Although CDs offer less liquidity than a regular checking account or savings account, you might get a higher rate of return with this financial product. This is especially true if you open a CD account with a longer timeline; for example, a 60-month CD instead of a 12-month CD.

According to the Federal Deposit Insurance Corporation (FDIC), national average CD rates range from 1.33% to 1.84% depending on the CD term, as of writing.

However, quite a few banks offer vastly superior CD rates to consumers who do their research. We compared dozens of banks and financial institutions to find the best CD rates today. If you’re on the hunt for a high-yield CD, start your search here.

Important Factors for Certificate of Deposit Accounts

• CDs are for long-term savings. Since CDs lock your funds into the account for a specific term (usually 12 to 60 months), they aren’t ideal for money you might need to access in the short term.

• CDs offer security for your funds. CD accounts are a secure place to stash your money and earn interest, thanks to FDIC insurance.

• Check for CD fees. Most CDs charge fees if you need to access your money early. Make sure you understand these fees before opening this deposit account.

• Online banks might offer better rates. Although brick-and-mortar banks offer their own CDs, you might find better rates through online banks. Compare legacy banks and online institutions to find the best CD rates.

If your goal is securing a superior short-term investment, the best CD rates are worth exploring. To help in your search, we compared many of the top financial institutions and online banks to find options with the most attractive rates and terms.

Find the Highest CD Rates from Banks and Credit Unions

Explore and contrast the top certificates of deposit (CDs) rates based on the highest Annual Percentage Yield (APY), spanning various terms including 3-month, 6-month, 1-year, 2-year, and 5-year options.

The banks below made our ranking due to the interest rates they offer and other features.

• PNC 
• CIT Bank
• Discover®
• Marcus by Goldman Sachs
• Synchrony Bank

Best Certificate of Deposit Accounts – Reviews

There are a few factors to consider when choosing where to open a certificate of deposit. These include whether you want to open your CD in person or online, the rates and terms that apply, and the fees required to access your money early.

The following reviews explain the CD rates for each of the top banks we profile and other details you should know.

PNC Bank

PNC Bank offers a variety of popular banking products, including certificates of deposit. Its CDs don’t require any monthly maintenance fees, and you can monitor your account at any time online or with the BBVA mobile banking app.

CD terms range from 7 days to up to 10 years, and CDs with longer timelines pay higher CD rates. Note that penalties apply if you access your money early.

If you cash out your CD early, with a term of one year or less, you’ll pay $25 plus 1% of the amount withdrawn. If you cash out a CD with a longer-term early, you’ll pay $25 plus 3% of the amount you cash out.

CD Rates: Online CDs with terms from 11 months to 36 months currently pay up to 5.04% APY.

CIT Bank

CIT Bank is known for its popular high-yield savings account, known as Savings Builder, but it also offers an array of CDs with excellent terms. Its 11-month, no-penalty CD stands out since it offers an excellent return rate. There are also no penalties if you need to access your money early.

CIT Bank also offers term CDs with various other lengths, as well as jumbo CDs for deposits of $100,000 or more. None of its CDs come with account opening fees or account maintenance fees.

CD Rates: CIT Bank currently pays from 0.30% to 3.50% APY on their CDs, depending on the term you choose. Top rates are offered on their 18 month CDs, which pay out 3.00% APY, respectively. Additionally, they have an excellent 11-month No-Penalty CD at 3.50% APY as of the time of this writing (04/05/23.)

Discover

With Discover, you can open a CD that lasts anywhere from three months to 120 months. There are no fees to open a CD, including account opening fees or maintenance fees, although their minimum opening deposit is $2,500.

Discover also stands out due to the reasonable penalties it charges if you need to access your money early. CDs with a term of less than one year, incur a penalty at three months of simple interest. For a CD that lasts one to four years, the penalty for cashing out early is just six months of simple interest.

CD Rates: The 120-month (10-year) CD is most rewarding, currently offering 3.75% APY, but that’s a long time to wait. If you’re willing to part ways with your funds for just 12 months, you can earn a rate of 4.70% APY.

Marcus by Goldman Sachs

Marcus by Goldman Sachs is a popular online bank for personal loans and high-yield savings accounts, yet it also offers rewarding CDs. Terms for its CDs range from seven months to six years, with a minimum $500 deposit to get started.

Marcus by Goldman Sachs even offers a 10-day guarantee that says you can move your rate up if the advertised rates on the CD you purchased increase within 10 days.

CD Rates: Some of the best CD rates from Marcus by Goldman Sachs are for its 9-month CDs, which currently pay 5.10% APY. Marcus by Goldman Sachs also offers limited-time CD rate promotions, like 5.25% on an 18-month CD.

What Holds It Back: Marcus by Goldman Sachs is an online bank only, so you don’t have the option to open your CD in person.

Synchrony Bank

We chose Synchrony Bank for our ranking because it doesn’t impose a minimum balance requirement, yet has competitive CD rates. It offers a 15-day guarantee, which lets you raise your rate if the advertised rate increases within 15 days of your CD purchase.

Terms are available from three months to 60 months. Early withdrawal fees for their CDs are also reasonable. For example, early cash-outs on CDs with terms of 12 months or less charge 90 days of simple interest at the current rate.

CD Rates: Five-year (60-month) CDs currently pay 4.00% APY, and three-year (36-month) CDs pay 4.30% APY. They also have a 16 month paying 5.40%

What Holds It Back: Synchrony Bank CDs are meant to be opened and maintained online, so you consider a different bank if you’re hoping for a personalized experience or you prefer to bank in person.

How We Found the Best CD Rates

Finding the best CD rates is important if you want to maximize returns on your savings, yet there are other factors to consider before opening an account. We considered the following factors when compiling this list of banks with the best CD rates of 2024:

Rates and Terms

Although we gave preference to banks that apply the best rates to various CD terms, we focused on banks that offer at least one CD with an APY that is at least double the average CD rate nationwide.

BBVA didn’t score well in this category, yet we included them due to their lack of account fees and a strong reputation among major U.S. financial institutions.

Account Fees

We only considered banks that don’t charge fees to open a CD account. We also chose banks that don’t charge any monthly account maintenance fees.

Early Withdrawal Penalties

Most banks charge an early withdrawal fee if you cash out your CD early, so we looked for banks with reasonable penalties. We also gave preference to accounts or CD options that don’t charge any penalty for early withdrawals.

FDIC Insurance

Finally, we only included institutions in our ranking that offer FDIC insurance. This insurance secures up to $250,000 of CD funds per account holder.

What You Need to Know About Certificates of Deposit

If you have never opened a certificate of deposit before, you might wonder how they work and why people choose this option. Here are some important factors when considering a CD account.

• CDs offer superior rates compared to other deposit products. According to recent figures from the FDIC, the average national CD rate for a 60-month term is about four times greater than the average national savings account rate.

• Longer CDs offer better yields. Committing your money to a longer timeline can lead to considerably higher returns. FDIC data shows that the average APR for a one-month CD is only .02% — not much better than a basic savings account.

• CD rates can go up or down over time. CD rates are determined based on the current interest rate environment, including benchmark interest rates. This means that you might get a better CD rate any time benchmark interest rates go up.

• CD rates can be higher on larger amounts. If you have $100,000 or more to deposit, you might qualify for a “jumbo CD”. This type of CD requires a high minimum deposit, but banks are willing to pay higher APYs to lock in more funds.

Summary: Best CD Account Rates of March 2024

The Bottom Line – Locking in the Highest CD Rates

Investing in a certificate of deposit (CD) is one of the safest ways to grow your money. CDs are low-risk investments with guaranteed returns, so they can be an excellent choice for those looking to diversify their portfolios and lock in higher interest rates.

When choosing a CD, it’s important to compare APYs (annual percentage yields) and terms between different banks and credit unions in order to get the best rate possible. Shop around for promotional offers or talk to financial advisors if you need help selecting the right CD for your needs.

With careful research and comparison, you’ll be able to find the CD that gives you the highest rate – and peace of mind – in the long run.

The post Best Bank CD Rates for 2024 appeared first on Good Financial Cents®.

Who is GFC®?

GoodFinancialCents.com is an online personal finance and investment advice blog founded by Jeff Rose, a Certified Financial Planner professional. The blog provides readers with actionable tips and strategies to help them make better financial decisions and manage their money more effectively. It covers topics such as investing, budgeting, debt management, credit cards, taxes, retirement planning, and much more.

Meet Our Review Board

Jeff Rose, CFP®

Founder of Good Financial Cents®

Jeff Rose, CFP® is a Certified Financial Planner, founder of Good Financial Cents, and author of the personal finance book Soldier of Finance.

Holly Johnson

Personal Finance Expert

Holly Johnson is the founder of Club Thrifty, a personal finance and travel resource geared to families who want to make the most of their incomes while seeing the world.

Colin Graves

Managing Editor

Colin Graves is a personal finance writer and editor with a client list that includes some of the most prominent voices in the personal finance industry.

Kevin Mercadante

Personal Finance Author

Kevin Mercadante has been writing about personal finance since 2010, covering and investing, retirement, taxes, credit cards, real estate, mortgagesand insurance.

Taylor Kovar, CFP®

Wealth Manager

Taylor Kovar, CEO and founder of Kovar Wealth, isa a passionate and experienced financial planner who has dedicated his career to helping people achieve their financial goals and live their best lives.

Jeff Root

Founder and Owner of Rootfin

Jeff Root is a life insurance luminary with a career that spans more than 15 years, having been a licensed agent since 2006. Throughout this time, he has supported over 3,000 consumers in their journey to secure the right life insurance policies.

Our Financial Expert Contributors

At Good Financial Cents, we collaborate with financial experts to ensure the accuracy of our financial content.

Our team of reviewers are established professionals with extensive experience in the realms of personal finance, boasting numerous advanced degrees and certifications.

They are frequent contributors to top-tier financial publications , including The Wall Street Journal, U.S News & World Report, Reuters, Morning Star, Yahoo Finance, Bloomberg, Marketwatch, Investopedia, TheStreet.com, Motley Fool, CNBC, and many more.

This cadre of experts supports Good Financial Cents in upholding the highest standards of accuracy and professionalism in the industry.

Bob Lotich, CEPF®

Bob Lotich is an awar-winning blogger, financial coach, and revered authority in the realm of personal finance. With a keen passion for empowering individuals to navigate the intricate corridors of their financial lives, Bob wears multiple hats in his quest to demystify matters for the masses.

Brian Greenberg

Brian J. Greenberg, aka The Salesman Who Doesn’t Sell, has founded businesses in e-commerce, marketing, and financial services. He has generated over 50 million in revenue from his businesses and collected over 10,000 reviews and testimonials from customers.

Damon Day

Damon Day is a financial consultant and advocate for consumers. He founded Damon Day & Associates to help educate the public about the various Debt Resolution options available for struggling consumers.

Claire Murdough

Claire Murdough is a Bay Area native with an affinity for travel and food. She is Content Intern at ReadyForZero.com. You can read more of her work at the ReadyForZero Blog.

Dave Chesson

Dave Chesson is a military veteran, husband, and father of three. When he’s not doing dad things, Dave is an avid book marketer. His work in both publishing and book marketing has been featured in Forbes, Entrepreneur, ALLi, Huffington Post, and even Market Watch.

Emily Guy Birken

Emily Gut Birken is a renowned financial writer and author who has dedicated her career to demystifying the world of money for everyday people. With a flair for breaking down complex financial topics into relatable and actionable advice.

Eric Rosenberg

Eric Rosenberg is a financial writer, speaker and consultant based in Ventura, California. He holds an undergraduate finance degree and an MBA in finance.

Jolene Latimer

Jolene Latimer has her Master’s in Specialized Journalism from the University of Southern California. She writes about personal finance, sports and marketing.

Jon Elder

Jon Elder runs Black Label Advisor, a consultancy focused on helping brands expand their business on Amazon and reach countless new customers.

Lindsay VanSomeren

Lindsay VanSomeren is a freelance writer living in Kirkland, WA. She has been a professional dogsled racer, a wildlife researcher, and a participant in the National Spelling Bee.

Michael Gardon

Mike is a former derivatives trader turned investor and entrepreneur. He holds an MBA in Finance and Entrepreneurship from DePaul University in Chicago.

Miranda Marquit

Miranda Marquit is a leading expert in personal finance, combining her passion for money matters with a successful freelance writing career.

Diane Esser

Diane L. Esser is a Certified Financial Planner (CFP®) and a Certified Public Accountant (CPA) and is the founder of Direction Financial Management, LLC.

Robert Farrington

Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert. He is also the founder and editor-in-chief of The College Investor – a site dedicated to helping millennials get of out debt and build wealth.

Ryan Scribner

Ryan Scribner is the author of “From Side Hustle To Main Hustle To Millionaire.” After ditching his cushy Union job in 2017 to pursue YouTube full-time, he went on to launch multiple digital content platforms, including Investing Simple and Farmland Riches.

Philip Tirone

Philip Tirone is the founder of Elovon, a non-traditional marketing company that merges powerful written-word strategies with direct marketing and data analytics.

Shannon McNay

Shannon McNay is the Community and Customer Support Manager at ReadyForZero.com. She also writes frequently for the ReadyForZero Blog and focuses on the “personal” side of personal finance.

Seth Burstein

Seth loves numbers, optimization, and personal finance, all of which led him to co-found Fortunately.io – a website that uses data to provide simple answers to challenging personal finance questions.

