CDs offer some of the highest interest rates available for federally insured bank accounts, and the rate is guaranteed for the duration of the CD term. But who provides the best rates and terms? Find out with SuperMoney's CD comparison tools.

Best CD Rates

<H2>SuperMoney's guide to checking accounts</H2>
<p>A <a href="https://www.supermoney.com/reviews/checking-accounts/discover-bank-checking-account">checking account</a> is one of the most basic financial products, but that doesn't mean it is easy to pick the right one. Understanding how checking accounts work will make your life easier and help you <a href="https://www.supermoney.com/save-money/">save money</a>&nbsp;along the way. Here's everything you need to know.</p>

<h2>What are the 5 types of checking accounts?</h2>
<p>There are five primary types of checking accounts from which you can choose. Each type has its own set of features, as well as pros and cons. Here's a quick summary of each one.</p>
<h3>1. Basic checking</h3>
<p>As the name suggests, this type offers the most basic features of a checking account. You can write checks, pay bills, and transfer money to and from other accounts. These accounts typically don't offer interest on your balance. And you may have to pay a monthly fee unless you receive a direct deposit or keep a minimum balance.</p>
<h3>2. Free checking</h3>
<p>These checking accounts function similarly to basic checking accounts. However, there is no monthly fee, regardless of your direct deposit activity or account balance. You may be charged other fees, though. For example, you'll have to pay a non-sufficient funds fee if you bounce a check. And make sure you're aware of any ATM fees before you withdraw cash from an ATM outside of your bank's network.</p>
<h3>3. Interest-bearing checking</h3>
<p>These checking accounts offer interest on your deposits, but some require a minimum balance to avoid a monthly fee. It is generally higher than what you'll pay on a basic checking account. While some free checking accounts offer interest on your checking balance, most don't.&nbsp;What's more, most interest-bearing checking accounts don't provide a high interest rate, so it's generally not worth paying a higher fee.</p>
<h3>4. Senior or student checking</h3>
<p>These accounts typically provide all the same benefits of a checking or interest-bearing account, but waive the fee or offer other special deals to customers who qualify. For example, seniors will get special features once they reach age 55 and college students can keep their account fee-free until they graduate and</p>
<h3>5. Money market</h3>
<p><a href="https://www.supermoney.com/reviews/money-market-accounts">Money market accounts</a>&nbsp;are technically considered checking accounts because they allow you to use a debit card or write checks. The difference, however, is that you're limited to six withdrawals each month. They also require a minimum balance, which is often much higher than that of a traditional checking account. Money market accounts generally offer higher interest rates than regular checking accounts. So, if you don't write many checks and can maintain a high balance, a money market account may be worth considering.</p>
<h2>Which financial institutions offer checking accounts?</h2>
<p>You can get a checking account with a traditional bank, credit union, or online-only bank. Depending on which type of institution you choose, you may get different features.</p>
<h3>Traditional banks</h3>
<p>Traditional banks &mdash; whether they're a local community bank or a national retail bank &mdash; usually charge more fees on their checking accounts. That's because they have the overhead costs of brick-and-mortar branches, and their goal is to maximize profits for their shareholders. Therefore, these banks tend to offer great resources for their customers. They also make it easier to have all of your finances under one roof. Some even offer discounts on their loan products and extra&nbsp;<a href="https://www.supermoney.com/credit-cards-guide/">credit card</a>&nbsp;rewards if you have a checking account with them. Additionally, national banks have large ATM and branch networks that make it easy to get access to your funds, regardless of where you are in the country. Some even have international branches.</p>
<h3>Credit unions</h3>
<p><a href="https://www.supermoney.com/credit-unions/">Credit unions</a> are not-for-profit organizations owned by their members. So, any profits a credit union receives are returned to the members in the form of lower fees and higher deposit interest rates. Credit unions tend to offer more attractive rates and focus on the customer experience. That being said, drawbacks include membership requirements, a thin or nonexistent network of ATMs and branch locations, and lack of technology."</p>
<h3>Online-only banks</h3>
<p>These banks typically don't have physical branches, instead offering all their banking features through their mobile app or online. While online-only banks are for-profit institutions, they don't have the same overhead fees that traditional banks have. As a result, they can usually offer free checking accounts and higher deposit interest rates. Rates can look attractive with an online bank. But if you're a heavy cash user, it can be difficult to conduct transactions. If you require in-depth customer service, online-only banks cannot provide the same personal, one-on-one, in-person assistance.</p>
<h2>What are some checking account fees to consider?</h2>
<p>Depending on the checking account you get, you may need to worry about certain fees. Here are some major fees that you might run into as you search for the right account:</p>
<ul>
<li><strong>Monthly maintenance fee:&nbsp;</strong>Some banks charge this fee just for the privilege of having the account. You can often get it waived by having a certain amount directly deposited into your account each month or maintaining a minimum balance. Some even waive it if you use your debit card a certain number of times.</li>
<li><strong>Early termination fee:&nbsp;</strong>If you close your checking account within three to six months of opening it, some banks will charge you an early termination fee. This is especially the case with checking accounts that offer sign-up bonuses.</li>
<li><strong>Research fee:&nbsp;</strong>If there's a discrepancy between your records and the bank's records, the bank will typically charge a per-hour fee to research the issue.</li>
<li><strong>ATM fee:&nbsp;</strong>There may be a fee if&nbsp;you withdraw cash at an out-of-network ATM. You may even have to pay a surcharge to the bank that owns the ATM.</li>
<li><strong>Check printing fee:&nbsp;</strong>Many banks offer free checks when you first open the account, but not all do. Even if you get free checks upfront, you may need to pay a fee for future orders.</li>
<li><strong>Inactivity fee:&nbsp;</strong>If you don't use your checking account for a few months, some banks will charge you a fee for inactivity.</li>
<li><strong>Non-sufficient funds fee:&nbsp;</strong>If you bounce a check, your bank may charge you a fee and refuse to honor the check.</li>
<li><strong>Overdraft fee:&nbsp;</strong>If you overdraw your account and the bank decides to cover the shortfall, it may charge an overdraft fee&mdash;more on how to avoid this fee below.</li>
<li><strong>Stop payment fee:&nbsp;</strong>If you use a check to pay for something and then change your mind, the bank can void the check for a fee.</li>
</ul>
<h2>What should you look for in a checking account?</h2>
<p>Below are important features to look for when&nbsp;choosing a checking account that works best for you.</p>
<ul>
<li><strong>Unlimited transactions.</strong>&nbsp;Even if you usually don't make many transactions, make sure you won't be charged extra if your activity is higher for one month.</li>
<li><strong>Minimum balance requirements.</strong>&nbsp;Is there a minimum balance required before a bank will charge you a fee?</li>
<li><strong>Account minimum fees.</strong> Many checking accounts charge you a monthly fee if your balance is below a certain amount. Most online banks don't charge these fees, but it's a good idea to check.</li>
<li><strong>Debit card.</strong>&nbsp;Having access to your account with a&nbsp;<a href="https://www.supermoney.com/debit-cards-that-build-credit-3-ways-a-debit-card-can-help-you/">debit card</a>&nbsp;for ATM usage or debit transactions is critical in today's society.</li>
<li><strong>Online banking and statements.</strong>&nbsp;Being able to check your account balance, view your transaction history, and download electronic copies of your statements is also a must.</li>
<li><strong>Free bill pay.</strong>&nbsp;Instead of writing checks, licking an envelope, and adding a stamp, bill pay takes care of all that for you. Pick your vendor, name an account, and choose a date for your payment to arrive.</li>
<li><strong>Fees for the services you use.</strong>&nbsp;What other services will you use, and how much does the bank charge for them? For example, how much is it to send or receive a wire transfer?</li>
<li><strong>Perks and benefits.</strong>&nbsp;What other perks and benefits are available? For example, some banks provide free&nbsp;<a href="https://www.supermoney.com/reviews/credit-reporting">credit scores</a>.</li>
<li><strong>Overdraft protection.</strong>&nbsp;What happens if you overdraw your account? Overdraft protection ensures that payments are approved, even if you don't have all of the money necessary.</li>
</ul>

<h3>What is overdraft protection?</h3>
<p>Overdraft protection is a feature that banks and credit unions offer to help you avoid bouncing a check or having your debit card declined if you don't have sufficient funds. While that sounds like a generous offer, it's not. Banks typically charge a $30 overdraft fee when it covers you, and credit unions aren't far behind at $29. Fortunately, there are ways to get overdraft protection without paying a hefty fee.</p>
<h4>Get an account with no overdraft fee</h4>
<p>Some banks, such as&nbsp;<a href="https://www.supermoney.com/reviews/checking-accounts/chime-bank-checking-account">Chime</a>, don't charge an overdraft fee at all. These banks are few and far between, though, so you'll have to do your research to find the right one.</p>
<h4>Opt-out of overdraft protection</h4>
<p>Banks and credit unions are required to ask if you want overdraft protection. By opting out, you can avoid the fee. However, you can still get hit with a non-sufficient funds (or NSF) fee if you don't have enough cash to cover a check or debit card swipe. So, make sure you always have a buffer.</p>
<h4>Connect your savings account or credit card</h4>
<p>Some banks allow you to avoid an overdraft fee by connecting your&nbsp;<a href="https://www.supermoney.com/reviews/savings-accounts">savings account</a>&nbsp;or credit card to your checking account instead. In this situation, if you overdraw your account, the bank will use your savings account or&nbsp;<a href="https://www.supermoney.com/find-best-credit-cards/">credit card</a>&nbsp;to cover the shortfall. There's usually no fee when this happens.</p>
<h4>Apply for an overdraft line of credit</h4>
<p>Instead of charging a fee, some banks will offer you a line of credit. These products typically charge interest. But if you get your account back in the positive within a few days, you'll likely end up paying pennies instead of a steep fee.</p>
<h2>How can you get the best interest rate on your checking account?</h2>
<p>When it comes to checking accounts, earning interest is typically a secondary concern as many banks don't pay interest. However, if you know where to look, there are checking accounts that offer competitive rates that are higher than any savings account.</p>
<p>If you expect to have a large amount of cash in your checking account, it's worth looking for a bank that will pay some interest on your balance.</p>
<p>The list of best checking accounts above is a great place to start. If you would like to see more accounts, the SuperMoney checking account <a href="https://www.supermoney.com/reviews/checking-accounts">comparison page</a> is designed to help you find the banks that offer the highest interest rates and lowest fees.&nbsp;Filter the search results for the highest interest rates. As the results populate, filter down even more based on the average balance required to avoid any monthly fees. Interest is nice, but monthly fees can eat away at your earnings. Focus on a minimum balance requirement that you know you can maintain.</p>
<h2>How can you find the best checking account for you?</h2>
<p>With so many checking accounts on the market, it takes a little research to find the right one.</p>
<ul>
<li><B>Start by considering the type of checking account you want.</B> Then think about what kind of institution you'd like to bank with.</li>
<li><B>Consider what features and services are available.</B> The account should offer mobile features and a variety of servicing options. Also, look at the size of the financial institution's network if you want broad access to ATMs and branches.</li>
<li><b>Consider how you plan to use your checking account.</b> Look at the features and fees that different accounts offer. Depending on your needs, an account that charges a monthly fee may be better than a basic account with no fee. 
<LI><b>Check whether it offers a sign-up bonus to new customers.</b> Some banks will offer from $100 to $300 if you open an account and complete one or more activities. Examples include setting up a direct deposit or using your debit card a minimum number of times.</li>
</ul>
<p>If you're switching from one checking account to another, keep in mind that it isn't always a smooth process. For example, if you have recurring charges coming out of your original checking account, you'll need to update all of those with the new account information. But don't let the process scare you away from getting a better checking account than you currently have.</p>
<p>Compare the checking accounts above&nbsp;and find the one that offers you the most value based on your needs.</p>

Choosing a bank account is a key step toward reaching your financial goals. However, with so many to choose from, finding the best checking account for your needs can be a challenge. The best checking accounts have low fees, no monthly maintenance fees, and competitive interest rates. Some even offer generous signup bonuses to new clients.

Best Checking Accounts

<h2>Methodology</h2>
<p>The team at SuperMoney analyzed over a hundred money market account offerings to find the best of the best. We vetted each provider based on their APYs, fees, customer service, balance requirements, and perks. Now you can compare the best money market accounts side-by-side in one easy place.</p>

<h2>Alternatives to savings accounts</h2>
<p>Money market accounts can be an excellent option if you're looking for a low-risk liquid investment vehicle, but there are alternatives that may provide better terms. If you're planning to open an money market account, you may also want to consider other options, such as CDs, savings accounts, and high-yield checking accounts.</p>
<H3>Certificates of deposit</H3>
<p>CDs offer some of the highest interest rates available for deposit accounts insured by the FDIC. They can be a risk-free option if you're investing money you will need for a specific purpose, such as a down payment on a mortgage or a new car, and you are OK with not having access to the money for a period of time.</p>
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<h3>Savings accounts</h3>
<p>Savings accounts provide high interest rates (for an FDIC-insured deposit account), instant access to your money, and low minimum deposits.</p>
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<h3>High-yield checking accounts</h3>
<p>High-yield checking accounts offer much higher interest rates than regular savings accounts. You do have to jump through a few hoops, such as making a minimum number of transactions and having a direct deposit linked to your account, but the high interest rates are generally worth the effort if you want to combine the benefits of a checking account and a high-yield savings account.</p>
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<h2>Frequently asked questions about money market accounts</h2>
<p>Still have questions? Here's a look at answers to the most frequently asked questions about<a href="https://www.supermoney.com/reviews/money-market-accounts" target="_blank" rel="noopener noreferrer"> money market accounts. </a></p>
<h3>How do I choose a money market account?</h3>
<p>When shopping for a money market account, you should consider the following key factors:</p>
<h4>Initial deposit/minimum balance requirements</h4>
<p>Money market accounts often come with minimum balance requirements. To open the account or avoid a fee, your initial deposit has to be a certain amount. Banks and credit unions may also have tiers of APYs that coordinate with minimum investment amounts.</p>
<p>For example, a credit union may only pay interest on your account if the balance is above $2,500, and increase the payout up to 0.60% with a minimum $250,000 investment. So it's important to find out what minimum balance is required as it may be more than you want to invest.</p>
<p>Some accounts also cap the amount you can invest. For example, some banks have no initial deposit or minimum balance requirements but cap investments at $100,000. This is also a factor to consider if you want to invest large amounts into the account.</p>
<h4>APY</h4>
<p>The annual percentage yield (APY) is a number that tells you how much interest you will earn on your investment per year, including compounding interest. The higher the rate, the more you earn.</p>
<p>However, be sure to read the fine print that goes along with the APY to see if there are any requirements.</p>
<h4>Fees</h4>
<p>Account fees are important to consider because they will eat into any returns you earn. If the fees are too high, they could counteract an attractive interest rate.</p>
<p>Common fees include:</p>
<ul>
<li><strong>Monthly maintenance fee</strong>: A monthly fee you pay to keep the account open. May only apply if you don't meet the minimum balance requirement.</li>
<li><strong>Excessive transaction fee</strong>: Accounts often limit the number of transactions you can make per month. If you exceed the limit, you often face a per-transaction fee.</li>
<li><strong>Billpay stop payment:</strong> There is often a fee per check.</li>
</ul>
<h4>Account access</h4>
<p>Another factor to consider is how you gain access to the money in your money market account. Federal regulations limit you to six withdrawals per month. Companies often make it easier to access your funds by offering check-writing privileges and/or ATM cards.</p>
<h4>Helpful perks</h4>
<p>Then, be sure to factor in other helpful perks the company offers like a mobile app, easy online account management, overdraft protection for a connected checking account, etc.</p>
<h3>Which bank has the best money market rates?</h3>
<p>Money market rates fluctuate all the time. Further, just because a bank or credit union advertises the highest APY doesn't mean it offers the best value.</p>
<p>You can monitor the rates of various money market account offerings on <a href="https://www.supermoney.com/reviews/money-market-accounts" target="_blank" rel="noopener noreferrer">SuperMoney's money market review page</a>. However, be sure to consider the full picture, including interest rate, balance requirements, and fees when making a decision.</p>
<h3>Can you lose your money in a money market account?</h3>
<p>While you could theoretically lose money in a money market account, it is highly unlikely.</p>
<p>Up to $250,000 in a money market account with an FDIC-insured bank or NCUA-insured credit union will be protected if the institution fails.</p>
<p>Additionally, the funds from money market accounts are invested in stable, short-term securities that are low-risk. Examples include certificates of deposit, commercial paper, and government securities.</p>
<h3>Where can I earn the most interest on my money?</h3>
<p>When considering your investment options to find out where you can earn the most interest on your money, it's important to consider that higher interest comes with higher risk. So while you can gain more, you can also lose more.</p>
<p>The highest-risk, highest-reward investments include currency trading, high-yield bonds, initial public offerings (IPOs), and options trading.</p>
<p>Money market funds fall on the very conservative side of the spectrum, offering low-risk and modest returns. It can be good to diversify your investments, so you have a foundation of low-risk investments complemented by some higher-risk, higher return routes.</p>
<h3>Which is better, a CD or money market account?</h3>
<p>Whether a certificate of deposit (CD) or money market account is better for you depends on if you need access to the investment or not.</p>
<p>CDs often offer a higher interest rate, but they require you to deposit your money and leave it alone for a specified period of time. The longer the term, the higher the return.</p>
<p>Money market accounts, on the other hand, give you access to the investment. While certain types of transactions are limited, you can access the money if you need it.</p>
<p>The national average interest rate on money market accounts sits at <a href="https://www.fdic.gov/regulations/resources/rates/" target="_blank" rel="noopener noreferrer">0.07%</a>, while the average rate on CDs ranges from 0.04% for one-month terms and up to 0.33% for 60-month terms.</p>
<h3>Money market account vs. high yield savings account: Which is better?</h3>
<p>Looking at the national average, savings accounts offer a 0.05% return while money market accounts offer 0.07%.</p>
<p>However, the best money market accounts and high yield savings accounts offer much higher rates.</p>
<p>In some cases, you may find a high yield savings account that offers a higher rate than a money market account. For example, many online savings accounts are now offering competitive returns.</p>
<p>Another factor to consider is that money market accounts are made to be accessible. They often come with an ATM card and check writing privileges. Savings accounts typically require you to perform transfers online to move your money.</p>
<p>Easier accessibility can be a plus for those who want to be able to use their money often. Although it may be a con for those who don't want to spend the money and prefer it's harder to access.</p>
<p>Money market accounts also often come with a higher barrier entry. For example, they are more likely to have monthly fees, minimum balance requirements, and more complicated application processes.</p>
<p>It can be wise to browse the <a href="https://www.supermoney.com/reviews/money-market-accounts" target="_blank" rel="noopener noreferrer">best money market accounts </a>alongside the best <a href="https://www.supermoney.com/reviews/savings-accounts" target="_blank" rel="noopener noreferrer">high yield savings account </a>to see where you can find the best value.</p>
<p>Compare <a href="https://www.supermoney.com/savings-vs-money-market/" target="_blank" rel="noopener noreferrer">money market accounts to savings accounts</a>.</p>
<h3>What are the pros and cons of a money market account?</h3>
<p>Money market accounts have their strengths and weaknesses.</p>
<h4>Pros</h4>
<ul>
<li>Better interest rates than you can get with traditional savings accounts and many short-term CDs.</li>
<li>Check writing privileges.</li>
<li>ATM cards.</li>
<li>Often FDIC- or NCUA-insured.</li>
<li>Low-risk.</li>
</ul>
<h4>Cons</h4>
<ul>
<li>Monthly fees may apply.</li>
<li>Minimum balance requirements may apply.</li>
<li>Interest rates often lower than longer-term CDs.</li>
<li>Some high yield savings accounts offer higher interest rates.</li>
<li>Account initiation can be complex.</li>
<li>Certain transactions are limited to six per month.</li>
</ul>
<p>The best money market accounts lean heavily into the pros while lessening the cons.</p>

<h2>Ready to open a money market account?</h2>
<p>Browse our best money market accounts <a href="#main-content">above</a> from various banks and credit unions all on one page. At a glance, you can easily compare fees, interest rates, minimum balance requirements, and real customer feedback to find the best fit for your investment needs.</p>

Looking for a low-risk investment account that will still grant you access to the funds when needed? A money market account may be the right solution. But to get the most out of it, you need to find the best interest rates. 

