The products were marketed under the brands: Target Up&Up, CVS Health, Rite Aid, Leader (Cardinal Health), Rugby (Cardinal Health), and Velocity Pharma.
The crispy chicken sandwich originally debuted on menus in 2021.
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The best retirement plan depends on your situation. If you have taxable income or work for an employer, you’ll probably qualify for multiple retirement savings vehicles. And even if you don’t work, you’ll still have options. You can set up most retirement accounts through employers, but you’ll also be able to open and manage your retirement accounts.
The four primary types of individual retirement accounts are:
Traditional IRAs: a tax-advantaged savings account that lets your funds grow tax-deferredRoth IRAs: a tax-advantaged savings account of after-tax funds (money that you’ve already paid taxes on)Spousal IRAs: spouses earning a low (or no) annual income may open a separate IRA in their spouse’s name Rollover IRAs: funds moved over from a former employer 401(k) plan into an IRA
If you have an old 401(k) from a previous employer, you can roll over the assets in your account into some of the best rollover IRAs for lower management fees, more asset flexibility, tax advantages, and active investing strategies.
These are the main IRA options, but you can also set up nondeductible IRAs or self-directed IRAs (more on that below). Investors also have the option to invest in precious metals with gold IRAs and silver IRAs. The best gold IRAs offer liquidity, low spread fees, account flexibility, low account minimums, and human advisor access.
On the employer-sponsored end, the type of employer you work for determines which retirement plan you’re eligible to open. Your options are:
401(k) plans: traditional or Roth, typically offered by for-profit employers403(b) plans: available to most non-profit employees457(b) plans: reserved for government employeesThrift savings plans: reserved for government employees
If you’re a self-employed individual, you can’t use the traditional 401(k) account. Instead, you’ll have to pick a solo 401(k) or SEP IRA (you can supplement either account with an IRA if you choose).
Here are the options for small business retirement accounts:
SIMPLE IRAsPayroll deduction IRAsSEP IRAs
Keep reading to learn more about your options.
You can check out Insider’s picks for the best traditional IRAs and the best Roth IRAs for commission-free and/or low-fee trading and investing options, retirement planning resources, human advisors, and mobile investing opportunities.
One of the most appealing components of independent retirement plans like IRAs is that you can open one as long as you’ve got taxable (earned) income. And even if you’ve got an existing employer-sponsored retirement account, you can usually set up a traditional IRA, Roth IRA, and other independent retirement accounts.
Traditional IRAs let you save with pre-tax contributions, while Roth IRAs allow you to contribute after-tax dollars toward your retirement savings. As long as you’re eligible (more on that below), experts generally recommend Roth IRAs for early-career workers who expect to be at a higher tax bracket in the future when they’re making withdrawals, and traditional IRAs for higher-income workers who could use a tax deduction today.
Traditional IRAs and Roth IRAs both share the same contribution and catch-up contribution limits. For 2023, you can contribute up to $6,500 in annual contributions and up to $1,000 in annual catch-up contributions (if you’re age 50 or older). The 2022 contribution limit for those under 50 was $6,000.
The biggest difference between the two comes down to tax advantages and income limitations. The Roth IRA limits who can contribute, and how much.
For Roth IRAs, single filers can only contribute the maximum amount in 2023 as long as their modified adjusted gross income (MAGI) is less than $153,000. The MAGI limit in 2022 was $144,000.
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You can find your MAGI by calculating your gross (before tax) income and subtracting any of your tax deductions from that amount to get your adjusted gross income (AGI). To calculate MAGI, you’ll need to add back certain allowable deductions. Allowable deductions that can be added back include passive income or losses, deductions for IRA contributions, rental losses, deductions for student loan interest, and more. Alternatively, you ask your accountant or use an online calculator like the one below:
Married couples need to earn less than $228,000 a year to contribute the full amount (the 2022 income limitations were $214,000 for married couples).
You don’t have to worry about income limits for traditional IRAs. However, if you or your spouse are covered by a retirement plan at work, you’ll have to consider the income limits for tax-deductible contributions. This is because both traditional IRAs and 401(k)s are funded with pre-tax dollars.
For instance, in 2023 single filers can deduct the maximum contribution amount ($6,500) if they make $73,000 a year or less. Married couples filing jointly can also make full deductions if they make $116,000 a year or less. The amount you can deduct phases out, or decreases if your income exceeds these limits. While you can contribute to a 401(k) and traditional IRA at the same time, your ability to take a tax deduction for these contributions — across both accounts, combined — ends once you hit those income limits.
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There’s also an option for married couples where one spouse doesn’t earn taxable income. Spousal IRAs allow both spouses to contribute to a separate IRA as long as one spouse is employed and earns taxable income. This account allows the nonworking spouse to fund their own IRA.
Both spouses can contribute $6,500 per year, plus an additional $1,000 each if they’re age 50 or older. This means two spouses together could contribute up to $15,000 per year with an IRA.
These accounts let you convert your existing employer-sponsored retirement plan into an IRA, something experts generally recommend doing when you leave a job for a few reasons — primarily because you have more control over the investment options in an IRA than in a 401(k), and also because it’s easier to consolidate your accounts for record-keeping.
Many online brokerages and financial institutions offer rollover IRAs, and some will even pay you to transfer your employer-sponsored plan to the IRA.
You can fund a self-directed IRA using traditional or Roth contributions (meaning the $6,500 and $7,500 contribution limits are the same across all three). But the difference between these accounts is mainly one of account custody and investment choices.
Unlike traditional and Roth IRAs, the IRS requires that all SDIRAs have a certified custodian or trustee who manages the account. These third parties handle the setup process and administrative duties of the IRA (e.g., executing transactions and assisting with account maintenance).
SDIRAs also give investors access to a wider range of investment options. With traditional and Roth IRAs, you’re limited to mutual funds, ETFs, stocks, and other traditional investments. But SDIRAs allow you to invest in alternative assets like real estate, precious metals, and cryptocurrencies.
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Nondeductible IRAs are great for those who don’t meet the income limits of Roth IRAs or make too much to qualify for a traditional IRA. For example, if you’re filing taxes as an individual, you won’t be eligible for a Roth IRA if your MAGI is greater than $153,000. The limit for married couples filing jointly is $228,000.
If you’ve got an employer-sponsored retirement plan like a 401(k) and you make more than $83,000 (single filers), you won’t qualify for a traditional IRA. The limit for married couples is $136,000.
Contributions for these accounts aren’t tax deductible, meaning you’ll be funding your IRA with post-tax dollars like a Roth IRA. The difference is that you’ll still have to pay taxes on any earnings or interest from the account once you withdraw at age 59 and a half.
Employer-sponsored retirement plans are savings vehicles your employer provides. There are several types — including 401(k)s, 403(b)s, 457(b)s, and thrift savings plans — and in some instances, your employer will match a percentage of your annual contributions.
For-profit companies generally offer these plans, and most companies give you the choice between two versions: the traditional 401(k) or the Roth 401(k). Traditional 401(k)s grow with pre-tax dollars, but Roth 401(k)s rely on after-tax contributions, just like they do with IRAs. This means that you can either choose to pay taxes on your contributions upfront, or take a potential tax deduction now and pay them later when you withdraw funds from your retirement account.
You can contribute up to $22,500 in 2023 (up from $20,500 in 2022), and individuals age 50 and older can contribute additional “catch-up” contributions of $7,500. The maximum limit for employer and employee contributions is $66,000 (up from $61,000 in 2022) in 2023. Therefore, the maximum amount those 50 and older can contribute is $73,500.
As part of the SECURE 2.0 Act, the policies and contribution limits are changing over the next few years in order to improve retirement outcomes for future US retirees. One of the major changes set to take effect in 2026 is that employees age 50 or older, earning at least $145,000 annually can no longer deposit catch-up contributions into a traditional 401(k) plan. Instead, catch-up must be deposited into a Roth 401(k).
Many employers also offer a 401(k) match. This means that your company may match a certain percentage of your annual contributions. These matches vary for each employer and generally range from 3% to 6%. For instance, if you make $50,000 per year, and your company matches 50% of your 401(k) contributions up to 5% of your salary, your employer can contribute up to $1,250 per year.
However, if you’re employer matched 100% of your contributions up to 5%, you’d earn the other $1,250 per year, resulting in $2,500 total from your employer.
No matter how big the match, experts generally consider it to be “free money” and recommend taking advantage wherever possible, even if you only contribute enough to get the full match and nothing more.
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Also referred to as tax-sheltered annuities, these retirement plans are typically designated for employees of public schools, 501 (c)(3) tax-exempt organizations, churches, and other non-profit companies. Like 401(k)s, 403(b)s may include employer matches, pre-tax contribution options, and after-tax (Roth) contribution options.
Another major similarity between 401(k)s and 403(b)s is that both have the same annual contribution and catch-up contribution limits for 2023 and 2022. If you’re under 50, you can contribute up to $22,500 (the limit for 2022 was $20,500). Those aged 50 and above can contribute an additional $7,500 in 2023.
In addition to pre-tax and after-tax contributions, you can also contribute to your 403(b) by allowing your employer to withhold money from your paycheck to deposit into the account.
State and local governments and certain tax-exempt organizations can open 457(b)s for their employees. Like 403(b)s, you can also contribute to these accounts by asking your employer to set aside portions of your paychecks for your retirement plan. And in some cases, employers may allow you to make Roth — or after-tax — contributions.
Like 401(k)s and 403(b)s, the 457(b) contribution limit for 2023 is $22,500. The catch-up contribution limit is $7,500. In 2022, the limit was $20,500 with a catch-up contribution of $6,500.
Thrift savings plans (TSPs) are retirement accounts for federal and uniformed services employees. Like 401(k)s, these plans let you contribute either pre- or post-tax dollars. But, unlike many 401(k) employer matches, most TSPs offer a full 5% contribution match. This means your employer will match your contributions up to 5% of your salary.
The annual contribution limit for 2023 is $22,500 (the 2022 limit was $20,500). However, in 2023 the catch-up contribution increases to $7,500 for people aged 50 and older. The catch-up contribution in 2022 was $6,500.
Plus, while you could make up to $61,000 in total annual contributions in 2022, you can now make up to $66,000 in 2023.
If you’re self-employed or a business owner with fewer than 100 employees, you’ll have multiple retirement savings plans to choose from. Each plan has unique contribution limits and eligibility requirements. Take a closer look at your options below.