Phil Taylor

Phil Taylor, often recognized by his moniker “PT”, is a transformative figure in the personal finance media sphere.

Media Mentions

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While the best savings accounts used to come from traditional brick-and-mortar institutions, this is no longer the case at all. The reality is that many online banks and fintech companies offer savings accounts with lower fees (or no fees) these days, and their interest rates are much more competitive than you’ll find elsewhere.

Don’t believe me? Once you do some digging, you’ll quickly find that banks like Chase and Wells Fargo are offering a paltry 0.15% rate on their regular savings accounts. This is even lower than the national average the FDIC is reporting!

Since you definitely want to secure the highest rates you can on your savings, it’s crucial to compare banks and their savings account offers side-by-side. We just did exactly that to help you in your search, and we highlight the best savings accounts of 2024 below.

Our Picks for Best Savings Accounts of March 2024

• Discover Online Savings Account: Best User Experience
• UFB Direct Rewards Savings: Best for High APY
• CIT Bank Savings Connect: Best for No Fees
• Marcus by Goldman Sachs: Best for No Minimum Deposit
• Citi Accelerate Savings: Best for Citi Customers
• Barclays Online Savings Account: Best Online Tools
• SoFi Money: Best Sign-Up Bonus Offer
• Bread High Yield Savings: Best for Easy Online Transfers

Best Savings Accounts – Reviews

Before you open up one of the best savings accounts we profile in this guide, you should get a general idea of how each account works, including their minimum account balance requirements and monthly fees. The following savings account reviews can help you learn more about each bank and what they offer.

While Discover® is well known for its popular rewards credit cards, this online bank also offers personal loans, checking and savings accounts, and student loans. When it comes to their savings account products, consumers can open an account with a $0 minimum deposit requirement and no monthly fees or maintenance fees.

You can open an online savings account with Discover without having to visit a physical bank branch, and your Discover account may come with broad ATM access, depending on where you live.

Other benefits of Discover online savings accounts include no fees for insufficient funds and access to a highly-rated mobile app that makes it easy to make deposits, monitor your account balance, or transfer money between accounts on the go.

UFB Direct offers a high-yield savings account with no maintenance or service fees and no minimum account balance required. You don’t have to make a minimum direct deposit of any kind to qualify for their highest-yield offer, and you even get a free ATM card included.

UFB Direct also comes with a robust online banking portal, as well as a mobile app that is highly rated by users. You can use the app to make mobile deposits, track your spending and savings goals, and transfer money between accounts. This bank also comes with 128-bit encryption on their accounts, so you can rest assured your banking information and personal data will remain safe.

While CIT Bank was once a standalone online bank, the institution is now a division of First Citizens Bank. With that in mind, you should know that the CIT Bank Savings Connect account requires a minimum deposit of at least $100 to get started. However, there are no account management fees or hidden fees to be aware of, and consumers can earn an exceptional rate of 4.65% APY.

Opening this account online is a breeze, and consumers can use the mobile app to make deposits remotely, transfer money, or keep track of their savings balance. Like other savings accounts that made our ranking, CIT Bank is also FDIC-insured. This means that depositors can sleep well at night knowing that up to $250,000 of their savings has protection in the event of a bank default.

Marcus by Goldman Sachs offers some of the best high-yield savings accounts and personal loans on the market today. Their savings accounts, in particular, offer a competitive APY of 4.30%. There are no fees required for this account, and you can open one and get started with no minimum deposit required.

You can also make same-day transfers from other banks in amounts up to $100,000, and Marcus by Goldman Sachs accounts are all FDIC insured.

The bank’s mobile app is also highly rated and recommended. Applicants can open their accounts online or using the mobile app, but the app itself is incredibly useful once you fund your account. As an example, you can use the Marcus by Goldman Sachs app to schedule transfers in and out of your account, see how much interest you have earned, and keep track of your savings goals.

If you are hoping to open a savings account with a bank that may have physical branches in your area, Citibank is worth considering. This bank has branches throughout the country, but you’ll also be able to access over 65,000 ATMs through their network. In the meantime, Citibank also offers a useful mobile app with excellent ratings on Google Play and in the App Store.

In terms of their online savings account, their highest tier of savings currently earns 4.05% APY. A monthly service fee of $4.50 may apply if you have a Citi Accelerate savings account without a connected checking account, but you can have this fee waived if you maintain an average monthly balance of at least $500 in your account at all times.

Barclays is another bank that offers exceptional high-yield savings account almost anyone can open. This account is currently earning 4.35% APY, and the minimum account balance requirement starts at $0. There are also no monthly fees associated with this account, as well as no hidden fees in general.

Barclays accounts come with FDIC insurance, and they make it easy to transfer money between accounts online or using the bank’s mobile app. At the end of the day, this account is a no-frills option that aims to grow your savings without requiring you to jump through any hoops.

SoFi offers an exceptional APY of 4.6% on their savings accounts with no minimum deposit requirement and no monthly fees or hidden fees to worry about. The online bank is even offering a new account bonus of up to $300 when you sign up and set up qualifying direct deposits to your account.

Opening an account with SoFi also gets you access to more than 55,000 fee-free ATMS in the Allpoint ATM network, and qualifying direct deposits can protect you from overdraft fees when you overdraft your account by up to $50. A SoFi savings account also lets you access your paycheck up to two days early. The SoFi mobile app is highly rated as well, and it makes it easy to monitor all your SoFi accounts in one place.

Bread Savings is another online institution that can help you grow your savings with a high APY and no hidden fees. You need at least $100 to open a savings account with Bread, and you can earn an APY of 4.75% after that, regardless of your account balance.

Bread’s high-yield savings accounts are mostly free of frills and special features, but the company does have a mobile app with plenty of perks. For example, you can use the Bread app to monitor your savings balance, transfer funds, make deposits, and more. Bread also offers unlimited deposits via mobile check capture and ACH transfer.

Finding the Best Savings Accounts

Opening a savings account can make it easier to reach your savings goals, yet it can make sense to check out and compare other financial products like Certificates of Deposit (CDs) and money market accounts as well. If you want an account that you can use to make regular purchases, you should also look at the best checking accounts on the market today.

When evaluating the best savings accounts, here are all the factors you need to consider:

Savings Accounts 101

If you still believe the best savings accounts will meet your needs, read on to learn more about how savings accounts work and their pros and cons.

How Savings Accounts Work

A savings account is a type of bank account that intends to help you grow your money over time. Savings accounts offer an annual percentage yield (APY) that is a lot higher than you’ll get with a checking account. However, some savings accounts come with minimum balance requirements, monthly fees, or limits on the amounts you can transfer or withdraw each month.

To get the most out of a savings account, you should look for options that offer the highest APY you can find with minimal fees or no fees. You can grow your savings faster by setting up automatic transfers or deposits, and you can open multiple savings accounts for different goals.

Use-Cases for Savings Accounts

There are myriad reasons to open a savings account with your regular bank or an online institution. With that in mind, here are some of the most common uses for savings accounts and the funds they hold.

• Short-Term Goals: Many consumers use a savings account to save up for short-term goals, whether that includes home upgrades or repairs, an upcoming vacation, or a new vehicle for the family.
• Long-Term Goals: You can also use a savings account to save for longer-term goals such as the down payment on a home, college tuition, or your future retirement.
• Emergency Funds: Most experts say you should have three to six months of expenses tucked away in a savings account for emergencies only. With a fully-stocked emergency fund that’s held in a high-yield savings account, you’ll have some protection against unexpected expenses and bills, a loss in income, a job loss, and more.
• Rainy Day Funds: It never hurts to have some savings that aren’t allocated for anything in particular. You can open up a savings account and fund it for anything that pops up, from a last-minute trip you want to take to a splurge purchase of something you have always wanted.

How We Found the Best Savings Accounts

To find the best savings accounts on the market today, we looked for options that offer the highest annual percentage yield (APY) possible with no monthly fees or minimal fees required. We also looked for institutions that have a mobile app, and we only considered bank accounts that are FDIC-insured.

Other features we looked for include low minimum deposit requirements (or a $0 minimum deposit requirement), access to fee-free ATMS, a robust online portal, and easy money transfers and deposits via an online banking portal or mobile app.

• Discover Online Savings Account: Best User Experience
• UFB Direct Rewards Savings: Best for High APY
• CIT Bank Savings Connect: Best for No Fees
• Marcus by Goldman Sachs: Best for No Minimum Deposit
• Citi Accelerate Savings: Best for Citi Customers
• Barclays Online Savings Account: Best Online Tools
• SoFi Money: Best Sign-Up Bonus Offer
• Bread High Yield Savings: Best for Easy Online Transfers

The Bottom Line – Finding the Best Savings Account Rates

Shopping around for online savings accounts can be intimidating at first, but with the right research tools and a bit of savvy, you can find the perfect fit for your needs. Make sure to remember the importance of security when evaluating online accounts and, of course, look for the one with the best rate of return.

People often overlook online savings as a way to make their money work for them – don’t forget that a high-yield account often starts from small beginnings! Take advantage of online savings options and unlock a wealth of financial opportunities.

FAQs on Finding the Best Savings Account For Your Money

The post 8 Best Savings Accounts of 2024 appeared first on Good Financial Cents®.

Did you know that according to the United States Bureau of Labor Statistics, the median hourly wage for all workers is $29 per hour? That means making $30 an hour is already above average. So, let’s see what your yearly take-home pay could look like with such a handsome hourly rate.

But wait, there’s more. We’ll also explore what type of jobs typically pay $30 an hour and how you can make sure that you get the most out of your salary. Stick around, and we’ll give you all the answers.

$30 an Hour Is How Much a Year?

We calculated the annual salary based on an hourly rate of $30 and assuming an average workweek of 40 hours.

Calculation Breakdown

Let’s break down the math to find out how much you could earn annually with a $30 hourly wage:

1. Consider an average workweek of 40 hours and an average year consisting of 52 weeks.

2. Multiply the number of hours in a workweek (40) by the number of weeks in a year (52) to calculate the total number of working hours in a year: 40 hours x 52 weeks = 2,080 hours.

3. Multiply the $30 hourly rate by the total number of working hours (2,080) to determine the gross annual salary: $30 x 2,080 hours = $62,400.

Keep in mind that this calculation represents the gross annual salary, not accounting for taxes, insurance, 401(k), or deductions. Nonetheless, it reveals the potential earnings for someone with a $30 hourly wage.

The gross annual salary of $62,400 is considered a middle-class income as it is above the salary threshold of $50,000.

Part-Time Work?

For those working part-time, the annual salary calculation differs slightly. Let’s assume you work 20 hours a week instead of the standard 40:

• Multiply your weekly hours (20) by the number of weeks in a year (52) to determine the total number of working hours in a year: 20 hours x 52 weeks = 1,040 hours.

• Calculate your gross annual salary by multiplying the hourly rate of $30 by the total number of working hours (1,040): $30 x 1,040 hours = $31,200.

What Does $30 an Hour Translate to in Terms of Paycheck?

Monthly Paycheck

With a $30 hourly rate, your gross monthly paycheck would average around $5,200. We arrived at this figure by dividing the annual salary of $62,400 by 12 months: $62,400 ÷ 12 = $5,200.

Keep in mind that the actual amount you receive may vary depending on factors such as the number of days in each month and your payday schedule.

If you were to receive a pay raise from $20 to $30 per hour, you could expect an additional average of $866 per month, significantly boosting your earnings.

Weekly Paycheck

The weekly salary for someone making $30 an hour would be calculated by dividing their annual salary of $62,400 by 52 weeks: $62,400 ÷ 52 = $1,200.

This equates to approximately $1,200 per week before taxes and deductions are applied.

Bi-Weekly Paycheck

Having a bi-weekly payday means that you receive two paychecks per month. To calculate your gross bi-weekly salary, divide the annual income of $62,400 by 26 paychecks: $62,400 ÷ 26 = $2,400.

With an hourly rate of $30, you would receive a bi-weekly paycheck of approximately $2,400 before taxes and deductions.

Daily Paycheck

Your daily paycheck is based on how many hours you work each day. For instance, if you work for 8 hours, your daily pay would be $240 (calculated at $30 per hour).

Earnings Overview: $30 per Hour Salary Breakdown

How Does $30 an Hour Compare?

Earning $30 an hour results in a yearly income of $62,400, which surpasses the national average income of $48,672 per year but falls below the median salary of $68,703 per year. Nonetheless, it is an excellent salary for someone who holds only a high school diploma or lacks a college degree.

Securing a job with a $30 hourly wage also provides a competitive advantage to job hunters compared to those just beginning their job search. With this pay rate, job candidates can anticipate receiving attractive job offers accompanied by valuable career guidance.

Is $30 an Ideal Hourly Wage?

Well, that’s a bit of a tricky question, isn’t it?

Your location and way of life play a huge part in determining the worth of that paycheck. But let’s try to break it down with the federal poverty level in mind, shall we?

For all you single folks out there without dependents, a yearly income of $14,580 deems you officially above the poverty line – congrats!

Got a family of four?

From a more analytical perspective, an hourly rate of $30 can indeed be suitable, contingent upon the cost of living in your area and your personal circumstances. As per the federal poverty guidelines, a single individual without dependents would surpass the poverty threshold with this rate. Further, a household of four would likewise be above the poverty line. 

It is important to stress, however, that financial prudence is critical in maintaining a comfortable lifestyle with a $30 hourly rate. By efficiently managing one’s expenses, this income level can adequately sustain both individual and family needs.

