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The Best Online Checking Accounts in 2019

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

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Opening an interest-bearing checking account is an easy way to boost your savings without completely rearranging your budget. Nowadays, your checking account doesn’t have to be the basic, low-yield account you might be accustomed to. A checking account can earn interest at pretty competitive rates, especially if you’re willing to ditch the traditional big bank in lieu of digital-only competitors. Brick-and-mortar rates often pale in comparison to online rates.

You’ll typically find checking account rates around 0.01% APY if you head to your local big bank branch. Let’s say you have $10,000 to deposit into your new checking account. Choosing an account with that low 0.01% APY will earn you $1 at the end of a year. On the other hand, opening a high-yield checking account at a 2.00% APY, for example, will earn just over $200 in a year.

Your best bet is to open an online checking account, as those tend to have the highest rates. You’ll also find hardly any monthly service fees and little to no fees for ATM usage. Plus, with some of the best mobile apps, online banks making banking on-the-go easier than ever.

There are several great options out there, which give you a great opportunity to find an account that’s just right for you. But we understand that it can also be overwhelming to search through all your options and commit to switching banks. We’ve made it a little easier for you by searching through 12,000 banks and credit unions.

To find the best online checking accounts, we looked for accounts that offer:

  • Competitive interest rates
  • No monthly account fee
  • No ATM fees and reimbursement of other bank ATM fees
  • Interest income on the deposited funds
  • Strong mobile banking app and user interface

It’s important to figure out which aspects of a checking account are the most crucial for your own banking success, whether that’s easy ATM access or earning at the highest rate. There isn’t always going to be one account that’s the “best” across every dimension: for example, the account with the highest interest rate may not have unlimited ATM fee reimbursements. You might have to make a trade-off when choosing an account.

Here are our favorite checking accounts available in November 2019:

The Best Checking Accounts in November 2019

Institution

APY

Minimum Balance Amount

Simple

2.15%

$10,000

Aspiration

1.00%

None

Discover Bank

None, but offers 1% cash back on up to $3,000 each month

None

Ally Bank

0.50%

None

Bank of Blue Valley

1.50%

Up to $50,000

Empower

1.40%

None

MemoryBank

0.90%

$50

Axos Bank

Up to 1.25%

None

TIAA Bank

1.01%

$5,000

nbkc bank

1.01%

$0

Consumers Credit Union

Up to 5.09%

$10,000 - $20,000

Charles Schwab

0.20%

None

1. High APY – Simple – 2.15% APY ($10,000 minimum)

Checking Account + Protected Goals Account*Simple was created out of frustration over the banking industry. The founders were confounded by the complexities of certain bank accounts. So instead of just letting the problem be, they came up with a solution – an account that earns interest and helps you budget your money “in one simple app”. What makes this banking platform stand apart from other online accounts? Well, for starters, it’s a Checking Account + Protected Goals Account that hardly has any fees, not even if you use an international ATM (however, a fee may be charged by the ATM owner). Another standout feature is that you have the opportunity to earn up to 2.15% APY in the Protected Goals Account. To earn the APY, you’ll have to have a minimum of $0.01 in the Protected Goals Account to earn the 2.02%, but a minimum of $10,000 to earn the higher APY. This account is meant to be used to help you save money towards a goal. It’s like a savings account without transfer limitations. You can make as many transfers between this account and the checking account as you’d like without running into excess transfer fees.

In addition to the high APY, there are a ton of other features that make Simple worth considering!

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on Simple’s secure website

2. No ATM fees: Aspiration – The Aspiration Account – Unlimited ATM fee reimbursement + 1.00% APY

Spend and Save AccountAspiration is a unique company that is trying to change the face of banking services. This account is a great way to avoid fees. There is no monthly fee and no minimum deposit. Even better, there are no ATM fees and unlimited reimbursement of ATM fees charged by others. You can use your ATM card anywhere in the world and never pay a dime. You decide how much you want to pay for the account – and that can be $0. Aspiration is making the bet that you will appreciate the value and decide to pay them something. But you are not obligated to make any payment.You can also earn interest on this account. You’ll earn up to 1.00% APY on your entire balance. And the best part: you don’t have to “do things” (like use your debit card) to get the rate. So long as you have the account, you get the interest rate.

Aspiration has recently launched a mobile banking app, making it even easier to get everything you need done. You can read our full review of Aspiration here. If you want an easy way to use any ATM, free BillPay and earn a good (by checking account standards) interest rate, the Aspiration Account is a great choice.