Solo 401(k)s are an option for self-employed individuals or business owners without full-time employees. Self-employed individuals can only contribute in one capacity, but business owners can contribute as both an employer and employee (and spouses of business owners may be able to contribute as well), meaning they can contribute twice as much. You can also make pre- or post-tax (Roth) contributions to your account.
The $22,500 contribution limit — as well as the additional $7,500 catch-up contribution for people age 50 or older – applies to the 2023 tax year. In 2023, you can also earn up to $66,000 in total annual contributions (you could only receive up to $61,000 in 2022). If you’re a business owner contributing as both an employer and employee, this means you can make up to $66,000 in total annual contributions. Those aged 50 or older can contribute $73,500.
Simplified employee pension (SEP) IRAs are retirement vehicles managed by small businesses or self-employed individuals. According to the IRS, employees (including self-employed individuals) are eligible if they meet the following requirements:
Have reached age 21Have worked for the employer in at least three of the last five yearsReceived at least $750 in compensation in 2022
SEP IRAs also require that all contributions to the plan are 100% vested. This means that each employee holds immediate and complete ownership over all contributions — including any employer match — to their account.
Vesting protects employees against financial loss. For instance, an employer can forfeit amounts of an employee’s account balance that isn’t fully vested if that employee hasn’t worked more than 500 hours in a year for five years, according to the IRS.
You can contribute up to $66,000 or 25% of your employee’s compensation in 2023. However, unlike the Solo 401(k), you can’t make Roth (after-tax) contributions or catch-up contributions.
SIMPLE IRAs are available to self-employed individuals or small businesses with no more than 100 employees. These retirement plans require employers to match each employee’s contributions on a dollar-for-dollar basis up to 3% of the employee’s salary, according to the IRS.
To qualify, employees (and self-employed individuals) must have made at least $5,000 in the last two years and expect to receive that same amount during the current year. But once you meet this requirement, you’ll be 100% vested in all your SIMPLE IRA’s earnings, meaning you have immediate ownership over both your and your employer’s contributions.
Unlike other retirement plans, SIMPLE IRAs and SEP IRAs give you total control over your retirement account. If you work for a small business that offers either of these plans, this prevents your employer from taking back its contributions, or an employer match, in the event of your leave or termination.
Employees can contribute up to $15,500 in 2023 (the limit for 2022 was $14,000). You can also add on a catch-up contribution of $3,500 if you’re 50 or older.
There’s an even simpler way for small businesses to set up IRAs for employees. With payroll deduction IRAs, businesses delegate most of the hard work to banks, insurance companies, and other financial institutions. Self-employed people can also set up these retirement accounts.
In other words, employees can set up payroll deductions with those institutions to fund their IRAs. But you’ll first need to consult your employer to figure out which institutions it has partnered with. These accounts are generally best for employees who don’t have access to other employer-sponsored retirement plans like 401(k)s and 457(b)s.
For 2023, you can contribute up to $6,500 in annual contributions, and up to $1,000 in annual catch-up contributions for employees age 50 or older. This means you can set aside up to $7,500 if you’re at least 50 years old.
If you’re not a small business owner or self-employed individual, the best retirement plan for you usually depends on your type of employer, marital status, and short- and long-term savings goals. If you’re employed, though, you’ll still only have so much control since your employer determines which types of plans you can open.
However, for most employer-sponsored retirement accounts, you can decide whether or not to make pre-tax or post-tax (Roth) contributions to your account. Roth contributions are best for those who expect to pay more in taxes as they age, but you should consider pre-tax contributions if you don’t mind paying taxes when you withdraw money from your account in retirement.
And you can boost your retirement savings even more by opening a separate IRA in addition to your employer-sponsored plan (you can still save toward retirement with an IRA if you’re unemployed).
Self-employed individuals and small business owners also have a range of options. Solo 401(k)s and SEP IRAs are best for self-employed individuals and small businesses looking to maximize their annual retirement savings (you can make up to $66,000 in total annual contributions, excluding the catch-up contribution). SIMPLE IRAs and payroll deduction IRAs are better options for small businesses that don’t mind offering employees smaller annual contribution limits.
Russian President Vladimir Putin attending the final stage of the 3rd International Olympiad on Financial Security on October 4, 2023.
MIKHAIL METZEL/POOL/AFP via Getty Images
The Kremlin is imposing new de facto capital controls to help lift the ruble, the Financial Times reported.
Western firms exiting Russia must sell assets in rubles or else face delays and perhaps losses to transfer dollars or euros abroad.
On Friday, the Bank of Russia lifted interest rates to 15%, but the ruble has resumed its slide.
Russia is imposing new de facto capital controls, representing another attempt to help lift its sagging ruble, the Financial Times reported.
Western firms looking to exit Russia’s markets must sell their holdings in rubles instead of dollars or euros, sources told the FT. If sellers continue to hold out, they could face delays and possible losses on transfers of the Western currencies abroad.
The new policy looks to generate added demand for the ruble, which has tumbled more than 20% against the dollar this year. Earlier this month, the ruble broke through the psychologically-important 100 threshold, prompting President Vladimir Putin to call for tighter regulation.
On Tuesday, the ruble fell 0.5% to 93.02 to the US dollar.
But a banker involved in Western businesses fleeing Russia was skeptical about the new currency restrictions, telling the FT, “It’s like applying a Band-Aid to gangrene.”
And it’s leaving firms in a bind.
After being paid in rubles, one Western seller cited few good options: “In the first case, the exchange rate is terrible and it is difficult to exchange large quantities. In the second case, it is difficult to find a bank that will accept the money.”
The new rule adds to earlier limits set up by the Kremlin. After a renewed ruble slide in June, exiting companies were limited in the way they could take sale proceeds. They could either transfer the funds to highly restricted Russian bank accounts, or have the proceeds wired through a number of installments.
Earlier this month, Putin signed off on an order that forced exporting firms to sell part of their foreign currency in the domestic market.
Meanwhile, the Bank of Russia has raising interest rates an unexpected 200 basis points on Friday, helping lift the ruble briefly.
That followed a rate hike in September as well as increases in August and July, as the central bank sought to tamp down high inflation caused by Russia’s war on Ukraine or the effects of related sanctions.
Reuters/Jane Rosenberg
If Sam Bankman-Fried wanted to go out with a bang, he accomplished the opposite, closing out his federal fraud trial with more pummeling from the prosecution and resting his defense with no further evidence or witnesses.
Assistant U.S. Attorney Daniel Sassoon repeatedly whaled on the former FTX CEO as he tried to claim ignorance about the management and financial condition of the crypto exchange and his hedge fund, Alameda Research. He was combative and almost petulant while responding evasively to answers in his third day on the witness stand.
Sassoon hit Bankman-Fried especially hard on his assertion that he knew little about an apparent $8 billion hole in Alameda’s balance sheet that was discovered around the summer of 2022. The disgraced whiz kid said he instructed some of his executives to handle the problem—a bug in FTX’s code—but didn’t learn the details of it himself.
Elon Musk took Twitter private in October 27, 2022.
Getty Images
X’s valuation has dropped on average nearly $70 million per day during Elon Musk’s first year of ownership.
X employees were given stock grants that showed the company was worth $19 billion on Monday.
The billionaire bought Twitter for $44 billion last year.
X has shed nearly $70 million in value per day since Elon Musk took over the social media company.
On Monday, Insider confirmed that employees of the company formerly known as Twitter were given stock grants that showed the social media company was worth about $19 billion. Fortune first reported on the valuation dropoff.
A spokesperson for X did not respond to a request for comment ahead of publication.
The new valuation represents a harsh 55% drop from the $44 billion, or $54.20 per share, that Musk paid about a year ago to take the company private.
Last November, Musk even joked about the exorbitant price he’d paid for X.
“How do you make a small fortune in social media?” he posted on X. “Start out with a large one.”
Here’s the napkin math on just how severe that valuation dropoff has been:
$44 billion purchase price – $19 billion valuation one year later = a $25 billion annual drop in valuationDivide that by 52 weeks in a year = a valuation drop of $480 million per weekDivide that by 7 days in a week = a valuation drop of $68.5 million per day
In the year since Musk took over, the company has faced a series of lawsuits, an exodus of users and advertisers, a series of technical difficulties, new competitors, and concerns about hate speech and misinformation on the site.
Despite the backlash, X CEO Linda Yaccarino and Musk have continued to strike a postive note. On the one-year anniversary of Musk’s takeover, Yaccarino wrote in a blog post that the “future of X is bright.”
Musk has said that he has worked to “save” the company from bankruptcy and wrote on the platform in February that it was “trending to breakeven.”
Meanwhile, Yaccarino has also said advertisers are returning to the platform. Though, Insider’s Lara O’Reilly reported last month that many of the biggest advertises in the world had also stopped purchasing ads on the site in recent months.
Over the past year, Musk has brought his “hardcore” leadership style to X. Just hours after he became the owner of the social media site, Musk began chopping heads, starting with Twitter’s then-CEO Parag Agrawal and months later completing a series of layoffs that cut the workforce in half.
In 12 months, Musk has changed X’s verification system and added a slew of new features in his quest to turn the company into a We-Chat-like “everything app.” He’s added the options to livestream, make phone calls using the app, and is attempting to build out a paid subscriber base on X. Most recently, Insider reported that Musk told staff at a companywide meeting last week that he wants X to be used as a dating app.
Notably, the billionaire did away with Twitter’s signature blue bird and changed the company name to X earlier this year — erasing more than 17 years of brand recognition, a move that some marketing experts called “completely irrational.”
Federal Reserve rate hikes.
Douglas Rissing/Getty Images
The US is borrowing too much money and that’s what is keeping rates up, the ex-Dallas Fed Chair says.
The US is borrowing this quarter will amount $8.66 billion dollars a day.
That’s a “horrendously” large number, Fisher said, and it’s set to grow next year.
The higher for longer outlook for interest rates sparked a historic crash in Treasury bonds this month, but there’s another factor that’s set to keep yields higher going forward, and that’s US fiscal policy.
According to former Dallas Federal Reserve President Richard Fisher, massive government borrowing needed to fund massive spending will be a culprit of higher bond yields.
“I believe what’s driving rates higher and what will keep them higher for longer is our fiscal policy,” Fisher told CNBC on Tuesday. “The daily borrowing for the next 90 days as we go into the last quarter of the US government is $8.66 billion a day. A day. These numbers have gotten horrendously large.”
“There’s just no way you can clear this market that is so heavily dependent on more issuance, more issuance, more issuance,” he added.
The mounting pile of US debt is an increasingly worrying factor for investors who are afraid of what the soaring deficit means for the long term stability of the US economy.