Paid Time Off for Hourly Employees Earning $30 per Hour

Don’t underestimate the power of paid time off, especially as an hourly employee. With paid time off, you can maintain a healthy balance between work and personal life while still securing a stable income.

Imagine working 40 hours a week throughout the year, and let’s dive into two scenarios that show how valuable paid time off can be to your bank account.

Case 1: Paid Vacation

Are you one of the lucky ones receiving two weeks of paid time off annually? If you are, pat yourself on the back! Your yearly earnings will stay consistent at $62,400, just like those fabulous salaried folks out there.

Case 2: Non-Paid Vacation

Unfortunately, not all hourly employees receive the glorious benefit of paid time off. In this case, it’s crucial to anticipate a modest dip in your yearly income due to unforeseen circumstances or even some well-deserved vacation time.

Let’s say you take two weeks off without pay; that leaves you working 50 weeks (2,000 hours) out of the year, earning you $60,000. So, while your daily earnings may hover around two hundred bucks a day, don’t forget to plan for those no-pay-off days.

How Much Is $30 An Hour After Taxes?

Understanding how taxes can affect your hourly wage is crucial. Although everyone’s tax situation is different, this article will make use of the following general assumptions:

Here is an estimation of your tax deductions based on the given assumptions.

• Federal Taxes: $7,488

• Social Security and Medicare: $4,773

• State Taxes: $2,496

Net Annual Salary: $47,643

We will calculate your hourly wage based on the assumption that you work 2,080 hours per year.

Net Hourly Wage: $22.9

Your gross hourly wage is $30, and your net hourly wage is $22.9, which means there is a $7.1 difference between them.

Please note that the calculations provided are an estimation only, and your real tax rate and deductions may be different.

Note: There are some states in the US that do not impose state taxes on salary income. If you live in one of these states, you will still need to pay your federal tax and FICA.

Here is a list of states that do not have a state income tax:

1. Alaska

2. Florida

3. Tennessee

4. Nevada

5. South Dakota

6. Texas

7. Washington

8. Wyoming

9. New Hampshire

What would your net monthly income be if you lived in any of these states and earned $30 per hour?

Let’s do math again!

Based on the assumptions provided, I have calculated an estimate of your tax deductions in a tax-free state:

Tips for Budgeting With a 30/Hour Salary to Maximize Savings

Bring out the best of your $30 per-hour salary by mastering the art of budgeting. With a solid budget, you’ll pave the way for a bright financial future by saving for the essentials, like retirement, emergencies, and other endeavors.

Be a Detective with Your Expenses

It’s time to journey into the realm of finance and uncover the mystery that is your expenses! Seek out the differences between your fixed expenses like rent or mortgage, car payments, and loan installments and your ever-changing variable expenses such as groceries, gas, and fluctuating credit card bills.

Conquer the Debt Monster

Waging a battle against debt is vital in mastering budgeting on a $ 30-per-hour salary. Take charge by striking down high-interest debt, like menacing credit card balances, first. Your debt-to-income ratio constantly changes with the ebb and flow of your salary, so it’s important to stay up-to-date.

Managing Discretionary Spending

To make the most of a $30-an-hour salary, keeping discretionary spending in check is crucial. Think of these non-essential expenses like entertainment and hobbies as the cherry on top – satisfying 5-10% of your income after covering the essentials. Once bills are paid, and savings are secured, you can enjoy the simple pleasures without breaking the bank.

Savings and Retirement – Your Best Friends on a $30/hr Salary

Automate your savings and watch your emergency fund grow effortlessly. And while you’re at it, why not hop on the 401k bandwagon? Enrolling in an employer-sponsored retirement plan unlocks pre-tax deductions from your paycheck and could provide an employer match.

With this dynamic duo, you’ll be on your way to securing savings and a rich retirement without missing a beat.

The table below shows the recommended budget percentages based on an hourly wage of $30.

Prioritize Expenses

As a budgeting whiz, take control of your expenses and pay your essential bills first – rent, utilities, and food reign supreme. Then, attending to other must-haves like transportation, insurance, and healthcare, you’ll create a well-structured budget that leaves room for those delightful discretionary expenses. It’s all about balance with a $30-an-hour salary.

Keep Your Budget in Check

Stay ahead of the game by continuously revisiting and fine-tuning your budget. As your financial landscape evolves, it’s crucial to keep your budget aligned with your current monetary reality. Don’t let your budget gather dust — consider it a living document, always prepared to accommodate life’s twists and turns.

Finding an excellent employer is another valuable piece of the puzzle. Be on the lookout for companies that value the importance of employee growth and development. More often than not, employers who appreciate their workforce will ensure that you gain relevant experience and certifications needed for better positions.

Let’s take the food service industry, for instance. Here, numerous business-savvy restaurants offer entry-level positions with ample training opportunities to help their dedicated employees climb the ranks. To cap it off, these techniques pave the way to not only bagging a $30-an-hour job but setting the stage for even greater monetary success down the line.

Types of Jobs That Pay 30/Hour Salary

If you are looking for jobs that pay $30/hour, job search and career advice websites can be helpful. Some job titles that typically offer this salary range are:

These careers can potentially pay you a salary of $30 per hour or more. By putting in hard work and commitment, it’s achievable to reach that aim.

Side Hustles To Supplement Your $30 Income

Looking to give your bank account that extra zing? Say hello to side hustles! These wonderful opportunities let you make some moolah on the side while enjoying your free time. Dive into these fresh ideas and watch your earnings soar:

Master the Online Marketplace

You don’t need to be an artist to launch a successful online store. Dive into the print-on-demand business without the need for upfront capital investments, and make your mark on platforms like Etsy, Shopify, and Amazon.

Delivery Driving

Transform your idle hours into a gold mine by taking up delivery driving gigs with crowd favorites like DoorDash, Uber Eats, or Instacart. Catch the dinner rush to maximize earnings and cherry-pick delivery jobs that fit your fancy!

Virtual Tutoring: Monetizing Expertise

Leverage your specialized degree and share your knowledge by becoming an online tutor, assisting students across the globe. With platforms like VIPKID and Chegg, you can cultivate a stable side income, earning up to $30 per hour.

Short-term Rentals: A Calculated Investment

For a fruitful side income, consider listing extra rooms with private entrances on short-term rental platforms like Airbnb. By maintaining a presentable and clean space with effective marketing, you can entice guests and yield higher returns.

Unleash Your Freelance Potential

No matter your expertise – be it photography, writing, tech, or beyond – freelancing opens up a world of opportunities. Capture stunning images for websites, pen engaging blog posts, articles, and reviews, or even put your design skills to work by creating websites and assisting as a virtual helper. With resourceful platforms like Fiverr, Upwork, and Freelancer, you control when and how much you make.

Blogging & Podcasting: Making the Most of Your Voice

In a digital age, content continues to reign supreme. Become an online sensation by starting your own blog or podcast, and speak to the world about your passions. This only requires a mobile phone and internet connection, so give it a go.

Share Your Skills

Use your unique talents to create positive change in your community! If cleaning and organizing is your jam, or if you have a magical green thumb, offer services like pet sitting, dog walking, child care, and handyman assistance to make some extra cash.

Final Thoughts on a $30/Hour Salary

The cost of living, housing costs, and taxes greatly influence how much money you’ll have in your pocket at the end of the month. When taking into account these three factors, a salary of $30 per hour on an annual basis can support a comfortable lifestyle that is above the poverty line.

The key to making this work is budgeting and smart money management. With diligence and dedication to financial planning, you can enjoy the benefits of your salary without having to worry about making more money.

$30 an Hour FAQs

The post $30 an Hour Is How Much a Year? appeared first on Good Financial Cents®.

If this past year has taught us anything, it’s that investments that seem too good to be true almost always are. Many investors were burned by ‘can’t miss’ tech stocks and could only watch as the value of digital assets, like cryptocurrencies and NFTs, evaporated in minutes and couldn’t sustain the promised high returns.  

In a highly volatile market, deciding how to invest your money is as challenging as ever, which is why rising interest rates have led many investors toward the safety of savings accounts and Certificates of Deposit (CDs).

This is where SaveBetter comes in.

SaveBetter pools high-interest savings accounts and CDs from financial institutions nationwide, giving customers access to high-yield accounts they otherwise wouldn’t know about.

But is SaveBetter (Raisin) the best way to secure the best savings rates? I’ll answer that question and more in this review.

What Is SaveBetter (Raisin)?

SaveBetter (Raisin) is a financial technology company founded in late 2020 as a subsidiary of Deposit Solutions, now Raisin DS. Raisin works with over 400 banks in more than 30 countries worldwide.

What makes SaveBetter unique is that it’s a digital platform, not a traditional bank. SaveBetter claims to provide a digital “storefront” for banks and credit unions looking to promote deposit products to a larger audience.

Because the SaveBetter platform promotes products from lesser-known financial institutions, investors can take advantage of offers they may not have had access to otherwise.

Customers can choose between savings products from FDIC-protected banks and NCUA-insured credit unions that offer superior interest rates.

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5.26%

Interest Rate

varies

Min. Initial Deposit

Turn Your Savings Into Something

Key Features

SaveBetter (Raisin) Products

With SaveBetter (Raisin), you can easily locate savings products from several financial institutions to ensure you’re earning the best possible yield.

You can also access your savings accounts and investments under one dashboard, For example, you could have a two-year fixed-term CD for your wedding savings and a high-yield savings account for your emergency fund, and view them both on the same dashboard.

High-Yield Savings Account. A traditional savings account with no limits on deposits and withdrawals. Allows you to earn a higher interest rate while having constant access to funds when you need it.

Money Market Deposit Account (MMDA). A money market account is a type of savings account at a bank or credit union that lets you earn interest on your money and make withdrawals.

No Penalty CD. Lock in an attractive rate for a set period with the ability to make a complete withdrawal at any point after the first seven calendar days of funding your account without paying the penalty. CD yields are usually higher than savings accounts.  

Fixed-Term CD. Your money is held for a fixed period with a competitive APY that allows a predictable and safe return on your money. Fixed-term CDs offer higher rates than savings accounts and no-penalty CDs, but your money is locked in for the duration of the term, i.e., 1 Year, 3 Years, or 5 Years.

Is SaveBetter (Raisin) Legit?

SaveBetter is a legit way to invest. Even though SaveBetter isn’t a bank, your deposits with them are protected up to $250,000 with FDIC protection for bank products and NCUA coverage for credit union products.  

SaveBetter is also a SOC 2-certified platform, and they use other security protocols, including multi-factor authentication, encryption, and advanced internet protection from Cloudflare.

While there aren’t as many SaveBetter Reviews online as you would find with more established banks, it’s likely that the service just hasn’t been around for long enough. 

How to Get Started With SaveBetter (Raisin)

Here’s how you can get started with SaveBetter:

Step 1: Create your account. 

Set up an account with your unique username and password in 3-5 minutes. It will ask you for the same information required when signing up for any kind of financial product. 

Step 2: Review the different investment options.

Once your account has been activated, it’s time to review the various investment offers on the main page. You can choose between high-yield savings accounts, fixed-term CDs, and no-penalty CDs. You’ll notice a wide range of products from different financial institutions, so you can shop around until you find the most attractive offer for your situation. You can also explore these options before creating your account. 

Step 3: Apply for offers.

You can apply for any FDIC-insured product listed on the platform. SaveBetter also lets you mix and match when it comes to the different institutions and offerings available. For example, you can invest in a high-yield saving account with Third Coast Bank and a fixed-term CD offered through Ponce Bank. 

Step 4: Fund your account.

Once you’re ready to purchase an investment based on your financial goals and liquidity preferences, you will fund your account by connecting an existing checking or savings account through Yodlee (a third-party app), or manually inputting your routing and account number for your current banking setup.

From there, it takes about three business days for the transfer to go through. You’ll start accumulating interest on your money when the transfer hits your SaveBetter account. 

Step 5: Manage your different investing accounts under one dashboard.

With SaveBetter, you can manage all of your accounts under a single dashboard. For added simplicity, you’ll only get one tax document from SaveBetter, even if you invest with multiple financial institutions. 

SaveBetter (Raisin) Alternatives

As an online marketplace dedicated to savings products, SaveBetter is unique and has no direct competitor. That said, other online banks are offering attractive rates on high-interest savings accounts and CDs. Here are a couple of SaveBetter alternatives worth considering.

Ally Bank

Ally is an online-only bank that also offers high-yield savings accounts and CDs. With a 4.25% APY at the time of this writing, their savings account is slightly lower than what you can find with SaveBetter (Raisin). Still, it offers numerous features you won’t find elsewhere, like recurring transfers and savings buckets. 

You also don’t have to worry about a minimum balance or maintenance fees with an Ally Bank savings account. However, if you’re looking for the highest return for your money, SaveBetter (Raisin) rates are higher.

SoFi

SoFi is an online personal finance company and a bank that allows you to complete your financial transactions in one place. You can have a checking account, savings account, credit card, credit score tracking services, and various other financial products under one umbrella. 

SoFi is currently offering a savings account with a 4.50% APY. You can do all your banking in one place, and you’re guaranteed to earn interest on your money. With over four million users, it’s clear SoFi has become a one-stop shop for personal finance for many folks. 

OUR PARTNER – Top Savings Accounts

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5.26%

Interest Rate

varies

Min. Initial Deposit

Turn Your Savings Into Something

SaveBetter Review: Final Thoughts

If you’re looking for a place to park your money in the short term, you should be checking out SaveBetter’s offers. At the very least, review the products to see if you can find a suitable product that meets your needs. Savings accounts don’t offer the return potential of long-term market investments, but you’ll sleep well at night knowing your money’s safe.