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on Aspiration’s secure website

3. Discover Bank – No fees + 1% Cash Back on up to $3,000 in debit card purchases per month

Discover Cashback DebitDiscover’s Cashback Debit is a unique checking account because it offers 1% cash back each time you swipe your debit card to purchase something up to $3,000 each month. This means that you can earn up to $360 back in cash each year. Keep in mind that there are certain exceptions (like ATM transactions) to receiving the 1% cash back. Other perks of this account include no monthly fees, and access to over 60,000 ATMs for free. Discover used to have a First Fee Forgiveness policy where they would waive the first eligible fee charged to the checking account during each calendar year. However, Discover recently decided to not charge any fees at all. This is a huge perk for accountholders. Discover doesn’t require a minimum amount to open or a minimum daily balance to earn the cash back.

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on Discover Bank’s secure website

Member FDIC

4. Ally – Interest Checking Account: $10 of ATM fees reimbursed monthly, and up to 0.50% APY

Ally Bank
Ally is a great all-around online bank with no monthly fees and no minimum balance or direct deposit requirement. Ally charges no ATM fees, and it reimburses up to $10 each month. You can link your savings account (which is one of the best in the country, paying 1.80% APY), and it will provide free overdraft protection.

The checking account pays 0.10% APY on balances less than $15,000, and 0.50% APY on balances of over $15,000.

Banking with Ally also gives you 24/7 access to customer service, which is just a phone call or chat session away. They also use 21st century technology like remote deposit through their mobile banking app and Zelle®, which allows you to securely send and receive money from friends and family.

LEARN MORE Secured

on Ally Bank’s secure website

Member FDIC

5. High Rate: Bank of Blue Valley – 1.50% APY on balances up to $50,000, $500 minimum to open

Platinum CheckingBank of Blue Valley is a Kansas-based bank with over $564 million in assets. It’s extremely rare to see banks offering high rates on checking accounts without requirements to earn the high rate. However, this bank is offering a 1.50% APY on balances up to $50,000. You’ll need a minimum of $500 to open the account. While Bank of Blue Valley doesn’t make you jump through hoops to earn the high rate, you will need to maintain an average daily balance of $7,500 to avoid the $12 monthly maintenance fee. This account does come with free checks and if you’re able have at least one direct deposit post to this account, you’ll be rewarded with ATM fee refunds up to $20 per month (the out-of-network ATM fee is $2.50). Bank of Blue Valley has a mobile banking app that includes mobile remote deposit, bill pay, the ability to pay a person, and more.

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on Bank Of Blue Valley’s secure website

Member FDIC

6. High Rate: Empower – 1.40% APY, no minimum to open or balance to earn APY

Checking AccountEmpower originally launched as a personal finance app and evolved into a mobile banking app powered by Evolve Bank & Trust. The Empower Checking Account currently offers a 1.90% APY. It doesn’t require a minimum deposit to open nor does it ask for a minimum balance to earn the APY. This account also doesn’t have any fees and you’ll get one out-of-network ATM fee reimbursed per month. However, Empower claims access to over 25,000 free ATMs nationwide. Other perks with this account include a cashback debit card that comes with zero liability protection. One downside that we can find is that there doesn’t seem to be check-writing capabilities with this account. However, if you’re more interested in keeping your banking in the palm of your hand, Empower’s mobile banking app not only helps you save your money, it also helps you budget and sync all your financial accounts to the app to give you an overall snapshot of your finances.

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on Empower’s secure website

Member FDIC

7. No domestic ATM fees & high APY – Axos Bank – Rewards Checking – up to 1.25% APY

Rewards Checking - 3 QualificationsAxos Bank offers a nice combination of a good interest rate and ATM fee reimbursement. You can receive up to 1.25% APY based upon your activity in the account. There are three requirements, and each requirement gives you 0.4166%. If you receive a monthly direct deposit totaling $1,000 or more, you can earn 0.4166%. If you use your debit card at least 10 times per month, you can get another 0.4166%. And if you use your debit card 15 times a month, you get another 0.4166%. So – if you get your direct deposit and use your card 15 times a month – you will get the 1.25% APY. You can also get unlimited domestic ATM reimbursement. If you are a heavy debit card user and do not travel overseas very often, Axos Bank can be a better option than Aspiration.