Best Money Market Accounts

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<h2>SuperMoney's Guide to Savings Accounts</h2>
<p>Choosing the best savings account to deposit your money is an important decision. The best accounts have high interest rates, low minimum deposit requirements, no maintenance fees, great customer service, and minimal restrictions or penalties on withdrawals and transfers.</p>

<p>According to a recent survey, 57% of Americans have less than $1,000 in their savings accounts. The lack of a financial cushion can cause stress and make it difficult to manage unexpected expenses.</p>
<p>If you want to grow your savings, you'll need to analyze your financial situation, set goals, choose a savings account, and implement your plan. When it comes to finding the right financial institution, there are many factors to consider. Here's an in-depth look at savings accounts and how to find the best one to help you achieve your goals.</p>
<h2>What is a savings account?</h2>
<p>A savings account is a federally-insured, interest-bearing deposit account held by a bank or other financial institution. It is a safe place to store cash and earn modest returns.</p>

<h2>Why open a savings account?</h2>
<p>A savings account enables you to separate the money you want to save from the money you want to spend. The saved money becomes less accessible than the money in your checking account, as Federal law limits you to six transfers or withdrawals from your savings each month. If you exceed this limit, there is typically a fee.</p>
<p>In addition to helping you save, your savings account also earns you a small return each year on the money kept in the account. However, if you consistently surpass transfer limits, the bank may convert your account into a non-interest earning checking account.</p>

<h3>What is the difference between a savings account and a checking account?</h3>
<p>A checking account is more fluid, designed for everyday transactions. On the other hand, the money in a savings account should stay put and earn interest.</p>

<h2>What are the different types of savings accounts?</h2>
<p>If you are looking to open a savings account, be sure to choose the type that suits your needs. Here are your options.</p>

<h3>Regular savings accounts</h3>
<p>Regular savings accounts are found at most banks and the easiest to set up. They often have a minimum balance requirement and allow for transfers from a checking account. Savings accounts typically have a lower interest rate than other types of accounts, such as certificates of deposit (CDs), but they also usually have fewer restrictions on accessing your money. You can usually make deposits and withdrawals from a savings account at any time, although some accounts may have limits on the number of transactions you can make in a given period. Federal law limits withdrawals and transfers to six per month (excluding ATM withdrawals and transfers). </p>

<H3>Certificates of deposit</H3>
<p>A CD is a type of savings account that requires you to deposit a certain amount of money for a set period of time, usually ranging from a few months to a few years. CDs usually have a fixed interest rate, and you cannot make withdrawals from the account until the CD matures. If you do make a withdrawal before the CD matures, you may be subject to a penalty. CDs generally offer a higher interest rate than savings accounts, but they also have more restrictions on accessing your money. They can be a risk-free option if you're investing money you will need for a specific purpose, such as a down payment on a mortgage or a new car, and you don't want to risk losing any of your savings.</p>


<h3>Automatic savings plans</h3>
<p>Automatic savings accounts make it easy to save by making automatic monthly transfers from your checking to your savings. You can choose the dollar amount you want to transfer and the events that trigger the transfer (e.g., your payday). Some banks will offer lower banking fees when you sign up for an automatic savings plan.</p>
<h3>Online savings accounts</h3>
<p>Originally, only online-only banks offered online savings accounts. Today, though, many traditional banks also offer them. These accounts accept deposits remotely, often have no minimum balance requirements, have few to no monthly fees, and offer higher interest yields on deposits.</p>
<p>An online savings account is a good fit for you if you are tech-savvy and comfortable handling your savings account without in-person service.</p>
<h3>Student savings accounts</h3>
<p>Student savings accounts are designed for students who don&rsquo;t make much money yet. They typically don't charge fees or have minimum balance requirements. Once the student graduates, the student will need to convert the account into a regular savings account.</p>
<h3>Goal-oriented savings accounts</h3>
<p>While you can set goals with any type of savings account, some banks offer accounts designed to help you achieve specific goals like <a href="https://www.supermoney.com/finance-a-purchase/">buying a car</a> or <a href="https://www.supermoney.com/buy-a-house/">home</a>. They don&rsquo;t necessarily help you earn more on your savings but they will spearate funds for trhe goal. This can help you track your progress toward your goal.</p>
<h2>How to compare savings accounts</h2>
<p>What should you consider when comparing savings accounts? Here are the main factors:</p>
<ul>
<li>Interest rate yields</li>
<li>How often the interest rates change</li>
<li>Minimum deposit requirements (for the account, to earn the top yield, and to waive the monthly fee)</li>
<li>Restrictions on withdrawals or transfers</li>
<li>Account features</li>
<li>Procedures for closing an account</li>
<li>Quality of customer service</li>
<li>Availability of branches</li>
<li>Fees (overdraft, deposited item returned fee, incoming wire transfer fee)</li>
</ul>
<p>The ideal account would have a high interest rate, a low minimum deposit requirement, minimal fees, great customer service, and minimal restrictions or penalties on withdrawals or transfers.</p>
<p>It would also offer access online and in-person. You may have to sacrifice some of these features for others in your search, such as a higher interest rate for online-only banking, so prioritize what is most important to you and then look for the institution that can provide the best offer.</p>
<p>Review and compare savings accounts <a href="https://www.supermoney.com/reviews/savings-accounts">here.</a></p>
<h2>How much will I earn in a savings account?</h2>
<p>The amount you can earn depends on the interest rate you get and the amount of money you deposit. The average savings account has an APY of around 0.05% annual percentage yield, while many big banks only pay 0.01%. That means if you have $10,000 in a savings account, the average you&rsquo;ll earn back after a year is just $60. The savings accounts in the list above range from {{features_summary.apy.lowest}}% to {{features_summary.apy.highest}}%</p>
<h3>What banks have the best interest rates for savings accounts?</h3>
<p>Currently, online banks offer interest rates that are substantially higher than traditional banks due to their low overhead and the competition. The savings accounts in the list above range from {{features_summary.apy.lowest}}% to {{features_summary.apy.highest}}%.</p>
<h2>What fees should I expect savings accounts to have?</h2>
<p>Here are the common fees associated with savings accounts.</p>
<ul>
<li>Monthly maintenance fee: $5-$10</li>
<li>Withdrawal limit fee: $5-$20</li>
<li>Overdraft fee: $5-$40</li>
<li>Stop payment fee: $15-$35</li>
<li>Returned item fee: $10-$35</li>
<li>Incoming wire transfers: $15-$20</li>
<li>Outgoing wire transfers: $30-$45</li>
<li>Paper statement fee: $0-$2</li>
<li>ATM fees: $1-$5</li>
</ul>
<p>When shopping for a savings account, be sure to determine which fees each institution charges and the amount of each fee.</p>
<h2>Should I open an online savings account?</h2>
<p>Given that they offer the most competitive interest rates, an online savings account may seem like the obvious choice. However, they do come with a few inconveniences. Here&rsquo;s a look at the pros and cons of both online and traditional savings accounts.</p>
<div class="sm-widget-block sm-widget-pros-cons">
<div class="sm-title-block title-background-03" style="text-align: center;">WEIGH THE RISKS &amp; BENEFITS</div>
<p class="text-center">Here is a list of the benefits and the drawbacks of online savings accounts.</p>
<div class="sm-pros-cons-list">
<div class="sm-widget-split sm-pros-list">
<h5>Pros</h5>
<ul>
<li>Higher yield.</li>
<li>FDIC-insured up to $250,000.</li>
<li>Convenient mobile banking.</li>
<li>Cutting-edge technology.</li>
<li>24/7 access online.</li>
<li>Flexibility in transferring funds.</li>
<li>Lower minimum balance requirements.</li>
<li>Lower fees.</li>
<li>Flexible customer service hours.</li>
</ul>
</div>
<div class="sm-widget-split sm-cons-list">
<h5>Cons</h5>
<ul>
<li>Difficult to deposit cash.</li>
<li>No in-person help.</li>
<li>Online transfers can take longer than in-person withdrawals.</li>
<li>No personal relationship with a banker.</li>
<li>Limited adjacent offerings (other loans, credit cards, etc.).</li>
<li>Must be comfortable with technology and have internet access.</li>
</ul>
</div>
</div>
</div>
<p>Although online savings accounts have a lot to offer, large banks with brick-and-mortar branches can be very attractive to people who value a more personal relationship with their bankers. Here is a list of the pros and cons of going with a traditional savings account.</p>
<div class="sm-widget-block sm-widget-pros-cons">
<div class="sm-title-block title-background-03" style="text-align: center;">WEIGH THE RISKS &amp; BENEFITS</div>
<p class="text-center">Here is a list of the benefits and the drawbacks of traditional savings accounts.</p>
<div class="sm-pros-cons-list">
<div class="sm-widget-split sm-pros-list">
<h5>Pros</h5>
<ul>
<li>FDIC insured up to $250,000.</li>
<li>Face-to-face service.</li>
<li>Work with your personal banker.</li>
<li>Make cash deposits easily at a branch.</li>
<li>Withdraw cash instantly.</li>
</ul>
</div>
<div class="sm-widget-split sm-cons-list">
<h5>Cons</h5>
<ul>
<li>Lower yield.</li>
<li>Higher minimum balance requirements.</li>
<li>Higher fees.</li>
<li>Limited office hours.</li>
</ul>
</div>
</div>
</div>

<h2>Choose the best savings accounts for you</h2>
<p>A traditional savings account at a physical branch may be the best choice for you if you prefer a face-to-face personalized banking experience and want services beyond a savings account.</p>
<p>But if you are comfortable with technology and don&rsquo;t require in-person interactions for your banking needs, an online account can offer you higher yields and more convenience.</p>
<p>Ready to get started? The list above shows SuperMoney's top options for savings accounts. Compare the rates and terms, and see what our community reviews say about their customer care.</p>

Savings accounts are federally-insured financial products designed to help your money grow. The best savings accounts provide competitive annual percentage yields (APYs) and don't charge fees. SuperMoney reviewed hundreds of savings accounts and these are our top picks. 

Best Savings Accounts

<h2>Methodology: How we selected the best small business loans</h2>
<p>We evaluated almost 100 lenders and sought out the most recommended small business loans with the lowest interest rates and fees. Additionally, we took into account other significant factors, such as availability, flexible terms, loan amounts, and suitability for different types of businesses.</p>

<h2><strong>What is a small business loan?</strong></h2>
<p>A business loan is a financial product designed to provide capital to businesses for various purposes, such as purchasing equipment, expanding operations, managing cash flow, or funding new projects. It allows entrepreneurs to access the necessary funds without diluting ownership or relying solely on personal resources.</p>
<h2><strong>How do business loans work?</strong></h2>
<p>Business loans operate on the principle of borrowing money from a lender with the agreement to repay the borrowed amount, along with interest, over a specified period. The loan terms, interest rates, and repayment schedules vary depending on the lender and the type of loan.</p>
<h2><strong>Types of business loans</strong></h2>
<h3><strong>Traditional bank loans</strong></h3>
<p>Traditional bank loans are the most common and well-known type of business loans. They are typically offered by commercial banks and credit unions. The characteristics, terms, and requirements of these loans can vary widely. Traditional bank loans may be secured or unsecured, and they often require collateral and a strong credit history.</p>
<h3><strong>Small Business Administration (SBA) loans</strong></h3>
<p>The Small Business Administration (SBA) offers various loan programs specifically designed to support small businesses. These loans are partially guaranteed by the SBA, reducing the risk for lenders and making them more accessible to small business owners. SBA loans often have favorable terms and lower interest rates compared to traditional bank loans.</p>
<h3><strong>Online business loans</strong></h3>
<p>The rise of online lending platforms has revolutionized the business loan landscape. Online lenders provide a convenient and streamlined application process, often with quicker approval times. These loans may be suitable for businesses that require fast access to funding but may come with higher interest rates compared to traditional bank loans.</p>
<h3><strong>Alternative business loans</strong></h3>
<p>Alternative business loans encompass a range of non-traditional lending options. This includes peer-to-peer (P2P) lending platforms, which connect borrowers directly with individual investors, as well as merchant cash advances, invoice financing, and crowdfunding options. These alternatives offer flexibility and different lending criteria compared to traditional loans.</p>
<h2><strong>Pros and cons of business loans</strong></h2>
<p>Business loans offer numerous advantages, such as providing the capital needed to grow and expand, allowing businesses to take advantage of opportunities, and helping to establish or improve credit history.</p>
<p>However, they also come with potential drawbacks, such as interest payments, collateral requirements, and the risk of debt. It's essential to carefully consider the pros and cons before pursuing a business loan.</p>

<div class="sm-widget-block sm-widget-pros-cons">
<div class="sm-title-block title-background-03" style="text-align: center;">WEIGH THE RISKS AND BENEFITS</div>
<p class="text-center">Here is a list of the benefits and the drawbacks to consider when thinking about small business loans.</p>
<div class="sm-pros-cons-list"><div class="sm-widget-split sm-pros-list">
<h5>Pros</h5><ul><li>Access to capital: Small business loans can provide the funding needed for growth and expansion.</li><li>Retain ownership: Unlike raising capital through equity, you retain full control over your business.</li><li>Flexible terms: Many lenders offer a range of loan terms and payment schedules to suit your business needs.</li></ul></div><div class="sm-widget-split sm-cons-list">
<h5>Cons</h5><ul><li>Debt obligation: Loans must be repaid with interest, which can strain cash flow.</li><li>Qualification requirements: Some businesses, especially newer ones, may struggle to meet the lender's requirements.</li><li>Collateral: Some loans require collateral, which could be lost if you default on the loan.</li></ul></div></div></div>
<h2><strong>How to get a business loan</strong></h2>
<h3><strong>Assessing your business needs</strong></h3>
<p>Before applying for a business loan, assess your specific funding requirements. Determine the purpose of the loan, the amount of capital needed, and how it will contribute to your business's growth and success. Understanding your needs will help you find the most suitable loan option.</p>
<h3><strong>Understanding your creditworthiness</strong></h3>
<p>Lenders often consider creditworthiness when evaluating loan applications. Review your credit score and history, and take steps to improve them if necessary. Manage existing debts responsibly and ensure timely payments to enhance your creditworthiness.</p>
<h3><strong>Researching and preparing documentation</strong></h3>
<p>Different lenders may require various documentation to process your loan application. Gather financial statements, tax returns, business plans, and other relevant documents in advance. Create a well-structured loan proposal that highlights your business's strengths and growth potential.</p>
<h3><strong>Finding the right lender</strong></h3>
<p>Research and compare loan options from different lenders. Consider factors such as interest rates, fees, repayment terms, loan size, eligibility requirements, and the lender's reputation. Look for lenders that specialize in business loans and have a track record of working with businesses similar to yours. Building relationships with lenders and leveraging existing networks can also help in finding the right lender.</p>
<h2><strong>What are the requirements for business loans?</strong></h2>
<p>The specific requirements for business loans can vary depending on the lender and the type of loan.</p>
<p><strong>However, common requirements often include:</strong></p>
<ul>
<li>Business and personal credit history: Lenders assess both your business and personal credit scores to determine your creditworthiness.</li>
<li>Business revenue and financial statements: Lenders evaluate your business's financial health by examining revenue, profitability, and cash flow statements.</li>
<li>Business plan: A comprehensive business plan outlines your goals, strategies, market analysis, and financial projections, providing lenders with a clear understanding of your business's potential.</li>
<li>Collateral: Some loans may require collateral, such as real estate, inventory, or equipment, which serves as security for the loan.</li>
</ul>
<h2><strong>How to choose a business loan</strong></h2>
<p>Choosing the right business loan is crucial for the success of your venture. Consider the following factors when making your decision:</p>
<ul>
<li><strong>Interest rates and fees:</strong> Compare the interest rates and fees associated with different loan options. Look for competitive rates that align with your budget and repayment capabilities.</li>
<li><strong>Loan terms and repayment flexibility:</strong> Evaluate the loan terms, including the repayment period, frequency, and flexibility. Ensure the repayment structure aligns with your business's cash flow and revenue generation.</li>
<li><strong>Eligibility requirements:</strong> Assess whether you meet the eligibility criteria set by the lender. Pay attention to minimum credit score requirements, business revenue thresholds, and any industry-specific requirements.</li>
<li><strong>Loan size:</strong> Determine the loan amount you need and whether the lender offers loans within that range. Some lenders specialize in small loans, while others cater to larger funding needs.</li>
<li><strong>Additional features and benefits:</strong> Consider any additional features or benefits offered by the lender, such as access to business resources, personalized support, or the potential for future financing.</li>
</ul>
<h2><strong>Tips for comparing business loans</strong></h2>
<ul>
<li><strong>Conduct thorough research:</strong> Take the time to research and compare multiple loan options. Look beyond the interest rates and fees, and consider the overall value and benefits offered by each lender.</li>
<li><strong>Read and understand loan agreements:</strong> Carefully review the terms and conditions of the loan agreement. Pay attention to interest rates, repayment schedules, penalties, and any hidden fees.</li>
<li><strong>Seek professional advice:</strong> If you are unsure about certain loan terms or need guidance, consult with a financial advisor or business consultant who specializes in business lending. They can provide valuable insights and help you make an informed decision.</li>
<li><strong>Consider long-term implications:</strong> Look beyond immediate financing needs and consider the long-term implications of the loan. Assess how it aligns with your business goals, growth plans, and overall financial strategy.</li>
</ul>
<h2><strong>Alternatives to business loans</strong></h2>
<p>While business loans are a popular funding option, they may not be suitable for every business or situation.</p>
<p><strong>Explore alternative funding options, such as:</strong></p>
<ul>
<li><strong>Grants and government programs:</strong> Research grants and programs available for businesses in your industry or location. These funding sources can provide capital without the need for repayment.</li>
<li><strong>Angel investors and venture capital:</strong> Consider seeking investment from angel investors or venture capital firms. These investors provide funding in exchange for equity in your business.</li>
<li><strong>Self-funding and bootstrapping:</strong> If feasible, consider self-funding your business through personal savings or by reinvesting profits. Bootstrapping allows you to maintain control over your business without incurring debt.</li>
</ul>
<h2><strong>FAQ</strong></h2>
<h3><strong>What is the difference between secured and unsecured business loans?</strong></h3>
<p><strong>Secured business loans:</strong> These loans require collateral, such as real estate, inventory, or equipment. If you default on the loan, the lender has the right to seize the collateral as repayment.</p>
<p><strong>Unsecured business loans:</strong> These loans do not require collateral, but they often have stricter eligibility criteria and higher interest rates to compensate for the increased risk to the lender.</p>
<h3><strong>Can I get a business loan with bad credit?</strong></h3>
<p>While it can be more challenging to obtain a business loan with bad credit, it is not impossible. Consider the following options:</p>
<p><strong>Explore alternative lenders:</strong> Some lenders specialize in providing loans to businesses with lower credit scores.</p>
<p><strong>Provide collateral:</strong> Offering collateral can offset the risk associated with bad credit.</p>
<p><strong>Seek a cosigner:</strong> A cosigner with a strong credit history can improve your chances of approval.</p>
<p><strong>Work on improving your credit:</strong> Take steps to rebuild your credit by paying bills on time and reducing debt.</p>
<h3><strong>How long does it take to get approved for a business loan?</strong></h3>
<p>The approval timeline for a business loan can vary depending on several factors, including the lender, loan type, and the completeness of your application. In some cases, approval can be as quick as a few days, while others may take several weeks. It's best to consult with the lender or loan provider to get an estimate of their specific timeframe.</p>
<h3><strong>Can I use a business loan for any purpose?</strong></h3>
<p>In general, business loans can be used for various purposes related to your business's operations, growth, and development. Common uses include purchasing equipment, expanding facilities, hiring staff, managing cash flow, marketing, or refinancing existing debt. However, it's essential to read the loan agreement carefully, as some lenders may impose restrictions on how the funds can be used. Always communicate with the lender to ensure your intended use aligns with their guidelines.</p>
<h2><strong>Conclusion</strong></h2>
<p>Securing the best business loan is essential for entrepreneurs looking to fuel their growth and achieve their business goals. By understanding the different types of business loans, assessing your needs, and researching lenders, you can make an informed decision that aligns with your financial requirements. Remember to consider factors such as interest rates, loan terms, eligibility requirements, and repayment options to find the best loan for your business. By doing your due diligence and seeking professional guidance when needed, you can position your business for success with the right funding solution.</p>

Discover personalized lending options for your business with SuperMoney's small business loans comparison engine.

Best Small Business Loans

<h2>The Benefits of Business Credit Cards</h2>
<p>Obtaining credit and maintaining positive cash flow can be an ongoing challenge, especially for small businesses. Business credit cards allow entrepreneurs a measure of flexibility in managing their business finances. They also help business owners establish a separate business credit profile by separating business and personal expenses. Maintaining separate business and personal records is also a significant advantage when tax time rolls around. The cashback and rewards you can obtain from your business card are also significant, even for micro-businesses. According to a recent survey, micro-businesses spend an average of $2,245 a month on business expenses. At 2x points, that represents $539 a year in cashback or travel credit.</p>

<h2>FAQs on Business Credit Card</h2>
<h3>Do business credit cards affect your credit score?</h3>
<p>When business credit card activity shows up on your credit reports, it's treated the same as any other credit card debt by both the FICO and VantageScore credit scoring methods. When you apply for a new business credit card, it typically shows up on your credit reports as a hard inquiry. This could temporarily ding your credit, but it doesn&rsquo;t necessarily indicate the issuer will report the card&rsquo;s activity to consumer credit bureaus.</p>
<h3>What does a business credit card do?</h3>
<p>Small business credit cards provide business owners with easy access to a revolving line of credit with a set credit limit to make purchases and withdraw cash. Like a consumer credit card, a small business credit card carries an interest charge if the balance is not repaid in full each billing cycle.</p>
<h3>What is the difference between a personal and business credit card?</h3>
<p>The first key difference is that business credit cards (naturally) are designed for business use, while anyone can use personal credit cards. However, even if you don't have a formal business with a tax ID number, you can still open a business credit card as a sole proprietor.</p>
<h3>Is it illegal to pay personal expenses from a business account?</h3>
<p>Although it is best to only use your business account for business expenses, it is not illegal to use your business account for personal purchases if you are the owner or have the business owner's permission. However, the IRS does not allow businesses to claim personal expenses as business expenses.&nbsp;</p>

The best credit cards for businesses have rewards, sign-up bonuses, and generous perks. Another benefit? Business credit cards are also useful for managing short-term cash-flow issues. Our experts have reviewed hundreds of cards to identify the best business credit cards available.

Best Business Credit Cards

<h2>How to pick the right card</h2>
If you have a great credit score, you would have many card options, and you should look at the <a href="https://www.supermoney.com/best/personal-credit-cards/low-interest/">interest rate</a>. Rewards are key, and which rewards you choose depends on your lifestyle.

So, to find out which credit card is best for you, consider your:
<ul>
 	<li>Spending habits</li>
 	<li>Personal preferences</li>
 	<li>Credit score</li>
</ul>
With these three things in mind, it'll be easier to understand what works best for you, even if it doesn't work best for the people around you.

<a href="https://www.supermoney.com/reviews/personal-credit-cards">Compare credit cards side by side</a> to find one that offers the best combination of features. And if these factors change, you can always apply for a better card in the future. Also, remember to compare credit card rewards side by side as well to make sure the rewards fit your lifestyle.