Even though SaveBetter isn’t as established as some of the big national banks, and they work with smaller financial institutions, know that your money will be protected with deposit insurance while you earn a decent return.

SaveBetter (Raisin) FAQs

Since SaveBetter (Raisin) only launched in 2020, many investors still aren’t familiar with the company. Here are the answers to some common questions people have about SaveBetter.

How We Review Banking or Financial Institutions: 

Good Financial Cents undertakes a comprehensive review of banking and financial institutions, analyzing service offerings, customer satisfaction, and financial stability. Our intention is to provide readers with a balanced overview, aiding them in their financial journey. We consistently emphasize editorial transparency.

We source data from these institutions, reviewing account offerings and other key services. This data, when combined with our in-depth research, forms the foundation of our evaluation. Institutions are subsequently rated on a range of criteria, resulting in a star rating from one to five.
For further insight into the criteria we use to rate banking and financial institutions and our evaluation approach, please refer to our editorial guidelines and full disclaimer.

Raisin Review

Product Name: Raisin

Product Description: Raisin is an innovative online savings and investment platform that provides users access to competitive interest rates across a variety of European banks. It streamlines the process of creating and managing savings accounts, making it easier for users to optimize their returns without the hassle of navigating through different banking portals. The platform emphasizes transparency, user-friendliness, and providing a diverse range of savings products.

• [ Open An Account]

Summary of Raisin

Raisin distinguishes itself by consolidating a wide range of savings and investment products from different European banks onto one accessible platform. Users can effortlessly compare interest rates, terms, and conditions to find the most suitable savings options. The platform also simplifies the account creation process, enabling customers to open and manage multiple savings accounts across different banks without additional paperwork for each new account. Raisin’s commitment to providing a user-friendly experience is evident through its straightforward interface and responsive customer support. While it opens up opportunities for higher returns on savings, the platform primarily features products from European banks, which might be a limitation for users interested in global investment opportunities.

• Cost and Fees
• Customer Service
• User Experience
• Product Offerings

Overall

4.3

Pros

• You can open an account in 3-5 minutes.
• Access investments from multiple financial institutions.
• Manage all of your accounts from a single dashboard. 
• Simplified tax reporting with a single 1099-INT document.

Cons

• You may be investing with less established FIs.
• No online bill pay or checking services available.
• Limited customer service is only available between 9 AM and 4 PM EST.

The post SaveBetter (Raisin) Review: The Best Place to Go for High-Interest Savings? appeared first on Good Financial Cents®.

While it’s true that the amount of return you can get depends on how much risk (and losses) you are willing to accept, great investors make their living by balancing these forces.

While we can’t decide for you how much risk you are willing to take, we have structured this guide to give you a range of options based on zero, low, or medium risk for long-term investments.

Some of these options like picking up a bonus for switching banks, or getting into a higher-yield savings account carry zero risk. Other options could take some additional learning or planning on your part.

The Top 15 Best Low-Risk Investments With The Highest Returns:

Where To Start – Low-Risk Investing

For anyone looking to start investing, I recommend just getting started small because nothing leads to learning faster than action. The easiest way to get started investing in a whole host of asset classes is through a “robo-advisor“.

My personal favorite is M1 Finance because it’s low-cost and dead simple to use. They offer individual stocks, ETFs and give you the ability to build your own custom portfolios.

Open an Account

• Commission-free investing
• Allows fractional shares in stocks, ETFs
• Small minimum investment: $100

My Favorite Low-Risk Investment Right Now

Fractional Real Estate

One of the historically lowest risk/highest return asset classes is real estate. The problem has always been that it’s really hard to get started with small amounts of money.

In recent years, great platforms like Fundrise have popped up and “democratized” access to real estate investments. This advancement makes real estate a very viable option for people looking for alternatives to the stock market.

With Fundrise, you can get started with a well-diversified portfolio of commercial and multi-family real estate with as little as $10.

Invest in Real Estate

• Minimum investment of $10
• Diversified real estate portfolio
• Portfolio Transparency

Long-Risk Investments That Require Zero Risk-Taking

Ok, maybe these aren’t actual investments, but consider them smart money moves to make more money and optimize your finances at a baseline.

1. Grab a Bank Bonus

If you have some extra money you won’t need for a while, you can occasionally earn some free cash with a bank bonus from one of the nation’s best banks. Most banks will offer a bonus as an incentive for you to sign up, and these bonuses can be worth several hundred dollars on their own.

Bank bonuses are sometimes regional, however, and can depend on the local banks in your area and the products they offer.

In exchange for your bank bonus, you may have to set up a direct deposit to your new account or use a bank-issued debit card for a certain number of transactions within the first few months.

By jumping through these hoops, you can usually earn a few hundred dollars for your efforts. Best of all, you won’t have to worry about losing a single cent of your deposit. And if you decide not to keep the account for the long haul, you can always close it once you earn the bonus and meet all of the bank’s requirements.

2. Trade-Up To A High-Interest Savings Account

If you’re looking for a risk-free way to earn some interest on your money, a high-yield savings account might be your answer. With these accounts, you’ll earn a nominal amount of interest just for keeping your money on deposit.

Other than opening your account and depositing your money, this strategy requires almost no effort on your part, either. The best high yield savings accounts offer competitive interest rates without charging any fees. Currently the highest savings rate goes to:

OUR PARTNER – Top Savings Accounts

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5.26%

Interest Rate

varies

Min. Initial Deposit

Turn Your Savings Into Something

3. Open An Online Checking Account

Just like high-yield savings accounts, online checking accounts let you earn small amounts of interest on the money you deposit. If you’re going to park your money in the bank anyway, you could surely appreciate earning some interest along the way. Best of all, many online checking accounts charge zero or minimal fees to get started.

If you want the utmost flexibility, it’s also important to seek out an account that doesn’t impose account minimums or deposit requirements. And if you want to withdraw money frequently, you’ll want to make sure you have access to local, no-fee ATMs as well.

4. Earn More Credit Card Rewards

Credit cards are not the devil. We all spend money, and when used properly, a credit card can help you earn cashback on your spending. By picking up a cash-back credit card, you earn “points” that translate into real money.

In reality, the “rewards” you earn with some of the top cards are far more lucrative than anything you might earn with a Certificate of Deposit or online savings account.

With credit cards I currently earn:

• 5% Back on Cable, Internet, Cell Service, and at Amazon and Target

• 3% Back on Dining and Travel

• 6% Back at the Grocery Store

• 2% Back on Gas

Here’s how these offers work:

Let’s say you picked up a Chase Sapphire Preferred® card and put your regular spending on it to earn the signup bonus. Once you spent $4,000 on your card in 90 days, you would earn 60,000 points worth $750 in travel ($600 in gift cards or cashback). If you spent that $4,000 on bills you would normally pay like groceries, daycare, or utilities, and paid your card off right away, this is the closest thing to “free money” you’ll ever find!

If you want to learn more about the easy money you can score with credit card rewards, check out our guide on the best cash-back credit cards.

Best Low-Risk Investment Options

These investment options carry a very small amount of risk overall. In turn, you won’t expect to make as much, but your money should be relatively safe and still earn yields.

5. Certificate of Deposit

No matter how hard you look, you won’t find an investment more boring than a Certificate of Deposit. With a Certificate of Deposit (CD), you deposit your money for a specific length of time in exchange for a guaranteed return no matter what happens to the interest rates during that time period.

Be sure and buy your CD with an FDIC-insured financial institution (up to $250k is insured). The longer the duration of the CD, the more interest the financial institution will pay.

For a quick low-risk turnaround, I recommend a CIT Bank 11-month No Penalty CD at 4.15%.

6. Money Market Account

A money market account is a mutual fund created for people who don’t want to lose any of the principal of their investment. The fund also tries to pay out a little bit of interest as well to make parking your cash with the fund worthwhile. The fund’s goal is to maintain a Net Asset Value (NAV) of $1 per share.

These funds aren’t foolproof, but they do come with a strong pedigree in protecting the underlying value of your cash.

It is possible for the NAV to drop below $1, but it is rare. You can park cash in a money market fund using a great broker like TD Ameritrade, Ally Invest, and E*TRADE or with the same banks that offer high-interest savings accounts.

While you may not earn a lot of interest on your investment, you won’t have to worry about losing vast amounts of your principal or the day-to-day fluctuations in the market.

7. Treasury Inflation-Protected Securities (TIPS)

The US Treasury has several types of bond investments for you to choose from.

One of the lowest risks is called Treasury Inflation Protection Securities, or TIPS. These bonds come with two methods of growth. The first is a fixed interest rate that doesn’t change for the length of the bond. The second is built-in inflation protection that is guaranteed by the government.

For example, you might invest in TIPS today which only comes with a 0.35% interest rate. That’s less than the certificate of deposit rates and even basic online savings accounts.

That isn’t very enticing until you realize that, if inflation grows 2% per year for the length of the bond, then your investment value will grow with that inflation and give you a much higher return on your investment.

TIPS can be purchased individually or you can invest in a mutual fund that, in turn, invests in a basket of TIPS. The latter option makes managing your investments easier while the former gives you the ability to pick and choose with specific TIPS you want.

Want to protect your portfolio from inflation? Purchase TIPS through a great broker like:

• TD Ameritrade

• Ally Invest

8. US Savings Bonds

US Savings Bonds are similar to Treasury Inflation-Protected Securities because they are also backed by the United States Federal government. The likelihood of default on this debt is microscopic which makes them a very stable investment.

There are two main types of US Savings Bonds: Series I and Series EE.

Series I bonds consist of two components: a fixed interest rate return and an adjustable inflation-linked return. They are somewhat similar to TIPS because they have the inflation adjustment as part of the total return. (You can see the current rates on Series I Bonds here)

The fixed rate never changes, but the inflation return rate is adjusted every 6 months and can also be negative (which would bring your total return down, not up).

Series EE bonds just have a fixed rate of interest that is added to the bond automatically at the end of each month (so you don’t have to worry about reinvesting for compounding purposes).

That equates to approximately a 3.5% return on your investment. If you don’t hold to maturity you will only get the stated interest rate of the bond minus any early withdrawal fees.

Another bonus to look into: if you use EE bonds to pay for education, you might be able to exclude some or all of the interest earned from your taxes.

Looking to purchase some Series I or Series EE Bonds? You can do that directly through TreasuryDirect.gov.

9. Annuities

Annuities are a point of contention for some investors because shady financial advisors have over-promoted them to individuals where the annuity wasn’t the right product for their financial goals.

They don’t have to be scary things; annuities can be a good option for certain investors who need help stabilizing their portfolio over a long period of time.

If you’re in the market for an annuity, however, be aware of the risks and talk with a good financial advisor first.

Annuities are complex financial instruments with lots of catches built into the contract. Before you sign on the dotted line, it’s important to understand your annuity inside and out.

There are several types of annuities, but at the end of the day, purchasing an annuity is on par with making a trade with an insurance company. They’re taking a lump sum of cash from you.

In return, they are giving you a stated rate of guaranteed return. Sometimes that return is fixed (with a fixed annuity), sometimes that return is variable (with a variable annuity), and sometimes your return is dictated in part by how the stock market does and gives you downside protection (with an equity-indexed annuity).

If you are getting a form of guaranteed return, your risk is a lot lower. Unlike the backing of the Federal government, your annuity is backed by the insurance company that holds it (and perhaps another company that further insurers the annuity company). Nonetheless, your money is typically going to be very safe in these complicated products.

10. Cash Value Life Insurance

Another controversial investment is cash value life insurance. This life insurance product not only pays out a death benefit to your beneficiaries when you die (like a term life insurance policy) but also allows you to accrue value with an investment portion in your payments.

Whole life insurance and universal life insurance are both types of cash value life insurance. While term life insurance is by far a cheaper option, it only covers your death.

One of the best perks of using cash value life insurance is that the accrued value can not only be borrowed against throughout your life but isn’t hit with income tax.

While cash value life insurance isn’t for everyone, it is a clever way to pass some value onto your heirs without either side being hit with income tax.

See our recommended life insurance companies.

Medium Risk Investment Options

All of these options carry more of an average risk profile and are variations of traditional stock/bond investing. You may want to consult a financial advisor when looking at these options.

11. Crowdfunded Real Estate Investing

If you like the idea of investing in real estate but shudder at the thought of being a landlord or home prices where you live are too expensive, real estate crowdfunding could be the solution!

Real estate crowdfunding became popular after Congress passed the 2012 Jobs Act, which essentially allowed real estate investors and developers to raise money from the public to fund their projects.

Let’s say a developer has plans to build a 200-unit condominium in Las Vegas. In the past, he could only raise funds for this project from private investors in his network. These days, however, he can list his project on a real estate crowdfunding platform and anyone in the public can invest!

Fundrise operates like Lending Club, except all of the investments are geared toward real estate. They keep risks low and interest high by carefully vetting the projects they invest in.

Invest in Real Estate

• Minimum investment of $10
• Diversified real estate portfolio
• Portfolio Transparency

12. Dividend-Paying Stocks and ETFs

One of the easiest ways to squeeze a bit more return out of your stock investments is simply to target stocks or mutual funds that have nice dividend payouts.

If two stocks perform exactly the same over a given period of time, but one has no dividend and the other pays out 3% per year in dividends, then the latter stock would be a better choice.