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on Axos Bank’s secure website

Member FDIC

8. MemoryBank – 0.90% APY (for the first year) on balances up to $250,000

MemoryBank
If you are looking for a high interest rate on a big balance, it is hard to beat MemoryBank. You can earn 0.90% APY on balances up to $250,000 for the first year so long as you do the following three things. (1) You must receive at least one electronic deposit every month. If you have your payroll deposited into the account, that works. (2) You will need to use your debit card for at least 5 in-person or online purchases. And (3) you need to get your statements online (no paper statements). If you have a large balance and want to find the best liquid account, MemoryBank has a good offer. You need at least $50 to open the account. You will get access to AllPoint ATMs.

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on MemoryBank’s secure website

Member FDIC

9. TIAA Bank – High Yield Checking: 1.01% APY (for the first year) with $5,000 minimum to open

TIAA Bank
TIAA Bank is currently offering a one-year introductory APY of 1.01% on their checking account. They don’t charge a monthly fee or ATM fees (as long as the ATM is within network). Aside from depositing a minimum of $5,000 into the account, TIAA Bank does not impose requirements to earn the APY. While they do have an online banking platform, their mobile app seems to be lacking. If banking on-the-go is important to you, you may want to consider another institution. However, they do have a great rate for a checking account with little-to-no fees.

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on TIAA Bank’s secure website

Member FDIC

10. No fees: nbkc bank – No monthly fees + 1.01% APY

Personal Accountnbkc bank, formally known as National Bank of Kansas City, is a small institution in the Midwest that caters customers nationwide through their online and mobile banking platforms. They are a privately owned company with more than $630 million in assets.nbkc is all about making banking simple and they’ve done just that with their checking account that virtually has no fees. All it takes is $5 to open the account and you can start earning 1.01% APY on all funds held in the account.There are no monthly fees, no overdraft or non-sufficient funds fees, no fees to stop payments, no fees to get a box of checks, no fees for incoming domestic wires, no minimum balance to earn the APY once the account is opened, and no ATM fees as long as the ATM is part of the Moneypass® network. Even if the ATM is not part of the Moneypass® network, nbkc will reimburse up to $12 in ATM fees per month. And just to prove how transparent they are, they openly disclose that the only two fees that may apply are $5 to send a domestic wire and $45 to send or receive international wires.

Banking can be done online or through their mobile banking app, which allows you to deposit checks at no charge. If you want a checking account that charges hardly any fees and allows you earn a little interest, this account is a great option.

LEARN MORE Secured

on nbkc bank’s secure website

Member FDIC

11. Consumers Credit Union – Free Checking: Unlimited ATM fee reimbursement + up to 5.09% APY possible

Consumers Credit Union (IL)
Anyone can join Consumers Credit Union, which has been around since 1930 and is based in Lake County, IL. In order to join, you only need to pay a one-time, non-refundable $5 fee to their sponsor, the Consumers Cooperative Association. Once you are a member, you are eligible for all products, including the Free Checking Account.

This account can offer incredible value, but you need to meet certain conditions. In order to get unlimited ATM fee reimbursement, you need to:

  • Make at least 12 debit card purchases per month. The purchases cannot use the 4-digit pin code – it has to be treated as a credit transaction (so that the credit union earns the maximum interchange possible)
  • Each month there must be at least one direct deposit OR one ACH debit OR one online bill payment.
  • Login to online banking at least once per month, and
  • Receive eDocuments / eStatements (no paper statements).

If you meet those requirement, you will earn a 3.09% APY on balances up to $10,000. You have the opportunity to earn an even higher rate of return if you open a Visa credit card from the credit union. If you spend at least $500 a month on the credit card, your interest rate increases to 4.09% APY on balances up to $15,000. If you spend at least $1,000 a month, you can earn 5.09% APY on balance up to $20,000.

This is a valuable proposition – but it is complicated. We have included it because 5.09% APY and unlimited ATM fee reimbursement is an amazing deal. However, if you don’t meet the requirements you will not get ATM reimbursement and will only earn 0.10%.

LEARN MORE Secured

on Consumers Credit Union (IL)’s secure website

NCUA Insured

12. Charles Schwab – High Yield Checking: Unlimited ATM fee reimbursement + 0.20% APY

Charles Schwab Bank
If you want to be able to use your ATM card anywhere in the world – for free – this account is a good option. With Charles Schwab’s High Yield Investor Checking Account, you will not be charged a fee for using an ATM. If you use an ATM overseas, there will be no foreign transaction fee. And – best of all – if the ATM charges a fee of its own, Schwab provides unlimited ATM fee reimbursement.

This account pays 0.20% APY, and there are no minimums or monthly service fees.

