The Best Checking and Savings Accounts for Side Hustlers and Freelancers

Hey there, side hustlers and freelancers! We know managing your finances can be a bit of a juggling act. With so many accounts out there, finding the right checking and savings accounts that fit your lifestyle can feel overwhelming. But don't worry, we've got you covered. We've rounded up some of the best options to help you keep your hard-earned money safe, accessible, and working for you.

Discover®️ Cashback Debit Account

Hey there, fellow side hustlers and freelancers! If you’re looking to squeeze a little extra out of your everyday spending, the Discover Cashback Debit Account might just be your new best friend. Here’s why this account could be a game-changer for your financial game plan.

Earn While You Spend

Imagine earning cash back every time you swipe your debit card. With the Discover Cashback Debit Account, you get 1% cash back on up to $3,000 in debit card purchases each month. That's up to $360 a year just for using your card as you normally would. Whether you're buying groceries, gas, or treating yourself to a little something special, you’re getting rewarded for it.

No Fees, No Fuss

Who loves fees? No one. That’s why Discover’s Cashback Debit Account is such a breath of fresh air. There are no monthly fees, no fees for insufficient funds, and no fees for official bank checks or expedited delivery of replacement debit cards. It’s like having a financial buddy that’s always looking out for you.

Access to a Massive ATM Network

Need cash? No problem. With access to over 60,000 fee-free ATMs across the U.S., you can withdraw money without worrying about those annoying ATM fees. That’s a huge network, making it super convenient whether you're at home or on the road.

Early Pay and Overdraft Protection

Waiting for payday can be a drag. But with Discover’s Early Pay feature, you can get your paycheck up to two days early with direct deposit. Plus, there’s fee-free overdraft protection if you link another Discover account, providing a safety net when you need it most.

Secure and Convenient

Discover’s account isn’t just about the perks; it’s also about peace of mind. You get robust fraud protection, and you can manage everything from the highly-rated Discover app. Plus, you can send money with Zelle®, freeze your debit card instantly if it’s lost or stolen, and even get help removing your personal info from select people-search websites.

Easy Ways to Add Money

Even though Discover is an online bank, adding money to your account is a breeze. You can transfer funds from another bank, use mobile check deposit, or even deposit cash at any Walmart store.

In short, the Discover Cashback Debit Account is designed to help you keep more of your hard-earned money. It’s straightforward, fee-free, and packed with perks that make managing your finances a little bit easier and a lot more rewarding.

Link : https://secure.money.com/pr/w80f7a2331d3

Chime® Checking Accounts

Chime® has been making waves with its no-nonsense, fee-free checking accounts. Perfect for side hustlers and freelancers, Chime's Checking Account stands out for its simplicity and user-friendly features.

No Hidden Fees

Nobody likes hidden fees, especially when managing irregular income streams. Chime® offers a truly fee-free experience with:

• No monthly maintenance fees

• No minimum balance requirements

• No foreign transaction fees

• No overdraft fees

Get Paid Early

Chime® Checking Accounts also include a feature called Get Paid Early. If you’re paid via direct deposit, you can access your funds up to two days earlier than traditional banks. Imagine receiving your paycheck on a Wednesday instead of Friday. That’s a game-changer for managing cash flow.

SpotMe®

Ever been hit with an unexpected expense? Chime® has your back with SpotMe®, an overdraft protection service. Eligible members can overdraft up to $200 without any fees. It's like having a safety net for those “just in case” moments.

Mobile Banking

In today's fast-paced world, managing finances on-the-go is essential. Chime’s mobile app is highly rated and packed with features:

• Instant transaction alerts

• Block your card if lost or stolen

• Automatic savings features

• Mobile check deposit

Security and Support

Security is paramount when it comes to banking. Chime® accounts are FDIC insured up to $250,000 through The Bancorp Bank or Stride Bank, N.A., Members FDIC. Plus, 24/7 customer support is available if you ever need assistance.