With dividend stock mutual funds, the fund company targets stocks that pay nice dividends and does all of the work for you.

13. Corporate Bonds

Unlike U.S. Treasury bonds, corporate bonds are not backed by the government. Instead, a corporate bond is debt security between a corporation and investors, backed by the corporation’s ability to repay the funds with future profits or use its assets as collateral.

Since you are taking on risk by investing in a company, the returns on corporate bonds are higher than other types of bonds, no matter how creditable the company’s reputation is. While that’s reassuring enough for some investors, if you’re looking for truly low-risk corporate investing, you should consider bond funds.

Bond funds come in the form of ETFs or mutual funds and help to diversify your investment across a number of bonds.

Robo advisors provide a great opportunity for investing in bond funds. If you’re looking to choose what types of funds to build into your portfolio but don’t want to deal with the hassle of constantly balancing your account and re-allocating funds, these might be best for you.

#1

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• Start investing with just $100
• Create your portfolio with any stock and/or ETF, for free.
• Invest in over 6,000 stocks and ETFs
• No annual or commission fees
• Choose from several expertly curated pies to help you invest your way
• Manage your investments from Android and iPhone apps

14. Municipal Bonds

When a government at the state or local level needs to borrow money, they don’t use a credit card. Instead, the government entity issues a municipal bond. These bonds, also known as munis, are exempt from Federal income tax, making them a smart investment for people who are trying to minimize their exposure to taxes.

What makes municipal bonds so safe? Not only do you avoid income tax (which means a higher return compared to an equally risky investment that is taxed), but the likelihood of the borrower defaulting is very low. There have been some enormous municipality bankruptcies in recent years, but this is very rare. Governments can always raise taxes or issue new debt to pay off old debt, which makes holding a municipal bond a pretty safe bet.

You can buy individual bonds or, better yet, invest in a municipal bond mutual fund at brokers like:

• TD Ameritrade

• Ally Invest

• E*TRADE

15. Preferred Stock

Adding on to the dividend stock theme is preferred stock. Preferred stock is a type of stock that companies issue that has both an equity (stock) portion and a debt portion (bond). In the hierarchy of payouts to forms of investments, preferred stock sits between bond payments (which come first) and common stock dividends (which come last).

Preferred stocks are not traded nearly as heavily as common stock, but do have less risk than the common stock. It is just another way to own shares in a company while getting dividend payments.

You can track down preferred stock investments at:

• Ally Invest

The Bottom Line on Low Risk Investments in March 2024

As you get closer to retirement, it’s important to reduce your risk as much as possible. You don’t want to start losing capital this late in the game; since you have many years of retirement ahead of you, you want to preserve your cash.

The best low-risk investments can help you do just that. By letting you earn nominal amounts of interest on your money with little risk, you can help your nest egg keep up with inflation without losing your shirt. Just remember to read the fine print and educate yourself along the way. And if you’re ever in doubt over an investment product or service, speak with a qualified financial advisor and ask as many questions as you can.

Check out some of our individual stockbroker reviews to help you get a better grasp on what will meet your investment needs:

• Betterment Investing Review

• TD Ameritrade Review

• E*TRADE Review

FAQs on Low to Medium-Risk Investments

The post 15 Best Low-Risk Investments appeared first on Good Financial Cents®.

In this guide, we’re going to provide 11 of the best online banks, most of which pay interest rates on deposits well above “traditional” banks.

Let’s start with a high-altitude summary with the table below. We’ve listed all 11 banks and their basic features. Take a quick glance through the table, then move down to the summary reviews of any you’re interested in just below the table.

Our Picks for Best Online Banks

Below is our list of the 11 best online banks, and what each bank is especially good at:

• Ally Bank: Best All-Around

• Discover Bank: Best Rewards Checking

• Alliant Credit Union: Best Online Credit Union

• CIT Bank: Best for High-Interest Savings

• Capital One Bank: Best Online Banking with Credit Cards

• Chime: Best for Depositors with Bad Credit

• PenFed: Best High Interest on CDs

• Bank of America: Best Full-Service Bank

• NBKC: Best Small Full-Service Online Bank

• PNC: Best Banking Virtual Wallet

• Betterment: Best Investment Service with Banking

• Products Offered: Checking, online savings, money markets, and CDs

• Minimum Balance Required: None

• APY on Best Account: 4.40% APY (Money Market Account)

• Monthly Fees: None

• ATM Network: 43,000+

Ally Bank got our vote as the best all-around online bank. Not only do they pay 4.40% APY on their money market accounts, but they also offer interest-bearing checking, and high-yield certificates of deposit (CDs).

But that’s not all that makes this online bank stand out. In addition to interest-bearing deposit accounts, they also offer mortgages, car loans, and personal loans. They also offer self-directed trading of most investment securities, as well as a robo-advisor and wealth management services.

Ally Bank offers interest checking with two tiers. The account pays 0.10% APY on balances less than $15,000, and 0.25% APY on balances above. The account also comes with a Round Up feature enabling you to save money as you spend.

Ally Bank also offers CDs with terms between three months and five years, and interest rates ranging from 0.50% and 2.75% APY.

• Products Offered: Online savings, checking account, money market, and CDs

• Minimum Balance Required: None

• APY on Best Account: 3.60% APY on online savings account

• Monthly Fees: None

• ATM Network: 60,000+

Best known for its high-rewards credit cards, Discover also offers online banking with high interest. Though their online savings account pays the highest rate at 3.60% APY, their money market comes close, with 3.50% APY on balances up to $100,000, and 3.55% APY on higher balances. They also offer CDs in terms of 12, 24, and 60 months, with interest rates ranging between 4.15% and 4.30% APY.

Much like Ally Bank, Discover has none of the usual fees. They even waive the excess withdrawal fee on their online savings account. Meanwhile, you can receive 1% cashback on debit card purchases up to $3000 each month with their no-fee checking account.

• Products Offered: Savings, interest checking, and children’s accounts

• Minimum Balance Required: $5, but $100 to earn interest

• APY on Best Account: 1.00% APY on high-yield online savings

• Monthly Fees: None with electronic statements

• ATM Network: 80,000+

Alliant Credit Union is one of the largest credit unions in the nation. And though based in Illinois, it’s available to depositors nationwide. As a credit union, they offer a full line of banking services. This includes credit cards, mortgages, home equity lines of credit, auto loans, personal loans, and even commercial real estate financing.

Their High-Rate Savings Account currently pays 1.00% APY with a minimum balance of $100, and no monthly fee if you choose electronic statements (paper statements are $1 per month). Meanwhile, the high-yield checking account pays 0.25% APY with no monthly service fee or overdraft fees and has no minimum balance requirement.

• Products Offered: Money market, savings account, eChecking, and CDs

• Minimum Balance Required: $100

• APY on Best Account: 1.35% APY on Savings Connect account

• Monthly Fees: None

• ATM Network: 7, but up to $30/month ATM fee reimbursement

CIT Bank’s star account is their Savings Connect account. It currently pays 1.35% APY and requires a minimum of $100 to open. It requires connecting the savings account with an eChecking account. And speaking of eChecking, that account pays interest of 0.10% APY on balances less than $25,000 or 0.25% above. It also requires a minimum opening balance of $100.

Meanwhile, the money market account pays 1.00% APY and requires a minimum of $100 to open. They also offer their Savings Builder account, which pays up to 0.70% APY. But this savings account is a bit complicated. It requires a minimum balance of $25,000 or making monthly deposits of at least $100, to earn the maximum interest rate. The rate falls to 0.34% if you don’t.

CIT Bank also offers an interesting array of CDs. Unfortunately, other than the No Penalty 11-month CD, currently paying 1.40% APY, the interest rate returns on their CD products pay well below 1%. CIT Bank also offers home mortgage loans, as well as business and commercial financing.

• Products Offered: Checking, savings, CDs, team checking, and kids savings accounts

• Minimum Balance Required: None

• APY on Best Account: 1.00% APY on 360 Performance Savings

• Monthly Fees: None

• ATM Network: 70,000+

Much like Discover, Capital One is perhaps best known for its line of very attractive credit cards. But they also offer online banking that includes interest-bearing checking and savings accounts, as well as a wide range of CDs. The most impressive program is the 360 Performance Savings account, which currently pays 1.00% APY on all balances. There are no monthly fees and no minimum balance requirement.

Their 360 Checking account is an interest-bearing checking account, currently paying 0.10% APY. Like the 360 savings account, there is no minimum balance and no monthly fees. Capital One also offers CDs with terms ranging from six months to 60 months, and interest rates between 0.75% APY and 2.90% APY.

• Products Offered: Checking and savings accounts

• Minimum Balance Required: None

• APY on Best Account: 0.50% APY on the High Yield Chime Savings Account

• Monthly Fees: None

• ATM Network: 60,000+

If you’ve been unable to open a checking account because of either bad credit or an unsatisfactory relationship with a previous bank, Chime can help. You can open an account with no money, and no credit check. Chime also offers fee-free overdraft protection with their SpotMe program which provides you with up to $200 in overdraft spending.

Chime also offers other services to help you better manage your finances and even improve your credit. Their Credit Builder program offers a secure Visa credit card with no annual fees or interest that will report to all three major credit bureaus.

Chime, however, is on the low end of the interest scale, with their top rate being 0.50% APY on their High Yield Chime Savings Account. But Chime is more a banking app for individuals looking to build credit, and not about paying high interest.

• Products Offered: Checking, savings, and money market accounts, and CDs

• Minimum Balance Required: $1,000

• APY on Best Account: 3.45% APY on their 5-year CD

• Monthly Fees: None

• ATM Network: 85,000+

PenFed is a credit union offering complete banking services. That includes checking, savings, and money market accounts, as well as high-yield CDs, credit cards, auto loans, personal loans and lines of credit, student loans, and the full range of mortgages and home loan products.

Their CDs are where they’re strongest. That starts with their five-year certificate which currently pays 3.45% APY on balances as low as $1,000. Meanwhile, their Premium Online Savings is currently paying 0.75% APY with a minimum of $5 to open an account.

They also offer a free checking account with no minimum balance and no monthly fees, as well as their Access America checking account paying up to 0.15% APY on balances below $20,000, and 0.35% APY on higher balances. The account requires a monthly direct deposit of at least $500, or a minimum daily balance of $500 to avoid a $10 monthly fee.

• Products Offered: Checking, savings, and CDs

• Minimum Balance Required: Varies by account type and program

• APY on Best Account: N/A

• Monthly Fees: Waivable fees on checking accounts, none on savings

• ATM Network: 16,000+

There’s good news and bad news with Bank of America. Let’s start with the bad news—interest on their checking, savings, and CDs is downright dismal. We’re talking rates of below 0.10% across the board, even with the recent increase in interest rates in general. Bank of America is simply not an institution where you’ll want to hold a large amount of cash for the purpose of earning interest on your money.

But what Bank of America is good at is being a full-service bank. Unlike many of the other banks on this list, Bank of America is a traditional brick-and-mortar bank. They have more than 4,000 retail financial centers across the country, which means the possibility of face-to-face banking is very high. But like an increasing number of traditional banks, they also offer complete online banking services.

As a full-service bank, they offer several credit cards, home loan programs, auto loans, and investing through Merrill Edge. And if that’s not enough, they also offer small business banking and wealth management. Bank of America is the perfect choice if those are the services you’re looking for.

• Products Offered: Checking and money market accounts, and CDs

• Minimum Balance Required: None, but you must make a deposit within 60 days of opening your account

• APY on Best Account: 0.40% APY on Personal Money Market

• Monthly Fees: None

• ATM Network: 37,000+

NBKC is a small, Kansas City-based bank with just four brick-and-mortar branches in the Kansas City area. But they distinguish themselves as an online bank, and one that provides full banking services. That includes home loans, personal loans, auto loans, bridge loans, and credit cards, in addition to checking and money market accounts and CDs. If that’s not enough, they also offer business services, like funds, disbursements and payments, fraud management, collections, and cash management.

On the bank deposit side, they pay interest on both their money market and checking accounts. The Personal Money Market currently pays 0.40% APY on all account balances, has no minimum balance requirement, and charges no monthly fees. Their Everything (checking) Account pays 0.25% APY on all account balances, has no minimum deposit requirement, and no monthly fees.

CDs have terms of between three months and five years, with interest rates between 0.10% and 0.75% APY. Each requires a minimum investment of $1,000 or $250.

• Products Offered: Checking, savings, and money market accounts, and CDs

• Minimum Balance Required: Varies by account

• APY on Best Account: N/A

• Monthly Fees: Varies by account

• ATM Network: 9,500+

PNC is another brick-and-mortar bank with a strong online presence. It’s one of the largest regional banks in the country, and it provides full banking services to individuals and businesses. They offer checking and savings accounts, credit cards, home financing, auto loans, and retirement plans, as well as business banking services.

Much like Bank of America, as a large banking concern, interest rates paid by PNC on deposit accounts are poor. For example, they offer multiple savings accounts, all with interest rates well below 0.10% APY, regardless of account balance. The situation is much the same with their CDs, with terms ranging from as little as one month to as long as 10 years.

But if PNC has a distinguishing feature, it’s their Virtual Wallet. That’s a feature that combines checking and savings accounts with money management tools. It will set you up with the primary checking account representing your spending account, a secondary checking account that will act as a reserve, and then a long-term savings account for growth. It will then add digital tools to track your spending and automate your savings.