There are no fees to cover overdrafts when funds are available from a linked Schwab brokerage or savings account.

LEARN MORE Secured

on Charles Schwab Bank’s secure website

Member FDIC

Runner Up: Fidelity Cash Management Account: Unlimited domestic ATM fee reimbursement

Fidelity
Fidelity’s Cash Management Account is great for those that have larger balances, as there is a $1,250,000 insurance limit, but there is no minimum balance required.

Similar to Charles Schwab, there are no ATM fees to worry about – they’ll reimburse you the same day if you’re charged. There are also no monthly or overdraft fees to worry about. There is one big difference to Schwab: if you get charged for using your ATM outside of the country, that fee will not be reimbursed.

Fidelity currently offers 0.13% APY, but it is a brokerage account rather than a “regular” checking account. They offer cash management tools so you can set up custom alerts when you reach a certain balance that will remind you it’s time to invest.

Unfortunately, there’s no option to open a line of credit – you have to link a savings or brokerage account to your Fidelity account in case you overdraft and want items to clear.

LEARN MORE Secured

on Fidelity’s secure website

Member FDIC


Checking account best practices

Consider hybrid savings/checking accounts

In today’s competitive savings rate atmosphere, some banks are offering the best of both a checking and savings account in the same product, like the Simple Checking Account + Protected Goals Account, our top pick above. These hybrid accounts offer the flexibility of a checking account by including a debit card and avoiding the six-transaction limit of savings accounts. Some accounts might also offer the ability to write checks through the account (however, Simple does not).

Even better, these hybrid accounts also offer the high-yield competitive rates of a savings account (think above 2%!). Opening this kind of account can prove to be a great addition to your savings profile, especially since most checking accounts tend to offer unremarkable rates. Simple goes even further by helping you save towards a specific Savings Goal instead of just earning a high interest rate — although saving at least $2,000 towards that goal enables that high rate.

Of course, money market accounts are already known as hybrid-like accounts with high interest rates. But without limiting your transfers and transactions to six per cycle, these new checking/savings hybrid accounts (or cash management accounts, as they might be called) are able to set themselves apart from money market accounts. Money market accounts also tend to require much higher balance limits and charge monthly service fees, unlike these new accounts we’re starting to see.

Pair your checking account with a high-yield savings account

So if not in a checking account, where should you keep the rest of your money? Like we say above, you have a number of options including savings accounts, money market accounts and CDs. Online savings accounts generally earn at much higher interest rates than checking accounts, so they’ll grow your money more efficiently.

In turn, money market accounts can earn even higher rates, although they usually require high deposits and balances. Both MMAs and savings accounts limit you to six transfers or withdrawals per month so you can leave your savings alone to grow. Money market accounts are like a mix between checking and savings accounts, as many of them include check-writing abilities and/or a debit/ATM card for more convenient access than a typical savings account.

For a longer-term savings commitment, you can turn to certificates of deposit or CDs. They earn at high interest rates and lock in your opening rate for the duration of an account’s term. You can’t withdraw your growing funds until the term ends.

Find an account with little to no fees

Another way to make better use of your checking account is to avoid the fees that are often associated with brick-and-mortar bank accounts. According to a MagnifyMoney analysis of FDIC data, in 2017 Americans paid over $36 billion in fees to banks (see graph below), some of which include overdraft fees, ATM fees and monthly maintenance fees. This number is down since 2009’s $41 billion in total fees, but has seen a steady increase since 2013.

 

Among the fees, overdraft fees are the biggest single burden on Americans, representing over one third of fees paid over the last five years. Account maintenance fees come in second, at over 10%, while ATM fees represent over 5%.

 

Moving your banking online can help you avoid monthly service fees. The same is also true for ATM fees. Even without physical locations, online banks can still provide access to tens of thousands of ATMs through various ATM networks. Plus, many online banks will refund any ATM surcharges you do face, sometimes up to a certain dollar amount.

Resist the urge to hoard cash in a checking account

It can be easy to just dump all your income into your checking account and leave it there. After all, that’s the account you use to pay for expenses. But even if your checking account earns interest, you can do better by your money.

There are two main reasons your money would be better off not sitting in checking:

#1 You could miss out on higher interest rates
Interest rates on checking accounts are generally pretty pitiful. Even when they seem high (perhaps 0.60% or even 1.00%), there can be a lot of hoops to jump through in order to secure that interest rate. Instead, consider putting your money into one of the nation’s best savings accounts,best money market accounts or CDs. Your money can easily earn 1.00% or more with those accounts.