<p>
<h2>FAQs on Personal Credit Cards</h2>
<h3>What is the best credit card for beginners?</h3>
<p>Here are some of the best credit cards for beginners.
Discover it® Student Cash Back, Capital One® Platinum Credit Card, Capital One® QuicksilverOne® Cash Rewards Credit Card, Capital One® Secured Mastercard®, Discover it® Secured and Citi® Secured Mastercard®.</p>
<h3>What is the minimum credit score for a credit card?</h3>
<p>Generally speaking, a credit score of between 300 (the lowest FICO score) and 650 is considered bad credit. However, some card issuers will consider scores of 550 to 650 as being simply poor credit and may consider you for an unsecured credit card.</p>
<h3>What is a prepaid credit card?</h3>
<p>A prepaid credit card is essentially a substitute for cash. It is a secured card issued by a financial institution that has been secured with a prepayment. These cards can be compared to prepaid debit cards which use preloaded funds for transactions.</p>
<h3>Why are 0% APR card promotions considered good?</h3>
<p>If you need to do a balance transfer or finance a large purchase, there’s no better way to do it than with a 0% APR credit card. The best cards offer several months to pay down debt interest-free.</p>
</p>

SuperMoney has done the research to help you compare the best credit cards currently available. Find out which credit card offers the best deals for your goals and spending patterns.

Best Personal Credit Cards

<p>Prepaid cards are one of the fastest-growing payment methods in the country. The Bureau of Consumer Financial Protection expects the market to grow from <a href="https://www.globenewswire.com/news-release/2019/03/25/1759927/0/en/United-States-Prepaid-Cards-Business-and-Investment-Opportunities-Report-2019.html">$561</a> billion in 2019 to $897 billion in 2023. But what are prepaid cards, and why are so many people using them? Read on to learn everything you need to know. Plus, find out how to choose the best prepaid for your specific needs.</p>

<h2>What is a prepaid card?</h2>
<p>A prepaid card is a physical card linked to an account that you fund with cash upfront. You can spend as much as you load onto the card. When you spend the balance, you can reload the card and use it again.</p>
<p>There are two types of prepaid cards: open- and closed-loop cards.</p>
<h3>What's the difference between open-loop and closed-loop prepaid cards?</h3>
<p>Both open-loop and closed-loop prepaid cards are cards that you pre-load with funds to spend at retail locations. However, their use-cases differ.</p>
<p>Closed-loop cards, like gift cards and transit cards, can only be used with specific merchants or in closed systems.</p>
<p>Open-loop cards, on the other hand, are more flexible. You can make purchases with an open-loop prepaid card at the point-of-sale terminals of most retail locations. Or you can even use them to take cash out from ATMs. As such, open-loop cards are the more popular choice.</p>
<p>One of the most common types of open-loop prepaid cards is the general-purpose reloadable (GPR) card. Other open-loop examples include payroll cards, government benefit cards, and cards to disburse loans or insurance proceeds. We also see the emergence of digital and mobile wallets.</p>
<p>As the prominent prepaid product on the market right now, let's dig deeper into GPR cards.</p>
<h2>How do GPR prepaid cards work?</h2>
<p>You can buy a GPR prepaid card at a retail store, directly from your financial institution, over the phone, or online. Typically, you'll pay an upfront purchase fee to activate the card, plus the amount you want to load onto your new card. Depending on your vendor, the card may become active immediately, or you may have to take additional steps, such as activating it over the phone.</p>
<p>To use all of a card's features, such as ATM withdrawals and reloading, you'll need to register it. To do so, you'll typically have to provide your full name, address, date of birth, and social security number.</p>
<p>After registration, you will usually receive a card with your name embossed on it. At this point, you can reload your card in a variety of ways, including direct deposit, cash payment at a retail store, check deposit, and more. Then, you can continue to reload, use, and repeat.</p>

<h2>Common uses of GPR prepaid cards</h2>
<p>Why do people use prepaid cards? The two most common purposes are as a checking account or a credit card alternative.</p>
<h3>1. Checking account alternative</h3>
<p>Prepaid cards provide a great alternative to checking accounts and credit cards for people who can't qualify for them.</p>
<p>When you apply for a checking account, banks and credit unions often check your banking history. Likewise, when you apply for a credit card, you'll undergo a credit check. If you have an inconsistent banking or credit history, your application may be denied.</p>
<p>Prepaid card accounts present little risk to issuers since prepaid card users draw from their own funds rather than spending bank-issued credit. As such, most require very little or no screening. This makes them a great option for people who can't get approved for traditional credit or bank accounts. That explains why according to a Consumer Financial Protection Bureau report, <a href="https://files.consumerfinance.gov/f/documents/20161005_cfpb_Final_Rule_Prepaid_Accounts.pdf">41%</a> of prepaid card users didn't have a checking account, and <a href="https://files.consumerfinance.gov/f/documents/20161005_cfpb_Final_Rule_Prepaid_Accounts.pdf">33%</a> of open-loop prepaid card users had never used a credit card.</p>
<h3>2. Limited-use product</h3>
<p>Prepaid cards are also used as a limited-use product, even for people who do have bank accounts and credit cards.</p>
<p>Why would you need a limited-use product? You could use a prepaid card as a budgeting tool to isolate funds for your grocery bill or limit your spending on vacation. Or maybe you're sending your child away to college and want to give them some convenient, accessible spending money. Either way, a prepaid card is a great way to harness the convenience of a credit card without the risk of spending beyond your means.</p>

<h2>New protections for prepaid cards</h2>
<p>In the past, prepaid cards suffered from one major drawback: they lacked the protections offered by debit cards. But times have changed. As of April 2019, the Consumer Financial Protection Bureau (CFPB) implemented comprehensive regulations that extend those protections to prepaid cardholders. These include:</p>
<ul>
<li><strong>Access to account information</strong>: A complete, accurate, and timely view of all account activity.</li>
<li><strong>Limited liability and error resolution, including provisional credit</strong>: Protection of funds if there are billing errors or your card is lost or stolen.</li>
<li><strong>Pre-acquisition disclosures</strong>: Issuers must provide short- and long-form disclosures, making it easier for people to understand fees and comparison shop.</li>
<li><strong>Submission and posting of prepaid account agreements</strong>: Issuers must submit their user agreements to the bureau and make them available to the public.</li>
<li><strong>Overdraft credit feature regulation</strong>: Card issuers must structure overdraft credit features as a separate or sub-credit account. The cards are referred to as hybrid prepaid credit cards.</li>
</ul>
<p>These new protections ensure that prepaid card issuers are open and honest about their operations.</p>
<h2>How to compare GPR prepaid cards</h2>
<p>In recent years, the improved protections and new features of prepaid cards have raised their popularity, driving more competition in the market. As a result, their cost has dropped, and there has been an increase in product transparency.</p>
<p>Are you shopping around for a GPR prepaid card? Here's what you should consider.</p>
<h3>Accessibility</h3>
<p>Find out where you can use your prepaid card and how you can withdraw cash. Common options include:</p>
<ul>
<li>Obtaining cash via bank teller transactions.</li>
<li>Using a personal identification number (PIN) to get cashback from merchants during POS transactions.</li>
<li>Making purchases at vendors that accept the card's payment network.</li>
<li>Making withdrawals at ATMs.</li>
</ul>
<p>Ensure that you'll be able to use the card in ways that are convenient for you.</p>
<h3>Reload options</h3>
<p>How easy is it to reload the card? Check each card's reload methods to make sure that they suit your preferences. Additionally, find out if there is a fee to reload, as those can quickly add up.</p>
<h3>Fees</h3>
<p>How does the issuer compare to the competition regarding its fee schedule? Look at all of the fees the issuer charges, as well as the cost of each fee. Common fees include:</p>
<ul>
<li>Monthly service fee.</li>
<li>Activation fee.</li>
<li>Card reload fee.</li>
<li>Signature purchase transaction fee.</li>
<li>PIN purchase transaction fee.</li>
<li>In-network/out-of-network ATM withdrawal fee.</li>
<li>Customer service fee.</li>
<li>Balance inquiry fee.</li>
<li>Inactivity fee.</li>
<li>Paper statement fee.</li>
<li>Transfer fee.</li>
<li>Bill payment fee.</li>
<li>Additional card fee.</li>
<li>Foreign transaction fee.</li>
<li>Cancellation fee.</li>
</ul>
<p>Prepaid card providers must disclose their fees before you buy their card.</p>
<p>Consider that a study of 66 major GPR cards found that cardholders paid an average of <a href="https://files.consumerfinance.gov/f/documents/20161005_cfpb_Final_Rule_Prepaid_Accounts.pdf">$10 to $30</a> each month. This cost depended on the cardholder's understanding of the card's fee structure. Those who understood their card's fees were better equipped to minimize these costs.</p>
<p>Be sure to review and compare the fees of at least three cards before making a decision. Look for one that suits your budget.</p>
<h3>Payment network brand</h3>
<p>Choose a payment network brand that will be accepted where you plan to use it. Popular payment networks include Visa, MasterCard, American Express, or Discover.</p>
<h4>Which is better, Visa, or MasterCard?</h4>
<p>Visa and MasterCard are both accepted widely in 200+ countries. In most cases, if one is accepted, so is the other. However, Visa does come in first in total purchase transactions worldwide. In 2018, Visa came in at <a href="https://nilsonreport.com/publication_chart_and_graphs_archive.php">165.3</a> billion, while Mastercard had 90.2 billion.</p>
<h3>Customer service</h3>
<p>What is the card issuer's customer service like? Do you have to pay to get help? Are they available through multiple channels such as online chat, email, and phone? Are past customers happy with the service they received?</p>
<p>When you need help, it's important to have a team that is pleasant and efficient. Check the customer service hours and channels, as well as <a href="https://www.supermoney.com/reviews/prepaid-cards">reviews from past customers</a>.</p>
<h3>Rewards</h3>
<p>Look for rewards that will help you earn money back when you use your card. For example, a card may offer you points, cashback, or miles when you spend at restaurants, gas stations, or retail stores. By matching a rewards package to your usage habits, you can get the most out of your card.</p>
<h3>ATM network</h3>
<p>Check if the card has a network of ATMs where you can withdraw money for free. This is especially important if you plan to withdraw cash on a regular basis.</p>
<h3>Maximum balance limit</h3>
<p>Card issuers often limit how much money you can load onto a prepaid card. This maximum balance limit ranges from $2,500 to $25,000. Pay attention to this limit if you need to load large amounts onto the card.</p>
<h3>Other features</h3>
<p>Look for other features and benefits that add value. For example, the right prepaid card may offer you the ability to transfer money to friends and family on your phone, 24/7 mobile account management, or a savings account option.</p>
Pros and cons of prepaid cards</h2>
In summary, here are the pros and cons of GPR prepaid cards.
<div class="sm-widget-block sm-widget-pros-cons">
<div class="sm-title-block title-background-03" style="text-align: center;">WEIGH THE RISKS &amp; BENEFITS</div>
<p class="text-center">Here is a list of the benefits and the drawbacks to consider.</p>

<div class="sm-pros-cons-list">
<div class="sm-widget-split sm-pros-list">
<h5>Pros</h5>
<ul>
 	<li>No credit check.</li>
 	<li>Easy to get.</li>
 	<li>Fewer or no overdraft fees than checking accounts.</li>
 	<li>Many options to choose from.</li>
 	<li>New protections increase transparency.</li>
 	<li>Safer than cash.</li>
 	<li>Growing features and capabilities.</li>
 	<li>Merchants in 200+ accept Visa and MasterCard brands.</li>
 	<li>Pay for purchases and withdraw cash from ATMs.</li>
 	<li>Rewards are available with some cards.</li>
 	<li>Extra features and benefits.</li>
 	<li>Reload and use on a long-term basis.</li>
</ul>
</div>
<div class="sm-widget-split sm-cons-list">
<h5>Cons</h5>
<ul>
 	<li>No interest earned.</li>
 	<li>Doesn't help you build credit.</li>
 	<li>No access to credit.</li>
 	<li>Fees apply.</li>
 	<li>Maximum balance requirements apply.</li>
 	<li>Certain issuers charge for customer service.</li>
 	<li>Registration is required for reloadable functionality.</li>
</ul>
</div>
</div>
</div>
<section class="rightrail-section"><aside class="rightrail-section__content"></aside></section>
<h2>
<h2>Which prepaid card is best for you?</h2>
<p>The best prepaid card for you depends on your needs.</p>
<p>For example, if you want to maintain a balance of $10,000, you should look for cards with a maximum balance limit that fits your needs. Or if you'll be making many PIN transactions, you'll want a card without a PIN transaction fee.</p>
<p>Use the comparison guide above to identify what you want in a card. Then, find the card that best serves your needs. We make it easy with side-by-side comparisons, filters, and with real-user reviews. Review the prepaid cards below to get started!</p>


Prepaid debit cards are an excellent alternative to traditional checking accounts and debit cards. The best prepaid cards offer similar features and perks, such as online bill pay, mobile check deposit, and direct deposit, while avoiding overdraft fees or the need for a checking account.

Best Prepaid Cards

A good credit score is one of the most important financial goals you can create for yourself. It can help you achieve a healthy financial future and qualify for affordable rates on auto loans, mortgages, or any other type of loan. Find out what credit repair companies can (and cannot) do for you and how to choose the best credit repair company for you.

Best Credit Repair Companies

If you're experiencing financial hardship and struggling to pay your credit card or other unsecured debts, you may be able to negotiate a settlement with your creditors. Debt settlement (or debt relief) service providers operating under FTC regulations specialize in negotiating with creditors on behalf of their clients. Debt settlement companies act as intermediaries between an individual and one or more of their unsecured creditors to obtain a reduction in principal owed. 

Best Debt Relief Companies

Auto insurance offers vital protection to you and your family by covering one of your biggest assets and protecting you from liability as a driver. The best auto insurance companies are the ones that can offer you the most coverage for your situation at rates that you can afford. But where can you find "the one"? Here is our list of the best auto insurance companies in the United States.

Best Auto Insurance Companies 

<h3>Methodology: How we pick the best life insurance companies</h3>
<p>We analyzed nearly 100 firms on our quest to find the best life insurance companies. Above, find those that came out on top. These companies offer various coverage options, competitive pricing, financial strength, high levels of customer service, and additional benefits.</p>

<h2>SuperMoney's Guide to the Best life insurance companies</h2>
<p>Are you ready to join the <a href="https://www.limra.com/barometer/" target="_blank" rel="noopener noreferrer">60%</a> of Americans who have life insurance? A life insurance policy can give you peace of mind and help you diversify your investment portfolio. The first step is finding the best life insurance company for your needs. Not sure where to start? We can help.</p>
<p>Learn all you need to know about life insurance, how it works, and how to choose a provider below. Plus, browse our list of the best life insurance companies based on financial strength and reviews from hundreds of users.</p>

<h2>Frequently asked questions about life insurance</h2>
<p>Wondering how a life insurance policy can help you? Here are answers to the most frequently asked questions on the topic.</p>
<h3>What is life insurance?</h3>
<p><a href="https://www.supermoney.com/reviews/life-insurance" target="_blank" rel="noopener noreferrer">Life insurance</a> is a contract between you and an insurance provider. You pay an amount each month and, in return, a beneficiary (or beneficiaries) receive a lump-sum payment after your death.</p>
<p>The payment is known as a <a href="https://www.quickquote.com/living-benefits-life-insurance/">death benefit</a>, and it's meant to help your loved ones after your passing. For example, this could be important if you are the breadwinner in your home so your family can cover their expenses. It can also help cover funeral costs.</p>
<p>Beneficiaries can use the death benefit proceeds how they see fit. A perk of life insurance is that the death benefit is not subject to income tax.</p>
<h3>How does life insurance work?</h3>
<p>When you apply for life insurance, the insurer will analyze your situation. It will consider your age, gender, health history, occupation, hobbies, and habits. The purpose is to understand the level of risk you present and how long you are likely to live.</p>
<p>After this analysis, the company will determine the premium options available to you. It will often present you with various types of coverage with varying premium costs and benefits. Once you choose a plan and sign, your coverage goes into effect.</p>
<h3>How much does life insurance cost?</h3>
<p>Wondering about life insurance costs? Interestingly, almost half of the millennials in a study overestimated the cost of life insurance by<a href="https://www.limra.com/barometer/" target="_blank" rel="noopener noreferrer"> 500%</a>.</p>
<p>In reality, the average premium for a life insurance policy is $44 per month, according to S &amp; P Global. Further, if you are in your 30s and opt for a term life insurance policy, it could be as low as <a href="https://www.businessinsider.com/personal-finance/average-life-insurance-rates" target="_blank" rel="noopener noreferrer">$16 </a>per month.</p>
<p>While these are industry averages, keep in mind that your rates will depend on individual factors like age, gender, lifestyle, etc. Premiums can also vary between insurance companies, so it's important to shop around and get a few quotes.&nbsp;</p>
<h3>Who needs a life insurance policy?</h3>
<p>A life insurance policy is especially important if others, such as a spouse and children, rely on you for financial support. However, it can also help to reduce stress on others when you pass away.</p>
<p>Examples of possible expenses a death benefit can cover include:</p>
<ul>
<li>Private student loans if your parents are co-signers.</li>
<li>Business expenses.</li>
<li>Funeral costs.</li>
<li>Estate taxes for heirs.</li>
<li>Other situations where loved ones inherit your debt.&nbsp;</li>
</ul>
<p>This makes life insurance helpful for some people. You can tap into your policy's cash value for big life expenses like buying a house or sending your kids to college.</p>
<h2>What are the different types of life insurance policies?</h2>
<p>There are two major <a href="https://www.supermoney.com/types-life-insurance/" target="_blank" rel="noopener noreferrer">types of life insurance</a> to consider.</p>
<h3>Term life insurance</h3>
<p><a href="https://www.supermoney.com/what-is-term-life-insurance/" target="_blank" rel="noopener noreferrer">Term life insurance</a> is, as the name implies, a type of life policy designed to cover a specific period of time. So instead of having coverage until you pass away, you can get coverage for a period that often ranges from five to 30 years.</p>
<p>If you die within the term, a death benefit will be paid out to your beneficiary. However, once the term ends, the benefit is gone, and you will need to sign up for another policy or convert yours to a permanent policy to keep coverage.</p>
<p>Another difference between term and permanent life insurance is the cash value factor. Term life insurance policies do not come with it (more on that below).</p>
<p>The upside to a term life insurance policy is that it will often be significantly cheaper than a whole life policy.</p>
<p>Looking at the national average premium costs, term life insurance was less than half of the cost of whole life insurance.</p>
<h3>Permanent life insurance</h3>
<p>Permanent life insurance coverage, such as whole and universal life insurance, provide lifelong coverage, and will usually include a cash value component. The cash value of a permanent life policy increases over time and can be used to pay premiums or take out a loan from the insurance provider.</p>
<p><a href="https://www.supermoney.com/whole-life-insurance-policy/" target="_blank" rel="noopener noreferrer">Whole life insurance</a> and universal life insurance coverage are two types of permanent life insurance. They can provide you with coverage for the rest of your life, as long as you continue to pay the premium as agreed.&nbsp;When you pass away, the death benefit will go to your beneficiaries.</p>
<h3>Do you need a medical exam to get life insurance?</h3>
<p>A medical exam is a common part of the process when getting life insurance. The insurance company needs to assess the risk you present to determine how much your policy should cost.</p>
<p>Common tests, as part of a medical exam for life insurance, include:</p>
<ul>
<li>Blood pressure</li>
<li>Cholesterol</li>
<li>Diseases including HIV/AIDS</li>
<li>Drugs</li>
<li>Glucose levels</li>
</ul>
<p>Often, if you've had recent serious health issues or have a complicated family health history, you'll be looking at higher rates. Conversely, those with excellent health, the ideal weight-to-height-ratio, and a clean family medical history will get the best rates.&nbsp;</p>
<p>While a medical exam is more the norm than the exception, not all insurance companies require them.</p>