Compounding the issue of soaring debt is rising interest rates, as borrowing costs rocket higher amid the Federal Reserve’s fight against inflation. On top of that, the Treasury is issuing more bonds at a time when the field of potential buyers is potentially smaller, another factor that could weigh on prices and keep yields up.
“I think the Fed’s in good shape here, it is not the Fed that is the problem,” Fisher said. “It’s the fiscal authorities that are out of control. And as long as that’s the case, we’re going to live in a 5% world.”
Supply is not often a major concern for Treasurys, which represent the world’s biggest and most liquid securities market. However, T. Rowe Price’s chief Europe economist said recently the market is entering a new world where supply is indeed a concern. That’s because the biggest buyers of the bonds—central banks—are pulling back.
As Fisher said, if the US keeps borrowing more money, a glut of supply in the bond market will eventually weigh prices down, pushing yields up.
That would create a difficult feedback loop of rising debt and rising interest payments, meaning the government has to spend more to service its debt.
Already, the US is on track to hit a record high debt-to-GDP ratio of 107% by 2029. Some have warned recently, too, that a dearth of buyers could lead to failed auctions of US Treasurys, which would lead the Fed to step in as a buyer, possibly fanning inflation.
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Office prices could see a 40% peak-to-trough decline by the end of next year, Capital Economics forecasted.
OnTheWeb/Youtube
The rise in bond yields could spark a price crash in the office sector, according to Capital Economics.
That’s because rising Treasury yields could impact cap rates on office buildings, which lowers prices.
Office prices could see a 40% peak-to-trough decline by the end of next year, the firm predicted.
Soaring bond yields will have a hand in pushing the price of America’s office properties down as much as 40% by the end of next year, according to Capital Economics.
The research firm pointed to the recent surge in Treasury yields, with the yield on the 10-year bond recently hitting 5% for the first time since 2007.
The 10-year yield could ease to around 3.75% in 2024 before surging back up to 4% in 2025, the firm predicted in a note on Tuesday.
That’s likely because the neutral real interest rate — the interest rate that neither expands or contracts the economy — is likely higher than it used to be, which means bond yields overall will stay higher in the long run.
Higher bond yields influence higher rates across the economy. In the commercial real estate space, that could mean higher capitalization rates, or the expected return from the income a property generates.
Like bond yields, cap rates are inversely related to property prices, meaning that higher cap rates will push down prices.
“On the back of upward adjustments to our 10-year Treasury yield forecasts, we now expect to see a larger increase in cap rates,” Capital Economics’ deputy chief property economist Kiran Raichura said. “At the all-property level, this will mean cap rates rise by nearly another 100 bps to peak at around 5.2%, driving total value declines of over 20%,” he added of the overall real estate sector.
Office cap rates could jump to 6.5% by the end of 2024, which could push office prices down by at least 40% peak-to-trough, Raichura predicted. That reflects a steeper decline than his previous outlook, where he saw prices crashing 35% by the end of 2025.
Experts have warned of trouble for the commercial real estate sector since the banking turmoil in early 2023, which caused credit conditions to tighten. Banks are less willing to lend on risky, illiquid commercial real estate assets, and property owners that are able to refinance their mortgages are having to do so at much higher interest rates.
The dynamic, experts have warned, could usher in a wave of distress as around $1.5 trillion of debt is set to mature in the sector over the next few years.
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You may like the OptimumBank Money Market Deposit Account – Product Name Only if you’re looking for an option with a high interest rate and low minimum opening deposit. You’ll only need OptimumBank Money Market Deposit Account – Minimum Deposit to get started.
Through Raisin, you can use one platform to find, fund, and manage multiple high-yield savings accounts, money market accounts, and CDs from over 20 banks and credit unions.
You might prefer one of our other top picks if you would rather open a money market account directly with a bank or if you’d like to do all your banking with one financial institution. Raisin doesn’t offer checking accounts.
Rate: OptimumBank Money Market Deposit Account – APY APY
Minimum opening deposit: OptimumBank Money Market Deposit Account – Minimum Deposit
The UFB Priority Money Market – Product Name Only offers a competitive interest rate regardless of your balance, and it allows you to write checks.
This account has a UFB Priority Money Market – Fees Display. To waive the fee, you’ll have to maintain a minimum balance of $5,000.
Rate: UFB Priority Money Market – APY APY
Minimum opening deposit: UFB Priority Money Market – Minimum Deposit
The Vio Bank Cornerstone Money Market Savings Account has a low minimum opening deposit, and no monthly service fees if you sign up for online bank statements.
If you get paper statements, there’s a $5 monthly service fee. The Vio Bank Cornerstone Money Market Savings Account also doesn’t include paper checks or a debit card.
Rate: Vio Bank Cornerstone Money Market Savings Account APY
Minimum opening deposit: Vio Bank Cornerstone Money Market Savings Account
The CFG Bank High Yield Money Market Account offers one of the most competitive interest rates on its money market account.
You’ll need CFG Bank High Yield Money Market Account to open a money market account with CFG and maintain it. Otherwise, you may not earn competitive interest, and have to pay a CFG Bank High Yield Money Market Account – Fees Display. This money market account also doesn’t come with check writing privileges or a debit card.
Rate: 1.15% to 1.25% APY APY
Minimum opening deposit: CFG Bank High Yield Money Market Account
The Republic Bank of Chicago Digital Money Market Account has one of the highest interest rates on our list. You might like this account if you’re searching for an online money market account that offers paper checks. This account also might be appealing if you can maintain a minimum of $2,500, so you can waive the Republic Bank of Chicago Digital Money Market Account – Fees Display.
This account isn’t available in Illinois, Indiana, Wisconsin, and Michigan. It has a Republic Bank of Chicago Digital Money Market Account – Fees Display to be mindful of. It also doesn’t offer an ATM card or debit card, only paper checks.
Rate: Republic Bank of Chicago Digital Money Market Account – APY APY
Minimum opening deposit: Republic Bank of Chicago Digital Money Market Account – Minimum Deposit
The Redneck Bank Mega Money Market Account offers a high interest rate for account balances up to $100,000. You’ll earn 5.05% APY on balances up to $100,000, and any amount over $100,000 will earn 0.50% APY. The account also has a $500 minimum opening deposit.
Redneck Bank is an online division of All America Bank.
The Redneck Bank Mega Money Market Account has a limit of one account per person.
Rate: Redneck Bank Money Market Account – APY APY
Minimum opening deposit: Redneck Bank Money Market Account – Minimum Deposit
The Quontic Bank Money Market Account is a good choice if you’d like to open a money market account that has zero monthly service fees. This money market account also pays the same interest rate regardless of your account balance.
Depending on your account balance, you may find other financial institutions with more competitive interest rates.
Rate: Quontic Money Market Account – APY APY
Minimum opening deposit: Quontic Money Market Account – Minimum Deposit
The Premier Members Credit Union Money Market Account stands out because it requires a Premier Members Credit Union Money Market Account – Minimum Deposit initial deposit. The account also pays a high interest rate on low account balances. You can earn 5.00% APY on balances up to $2,000.
If you plan to deposit more than $2,000 in your account, the rate will vary depending on your account balance. Generally, higher account balances offer lower interest rates.
To open a bank account at Premier Members Credit Union you must become a member. The easiest way to become a member is to join Impact on Education, a charity of the Boulder Valley School District.
You can also become a member if you or a family member live or work in an eligible Colorado County (Adams, Arapahoe, Broomfield, Boulder, Delta, Denver, Douglas, Elbert, El Paso, Garfield, Jefferson, Larimer, Mesa, Montrose, Pueblo, or Weld are all eligible); are a student, faculty member, or staff member in either the Boulder Valley School District or Westminster Public Schools; are an employee or family member of an employee of Ball Corporation, Boulder Community Health, IBM, Lexmark, or Medtronic; or are an employee or member of one of 750 organizations the credit union serves.
Rate: Premier Members Credit Union Money Market Account – APY APY
Minimum opening deposit: Premier Members Credit Union Money Market Account – Minimum Deposit
Premier Members Credit Union Review
The money market account with the highest interest rate right now is First Internet Bank of Indiana Money Market Account – ABOVE $1 million – APY APY from First Internet Bank of Indiana for account balances above $1 million. Meanwhile, the most competitive money market account rate regardless of your account balance is Ponce Bank Money Market Deposit Account – APY APY from Raisin (Ponce Bank Money Market Deposit Account – Product Name Only). Keep in mind rates fluctuate along with the federal funds rate, so banks that offer the highest APY now might not down the road, and ones with lower rates now could hike their rates later.
Money market accounts typically make it easier to access your money than high-yield savings accounts. Many come with check-writing privileges, debit cards you can use to make purchases, or ATM cards for withdrawing cash. To help determine the best option for you, you could also compare interest rates, initial deposits, or monthly service fees.
Yes — a money market account has very few downsides, if any. The money in your account is insured by the FDIC or NCUA (usually up to $250,000, but up to $1 million in some cases), and it gives you a shot at beating inflation. The only time a money market account may not be worth it is if you’re paying excessive maintenance fees that eat into your interest payments, or if you find yourself restricted by the monthly transfer limit or time it takes for your money to get to your checking account.
As of August 2023, the national average APY on money market accounts is 0.62% according to the FDIC. Online banks usually offer a higher interest rate on money market accounts, though.
Interest rates on money market accounts closely follow the federal funds rate. That is to say, rates are variable and can change multiple times per year based on the Federal Reserve’s decisions.
The Fed has raised interest rates in 2023, and money market interest rates have slowly been going up, too. Even if they were to drop, however, it’s best practice to keep saving. That way, when rates inevitably do go back up, you’ll be earning interest on a larger amount of principal.