#2 You don’t want to give fraudsters access to your life savings
Fraud is another reason you may want to keep a minimal amount in checking. Bank fraud is so prevalent you’ll likely get smacked by it at some point. For credit card users, it isn’t as worrisome because the money charged to a credit card isn’t coming directly out of your bank account and credit issuers commonly offer zero fraud liability protection. On the other hand, debit card fraud means a crook gains direct access to your account and can be draining your actual funds in real time. By not keeping a ton of money in checking, you can reduce the damage a thief can do.

If your card is stolen and you report it to your bank within two days, you can be responsible for up to $50 of unauthorized charges. Waiting longer than two days can make you responsible for up to $500 in unauthorized charges. Additionally, if you notice any unauthorized charges on your account statement, you have 60 days to tell your bank to avoid liability for following transfers. Even if your bank reimburses you for the funds, it’s still a hassle to spend days — even weeks — without having access to that money.

The bottom line: It’s probably time to move your banking online

In all, the best way to make the most of your checking account is to ditch your brick-and-mortar bank in favor of fewer fees, less hassle, more convenience and higher interest rates. All of these banks listed above offer mobile apps with several convenient features, including the ability to deposit checks by taking a photo, so you don’t have to worry about running out to a local branch. These apps also make it easier to transfer money between your accounts, pay bills online or send money to family and friends in a pinch.

If you want your money to do more for you with less maintenance, online checking is the way to go.

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Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Erin Millard
Erin Millard |

Erin Millard is a writer at MagnifyMoney. You can email Erin at [email protected]

Lauren Perez
Lauren Perez |

Lauren Perez is a writer at MagnifyMoney. You can email Lauren here

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Eliminating Fees, Personal Loans

4 Companies That Help You Get Your Paycheck Early

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

Disclosure : By clicking “See Offers” you’ll be directed to our parent company, LendingTree. You may or may not be matched with the specific lender you clicked on, but up to five different lenders based on your creditworthiness.

Financial emergencies have a habit of cropping up at the worst possible time — when you’re stuck in-between paychecks. Perhaps you need $250 for an emergency car repair, but you just paid rent and won’t have the funds until your next payday in two weeks. Normally, you might want to turn to a credit card or a payday loan, racking up onerous fees in the process.

What if you could get a portion of your next paycheck early without paying hefty fees or interest?

That’s the premise behind the following four services. They try to help workers make ends meet without taking on debt by giving them access to the money they earn when they earn it.

Earnin

  • Available if you have direct deposit.
  • Withdraw up to $100 per pay period, with this amount increasing to $500 with continued use of the app.
  • No fees or interest.

EarninWhat it is: Earnin is an app-based service available on Android and iPhone smartphones. Once you download the app and create an account, you connect your bank account and verify your paycheck schedule. You must have direct deposit set up and linked to a checking account.

How it works: In order to use Earnin, you need to upload your timesheet, either manually or by connecting a time-tracking account to the app (your employer must use one of the eligible timesheet partners in order for this to work). Using this information, Earnin estimates your average take-home hourly rate after taxes and deductions.

As you work, the hours will be automatically shared with Earnin, or you may have to upload your timesheet. You can then cash out a portion of your earned pay before payday.

You can withdraw up to $100 each pay period. Based on your account balances and Activehours use, the pay-period maximum could increase up to $500. The payment will arrive in your checking account within a few seconds, or within one business day, depending on where you bank.

Earnin doesn’t connect to your employer’s payroll. It connects to whatever bank account you use to collect your pay. The next time your paycheck hits your bank account, Earnin will automatically withdraw what you owe. There aren’t any fees or interest charges for using the service, however Earnin does ask for support in the form of tips.

DailyPay

  • Works with popular ride-share and delivery services.
  • Get paid daily for your fares or deliveries.
  • There’s no interest. You pay a flat fee that is subtracted from the day’s earnings.

DailypayWhat it is: DailyPay caters to workers who are employed by ride-share or delivery services, such as Uber, Postmates, Instacart, Fasten, and DoorDash. It can also be used by workers at restaurants that use delivery apps, such as GrubHub, Seamless, or Caviar.

How it works: After signing up for DailyPay, you’ll need to connect a bank account where DailyPay can send you payments. Next, you’ll need to connect your DailyPay account with the system your employer uses to track your hours. DailyPay tracks the activity within the accounts and sends you a single payment with the day’s earnings, minus a fee. Restaurant workers get paid for the previous day’s delivery earnings, minus a fee, from all the connected delivery programs.

