous with opulence, deriving their worth from their lavish interiors, massive scale, and over-the-top features. But gone are the days when oversized crystal chandeliers were crowning living spaces and imposing staircases with intricate wrought-iron railings were the pinnacle of luxury.

Modern luxury is devoted to the creation of beauty and function, with livable, inviting spaces dethroning Gilded Age-worthy interiors and overt opulence.

In fact, the shared point of aesthetic reference for the modern luxury space is centered on minimalism, with spaces that cater to both the physical and mental wellbeing of its residents. And we’ve found the best example of that: a newly built contemporary masterpiece that recently came to market in the coveted Brentwood neighborhood of Los Angeles.

The $70 million home is a modern architectural feat that’s just as striking and spectacular as it is warm and inviting. Credit for that goes to the powerhouse team behind the project, which consists of award-winning architect Noah Walker, AD 100 interior designer, Jamie Bush, and renowned landscape designer, Christine London LTD, who all worked together to bring this tour de force to life.

Image credit: Benny Chan courtesy of The Agency

A 19,000-square-foot architectural marvel

A long private driveway leads to the tiered property, where the expansive home immediately makes an impression with its contemporary yet warm appearance, clean lines and abundant natural materials.

Set on a sprawling four-acre lot, the house offers six bedrooms and 12 bathrooms alongside many recreation rooms — all spread across approx. 19,000 square feet of indoor space.

The Brentwood property has 270-degree views of the city, ocean and canyon, and a long list of amenities that include a theater room — with acoustical wall paneling and a commercial cinema-quality projection system — a gym with a steam room, a 75-foot indoor lap pool, outdoor architectural pool and dual offices.

Image credit: Benny Chan courtesy of The Agency
Image credit: Benny Chan courtesy of The Agency
Image credit: Benny Chan courtesy of The Agency
Image credit: Benny Chan courtesy of The Agency

Warm interiors create a sophisticated yet inviting space

Credit for the perfectly appointed interiors goes to Jamie Bush, who is recognized for his ability to blur the lines between the architecture of a building and its interior design.

Jamie’s designs have been featured in over 70 publications worldwide including Architectural Digest, Interior Design, Vogue, Elle Décor, Wall Street Journal, Los Angeles Times as well as several coffee table books.

His design style, combined with Noah Walker’s approach to architecture — centered on creating modern structures that are warmly minimal with careful considerations of light, space and the unique qualities of each project’s location — created a truly outstanding home.

Image credit: Benny Chan courtesy of The Agency
Image credit: Benny Chan courtesy of The Agency
Image credit: Benny Chan courtesy of The Agency
Image credit: Benny Chan courtesy of The Agency

The primary suite has its own separate wing

The entire home has been envisioned as a relaxation oasis. But just in case that’s not enough, the primary suite has been contained in its own wing, to ensure maximum privacy.

Sliding doors open to balconies overlooking the large grassy yard, presenting views that extend across the canyon to the ocean. The primary suite has Poliform walk-in closets — one with a vanity — and a sitting area separated by a double-sided fireplace.

Its ensuite bathroom includes dual vanities and a freestanding tub, a chaise lounge and a connected outdoor lounge seating area. Each additional bedroom suite includes its own marvelous views and impeccable design; the upper level has two additional bedrooms with Juliet balconies and the lower level’s two bedrooms open to beautifully landscaped gardens and walkways.

Image credit: Benny Chan courtesy of The Agency
Image credit: Benny Chan courtesy of The Agency

On the market for $70 million

The newly built 19,000-home has been recently listed for sale with an ambitious $70 million asking price.

Blair Chang with The Agency has been tasked with finding a buyer, a very inspired choice seeing that his expertise and sales track record made him one of the highest producing real estate agents in the country (according to RealTrends + Tom Ferry America’s Best Real Estate Professionals’ ranking), bringing in $141,870,500 in sales volume last year alone.

And given the price point, along with the property’s stellar attributes, we’re going to keep an eye on this one. Celebrities have long been snapping up homes in the Brentwood area, with A-listers like Travis Scott, Reese Witherspoon, Channing Tatum, and Mötley Crüe drummer Tommy Lee buying homes here recently. We wouldn’t be at all surprised if this architectural marvel manages to attract new star power to the area.

More luxury homes

Blogger Ashley Petrone of Arrows & Bow Is Selling Her Charming, Custom-Designed House
Jeweler to the Stars Pascal Mouawad Wants $15.75 Million for His Luxury Bel-Air Mansion
$38 Million Rosenthal Estate Has Its Own Vineyard and an Orchard with 600 Avocado Trees
What Happened to the Hollywood Hills Mansion from Netflix’s ‘Selling Sunset’?