Northern Bank Direct Money Market Account – Product Name Only: Northern Bank Direct offers 4.95% APY on balances up to $250,000. However, our top picks have the potential to earn a higher interest rate right now. Read Insider’s Northern Bank Direct Review.Brilliant Bank Luminary Money Market Account – Product Name Only: Brilliant Bank has a money market account that pays Brilliant Bank Luminary Money Market Account – APY APY, but you can find even higher rates at other banks. Connexus Credit Union Money Market Account – Product Name Only: You might like Connexus if you prefer credit unions over banks. To earn the highest interest rate, you’ll need to maintain a high account balance of $1 million or more. Our top picks also offer the potential to earn a higher money market rate. See Insider’s Connexus Review.Ally Money Market Account – Product Name Only: You might like Ally if you’re looking for an account that has a Ally Money Market Account – Minimum Deposit minimum opening deposit. It pays a lower interest rate than our top picks though. See Insider’s Ally Money Market Account Review.Sallie Mae Money Market Account – Product Name Only: Sallie Mae’s money market account doesn’t have minimum balance requirements, but our top picks offer more competitive interest rates. See Insider’s Sallie Mae Bank Review.Discover Money Market Account – Product Name Only: The Discover Money Market Account requires a minimum of Discover Money Market Account – Minimum Deposit. Our top picks also offer higher rates. See Insider’s Discover Bank Review.U.S. Bank Elite Money Market Account – Product Name Only: If you’d like to bank with a national financial institution, U.S. is offering a promotional rate for its Elite Money Market Account. If you open an account and maintain a balance of $25,000 or more, you’ll earn a bonus rate of 4.50% APY depending on where you live. See Insider’s U.S. Bank Review.Bethpage Federal Credit Union Money Market Account – Product Name Only: Bethpage is a solid choice if you like banking with a credit union. The Bethpage Credit Union Money Market Account has a Bethpage Federal Credit Union Money Market Account – Minimum Deposit minimum, but the highest rate you can earn is just 2.00% APY. See Insider’s Bethpage Credit Union Review.Synchrony Money Market Account: Synchrony has a Synchrony Money Market Account minimum opening deposit, but our top picks offer higher rates that make them more appealing. See Insider’s Synchrony Bank Review.CIT Bank Money Market Account: Our top picks offer more competitive interest rates right now. See Insider’s CIT Bank Review.Affinity Plus Federal Credit Union Superior Money Market Account: Affinity Plus Federal Credit Union has a solid money market account, but our top picks may pay a higher interest rate or have easier requirements for earning the highest rate. See Insider’s Affinity Plus Credit Union Review.Axos High Yield Money Market Account: This money market accounts offers both paper checks and a debit card with your account, but its rates are lower than other accounts on our list. See Insider’s Axos Bank Review.NBKC Money Market Account: This is a solid money market account, but its rate isn’t quite as high as what you’ll earn with our top picks. See Insider’s NBKC Review.Sun East Federal Credit Union Money Market Account: You’ll need maintain an account balance of Sun East Federal Credit Union Money Market Account at Sun East Federal Credit Union, but our top picks either offer higher interest rates or don’t have minimum balance requirements.TAB Money Market Account – Product Name Only: TAB Bank pays a lower interest rate than all our top picks. See Insider’s TAB Bank Review.
The Better Business Bureau measures businesses by looking at responses to customer complaints, honesty in advertising, and transparency about business practices.
Vio Bank is a division of MidFirst Bank, so we included the BBB rating for MidFirst Bank. Since the Ponce Bank Money Market Deposit Account – Product Name Only is available through Raisin, we included Raisin’s BBB rating.
Redneck Bank doesn’t have a BBB rating yet. Here are the BBB scores for the other institutions on our list:
InstitutionBBB gradeRepublic Bank of ChicagoA+First Internet Bank of IndianaA+CFG BankNoneRaisinA-Vio BankA+Premier Members Credit UnionA+Quontic BankA+UFB DirectA+
CFG Bank currently doesn’t have a rating because its profile is being updated on the BBB website. Meanwhile, Raisin has an A- grade because it has received 32 complaints on the BBB website.
A strong BBB rating does not guarantee that you’ll have a smooth relationship with a company, though. You still may want to ask friends and family about their experiences to see if a bank is right for you.
To learn more about what makes a good money market account and how to choose the best fit, four experts weighed in:
Insider
We’re focusing on what will make a money market account most useful, including APY, access to your money, and more. Here’s what they had to say about money market accounts. (Some text may be lightly edited for clarity.)
What makes a money market account good or not good?
Sophia Acevedo, certified educator in personal finance, banking reporter, Personal Finance Insider:
“A good money market account generally provides several ways to access your money, like a debit card, ATM card, or paper checks.”
Roger Ma, certified financial planner with lifelaidout® and author of “Work Your Money, Not Your Life”:
“I don’t really recommend a money market accounts for parking your money. I don’t know if their fees are really that competitive versus high-yield savings accounts. For most people, I think what makes sense is a high-yield savings account for your emergency fund and any short-term goals.”
How should someone decide whether to put their money in a money market account or another interest-earning account?
Tania Brown, certified financial planner at SaverLife:
“So I guess we’ll start off with how much money you want to put in and the level of transactions you want to have. If you want to have any transactions, that automatically takes out CDs. Then you’re stuck between the high-yield savings and the money market account.”
Mykail James, MBA, certified financial education instructor, BoujieBudgets.com:
“How soon do you need the money? What kind of access do you need to it? And if you want your money to grow and you want to keep temptation away, then I would put it in a CD.”
Sophia Acevedo, Personal Finance Insider:
“I would create a list of what I prioritize most in a bank account. For example, some banks have accounts that charge monthly service fees. I would look to see what the requirements are for waiving the monthly service fee and whether I think I could feasibly meet those requirements each month. If I’m searching for an interest-earning bank account, I’ll pay attention to interest rates. I would make sure the account pays a higher interest rate than the average bank account.”
Methodology: How we Chose the Best Money Market Accounts
There are a lot of money market accounts out there. Through our research, we’ve found that the best money market accounts are offered by banks with a strong online presence and mobile access.
We reviewed money market accounts using our money market account methodology at nearly two dozen institutions to identify the strongest options.
While interest rates are an important aspect of any money market account, we also considered minimum deposits and balance requirements, overdraft, and excess transaction fees, the ability to access funds, and any other standout features.
Personal Finance Insider’s mission is to help smart people make the best decisions with their money. We understand that “best” is often subjective, so in addition to highlighting the clear benefits of a financial product or account — a high APY, for example — we outline the limitations, too. We spent hours comparing and contrasting the features and fine print of various products so you don’t have to.
Our experts choose the best products and services to help make smart decisions with your money (here’s how). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.
Investors can buy and sell different investment assets with an online brokerage account, which provides secure storage and market access. The best online brokerages provide an intuitive interface and a variety of account types to serve your needs.
Most online brokers for beginners offer a $0 minimum requirement and commission-free trading on investments, including stocks, bonds, ETFs, and more. Even though most of the best online brokers for free stock trading provide low minimum fees, you may still need to pay a small contract fee.
The best online brokerages for beginners offer low fees, easy trading, educational resources, research access, financial tools, and more. Robo-advisors, like Betterment and Acorns, are popular online brokers for beginners that implement low-cost, passive investing strategies.
SoFi Invest – Product Name Only: Best overall online broker for beginnersCharles Schwab – Product Name Only: Best overall online for beginners runner-upFidelity Investments – Product Name Only: Best for all levels of investorsTD Ameritrade – Product Name Only: Best for active tradingVanguard – Product Name Only: Best for retirement-focused investorsBetterment Investing – Product Name Only: Best robo-advisorsAlly Invest – Product Name Only: Best for banking-brokerage comboAcorns Invest – Product Name Only: Best for round-up investing
Here are Insider’s editors’ top picks for the best online brokerage for beginners.
Beginners can benefit from commission-free trades on assets like stocks, bonds, and ETFs with the best free stock trading apps like Webull, Robinhood, and Charles Schwab.
The best brokers for trading for beginners are low-cost platforms with various investment options, human advisor access, education resources, and easy trading features. But the best broker for you depends on your personal preferences and investment goals.
One of the best online trading techniques that beginner investors can utilize is the buy-and-hold strategy. Passive investors and beginners can implement a buy-and-hold strategy for lower risk and long-term wealth building. But the return will be lowered compared to active day trading techniques.
To open your first online brokerage account, consider the type of account, investment options, and features you’re looking for. Once you know what you want, compare different brokerage accounts that fit the bill and find the one that best fits your needs. You can then begin the application process, fund your new account, and start investing.
A brokerage account is like a checking account for your investments. Where a checking account holds your cash, a brokerage account holds your stocks, treasury bonds, funds, and other investments. When you open and fund a brokerage account, you can buy and sell investments. Unlike the cash in a bank account, however, the value of the investments in your brokerage account can go up and down.
If you want to invest, you need a brokerage account. That goes for long-term investing for retirement, short-term gains, or anything in between. Make sure you’re covering your bills before adding investments to your budget.
Most modern brokerage accounts are free to open and keep. You shouldn’t be paying any recurring fees or minimum charges if you’re looking for the best brokerage account for most investors. You should also look for brokerage accounts with no commissions for stock, ETF, and options trades. You may see some fees for phone or broker-assisted trades, as well as commissions for some mutual funds and other investments.
The best brokerage for you will reflect your investing style and what you want from a brokerage (for example, robo-advising or active trading, or access to a human financial advisor). Everyone’s investment goals and preferences are unique, so there is no perfect brokerage for everyone. Once you know what features you’re looking for, look at costs, platforms, available account types, and investment options to lock in the decision on what’s best for you.
It’s easiest to manage a brokerage account online using a website or mobile app. Online brokerages allow you to transfer funds, enter trade orders, monitor your positions, research current and future investments, and handle any other transactions you need to make in a brokerage account.
In the US, brokerage accounts are insured by the Securities Investor Protection Corporation (SIPC). If your brokerage goes out of business, you are guaranteed to get your money and other assets back, up to SIPC limits.
Brokerage firms are regulated by the Securities and Exchange Commission and Financial Industry Regulatory Authority (FINRA), among other government agencies and industry groups.
Online brokerages providing multiple asset classes, secure storage, stock market access, and an intuitive interface are the best kinds of brokers for beginners. The online brokerage should also offer various account types, as well as low minimums and fees.
The best brokerages for beginners offer a handful of investing and goal-building tools, such as tax loss harvesting features, automatic rebalancing tools, portfolio management, and other similar financial planning tools. Educational resources, like webinars and blogs, are also extremely beneficial for new investors.
Financially, when assessing which online brokerage is best for you, compare different minimums and fees. Low minimums and fees are more suitable for beginners who are just getting acquainted with investment products and services. More advanced online brokerages will require higher fees and minimums to access advanced trading and charting tools.
SoFi
SoFi is the best broker for beginners seeking a straightforward investing experience. It has a slimmer lineup of accounts than some bigger competitors, but it covers the most common needs for managing your investments. It also offers a great bank account, lending products, and other financial tools to help you get an understanding of your investments.