<h3>What is whole life insurance?</h4>
<p>Whole life insurance has an investment component built into the life policy. Each premium payment you make is split between the insurance coverage cost, the fees, and contributions to your cash value. The cash value then grows over time with interest.</p>
<p>You can cash out your policy at any time and withdrawal its cash value, minus fees. Doing so will surrender your death benefit. You can also borrow against your cash value. However, if you pass away before you repay the loan, the outstanding balance will be settled by subtracting the amount from your death benefit. When you pass away, your cash value is surrendered to the insurance company, and your death benefit is paid out.</p>
<p>Whole life insurance is most advantageous when bought in the earlier years of life as you have more time for the compounding interest effect to work in your favor.&nbsp;</p>
<p>Whole life insurance also often comes with the potential to earn dividends. If the insurer makes more than they need to run the business, they will pay the excess out to policyholders. The amount you receive depends on your cash value.</p>
<p>Whole life is often more expensive than term life, but it also comes with the perks of lifetime coverage, the cash value benefit, and potential dividends.</p>
<h3>What is universal life insurance?</h4>
<p>Universal life insurance is a type of permanent life insurance that, wait for it, lasts your entire life. With universal life insurance, your monthly payments are split into two parts. One part covers life insurance, and the other part is invested. The biggest advantage of universal coverage when compared to a whole life policy is that it allows policyholders to choose how much premium they pay within a certain range. The minimum amount is set by the cost of insurance. Anything you pay above the minimum is added to your cash value, which is typically guaranteed to increase based on a minimum annual interest rate set by the insurance company. This growth can increase if the market is doing particularly well.</p>
<p>In most cases, policyholders will choose to pay the maximum premium possible in the early years so they can build a larger cash value. This cash value can be used to cover premiums later. The downside to this is that the cost of insurance increases as you age. You need to make sure you have enough cash value to pay the minimum if you stop making monthly payments.</p>
<h3>What types of cash value permanent life insurance are there?</h3>
<p>There are also various types of permanent life insurance policies with cash value components, including whole life insurance, universal life insurance, indexed universal life insurance, and variable life insurance. The difference between them comes down to how the cash value grows.</p>
<p><strong>With whole life insurance</strong>, your cash value builds at a fixed rate set by the insurer you choose. Typically, it's set up to reach the amount of the death benefit by the time the policy matures. Policy maturity often happens when you reach the age of 100.</p>
<p><strong>Universal life insurance</strong> policies have cash value components that grow based on market interest rates and the performance of the insurer.</p>
<p><strong>Indexed life insurance</strong> policies offer cash value benefits where the performance depends on how an index such as the S&amp;P 500 performs.</p>
<p><strong>Variable life insurance </strong>enables you to invest the cash value component in portfolios provided by the insurer.</p>
<p>These plans can also differ in other ways. For example, when comparing whole and universal life policies, whole offers guaranteed premiums and cash value accumulation while universal comes with more flexibility. The right choice for you can depend on your financial stability and the level of risk you are willing to accept.</p>
<h3>Is term or whole life insurance better for me?</h3>
<p>Deciding whether term or whole life insurance is better for you depends on your situation.</p>
<h4>The case for term life insurance</h4>
<p>Term life insurance can provide you with the security of a death benefit during the years you need it most. For example, if you are married, have young children, and just bought a house with a 30-year mortgage. A 30-year life insurance plan could provide your family with support to pay off the home and support the kids until they are adults. Your need for coverage may be reduced after the 30-year term.</p>
<p>Term life insurance can also be a helpful solution if you are on a very tight budget but still want coverage. It offers the most affordable premiums.&nbsp;</p>
<p>Additionally, if you are investment-savvy, going with a term life insurance policy can enable you to pay less for your coverage. You can then invest the difference outside of insurance products to gain a larger return.</p>
<h4>The case for whole life insurance</h4>
<p><a href="https://www.supermoney.com/whole-term-life-insurance-difference/" target="_blank" rel="noopener noreferrer">Whole life insurance </a>is best for those who want lifelong coverage, along with the benefits of the cash value feature. It can be particularly appealing if you want to help your heirs pay inheritance or estate taxes.</p>
<p>Additionally, it can provide peace of mind if you have a lifelong dependent, such as a family member with disabilities.</p>
<p>Further, it's a way to spend your retirement savings and still pay for your final expenses while also leaving an inheritance to your beneficiaries.</p>
<p>The cash value can also be a helpful financial tool to help you accomplish goals throughout your life.</p>
<p>The right fit for you will depend on your specific situation.</p>
<h3>Is life insurance worth it? What are the pros and cons?</h3>
<p>More than half of U.S. adults have life insurance. It comes at a low monthly cost and provides peace of mind that your family will have their needs met in the case of your passing.</p>
<p>Here's a closer look at the pros and cons:</p>
<p>&nbsp;Weigh the risks and benefits.</p>
<h4>Life insurance pros</h4>
<ul>
<li>Gain peace of mind that your beneficiaries will be financially supported with death benefits when you pass away.</li>
<li>Death benefits are usually income-tax-free for beneficiaries.</li>
<li>Cash values grow tax-deferred during the insured person's lifetime.</li>
<li>Policies are generally flexible, making it easy to adjust according to the policyholder's needs.</li>
</ul>
<h4>Life insurance cons</h4>
<ul>
<li>Policyholders must pay premiums to receive the benefits.</li>
<li>Cash surrender values are often less than the amount paid if the policy is cashed out within the first several years.</li>
<li>Finding the right plan and best life insurance company can be a challenge.</li>
</ul>
<h3>Which is the largest life insurance company in the world?</h3>
<p>The size of life insurers is usually determined by their market share (i.e., the number of policyholders they have) and how much money they receive in policy payments. As of 2021, the life insurance company with the largest market share and most money received in direct written premiums is Northwestern Mutual. New York Life and Metlife (Metropolitan Group) came in second and third.</p>
<p>Although it is true that companies with more assets and market share are usually more solvent, going with a larger life insurance company over a smaller one is unlikely to affect your policy since policy premiums are regulated by the state government. This means policyholders will pay roughly the same amount for similar policies amongst all life insurance products and companies.</p>
<p>Having said that, larger life insurance companies are more likely to offer higher coverage amounts than smaller companies. Larger companies are also less likely to go bankrupt.</p>
<h3>How do I compare life insurance companies?</h3>
<p>When comparing life insurance companies and their individual life insurance policies, here are a few key things to keep in mind.</p>
<ul>
<li><strong>Customer service</strong>: You can gauge the overall value that a life insurance company offers by looking at their level of customer satisfaction. Sites, such as SuperMoney, collect <a href="https://www.supermoney.com/reviews/life-insurance" target="_blank" rel="noopener noreferrer">reviews</a> in one place so you can quickly gauge the level of customer service being offered.</li>
<li><strong>Cost</strong>: The cost of the service is an important factor as it will directly determine if the value is worth it or not. Get quotes from various providers and compare the premium amounts alongside the other factors.</li>
<li><strong>Insurance products: </strong>Compare the life insurance policies on offer by various providers. While most will over their version of both a term policy and whole life policy, they can vary in the fine print and the audience they target. Be sure to look into the cash value and death benefit details, as well as any exclusions.</li>
<li><strong>Financial strength</strong>: Life insurance is a long-term investment. It's important that the company you choose will be in the business long term. To gauge a company's financial strength, you can look them up using financial strength ratings, such as A.M. Best, Fitch, Kroll Bond Rating Agency (KBRA), Moody&rsquo;s, and Standard &amp; Poor&rsquo;s.</li>
<li><strong>User experience:</strong> Another aspect that is becoming more important is the user experience online. Many will open and manage their life insurance policy online, so the provider must have a user-friendly website.</li>
</ul>
<h3>Can you borrow money from your life insurance policy?</h3>
<p>You can only borrow against a permanent or whole life insurance policy. Term life insurance, a cheaper and suitable option for many people, does not have a cash value and expires at the end of the term, generally anywhere from one to 30 years.</p>
<h2>Find the best life insurance company for you</h2>
<p>The <a href="https://www.supermoney.com/buy-best-life-insurance/" target="_blank" rel="noopener noreferrer">best life insurance company</a> for you may not be the same as for the next person. It all depends on your unique situation, which depends on your age, health, financial goals, and assets.</p>
<p>Your best bet is to shop around with leading providers and compare the best life insurance companies. Make a shortlist of your top picks and get quotes. Compare the overall value of your shortlist's offerings to find your best fit!</p>
<h3>How do I choose the right life insurance company?</h3>
<p>For most people, the best life insurance company is the one that offers the coverage they need at the cheapest cost. After you know how long your policy should last and how big the benefit should be, use price as the starting point. You can also look at different factors like third-party financial ratings, customer reviews, and what tasks you're able to do online if you're having trouble deciding between companies.</p>
<h3>Should businesses consider life insurance for their key employees?</h3>
<p>Many companies would benefit from purchasing life insurance for key employees when planning for business continuation and succession planning. Seven out of 10 small businesses surveyed by the National Association of Insurance Commissioners said they were very dependent on one or two key people for the success of their business. However, only two out of 10 had key person life insurance in place.</p>
<h3>How do I find the cheapest life insurance company?</h3>

<p>Picking out a life insurance policy can be tough. There are so many different options to choose from, and it all depends on what your family needs. Figure out what is more important to you. </p>
<p>Do you value having all your insurance products bundled in one company? Is a lower monthly premium or a higher coverage more important to you? Whichever it is, all of the companies on this list make great options when it comes to life insurance. It is important to do your research so that you can choose wisely and go with the company you feel is best. Remember, life insurance is not one size fits all, so a policy that works for your friend might not work for you.</p>

<p>Find the cheapest company by comparing policies from multiple companies. Life insurance cost is based on your age, health, and the policy's term length and death benefit amount. Some companies are more lenient than others for certain health conditions, and you can save up to 40% by making sure you're going with the right company for your individual circumstances.</p>

<p>Are you shopping for life insurance? Finding the best life insurance company requires comparing the financial strength and customer service data of the top life insurers. Here is SuperMoney's list of the best life insurance products and services.</p>


Best Life Insurance

<h2>The truth about renters and landlord's insurance</h2>
<p>The reality is that the landlord’s insurance only protects the building structure and not your personal items. For example, if the bathroom tub from the unit above leaks into your closet and all of your clothes are ruined, your landlord's insurance won't cover the damage. This is also true for stolen items. If your laptop is taken from your apartment and you become a victim of identity theft, there is nothing your landlord's insurance can do about it.</p>

<p>Rental insurance, on the other hand may cover the replacement or provide compensation for the loss or damages to your personal belongings. Having an identity theft endorsement on your insurance policy would also protect you in case any information was hacked from your stolen laptop. According to a study by Allstate, the average renter owns $30,000 worth of possessions. Are your personal possessions - your clothes, computer, jewelry, art, cameras and more - worth $15 a month in rental insurance coverage?</p>

<h2>Comparing renters insurance companies</h2>
Locating the best rental insurance company to purchase a policy can be tricky. The coverage, endorsements, and prices of rental insurance policies can vary substantially from one insurance carrier to another. Prices also vary significantly depending on where you live. Climate, crime levels, and security measures all affect your policy premiums. The average cost of renters insurance a year is $187 or $15.58 a month, according to the National Association of Insurance Commissioners (NAIC).



<h2>Frequently Asked Questions</h2>
<h3>What is the best renter's insurance?</h3>
<p>It depends on who is asking. Insurance companies have different underwriting methods so the best policy for you may not be a good fit for someone else. It is important to compare multiple renter’s insurance policies to find the best one for you.</p>
<p>A great place to start your search is the list above. You can also use <a href="https://www.supermoney.com/reviews/renters-insurance">SuperMoney's renter's insurance engine</a> to filter renter's insurance companies based on the coverage, features, and riders that matter the most to you.</p>

<h3>What is not covered in renter's insurance?</h3>
<p>Renter’s insurance will typically not cover your belongings in the following events:</p>
<ul>
    <li>Natural disasters, such as floods, earthquakes, and sinkholes.</li>
    <li>Terrorists attacks or nuclear war. Terrorism used to be a covered event until 9/11.</li>
    <li>Damage caused by pests, such as bugs and rats.</li>
    <li>Expensive items, such as family heirlooms, high-end jewelry, and electronics worth more than $2,500.</li>
</ul>
<p>However, you can usually purchase coverage for these and other perils by getting an endorsement or rider. It is also possible to protect expensive items that exceed the maximum value of a standard renter's insurance policy by purchasing additional coverage.</p>


<h3>What is a good price for renter’s insurance?</h3>
<p>The main factors when determining the cost of renters insurance is where you live and how much coverage you need. The average cost for renters insurance in the United States is $15 a month or $180 a year. However, it may cost more to buy insurance in your state. The price may also be higher if you need more coverage than the average policyholder.</p>

<p>The cost will also increase if you add riders to you policy, such as pets coverage. Compare multiple insurance companies and read the fine print before you make a decision.</p>

<h3>Who has the cheapest rental insurance?</h3>
<p>Rental insurance is <a href="https://clearsurance.com/blog/best-renters-insurance-austin" target="_blank">generally inexpensive</a>. There are two things you need to consider when comparing prices: insurance premiums and insurance deductibles. The higher your deductible, the lower your premium will be. Rental insurance companies also vary their prices depending on several factors, such as where you live and how much coverage you need.</p>

<h3>What does renter’s insurance cover?</h3>
<p>A comprehensive policy will cover costs to replace your personal belongings, like your furniture, electronics, computer equipment, your clothes, jewelry and appliances. Basic renter’s insurance will reimburse you for the loss of property (up to your policy’s coverage limit) if destroyed, damaged, lost or stolen. Renters insurance can also cover property when it’s not even in your home.</p>
<h3>What is not covered by renter’s insurance?</h3>
<p>Renters insurance doesn’t cover your belongings under every circumstance. For example, damages caused by flooding, earthquakes, pests, or sinkholes aren't covered under most renter’s insurance policies. Expensive items, such as electronics worth more thant $2,500, jewelry, and family heirlooms are typically not covered either. However, you can often purchase additional endorsements to cover specific items and additional perils.</p>

<h3>How does renter's insurance work?</h3>
<p>Renters insurance provides coverage for your lost, damaged, or stolen personal possessions. It also provides coverage for injuries to another person that might occur in your rented home or apartment. If you do not have renter’s insurance, you will probably have to pay for these costs out of pocket.</p>

<h3>Is renter's insurance and landlord insurance the same?</h3>
<p>Renters insurance covers the contents, or personal property, inside the dwelling that you rent, but not the building. Landlord insurance, on the other hand, covers the building and generally not the contents. Both renter’s insurance and landlord insurance will include liability coverage.</p>

<h3>How do I choose the right renter's insurance?</h3>
<p>Finding the right renter’s insurance for you will require some research. The first step is to get a good estimate of the value of your personal belongings. Then, consider whether you need to take on additional endorsements, such as pet insurance or earthquake insurance. Once you know what coverage you need, use the same specifications to compare the cost and features of at least three insurance companies.</p>

<p>The list of renters insurance companies listed above is a great place to start. You can also use <a href="https://www.supermoney.com/reviews/renters-insurance">SuperMoney's renter's insurance engine</a> to compare renter's insurance companies.</p>

</p>

If you are looking for renters insurance, you are in the right place. We did all the research to make it easy for you to compare your options. Here are our top picks for the best renter's insurance companies.

Best Renters Insurance

<p>
<h2>FAQs on Brokerage Firms & Stock trading companies</h2>
<h3>Do I need a broker to invest?</h3>
<p>Buying stocks normally requires a broker who can execute your trade. By buying stock directly through the company, you can still build an investment portfolio without having to rely on the services or pay the fees of a stock broker.</p>
<h3>What is the purpose of a brokerage account?</h3>
<p>The brokerage firm helps you place investment orders, and typically collects a commission for doing so. Brokerage accounts offer you access to a range of different investments, including stocks, bonds, mutual funds, index funds and exchange-traded funds.</p>
<h3>Is my money safe in a brokerage account?</h3>
<p>While the FDIC protects up to $100,000 per individual depositor and $250,000 for IRAs, the SIPC insures up to $500,000 in missing brokerage funds. Nearly every brokerage registered with the SEC has to be a member of SIPC.</p> 
</p> 
<h3>How do I find the best online brokers for beginners?</h3>
<p>Entering the world of online stock brokers and trading platforms can be intimidating for new investors. But some platforms are designed to make it easier.</p>
<p>If you are a beginner, the best online broker trading platform will be one that offers a good user experience on the website or mobile app, comprehensive educational materials, and access to reliable market research. TD Ameritrade, E TRADE, Fidelity, and Charles Schwab are all known for being beginner-friendly.</p>
<p>TD Ameritrade, for example, gives users access to hundreds of webinars each month, along with free courses and videos. It&rsquo;s also created an inviting user experience that turns stock trading into a game.</p>
<p>As you learn, you&rsquo;ll take quizzes to earn points and badges. Plus, you can practice with fake money, making TD Ameritrade one of the most user-friendly trading platforms in our book.</p>
<p>E TRADE also has an accessible user experience that is easy to navigate, and it offers note-taking and practice trading.</p>
<p>Both platforms enable you to start without any minimum required deposit and offer commission-free trades on stocks. So they&rsquo;re not only easy to use, but they&rsquo;re low cost too. The best broker for you may not be the best for the next person. Review our top picks above and weigh the pros cons to find the right fit for you.</p>
<h3>What types of investments can I make with online brokers?</h3>
<p>Online brokers that are full service typically offer five types of investments. You can opt for individual stocks, options, mutual funds, ETFs, and bonds.</p>
<p>They may also offer futures, forex, and American depository receipts. Learn more about these investment types in our<a href="https://www.supermoney.com/reviews/brokerages" rel="noopener noreferrer" target="_blank">&nbsp;complete guide to brokerages.</a></p>
<p>The best online broker for you is going to be the one that offers the investment types you want. Full-service brokers can help you today and in the future as your needs may expand.</p>
<h3>What is the &lsquo;account minimum&rsquo; with online brokers?</h3>
<p>An account minimum is the smallest amount a stockbroker allows you to invest. For example, <a href="https://www.supermoney.com/tracking/track.php?offer_id=110&source=supermoney-blog-post&aff_id=2&aff_sub5=1607550876140$bf586ec24ee0637f6db622700cfa994e851770dd90c0aeb0cdea51&" rel="noopener noreferrer" target="_blank">Ally Invest</a> requires investments of at least $100. However, account minimums vary from one company to the next, and many brokers (like E TRADE and TD Ameritrade) have done away with them altogether. A low-cost company without an account minimum can help new investors (who want to start out small) to get their feet wet.</p>
<h3>How do I get a bonus from online brokers?</h3>
<p>Some online brokers offer promotions for qualifying deposits in hopes of attracting more investors to their brokerage. Promotions often come in the form of cash bonuses, which increase as deposit amounts increase. However, you must usually maintain your balance for a certain amount of time to get or keep the bonus.</p>
<p>For example, brokers may offer a cash reward of $100 for deposits of $20,000. But to qualify, you must make the deposit within 45 days of opening the account and keep the balance at the deposit amount for at least 90 days.</p>
<p>Similarly, TD Ameritrade offers bonuses up to $2,500 in cash when you deposit $2M and maintain the balance for 12 months.</p>
<h3>What fees do online brokers charge?</h3>
<p>When investing, you need to understand the trading fees and pricing structure to find the best online brokers as the costs will eat into your profit. What should you know?</p>
<p>First, by opting for online trades, you can save significantly over what you would pay for broker-assisted trades. However, be sure to check the trading fees charged on each transaction.</p>
<p>TD Ameritrade introduced commission-free stock, charging no fees for online stocks and ETFs, as well as options trades. However, a $0.65 per contract options fee applies. Bonds available at auction are available commission-free, while the cost for other bonds depends on a net yield basis.</p>
<p>Aside from commissions, you should also watch out for service, exception, and regulatory fees. For example, you may face a charge for transferring your money out of the web platform, as well as annual fees and fees for inactivity.</p>
<p>It&rsquo;s best to compare the best online brokers&rsquo; trading fees and pricing schedules to find the one with low cost, competitive fees for your planned use.</p>
<h3>How do I choose the best online brokers?</h3>
<p>Investing in a web platform for trading comes down to finding the best online broker for your needs. One company won&rsquo;t be the best for all traders. We&rsquo;ve highlighted a selection of the best online brokers in the section above.</p>
<p>It&rsquo;s best to decide how you want to invest and then look for the web trading platform that offers you the best fit for your needs. Compare investment options, user-friendliness, commissions, fees, promotions, account minimums, and the tech fit (e.g., technical or not, mobile app or not). It also helps to have interactive brokers who will respond to your questions.</p>
<p>Compare the <a href="https://www.supermoney.com/reviews/money-management" rel="noopener noreferrer" target="_blank">pros and cons of other investment platforms</a>.</p>
<h3>Is day trading illegal?</h3>
<p>No, there is nothing illegal or even unethical with day trading. But it can be risky. Most individuals who go about investing do not have the wealth, skill, time, or the temperament to make money and sustain the devastating losses that day trading can bring.</p>
<h3>Is my money safe in a brokerage account?</h3>
<p>While the FDIC protects up to $100,000 per individual depositor and $250,000 for IRAs, the SIPC insures up to $500,000 in missing brokerage funds. Nearly every brokerage registered with the SEC has to be a member of SIPC. Most likely, says Harbeck, you won&rsquo;t lose a dime.</p>
<h3>Do I need a broker to invest?</h3>
<p>Buying online stock normally requires a broker who can execute your trade. Another option is a discount broker who charges a commission on services but doesn&rsquo;t offer other services or support. However, by buying stock directly through the company, you can still build an investment portfolio without having to rely on the services or pay the fees of a stockbroker.</p>
<h3>What is the purpose of a brokerage account on a trading platform?</h3>
<p>The brokerage firm helps investors with orders and typically collects a commission for doing so, but not always. A brokerage account on a trading platform offers you access to a range of different investments, including stocks, bonds, mutual funds, index funds, and exchange-traded funds. They can help you get into investing while having experts and resources on-hand. You&apos;ll have to weigh the pros cons to decide if it&apos;s right for you.</p>
<h3>Which online broker has the lowest fees?</h3>
<p>As more online trading platforms have entered the scene, competition has increased, driving the costs for online trading down&mdash;a great thing for investors. We are now seeing many companies such as TD Ameritrade, Robinhood, and E-Trade offer commission-free online trades.</p>
<h3>Should brokerage accounts replace savings accounts?</h3>
<p>It depends on what you use your savings account for. Some brokerage accounts are becoming more and more like checking and savings accounts. In some cases, you can withdraw money from an ATM and even use them to write checks and pay bills. However, brokerage accounts are typically not insured, so they are riskier than savings accounts and checking accounts, which are insured by the FDIC or the NCUA. If you are saving for a specific goal, such as a downpayment on a house or a wedding, and need a specific amount by a specific date, a savings account is probably a better option. On the other hand, if you are interested in investing, brokerages are the way to go. Most savings accounts offer minimal APYs, so it is usually a good idea to move to a brokerage account where you can access other investments with higher returns.</p>
<h3>Which brokerage firms have the best mutual funds for investors?</h3>
<p>When looking for a brokerage with the best mutual fund offers, there are a few things to consider. One is a good combination of index funds. Another is a brokerage that offers active management. Then, of course, you want low-cost pricing and a low barrier to entry. E TRADE and TD Ameritrade are among the best with thousands of mutual fund options to choose from, including lists with no transaction fees (NTFs).</p>
<h3>What are active traders?</h3>
<p>Active traders monitor the short-term movements on a stock chart and buy and sell securities in response. This is in contrast to passive or indexed investors that take a more long-term, buy-and-hold strategy. Active trading methodologies include day trading, swing trading, position trading, and scalping.</p>
<h3>What brokers offer options trades?</h3>
<p>Options trades are one of the common offerings by online brokerage firms. When comparing companies, look for one that offers low contract fees, resources for high-quality research, customer service, and quality trading tools.</p>
<h3>Can you invest with an online broker using credit cards?</h3>
<p>Most brokers and online trading platforms won&apos;t let you fund your account with credit cards (borrowed money). Instead, you&apos;ll have to put up cash from a wire transfer, debit card, or PayPal account. For example, TD Ameritrade, E TRADE, Vanguard, and Fidelity have policies against credit cards. However, in some cases, you can invest in margin accounts using credit cards.</p>

The best brokerage firms do offer reliability, security, and a global presence. The stock trading platforms here, listed in no particular order, offer user satisfaction, attractive features, global presence, safety, and reliability and are some of the best stock trading companies out there.