Source: fancypantshomes.com

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Both refinance, and purchase applications decreased 5% week over week. The refinance share of mortgage activity stayed unchanged at 27.4% of total applications. “Since rates have been so volatile and for-sale inventory still scarce, we have yet to see sustained growth in purchase applications,” Kan said. “Refinance activity remains limited, with the refinance index falling … [Read more…]

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If you’re looking to buy a home, new federal rules may impact how much you pay for a mortgage.

Beginning May 1, upfront fees for loans backed by Fannie Mae and Freddie Mac will be adjusted because of changes in the Loan Level Price Adjustments (LLPAs). Those fees are based on things including the borrower’s credit score, size of the down payment, type of home and more. In some cases, people with better credit scores may pay more in fees, while those with lower credit scores will pay less.

Here’s what to know about the new federal rules:

Why is this happening?

The rule changes are part of the Federal Housing Finance Agency’s (FHFA) efforts to provide “equitable and sustainable access to homeownership” and to strengthen capital at Freddie Mac and Fannie Mae.

“The [Biden] administration’s stated purpose behind making these changes is to help make it easier for borrowers who have historically been disadvantaged and have had a hard time accessing credit,” Realtor.com chief economist Danielle Hale told ABC News.

Who does it impact?

The new rules only apply to loans backed by Fannie Mae and Freddie Mac, and impact any new or refinanced home loan signed May 1 or later. According to Urban Institute, Fannie Mae’s and Freddie Mac’s share of the mortgage market collectively comprised nearly 60% of all new mortgages during the pandemic in 2020. That’s compared with 42% in 2019.

Homebuyers who put down a larger payment of 15% to 20% could see a bigger increase in mortgage fees, but Bankrate.com mortgage analyst Jeff Ostrowski said that shouldn’t change a borrower’s thought process.

“The new matrix everyone is trying to decipher is only part of the equation,” Ostrowski told ABC News. “The other part is mortgage insurance: Borrowers who put less than 20% down have to pay mortgage insurance that more than offsets the lower upfront fee. So there’s no financial advantage to the borrower to put down less than 20%.”

In this March 22, 2023, file photo, a for sale sign is posted in front of a home in San Anselmo, Calif.

Justin Sullivan/Getty Images, FILE

How will it work?

“The new fees are slightly more expensive for some borrowers with good credit, and slightly less expensive for some borrowers with less-than-perfect credit,” Ostrowski told ABC News. If you have a stellar credit score, you’ll still pay less than if you have a weak one, but the penalty for having a lower credit score will now be smaller than it was on May 1.

“Because of these changes, the advantage of having a higher credit score, or making a larger down payment, is not as big as it used to be,” Hale said.

For example, beginning May 1, a buyer with a good credit score of 750 who puts down 25% on a $400,000 home would now pay 0.375% in fees on a 30-year loan, or $1,125, compared to 0.250%, or $750, under the previous fee rules.

Meanwhile, a buyer with a credit score of 650 putting a 25% down payment on a $400,000 home would now pay 1.5% in fees on a 30-year loan, or $4,500. That compares with 2.75%, or $8,250, under the previous rules.

According to the FHFA, the new rules will redistribute funds to reduce the interest rate paid by less qualified buyers.

Is this a good thing?

It depends on who you ask. Critics say the new rules penalize people with good credit, using them to subsidize loans of riskier borrowers. “It’s another subsidy to try to buy votes,” former Home Depot CEO Bob Nardelli told ABC News.

The new mortgage fee rules do nothing to address ongoing inventory challenges in the housing market, which is putting upward pressure on home prices. The median U.S. home price in March was $400,528, according to the realty broker Redfin.

Some housing experts fear the new rules will encourage banks to lend to borrowers who perhaps shouldn’t qualify for a mortgage in the first place. Lending to unqualified buyers is what led to the financial crisis of 2008; banks gave too many unqualified buyers home loans that they ultimately couldn’t pay back.

“This confusing approach won’t work and, more importantly, couldn’t come at a worse time for an industry struggling to get back on its feet after these past 12 months,” David Stevens, a former commissioner of the Federal Housing Administration during the Obama administration, wrote in a social media post. “To do this at the onset of the spring market is almost offensive to the market, consumers and lenders.

Even with the changes, Ostrowski said that overall, mortgage fees continue to favor borrowers with good credit. “You still get a much better deal with a strong credit score,” he said. “So, tanking your credit score in hopes of scoring a better deal would backfire.”

Editor’s note: This story has been updated.

Source: abcnews.go.com

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The savings offers that appear on this site are from companies from which MoneyCrashers.com receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MoneyCrashers.com does not include all savings companies or all savings offers available in the marketplace.

Years ago, finding a bank meant heading downtown and choosing from whichever options were available there. The Internet dramatically lessened the importance of physical branches and made it possible to bank from anywhere at any time.

Virtually all banks with physical locations have online portals, but a growing number now do the bulk of their business online. Some have ties to community banks and may have physical branches in select regions. Others exist only in the digital realm and have no physical branches.