SoFi Invest – Product Name Only offers active investing accounts and managed robo-adviser accounts with no recurring fees and a $1 minimum to get started. Those include both taxable investment accounts and IRA or Roth IRA retirement accounts. The only big downside of these accounts is that you can only trade stocks, ETFs, and cryptocurrencies. There are no mutual funds available through SoFi. Stock and ETF trades are commission-free. SoFi offers automated investing for $0.
On the cryptocurrency end, you can exchange bitcoin, ether, litecoin, and 22 other coins and tokens. SoFi charges up to 1.25% on each crypto transaction. While it doesn’t have quite as robust an offering, SoFi comes with several very valuable perks at no extra charge. That includes free financial planning sessions, career coaching, and other perks for SoFi members.
SoFi is currently one of the only online brokerages that plans to offer Instacart stock to its users.
What to look out for: While SoFi is generally a great choice for investors who value low costs, it has a fairly limited investment selection. It primarily offers stocks, ETFs, and cryptocurrencies.
Charles Schwab
Charles Schwab is a great choice for beginners because it offers something for investors with virtually any investment need. Not only does it give you the ability to manage all of your banking and investments with one login, but its investment tools are also designed in a way that they can grow with you as you learn more and level up your investing style.
For investors who want to manage everything themselves, you can choose self-directed traditional brokerage and retirement accounts where you pick all of your investments with no commissions for stock or ETF trades. These accounts have no fees and no minimum balance requirements. Charles Schwab – Product Name Only also offers a robo-adviser, Charles Schwab Intelligent Portfolios – Product Name Only, that can manage all of your investments for you for no added charge. But you’ll need at least $5,000 to use this account.
If you want to take automated investing a step further, you can upgrade to Schwab Intelligent Portfolios Premium. This account combines robo-advice with unlimited guidance from a certified financial planner (CFP). Note, however, that you’ll need a minimum of $25,000 to get started. The account has a $300 one-time planning fee and includes a $30 monthly fee.
Schwab is best for investors who want every potential investment need covered at a very low cost. Whatever your needs are in the future, odds are Schwab will have a solution that works for you.
What to look out for: Schwab’s robo-advisor, Schwab Intelligent Portfolios charges no advisory fees, but it has a higher account minimum requirement ($5,000) than most automated accounts.
Fidelity
Fidelity is a top choice if your main goal is investing for retirement. Fidelity offers a wide range of accounts with no fees or minimum balance requirements, as well as a suite of investor tools and resources focused on helping customers reach their retirement goals.
In addition to free stock and ETF trades, Fidelity Investments – Product Name Only customers have access more than 10,000 mutual funds with no transaction fees. Among those are four funds from Fidelity that charge no expense ratio (that means no fund fees).
Fidelity also offers a handful of useful tools and calculators. One favorite is the Retirement Score, which helps you assess your retirement preparation and includes guidance to help you reach your goals. Fidelity Go – Product Name Only is Fidelity’s robo-adviser offering; it’s a solid product, though fees are slightly higher on some balances than competitors such as Betterment.
Fidelity is a large brokerage that can handle just about anything. But retirement is definitely a specialty.
What to look out for: The brokerage offers a long list of tradeable assets, but it isn’t the best option for those who want to invest in cryptocurrencies.
TD Ameritrade
If you have plans to manage your account actively and are interested in the fast-moving world of options trading, TD Ameritrade – Product Name Only could be the best choice for your needs.
TD Ameritrade offers similar low fees to other large investment brokerages, with many account types available with no recurring fees and no minimum balance requirements. As with most other brokerages on this list, there are no fees for stock or ETF trades as well as no base fee for options trades.
TD Ameritrade stands out for active traders due to its suite of investment platforms. Brand new investors will probably be most comfortable on the TD Ameritrade website and using the standard TD Ameritrade mobile app. As your investment chops improve, you can upgrade to the professional-quality thinkorswim mobile and desktop platforms.
One thing to note about TD Ameritrade is its acquisition by Charles Schwab. Schwab is our top brokerage on this list and plans to keep beloved trading tools from thinkorswim post-acquisition, so it’s still worth considering as your new brokerage when starting out. Another thing to note is that TD Ameritrade’s robo-adviser and managed accounts — Essential Portfolios, Selective Portfolios, and Personalized Portfolios — are no longer available to new clients.
You’ll have to set up managed or automated accounts through its affiliate, Charles Schwab.
What to look out for: TD Ameritrade doesn’t allow customers to invest in fractional shares.
Vanguard
Vanguard has long been a one-stop shop for all things investing. The brokerage’s investment selection includes self-directed accounts, automated investing accounts (robo-advisors), IRAs, education savings plans, and much more.
Plus, like many of the brokerages listed above, it offers commission-free trading for stocks, ETFs, and options. Vanguard also gives you access to mutual funds, bonds, and CDs, and many of its mutual funds are actively managed, meaning the brokerage itself oversees the funds.
If you’re more of a hands-off investor, Vanguard’s Vanguard Digital Advisor and Vanguard Personal Advisor Services – Product Name Only automated accounts might suit you. The first, Vanguard Digital Advisor, builds a personalized portfolio of Vanguard ETFs for you based on your preferences. Vanguard Personal Advisor Services, on the other hand, is an advisor-managed account that allows you to work one-on-one with experienced Vanguard advisors.
Beginners might also appreciate the brokerage’s vast suite of educational resources. Vanguard offers both a library of insights and guides on a variety of investing topics, and it additionally provides market analysis and expert research.
What to look out for: Vanguard offers competitive products for long-term focused investors, but some of its products that best suit active traders (e.g., options) fall short of its competitors. For instance, options contracts will cost you $1 each. This is higher than the options contracts fees for many brokerages. In addition, Vanguard doesn’t offer any additional trading platforms for advanced traders.
Vanguard Digital Advisor review
Betterment Investing
Betterment is the largest independent online financial advisor. If you are looking for an investment experience where you explain your investment goals, hand over your money, and someone else takes care of everything for you, Betterment is a great broker for beginners.
The term “robo-adviser” is intimidating to some people, but rest assured an actual robot isn’t sitting there picking stocks for you. Instead, you answer some basic questions about yourself and your investment goals when signing up. Based on your answers, Betterment Investing – Product Name Only will then provide investing advice and recommendations based on the goal details you provided.
Betterment is good for both taxable and retirement accounts. Pricing starts at 0.25% of your portfolio balance per year, though you can pay more for a plan that includes access to a human financial adviser as well. For most beginners, the basic plan covers your needs.
What to look out for: You’ll have to pay extra to take advantage of human advisor guidance if you can’t meet the $100,000 minimum attached to Betterment’s premium account.
Ally Invest
Most of the brokerages above offer some type of integrated bank account, but if you are looking for the best bank account and brokerage combo, Ally Invest may be the best option for your needs. Ally Bank is a broker for beginners that offers some of the highest-rated checking and savings options out there, and it also offers a low-fee investment platform that works well for beginners.
The investment side of Ally Invest – Product Name Only can handle your taxable or retirement accounts. It features commission-free stock and ETF trades and no base fee for options. There are no transaction fees for mutual fund trades. Managed portfolios are available, too, with no advisory fees and a $100 minimum balance.
Ally Invest’s Robo Portfolios rely on ETFs, and Ally manages and monitors each portfolio daily. The robo-advisor also offers four different portfolio options: Core, Income, Tax optimized, and Socially Responsible.
Ally Invest doesn’t have the flashiest or fullest-featured trading platform, but it gets the job done and makes it easy for beginners to manage their banking and investments with one login.
What to look out for: Ally doesn’t offer any cryptocurrencies directly, but you can get exposure to crypto through Ally Invest Funds that include crypto assets.
Acorns
Acorns Invest – Editorial Name Only is an online broker ideal for passive investors and beginners seeking a mobile-friendly, easy-to-use platform. While Acorns doesn’t offer as many bells and whistles as some of its competitors, you can invest extra change (aka round-ups or “found money”) automatically by linking your card to your Acorn account.
Acorns mainly offers ETFs, which are made up of a diverse selection of stocks, bonds, and real estate assets. After filling out a questionnaire about your time horizon, risk tolerance, and goals, you can choose to invest in a Core portfolio or an ESG portfolio. Acorns then creates a personalized investment portfolio based on your preferences.
You can now also invest in bitcoin-linked ETFs. But Acorns doesn’t offer direct crypto trading.
The online brokerage only requires $5 to start investing. You can open a regular brokerage account or retirement account, such as a traditional IRA, Roth IRA, or SEP IRA, through Acorn Later. The platform also offers custodial accounts called Early accounts.
What to look out for: Acorns is more expensive compared to similar platforms as it charges $3 per month for a personal account, $5 for Personal Plus, and $9 for Premium. It also doesn’t offer mutual funds or crypto.
Firstrade – Product Name Only: Firstrade isn’t as well known as some others on this list, but it’s been around for decades and offers commission-free trades for most assets including no per-contract fee for options and no commissions for any mutual fund trades. The trading platform isn’t as modern and polished as some competitors, but the price is right.Webull – Product Name Only: Webull is also almost completely free to use; there are no account fees or trading commissions. You can trade stocks, options, ETFs, and cryptocurrencies. But while it’s available account types include taxable investment accounts and IRAs, it doesn’t currently offer joint brokerage accounts, education savings accounts, or automated investing options.E*TRADE – Product Name Only: E*TRADE is a major brokerage with a long history of serving online traders. It has a great web platform and works well for beginner to experienced traders. E*TRADE is currently in the process of being acquired by Morgan Stanley.Interactive Brokers – Product Name Only: Interactive Brokers are best for investors who are looking to become more active traders. It may be good for beginners looking to invest time to learn the markets and how higher-powered trading tools work.Merrill Edge – Product Name Only: Merrill Edge is part of Bank of America. It does a good job of rewarding very loyal customers with high balances across Bank of America and Merill accounts. It’s less ideal for traders who don’t have a strong relationship with Bank of America.tastytrade – Product Name Only: tastytrade (previously called tastyworks) is an online brokerage account that offers stocks, ETFs, cryptocurrencies, options, futures, and more. Traders can choose to open a cash account or a margin account. The platform’s educational blog, tutorial videos, and Follow Feed feature can be beneficial to beginners. But tastytrade, in general, is best suited for experienced active traders. Uphold – Product Name Only: Uphold is an online brokerage that mainly offers crypto and currency trading between different asset classes. Its easy-to-use platform makes it a solid option for beginners looking to earn staking rewards or join Uphold’s Affiliate Program. However, there are numerous customer complaints against Uphold. Plus, it has higher spread fees compared to other online brokerages for beginners
We applied Personal Finance Insider’s rating methodology for investment platforms to consider the best online brokerages for beginners. We considered a dozen brokerages and zeroed in on options that offered competitive pricing and features most important to beginner investors and traders.