Best Brokerages

<h2><strong>Methodology: How we picked the best investment advisors</strong></h2>
<p>SuperMoney's list of the best investment advisors is based on the qualitative recommendations of our community members and the quantitative recommendations of our ranking algorithms. We compared the best online investment advisors and searched for companies with competitive fees, low initial investments, and intuitive interfaces.</p>
<h2>How do you compare investment advisors?</h2>
<p>Researching investment advisors can be overwhelming with so many options available. But it doesn't have to be complicated. Before picking an investment advisor, consider the following factors.</p>
<h3><strong>Is it a full-service investment advisor?</strong></h3>
<p>Full-service investment advisors handle everything from establishing trusts to managing investment portfolios and administering retirement funds. High net worth clients usually prefer to work with full-service investment advisors. Full-service investment advisors are staffed with highly qualified&nbsp;analysts and are more expensive.</p>
<p>However, depending on your circumstances, an assortment of limited-service investment advisors may provide a better fit. For instance, one investment advisor may specialize in retirement funds while another exclusively creates and maintains trusts. People with more modest resources frequently opt for limited-service investment advisors. These companies will typically have fewer financial experts on staff and rely heavily on software or automated services rather than one-on-one consultations.</p>
<h3><strong>Does it offer robo-advisor services?</strong></h3>
<p>In recent years, a new class of investment advisors referred to as <a href="https://www.supermoney.com/best/robo-advisors/">robo-advisors</a>&nbsp;has emerged. Robo-advisors provide financial advice or investment management online with moderate to minimal human intervention. They provide financial advice based on mathematical rules or algorithms. These algorithms are executed by software to allocate, manage and optimize clients' assets automatically.</p>
<p>Robo-advisors are bringing investment advisory services to a broader audience with lower costs compared to traditional human advice. While robo-advisors can allocate client assets in many investment products such as stocks, bonds, futures, commodities, and real estate, the funds are often directed towards index funds and ETF portfolios. Clients can choose between offerings with passive asset allocation techniques or active asset management styles.</p>
<h3><strong>Does it charge a fixed fee or a commission?</strong></h3>
<p>There are two major payment models for investment advisors: commission-based payment versus direct fee billing. Commission-based systems provide compensation for brokers or investment advisors agents based on a percentage of the services provided. Direct fee-based systems have fixed fee schedules &ndash; with set fees for specific services.</p>
<p>Commission-based systems naturally provide an incentive for brokers or agents to sell more services. This can be advantageous in its emphasis on individual services &ndash; but a drawback because of the temptation to push services that may or may not be advantageous to clients. On the other hand, fee-based systems are often less expensive, but savings may be realized by obliging clients to utilize one-size-fits-all services that may not suit every investor's circumstances.</p>
<h3><strong>What is the minimum investment requirement?</strong></h3>
<p>For high-net-worth individuals, minimum investment requirements imposed by investment advisor firms are often of little or no consequence. But for clients of more modest means, minimum investment requirements may present a barrier to utilizing certain services or prevent such clients from working with certain investment advisors.</p>

<h3>What fees does it charge?</h3>
<p>Ask potential financial advisors about their pay structure and any fees they charge. Financial advisors typically charge a management fee based on your account size. This percentage can range from 0.25% to more than 1%, depending on the advisor you choose to work with and the assets they handle on your behalf. Annual advisory fees are also common. If they&rsquo;re too high based on your assets, however, they can lower the benefit of working with an advisor.</p>
<h2>Frequently asked questions about investment advisors</h2>
<h3>What does an investment advisor do?</h3>
<p>Investment advisors are companies (or individual finance professionals) that make investment recommendations or conduct security analyses in exchange for a fee. They typically have discretionary authority over their clients' assets and are required to follow strict standards of fiduciary responsibility.</p>
<h3>What is the best investment advisor company?</h3>
<p>There isn't a simple answer to that question. The best financial advisor depends on your financial circumstances, objectives, and investment styles. There are typically two categories: robo-advisors and hybrid advisors. Robo-advisors use computer algorithms to create investment portfolios and offer personalized advice. Hybrid advisors combine technology and human advice and are typically more expensive. SuperMoney's list of the <a href="#list">top investment advisors</a> provides a selection of the best robo-advisors and hybrid investment advisors available.</p>
<h3>What is the difference between an investment advisor and a financial advisor?</h3>
<p>Financial planners will typically provide a wide selection of financial services, such as retirement plans, tax planning, and estate planning. Investment advisors focus on helping you invest.</p>
<h3>Is an investment advisor worth it?</h3>
<p>Paying for an investment advisor, whether they are robo-advisors or humans, is not for everyone. Some people prefer to work directly with brokerages and make their own financial decisions. However, if you are looking for advice to create a financial strategy, they can be very useful. The good news is that investment advisors charge you on a monthly, quarterly, or annual basis. So, you can always cancel the service if you don't feel like you're getting your money's worth. You could even hire their services for a short period and replicate the strategy on your own afterward.</p>
<h3>What is the average fee for an investment advisor?</h3>
<p>Typically, financial advisors charge based on how much money they manage for you. That fee can range from 0.25% to 1% per year. However, some investment advisors charge a flat monthly or annual fee.</p>
<h3>How do you check the credentials of an investment advisor?</h3>
<p>It should go without saying that any investment advisor you&rsquo;re considering working with should be thoroughly vetted. Full-service firms often include certified public accountants (CPAs) or other licensed financial advisers on staff. Limited service firms may include agents who provide generalized services. However, both can be vetted by reading consumer reviews on SuperMoney and checking they are licensed and registered with your state securities regulator.</p>
<p>Investment advisors are required to provide detailed, up-to-date, and accurate information on Form ADV Filings with the Securities and Exchange Commission. These forms provide valuable data when comparing investment advisor firms.</p>
<p>We have reviewed the top investment advisors and summarized the most important information in easy-to-read reviews. The <a href="#list">list above</a> is a good place to start looking for affordable investment advisors with modest initial investment requirements and intuitive platforms. If you would like to compare more investment advisors and reviews, check our investment advisor <a href="https://www.supermoney.com/reviews/investment-advisors">comparison page</a>.</p>

Getting investment advice is no longer something reserved for the ultra rich. A new generation of investment advisors has opened the investment world to anyone interested in building a portfolio. Discover which investment advisors are best suited for your financial circumstances and future goals.

Best Investment Advisors

<p>The realm of wealth management has transformed over the decades. Rooted in the ancient practice of safeguarding assets, its evolution has been phenomenal. Especially in today's digitized era, the importance of wealth management in buoying up economies cannot be overstated. It's not just about money; it's about securing a future.</p>
<h2><strong>Best wealth management firms</strong></h2>
<p>When we talk about the best wealth management firms, it's essential to have a yardstick for evaluation. What sets a firm apart? Perhaps it's their expertise, innovative approaches, or a sterling track record. The global leaders in this sector are not just about big names but big results, having earned their reputation through consistent performance and trust-building.</p>
<h2><strong>Services offered</strong></h2>
<p>Among the myriad of services these top-tier firms offer, some stand out more than others:</p>
<ul>
<li><strong>Investment Advisory</strong>: Crafting bespoke investment strategies tailored to individual financial goals.</li>
<li><strong>Estate Planning</strong>: Ensuring that assets are distributed as per one's wishes.</li>
<li><strong>Taxation Strategies</strong>: Minimizing tax liabilities while staying compliant with the law.</li>
</ul>
<h2><strong>Technology in wealth management</strong></h2>
<p>The digital age hasn't left wealth management untouched. Modern tools and platforms have ushered in a new era of convenience and efficiency. Moreover, the infusion of <a href="https://www.supermoney.com/encyclopedia/big-data/">AI and big data</a>&nbsp;in portfolio management ensures more accurate predictions and risk assessments, heralding a revolution in wealth management practices.</p>
<h2><strong>Qualities of a top wealth manager</strong></h2>
<p>To stand out in this competitive industry, a wealth manager must possess certain standout qualities:</p>
<ul>
<li><strong>Expertise and Experience</strong>: Mastery of financial instruments and an understanding of market dynamics.</li>
<li><strong>Transparency and Ethics</strong>: Building trust by being open about their strategies and always acting in the client's best interest.</li>
<li><strong>Client-Centric Approach</strong>: Prioritizing client needs and forging a strong interpersonal relationship.</li>
</ul>
<h2><strong>Choosing the right wealth manager</strong></h2>
<p>It's critical to ask the right questions when zeroing in on a wealth manager. Knowing potential red flags can save one from financial pitfalls. Trust your gut, but back it with solid research.</p>
<h3>When searching for a wealth management firm, it's essential to consider the following factors:</h3>
<ol>
<li><strong>Track Record</strong>: Review the firm's history of performance and client satisfaction.</li>
<li><strong>Services Offered</strong>: Ensure they provide a comprehensive range of services like estate planning, tax advice, and retirement planning.</li>
<li><strong>Transparency</strong>: The firm should have clear and open communication about fees, risks, and their investment approach.</li>
<li><strong>Credentials</strong>: Check if the advisors hold recognized certifications such as CFP (Certified Financial Planner) or CFA (Chartered Financial Analyst).</li>
<li><strong>Client Testimonials</strong>: Look for feedback from existing clients to gauge their satisfaction and any potential issues.</li>
<li><strong>Personalized Approach</strong>: The firm should be willing to tailor their strategies and advice based on your unique financial situation and goals.</li>
<li><strong>Availability</strong>: How easily can you access your advisor? Regular check-ins and meetings should be part of their service.</li>
<li><strong>Technology</strong>: A modern firm should offer digital tools and platforms for easier account management and real-time tracking.</li>
<li><strong>Ethical Standards</strong>: Ensure the firm adheres to high standards and is free from notable complaints or litigations.</li>
<li><strong>Fee Structure</strong>: Understand how they charge, whether a flat fee, an hourly rate, or a percentage of assets managed.</li>
</ol>
<p>Remember, the right wealth management firm should align with your financial objectives, values, and comfort level.</p>
<h2><strong>Future of wealth management</strong></h2>
<p>The horizon looks promising for the wealth management sector. With emerging trends shaping the industry and a surge in sustainable and impact investing, the future is not just about wealth but also about value creation.</p>
<h2><strong>FAQs</strong></h2>
<h3><strong>What is the primary role of a wealth manager?</strong></h3>
<p>A wealth manager's main job is to assist clients in managing their wealth by providing <a href="https://www.supermoney.com/encyclopedia/financial-planning/">financial planning</a>, investment management, and other services.</p>
<h3><strong>How do wealth management firms make money?</strong></h3>
<p>Most firms charge a fee based on a percentage of assets under management, while others might charge hourly or fixed fees for their services.</p>
<h3><strong>Is there a difference between wealth management and asset management?</strong></h3>
<p>Yes, while both involve managing investments, wealth management offers a broader range of services, including estate and tax planning.</p>
<h3><strong>What should I look for in a wealth management firm?</strong></h3>
<p>Look for firms with a proven track record, transparent fee structures, experienced professionals, and a client-centric approach.</p>
<h3><strong>Are there any risks associated with wealth management?</strong></h3>
<p>Like all financial services, risks are involved, especially if the investments don't perform as expected. However, a good wealth manager will always strive to mitigate these risks.</p>
<h3><strong>How has technology impacted wealth management?</strong></h3>
<p>Technology has introduced tools for better portfolio management, real-time tracking, AI-driven insights, and improved client communication, revolutionizing the industry.</p>
<h2>A few last words</h2>
<p>In the labyrinth of financial planning and asset protection, the best wealth management firms stand as guiding beacons. By understanding their significance, offerings, and what truly makes them the 'best,' individuals can make informed decisions about their financial future. After all, it's not just about growing wealth but managing it wisely.</p>

Wealth advisors provide comprehensive financial guidance and management on a wide selection of topics ranging from estate planning to tax minimization.

Best Wealth Management Firms

<h2>Methodology: How we picked the best personal loans</h2>
<p>We analyzed nearly 100 lenders and looked for the most recommended personal loans with the lowest interest rates and fees. Then we took into consideration other important factors, such as availability, flexible terms, and loan amounts.</p>
<h2>What is the best personal loan?</h2>
<p>It depends on who is asking. Lenders vary their rates, fees, and loan offers considerably depending on the financial situation and credit history of applicants. When evaluating personal loans, it's important to apply for several personal loans and compare the rates you get to make sure you choose the right one for you.</p>
<p>When shopping around for the top personal loans, the interest rate isn't the only thing you should consider. Look into the fees the lender charges, such as origination fees, late fees, and prepayment fees. Lenders are required to state these fees before you apply, so be sure to read the fine print.</p>
<p>Here's a quick summary of what factors you should consider when looking for the best personal loans to apply for.</p>
<ul>
<li><strong>Availability:</strong>&nbsp;Some lenders only operate in select states.</li>
<li><strong>Purpose:</strong>&nbsp;Some lenders require that you use the funds for a reason specified in the loan application.</li>
<li><strong>APR:</strong>&nbsp;How does the APR you're offered stack up against the competition? Some lenders allow you to check your credit without affecting your credit score.</li>
<li><strong>Fees:</strong>&nbsp;How much is the origination fee? Do prepayment penalties apply?</li>
<li><strong>Customer service:</strong>&nbsp;Is it difficult to reach a human in the customer service department? Can they answer all of your questions quickly and accurately?</li>
<li><strong>Application process:</strong>&nbsp;Is the application process easy to use? And how long does it take to get funding once the loan application is approved?</li>
<li><strong>Reputation:</strong>&nbsp;What do other borrowers say about their experience with them? Check SuperMoney's community rating before you choose a lender.</li>
</ul>
<h2>Top personal loans: pros and cons</h2>
<p>Taking out a personal loan can be easy, but that doesn't mean it's the best decision for you. It's important to consider both the benefits and drawbacks of personal loans before you apply.</p>
<p class="ql-align-center">WEIGH THE RISKS &amp; BENEFITS</p>
<p class="ql-align-center">Here is a list of the benefits and the drawbacks to consider when applying for a personal loan.</p>
<h5>PROS</h5>
<ul>
<li>Flexible sources of credit.</li>
<li>Competitive interest rates.</li>
<li>Useful tools for debt consolidation.</li>
<li>A wide selection of lenders.</li>
<li>Don't require excellent credit.</li>
<li>Fixed monthly payments.</li>
<li>Fast approval process.</li>
<li>Longer repayment terms.</li>
</ul>
<h5>CONS</h5>
<ul>
<li>Many personal loans charge an origination fee.</li>
<li>Some lenders charge prepayment fees.</li>
<li>Higher monthly payments than minimum credit card payments.</li>
<li>Interest rates are higher than secured sources of credit, such as home equity loans.</li>
</ul>
<p>A personal loan can solve immediate financial problems without having to raid your savings account.</p>
<p>Paying for a wedding, moving costs, home repairs, a medical procedure, and consolidating credit card debt are among the uses of a personal loan from $1,000 to $50,000 or more.</p>
<p>Where to get a personal loan? The options can seem overwhelming. Many banks, credit unions, cash advance companies and other lenders are easily found online. Here are some tips to make finding a personal loan easier.</p>
<h2>How to apply for a personal loan</h2>
<p>Personal loans are easy to apply for. You can walk into a bank or credit union and fill out an application. Or you can fill out an online form for your bank or another online lender.</p>
<p>The lender will check your credit score. The better the credit score you have, the better the loan rate you'll get. For example, a good credit score of 700 to 749 will help you get a lower loan rate than a poor score of 600 to 649.</p>
<p>You may also be required to submit two recent pay stubs, provide employment information and personal references, and have a low debt-to-income ratio. You may also need tax returns, your bank account information, and the title for your car if you're using it as collateral.</p>
<p>A quick call or check of the lender's website should tell you before you apply what information it will need to approve your loan.</p>
<h2>How to compare personal loans?</h2>
<p>As with any other loan, it can pay to shop around for a personal loan. Ask the lender about these factors before you sign a contract:</p>
<p><strong>Origination fees</strong></p>
<p>Also called a closing fee, origination fees can be deducted from the loan amount. They can be a flat fee or a percentage of the loan. The list of&nbsp;<a href="https://www.supermoney.com/reviews/personal-loans" target="_blank" rel="noopener noreferrer">personal loan reviews</a>&nbsp;at SuperMoney can filter out lenders that have origination fees.</p>
<p><strong>APR</strong></p>
<p>Compare the annual percentage rate (APR) instead of the interest rate. An APR includes the origination fee and assumes you don't pay the loan off early.</p>
<p><strong>Prepayment penalty</strong></p>
<p>Paying a loan off early can be a good thing for a borrower to do. Make sure the loan terms don't include a prepayment penalty. Most lenders don't charge this fee, but it's worth asking about.</p>
<p><strong>Automatic payments</strong></p>
<p>Some lenders will give you a lower interest rate if you set up automatic withdrawals from your checking account. They'll get your money quicker than if you sent a check.</p>
<p>But if there isn't enough money in your checking account to cover an automatic payment when it's due, the payment could still be made. Your bank might then charge you for an overdraft.</p>
<p>Different personal loans come with different rates, fees, and requirements, so check the list of best personal loans listed above.</p>
<h2>Common Questions About Personal Loans</h2>
<h3>When is a personal loan the best option?</h3>
<p>It all depends on your financial situation and goals. Personal loans are often the best option for people with great credit looking to consolidate high interest debt and don't want (or can't) to get a secured loan. It's also a good option for people who need to finance a large purchase and prefer having fixed rates and a set loan term.</p>
<h3>Are personal loans better than credit cards?</h3>
<p>Yes, in some circumstances&nbsp;<a href="https://www.supermoney.com/reviews/personal-loans" target="_blank" rel="noopener noreferrer">personal loans</a>&nbsp;can be a smarter choice. For example, if you have more than $15,000 in debt, you may benefit from a debt consolidation loan with fixed payments, if you can qualify for low interest rates. However, in other cases a credit card may be the best option. For instance, if you are trying to pay off less than $15,000 in debt, you can save money by moving your debts to a 0% APR balance transfer credit card.</p>
<p><strong>Before you choose a personal loan compare several lenders and see what other alternatives are available. For instance, homeowners may be able to qualify for lower rates with home equity loan or line of credit.</strong></p>
<h3>Which banks are best for personal loans?</h3>
<p>It all depends on your credit profile, your income, and how much you want to borrow. If you are an existing customer with a bank or credit union, it's worth asking what rates and terms they will give you. You can sometimes get generous rate discounts and larger loan amounts when you have an existing relationship with a bank. However, banks and credit unions don't always have the best rates and terms. Nonbank direct lenders and marketplace lending platforms often provide lower rates as well as an easier and faster application process. Use the list of the best personal loans above to find the most recommended personal loans.</p>
<h3>What are the best personal loan companies?</h3>
<p>Until recently, banks and credit unions were practically the only institutions that offered personal loans. Now there are hundreds of direct lenders and loan marketplaces that provide them. The best personal loan company for you will depend on your unique financial circumstances, your credit history, and how much money you need. Use the dynamic list of personal loans above to discover which lenders are offering the best rates and terms.</p>
<h3>Who has the best personal loan rates?</h3>
<p>The answer to that question depends on who is asking. The best loan rates available to you will depend on your credit history and income. Some lenders, such as SoFi, Barclays Bank, and LightStream, advertise the lowest rates, but those are only available to borrowers with excellent credit. In any case, lenders regularly vary their interest rates, so there isn't a simple answer to who has the best personal rates at any one time. Our dynamic list of best-rated personal loans is based on SuperMoney's algorithms and consumer reviews. Check the lenders above and find the one that offers you the best rate.</p>
<h3>What is the best APR for a personal loan?</h3>
<p>Currently, APRs in our list of best personal loans range from 4.99% to 35.99%. Your rate will depend on many factors, such as your credit score and debt-to-income ratio.</p>
<p>APR4.99% - 35.99%Loan Amount$600 - $100KLoan Term12 - 84 months</p>
<p>The lowest APRs are only available to high-income borrowers with excellent credit. Compare at least three lenders from the list above to find the best loan offer available for your credit profile. SuperMoney's&nbsp;<a href="https://www.supermoney.com/quotes/personal-loans" target="_blank" rel="noopener noreferrer">loan offer engine</a>&nbsp;allows you to get multiple loan offers from top lenders with one easy form.</p>
<h3>Are personal loans a good idea?</h3>
<p>If you have good credit and can qualify for some of the best-rated personal loans, they can be a good option for consolidating debt or financing a big purchase. But if you have poor credit, a personal loan might come with an interest rate that is higher than some credit card interest rates. Make sure you understand the interest rate and fees involved before you accept a personal loan offer.</p>
<h3>Can I get a top personal loan with bad credit?</h3>
<p>No, not unless you have a cosigner with excellent credit. A FICO credit score under 580 is considered to be poor credit. If your score is below that, it'll be hard to qualify for a personal loan. Most personal lenders won't even consider an applicant with a credit score under 600. However, there are lenders, such as&nbsp;<a href="https://www.supermoney.com/personal-loans-bad-credit/" target="_blank" rel="noopener noreferrer">these</a>, that specialize in borrowers with poor and bad credit.</p>
<h3>Do personal loans hurt your credit?</h3>
<p>When you apply for a loan, lenders will usually make a hard pull (inquiry) on your credit report. This can ding your credit in the short term, especially if you apply for several loans. However, a personal loan can improve your credit scores in the long-term, as long as you consistently make payments on time. If you are late on a payment, or miss a payment, it will hurt your credit.</p>
<h3>Does paying off a personal loan early hurt credit?</h3>
<p>Paying off a personal loan is often a good idea because you can save money in interest fees. However, paying off an installment loan can ding your credit. This is because credit scores take into account factors like available credit and the average age of your accounts. Paying off a personal loan can reduce both.</p>
<p>If you have both credit card debt and personal loans, it may be a good idea to pay off your credit card debt first. Reducing your credit card debt will lower your credit utilization ratio, which could improve your credit score.</p>

Personal loans offer competitive rates, fast and easy online applications, and you can use them to finance just about anything. Here are our top picks for the best personal loans.