DailyPay charges a fee of $1.25 for every transfer that you make, with the funds being delivered the next business day. If you need your money before tomorrow, you can do an instant transfer that has a fee of $2.99.

PayActiv

  • Employer must sign up and offer PayActiv as a benefit.
  • You can withdraw up to 50% of your earned income.
  • Fees vary based on what program the employer chooses.

PayactivePayActiv is an employer-sponsored program that allows employees to withdraw a portion of their earned wages before payday. While you can’t sign up on your own, you can ask PayActiv to contact your employer about offering the service. There’s no setup or operating costs for employers.

Once your employer offers PayActiv, you sign up and withdraw money as soon as you earn it. You can withdraw up to 50% of your earned income during each pay period via an electronic transfer or withdrawal from a PayActiv ATM (available at some employers’ offices).

The early payment comes from PayActiv, but it isn’t a loan and you won’t need to pay interest. Instead, your employer will automatically send PayActiv an equivalent amount from your next paycheck.

There is $5 fee per pay period when you use the service, although some employers cover a portion of the fee, according to Safwan Shah, PayActive’s founder. As a member, you’ll also get free access to bill payment services and savings and budgeting tools.

FlexWage

  • Employer must sign up and offer FlexWage as a benefit.
  • You’ll receive a reloadable debit card tied to an FDIC-insured account where your employer deposits your pay. You can add earned pay to your account before payday.
  • There is a flat fee of $3 to $5 for early transfers.

FlexwageFlexWage is an employer-sponsored program that relies on the use of a payroll debit card and integrates with employers’ payroll systems. If your employer offers FlexWage, you can get your paycheck deposited into an FDIC-insured account with the linked Visa or MasterCard debit card. You can also add earned, but unpaid, wages to your account before payday without paying any fees.

With FlexWage, the employer determines how often you can make early withdrawals and the maximum amount you can withdraw. Unlike PayActiv, FlexWage doesn’t act as a middle-man. Your paycheck advances will come directly from your employer’s account.

Need more money?

While cash advance apps can help when you are in a small pinch, they often cannot help when you have a larger expense that needs to be paid quickly. They can also cause short-term financial troubles, since the amount of your advance is going to be subtracted from your next paycheck, simply delaying your financial troubles.

If you need more money and want to have more time to pay off your loan, you might want to take a look at getting a personal loan. Personal loans often come with fixed interest rates and fixed loan amounts that are paid out over a specific period of time. Money is deposited directly into your bank account and some lenders can get you your funds the same day that you apply.

Want to compare multiple personal loan offers from a variety of personal loan lenders? Check out LendingTree where you can easily compare personal loan offers and find the best rate on your loan.

LendingTree
APR

As low as 3.99%

Credit Req.

Minimum 500 FICO®

Terms

24 to 60

months

Origination Fee

Varies

SEE OFFERS Secured

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LendingTree is our parent company. LendingTree is unique in that you may be able to compare up to five personal loan offers within minutes. Everything is done online and you may be pre-qualified by lenders without impacting your credit score. LendingTree is not a lender.


A Personal Loan can offer funds relatively quickly once you qualify you could have your funds within a few days to a week. A loan can be fixed for a term and rate or variable with fluctuating amount due and rate assessed, be sure to speak with your loan officer about the actual term and rate you may qualify for based on your credit history and ability to repay the loan. A personal loan can assist in paying off high-interest rate balances with one fixed term payment, so it is important that you try to obtain a fixed term and rate if your goal is to reduce your debt. Some lenders may require that you have an account with them already and for a prescribed period of time in order to qualify for better rates on their personal loan products. Lenders may charge an origination fee generally around 1% of the amount sought. Be sure to ask about all fees, costs and terms associated with each loan product. Loan amounts of $1,000 up to $50,000 are available through participating lenders; however, your state, credit history, credit score, personal financial situation, and lender underwriting criteria can impact the amount, fees, terms and rates offered. Ask your loan officer for details.

As of 17-May-19, LendingTree Personal Loan consumers were seeing match rates as low as 3.99% (3.99% APR) on a $10,000 loan amount for a term of three (3) years. Rates and APRs were based on a self-identified credit score of 700 or higher, zero down payment, origination fees of $0 to $100 (depending on loan amount and term selected).

Or, take a look at a few of the different personal loan lenders that we work with:

Company
APR
Terms
Credit Req.
Upgrade

6.98%-35.89%

36 or 60

months

620

Minimum Credit Score

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on LendingTree’s secure website

Advertiser Disclosure.