What follows is a list of the best online banks on the market today.


Best Online Banks of May 2023

These are the best online banks on the market right now.

Each does at least one thing really well, whether it’s offering a potent lineup of budgeting and money management tools or delivering savings and CD rates well above the national average. Our top pick offers the most value for the greatest number of potential customers, in our opinion.

Unless otherwise noted, all the accounts on this list come with FDIC insurance up to $250,000 per account.


Best Overall: American Express® National Bank, Member FDIC

The American Express® High Yield Savings Account has a solid yield on all balances with $0 maintenance fees, a $0 minimum opening deposit, and a $0 minimum balance. The current savings yield is 3.90% Annual percentage Yield (APY) as of May 16, 2023.

Want to tie up your money for a while at a higher interest rate? Choose from seven CD options ranging from six months to five years.

CD yields are very good across the board: 3.00% Annual Percentage Yield (APY) on the longest-term product (60 months or 5 years) and 4.25% on the 12-month CD. Early withdrawal penalties are:

  • 90 days’ interest for terms under 12 months
  • 270 days’ interest for terms between 12 and 48 months (four years)
  • 365 days’ interest for terms between 48 and 60 months (five years)
  • 540 days’ interest for terms of 60 months or longer

Additional features:

  • Extensive lineup of personal credit products, including premium credit cards like The Platinum Card® from American Express
  • Move money between up to three external bank accounts in short order
  • 24/7 customer service

Apply Now


Best Credit Union: Alliant Credit Union

When is an online bank not an online bank? When it’s an online credit union.

There’s no better branchless option than Alliant Credit Union. As a credit union, Alliant exists for its members rather than stockholders so they will always put you first.

Alliant has a comprehensive lineup of checking and savings accounts, like:

  • High-Rate Savings, a high yield savings account for goal-oriented savers (currently 3.10% APY¹)
  • High-Rate Checking, a checking account with competitive interest rates
  • Certificates of Deposit, which help you earn more with set interest rates for a fixed period of time (currently yielding 5.00% APY)
  • Kids Savings, a custodial account that helps you teach sound money management concepts to kids 12 and younger 
  • Teen Checking, a joint account for kids aged 13 to 17 — there when you’re ready to loosen the reins

Additional features:

  • Get access to over 80,000 in-network ATMs with Alliant
  • No monthly service fee with eStatements
  • Low minimum deposit and balance requirements
  • Bank anywhere, anytime with the Alliant mobile app

Sign Up for Alliant Savings

Insured by NCUA

(¹For important additional disclosures, please refer to the corresponding footnote at the Sign Up link directly above.)


Best for High Yields: CIT Bank

CIT Bank offers several different accounts with category-leading yields:

  • Savings Connect has one of the best yields of any bank account, online or off: 4.50% APY.
  • Platinum Savings has an outstanding yield when you maintain a balance of $5,000 or more (4.75% APY) and a so-so yield when you don’t (0.25% APY).
  • Savings Builder yields up to 1.00% APY for accountholders who can meet minimum balance or deposit requirements.
  • The CIT Bank Money Market account has a very good yield on all balances (currently 1.55% APY) with no monthly maintenance or service fees.
  • Multiple CIT Bank CDs offer above-average yields, led by the 11-month CIT No Penalty CD at 4.80%

Additional features:

  • No monthly service fee
  • No early withdrawal penalty for No Penalty CDs
  • No ATM fees in-network
  • CIT may reimburse up to $30 in outside ATM fees
  • Earn interest on eligible eChecking funds

Sign up for CIT Bank


Best for Investors: Wealthfront

Wealthfront is a next-generation banking service that’s ideal for day-to-day money management. Its Cash Account features high-interest checking, no account fees, and a host of value-added features — and you can open an account with just $1.

But Wealthfront made its name in the investment business, and there’s where it continues to shine. Key features include:

  • Build semi-customized, automatically rebalanced, globally diversified portfolios of low-cost index funds optimized with daily tax-loss harvesting
  • Just $500 minimum to invest 
  • Pay an annualized management fee of 0.25% assets under management (AUM) on all balances
  • Choose from individual and joint taxable accounts, IRAs, and 529 college savings plan accounts
  • Portfolio line of credit that lets you tap up to 30% of your account value once you have $25,000 or more under management
  • Consolidated view of all your accounts through Wealthfront’s free DIY financial planning tool

Additional features of the Wealthfront Cash Account include:

  • 4.55% APY (variable) on all balances
  • $1 minimum opening deposit
  • No account fees
  • No overdraft fees
  • FDIC insurance on balances up to $5 million
  • Get paid up to two days early with direct deposit
  • Put your money to work in the market within minutes when you use your Cash Account to invest in a Wealthfront Investment Account
  • Mobile check deposit
  • Free bill pay and peer-to-peer (P2P) transfers
  • Complimentary debit card and free in-network ATM access
  • For a limited time, get $30 bonus cash when you open a Wealthfront Cash Account and fund your new account with at least $500 in new money. Terms apply.