Chime® makes banking straightforward, eliminating the headaches that come with traditional banks. For freelancers and side hustlers, it's a modern solution that fits the dynamic nature of their work lives.

Link : https://secure.money.com/pr/ne9c574a8534

SoFi Checking Account

High-Interest Rates that Benefit You

SoFi's checking account isn't your average bank account. With direct deposit, you can earn a sweet 0.50% APY on checking balances and a whopping 4.50% APY on savings balances. No need to sweat about minimum deposit amounts to snag these rates either. Just set up your regular paycheck or government benefits to land directly into your SoFi account, and you're golden.

Flexible Deposit Options

Not into direct deposit? No problem. You can still earn that juicy 4.50% APY on savings and 0.50% on checking by making Qualifying Deposits totaling $5,000 within a 30-day window. These deposits can come from a variety of sources like ACH transfers, peer-to-peer payments (think PayPal or Venmo), and even check deposits. However, transfers between your own SoFi accounts or interest payments don’t count.

ATM Access and Overdraft Protection

Accessing your money is a breeze with SoFi's partnership with Allpoint, giving you fee-free access to over 55,000 ATMs. Got an unexpected expense and worried about overdrafts? SoFi has your back with $50 overdraft coverage, provided you have monthly direct deposits of at least $1,000.

Extra Perks

SoFi checking account holders get more than just high-interest rates. Early access to your direct deposit funds, often up to two days earlier than your scheduled payday, can make managing your finances even smoother. Plus, your funds are FDIC insured up to $2 million through the SoFi Insured Deposit Program.

Conclusion

The SoFi checking account is designed for those who want more from their banking experience. Whether it's the high-interest rates, the flexible deposit options, or the additional perks like overdraft protection and extensive ATM access, SoFi has crafted an account that keeps your money working hard for you.

Link : https://secure.money.com/pr/nb52d1d90050

SoFi High Yield Savings

Alright, side hustlers and freelancers, let's talk about SoFi's High Yield Savings Account. If you're tired of your savings growing at a snail's pace, this account could be your new best friend.

Why SoFi Stands Out

No Fees, No Hassle: First off, SoFi keeps things simple. No account fees, no monthly maintenance charges, and no minimum balance. That's right, you won't get dinged for just keeping your money there.

Competitive Interest Rates: SoFi offers an APY of up to 4.50% if you set up direct deposit or maintain qualifying deposits of $5,000 or more. This blows the national average out of the water and can really help your money grow.

Extra Perks: SoFi isn't just about high interest rates. They offer features like Vaults to help you save for specific goals and Roundups that automatically transfer spare change from purchases into your savings.

How It Works

Direct Deposit Magic: To get that sweet 4.50% APY, you'll need to set up a direct deposit. If you're a freelancer or side hustler, this could mean having payments from clients routed directly to your SoFi account. Alternatively, you can hit the $5,000 qualifying deposit mark to enjoy the same benefits.

Safety First: Your funds are insured up to $250,000 by the FDIC, so you can rest easy knowing your money is safe.

Pros and Cons

Pros:

• High Interest Rates: Earn up to 4.50% APY.

• No Fees: Forget about monthly maintenance fees and minimum balances.

• Automatic Savings Features: Use Vaults and Roundups to make saving easier.

• Member Benefits: Access to financial advisors and career coaches.

Cons:

• No Physical Branches: If you like face-to-face banking, SoFi's online-only setup might not be for you.

• Cash Deposit Fee: Depositing cash costs $4.95, which can add up if you frequently deal with cash.

Is It Worth It?

For most side hustlers and freelancers, the SoFi High Yield Savings Account offers a stellar way to grow your savings without the headaches of traditional banks. Just make sure you can meet the deposit requirements to maximize your earnings.