• Products Offered: Checking, cash reserve, and automated investing

• Minimum Balance Required: None

• APY on Best Account: 1.10% APY with Cash Reserve account

• Monthly Fees: None

• ATM Network: None, but fees charged by other financial institutions are reimbursed

Betterment is an online, automated investment platform, better known as a robo-advisor. For a small fee (generally 0.25% of your investment account balance) they’ll create, manage, and rebalance your investment portfolio for you. All you need to do is fund your account.

But as the company has expanded its product offerings, they now offer both checking and a high interest cash reserve account. The cash reserve account currently pays 1.10% APY with no minimum balance required, and no monthly fees. However, you must have a Betterment investment account to be able to take advantage of the cash reserve. Meanwhile, your account will enjoy FDIC insurance protection on balances up to $1 million, or $2 million in a joint account.

Betterment also offers no-fee checking, which comes with a Visa debit card. The account has no fees, and is FDIC insured up to $250,000 per depositor. The Visa card will give you an opportunity to earn rewards at participating merchants, and though Betterment has no ATM network, they do reimburse fees charged by other financial institutions, as well as foreign transaction fees.

Online Banking vs. Traditional Banking

In truth, the line between online banking and traditional banking is fast becoming a lot less obvious than it used to be. That’s because nearly every bank in the country, including long-established brick-and-mortar banks, now offers online banking. Not only is it a feature consumers commonly prefer, but it also enables banks to attract customers well beyond their home territory.

However, expanding customer reach is hardly the only reason banks offer online banking. Because online banking doesn’t require physical branches, or the employees needed to staff them, it reduces their cost of operation. By passing those lower costs along to their consumers, online banks are able to attract a larger customer base.

That’s a big reason why online banks typically pay higher interest on deposits than traditional banks and charge lower fees. Many in fact charge no standard fees at all, starting with the monthly service charge.

Another major difference between the two is that online banks are fully functional from their web platforms. That includes giving consumers the ability to check individual transactions; balance their accounts; pay loans, merchants, and vendors online; transfer money between accounts or even to third parties; and contact customer service.

Online banking has progressed to the point where it is now possible to take advantage of mobile check deposit capabilities, enabling you to immediately deposit a paper check in your account for immediate crediting. It’s even possible to apply for a loan or credit card through an online banking platform. The combination of services has become so sophisticated, it has virtually eliminated the need to visit a bank branch.

There’s one other feature that’s proven to be critical to the success of online banking, and it’s mobility. Consumers can now access their accounts and conduct their banking business on a computer at home or at work, or even through their mobile phones. That can turn a bank transaction that once took up to an hour into just five minutes.

Tips to Find the Best Online Bank

Banking is a very personal service, and you need to approach finding the right online bank with that thought in mind. Determine what your own personal needs and preferences are, then set about finding the bank that will best match what you’re looking for.

For example, if you have a need to deposit or access cash, the size of an online bank’s ATM network will be very important to you. A large fee-free ATM network will give you greater flexibility to conduct cash transactions.

If you frequently need customer service, you’ll want to work with an online bank that offers live customer support by phone or by live chat. Many online banks now offer live customer service on a 24/7 basis.

You should also consider the most important reasons you use your bank. For example, if you still write a lot of checks, you’ll want to work with a bank that will offer fee-free checking, with unlimited check writing. Focus on finding the best checking accounts. This is especially important because many online banks are gradually moving away from paper checks.

If you’re primarily interested in saving money and earning high interest, focus on the banks that pay the highest rates. This will include the banks with the best savings accounts and the best high-yield savings. If you’re saving for long-term purposes, and want to lock in high interest rates, look for banks offering the best CD rates. Or perhaps you’re interested in other services the bank may provide—like loans. For example, you may be interested in working with an online bank that offers personal loans, since they’re usually the prime choice for the best debt consolidation. Similarly, if you plan to buy a car in the near future, you may be interested in an online bank that offers favorable auto loans.

How We Found the Best Online Banks

We used very specific criteria to come up with this list of the best online banks. Below are the features we consider to be the most important in making that determination:

• Products Offered: At a minimum, we looked for checking and savings accounts, but also money market and CDs. Non-deposit features were also taken into consideration, such as credit cards, loans, and business banking.

• Minimum Balance Required: As you can tell from the banks included on this list, we’ve given a strong priority to banks that have no minimum initial deposit requirement, or ongoing balance requirements.

• APY on Best Account: Though most of the banks include a relatively small number of interest-bearing accounts, some offer many. For that reason, we chose to highlight the single account paying the highest rate of interest. And, generally speaking, if a bank pays a higher rate on one account, it follows through to the other accounts they offer.

• Monthly Fees: We absolutely favor the banks that charge no monthly fees. But we included a couple of larger banks that do have fees but waive them with very minimal requirements.

• ATM Network: Banking with an online bank usually means an absence of brick-and-mortar branches. That means ATM access becomes even more important as a source of cash. We favor the banks that have the largest fee-free network of ATMs or provide reimbursement for out-of-network fees.

We also consider other services offered by each bank. Betterment is an excellent example, since they provide automated investment services, while PNC offers their Virtual Wallet to help you better manage your money and build savings.

Information was taken primarily from each bank’s website, and also from independent bank reviews where necessary.

Summary of the Best Online Banks

Let’s wrap this up by giving you one last look at our list of the 11 best online banks and why we included each:

• Ally Bank: Best All-Around

• Discover Bank: Best Rewards Checking

• Alliant Credit Union: Best Online Credit Union

• CIT Bank: Best for High-Interest Savings

• Capital One Bank: Best Online Banking with Credit Cards

• Chime: Best for Depositors with Bad Credit

• PenFed: Best High Interest on CDs

• Bank of America: Best Full-Service Bank

• NBKC: Best Small Full-Service Online Bank

• PNC: Best Banking Virtual Wallet

• Betterment: Best Investment Service with Banking

Given that interest rates have been rising in recent months, we strongly recommend looking into one or more of these banks. That doesn’t mean you need to shift all your accounts over to one of them, but you should definitely consider moving your savings if you’re not currently earning a comparable rate of return. You can also check out our post on other high-yield investments.

FAQs – Best Online Banks

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I clearly remember speaking with dumbfounded families who couldn’t believe their husband or father (or wife or mother) never had life insurance in place. Some didn’t have enough money to cover final expenses like the funeral bill, and others confided in me they had no idea how they would pay their bills.

This saddened me greatly since I know first-hand how inexpensive life insurance can be — especially if you’re young and healthy. After all, I’m a 40-year-old woman and I currently have two term policies worth $1 million dollars that set me back a grand total of $53 per month. 

Why People Don’t Buy Life Insurance

The main reason consumers don’t buy this important coverage is simple — they get busy and forget. Most of us know we need life insurance in place during our working years, and that’s especially true for those of us with kids. But it’s easy to let life get in the way, and for the purchase of life insurance to wind up on a list of other to-dos that we never get to. 

Not only that, but people don’t want to think about dying. I specifically remember a family I met in the funeral home who just lost a husband and father who wasn’t even 40 years old. In tears, his wife explained that he had told her he was going to buy life insurance dozens of times, but that he hated even dealing with death.

A final reason people don’t buy life insurance is cost. The thing is, term coverage is so cheap that almost anyone can afford it. People just think it’s expensive, so they shy away from taking the next steps. Life insurance is also just another bill to pay, and many can barely keep up with the bills they have.

That’s probably why so few people have enough coverage. Here are some statistics that should scare you:

• Only around 60 percent of Americans had life insurance in 2022, according to LIMRA’s 2022 Insurance Barometer Study

• Among those with life insurance, 1 in 5 people know they do not have enough

• Consumers surveyed tend to overprice life insurance; millennials in particular believe that life insurance costs 5x the actual amount for a policy

Consequences of Not Having Life Insurance

Based on those statistics, not enough people have life insurance and those who do may not have enough coverage to last. But, what can this mean for your family? Here are the main downsides you’ll face when you don’t buy life insurance now before it’s too late:

Your Income Disappears

Income replacement is one of the most compelling reasons to buy life insurance, and that’s especially true if you have kids. You don’t want your income to suddenly disappear, leaving your family in the lurch. However, this is exactly what happens when you die without life insurance. All of a sudden, your family is left trying to cover regular bills and living expenses without your income.

That’s why many experts suggest buying at least 10x your income in term life insurance coverage. This way, your family will have some cash they can use to replace your income while they mourn and get back on their feet.

Your Debts Don’t 

Your income may disappear when you die, but your debts certainly don’t. With that in mind, you should buy life insurance coverage that will cover major debts you have like your home mortgage, your family car loans, and any credit card debt you have.

If you don’t buy life insurance and you die before your time, your family will be left trying to cover all your debts without your help. It’s shameful to leave them in this position — especially when term life insurance coverage can easily be purchased for the price of a dinner out per month. 

Your Family Could Need a GoFundMe to Pay for Your Funeral

During my final years in the funeral industry, GoFundMe came about. I cannot tell you how many families came in to plan their services without any money only to find that, no, the funeral home wouldn’t let them make payments. After that, they’d set up a GoFundMe and solicit donations from family and friends to pay for a service.

This always made me sad, mostly because families shouldn’t have to struggle or fundraise to pay for final expenses. I always thought that, if only their loved one had a small-term life insurance policy, they would have been able to grieve without the added stress.

You Will Not Leave a Legacy

Finally, life insurance offers you the chance to leave a legacy behind. This could mean leaving enough money to pay for college tuition for your children or having a broad enough policy so your spouse or partner never needs to work again, paving the way for them to stay home and nurture your kids. When you have enough life insurance so your family is taken care of, they will never forget it.

The opposite is also true. Many whose loved ones die without life insurance wind up angry and resentful at their partner for leaving them in such a position. I know because I saw it with my own eyes, and I felt their exasperation as they tried to figure out what to do.

Purchase Life Insurance the Painless Way

Here’s the thing: Buying life insurance doesn’t have to be complicated or stressful. I know because I have purchased $1 million in life insurance coverage and because the second policy I bought online didn’t even require a medical exam. 

The purchase of life insurance can be painless and fast if you plan to buy basic term coverage, and it can also be significantly cheaper than you think it would be. These tips can help you get the coverage you need without any added hassle or stress.

1. Shop Around and Compare Quotes Online

First, you should absolutely shop around and compare life insurance quotes online, mostly because this is such an easy task. A range of online life insurance providers including Haven Life and Bestow make it easy to price out a policy in a matter of minutes online. 

To get a quote from Bestow or Haven Life, for example, all you need to supply is your birth date, your height, your weight, and your zip code. You don’t even need to enter your contact information or your email to get a free quote with either company.

You can also check out our guide to the Best Life Insurance Companies of 2023, which lets you read reviews of all the top providers and compare rates from multiple providers in one place. 

Whatever you do, don’t go with the first life insurance company you come across. Make sure you compare policies in terms of their monthly cost, the amount of coverage, and how long it lasts. Then, and only then, can you know you’re getting the best deal.

2. Play Around With Coverage Amounts

You also need to have a general idea of how much coverage you want and need. We mentioned that most experts suggest buying at least 10x your income in life insurance coverage, but it may be prudent to buy more term coverage than you need. After all, there’s no such thing as having too much life insurance in place, but you can definitely not have enough.

If you’re young and you have young kids, you may want a 30-year policy that will provide income replacement for your entire working life. If you’re in your 40s and you plan to retire at 55, on the other hand, you may feel comfortable with a policy that lasts for 15 or 20 years. There is no “right” or “wrong” answer, but these are factors you should consider.

3. Look for Providers That Don’t Require a Medical Exam

According to LIMRA’s 2018 Insurance Barometer Study, half of all consumers say they are “more likely to purchase life insurance if priced without a physical examination.” And, can you blame them? Medical exams require a blood draw, and you have to set aside time in your schedule for them to boot. It’s easy to procrastinate and never buy a policy when a medical exam is required.

Fortunately, many life insurance providers don’t require a medical exam. Instead, they rely on algorithms to determine who is the greatest risk, and who can purchase coverage that begins right away. The second policy I purchased for myself came from Haven Life, and it did not require a medical exam. 

I was in my late 30s when I purchased this policy for $750,000, and I only pay around $27 per month. I applied for this policy online and had coverage the next day, and all without seeing a nurse or facing the dreaded needle prick.

The Bottom Line

Since you took the time to read this piece, you are probably on the verge of buying life insurance. You already know you need it, so don’t let another day go by without coverage. You may not think something could happen to you in the next week or the next few months, but life doesn’t always go as planned. If you’re unlucky, your untimely death may be no exception.

Take the time to get a quote for life insurance, and you’ll never have to wonder what your family would do if you died. Life insurance lets you continue providing for them even after you’ve left this Earth, and there’s nothing more thoughtful and loving than that. 

The post What Are the Consequences of Not Having Life Insurance? appeared first on Good Financial Cents®.

Not only do they have smart and streamlined processes in place to make the entire process hassle-free, but they also offer plenty of loan options, competitive interest rates, and flexible closings.

If you’re in the market for a mortgage refinance, it helps to know which lenders offer the lowest mortgage rates and the best shopping experience.

We compared all the major mortgage refinance lenders available today to find options with low rates and fair terms. Keep reading to see how they stack up.

Company Reviews for Best Mortgage Refinance

The mortgage refinance process requires some upfront legwork, but the effort can be worth it if you wind up with a better loan. The companies we chose for our ranking of mortgage lenders can help you save money, pay off your loan faster, or both. 