Sign Up for Wealthfront

Money Crashers, LLC receives cash compensation from Wealthfront Advisers LLC (“Wealthfront Advisers”) for each new client that applies for a Wealthfront Automated Investing Account through our links. This creates an incentive that results in a material conflict of interest. Money Crashers, LLC is not a Wealthfront Advisers client, and this is a paid endorsement. More information is available via our links to Wealthfront Advisers.


Best for Customer Support: Albert

Albert is a powerful financial app that makes spending, saving, and investing easy. It’s among the growing crop of financial solutions that offer early payday with eligible direct deposit, and its automated savings and investing features put it well ahead of the pack.

But where Albert really shines is on the customer service front. The platform has a dedicated team of in-house financial experts — called Geniuses — to help you make sense of your money. That puts it heads and shoulders above its crop of fellow digital money management apps.

Additional features:

  • Albert Cash. This is the place to manage your day-to-day spending money with Albert. Earn up to 20% back on eligible debit card purchases and get paid up to two days early with qualifying direct deposit. Use the Albert Instant cash advance feature to get up to $250 from your next paycheck with no hidden fees.
  • Albert Savings. Albert’s Smart savings engine sizes up your cash flow and sets aside funds automatically so that you’re always moving toward your financial goals. Set specific goals within the app, such as building an emergency fund or saving for your next vacation. And get cash bonuses on your Albert Savings every year.
  • Albert Investing. Start investing with as little as $1 using Albert’s guided investment platform. Choose your own stocks or themes, or have Albert do it for you.

Sign Up for Albert


Best for Debit Card Rewards: GO2bank

GO2bank is a low-friction online bank with a mobile-friendly bank account (no monthly fee with eligible direct deposit) and impressive yields on savings (4.50% APY2 on savings up to $5,000).

Eligible electronic gift card purchases in the app earn up to 7% cash back; Amazon eGift Card purchases in the app earn 3% cash back. Terms and conditions apply.

Additional features:

  • No minimum opening deposit or ongoing balance requirement
  • Avoid the $5 monthly fee with an eligible direct deposit
  • Get paid up to two days early with ASAP Direct DepositTM 3
  • Deposit cash at participating retail stores, subject to fees and deposit limits
  • Enjoy up to $200 in overdraft protection with opt-in and eligible direct deposit.*
  • Earn 4.50% APY paid quarterly on savings up to $5,000 — over 10 times the national average savings rate2

* $15 fee may apply to each purchase transaction not repaid within 24 hours of authorization of the first transaction that overdrafts your account. Overdrafts paid at GO2bank’s discretion.

Sign Up for GO2Bank

1Active GO2bank account required to receive an eGift Card. eGift Card merchants subject to change.

2GO2bank, Member FDIC. Interest paid quarterly on the average daily balance of savings during the quarter up to a $5,000 balance and if the account is in good standing. 4.50% Annual Percentage Yield (APY) as of April 2023. APY may change before or after you open an account. The average national savings account interest rate of 0.39% is determined by the FDIC as of 4/18/23. Visit https://www.fdic.gov/regulations/resources/rates/ to learn more. Fees on your primary deposit account may reduce earnings on your savings account.

3Direct deposit early availability depends on the timing of the payor’s payment instructions and fraud prevention restrictions may apply. As such, the availability or timing of early direct deposit may vary from pay period to pay period. The name and Social Security number on file with your employer or benefits provider must match your GO2bank account exactly or GO2bank will decline your deposit.


Best for No Account Fees Ever: Rewards Checking via Upgrade

Rewards Checking via Upgrade4 has a slew of user benefits, but its defining feature couldn’t be simpler: no account fees, ever.

That’s right. As a user, you pay no account fees — no annual fees, overdraft fees, transfer fees, or ATM fees charged by Rewards Checking by Upgrade1.

There’s more, of course. Additional features of Rewards Checking via Upgrade include:

  • 2% cash back on purchases at convenience stores, drugstores, restaurants, and bars, and on utility bills and certain monthly subscriptions2
  • Earn up to $500 cash back per year at the 2% rate
  • Earn 1% cash back on all other eligible purchases
  • Get up to five third-party ATM fee rebates each month1
  • You may receive discounts on loans and cards through Upgrade3
  • FDIC Insured up to $250,000 through Cross River Bank, Member FDIC