If you're ready to give your savings a boost, SoFi could be the game-changer you've been looking for. 🌟

Link : https://secure.money.com/pr/ef8cc5d5ab8d

SoFi Money Cash Management

Ever felt the frustration of juggling multiple accounts just to manage your finances? Well, SoFi Money might just be your new best friend. SoFi Money is a cash management account that merges the benefits of checking and savings into one seamless package. Let's break down why it's a game-changer for side hustlers and freelancers.

Why SoFi Money Stands Out

No Fees, More Freedom

One of the biggest headaches with traditional banks is the constant barrage of fees. With SoFi Money, you can kiss those goodbye. There are no monthly maintenance fees, no overdraft fees, and no minimum balance requirements. This is a breath of fresh air for anyone looking to keep more of their hard-earned cash.

High-Interest Rates

While many banks offer meager interest rates on savings accounts, SoFi Money flips the script. You can earn up to 4.50% APY on your savings balance and 0.50% APY on your checking balance, provided you set up direct deposit. This is a significant perk for freelancers who want their money to work as hard as they do.

Early Paycheck Access

Timing is everything, especially when you're managing multiple income streams. SoFi Money offers early access to direct deposits, meaning you can get your paycheck up to two days sooner. This feature can be a lifesaver when you're waiting on that crucial payment to clear.

Extensive ATM Network

Finding an ATM shouldn't feel like a scavenger hunt. SoFi Money users have access to over 55,000 fee-free ATMs through the Allpoint network. Whether you're grabbing cash for a gig or just need some spending money, you're covered.

Cashback Rewards

Who doesn't love a little extra cash? With SoFi Money, you can earn up to 15% cashback at select retailers. This feature is tailored for those who are always on the move and looking for ways to save while spending.

Security and Support

Top-Notch Security

In a world where online security is paramount, SoFi Money doesn’t cut corners. It uses two-factor authentication (2FA) and biometric login to keep your account secure. Plus, you get real-time alerts for every transaction, so you can spot any suspicious activity instantly.

24/7 Customer Support

Got a question or need assistance? SoFi offers 24/7 customer support via phone, chat, and email. You can even reach out through their social media accounts if that’s more your style.

A Few Caveats

While SoFi Money offers a lot, it's not perfect. It doesn't have physical branches, which might be a dealbreaker for those who prefer in-person banking. Also, if you don’t set up direct deposit, the APY drops to 1.20% on savings, which is still decent but not as impressive.

Final Thoughts

For side hustlers and freelancers, SoFi Money offers a flexible, fee-free way to manage finances. Its high-interest rates, extensive ATM network, and robust security features make it a strong contender in the cash management arena. If you’re ready to simplify your financial life and make your money work harder, SoFi Money is worth a look.

Feel free to check out more about SoFi Money here.

Link : https://secure.money.com/pr/p8e121283048

Barclays Savings Accounts

Navigating the maze of savings accounts can feel like a never-ending quest. But Barclays makes it straightforward with two standout options: the Barclays Tiered Savings Account and the Barclays Online Savings Account. Let's break down why these might be your new financial BFFs.

Barclays Tiered Savings Account

Think of the Barclays Tiered Savings Account as a savings account with a twist. The more you save, the higher your interest rate climbs. Here's what you need to know:

• Interest Rates: Earn up to 4.80% APY. However, you need to keep a hefty balance to hit those top tiers.

• No Monthly Fees: No monthly maintenance fees to eat into your hard-earned cash.

• Minimum Deposit: Start saving with no minimum deposit requirement.

• FDIC Insurance: Your money is safe up to $250,000.

This account is great if you have a significant sum to stash away and want to maximize your interest earnings. But if you're just starting out, the high balance requirements for the best rates might be a bit daunting.

Barclays Online Savings Account

If simplicity is your jam, the Barclays Online Savings Account might be more your speed. It's designed for those who want to save without any fuss.

• High Yield: Offers a rate that’s over 5x the national average, making your money work harder for you.

• No Minimum Balance: Open an account with any amount. Seriously, there’s no minimum balance to worry about.