To make it onto this list, brokerages must offer commission-free stock and ETF trades and no recurring account fees (not including robo-advisors). Other important focus areas include available investments, types of accounts, and high-quality investment platforms. Strong investment research and education resources were another plus, but carried less weight in the decision process.
Lloyd Bishop/NBC/NBCU Photo Bank
When Late Night host Seth Meyers appeared on Howard Stern’s SiriusXM radio show this week, he dug into the high level of difficulty posed by the challenge of hosting Saturday Night Live. But Taylor Swift, who hosted SNL in 2009 when she was just 19, made the gig look easy, Meyers told Stern.
While most hosts deliver monologues written by in-house staffers to kick off their episode, Swift wrote a song—deftly titled “Monologue Song”—for the occasion, Meyers recalled. In it, she touched on all the tabloid headlines about her at the time: the rumors that she was dating Twilight star Taylor Lautner, her breakup with Joe Jonas, and the Kanye West VMA stage-crashing incident, which had taken place just months prior.
“I like writing songs about douchebags who cheat on me / But I’m not gonna say that in my monologue,” Swift sang on the SNL stage. “I like writing their names into songs so they’re ashamed to go in public / But I’m not gonna say that in my monologue.”
Ikea opened one of its new, smaller “plan-and-order” stores in Arlington, Virginia in August.
Alex Bitter/Insider
Ikea is embarking on a $2 billion expansion of its US operations.Part of Ikea’s strategy is a new, smaller store for shoppers redesigning whole rooms.I visited one of these new stores to see what it’s like to shop there.
Ikea is spending billions to expand in the US, and a big part of its plans rest on small stores.
Most shoppers probably think of huge warehouses filled with everything from kitchen towels to coffee tables to Swedish meatballs when they think of the retailer. But in a $2 billion initiative it announced earlier this year, Ikea said that it would open nine “plan-and-order” stores in the US.
Each store is a fraction of the size of the Ikea you’re probably used to. While an Ikea warehouse can take up around 350,000 square feet, plan-and-order stores are a tiny fraction of that. The store I visited for this article, located in Arlington, Virginia, is about 5,000 square feet.
The plan-and-order stores are designed around model kitchens, bedrooms, and other complete packages of appliances and decor that shoppers can buy for rooms in their homes. It’s a bit like walking through one of their famous catalogs. There aren’t any cafeterias serving cheap lunches or extensive selections of picture frames, as you’d find at a conventional Ikea warehouse.
Instead, if you see something you like, you’ll have to order it for delivery. Ikea calls the stores “showrooms” and staffs them with employees it says can answer questions or even plan a remodel.
I wanted to see what these mini-Ikea stores are like, so I headed to Arlington.
Alex Bitter/Insider
The area is home to lots of shopping options, including a Costco, as well as Amazon’s HQ2, so there’s lots of foot traffic. There’s also a Metro station just up the block.
Alex Bitter/Insider
The signage outside of the main entrance suggests that this isn’t a normal Ikea.
Alex Bitter/Insider
This store opened in August, and the sign promised free delivery on some orders if shoppers sign up for Ikea’s loyalty program. At its regular stores, standard delivery starts at $19.
Alex Bitter/Insider
This sign just inside the entrance clarifies that customers can plan purchases for delivery at this location.
Alex Bitter/Insider
It felt like walking into the first section of a normal Ikea store, which is where you find complete rooms for sale.
This whole kitchen, for example, runs $10,409 for the countertops, appliances, and hardware like cabinets and the sink.
Alex Bitter/Insider
Everything had a price label featuring the Swedish term for the item, such as this set of dinnerware, which cost $19.99.
Alex Bitter/Insider
I would’ve bought one of these carbon steel frying pans if they had some on hand at the store, but an employee confirmed that I could only order it for delivery.
At publication time, Ikea’s website said that the pan was out of stock at its main warehouse but could be bought from a store “in combination with a bigger article shipped by truck.” Delivery on small orders normally “starts at $6,” according to the website.
Alex Bitter/Insider
You could buy this stainless steel sink for $285, for example.
Alex Bitter/Insider
It’s Spartan, but there’s a mini-fridge, portable conduction burner, and a sink, among other basic elements of a kitchen.
Alex Bitter/Insider
The aforementioned kitchen costs less than $2,000.
Alex Bitter/Insider
Most of these items were tool sets, lightbulbs, and other items that you might need if you were ordering a complete room at this store.
Alex Bitter/Insider
This wire phone holder would set you back $2.99.
Alex Bitter/Insider
There was a respectable selection of faucets in case you wanted to customize one of the room setups or buy one on its own.
Alex Bitter/Insider
There was a range of styles and materials to choose from.
Alex Bitter/Insider
You can make an appointment with an employee to talk about a renovation project, according to Ikea.
“The all-new IKEA Arlington Plan and order point will allow customers to meet with professional consultants who can help them optimize their living and working spaces,” Raquel Ely, Market Manager for IKEA U.S., said in August when this store opened.
Alex Bitter/Insider
This screen provides details about Ikea’s storage and wardrobe offerings.
Alex Bitter/Insider
I was amused by the plug here for an assembly service, given the reputation that Ikea furniture has for being tough to assemble. (Some people even hire gig workers to do it instead of assembling furniture themselves.)
Alex Bitter/Insider
Pillows and comforters were also on offer.
Alex Bitter/Insider
The wardrobes all contained clothes, accessories, and other items to provide a better sense of what they might look like in-use.
Alex Bitter/Insider
If you’re one of those people who likes to lay down in the beds at Ikea, this smaller store has you covered.
Alex Bitter/Insider
I couldn’t help but take this sticker’s advice.
Alex Bitter/Insider
This set of drawers inside a wardrobe made me wonder why I don’t have something like this.
Alex Bitter/Insider
It wasn’t clear whether you could order it at the store, but I did find it afterward on Etsy.
Alex Bitter/Insider
“Hej da” means “See you soon.”
Alex Bitter/Insider
I wasn’t expecting the typical Ikea experience, but I wasn’t quite sure who this exact location is supposed to serve.
Amazon/Arlington County
Mallgoers, Amazon employees, Pentagon workers, and commuters are all likely to pass by this store.
Alex Bitter/Insider
You’re probably not looking to overhaul your kitchen countertops if you’re renting a place in one of the nearby apartment buildings.
Alex Bitter/Insider
Perhaps shoppers coming from farther away who own houses deeper into Virginia will stop by this new location, though many of them might be tempted to just drive to an Ikea warehouse.
Alex Bitter/Insider
Until then, I’ll stick to the two full-sized Ikea stores in the DC area.
Hillel Fuld.
Hillel Fuld
Hillel Fuld is a fixture in the Israeli tech-startup community.He explains how his job, and the Israeli tech ecosystem, has been altered by the Israel-Hamas war.”I feel like everything I’ve done has led me to this moment,” he said.
This is an as-told-to-essay from Hillel Fuld, tech-startup advisor, blogger, and social-media star known in the tech industry as the Israeli Robert Scoble. It has been edited for length and clarity.
What has my life been like since October 7? It’s been exhausting. I’m working 20/6 doing my thing (offline for the sabbath — thank God for some rest).
But let’s start at the beginning. A few days before the October 7 Saturday-morning terrorist attacks on Israel, I had a feeling. Between America and Russia, Russia and Ukraine, America and China, internal politics in America, internal politics in Israel, anti-religious and pro-religious reform, I didn’t know what it was, but I had a bad feeling. A few months ago, in fact, I wrote a social-media post that something big was coming and Israel would be at the center of it.
Don’t ask me how I knew that. I had a strong feeling.
Then, on that dreadful Saturday morning, I was in synagogue celebrating a holiday, Simchat Torah, a day where we celebrate the Torah. We were dancing around with the Torah scrolls in my synagogue, and all of a sudden, I heard a chilling screech, a siren.
About 10 minutes before that, I was with my 12-year-old twins walking to synagogue and we heard booms above us. We looked at each other wondering what those booms were, hoping they weren’t what we thought.
They were indeed the Iron Dome. Hamas had started firing. We all ran to the bomb shelter, but because it was a holiday, the synagogue was jam-packed, and the bomb shelter was not intended for hundreds of people.
So the women and children went into the bomb shelter, and the men found shelter anywhere else we could: standing by walls or wherever. And then everyone came out of the shelter and went back to praying. About five minutes later, another siren sent people back to the bomb shelter. We were in synagogue, so most of us didn’t have our phones, didn’t know what the hell was going on. I think this happened 10 times throughout our prayers.
Then bits of the news started spreading among us. There was an infiltration of militants into Israel. At first, I didn’t believe it, but the news spread that people were getting called up to the army.
I started to panic, as my brother was killed in a terrorist attack five years ago and each one is a terrible trigger for me. Everyone around me was trying to calm me down, and I told them all to imagine if, after the Sabbath, we turned on our phones and there were 75 dead Israelis. That was the worst possible scenario that my brain could fathom.
Of course, the truth was far more terrible than that. Sure enough, when the holiday was over and I turned on my phone, I learned of the devastation.
I’ve unfortunately learned the hard way that when terrorist attacks happen in Israel, I need to jump into action. That’s not to say I’m not going to mourn. We all are going to mourn and I’m going to mourn, but I don’t know that now is the time for me to mourn.
I need to do what I need to do: share real information and fight disinformation. I have a large following on several platforms, like X, and my posts are reaching tens of thousands, sometimes millions of people, some of which have been shared by the biggest names out there. I say that not to brag but to emphasize that we are not alone in this digital battle.
I feel like my brother is working through me in a way.
I normally post startup and tech-related content but I’ve basically neglected everything to focus 100% on this. I’m online, I don’t know, 20 hours a day, finding a few minutes to eat and sleep, and then that’s it. I also have X posts that are limited because people reported them, even though one was a post about soldiers coming home to Israel and being welcomed in the hospital. But the bottom line is I’m fortunate to have that platform right now.
To an extent, I feel like everything I’ve done has led me to this moment.
The response to the controversial hospital blast was the perfect case study. The Israel Defense Forces — and 24 hours later, US President Joe Biden — showed the evidence: the video evidence, the audio evidence, proof that this rocket that hit the medical institution did not originate in Israel.