Sign Up for Rewards Checking via Upgrade

1 There are no account fees, overdraft fees, annual fees, or transfer fees associated with Rewards Checking accounts. Rewards Checking charges no ATM fees, but third-party institutions may charge you a fee if you use their ATM/network or if you use your Upgrade VISA® Debit Card internationally. Upgrade will rebate any ATM fee charged by another institution for debit card withdrawals in the United States, up to five times per calendar month. To be eligible to receive third-party ATM fee rebates in any calendar month for eligible ATM withdrawals made during that month, customers must have (i) an open Rewards Checking account and (ii) either maintained an average daily balance in their account of at least $2,500 in the prior calendar month or made direct deposits into their account totaling at least $1,000 during the prior calendar month. As a courtesy to new customers, Upgrade will provide third-party ATM fee rebates for up to the first 2 calendar months after account opening regardless of account activity. Some limitations apply and terms and conditions may change. Please refer to the applicable Cross River Bank Deposit Account Agreement and Upgrade VISA® Debit Card Agreement and Disclosures for more information.

2 Rewards Checking customers accrue 2% cash back on common everyday expenses at convenience stores, drugstores, restaurants, and bars – including deliveries – and gas stations, as well as recurring payments on utilities and monthly subscriptions including phone, cable, TV and other streaming services, and 1% cash back on all other debit card charges. 2% cash back is limited to $500 in rewards per calendar year; after $500, customers accrue 1% cash back on all eligible debit card charges for the remainder of the year. Some limitations apply. Please refer to the applicable Upgrade VISA® Debit Card Agreement and Disclosures for more information.

3 The interest rate on a new loan or credit line through Upgrade may be up to 20% lower than would otherwise be applicable without this discount, as long as you have an active Rewards Checking Account. Additional terms may apply. Please refer to the applicable Truth-in-Lending Disclosure and Loan Agreement.

4 Upgrade is a financial technology company, not a bank. Rewards Checking services provided by Cross River Bank, Member FDIC. Upgrade VISA® Debit Cards issued by Cross River Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc. Personal Loans made by Upgrade’s bank partners. Personal Credit Lines are issued by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. The Upgrade Card is issued by Sutton Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc.



Best for Automated Budgeting: Douugh

Douugh is a money management app that makes it easy to stay on top of your day-to-day financial obligations while saving for a rainy day — and happier days too. 

A single mobile-friendly dashboard makes it all possible.

How? That’s down to Salary Sweeper, an AI-enabled feature that automatically allocates income to two protected “jars”:

  • Your Bill Jar, complete with a virtual card of its own
  • Your Savings Jar, which is actually a customizable array of single-purpose savings buckets

The rest is yours to spend as you please using a debit card accepted by millions of merchants worldwide. Best of all, you never have to give manual budgeting a second thought.

Additional features:

  • Enjoy a free checking account with a Mastercard debit card 
  • Use Apple Pay, PayPal, and other payment apps to make purchases online and IRL
  • Lock and unlock your card and change your PIN within the app — without calling customer service or visiting a branch.

Sign Up for Douugh


Best for Debt Refinancing: SoFi Checking and Savings

Need to refinance the student loans you’ve been carrying for years with no end in sight?

Open a SoFi Checking and Savings account, then head over to SoFi’s student loan refinancing portal to check out your options. SoFi is a category leader in the education loan refinancing business, with incredibly low rates, flexible terms, and an array of reasonable repayment options.

And since you’re also in the market for a new online bank, you’ll enjoy these great SoFi Checking and Savings perks and features:

  • No minimum opening deposit or balance requirement
  • Rate discounts on SoFi loans
  • Free peer-to-peer (P2P) transfers
  • Customized financial planning
  • Member-exclusive offers from SoFi partners
  • A referral program that pays up to $310 per successful referral
  • Up to 3.75% APY on eligible balances

Plus, for a limited time, sign up for SoFi Checking and Savings and earn a $250 opening bonus when you set up direct deposit of at least $1,000 into your account

Sign Up for SoFi Checking and Savings


Best for Teens and Young People: Copper Banking

Copper is a banking solution for teens age 13 and older — and their parents too. 

It’s built around the Copper Card, a personalized debit card that leverages Apple Pay technology to facilitate seamless online and in-person transactions. 

The Copper App allows parents to monitor spending and instantly send money in seconds. For teens, its Automatic Saving feature encourages saving — a lifelong financial habit — by automatically setting aside a portion of each paycheck or inflow.

Additional features:

  • Copper has a wealth of financial literacy content for parents and kids alike — it’s one of the best financial education tools around
  • Withdraw cash for free at over 55,000 ATMs
  • All Copper Accounts are FDIC-insured up to $250,000 through Evolve Bank & Trust

Sign Up for Copper


Best for Potential Returns on Savings & Spending: PrizePool

PrizePool is a truly unique financial app — the only FDIC-insured deposit account provider that offers users the chance to earn serious money based on your saving and spending habits.