• No Monthly Fees: Say goodbye to annoying monthly maintenance fees.

• Easy Access: Manage your money 24/7 with secure online access and mobile banking.

How to Open an Account

Getting started with Barclays is a breeze. You need to be at least 18 years old and a U.S. resident. Here's a quick rundown of the steps:

1. Gather Your Info: You'll need your Social Security number or taxpayer ID, and your external bank account details.

2. Apply Online: Fill out the application on Barclays' website. It's straightforward and can be done in minutes.

3. Fund Your Account: Transfer money from an existing bank account to kickstart your savings.

Maximizing Your Savings

Want to get the most bang for your buck? Set up automatic transfers from your checking to your savings account. This "set it and forget it" approach ensures you’re consistently building your nest egg without even thinking about it.

Pros and Cons

Pros:

• High interest rates compared to average savings accounts.

• No monthly maintenance fees.

• No minimum opening deposits.

Cons:

• Requires a large balance for the highest interest rates.

• Mobile app ratings are less than stellar.

Is Barclays Right for You?

Barclays savings accounts are solid options if you're after low fees and competitive interest rates. However, if you need frequent access to your funds or prefer in-person banking, you might want to look elsewhere.

So, whether you're saving for a rainy day or that dream vacation, Barclays offers tools to help you reach your financial goals. Happy saving!

Link : https://secure.money.com/pr/mca4a53b75a9

CIT Bank Checking Accounts

Freelancers and side hustlers, if you're tired of banks with sneaky fees and underwhelming features, CIT Bank’s eChecking account might just be your new BFF. This online-only account is designed to simplify your banking life while saving you money—what’s not to love?

Features That Stand Out

No Monthly Fees or Overdraft Fees

Say goodbye to those pesky monthly service charges and overdraft fees. With CIT Bank’s eChecking, you can keep more of your hard-earned cash. It’s like finding a dollar in your jeans, every month.

Earn Interest on Your Balance

Most checking accounts don’t offer interest, but CIT Bank’s eChecking does. You’ll earn 0.10% APY if your balance is under $25,000 and 0.25% APY for balances over $25,000. It’s not going to make you rich overnight, but every little bit helps.

ATM Fee Reimbursement

Ever get hit with an out-of-network ATM fee and feel like you’ve been robbed? CIT Bank has your back with up to $30 in ATM fee reimbursements each month. That’s right, use any ATM and get those fees credited back to your account.

Mobile Check Deposit

Need to deposit a check but can’t make it to the bank? No worries. The CIT mobile app lets you deposit checks from anywhere. Snap a photo, and you're done. Easy peasy.

Some Trade-offs

Low Zelle Limits

If you frequently use Zelle for transactions, be aware that CIT caps you at $300 per transaction and $600 per day. Not ideal if you need to move larger sums quickly.

High Balance for Best APY

To get the top interest rate of 0.25% APY, you need to keep a balance of at least $25,000. Fall below that, and your rate drops to 0.10% APY. It’s something to consider if you’re planning to keep a lower balance.

No Paper Checks

This account is all about the digital life, meaning you won’t be able to write physical checks. If you’re old school and like your checkbook, this could be a dealbreaker.

Why It Works for Freelancers

Convenience and Flexibility

The lack of fees and the ability to earn interest make this account a solid choice for freelancers who often have variable income. Plus, with features like mobile check deposit and ATM fee reimbursements, it’s built for the on-the-go lifestyle.

Low Opening Deposit

You only need $100 to open the account, which is pretty accessible for most freelancers. After that, there are no minimum balance requirements, so you don’t have to worry about keeping a certain amount in the account to avoid fees.

CIT Bank’s eChecking account is a modern solution for modern freelancers. It’s not perfect, but it offers a lot of perks that can make your financial life a bit easier and more profitable.

For more details, you can check out their official site.

Link : https://secure.money.com/pr/t3cd7a26ae74

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