But anybody can say whatever they want, and it goes viral, and millions of people are just consuming blatant lies. So I’ve made it my role to spread as much truth and positivity as I can. And that’s what I’ve been doing tirelessly for the past three weeks.
Today, the entire Israeli tech ecosystem is mobilizing to help soldiers and families. We’re also using our technology to detect bots on the internet that are spreading lies. We’re using artificial intelligence to amplify the truth. We’re using our hardware expertise to make chargers so soldiers can charge their phones in their tanks. And those are just a few examples.
We’re getting a lot of support from the global venture-capital community as well. Insight Partners and many, many others have stepped up. Over 800 VC firms have signed a joint statement in support of Israel, and, some, including Insight Partners, have committed to sending significant sums for humanitarian aid.
Of course, much of the Israeli tech ecosystem has been called up to reserve duty, and that presents a challenge. In my world, social media, our ecosystem is leveraging technology to win this war on the digital battlefield, which is also important. People are building databases for different areas. For instance, one entrepreneur has built a database of answers to basically help everyone debate the lies that are being told about Israel.
That’s an important point. Because Israel has made mistakes and we own up to our mistakes when we make them. But I’m an optimistic guy, and I think that the world’s eyes have been opened. We need to differentiate between political opinions, which everyone’s entitled to, and facts. So, yeah, misinformation is incredibly important because you know that someone’s going to spread propaganda about Israel. My fear is that this propaganda will cause the world to pull their support or even worse: encourage violence against Jews, which we’re already starting to see.
There are still extremists who are going to support Hamas and want to see Jewish people killed no matter what. That’s something that, as a nation, we’ve always had to deal with: antisemitism.
But I also see a direct correlation between terror and innovation. The more they attack us, the more they persecute us, the more we innovate. We flourish under pressure. Israel has always done that. The country is one big startup.
Just a few weeks ago, this entire country was divided. These are tragic circumstances, but now we are united like never before. We’ve created a unity government, something that would’ve been a fantasy just weeks ago.
These are challenging times, and I see everyone in the Israeli tech ecosystem doing all we can.
This is a war on the physical battlefield, but it’s also a war on the digital battlefield. We are all doing our part.
Our experts answer readers’ banking questions and write unbiased product reviews (here’s how we assess banking products). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.
A high-yield checking account is a good option if you keep a lot of money in your checking account. (Otherwise, you may be more interested in high-yield savings, if you’d prefer to earn interest for personal goals.)
Best High-yield Checking AccountAPYOnPath High Yield Rewards Checking – Product Name OnlyOnPath High Yield Rewards Checking – APY APYRedneck Bank Rewards Checkin’ Account – Product Name OnlyRedneck Bank Rewards Checkin’ Account – APY APYPrimis Premium Checking – Product Name OnlyPrimis Premium Checking – APY APYJuno Metal Checking Account – Product Name OnlyJuno Metal Checking Account – APY APYConsumers Credit Union Free Rewards Checking Account – Product Name OnlyConsumers Credit Union Free Rewards Checking Account – APY APYWealthfront Cash Account – Product Name OnlyWealthfront Cash Account – APY APYSoFi Checking and Savings – Product Name OnlySoFi Checking and Savings – APY APYSignature Federal Credit Union High-Yield Checking Account – Product Name OnlySignature Federal Credit Union High-Yield Checking Account – APY APYFirst Tech Rewards Checking® – Product Name OnlyFirst Tech Rewards Checking® – APY APY
The best high-yield checking interest rate is available at OnPath Credit Union. You can earn up to 7% APY on account balances up to $10,000 if you meet certain requirements.
Here are our top picks for high-yield checking accounts. Our top picks are protected by FDIC or NCUA insurance.
With high-yield checking accounts, the higher your account balance, the higher interest rate you’ll earn. The best checking accounts are also light on fees and offer extra perks like refunded ATM fees.
Although Silicon Valley Bank, Signature Bank, and First Republic Bank have recently been shut down, keep in mind money is safe at a federally insured financial institution. When a financial institution is federally insured, up to $250,000 per depositor is secure in a bank account.
Yes, there are some checking accounts that earn interest.
A high-yield checking account pays interest on your balance. Most standard checking accounts don’t pay any interest. Others pay a little, like 0.01% to 0.05% APY. High-yield checking accounts pay significantly higher rates.
OnPath Credit Union is offering a bonus rate of up to 7.00% APY on the OnPath High Yield Rewards Checking. If you meet certain eligibility requirements, you could earn 7.00% APY on account balances up to $10,000. Any amount over $10,000 will earn 0.50% APY.
Most high-yield checking accounts require you to meet certain criteria each month to earn interest. For example, you may have to receive $500 in direct deposits or make 10 debit card transactions.
Annual percentage yield (APY) is similar to an interest rate, but it gives you a better idea of how much you’ll actually earn. APY tells you how much interest you’ll earn over one year, including compounding. A checking account may pay 0.499% in interest, but you’ll earn 0.50% APY.
OnPath Credit Union’s high-yield checking account could be a good option if you’re looking to get the highest APY possible and can meet certain requirements. You’ll get refunded up to $10 per month for out-of-network ATM transactions, and there’s no monthly account fee.
There’s a minimum opening deposit for this account, but at least it’s reasonable, at just OnPath High Yield Rewards Checking – Minimum Deposit. Also, you need to become a member of OnPath Credit Union—the easiest way is to make a $5 donation to the OnPath Foundation.
How interest works: You can earn 7% APY on your account balance up to $10,000, and 0.50% on amounts over $10,000. You need to meet the following requirements too:
Log into online or mobile banking one or more times per statement cycleEnroll in e-statements and receive them for the relevant statement cyclesMake 15 or more debit card purchases that post and settle in a statement cycle
You might like Redneck Bank if you frequently use your debit card, because the bank’s rewards checking account has a competitive bonus interest rate if you meet certain monthly requirements. You could also get refunded up to $25 per month in out-of-network ATM fees if you qualify for the bonus interest rate.
Redneck Bank has a steep minimum opening deposit of Redneck Bank Rewards Checkin’ Account – Minimum Deposit to open the Redneck Bank Rewards Checking Account. You might prefer another financial institution if you’d like to open an account with less money upfront.
How interest works: You can earn 5.30% APY on account balances up to $15,000, and 0.50% APY on amounts over $15,000 if you fulfill the following activities each month:
Make 10 qualifying debit card transactions per monthly statement cycle Receive online bank statements
If you do not meet the monthly requirements, you’ll earn a standard rate of 0.25% APY.
Primis Premium Checking may be worthwhile if you’d like to open an online checking account that’s straightforward. It has Primis Premium Checking – Fees Display, no overdraft fees, and a Primis Premium Checking – Minimum Deposit deposit.
In total, Primis is only allowing 1,000 new online accounts to be opened each month. Once it reaches the limit for the month, customers will have to sign up for a waitlist.
How interest works: Premium Premium Checking pays Primis Premium Checking – APY APY and doesn’t have any balance requirements for earning interest.
Juno gives you both a high interest rate and cash back rewards. Select five retailers from its list and earn 5% cash back when you shop at those stores. You may like the account if you’re an immigrant, because you only need a Social Security number and passport to qualify.
The Juno Metal Checking Account requires that you maintain a qualifying direct deposit of $250 or more per month.
How interest works: You don’t need to do anything to earn interest, but rates do vary depending on your balance. Rate tiers are as follows:
You’ll earn 5.00% APY on balances up to $50,000You’ll earn 4.00% APY on balances between $50,001 to $250,000
Consumers Credit Union ranks as one of our top credit unions, and Consumers Credit Union Free Rewards Checking Account is on our guide for best rewards checking accounts. You have the potential to earn one of the highest interest rates out there right now. Consumers also refunds any fees charged by out-of-network ATM providers.
You need a Consumers Credit Union credit card to earn the maximum APY, and if you don’t meet any of the qualifications listed, you’ll only earn 0.01% APY.
How interest works: Here are the APY tiers:
Earn 3.00% APY on balances up to $10,000 when you sign up to receive eDocuments, make 12 debit card purchases per month, and receive $500 per month in direct deposits, mobile check deposits, or transfers from other banks.Earn 4.00% APY on balances up to $10,000 when you meet the qualifications to earn 3.00% APY and spend $500 per month with your Consumers Credit Union credit card.Earn 5.00% APY on balances up to $10,000 when you meet the qualifications to earn 3.00% APY and spend $1,000 per month with your Consumers Credit Union credit card.Earn 0.20% APY on balances between $10,000.01 and $25,000 when you receive eDocuments, make 12 debit card purchases per month, and receive $500 per month in direct deposits, mobile check deposits, or transfers from other banks.Earn 0.10% APY on balances of $25,000.01 and more when you receive eDocuments, make 12 debit card purchases per month, and receive $500 per month in direct deposits, mobile check deposits, or transfers from other banks.
The Wealthfront Cash Account stands out because you can earn a high interest rate on your entire account balance. There also aren’t any monthly service fees.
Wealthfront only offers the Wealthfront Cash Account. If you’d like to open other types of accounts, like a CD or money market account, you might prefer another financial institution.
How interest works: All you need to do is open an account with at least Wealthfront Cash Account. You’ll earn Wealthfront Cash Account APY on all money in the account.
Wealthfront Cash Account Review
In addition to offering a competitive interest rate, SoFi Checking and Savings is a great choice if you’d like to avoid common fees. This account doesn’t have monthly service fees, overdraft fees, or out-of-network ATM fees.
You may also qualify for a cash bonus of up to SoFi Checking and Savings – Featured Reward Value. To earn a $50 cash bonus, you must receive between $1,000 and $4,999 in qualifying direct deposits by December 31, 2023. To earn a SoFi Checking and Savings – Featured Reward Value cash bonus, you must receive $5,000 or more in qualifying direct deposits before the bonus expiration date.
SoFi doesn’t have as many bank account options as brick-and-mortar financial institutions. For example, you can’t open separate checking and savings accounts or a CD.
How interest works: You’ll earn a higher interest if you set up direct deposit or deposit minimum $5,000 per month. SoFi members who do so earn SoFi Checking and Savings – APY APY on savings balances (including Vaults) and 0.50% APY on checking balances.
If you do not set up direct deposit or deposit minimum $5,000 per month, you’ll earn 1.20% APY on both checking and savings account balances.
SoFi Checking and Savings Review
Signature Federal Credit Union offers a high interest rate for balances up to $40,000. It also has a Signature Federal Credit Union High-Yield Checking Account – Minimum Deposit minimum opening deposit, and Signature Federal Credit Union High-Yield Checking Account – Fees Display.