PrizePool offers two ways to win:

  • Savings Balances: Get 1 ticket for PrizePool’s prize drawings for every $1 on deposit in your savings account, every day. So if you have $1,000 in your account, you get 1,000 tickets every day.
  • Debit Card Purchases: Earn 30 tickets for every $1 spent, plus get the chance to have your purchases reimbursed.

PrizePool holds a weekly drawing every Friday. There are almost 6,000 cash prizes every week, including a $10,000 grand prize drawing at least once every six weeks.

Additional features:

  • Earn 0.30% APY on eligible savings balances
  • Deposits are FDIC-insured up to $250,000
  • Refer new users to PrizePool and get 10% of their prize winnings forever

Sign Up for PrizePool


Best for Freelancers and Self-Employed People: Lili

Lili offers a totally free checking solution with a slew of value-added features designed to simplify your financial life. 

Its core product is built with freelancers in mind, but it’s appropriate for a range of use cases, from solopreneurs to folks who supplement 9-to-5 income with side hustle revenue.

With powerful, automated tax savings and expense categorization tools, Lili eliminates the need to juggle separate bank accounts for business and personal needs — it’s just one deposit account for your entire financial life.

Additional features:

  • No minimum opening deposits or ongoing balance requirements and no account fees
  • Pay virtually anywhere with a Visa debit card that’s accepted worldwide
  • Lili’s Tax Bucket tool automatically sets aside funds earmarked for income tax payments
  • Utilize expense management and categorization tools that simplify business budgeting, cash flow management, and year-end accounting
  • Get real-time alerts for every transaction (and other account activities too)
  • Make mobile check deposits through the Lili mobile app
  • Make cash deposits at more than 90,000 retail locations across the U.S., including CVS, Walgreens, and Rite Aid
  • Get paid up to two days early with early direct deposit
  • Enjoy fee-free withdrawals at about 38,000 ATMs nationwide

For $9 per month, Lili Pro adds even more valuable features:

  • A premium Visa Business Debit Card that delivers cash-back rewards
  • BalanceUp, a fee-free overdraft solution that covers up to $200 in would-be overdrafts
  • Advanced expense tracking that helps business owners maximize their tax deductions
  • A savings account that pays interest

Sign Up for Lili


Best for Savers: Quontic Bank

Quontic Bank got its start as a New York City community bank that catered to thrifty types.

Today, Quontic’s branch-based banking options represent just a small fraction of its offerings. With a nationwide digital footprint, Quontic delivers category-leading checking and savings yields for consumers and small-business owners from all walks of life — all with no monthly service fees:

  • Cash Rewards Checking: Earn unlimited 1.5% cash back on qualifying debit card transactions after meeting the $100 minimum opening deposit.
  • Bitcoin Rewards Checking: Earn 1.5% Bitcoin on qualifying debit card transactions. The minimum opening deposit is $500. This account may not be available in all states.
  • High Interest Checking: Make 10 or more qualifying debit card point-of-sale transactions of $10 or more per statement cycle to earn interest at competitive rates based on account balance. The minimum opening deposit is $100.
  • High Yield Savings: Earn interest at category-leading rates (currently 4.25%) after meeting the $100 minimum opening deposit.
  • Money Market: Earn solid yields (currently 4.75%) after meeting the $100 minimum.
  • CDs: Quontic CDs have terms ranging from six months to three years and competitive yields that generally increase in proportion to term. The minimum opening deposit is $500. Early withdrawal penalties may apply.

Additional features:

  • Tap to pay with the Quontic Pay Ring — the first wearable debit card
  • Choose from an array of home loans, including community development loans that go beyond your traditional credit profile
  • Take advantage of special loans for foreign nationals and recent immigrants

Sign Up for Quontic Bank


Best for Borrowers: Discover Bank

Discover Bank is a full-service online bank with a wide range of deposit accounts. It’s a great (almost) one-stop shop for your digital financial needs.

Discover Bank’s real differentiator is its comprehensive lineup of secured and unsecured credit products. That includes unsecured personal loans, which many online banks don’t bother with due to perceived risk. 

You’ll find home loans, home equity products, student loans, credit cards, and personal lines of credit here too.

Discover Bank’s deposit account options include:

  • Cashback Debit: This checking account has no yield, but you can earn 1% cash back on up to $3,000 in qualifying debit card spending each month. There’s no monthly maintenance fee.
  • Online Savings Account: This account has a very strong yield on all balances — currently 3.90% APY. There’s no maintenance fee or minimum to open.
  • Money Market Account: With a minimum opening deposit and balance requirement of $2,500, this account has competitive yields on all balances. Its two balance tiers cleave at $100,000, but yields on higher balances barely exceed those on lower balances. Enjoy a free, optional debit card, and no maintenance fee. There’s also no minimum balance fee, despite the minimum balance requirement.
  • Traditional CDs: CD terms range from three months to 10 years. Yields range widely, peaking on longer-term CDs. You need $2,500 to open any CD. 