Best Personal Loans

<h2>How much do you need?</h2>
<p>Step one when planning for college is to figure out how much you need to pay for it. Use a <a href="https://bigfuture.collegeboard.org/pay-for-college/college-costs/college-costs-calculator">college cost calculator</a>&nbsp;to get started. Step two is to figure out how much you have - or can obtain. What are your available <a href="/reviews/student-loans/lendkey-student-loans">sources of money</a>? Sources to consider include parents, savings, scholarships, grants, or a part-time job. Also, be sure to apply for need-based financial aid at the schools you're applying to as work-study jobs may be available. Consider all of your available options before turning to student loans.</p>
<h2>Decide what type of loan to apply for</h2>
<p>If you decide you need a <a href="/reviews/student-loans/lendkey-student-loans">student loan</a>, be aware that there are two major sources of student loans:</p>
<ul>
<li>The U.S. government and</li>
<li><a href="https://www.supermoney.com/best-student-loan-refinancing-companies/" target="_blank" rel="noopener noreferrer">Private loans</a>, which come from lenders like banks and credit unions</li>
</ul>
<p>The first step is to fill out the Free Application for Federal Student Aid (<a href="https://fafsa.ed.gov/" target="_blank" rel="noopener noreferrer">FAFSA</a>). The primary reason you start by filling out the FAFSA is that the results let you know if you are eligible for federal student loans. All U.S. citizens who are students can qualify for unsubsidized federal student loans, regardless of <a href="https://www.supermoney.com/reviews/money-transfer-services/kalixa-money-transfer" target="_blank" rel="noopener noreferrer">financial need</a>. And U.S. government loans have several advantages over private student loans.</p>
<blockquote class="widget key-point">Federal student loans generally have a lower interest rate, for example. And you don't have to repay federal student loans until your education is completed. With private student loans, you may have to repay as you study. In addition, federal student loan borrowers may be eligible for loan forgiveness if they work in certain occupations. And repayment of federal student loans can be based on income.</blockquote>
<p><a href="https://www.supermoney.com/best-student-loan-refinancing-companies/">Private student loans</a> are issued through banks and credit unions - the same places that offer loans for mortgages and cars. They generally expect payment on their student loans from the beginning, much as they would for a car loan.</p>
<h2>The FAFSA Application</h2>
<p>Following is the <a href="https://fafsa.ed.gov/help/before003.htm">information you will need</a> to complete the Free Application for Federal Student Aid:</p>
<ol>
<li>Your Social Security Number</li>
<li>Your most recent federal income tax return, W-2s, and other records of income</li>
<li>Bank statements and records of investments (if applicable)</li>
<li>An FSA ID (to sign electronically)</li>
</ol>
<p>Also, do you live with your parents? Do they financially support you or your education? If so, they may have to fill out a part of the FAFSA application. Processing the FAFSA takes several weeks. When you receive the results (typically by e-mail), you'll know if you are eligible.</p>
<h2>Private student loans</h2>
<p>If you still need additional money after taking out a federal student loan, private loans are another option to consider. It's a good idea to <a href="https://www.supermoney.com/reviews/credit-reporting/credit-sesame-credit-monitoring">find out your credit score</a> before applying for a private student loan. If your credit score is good to excellent, you might be able to get a loan with a lower interest rate than someone with average or bad credit. The low end of interest rates for private student loans is around 2.5%. Interest rates can be as high as 12%. If your credit is average, your parents financially support you, or your income is not high enough to qualify for a private student loan, you may need a cosigner. On the plus side, if your cosigner has excellent credit, more favorable interest rates may be available. Lenders will consider the creditworthiness of both you and your cosigner. Good credit will result in a more favorable interest rate because the risk the lender is taking on is decreased. To receive a private student loan, you'll need to apply to each lender you choose, as private lenders do not have a one-size-fits-all application like the FAFSA. You will need to supply credit information, salary, and work history. Private student loan lenders will look at your income, your ability to repay, and how much debt you have (which lenders call your debt-to-income ratio). They will loan you money only if you meet their requirements.</p>
<h2>Compare the terms</h2>
<p>It's a good idea to look at <a href="https://www.supermoney.com/reviews/student-loans">several different lenders</a> when considering a private student loan. Interest rates vary, for one thing, and you want the lowest interest rate possible. The type of interest rate offered is also a factor. There are two types: fixed and variable. Fixed means that the interest rate will always stay the same. If you lock in at 14%, your payments will always have that interest rate.</p>
<p><br /> <strong>Fixed Rate Student Loans:</strong> <br /> A fixed interest rate doesn&rsquo;t change throughout your repayment term. It stays steady, despite market fluctuations.</p>
<p><strong>Benefits:</strong></p>
<ul>
<li>Predictable monthly payments</li>
<li>Pre-defined total interest amount</li>
</ul>
<p><br /> <strong>Variable Rate Student Loans:</strong> <br /> Variable interest rates change throughout the course of your loan term because they rely on shifting tides in the world economic market.</p>
<p><strong>Benefits</strong></p>
<ul>
<li>Lower interest rates</li>
<li>Immediate, short or long term savings</li>
</ul>
<p>But a variable interest rate will move up and down as interest rates rise or fall, and your monthly payments will rise and fall accordingly. Rates increase and decrease according to the economy. During times of economic growth, interest rates rise. Finally, banks and other lenders vary in term of repayment plans. It may be possible to find a private lender who offers deferments while you are still in school, or forbearance while you are looking for a job after college. And if you or a parent belong to a credit union, their terms are often more favorable than those of banks.</p>


<p>
<h2>FAQ on Private Student Loans</h2>
<h3>How long do private student loans take to process?</h3>
<p>It can take anywhere from 2 – 10 weeks for you or your college to receive the funds from the date that your loan application is approved.</p>
<h3>What is a private student loan?</h3>
<p>A private student loan is a credit-based loan for college that can cover the gap between financial aid received and the full cost of attendance. Private student loans are issued by private lending institutions, such as banks and credit unions. Lenders will require you to submit an application. Upon receipt of your application, they will confirm you meet their credit approval criteria, and ask you complete any other requirements (such as verification of school registration).</p>
<h3>Do private student loans build credit?</h3>
<p>It depends. If you make all of your payments on time, your credit may improve over time. Late and missed payments may damage your credit. If you need to obtain a loan later (additional private student loan, car loan, or mortgage), your debt-to-income ratio will likely be considered. It is always recommended to borrow only what you need.</p>
<h3>How much can you get in private student loans?</h3>
<p>Private student loan lenders, generally, will not let you borrow money in excess of your cost of attendance. Your school will let you know the maximum amount you can borrow in a private student loan, which will be determined by subtracting all the aid you have been awarded/accepted from your total cost of attendance.</p>
<h3>Can I get a private student loan without a cosigner?</h3>
<p>90% of undergraduate students and 75% of graduate students need a cosigner to get approved for a private student loan. Some students may have the credit qualifications to get approved without a cosigner. It all depends on your credit rating and history. Different lenders have different qualifying criteria. To determine eligibility, it’s best to contact a potential lender directly.</p>
</p>

Paying for college expenses is not always easy. Tuition adds up. So does housing, not to mention books and supplies. Even if you’re living at home, you’re still going to have to eat and commute to school. To afford college, sometimes you need to look for the best private student loans options out there.



Best Private Student Loans

<h2>A Complete Guide to Shared Equity Agreements</h2>
<p>A shared equity finance <a href="https://www.supermoney.com/reviews/shared-equity">agreement</a> involves giving an investment company partial ownership of your property in exchange for funding. In some cases, they can be a smart way to tap into your home's equity without getting further into debt. However, they are not for everyone. Here's all you need to know about shared equity agreements.</p>

<h2>What is an home equity investments?</h2>
<p>Home equity investments, sometimes known as shared equity agreements, enable a home buyer or homeowner to share home equity in exchange for a one-time cash payment from an investor. Such agreements allow you to liquidate part of your home equity for cash or sometimes are used in the home purchasing process to help prospective homeowners with a down payment.</p>
<p>Investors give homeowners a lump sum in exchange for a share in the future value of their homes. When the homes are sold (or when the contract term ends), the investors receive their share from the sale. If the value of the house increases, so does the amount the investor receives. If the house drops in value, the investor also shares in the loss.</p>
<p>There are no interest rates or monthly payments to worry about. The homeowner doesn't pay off the investor with monthly payments or interest. Instead, at the end of the contract, the homeowner agrees to pay the investor's initial investment and a fixed percentage of the change in home value. In a few cases, the investor's share is based off the overall value of the property at sale.</p>
<p>The end of the contract is set for a predetermined date (terms are typically 10 to 30 years), or when the home is sold. You can buy out the investment at any time.</p>
<p>Shared equity appreciation agreements give investors a low-risk way to invest in real estate that can also offer them tax benefits. There are a growing number of reputable firms offering these products to consumers. Generally, these firms are partnered with large institutional investors, such as pension funds, who are looking for investment exposure to real estate assets.</p>

<h3>How sharing equity affects homeownership</h3>
<p>A shared appreciation mortgage gives an investment company or investor a stake in your home's future equity. However, the investor won't have anything to do with the day-to-day running of your home. They can't make decisions on how you decorate or what remodeling projects you take on. However, they will benefit if your home's value increases. You will also be responsible for any expenses, taxes, or insurance costs.</p>
<p>When your equity sharing agreement contract finishes, you repay your investing partner the amount they initially loaned to you, plus a percentage of the appreciation in your home's value. If your home decreases in value, the investor will receive less money.</p>
<p>A shared equity finance agreement isn't technically a mortgage. It may be easier to qualify for a shared equity agreement than a home loan product. Credit and income requirements are typically more lenient.</p>

<h2>What are the pros and cons of home equity investments?</h2>
<div class="sm-widget-block sm-widget-pros-cons">
<div class="sm-title-block title-background-03" style="text-align: center;">WEIGH THE RISKS AND BENEFITS</div>
<p class="text-center">Here is a list of the benefits and the drawbacks of shared equity contracts.</p>
<div class="sm-pros-cons-list"><div class="sm-widget-split sm-pros-list">
<h5>Pros</h5><ul><li>Allows you to tap into your home equity without getting into debt.</li><li>No monthly payments or interest charges.</li><li>If your property drops in value, so does the amount you have to repay.</li><li>Can help you pay off high interest debt.</li></ul></div><div class="sm-widget-split sm-cons-list">
<h5>Cons</h5><ul><li>You typically need a minimum of 25% equity in your home.</li><li>It could tempt you to spend more than you can afford on your house.</li><li>Reduces your profit when you sell your house if its value increases.</li><li>You may have to sell the house to repay the investment.</li></ul></div></div></div>

<h3>Who could benefit from equity sharing?</h3>
<p>Several situations lend themselves to a shared equity finance agreement. You might benefit from a shared appreciation mortgage if one of these scenarios fits your situation.</p>

<h4>You want to cash-out home equity but you don't qualify for (or don't want) a HELOC or a home equity loan.</h4>
<p>Home equity investments do not have a maximum debt-to-income ratio and they are usually flexible when it comes to minimum credit scores. The underwriting approach is particularly helpful for those who are self-employed, independent workers or others who may be financially stable but lack the consistency of income to qualify for more traditional products like <a href="https://www.supermoney.com/best/mortgage-refinance/cash-out-refinance/">cash-out refinance</a>.
</p>

<h4>You want to renovate your home without getting into debt.</h4>
<p>A shared equity agreement can give you access to cash for home improvements even if you don't qualify for a traditional home improvement loan.</p>

<h4>You want to access your home equity for another real estate investment.</h4>
<p>Another reason people use shared equity agreements is to pull equity out of their home for an investment in a new rental or vacation property. Many people often do this same thing via home equity loans, but the advantage of shared equity agreemens is you don't have to deal with an additional cashflow burden related with those loans on top of the additional mortgage.
</p>

<h4>You have a high percentage of your net worth in your home and want to diversify.</h4>
<p>These products can also be attractive to those who have a high percentage of their net worth tied to their home and wish to achieve some diversification from an asset allocation standpoint.
</p>

<h4>You are overwhelmed with high interest debt.</h4>
<p>The equity locked in your home can help you pay off high-interest credit when you don't qualify for a low-interest debt consolidation loan.</p>

<h4>You need money but you can't afford monthly payments.</h4>
<p>If you need cash but can't afford to make additional monthly payments, you should consider a home equity investment. There are no payments or interest rates, and you don't have to repay the investment until you sell the house or the term ends.</p>

<h4>You don't have enough money to put 20% on a home.</h4>
<p>If you don't have enough for a downpayment, you will pay <a href="https://www.supermoney.com/how-avoid-paying-mortgage-insurance-pmi/">private mortgage insurance</a> (PMI). That can be costly.</p>
<p>It might save you money, in the long run, to use a shared equity agreement to get enough of a down payment to avoid PMI. However, you could end up paying more at the end of the contract, if your home value rises substantially. If you suspect that will occur, it may be a good idea to buy out your shared equity partner as soon as possible.</p>

<h4>You're buying in a hot market.</h4>
<p>If you're trying to buy a home in a competitive market, it may help you to have more cash available. You could offer the sellers extra money for the property. Or you could use the money to make a higher down payment than 20%.</p>

<h2>How sharing equity works</h2>
<p>Determining if you should involve yourself in a shared equity finance agreement is easier if you understand how they work.</p>
<p>When an investor and home buyer or owner set up an agreement, they determine two amounts. The first amount is how much the investor will give the home buyer or owner. The other figure is the percentage of the home appreciation the homeowner must pay the investor at the end of the equity share.</p>
<p>Most contracts stipulate that if the property increases in value at the end of the agreement, the investor receives the initial contribution and the equity share percentage. The latter is calculated according to how much the home appreciated.</p>
<p>Here's an example:</p>
<ul>
<li>$50,000 investor contribution</li>
<li>30% equity share percentage</li>
<li>$200,000 increase in property value during terms of the agreement</li>
<li>You pay the investor the initial $50,000, plus $60,000, totaling $110,000</li>
</ul>
<p>Note that, in some cases, the payment is based on the overall value of the property instead of a share in its appreciation.</p>
<h3>What if your home depreciates?</h3>
<p>If your home loses value, you will only pay the investor the initial investment minus their share of the value drop. In the case of a substantial dip in the home's value, the investor could lose their entire investment. If this occurs, you won't pay any money to the investor.</p>
<p>Here's an example:</p>
<ul>
<li>$50,000 investor contribution</li>
<li>30% equity share percentage</li>
<li>$100,000 drop in property value during terms of the agreement</li>
<li>You pay the investor the initial $50,000, minus $30,000 ($100K x 30%), totaling $20,000</li>
</ul>
<p>Remember, any amount you pay down on your mortgage belongs to you. Investors only have a claim to their original investment and a percentage of an increase or decrease of your home's value.</p>

<h2>What are the key features to consider with shared equity agreements?</h2>
<p>All investors and their shared equity agreements aren't created equal. Choosing the right investor is crucial if you enter a shared equity agreement. Choose an investor who wants to develop a true partnership with you and share in your collective long-term success.</p>
<p>Before signing, it's a good idea to check you understand the critical features of a shared equity contract.</p>
<ul>
<li>Understand the full cost of the contract over time.</li>
<li>Determine if the investor can share your financial risk if your home depreciates. Additionally, does the investor provide support if you experience financial hardship and fall behind on your mortgage? What will occur if this happens?</li>
<li>Find out if the potential equity sharing partner is transparent and upfront about process and fees. Check reviews and speak to past clients, if possible.</li>
<li>Consider the percentage of the investor's share in your home's appreciation. Some investors charge a higher rate than others. Do the math to determine how much the arrangement could cost you and if it fits your budget.</li>
</ul>

<h2>Do shared equity agreements have prepayment penalties?</h2>
<p>Most home co-investing companies do not charge a prepayment penalty and you can repay at any time during the term of the agreement. However, you should verify the prepayment policy directly with the company you are considering.</p>

<h2>Do shared equity agreements have origination fees?</h2>
<p>There is typically a fee associated with the cost of origination and appraisal. Generally speaking, these fees tend to be equivalent to the origination fees associated with a cash out refinance.</p>

<h2>What is the difference between a share in home appreciation and home value?</h2>
<p>When you agree to a home equity investment, you are effectively selling a stake in your home. There are two ways to do this. You can either sell a percentage of the future appreciation of your home or of its future value. It those two options sound similar, it's because they are. The differences between the two are subtle but it's important you understand them so you can calculate the actual cost of the agreement.</p>
<p>If you sell a share of your home's future appreciation, the investor will receive a percentage of the increase in value of your home when the contract ends or you sell the home. For example, if a home equity investment requires a 30% of your home's appreciation, and your home increases in value by $100,000, you will need to repay the investment and give the investor $30,000. If the home loses value, you can deduct the investor's share in the depreciation from the initial investment repayment.</p>
<p>On the other hand, if you sell a share in the home's future value, the payment is determined by the entire value of the home. So if you sell a 10% share in the value of your home, and the value at the end of the contract is $300,000, the investor would receive $30,000. A 30% share of the home's value, would be $90,000.</p>

<h2>How to determine if home co-investing companies are your best choice</h2>
<p>The top benefit of a shared equity finance agreement is that you don't have to make any monthly payments. Home co-investing companies don't require you to pay interest. This can be helpful if you're cash-strapped.</p>
<p>However, it is important to understand that shared equity agreements, also known as home co-investing agreements, are contracts, not loan agreements. If your home appreciates in value, you may have to pay back much more than you would have had to with a regular financing method, such as a mortgage or a personal loan.</p>

<p>Here are a few examples of shared equity agreements in action you can use to determine whether shared equity agreements are a good choice for you.</p>
<h3>Scenario #1: Cashing out some home equity</h3>
<p>Julie has a home worth $500,000. She still owes $300,000 on her <a href="https://www.supermoney.com/reviews/home-loan">mortgage</a> and has $200,000 in home equity. She wants to cash out $50,000 and reaches out to an equity sharing company to make it happen.</p>
<h4>Equity sharing agreement</h4>
<p>Julie agrees to sell $50,000 of her equity in exchange for a 25% stake in her home's appreciation over the next 10 years.</p>
<h4>Repayment</h4>
<p>When the 10-year term is up, it's time for Julie to pay. Here are three possible outcomes:</p>

<div style="overflow:auto; max-width: calc(100vw - 30px);">
<table class="table table-minimal-border">
<thead>
<tr>
<th title="Field #1" style="font-weight:bold;font-size:16px;">Scenario #1</th>
<th title="Field #2" style="font-weight:bold;font-size:16px;">Initial home value</th>
<th title="Field #3" style="font-weight:bold;font-size:16px;">Home value at time of repayment</th>
<th title="Field #4" style="font-weight:bold;font-size:16px;">Investment amount</th>
<th title="Field #5" style="font-weight:bold;font-size:16px;">Investor Stake</th>
<th title="Field #6" style="font-weight:bold;font-size:16px;">Total gain/loss</th>
<th title="Field #7" style="font-weight:bold;font-size:16px;">ROI for investor</th>
<th title="Field #8" style="font-weight:bold;font-size:16px;">Total repayment due</th>
</tr>
</thead>
<tbody>
<tr>
<td>Appreciation Scenario</td>
<td>$500,000</td>
<td>$550,000</td>
<td>$50,000</td>
<td>25%</td>
<td>$50,000</td>
<td>$12,500</td>
<td>$62,500</td>
</tr>
<tr>
<td>No change</td>
<td>$500,000</td>
<td>$500,000</td>
<td>$50,000</td>
<td>25%</td>
<td>$0</td>
<td>$0</td>
<td>$50,000</td>
</tr>
<tr>
<td>Depreciation Scenario</td>
<td>$500,000</td>
<td>$450,000</td>
<td>$50,000</td>
<td>25%</td>
<td>-$50,000</td>
<td>-$12,500</td>
<td>$37,500</td>
</tr>
</tbody>
</table>
</div>

<h3 class="p1">Scenario 2: Securing a down payment</h3>
<p>Johnny wants to buy a home that costs $250,000. To avoid PMI, he needs to put down $50,000. He saved up $25,000, but isn't sure how to get the rest. He hears about a shared equity investment company and finds out they will lend him the other $25,000. In exchange, they get a stake in your property and its future appreciation or depreciation.</p>
<h4 class="p1">Equity sharing agreement</h4>
<p>Johnny's chosen shared equity company sets the agreement length at 30 years. That means he won't have to make a single repayment on the amount until he sells the home or thirty years have passed, whichever comes first. At the end of the agreement, Johnny will repay the initial investment along with 35% of the property's gain or loss over the span of the agreement.</p>
<h4>Repayment</h4>
<p>15 years later, Johnny is ready to sell his home. Depending on how the value of his home has changed, here's what could happen.</p>
<ul>
 	<li>If Johnny's home has <strong>increased in value</strong> to $350,000, he'll owe the investor the initial investment of $25,000 plus 35% of the $100,000 gain ($35,000). The total payment would be $60,000.</li>
 	<li>If the value of Johnny's home <strong>stayed the same</strong>, he would owe the investor the initial investment of $25,000 and nothing more.</li>
 	<li>What if Johnny's <b>home value drops</b> to $200,000? He'll need to repay the difference between the initial investment ($25,000) and the investor's percentage of the loss (35% of -$50,000=-$17,500). The total repayment amount would be $7,500.</li>
</ul>