Read over the basic information for each home loan company to find the best option for your needs.

Quicken Loans

Also referred to as Rocket Mortgage, Quicken Loans is known for its seamless online mortgage refinancing process and how easy it is to get started.

Through Quicken’s dynamic online platform, a borrower can upload all the required paperwork, oversee their process, and finish the bulk of the refinance process online.

The company also boasts excellent reviews from past users, and it earned the second spot in J.D. Power’s 2021 U.S. Primary Mortgage Origination Satisfaction Study.

Quicken Loans offers origination loans, traditional refinancing, cash-out refinancing, and more through its online portal. Customers can also lean on this lender for help with conventional home loans, VA home loans, FHA loans, USDA loans, and more.

Better

Better promises mortgage refinancing with no lender fees or commissions, and it has streamlined the entire process with modern-day technology. Better applicants get instant mortgage rates after answering just a few questions, and the process is visible and transparent all along the way. 

Although the company has only been in operation since 2016, Better has already funded over $1.7 billion in loans. Applying for a mortgage refinance can be done entirely online, and you’ll get a quote immediately without having to speak with a mortgage officer.

AmeriSave

AmeriSave is an online mortgage lender that offers new home loans as well as mortgage refinance products. This company lets you qualify for lower rates than many brick-and-mortar banks, and you can even wrap your loan closing costs into your new loan if you agree to a slightly higher APR.

AmeriSave also lets you get a free quote for your new loan online. From there, you can complete the entire loan application process using their website and online portal to upload documents.

When it comes to closing on your new loan, they’ll complete the closing anywhere you want — even in your home.

loanDepot

If you’re wondering how to get a mortgage and hoping to complete the bulk of the process from the comfort of your own home, look no further than loanDepot.

This online lender promises refinance products with lower interest rates and/or lower monthly payments than you have now, and with a seamless application process, you can complete entirely online.

After you refinance with loanDepot once, they’ll also waive all the lender fees the next time you use them to refinance a mortgage.

While newer in the industry than some of the other refinance companies out there, loanDepot has funded more than $100 billion in loans since 2010. It’s also important to note that loanDepot scored higher than average in J.D. Power’s 2021 U.S. Primary Mortgage Origination Satisfaction Study.

Bank of America

Bank of America promises consumers who want to refinance a “digital mortgage experience” that makes the process more convenient. You can apply for a refinance online, over the phone, or in person, and you can choose from a wide range of mortgage products to suit your needs.

Online preapproval is also offered, and Bank of America offers competitive interest rates and low down payment options.

Bank of America Preferred Rewards clients can also qualify for a $200 to $600 reduction in their loan origination fee. This makes Bank of America an especially lucrative option for consumers who already have a working relationship with them.

Veterans United Home Loans

Veterans United Home Loans is a premier mortgage company for veterans and active-duty military who meet “the basic service requirements set by the Department of Veterans Affairs (VA), have a valid Certificate of Eligibility (COE), and satisfy the lender’s credit and income requirements.”

This means you must have a qualifying military affiliation to refinance your mortgage with this lender.

Veterans United can help connect you with the best VA home loans today — often with lower closing costs and the most competitive rates out there today.

Veterans United has also received excellent reviews with an average star rating of 4.9 out of 5 stars across more than 10,000 reviews on Trustpilot. 

Chase

While Chase Bank is popular for its banking products and rewards credit cards, it also offers home loans and mortgage refinancing.

Their mortgage refinancing product lets you replace your home loan with a new one that offers better rates and terms, and you can likely complete the bulk of the mortgage refinance process online. 

Chase promises some of the lowest rates available, and you can even begin the mortgage refinancing process online. The bank also offers a closing costs guarantee that promises you’ll close on time in as little as three weeks, or you’ll get a check for $5,000.

LowerMyBills.com

LowerMyBills.com is not a mortgage lender, but it is a marketplace that lets you compare multiple home loans in one place.

This platform lets you enter basic information about your current mortgage, your monthly payment, and your credit score range to get an idea of the new loan term you could qualify for.

If you decide to move forward and apply, you can enter your information once and get quotes from multiple lenders on the same day. LowerMyBills.com also offers a nifty mortgage refinance tool that lets you see how much you could save with a new home loan.

Loans offered: Traditional home loans, adjustable-rate mortgages, jumbo loans, VA loans, FHA loans, USDA loans.

Mortgage Refinance Guide

If you’re wondering what to do before refinancing, when to refinance, or how to begin the process, you’re in the right place.

Read on to learn more about what goes into refinancing your mortgage, why refinance rates are higher than purchase rates, and the paperwork and forms you’ll need to get started.

Benefits of Refinancing a Mortgage

The benefits of a mortgage refinance depend on the homeowner and their specific situation. For example, many consumers refinance in order to decrease the length of their loan term or lower their monthly mortgage payments.

Due to the fact that you get the chance to change up your loan term, refinancing is also one of the best ways to pay off a mortgage early.

If interest rates are considerably lower than they were years ago, refinancing to secure a lower interest rate can also help consumers save money on interest over the life of their loan.

Another benefit of refinancing right now could come into play if the value of your home has increased but you’re still paying private mortgage insurance (PMI) on your original home loan.

By comparing mortgage options, applying for a refinance, and seeking out an appraisal, homeowners with considerable home equity can get the PMI removed from their mortgage.

Cost to Refinance

According to ClosingCorp, the average cost of refinancing worked out to $6,837 nationally including taxes, and $3,836 excluding taxes in 2021. Further, closing costs as a percentage of purchase prices declined in 2021 to 1.03% when compared to the 1.06% average in 2020.

That said, your personal closing costs will depend on a broad range of factors including your current income, your debt-to-income ratio, your credit history and credit score, the type of loan you choose, the loan amount, and your loan term.

Potential costs to watch out for and compare include closing costs, loan origination fees, points, and more.

Best Time to Refinance 

Generally speaking, there are a handful of times it makes sense to trade your current home loan for a new one. Should you refinance your mortgage, one of the scenarios below will likely come into play:

• Securing a Lower Monthly Mortgage Payment

• Getting a Lower Interest Rate

• Reducing the Loan Term on Your Mortgage

• Switching Loan Products From a 15 vs. 30-year mortgage

• Refinancing to Remove PMI

• Switching From a Variable Rate to a Fixed Rate (Or Vice Versa)

Any of these situations can create a prime opportunity for mortgage refinancing, but you should still run the numbers to make sure you’ll still end up ahead.

A mortgage calculator can help you compare your future monthly payment to your current one, as well as see how much you could save on interest based on current mortgage rates.

Requesting for Refinancing a Mortgage

After you compare loan offers and decide on a mortgage lender, you’ll need to gather some documentation to begin the refinancing process. Documents you’ll need to have ready can include:

• Proof of Income, Including W2s or Pay Stubs

• Homeowners Insurance Information

• Documents Relating to Other Debts You Have

• Statement of Assets

• Tax Returns

According to Quicken Loans, you may also need to present other documentation based on your situation.

For example, you may need to prepare letters of explanation for past credit issues or employment gaps, documentation that shows child support or alimony payments, or documentation related to bankruptcy on your credit history.

While knowing what you need and gathering this documentation may feel overwhelming, remember that the best mortgage lenders can help walk you through the process. The majority also lets you upload required documentation online and from the comfort of your own home.

Different Kinds of Refinancing Products

When it comes to refinancing your home mortgage, you get to choose from nearly any type of mortgage out there. Generally speaking, your options can include the following:

Adjustable-Rate Mortgage

An adjustable-rate mortgage comes with a fixed rate for a fixed timeline followed by a variable interest rate for the duration of the loan. With a 7/1 ARM, for example, consumers pay a low fixed rate for seven years followed by a variable rate that changes based on market conditions.

Cash-Out Refinance

While you can refinance your mortgage to secure a lower monthly payment, a lower interest rate, or both, you may also be able to take cash out based on how much equity you have.

FHA Loan

FHA loans come with low closing costs, down payment requirements as low as 3.5%, and easy credit requirements.

Fixed-Rate Mortgage

Fixed-rate mortgages come with competitive fixed rates, fixed monthly mortgage payments, and a fixed repayment timeline.

Jumbo Loan

Jumbo loans are mortgages for homes that cost more than $647,200, and they have stricter qualification requirements as a result.

USDA Home Loan

USDA loans are zero-down payment mortgages that are aimed at buyers in rural areas of the United States.

How We Found the Best Mortgage Refinance Companies

To find the best mortgage lenders of 2024, we looked for mortgage companies that offer transparency when it comes to their mortgage rates, their loan processes, and their loan options.

We compared mortgage lenders based on their ratings from third-party agencies like the Better Business Bureau (BBB) and J.D. Power, and we sought out companies that let consumers complete their refinance process online or over the phone with the help of a mortgage broker. 

Ultimately, we chose the top home mortgage companies that offer mostly positive reviews, a broad range of mortgage options, competitive mortgage rates, and plenty of educational content for their customers.

We also gave preference to lenders who let consumers get a rate quote online without a hard inquiry on their credit report.

Bottomline – Best Mortgage Finance Companies

In 2024, for those on the hunt to refinance their mortgage, the landscape is rife with promising options. With companies like Quicken Loans leading in customer service and Better offering competitive rates, homeowners have a robust selection. 

Whether you prioritize online processes, loan comparisons, or specific discounts, there’s a lender tailored to meet those needs. Before diving into the decision, it’s worth exploring these top contenders to ensure a smooth refinancing experience.

The post Best Mortgage Refinance Companies of 2024 appeared first on Good Financial Cents®.

Here’s the good news: side hustles let you earn extra cash while maintaining a flexible schedule. Some side hustles can be started quickly, while others require specialized knowledge or skills that may take some time to build.

More and more Americans are realizing that as 40% (2 out of 5) started a side hustle last year according to Zapier.

If you’re ready to earn some extra money that you can use to get ahead or keep up with bills, read on to learn about the best side hustle ideas for 2024 and beyond:

1. Online Surveys

Paid surveys are one of the fastest ways to make money, and it’s easy to see why. You can take surveys any hour of the day or night and work on your phone during your spare time.

The biggest downside of online surveys is that you won’t earn much. Many online survey sites only pay $1 to $5 per survey you complete, and some pay even less.

While each online survey platform does things differently, here are some of the best online survey sites to consider:

• Survey Junkie

• Swagbucks

• Inbox Dollars

It’s worth noting that some survey sites will pay you via a transfer to your bank account, whereas others only make payments via PayPal or gift cards. 

Also, some of these platforms offer bonus cash just for signing up. For example, Swagbucks gives you $10 in bonus cash just for opening an account and spending at least $25 in a Swagbucks-affiliated store.

2. Deliver Food for DoorDash, UberEats or Postmates

If you have reliable transportation and want a side hustle that’s easy to start immediately, you can always deliver food for companies like Doordash, UberEats, or Postmates. These side hustles work on an app that connects you with needed food deliveries in your area.

For the most part, you must sign up to be a driver and download the app. Once you prove that you meet each company’s requirements, you simply drive to pick up food and drop the orders off to people in your area. 

With any of these apps, you can earn $20 per hour or more, depending on each gig and the tip amount you receive. Plus, you can try each of them to see which food delivery app works best for where you live.

3. Deliver Packages With Amazon Flex

Practically everyone shops on Amazon.com these days, so it makes sense to consider a side hustle with the company. Fortunately, Amazon Flex lets you sign up as a driver and deliver packages during “time blocks” you agree to ahead of time. 

Amazon Flex says on its website that drivers typically earn between $18 and $25 per hour, although actual earnings will “depend on your location, any tips you receive, how long it takes you to complete your deliveries and other factors.”

One of the biggest benefits of this side hustle is that you can work when you want and around other responsibilities. You can also work a little or a lot depending on how much side hustle cash you want to earn.

4. Sell on eBay

Selling stuff on eBay can also be lucrative, but that’s particularly true if you know what to look for and what sells. For example, many people shop in upscale thrift shops to look for items that can sell for significantly higher prices online. This could be anything from designer clothing to antiques; what you decide to sell should depend on your expertise.

If you’re curious how to turn a profit on eBay, check out this piece I wrote on the best items to flip for profit: Best Items for Garage Sale Flipping for Fun and Profit

5. Freelance Writing

Freelance writing requires a certain skill level, so it may not be for everyone. However, individuals with some writing experience or a willingness to learn can easily earn $20 to $100 an hour or more. Another benefit of becoming a freelance writer is that you can work when and how much you want.

If you don’t have a writing portfolio, your best move is to create one with your name. You can build this portfolio by searching for entry-level paid work on platforms like Upwork, Freelancer, and FlexJobs.

6. Become a Virtual Assistant

Becoming a virtual assistant is another option if you have some writing, editing, or design skills and you want to earn $25 to $50 per hour or more (according to Indeed.com the average hourly pay in the U.S. is $27.47 per hour) While virtual assistants do many different types of work, their primary job functions can include the following:

• Bookkeeping

• Customer service

• Data entry

• Email management

• Graphic design

• Proofreading

• Social media management 

• Technical support

• Website management 

While you may be able to pick up work as a virtual assistant through your professional network, the following websites offer a pathway to find entry-level gigs that can help you get some experience:

• Fiverr

• FlexJobs

• Freelancer

• People Per Hour

• Upwork

• Zirtual

7. Open an Etsy Store

If you know how to make handcrafted products people want to buy, you can always try to sell your wares with an Etsy store. If you have never shopped on Etsy before, a quick look at the website might help you get a few ideas. For example, crafty people use Etsy to sell everything from custom T-shirts to homemade soaps and jewelry.