Additional features:

  • Structure any money market or CD as a traditional, Roth, or SEP IRA
  • Or roll over your 401(k), 457 deferred compensation plan, annuity, or IRA from another institution
  • Enjoy a coast-to-coast network of 60,000 fee-free ATMs
  • Enjoy 24/7 support by phone, live chat, and email 
  • Make mobile check deposits from anywhere
  • Enjoy free, instant P2P money transfers

Sign Up for Discover Bank


Methodology: How We Select the Best Online Banks

We use several key factors to evaluate online banks and surface the very best ones for our readers. Each relates in some way to the overall user experience, and you’ll see many represented in our “Best For” categories above.

Available Account Types

The best online banks offer a range of different deposit account types: free checking, savings, CD, and money market accounts, among many others.

Truly comprehensive online banks go even further, with less-common account offerings like savings IRAs, jumbo CDs, and more. More accounts doesn’t necessarily mean a better banking experience, but it’s helpful if you’re looking for a one-stop financial shop.

Interest Rates

Online banks tend to have higher yields — interest rates paid to the account holder — as well as lower interest rates on certain types of loans, if offered.

You shouldn’t count on that though. It’s important to shop around and choose an online bank that consistently offers significantly better rates. Not all do.

Account Minimums

The best online banks have low or no minimum balances and low or no minimum opening deposit requirements on checking, savings, and money market accounts. 

CDs generally do have minimum deposit requirements, even at the best online banks, but there’s lots of variation. Look for deposits at or below the $1,000 mark, if possible.

Monthly Maintenance Fees

Free is always better than not free, right?

Not necessarily. Some of the best online banks around charge modest monthly fees. In exchange, they offer a wealth of value-added features and services that can earn or save you money (and sometimes both at the same time).

That said, we do give preference to banks that don’t charge monthly fees at all. Because everyone could use a break.

Other Account Fees

The trusty monthly maintenance fee is just the most visible bank fee. Others include:

  • ATM fees (in-network and out-of-network)
  • Wire transfer fees
  • Excess transaction fees
  • Early withdrawal penalties
  • Minimum balance fees

Traditional banks are notorious for nickel-and-diming their customers. By contrast, most online banks do charge at least some fees, but they’re predictable and clearly disclosed on their websites and applications. 

For example, many online bank CDs come with early withdrawal penalties. These can be equivalent to as little as one month’s interest on shorter-term CDs but may range up to 24 months of interest on very long-term CDs.

All else being equal, we prefer online banks that charge few if any fees — and hidden fees are a dealbreaker.

Investment and Tax-Advantaged Options

Many online banks stick to core banking services, like checking and savings. But a growing number of online banks offer a wider array of options for people who’d like to be able to do all their banking in the same place.

We’re particularly fond of online banks that offer tax-advantaged account options, such as savings IRAs and CD IRAs. We also like online banks that have in-house investment platforms — whether they’re self-directed brokerages like Ally Invest or low-cost robo-advisors like Wealthfront.

Credit Options

All online banks have at least one deposit account product. That’s what makes them online banks.

A smaller but growing number make loans or issue lines of credit — including credit cards — as well. Common online bank credit products include:

  • Mortgage loans, including purchase loans and refinance loans
  • Home equity products, including home equity loans and lines of credit
  • Auto loans
  • Student loans and student loan refinancing products
  • Personal loans
  • Credit cards and other types of credit lines

We don’t hold it against online banks that don’t make loans — it’s a big step for many a lean bank. But we do look out for banks that have taken the leap.

Budgeting and Money Management Features

Budgeting is hard to do right. That’s why we’re big fans of online banks with built-in budgeting and money management tools.

The more automated these tools are, the better. In fact, some make our list of the top budgeting apps on the market. Truly “set it and forget it” money management saves the typical consumer hundreds if not thousands of dollars per year.


Online Banking FAQs

Still have questions about online banks and managing money online? We have answers.

How Much Does Online Banking Cost?

Online bank rates, yields, and fees are subject to change at banks’ sole discretion. For up-to-date information about specific accounts and bank policies, check their websites or call customer service.

That said, online banks are generally more affordable than traditional banks. They’re less likely to charge monthly maintenance fees on checking and savings accounts, and many have fewer hidden fees too.

What’s the Interest Rate on an Online Bank Account?

That also depends on the individual bank. But many online accounts feature higher yields relative to those of traditional banks. 

That’s because online banks have less overhead than traditional banks. They don’t need to pay to keep big, centrally located branches open or pay people to work at them. Their operations are more efficient, which allows them to pass the savings on to customers via higher rates and lower fees.

How Do You Enroll in Online Banking?

It depends on the bank and how its website or app is structured, but it’s usually straightforward. In fact, with an online-only bank, enrollment is usually automatic. You don’t have to complete a separate application or even click a button to activate your account.