<div style="overflow:auto; margin-bottom: 15px; max-width: calc(100vw - 30px);">
<table class="table table-minimal-border">
<thead>
<tr>
<th title="Field #1" style="font-weight:bold;font-size:16px;">Scenario #2</th>
<th title="Field #2" style="font-weight:bold;font-size:16px;">Initial home value</th>
<th title="Field #3" style="font-weight:bold;font-size:16px;">Home value at time of repayment</th>
<th title="Field #4" style="font-weight:bold;font-size:16px;">Investment amount</th>
<th title="Field #5" style="font-weight:bold;font-size:16px;">Investor Stake</th>
<th title="Field #6" style="font-weight:bold;font-size:16px;">Total gain/loss</th>
<th title="Field #7" style="font-weight:bold;font-size:16px;">ROI for investor</th>
<th title="Field #8" style="font-weight:bold;font-size:16px;">Total repayment due</th>
</tr>
</thead>
<tbody>
<tr>
<td>Appreciation Scenario</td>
<td>$250,000</td>
<td>$350,000</td>
<td>$25,000</td>
<td>35%</td>
<td>$100,000</td>
<td>$35,000</td>
<td>$60,000</td>
</tr>
<tr>
<td>No change</td>
<td>$250,000</td>
<td>$200,000</td>
<td>$25,000</td>
<td>35%</td>
<td>$0</td>
<td>$0</td>
<td>$25,000</td>
</tr>
<tr>
<td>Depreciation Scenario</td>
<td>$250,000</td>
<td>$200,000</td>
<td>$25,000</td>
<td>35%</td>
<td>-$50,000</td>
<td>-$17,500</td>
<td>$7,500</td>
</tr>
</tbody>
</table>
</div>

<p>In the appreciation scenario, Julie's home increases in value to $550,000. She'll have to repay the initial $50,000 plus 25% of the $50,000 appreciation, for a total of $62,500. She is not ready to sell her house, so she'll have to pay out-of-pocket or <a href="https://www.supermoney.com/reviews/mortgage-refinance">refinance</a> the debt.</p>

<p>However, refinancing the debt will result in additional financing fees. And even if she sells her home, the $37,500 she gains from the appreciation won't cover the full $50,000 repayment. This outcome could be problematic for some homeowners.</p>

<p>Before making a shared equity agreement, check market trends and predictions to make sure you've got a good chance of gaining money instead of losing it. Use a table like those in the examples above to figure what you would end up paying in a variety of circumstances.</p>


<h2>Getting started with a shared appreciation mortgage</h2>
<p>If you want to cash out equity and have liquidity problems, equity sharing agreements may be your answer. The companies in the list above provide the best shared-equity agreements currently available. SuperMoney's <a href="https://www.supermoney.com/reviews/shared-equity">shared equity agreements</a> comparison tools can help you dig deeper in the terms involved in shared-equity contracts.</p>

Are you considering a home equity investment (aka shared equity agreement)? Here’s everything you need to know about how home equity investments work.

Best Home Equity Investments

<h2>How does a HELOC work?</h2>
<p>Home equity lines of credit come with a &ldquo;draw period,&rdquo; which is the amount of time you can withdraw money from the credit line. It typically ranges from 5 to 10 years.</p>
<p>When the draw period ends, you will either owe the balance in full (balloon payment) or will begin a repayment period. If you opt for the repayment period, your HELOC lender will restructure the outstanding amount into a loan that you pay back over a 10- to 20-year term through monthly payments.</p>
<h2>How to find the best HELOC lenders?</h2>
<p>The terms and rates of HELOCs vary significantly from lender to lender, so it's a good idea to shop around before you choose a home equity line of credit.</p>
<p>Here are the main things you will want to consider when comparing the best HELOC lenders.</p>
<ul>
<li>Interest rates</li>
<li>Draw periods</li>
<li>Access to funds</li>
<li>Credit line limit</li>
<li>Customer service</li>
<li>Application and loan initiation processes</li>
</ul>
<h3>Interest rates</h3>
<p>The interest rate a lender offers you will determine how much the HELOC will cost you. However, shopping for rates isn&rsquo;t as easy as heading to a company&rsquo;s website and looking at the interest rate advertised because the interest rate you get will depend on several factors, such as:</p>
<ul>
<li>Size of your line of credit</li>
<li>Lien position the HELOC</li>
<li>Combined loan-to-value ratio</li>
<li>Property type</li>
<li>Your creditworthiness</li>
</ul>
<p>You will need to apply for a HELOC before you know your rates and terms. The HELOC lenders above are a good place to start when comparing HELOC lenders with the lowest interest rates.</p>
<h3>Draw and repayment periods</h3>
<p>The draw period varies from one lender to the next. Be sure to check this detail. Additionally, check the repayment period, and ensure you will have enough time to pay off your balance.</p>
<h3>Fees</h3>
<p>Look out for fees or closing costs. Some lenders charge you to apply or to close the account early. Others charge closing costs to all customers, or to customers with high credit lines (i.e., for credit lines of $1,000,000 or more).</p>
<h3>Access to funds</h3>
<p>Check to see how you will be able to access the funds from your HELOC. &nbsp;Here&rsquo;s a summary of common access options:</p>
<ul>
<li>Visiting a financial center</li>
<li>Transferring funds online to a checking account</li>
<li>A credit card</li>
<li>HELOC checks</li>
</ul>
<h3>Credit line amount</h3>
<p>The maximum line of credit you can qualify for will depend on how much equity you have on your home. However, some lenders have higher maximum debt-to-equity maximums than others. For instance, one lender may only consider lines of credit up to 80% of your home equity while others will go up to 90%. If you are looking at taking out a large credit line, be sure to check where lenders top out.</p>
<p>For example, if you have $100,000 of equity in your home, you might be able to get a credit line of $80,000 to $90,000 depending on the lender you choose.</p>
<h3>Customer service</h3>
<p>Check the reviews of other SuperMoney users to see how well lenders treat their customers. If an issue comes up, you want a lender that takes pride in its customer service.</p>
<h3>Application and loan initiation processes</h3>
<p>Many lenders have online application processes that take about 15 minutes to complete, but not all. Underwriting policies and the steps involved in appraising properties and disbursing funds also vary by lender./p&gt;</p>
<p>By weighing these factors, you will be able to narrow down the many lenders available to find the right one for you.</p>
<h2>HELOC requirements</h2>
<p>Eligibility requirements vary from lender to lender, but here is a quick summary of common HELOC requirements.</p>
<ul>
<li>U.S. citizen or permanent resident.</li>
<li>A good credit score (at least 680 in most cases, though some lenders may approve a small percentage of people with scores of 680 and below).</li>
<li>Sufficient equity in a home (you can typically borrow 80% to 90% of your total equity from most lenders).</li>
<li>
<p>A qualifying combined loan-to-value ratio (looks at the remaining balance on your mortgage, home equity line amount, and other liens on the property in relation to your property&rsquo;s value).</p>
</li>
<li>A debt-to-income ratio of 47% (sometimes 43%) or less.</li>
<li>Other factors: Good performance in prior mortgages, owner-occupant property, sufficient income, an acceptable length of employment, and a lack of significant expenses.</li>
</ul>
<h3>HELOC loan-to-value ratio requirements</h3>
<p>Most HELOC lenders require that borrowers have a combined loan-to-value (CLTV) ratio of 85% or less for a home equity line of credit. If your CLTV is too high, you will need to either pay down your current mortgage amount or wait to see if your home increases in value.</p>
<p>Pros and cons of HELOCs</p>
<div class="sm-widget-block sm-widget-pros-cons">
<div class="sm-title-block title-background-03" style="text-align: center;">WEIGH THE RISKS AND BENEFITS</div>
<p class="text-center">Here is a list of the benefits and the drawbacks of HELOCs.</p>
<div class="sm-pros-cons-list">
<div class="sm-widget-split sm-pros-list">
<h5>Pros</h5>
<ul>
<li>Flexibility: during the draw period you can choose to only pay interest on the HELOC.</li>
<li>You only pay interest on the amount you withdraw (not the full line of credit).</li>
<li>Lower interest rates than most personal loans and credit cards.</li>
</ul>
</div>
<div class="sm-widget-split sm-cons-list">
<h5>Cons</h5>
<ul>
<li>Payments can increase if interest rates rise.</li>
<li>There is the temptation to overspend and take on more debt than you can afford.</li>
<li>If you don't make payments, you could put your home at risk of foreclosure.</li>
</ul>
</div>
</div>
</div>
<h2>Home equity line of credit costs and fees</h2>
<p>When comparing the best HELOC lenders, it is smart to look at the overall cost and the individual fees they charge.</p>
<p>HELOCs usually charge a combination of upfront and ongoing fees. The upfront fees are typically fixed, but you can often avoid many of the ongoing fees.</p>
<p>Here is a summary of the most common costs associated with a HELOC.</p>
<p><strong>HELOC closing fees:</strong> Some lenders charge application and origination fees. However, there are several that don't, so it pays to shop around.</p>
<p><strong>Maintenance fees: </strong>Some lenders will charge a recurring fee to pay for the costs of maintaining your HELOC account. Notice that many lenders waive this fee the first year.</p>
<p><strong>Minimum withdrawal: </strong>Depending on the fine print of your HELOC agreement, there might be a minimum amount that you are required to withdraw whenever you decide to tap into your equity. This can result in an added, unwanted interest cost, because it might force you to take out more money than you need.</p>
<p><strong>Early termination fee:</strong> Some lenders will expect you to keep your HELOC open for a certain amount of time. If you close the account earlier, you may be hit with a cancellation fee.</p>
<p><strong>Inactivity fee: </strong>In some cases, HELOC lenders will charge a fee if you don't have sufficient activity in your account within a period of time.</p>
<p><strong>Fixed-rate conversion fee: </strong>Most HELOC lenders charge a variable rate. This means they may vary based on the overall market interest rates. In contrast, home equity loans usually offer a fixed interest rate. However, some HELOCs allow you to convert your variable rate to a fixed rate for a fee. Converting your HELOC to a fixed rate may be a good idea in some cases, but make sure you understand your options and read the fine print before making any changes.</p>
<h2>HELOC alternatives</h2>
<p>There are three main alternatives to HELOCs if you are considering home equity financing: cash-out mortgage refinancing, home equity loans, and shared equity agreements.</p>
<h3>Home equity loans</h3>
<p>Home equity loans give homeowners the option to get a lump sum and pay it back over 5 to 30 years at a fixed interest rate. This makes it a good choice for people with large cash needs who want a fixed monthly payment and competitive interest rates. However, you typically need good credit and substantial home equity (15% to 20%) and since your home is used as collateral -- as with most home equity financing options -- you risk losing your home if you default.</p>
<div class="sm-widget-wrapper">
<div class="sm-profiles" data-sm-profile-count="3" data-sm-category="home-equity-loans"></div>
</div>
<h3>Cash-out mortgage refinancing</h3>
<p><a href="https://www.supermoney.com/best/mortgage-refinance/cash-out-refinance/">Cash-out mortgage refinancing</a> allows you to tap into your home equity with a first mortgage instead of through a second mortgage. This avoid the need of a second payment and could even lower the cost of your current mortgage if you qualify for a lower interest rate. Mortgage lenders will usually require 10% to 20% equity left after the refinance.</p>
<div class="sm-widget-wrapper">
<div class="sm-profiles" data-sm-profile-count="3" data-sm-category="mortgage-refinance"></div>
</div>
<h3>Shared equity agreements</h3>
<p><a href="https://www.supermoney.com/best/shared-equity/">Shared equity agreements</a> are probably the most flexible type of home equity financing. They don't require getting into debt or even monthly payments because you actually sell a slice of the future equity of your home. When your home is sold (or when the contract term ends), the investors receive their share from the sale. If the value of the house increases, so does the amount the investor receives. If the house drops in value, the investor also shares in the loss.</p>

<div class="sm-widget-wrapper">
<div class="sm-profiles" data-sm-profile-count="3" data-sm-category="shared-equity"></div>
</div>
<h2>Get the best rate possible</h2>
<p>It's difficult to know you are getting the best deal if you have not compared it with other offers. Some borrowers avoid applying to several lenders because they worry it will hurt their credit. However, credit bureaus typically count all home equity financing inquiries as one credit inquiry as long as they are made within a 30-day period.</p>
<p>Request a quote from three or more lenders to see which one offers the best rates and terms. Even small differences in rates and fees can save you thousands over the life of a line of credit or loan. SuperMoney's list of the best HELOC lenders is a good place to start.</p>

A HELOC allows you to tap your home's equity without having to sell it. Here is SuperMoney's list of the best HELOC lenders currently available.

Best HELOC Lenders

As a homeowner, home equity loans can be a relatively quick and simple way for you to borrow a large sum of money without having to take out high-interest debt. Read on to discover the best home equity loan rates and lenders for you.

Best Home Equity Loans

Buying a home can feel overwhelming. Your home is one of the biggest purchases of your life, so you want to feel confident. Make sure to put your mind at ease by shopping around to find the best mortgage lender for your circumstances.


Best Mortgage Lenders

<h2>Understanding Home-Sale Leaseback</h2>
<h3>What is a Home-Sale Leaseback?</h3>
<p>A <a href="https://www.supermoney.com/what-is-a-leaseback-agreement-and-how-does-it-work/">home-sale leaseback is a financial arrangement</a> where a homeowner sells their property to an investor or company and then leases it back for a predefined period. This arrangement can provide immediate liquidity to homeowners without the need to relocate.</p>
<h3>How Does the Process Work?</h3>
<p>The process involves several steps: the homeowner sells their property to the <a href="https://www.supermoney.com/reviews/sale-leaseback">leaseback company</a>, receives a <a href="https://www.supermoney.com/annuity-payments-vs-lump-sum/">lump sum or regular payments</a>, and continues to live in the home as a tenant. The terms of the lease, including duration and monthly rent, are determined during the sale.</p>
<h3>Pros and Cons of Choosing This Option</h3>
<p><strong>Pros:</strong></p>
<ul>
<li>Quick access to funds: Homeowners can receive a substantial amount of money without going through a lengthy selling process.</li>
<li>No need to move: Home-sale leaseback allows homeowners to stay in their beloved homes.</li>
<li>Potential tax benefits: Depending on your location and situation, there might be tax advantages to this arrangement.</li>
</ul>
<p><strong>Cons:</strong></p>
<ul>
<li>Loss of ownership: The homeowner will no longer own the property.</li>
<li>Limited profit potential: The sale price might be lower than the market value to account for the leaseback arrangement.</li>
<li>Future uncertainty: Leaseback terms might change or not align with long-term plans.</li>
</ul>
<h2>Benefits of Home-Sale Leaseback</h2>
<h3>Access to Immediate Funds</h3>
<p>For homeowners facing financial challenges or looking to invest in new opportunities, a home-sale leaseback offers a lifeline. The infusion of capital can be used for various purposes, such as paying off debts, funding education, or investing in other ventures.</p>
<h3>Avoiding the Traditional Home Selling Process</h3>
<p><a href="https://www.supermoney.com/how-long-does-it-take-to-sell-a-house/">Selling a home</a> conventionally involves real estate agents, showings, negotiations, and paperwork, which can be time-consuming and stressful. With a home-sale leaseback, you can bypass this process and get a fair value for your property swiftly.</p>
<h3>Opportunity to Continue Living in the Same Home</h3>
<p>For many homeowners, their residence is not just a physical space but a place filled with cherished memories. Home-sale leaseback ensures you don't have to uproot yourself from this environment, providing stability and comfort.</p>
<h2>Factors to Consider When Choosing a Home-Sale Leaseback Company</h2>
<h3>Company's Reputation and Track Record</h3>
<p>Before committing to a home-sale leaseback, thoroughly research the reputation of the company. Look for reviews, testimonials, and any news about their practices to ensure you're dealing with a reputable organization.</p>
<h3>Terms and Conditions of the Leaseback Agreement</h3>
<p>The leaseback agreement outlines critical details, including lease duration, monthly rent, and potential buyback options. Carefully review these terms to ensure they align with your financial goals and lifestyle.</p>
<h3>Fees and Costs Associated with the Transaction</h3>
<p>Be aware of any fees or costs associated with the home-sale leaseback transaction. These might include transaction fees, maintenance costs, and property management fees. Understanding these charges helps you make an informed decision.</p>
<h2>Real-Life Examples of Home-Sale Leaseback Success</h2>
<h3>Story 1: How Jane Smith Benefited from a Leaseback</h3>
<p>Jane Smith, a retiree, faced unexpected medical expenses. Opting for a home-sale leaseback allowed her to cover her bills without leaving her cherished home, providing both financial relief and emotional comfort.</p>
<h3>Story 2: Overcoming Financial Hurdles with Leaseback</h3>
<p>John and Mary faced a job loss but wanted to maintain stability for their children. By choosing a home-sale leaseback, they navigated their financial challenges while retaining the familiarity of their home.</p>
<h3>Story 3: Transitioning to Retirement Using Home-Sale Leaseback</h3>
<p>Sarah and Michael used a home-sale leaseback as a strategic tool to downsize and transition to retirement. The funds received from the transaction supplemented their retirement savings.</p>
<h2>Frequently asked questions about Home-Sale Leaseback</h2>
<h3><strong>What Happens if I want to repurchase my home?</strong></h3>
<p>Most leaseback agreements include an option for homeowners to repurchase their property at a later date. The terms for repurchase are typically outlined in the initial agreement.</p>
<h3><strong>Can I lease back my home if it's already listed for sale?</strong></h3>
<p>Depending on the company and the stage of the sales process, you might still be eligible for a home-sale leaseback. Consult the company and assess the situation to determine the feasibility.</p>
<p>&nbsp;</p>
<h3><strong>How does the company determine the leaseback terms?</strong></h3>
<p>Leaseback terms are typically based on factors such as property value, market conditions, and the homeowner's financial situation. Companies use these factors to calculate a fair agreement.</p>
<h2>Bottom line</h2>
<p>Home-sale leaseback companies provide a valuable solution for homeowners seeking immediate funds without uprooting their lives. By understanding the concept, benefits, considerations, and examples of success, you can make an informed decision about whether a home-sale leaseback is the right choice for your unique circumstances. Always conduct thorough research and consult professionals before making any significant financial decisions.</p>

In the world of real estate, innovative solutions have emerged to provide homeowners with more flexible options when it comes to selling their homes. One such solution gaining traction is the concept of home-sale leaseback.