Personal loans made through Upgrade feature APRs of 6.98%-35.89%. All personal loans have a 1.5% to 6% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. For example, if you receive a $10,000 loan with a 36-month term and a 17.98% APR (which includes a 14.32% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $343.33. Over the life of the loan, your payments would total $12,359.97. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Personal loans issued by WebBank, Member FDIC.

6.95%-35.89%

36 or 60

months

Not Specified

SEE OFFERS Secured

on LendingTree’s secure website

4.99%-16.79%*

with AutoPay

24 to 144*

months

Not specified

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure.

*Your APR may differ based on loan purpose, amount, term, and your credit profile. Rate is quoted with AutoPay discount, which is only available when you select AutoPay prior to loan funding. Rates without AutoPay may be higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 4.99% APR with a term of 3 years would result in 36 monthly payments of $299.66.

18.00%-35.99%

24 to 60

months

Not specified

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure.

Not all applicants will qualify for larger loan amounts or most favorable loan terms. Loan approval and actual loan terms depend on your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). Larger loan amounts require a first lien on a motor vehicle no more than ten years old, that meets our value requirements, titled in your name with valid insurance. Maximum annual percentage rate (APR) is 35.99%, subject to state restrictions. APRs are generally higher on loans not secured by a vehicle. The lowest APR shown represents the 10% of loans with the most favorable APR. Active duty military, their spouse or dependents covered under the Military Lending Act may not pledge any vehicle as collateral for a loan. OneMain loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z, such as college, university or vocational expenses; for any business or commercial purpose; to purchase securities; or for gambling or illegal purposes. Borrowers in these states are subject to these minimum loan sizes: Alabama: $2,100. California: $3,000. Georgia: Unless you are a present customer, $3,100 minimum loan amount. Ohio: $2,000. Virginia: $2,600.

Borrowers (other than present customers) in these states are subject to these maximum unsecured loan sizes: Florida: $8,000. Iowa: $8,500. Maine: $7,000. Mississippi: $7,500. North Carolina: $7,500. New York: $20,000. Texas: $8,000. West Virginia: $7,500. An unsecured loan is a loan which does not require you to provide collateral (such as a motor vehicle) to the lender.
SoFi

5.99%-17.88%

24 to 84

months

680

Minimum Credit Score

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure.

Fixed rates from 5.99% APR to 17.88% APR (with AutoPay). Variable rates from 6.49% APR to 14.70% APR (with AutoPay). SoFi rate ranges are current as of November 4, 2019 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. See APR examples and terms. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 6.49% APR assumes current 1-month LIBOR rate of 1.81% plus 3.08% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.

All rates, terms, and figures are subject to change by the lender without notice. For the most up-to-date information, visit the lender's website directly. To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.

See Consumer Licenses.

SoFi Personal Loans are not available to residents of MS. Minimum loan requirements might be higher than $5,000 in specific states due to legal requirements. Fixed and variable-rate caps may be lower in some states due to legal requirements and may impact your eligibility to qualify for a SoFi loan.

If you lose your job through no fault of your own, you may apply for Unemployment Protection. SoFi will suspend your monthly SoFi loan payments and provide job placement assistance during your forbearance period. Interest will continue to accrue and will be added to your principal balance at the end of each forbearance period, to the extent permitted by applicable law. Benefits are offered in three month increments, and capped at 12 months, in aggregate, over the life of the loan. To be eligible for this assistance you must provide proof that you have applied for and are eligible for unemployment compensation, and you must actively work with our Career Advisory Group to look for new employment. If the loan is co-signed the unemployment protection applies where both the borrower and cosigner lose their job and meet conditions.

Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)

Bottom Line

These four companies work slightly differently, but they share the same basic premise: giving you early access to the money you earned, without saddling you with a painful assortment of fees. If you’ve had to rely on borrowing money in the past when funds are tight, these could be a better alternative to credit cards or payday loans.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Louis DeNicola
Louis DeNicola |

Louis DeNicola is a writer at MagnifyMoney. You can email Louis at [email protected]

Advertiser Disclosure

Consumer Watchdog, Eliminating Fees, Featured, News

What the New DOL Fiduciary Rule Means For You

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

Geeting advice on future investments

Seven years in the making, the Department of Labor’s long-awaited Fiduciary Rule finally went into effect June 9.* The full breadth of the rule’s impact won’t officially be felt until January 2018, when advisors must be fully compliant with the rule’s requirements.