The good news about Etsy is that you set the price. Plus, once you build up an inventory, the hard work of your hustle is mainly done.

8. Host With Airbnb

If you have a guest house, a basement apartment, or even a spare bedroom, you may want to consider renting it out with Airbnb. This strategy can work well if your home is in good shape and you don’t mind taking steps to make it comfortable and appealing for guests.

Of course, how much you can earn depends on the space you’re renting and the local rates in your area. If you’re curious about how much you might be able to charge on a nightly basis, start the process by researching comparable properties in your area on Airbnb and even VRBO.com.

9. Pet Sitting

Rover is a gig economy app that makes it easy to connect with people in your area who have dogs or cats that need care while their owners are away. Rover lets you set your rates and availability, so you can choose to watch pets on some days and not on others.

How much can you earn watching pets on Rover.com? Most pet sitters on the platform charge a nightly rate of $35 at a bare minimum, although some can charge $50 to $75 per night per pet due to overall demand and the going rates where they live.

10. Dog Walking

If you don’t like the idea of watching dogs or cats overnight in your home, you can also pick up dog walking gigs through Rover or a platform called Wag! Both websites let you create a profile and select the type of work you want, which may include walking dogs on your lunch break a few days per week.

While dog walking gigs may only pay $10 to $20 at a time, you can earn more money by walking multiple dogs at once or picking up several gigs daily. 

You will also get some exercise while you walk dogs around their neighborhoods, making for a healthy side hustle idea.

11. Driver for Uber or Lyft

If you love driving and have a newer car in good shape, driving passengers around with platforms like Uber or Lyft can help you earn $25 per hour or more. Many drivers opt to use both apps to increase the frequency of rides. Driving for Uber or Lyft is flexible since you can pick when and where you work.

You may even earn more through rideshare apps by driving during “surge” pricing hours or hitting regular bonuses each company offers from time to time. For example, Uber or Lyft will frequently give you an extra $20 or $50 if you complete a certain number of rides over a specific period.

12. Shop for Groceries

If you like doing deliveries for money but don’t want to deliver restaurant meals, you could deliver groceries with Instacart or Shipt. These grocery delivery gigs let you earn hourly pay up to $25, although you might be able to earn more based on tips you receive. 

Instacart and Shipt also let you pick the days and times you want to work like other app-based side hustles. It’s a perfect side hustle to work on during your spare time.

13. Monetize a Website

When you monetize a website, you are investing in digital real estate; whether you build a site from scratch or buy one that already exists. Either way, you can use several strategies to rack up income with a website.

Some of the most popular ways to earn money blogging include:

• Affiliate marketing

• Display ads

• Product reviews

• Sponsorships

• Digital products (online courses, eBooks)

For the record, I know this side hustle works because I have done it! The website you’re reading right now – GoodFinancialCents.com – has helped me earn millions of dollars blogging in just over a decade.

If you’re curious how to start a website you can monetize, make sure to check out the following blog post: How To Start A Blog From Scratch And Make It Work

14. Rent Out Your Car

Another side hustle idea – renting out your car – requires almost no actual work on your part. Believe it or not, you can rent out your car to others using a platform called Turo, although your vehicle needs to meet minimum requirements for safety and age. 

You’ll earn more than average if you have a premium vehicle like a Jeep or a Tesla, and you can also charge more or less for a daily rental depending on where you live. That said, Turo’s daily car rental rates usually range from $50 to $150. You can also set your availability so you only rent your car when you don’t need it.

15. Rent Out Extra Space

If you have extra space to spare that you can’t necessarily rent out on Airbnb or VRBO.com, you can rent that out, too. Through Neighbor.com, you can rent out spaces, such as:

• Garage or parking space

• Storage space for a boat or an RV

• Empty lot 

• Extra attic storage

The Neighbor.com platform helps connect people who need space with people who want to earn extra income. It also offers insurance to help protect you if people’s items become damaged or stolen.

The best part about this hustle is that it’s passive income – you can do it while earning money in other ways. And if you have the extra space, why not rent it and earn some cash?

16. Start a Cleaning Service

If you love cleaning houses and don’t mind the work, starting a cleaning service is one of the best ways to earn money in your spare time. You can begin advertising your services on websites like Craisglist.org or Facebook Marketplace, and it shouldn’t be difficult to get more gigs once you have a few references you can share.

How much can you earn cleaning houses? Depending on where you live, you should easily earn $25 to $100 per hour.

17. Assemble Furniture

Many people buy IKEA furniture, but most don’t have the time or skill to put it together. That’s where you come in. With a website like TaskRabbit, you can apply for gigs putting together furniture or hanging pictures on walls.

TaskRabbit gigs can include many types of work, including yardwork or errands like picking up dry cleaning. If you want to earn money on the side doing basic tasks that take a few hours or less, consider setting up a profile and browsing gigs on TaskRabbit right away.

18. Become a Housesitter

You can find work as a housesitter through websites like Care.com, or if you want a free place to stay, however, you can find house-sitting and pet-sitting gigs with free lodging all over the world with TrustedHousesitters.com. 

Either way, this side hustle is about as easy as it gets. All that’s typically required is living in a place and keeping it safe. You may also be asked to water plants, fetch the mail, or take care of a few pets, but that’s about it.

19. Elderly Care

Elderly care is another side gig that’s growing in popularity, primarily due to our aging population. Many older people want to continue living in their own homes, although they may need some help to make that happen.

You may be able to find senior care jobs through Care.com, but you can also find them by asking people you know. Fortunately, this job is usually pretty easy, and you can make $15 to $25 per hour or more doing grocery shopping and light cleaning.

20. Sell Jewelry Online

Do you have an old wedding ring you no longer wear? Maybe you have a knack for finding inexpensive jewelry that can be easily resold for much more than you paid.

Either way, you can resell jewelry for a profit on websites like eBay or even Worthy.com. With Worthy, in particular, you can sell jewelry to a network of professional buyers who may be willing to pay top dollar for the best finds.

21. Flip Concert Tickets

Did you hear about the Taylor Swift ticket fiasco in late 2022? Fans quickly bought out all the tickets to her 50+ shows nationwide, crashing the Ticketmaster website. Many of those tickets are now listed for much higher prices on resale websites like StubHub.com and VividSeats.com.

While flipping concert tickets may not feel ethical, money can be made with this hustle. For the most part, you have to be willing to invest some money upfront into tickets to shows that you know will sell out. From there, list them on a resale site for a competitive price and wait for a sale.

22. Babysit

Watching other people’s kids is another way to make $15 to $25 per hour during your spare time. This is another hustle that you may be able to pick up through people you already know, but you can also create a profile on Care.com to find gigs in your area.

23. Pick Up Gigs on Fiverr

Do you have some basic writing or editing skills? Maybe you love designing newsletters or have a knack for graphic design.

In any case, a website called Fiverr.com can help you pick up gig work that you can do from home. While the rates you charge may be low when you first start (even as low as $5 per gig on Fiverr), professionals who work on Fiverr regularly can increase their rates over time.

24. Write an eBook

If you have a story idea or are naturally creative, you can use Microsoft Word or Google Docs to write a book and turn it into a product you can sell using CreateSpace.com. This platform can help you format your book so you can sell it as an eBook, which takes the hassle involved in book printing and storage out of the equation.

While you may only be able to earn $7 to $20 for each book you sell, the good news about eBooks is that you do the work once, and you can sell it over and over. CreateSpace offers added features like direct Kindle publishing and print-on-demand, so the sky’s the limit for where this hustle could take you.

25. Teach English Online

If you have worked as a teacher in the past or you currently teach, you may be able to pick up a side gig teaching English to international students online. VIPKid.com helps facilitate this process, and the website claims that its teachers earn between $14 and $22 per hour working from home.

VIPKid.com lets you set your hours and availability, like other side hustles on this list. This means you can use the platform to work only the days you want, especially since the platform doesn’t have a minimum hour requirement.

26. Take and Sell Stock Photos

Do you love taking photos? If so, you can use your skills and expertise to take professional photographs you can sell later.

The fact is, many websites are constantly looking for new photos they can sell for online use. This includes websites like Depositphotos and iStockPhoto, both of which purchase high-quality photos and video clips that meet their specifications.

27. Start a Painting Business

Starting a painting company is a great way to earn a part-time or full-time income. This is especially true now, considering many labor-intensive gigs are incredibly hard to fill.

You can try to pick up painting gigs through your local network, but you can also set up a profile on ThumbTack.com. Not only is Thumbtack free for you to use, but you also get technical support, and the platform takes care of all payments on your behalf.

28. Become a Proofreader

If you’re looking for an easy way to earn $1,000 or more per month, proofreading can provide you with steady work. This gig requires you to read over content to check for spelling and grammatical errors, and it frequently pays between $15 and $25 per hour.

If you’re curious about what it takes to find work as a proofreader, you can look into courses on websites like ProofreadAnywhere. This site even offers a free workshop that lets you see if you have what it takes to become a professional proofreader.

29. Create an Online Course

Maybe you have a particular skill or talent you want to teach others, whether baking beautiful pastries or investing for profit. In either case, you can create an online course once and sell it to people repeatedly.

Platforms like Teachable.com make the process easy since they can host your course and take care of payments on your behalf. According to the platform, some of the most popular courses for sale right now are on topics like:

• Pottery

• Watercolor painting

• Cake baking and decorating

• Foreign language

• Graphic design

You can also charge whatever you want for your course, so the potential for profit is limitless.

30. Flip Websites for Profit

If you have an eye for value and some knowledge of digital real estate, you can make money by flipping websites and domain names for profit. An online marketplace called Flippa.com makes the resale side of the equation a breeze since it lets you list your site and solicit offers from potential buyers.

You can buy or sell any existing domain or revenue-generating website. Of course, you will ultimately make the most money by selling premium domain names and websites that are already turning a profit.

31. Start a Podcast

Podcasting has become another popular income stream for many online entrepreneurs, and it’s easy to see why. After all, it’s fairly easy to set up a podcast and record it yourself, and you can spend time growing your audience organically without spending a ton of money upfront.

Once your podcast has a large enough reach, you can begin to monetize with the help of sponsorships and paid advertising. If you’re looking for an example, my own podcast is a success story worth checking out.

32. Build a YouTube Channel

Building a YouTube channel can also help you earn more money if you love talking on camera and don’t mind being on video. The interesting thing about YouTube is that you can also repurpose your recorded video content into a podcast. With that in mind, this side hustle can do “double duty” and help you earn more money over time.

Once again, I know this side hustle works from personal experience. I started my Wealth Hacker YouTube channel several years ago, and it has grown to more than 400,000 subscribers.

My guide on How to Make Money On YouTube can help you do exactly what I have done, so make sure you check it out!

33. Become a Handyman

If you have skills that translate well to homeownership, you can also consider picking up handyman work in your spare time. You may be asked to complete tasks that include hanging flat-screen televisions, changing light fixtures, and putting together small furniture. However, you can take on only the jobs you want and set your rates.

Once again, ThumbTack.com is a great place to create a profile and find work as a handyman. You can also look for gigs on websites like Facebook Marketplace or Craigslist.org and ask people you know if they need help.

34. Start a Pool Cleaning Service

If you want a gig that lets you spend time outdoors, you can also look into starting a pool cleaning business. This is another one where you can advertise your services on websites like Facebook Marketplace or Craigslist.org or look for jobs with pool owners you may already know.

ThumbTack.com is another platform that can help you land pool cleaning and service gigs. 

35. Donate Plasma

If you have spare time and don’t mind being pricked with a needle, donating plasma can help you earn some easy cash. You can find places to donate Plasma using the website DonatingPlasma.org. Many donation centers pay up to $100 for the first donation and up to $50 for each donation after that.

While you may only be able to donate plasma a few times per week, you could use this hustle to earn a few hundred dollars per month. 

36. Test Out New Products

If you’re willing to test new products or services in your spare time, this is another way to earn money. You’ll find various websites that can help connect you with gigs. Some of the best ones include:

• American Consumer Opinion

• Influenster

• Pinecone Research

• UserTesting

• Vindale Research

For the most part, testing out products and services is easy. You typically have to create an account online, and you can agree to test out products or services and answer questions after the fact. You won’t earn a ton of money with this side gig, but you may be able to squeak out $5 to $10 per hour, depending on how dedicated you are.

37. Haul Junk

Many people have piles of junk to get rid of, which is why you’ll find junk-hauling businesses everywhere. People also need other items moved, including furniture or hot tubs, when they relocate from one place to another.

Either way, a hauling business is easy to start; you only need a truck and some extra hands. You can advertise by having business cards printed or with a profile on ThumbTack.com. You can also see who might need help locally using websites like Facebook Marketplace and Craigslist.org.

The Bottom Line – Best Side Hustle Ideas

There you have it, the best side hustle ideas for 2024. The beautiful thing is that you can start most of them within the next few weeks. You may also be able to juggle more than one side hustle at once and earn more cash in a shorter period.

If you’re looking for other ways to earn more money, check out the following guides:

• How to Make Money While You Sleep

• 31 Passive Income Ideas to Build Real Wealth (Updated for 2024)

• 25 Best Ways to Make Money Online from Home in 2023-2024

Side Hustle FAQs

The post 37 Best Side Hustle Ideas for 2024 appeared first on Good Financial Cents®.