However, you will need to create a unique username and password to get started. You may be asked to do this as part of the initial application process or once your account is approved. You’ll also need to link at least one external funding source to transfer money into your account.

Can You Get a Mortgage From an Online Bank?

Some online banks offer home loans (mortgages) and other credit products. These banks tend to be larger online banks with high name recognition, like Ally Bank and Capital One Bank. Look for a “Mortgages” or “Home Loans” tab on the homepage or in your account dashboard.

Be aware that some online banks outsource mortgage origination to other companies. In other words, if you apply for a mortgage through your bank, your loan officer might actually work for someone else. This isn’t necessarily a bad thing, but it could mean a different level or style of service than you’re used to.

And don’t expect your online bank to offer better mortgage rates than other lenders. The mortgage loan business is highly competitive, and direct lenders with even lower overhead may be able to undercut online banks.


How to Choose the Best Online Bank — Or Several

The institutions on this list offer a great combination of FDIC-insured banking products, solid yields, open access, and helpful customer service.

Before choosing one, take a closer look at the features that set it apart from the competition: rewards checking, flexible withdrawal terms for CDs, particularly high account yields, a socially responsible corporate philosophy, and so on.

And remember that, unlike in the old days, your banking choices aren’t bound by geography or other restrictions. If you can’t settle on a single online bank, why not open accounts at multiple banks and compare your experiences?

Brian Martucci writes about credit cards, banking, insurance, travel, and more. When he’s not investigating time- and money-saving strategies for Money Crashers readers, you can find him exploring his favorite trails or sampling a new cuisine. Reach him on Twitter @Brian_Martucci.

Source: moneycrashers.com

Apache is functioning normally

Last week, the U.S. debt ceiling impasse and the resilient economy led mortgage rates to climb to the highest level in two months. Some indexes show the 30-year fixed rate has reached the 7% mark, which has reduced borrowers’ appetite for home loans.

The latest MBA data published on Wednesday morning shows that mortgage loan applications decreased 4.6% for the week ending May 19 compared to one week earlier. The survey, conducted weekly since 1990, covers over 75% of all U.S. retail residential mortgage applications.

“Investors remained attuned to the uncertainty around the U.S. debt ceiling and communication from several Federal Reserve officials last week, which sent Treasury yields higher, along with mortgage rates,” Joel Kan, Mortgage Bankers Association (MBA) vice president and deputy chief economist, said in a statement.  

“Economic data released over the past week have also pointed to a still-resilient economy. The housing market received positive data on new residential construction – which is seen as a key solution to the lack of housing inventory,” Kan added. 

The MBA showed that the average 30-year fixed rate for conforming loans ($726,200 or less) rose 6.69% last week from 6.57% the previous week. For jumbo loan balances (greater than $726,200), the rate grew to 6.57% from 6.46% in the same period, according to the MBA.   

However, at Mortgage News Daily, rates were even higher on Wednesday morning, at 7.01%, up six basis points from the previous day. 

And, federal lawmakers have yet to reach a deal on the U.S. debt ceiling to avoid a default on June 1. That’s the date the federal government will likely no longer be able to satisfy its obligations if Congress has not acted to raise or suspend the debt limit, according to the U.S. Department of the Treasury.

“A debt ceiling crisis would delay offers from being made and delay deals already in contract from closing,” Dan Richards, executive vice president of Flyhomes Mortgage, said in a statement. “We have just started to see buyer demand pick up in recent months, so any disruption to the positive momentum would be a major setback for the industry.” 

While Richards is optimistic that a deal can be reached, if they don’t, the effects could be lingering, with some reports predicting that mortgage payments will rise by as much as 20% by the fall. 

“While a spike could be relatively short-lived, another obstacle on top of what buyers are already facing could cause many to withdraw from the market for the remainder of the year.”

Declines across the board 

Refinancing applications declined 5% last week compared to the previous week and were 44% lower than the same week one year ago. Refis comprised 27.4% of the total applications last week, unchanged from the previous week.

Meanwhile, the purchase index decreased by 4% from one week earlier and was 30% lower than last year’s level. 

“Since rates have been so volatile and for-sale inventory still scarce, we have yet to see sustained growth in purchase applications,” Kan said. “Refinance activity remains limited, with the refinance index falling to its lowest level in two months and more than 40% below last year’s pace.”

Regarding loan types, the adjustable-rate mortgage (ARM) share of mortgage apps increased to 6.7% of total applications last week from 6.5% in the previous week, the MBA data shows. 

The Federal Housing Administration loans’ share rose to 12.5% from 12% the week prior. The U.S. Department of Veteran Affairs loans’ share increased to 12.5% from 12.2% in the same period. And the U.S. Department of Agriculture loans’ share grew one basis point to 0.5% of the total applications.   

Source: housingwire.com