The rule survived an upheaval by the Trump administration, which had hinted earlier this year that it might seek to block the rule’s implementation.

Aimed at saving consumers billions of dollars in fees in their retirement accounts, the Department of Labor’s new fiduciary rule will require financial advisers to act in your best interest. However, the final rule includes a number of modifications, including several concessions to the brokerage industry, from the original version proposed six years ago.

Here’s what you need to know about these new rules and how they may affect your money.

*This story has been updated to reflect the rule’s successful release.

What is a Fiduciary?

So what exactly is a fiduciary? According to the Certified Financial Planner (CFP) Board, the fiduciary standard requires that financial advisers act solely in your best interest when offering personalized financial advice. This means advisers can’t put personal profits over your needs.

Currently, most advisers are only held to the U.S. Securities and Exchange Commission’s suitability standard when handling your investments. This looser standard allows advisers to recommend suitable products, based on your personal situation. These suitable products may include funds with higher fees — with revenue sharing and commissions lining their own pockets —  which may not reflect your best possible options.

What is Changing Exactly?

Affecting an estimated $14 trillion in retirement savings, the Department of Labor’s new fiduciary rule is meant to help you receive investment advice that will aid your nest egg’s ability to grow. Many investors have been pushed toward products with high fees that quickly eat away at profits.

All financial professionals providing retirement advice will now be required to act as fiduciaries that must act in your best interest. This applies to all financial products you may find in a tax-advantaged retirement accounts. Because IRAs offer fewer protections than employment-based plans, the Department is concerned about “conflicts of interest” from brokers, insurance agents, registered investment advisers, or other financial advisers you may turn to for advice.

Despite these new protections, the Department of Labor also made some key concessions. Previously, brokers were required to provide explicit disclosures about the costs of products to their clients. This included one, five, and ten year projections. However, this requirement has been eliminated. After heavy pushback from the industry, the Department of Labor also agreed to allow the use of proprietary products.

Additionally, the Department of Labor has pushed the deadline for full implementation of their new rules. Firms must be compliant with several provisions by June and fully compliant by January 1, 2018.

Despite all of these concessions, the Department of Labor’s highest official insists the integrity of their rule is still in place.

Exceptions You Should Know About

Although advisers working with retirement investments will no longer be able to accept compensation or payments that create a conflict of interest, there’s an exception many brokers will likely pursue.

Firms will be allowed to continue their previous compensation arrangements if they commit to a best interest contract (BIC), adopt anti-conflict policies, disclose any conflicts of interest, direct consumers to a website that explains how they make money, and only charge “reasonable compensation.” The best interest contract will soon be easier for firms and advisers to use because it can be presented at the same time as other required paperwork.

How These New Rules Might Affect Your Investment Options

Although these new rules don’t call out specific investment products as bad options, it’s expected advisers may direct you to lower-cost products, like index funds, more regularly. New York Times also predicts the new regulations may also accelerate the movement toward more fee-based relationships. They also suggest complex investments like variable annuities may soon fall out of favor.

What Will the Larger Impact of These Changes Be?

Backed by extensive academic research, the Department of Labor’s analysis suggests IRA holders receiving conflicted investment advice can expect their investments to underperform by an average of one-half to one percentage point per year over the next 20 years. Once their new rules are in place, they are anticipating retirement funds will shift to lower cost investments, savings consumers billions of dollars.

What You Can Do To Protect Yourself

Although these new rules are a positive step for consumers, it’s important to remember there are still a wide variety of financial professionals out there. And the quality of the advice you receive can vary greatly based on their level of education, experience, and credentials. In order to find someone who is equipped to handle your unique financial situation, you will still need to do your homework.

You may want to start by looking for a fee-only financial planner. Due to the nature of how they are compensated, fee-only financial planners operate without an inherent conflict of interest. They are paid a fee for the services they provide and they don’t earn commissions from product sales.

Once you’ve narrowed down your options you’ll want to ask about their credentials, what types of clients they work with, what types of services they offer, while carefully checking their background and references. Like any professional working relationship, you’ll want to feel comfortable with someone you are receiving financial advice from, so it’s important to make sure your personalities and priorities are aligned. Remember, no one cares more about your money than you do. That’s why it’s essential to carefully vet anyone who is working with you to secure a healthier financial future.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Kate Dore
Kate Dore |

Kate Dore is a writer at MagnifyMoney. You can email Kate at [email protected]