You must become a member to open a Signature Federal Credit Union account. The easiest way to join is to become part of the American Consumer Council (membership for the council requires a $8 annual fee). You can also join if you have an immediate family member who is a credit union member; work as a postmaster, postmaster relief, supervisor, or officer in charge for the US Postal Service; are an alumni association member or alumni association employee of Marymount University; or work for a participating employee group.
How interest works: To earn 4.00% APY on balances up to $40,000, you must meet the following requirements each month:
Receive direct deposit totaling at least $1,000Make 15 debit card transactionsEnroll in online bank statements
The checking account doesn’t pay any interest on account balances over $40,000. You also won’t earn interest if you don’t fulfill the monthly qualifications.
Signature Federal Credit Union Review
First Tech Rewards Checking® – Product Name Only pays a high rate on balances up to $15,000. The account only has a First Tech Rewards Checking® – Minimum Deposit minimum opening deposit, and there are no monthly fees.
Like most credit unions, First Tech FCU compounds interest monthly rather than daily. Depending on how much money you keep in your account, this may or may not make a significant difference. Also, to become a member of the credit union, you must work for an eligible employer or the State of Oregon (or have a family member who does); live or work in Lane County, Oregon; belong to the Computer History Museum or Financial Fitness Association; or have a family/household member who is already a First Tech FCU member.
How interest works: You’ll earn First Tech Rewards Checking® – APY on balances up to $15,000 each month that you complete the following:
Make 20 transactions with your First Tech debit and/or credit card totaling at least $500Receive a minimum of $1,000 in direct or ACH depositsEnroll in eStatements
You’ll earn a lower rate on balances over $15,000 when you meet the monthly requirements. Regardless of your balance, you’ll earn a very low rate when you don’t meet the qualifications.
We looked at nearly two dozen high-yield checking accounts before picking our favorites. Here are the other ones we considered, and the reasons they didn’t make the cut:
evolve Federal Credit Union ePriority Checking Account – Product Name Only: evolve Federal Credit Union has a checking account that pays 7.23% APY on balances up to $10,000 if you meet certain requirements but it’s only available to residents in El Paso, Texas, and Dona Ana County, New Mexico. Read Insider’s evolve Federal Credit Union Review.Axos Bank Rewards Checking – Product Name Only: Axos Bank Rewards Checking pays Axos Bank Rewards Checking – APY APY, but our top picks have more competitive rates right now. Read Insider’s Axos Bank Review.Fidelity Cash Management Account – Product Name Only: This account lets you save, spend, and invest — but its interest rate is just so-so. Read Insider’s Fidelity Cash Management Account Review.Wings Financial Credit Union High-Yield Checking Account – Product Name Only: Wings Financial pays a pretty good rate on its checking account, but rates with our top picks are better. Read Insider’s Wings Financial Credit Union Review.First Commerce Bank Ultimate Rewards Checking Account – Product Name Only: First Commerce Bank has a rewards checking account that pays up to 4.08% APY if you meet certain monthly requirements. You have to open an account at a First Commerce Bank location, though. The bank has locations in New Jersey. Connexus Xtraordinary Checking Account – Product Name Only: Connexus only pays up to Connexus Xtraordinary Checking Account – APY APY. Our top picks have the potential to earn a higher interest rate by meeting certain requirements. Read Insider’s Connexus Credit Union Review.Quontic High Interest Checking Account: Quontic pays a solid interest rate on your account balance if you make at least 10 monthly debit card purchases that are at least $10. But our top picks offer higher interest rates right now. Read Insider’s Quontic Bank Review.Alliant High-Interest Checking Account: Alliant is a good credit union, and you’ll earn a respectable rate on your entire balance. The rate isn’t as high as what you’ll get with our top choices, though. Read Insider’s Alliant Credit Union Review.Ally Spending Account – Product Name Only: Ally pays higher rates than many banks, but its highest-tier APY isn’t competitive with those on our list. Read Insider’s Ally Bank Review.Bethpage Free Checking Account: The interest rate isn’t quite as good as rates with our top picks, and there’s no free overdraft protection. Read Insider’s Bethpage Credit Union Review.City First Bank Basic Checking Account: This bank pays a higher rate than most brick-and-mortar institutions, but rates are much lower than with those on our list. Read Insider’s City First Bank Review.CIT Bank eChecking Account: CIT’s rates aren’t quite as good as what you can get with our top choices. Read Insider’s CIT Bank Review. NBKC Everything Account: Although NBKC’s rate could be higher, it’s a decent option if you want a hybrid checking/savings account. You don’t need to meet any qualifications to earn interest. Read Insider’s NBKC Review.Pentagon Federal Credit Union Access America Checking Account: PenFed is a strong credit union overall, but you’ll earn better rates with our top picks. Read Insider’s Pentagon Federal Credit Union Review.LendingClub Rewards Checking Account: You won’t earn any interest on balances under $2,500, and the rate is relatively low for balances under $100,000. Read Insider’s LendingClub Review.Robinhood Cash Management Account: This account isn’t accepting new customers currently. If you’d interested in Robinhood spending products, you can’t join this waitlist for the Robinhood spending account. Read Insider’s Robinhood Cash Management Account Review.
The BBB assesses businesses by looking at responses to customer complaints, honesty in advertising, and transparency about business practices. The only institutions on our list that haven’t received BBB ratings yet are Redneck Bank and Signature Federal Credit Union.
Here are the BBB ratings for all of our other top picks:
InstitutionBBB gradeRedneck BankNonePrimisNRSignature Federal Credit UnionNoneJunoF (B rating from partner bank)Consumers Credit UnionA+WealthfrontFSoFiA+First Tech Federal Credit UnionA+
Redneck Bank and Signature Federal Credit Union do not have profiles with the Bureau yet, so there are no complaints or reviews to use for evaluating their business practices.
The BBB gave Primis an NR “No Rating” grade because it is in the process of responding to previously closed complaints.
Juno currently has an F rating grade because it has received 27 complaints on the BBB website it has failed to respond to seven customer complaints. Its partner bank, Evolve Bank & Trust, currently has a B rating. It has received numerous customer complaints on the BBB website, and government taken was taken against the bank.
In 2022, the Justice Department required Evolve Bank & Trust to pay $1.3 million in a settlement that claimed discriminatory lending took place between 2014 and 2019.
Wealthfront currently has an F rating because 11 complaints have been filed on the BBB website, and it has failed to respond to six complaints.
Keep in mind a good BBB grade won’t guarantee that your relationship with the bank will be perfect. Make sure to also get other people’s perspectives and reviews.
We consulted banking and financial planning experts to inform these picks and provide their advice on finding the best checking accounts for your needs.
Insider
Here’s what they had to say about checking accounts. (Some text may be lightly edited for clarity.)
What makes a checking account good or not good?
Roger Ma, certified financial planner with lifelaidout® and author of “Work Your Money, Not Your Life”:
“I would look at the ATM branch locations and then minimum balance amounts to not incur a monthly fee … I think there’s other stuff that could make life easier, whether it’s a free checks, online bill pay, are they in the Zelle network?”
Sophia Acevedo, certified educator in personal finance, banking reporter, Personal Finance Insider:
“I would look for a checking account that either doesn’t have any monthly services fees or offers multiple ways to waive the fee. I would also look at customer support availability and mobile app ratings.”
How should someone decide whether to choose a rewards checking account with a high APY, cash sign-up bonus, or cash back?
Tania Brown, certified financial planner at SaverLife:
“I have checking accounts with all the above, because I use checking accounts for different purposes. I would tell someone, think through the experience of how you’re going to use it. So I have my account strictly for bills and I don’t attach a debit card to that. Well, I’m not going to get a lot of cash rewards out of that, because I rarely use that debit card, but I keep a pretty decent balance. So that one I use in particular for interest. I have a spending checking account. That one, I don’t care if the balance is zero, the money that goes in there, I expect for it to go out. But because I use that often, that is the one I attached to a cash reward. And then I have another one that I use just for travel, and I actually have a travel reward attached to that one.”
Roger Ma, CFP:
“I think if you’re someone who is responsible with credit, then instead of focusing on a checking account that rewards you, look to a credit card that rewards you for the areas where you spend money. I wouldn’t recommend people waste their time with a rewards checking account. Get the fundamentals right with fewer checking or savings accounts, and then start to move toward using a credit card to build your credit.”
How can someone decide between a bank and a credit union?
Tania Brown, CFP:
“For most people, it falls into five categories: location, interest rates, services, technology, and relationships. Next, prioritize what’s important and you will have your answer. For instance:
If multiple regional and national locations are important: Banks typically have more locations than credit unions.If the most important thing to you is a high interest rate: Credit unions, on average, offer better interest rates than banks.If a lot of services (commercial banking, business banking, investment services, etc.) are valuable to you: Larger banks offers more services than most credit unions. If feeling like a person, not a number, matters to you: Credit unions are known for great personalized customer service.If you are a tech junkie: Larger banks typically offer more tech bells and whistles for online users than credit unions.”
Sophia Acevedo, Personal Finance Insider:
“I think eligibility requirements could play an important factor in deciding between a bank or credit union. At credit unions, usually, you meet certain requirements to open bank accounts — maybe it’s living in a specific area, or working for a select employee group. There are a few credit unions with flexible eligible requirements, though.”
How can someone determine whether a banking institution is the right fit for them?
Mykail James, MBA, certified financial education instructor, BoujieBudgets.com:
“The No. 1 thing about a checking account is you should know what provider the debit card is coming from. And a lot of people don’t think about that, because there are places that don’t accept MasterCard or don’t accept an Amex.”
Methodology: How We Chose the Best High-Yield Checking Accounts
We looked at accounts that paid the highest rates either on your entire balance, or on up to a high balance. We chose accounts that make it relatively easy to be eligible to earn interest. For example, we’d prefer a checking account that required you to deposit $500 per month to earn interest over one that required $5,000 per month.
We examined other factors, too using our checking account methodology, like monthly service fees, out-of-network fee reimbursements, and minimum opening deposits.
Credit unions typically pay the highest rates on checking accounts. Credit unions only offer services to members, so we selected credit unions that are easy for most people in the US to join. But keep in mind that a local or more selective credit union may offer better rates.
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The rising trend of job stacking as a popular alternative to the traditional 9 to 5 work schedule, particularly among the millennials and Gen Z populations. Delve into the benefits of job stacking and discover its potential to revolutionize the American workforce by fostering greater satisfaction and autonomy.