Best Sale-Leaseback Agreements

<h2>How does auto refinancing work?</h2>
<p>Refinancing a car loan involves taking on a new loan to pay off the balance of your existing car loan. An auto refinance can save you money by lowering your interest rate. It can also lower your monthly payments (without a change in interest rates) if you extend the term of loan.</p>

<p>Some lenders will also allow you to take out additional cash when you refinance. However, increasing the balance of your auto loan can be expensive and puts you at risk of owing more than the value of the car.</p>

<h2>How to find the best auto loan refinance?</h2>
<p>The Consumer Finance Protection Bureau (<a href="https://www.consumerfinance.gov/consumer-tools/getting-an-auto-loan/learn-to-explore-loan-choices/">CFPB</a>) recommends getting preapproved by multiple lenders, so they compete for your business. This puts you in a stronger negotiating position for whichever lender you choose, which can help you lower your total cost. The lenders above are an excellent place to start when shopping for the best rates and fees in the market.</p>
<p>Fill this <a href="https://app.supermoney.com/loan/auto/">short form</a> to find out what loan offers you can qualify for with leading lenders. This will not hurt your credit.</p>
<h2>When should you refinance your auto loan?</h2>
<p>Refinancing your auto loan can save you money and lower your payments. However, it's not for everyone, and there are times when it doesn't make sense to do so. Here are a few scenarios in which refinancing can be a good idea.</p>
<ul>
<li>If you didn't comparison shop for your auto loan, you might not have gotten the best available rate.</li>
<li>If you've raised your credit score, gotten a raise, or paid off other debts since buying your car, you could qualify for a better rate now.</li>
<li>If more competitive rates are available now than when you purchased. Rates for the lenders in our list of best auto refinance loans start at {{features_summary.interest-rate.lowest}}%. So if rates were higher when you bought your car, you might be able to take advantage of a lower rate. Just make sure to factor in any fees involved in refinancing when making your decision.</li>
<li>If you're unable to make your monthly payments, you may want to refinance to get a longer loan term, even if your interest rates don't change.</li>
</ul>
<h2>What should you consider when refinancing</h2>
<p>When shopping for an auto loan refinance, it is important to compare <a href="https://app.supermoney.com/loan/auto/">multiple lenders</a> as rates and fees can vary considerably. Here are the most important things to consider when applying.</p>
<ul>
<li><strong>Your credit score.</strong>&nbsp;The best rates are reserved for the highest FICO scores. But if you shop around for your loan, even those with fair to good credit scores can find a lender with competitive rates.</li>
<li><strong>Your remaining balance.</strong>&nbsp;Many lenders have minimum and maximum auto loan amounts. Make sure that your desired lender refinances loans of your size before applying.</li>
<li><strong>Origination fee.</strong>&nbsp;Most lenders charge a fee to process a new loan. If this fee is more than what you will save by refinancing, it isn't worth it.</li>
<li><strong>The age of your car and miles on your vehicle.</strong>&nbsp;Many lenders will only consider newer cars will low mileages..</li>
<li><strong>Timing.</strong>&nbsp;Most of the time, refinancing won't work unless you've made at least six to 12 months of payments on your original loan.</li>
<li><strong>Pay more when you can.</strong>&nbsp;The quicker you pay back your loan, the less interest you pay. It's as simple as that. So if there are months you can pay more, do it.</li>
<li><strong>Shop around for options</strong>&nbsp;Finding the best refinancing arrangement means scouring the market for all options possible. Try not to settle for the first good deal you find because you may miss out on something better.</li>
<li><strong>Ask experts for advice, read reviews, and don't be afraid to make inquiries with a variety of lenders.</strong>&nbsp;You'll thank yourself later when your monthly payments are more affordable.</li>
<li><strong>Opt for autopay if you can.&nbsp;</strong>The "auto pay" option found on car loan applications usually comes with a lower interest rate. Be sure to compare the rates and sign up if your financial situation allows it.</li>
<li><strong>Avoid loans with prepayment penalties.</strong>&nbsp;Most lenders don't charge this, but it's a good idea to check. To be safe, ask your lender whether there will be a penalty for paying off your balance early.</li>
</ul>
<h2>Frequently Asked Questions</h2>
<h3>Who has the best auto refinance rates?</h3>
<p>Interest rates vary widely depending on the lender, but they also change a lot depending on your credit score and income. So, there isn't a straight answer to "who has the best auto refinance rates?" The answer changes depending on who is asking. The lowest rates in our list of best lender is {{features_summary.interest-rate.lowest}}%, but not everyone can qualify for a rate that low. Complete this <a href="https://app.supermoney.com/loan/auto/">short form</a> to find out what rates you qualify for with leading lenders without hurting your credit.</p>
<h3>How long should I wait to refinance my car?</h3>
<p>Wait at least 60-90 days from getting your original loan to refinance. It typically takes this long to transfer the title on your vehicle, a process that will need to be completed before any lender will consider your application. Refinancing this early typically only works out for those with great credit.</p>
<h3>Does refinancing your auto loan hurt your credit?</h3>
<p>Refinancing your auto loan can hurt your credit in two different ways.</p>
<p>First, applying for a loan usually requires a hard credit pull, which can ding your credit score. However, the money you can save through auto refinancing often outweighs the adverse effects of a small drop in your credit score. Most credit scores treat the loan inquiries performed within a 14- to 45-day period as a single inquiry, which will minimize the hit to your score. However, it is a good idea to only apply with lenders who allow you to check your rates without a hard pull on your credit.</p>
<p>Secondly, auto refinancing requires you to close your existing auto loan account. This will probably lower the average age of your credit accounts, which can affect your credit scores because most scoring models take into account the age of the credit accounts on your credit report. Again, the savings you get from auto refinancing will typically justify the drop. And as long as your old account was in good standing and you continue to pay down your new loan, it shouldn't take long for your credit score to improve again.</p>
<h3>Do you have to put money down to refinance a car?</h3>
<p>Most lenders only consider refinancing if you owe from $7,500 to $30,000, provided your car is less than five years old and worth at least what you owe. If you are upside down, meaning you owe more than the car is worth, you may need to pay the difference to refinance.</p>
<h3>Is it better to refinance with your current lender?</h3>
<p>It depends on what terms and rates your current lender offers. Some lenders will not provide refinancing to existing borrowers. You can sometimes save time and money by sticking with the same lender. However, even if you're happy with your current lender, it is still a good idea to check what rates and terms other lenders are offering.</p>
<h3>Why should you refinance your auto loan?</h3>
<p>Refinancing your auto loan could help lower your monthly payments by lengthening the term of your repayment. Or it could help you save money through a lower interest rate.</p>
<h3>What do you need to refinance a car?</h3>
<p>The information you need to refinance a car loan can include proof of income, proof of insurance, and proof of identity. You will also need the car's make and model and vehicle identification number (VIN), as well as the auto's current mileage.</p>
<h3>How much will it cost to refinance my car?</h3>
<p>Typically, the only fees associated with an auto refinance loan are the lien transfer fees (usually $5 to $10) and state re-registration fees ($5 to $75). Fees may vary considerably by lender, state of residence, etc. Be sure to check if your existing lender has any prepayment fees.</p>
<h2>Next step</h2>
<p>Don't assume you have the best rate possible. Dropping your interest rate by just two percentage points can save you more than $1,000 in interest payments on a typical car loan. <a href="https://app.supermoney.com/loan/auto/">Click here</a> to find out what loan offers you prequalify for and discover how much you could save on your auto loan payments. This will only take a couple of minutes and it will not hurt your credit.</p>

Auto loan refinancing can help you save money by lowering your auto loan monthly payments. However, not all auto refinancing companies are made equal. Here is our list of the best auto refinancing loan options.

Best Auto Loan Refinancing Companies

<h2>Methodology</h2>
<p>SuperMoney's list of the best mortgage refinance rates is based on the qualitative recommendations of our community members and the quantitative recommendations of our ranking algorithms. We analyzed more than 100 lenders and focused on lenders that provide competitive rates and terms.</p>
<h2>What is a mortgage refinance?</h2>
<p>The term "refinance" can be a little misleading because it gives the impression that you're changing the rates or terms of the existing mortgage as you would with a loan modification. However, a mortgage refinance is a brand new mortgage loan that pays off and replaces the old one.</p>
<h2>How does mortgage refinancing work?</h2>
<p>To refinance, you will have to take most of the steps you went through with the initial mortgage. This includes working through the paperwork and paying the closing costs and fees. The application process may be a little simpler and faster if you refinance with the same lender, but you still have to pay the closing fees.</p>
<h3>What about no-closing cost refinances?</h3>
<p>With a no-closing cost refinance you won't have to pay upfront closing costs. Unfortunately, that doesn't mean the fees are waived. Instead, they either get added to the loan or baked into it through higher interest rates.</p>
<h2>What are the pros and cons of refinancing your mortgage?</h2>
<p>Refinancing your mortgage can save you a lot of money, but it's not always a good idea. Here is a summary of the advantages and disadvantages you should consider when shopping for mortgage refinance rates.</p>
<div class="sm-widget-block sm-widget-pros-cons">
<div class="sm-title-block title-background-03">WEIGH THE RISKS AND BENEFITS</div>
<p class="text-center">Here is a list of the benefits and the drawbacks to consider when refinancing your mortgage.</p>
<div class="sm-pros-cons-list">
<div class="sm-widget-split sm-pros-list">
<h5>Pros</h5>
<ul>
<li>In some cases, it can lower your interest rate.</li>
<li>It may also lower your monthly payments.</li>
<li>Allows you to convert an adjustable-rate mortgage to a fixed-rate</li>
<li>It gives you the ability to remove a cosigner from the loan.</li>
<li>The option of tapping into your home's equity.</li>
</ul>
</div>
<div class="sm-widget-split sm-cons-list">
<h5>Cons</h5>
<ul>
<li>Extending your loan term could cost you more money.</li>
<li>You could be denied if your credit or income has dropped.</li>
<li>High fees and costs.</li>
<li>It can take years before a refinance pays for itself.</li>
</ul>
</div>
</div>
</div>
<h3>Which bank has the best refinance rates?</h3>
<p>The answer to that question depends on several factors, such as your financial circumstances, credit profile, and the underwriting policies of the lender, to mention a few. The list of best-rated mortgage lenders included above provides an excellent starting point for finding the best deal for you. The best way to discover which bank offers the best rates and terms is to comparison shop several lenders when you are ready to refinance.</p>
<h3>What are today's mortgage refinance rates?</h3>
<p>It all depends on the type of mortgage you are applying for (fixed or variable rate), your credit profile, and the term of the mortgage refinance you are considering. It's important to understand that when you hear that the benchmark for a 30-year fixed-rate mortgage is, for example,&nbsp; 3.6% APR, or that the 15-year fixed refinance rate is 2.9% APR, these are all averages. You need to complete a loan application to get your rates. We recommend you apply with at least three lenders.</p>
<p>Another thing to consider is that the rates offered by lenders may be higher than expected based on the data provided by industry regulators or the news. There can be several reasons for this. For example, lenders sometimes respond to an overwhelming surge in demand by increasing rates to manage the demand.</p>
<h3>Is it cheaper to refinance with your current lender?</h3>
<p>It can be, but you will never know who gives you the best refinance rates until you apply. Once you know what rates you qualify for with other lenders, ask your current lender if they can beat (or at least match) your best offer. In some cases, your current lender may offer lower fees and rates because you have already built a relationship, and it can see your track record on payments.</p>
<h2>When should you refinance?</h2>
<p>When mortgage rates drop, homeowners usually wonder if they should refinance their mortgage. The short answer is yes, definitely, <strong>if</strong> it saves you money.</p>
<p>There are about 80.7 million mortgages accounts in the United States. 8 out of 10 people need a mortgage to buy a home, and 6 out of 10 homeowners still have a mortgage. So, it's no wonder that any change in the interest rates is big news for Americans.</p>
<p>Refinancing your mortgage usually comes with significant fees, so you have to make sure the investment is worth it. You may have heard of rules of thumb that say you should only refinance if you can lower your interest rate by 1 or 2 percent.</p>
<p>However, that is not always useful. A lot depends on the balance of your loan and your goals. A 0.5% drop can be significant if you have a large mortgage balance, or you plan to stay in your home for many years. On the other hand, a 2% drop in your rates may still cost you money (i.e., be a bad idea) if it means extending the term of your mortgage.</p>

<h3>Am I eligible for a mortgage refinance if I have bad credit?</h3>
<p>It is possible to refinance a mortgage even if you have bad credit, but that doesn't mean you should. A poor credit score will usually mean a high interest rate. So, you could end with a lousy interest rate that's not worth the cost of refinancing. Shared equity agreements are another option available to homeowners.</p>

<p><b>Shared equity agreements are much more flexible than refinancing a mortgage</b>, requiring a credit score as low as 500. How? Well, instead of lending you money, shared equity investors give you cash for a slice of your home equity. This means easier qualification, no additional debt, and no monthly payments.</p>

<p>If your credit is not as good as you would like, consider applying for a shared equity agreement from the following investors (technically speaking they are not lenders since they are buying a share of your home's equity). Find out which one offers the best terms. It is free and won't hurt your credit.</p>
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<div class="sm-profiles" data-sm-profile-count="4" data-sm-category="shared-equity"></div>
</div>
<h3><strong>How to calculate when it makes sense to refinance a mortgage</strong></h3>
<p>It is important to check whether a mortgage refinance will save you money when shopping for a new home loan. Here is how you do it.</p>
<p><b>First,</b> calculate the cost of refinancing your mortgage. These include bank fees, title costs, third-part costs, and escrow charges, such as taxes and insurance.</p>

<p>The banks where you apply for a refinance should provide you with most of this information. Typically, it will cost between 2% and 4% of the loan amount. So you would expect something between $6K and $12K for a $300K mortgage refinance.</p>
<p>Does your current mortgage have a prepayment penalty? If so, don't forget to include this fee in your calculation. In some cases, you can avoid the penalty if you refinance with the same lender.</p>

<p><b>Second,</b> calculate how much you will save each month with the new mortgage.</p>

<p>For example, if you have a $300K mortgage with a 30-year term and a 5% interest rate, you could save $178 a month with a 4% interest rate.</p>
<p><b>Third,</b> divide the closing costs by the monthly savings. This will give you the number of months it will take to cover the cost of refinancing.</p>

<p>Let's say your closing costs are $8,000 and your monthly savings are $178. You would start saving money after 45 months (8000 : 178), or three years and nine months.</p>

<p><b>Finally,</b> ask yourself how long you plan to stay in your home before you sell it. This will give you a good idea of your total savings and whether it is worth your time to refinance.</p>

<p>In this example,&nbsp;you could save up to $56K over the 30-year term. However, the refinance would only save you $534 if you sell after 4 years. Of course, paying off a mortgage early can save you a ton of money in interest (assuming there isn't a prepayment penalty), but that's independent of the refinance.</p>
<p>If you have a mortgage, find out how much you can save by applying with three or more lenders. Compare the <a href="#list-of-lenders">mortgage rates of the lenders above</a></li> and calculate how much you could save with a refinance.</p>

Are you looking for a lower rate or a lower monthly payment on your mortgage? SuperMoney's list of best mortgage refinance rates can help you find the one that best suits your needs.

Best Mortgage Refinance Lenders

<p>Refinancing essentially means replacing your existing student loans - be they federal, private, or a combination of both - with a single new loan offered by a private lender. The major advantage? The new loan often carries a lower interest rate or more favorable terms that align with your financial situation. This could translate to substantial savings over the tenure of your loan and an opportunity to clear your debt faster. Picture this - retaining more of your hard-earned money and achieving a debt-free status sooner than anticipated!</p>

<p>Bear in mind, refinancing your student loans is a significant financial decision that could have a lasting impact on your financial health. Therefore, it's important to make a thoughtful choice in selecting a lender that aligns with your financial objectives. Let us assist you in navigating this path towards financial freedom.</p>

<h2>Why Refinance your Student Loans?</h2>
<p> Navigating through the labyrinth of student loan debt can be overwhelming, but refinancing your loans may provide an attractive solution. Why consider refinancing? Here are some compelling reasons:</p>
<div class="sm-widget-block sm-widget-pros-cons">
    <div class="sm-title-block title-background-03" style="text-align: center;">WEIGH THE RISKS AND BENEFITS</div>
    <p class="text-center">Here is a list of the benefits and the drawbacks to consider.</p>
    <div class="sm-pros-cons-list">
        <div class="sm-widget-split sm-pros-list">
            <h5>Pros</h5>
            <ul>
                <li>Potential for lower interest rates</li>
                <li>Consolidation of multiple loans into one</li>
                <li>Flexibility to adjust loan terms</li>
                <li>Possibility of reducing monthly payments</li>
            </ul>
        </div>
        <div class="sm-widget-split sm-cons-list">
            <h5>Cons</h5>
            <ul>
                <li>Losing federal loan benefits if federal loans are refinanced</li>
                <li>Need for strong credit and stable income to get beneficial terms</li>
                <li>Potential for increased long-term costs if loan term is extended</li>
                <li>Refinancing isn't reversible</li>
            </ul>
        </div>
    </div>
</div>

<h3>Interest Rate Reduction</h3>
<p>Refinancing can often get you a lower interest rate on your loan, which means you could pay less over the life of the loan. This is particularly beneficial if you have a solid credit history or if you've improved your financial standing since you first took out your loans.</p>

<h3>Loan Consolidation</h3>
<p>Juggling multiple loans can be confusing and stressful. When you refinance, you consolidate your loans into one manageable payment. Not only does this simplify your financial life, but you may also get a better rate in the process.</p>

<h3>Faster Loan Payoff</h3>
<p>If you're in a position to manage higher monthly payments, refinancing to a shorter loan term can help you clear your debt faster. While this does mean higher monthly costs, the trade-off is substantial savings on interest over time and the freedom of being debt-free sooner.</p>

<h2>How to Choose a Lender</h2>
<p>Choosing a lender is a crucial step in the refinancing process. Consider it as important as choosing a college—it's a significant commitment that will impact your future. Here's what to consider:</p>

<h3>Interest Rates</h3>
<p>Investigate whether lenders offer fixed or variable interest rates. A fixed rate means your interest rate—and therefore your monthly payment—stays the same for the life of the loan. A variable rate, on the other hand, can fluctuate over time. Understanding these options can help you choose what’s best for your situation.</p>

<h3>Loan Terms</h3>
<p>Look at the length of the loan and the flexibility of repayment options. Some lenders offer terms ranging from 5 to 20 years, giving you the choice between lower monthly payments over a longer period or higher payments for a shorter term.</p>

<h3>Lender Reputation and Customer Reviews</h3>
<p>Don’t underestimate the value of other customers’ experiences. Look at reviews and ratings for potential lenders. Also, consider the lender's transparency about rates and terms, and their customer service reputation.</p>

<h3>Extra Perks and Protections</h3>
<p>Some lenders offer benefits like career coaching, networking events, or forbearance options for economic hardship. While these shouldn't be the deciding factor, they can serve as tie-breakers if you're stuck between a few options.</p>

<h3>Application and Approval Process</h3>
<p>Consider how easy or challenging the application process is, what documents you'll need, and how long it takes to get approved. Lenders with an entirely online process and quick approval times can make refinancing less of a hassle.</p>

<p>Remember, refinancing isn't a one-size-fits-all solution. It's about finding the right fit for your unique financial needs and goals. With careful research and consideration, you'll be well on your way to a brighter financial future.</p>

<h2>Frequently Asked Questions About Student Loan Refinancing</h2>

<h3>What is student loan refinancing?</h3>
<p>Student loan refinancing is the process of obtaining a new loan at a lower interest rate to pay off one or more existing student loans. This can potentially save you money over the life of the loan, and simplify your payments by consolidating multiple loans into one.</p>

<h3>Who can refinance a student loan?</h3>
<p>Any borrower with a student loan can potentially refinance. However, eligibility depends on a number of factors such as your credit score, income, job stability, and the amount of loan you wish to refinance. You must also meet the criteria set by the refinancing lender.</p>

<h3>Is it a good idea to refinance my student loan?</h3>
<p>Whether refinancing is a good idea depends on your personal circumstances. If you can secure a lower interest rate, reduce your monthly payment, or shorten your loan term, refinancing can be beneficial. However, it's important to consider the potential loss of federal loan benefits if you refinance federal student loans.</p>

<h3>What are the potential drawbacks of refinancing?</h3>
<p>Refinancing federal student loans with a private lender means you lose access to federal loan benefits like income-driven repayment plans, loan forgiveness programs, and deferment or forbearance options. Therefore, it's crucial to weigh the benefits of refinancing against the potential drawbacks.</p>

<h3>How does refinancing affect my credit?</h3>
<p>When you apply for refinancing, lenders will perform a hard credit inquiry which can temporarily lower your credit score by a few points. However, if you manage your new loan responsibly by making regular on-time payments, you can improve your credit score over time.</p>

<h3>Can I refinance my student loans more than once?</h3>
<p>Yes, you can refinance your student loans as many times as you want as long as you can find a lender willing to give you a new loan. Each time you refinance, you should aim to secure a lower interest rate or better loan terms.</p>

<h3>Does it cost anything to refinance a student loan?</h3>
<p>Most lenders do not charge fees to refinance student loans. However, always confirm with your lender about any possible fees or penalties before proceeding with refinancing.</p>



The best student loan refinancing companies usually provide the lowest interest rates. However, some also specialize in serving specific customer groups.

Best Student Loan Refinancing

<p>Happy Tax Season! Yes, it is that time of year already. The time of year Americans will spend&mdash;according to IRS estimates&mdash;6.6 billion hours filing their income tax return: 1.6 billion hours will be spent on the Form 1040 alone. <strong>Happy times</strong>.</p>
<p>But it is not all doom and gloom. Although the tax code continues to grow in complexity, it has never been easier or cheaper to file your taxes. This guide will highlight the top tax preparation software products available. It will also highlight the features you need in a tax software product and those you can do without.</p>
<p>But first, let&rsquo;s start with the good news. Yes, we're still talking about taxes.</p>
<h2>The Good News About Income Taxes</h2>
<p>The introduction of free electronic filing of federal and state returns and the increasingly competitive market of web-based tax preparation companies has tipped the scales of power for consumers. Nice change.</p>
<ul>
<li>According to an IRS report, 75% of taxpayers in the United States qualify for IRS Free File.</li>
<li>Taxpayers have so many tax preparation companies to choose from, they have become extremely price-sensitive. Tax software companies have responded by slashing prices.</li>
<li>Even top companies with professional grade tax software now offer free filing for taxpayers with simple income tax returns.</li>
</ul>
<p>That is the good news. The bad news is that with so many web-based tax preparation companies to choose from it is not easy to differentiate between good deals and cheap products that could become expensive mistakes.</p>
<h2>Features Your Tax Preparation Software Should Include</h2>
<p>The SuperMoney team has trawled through dozens of companies and products to find the best tax preparation programs. These are the features that informed our analysis and that every good tax preparation software should include.</p>
<p><strong>Accuracy Guarantee</strong>. Look for tax preparation companies that stand behind their product and guarantee to pay for any penalties caused by bugs in their software.</p>
<p><strong>Audit-Risk Identification</strong>. The IRS uses software to filter through millions of tax returns and determine which ones to audit. The best tax software products flag income tax returns that are likely to be picked up by the IRS, and provide recommendations to minimize the risk of an audit.</p>
<p><strong>Quality Customer Support</strong>. Choose companies that offer personalized help by phone, email, and chat.</p>
<p><strong>Income Tax Calculator.</strong>&nbsp;Surprisingly, not all tax software products provide it. Look for tax preparation products with a tax calculator that give&nbsp;you a running total of your tax refund/debt, as you work through your return.</p>
<p><strong>Free Tax Filing.</strong> If you have a simple tax return and earn less than $100k, you may not have to pay to file your state or federal taxes. Look out for the bait-and-switch tactics of companies that snare customers with &ldquo;free&rdquo; federal tax filing and only uncover the ruse once you&rsquo;ve completed your tax return. Others offset the savings by charging extra for filing&nbsp;state returns.</p>
<p><strong>Intuitive Interface.</strong>&nbsp;Good design and a simple interface are crucial when preparing your taxes. Saving a few dollars is not worth the wasted hours you&rsquo;ll never get back struggling with a poorly designed interface.</p>
<p>Now we know the main features a tax software product should have, let&rsquo;s see SuperMoney&rsquo;s top picks.</p>

The easiest way to do your taxes is to pay someone to take care of it for you, but that can be pricey. Most households have relatively simple tax returns and are perfectly capable of doing it themselves. If that sounds like you, here is SuperMoney's list of the best tax preparation software around.

SuperMoney’s Best Picks

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