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Q: What is the purpose of a cash management account?

Cash management accounts give consumers a way to complete everyday banking transactions like bill pay or direct deposit while managing investments, all under one roof.

Mar

2025

Guide to Cash Management Accounts (CMAs)

By Ashley Kilroy | Budgeting & Goals, Family Finances, money | Comments Off

A cash management account or CMA is a financial account offered by brokerage firms that combines some of the features of savings and checking accounts. Like a savings account, CMAs pay interest (often more than you would earn in a standard savings account). Like a checking account, CMAs provide access to checks and/or a debit card. In addition, CMAs are typically linked to brokerage accounts, making it easy to transfer funds you want to invest.

While CMAs can be convenient, they may also come with some potential downsides, such as monthly fees, minimums, and a lack of in-person banking options. And, you may be able to earn a higher interest rate elsewhere.

Is a CMA right for you? Our simple guide to cash management accounts can help you find out.

Key Points

• Cash management accounts, or CMAs, are offered by brokerage firms and combine checking and savings features.

• These accounts pay interest and offer easy fund transfers for investments.

• CMAs typically allow you to access and manage your account online, but may not offer branches you can visit.

• Pros include simplified money management and higher-than-average interest rates.

• Before opening a CMA, consider customer service, minimum balance requirements, and investment options.

What Are Cash Management Accounts?

Let’s explore what a cash management account is exactly. A CMA or cash management account provides a solution for managing your cash flow and your money. The cash inside the account usually earns interest, so your money can grow over time. You also may have checking-writing capabilities, debit card access, or a combination of both.

Some of these nonbanking institutions charge low or no fees, another attractive aspect of using a cash management account. However, they typically make their money by charging fees for other services, such as investing, retirement planning, or financial planning services.

While traditional banking accounts have similar benefits, the biggest draw to a cash management account is that you can bank and invest with one company. This way, you’re not toggling back and forth between several companies or platforms to manage your money.

💡 Quick Tip: Banish bank fees. Open a new bank account with SoFi and you’ll pay no overdraft, minimum balance, or any monthly fees.

How Do Cash Management Accounts Work?

Now that you know what a CMA is in big-picture terms, let’s drill down on how they work. Cash management accounts are interest-earning accounts that offer a safe place to keep your cash. Since investment firms and robo-advisors are not banks, they don’t keep your money at their financial institution. Instead, they partner with several banks and spread your deposit out among them.

As with traditional bank accounts, account holders can deposit funds, withdraw funds, and transfer money. You also typically have online access to your account, making it easy to check on and manage your CMA.

In addition, CMAs typically earn interest like savings accounts and have checking account capabilities. Therefore, they can act as a way to merge these accounts into one. However, some CMAs may not have features of both accounts, so check with the institution to determine what features are available.

What Are the Pros of Cash Management Accounts?

Understanding the benefits of using a cash management account can help you determine if this is the right banking solution for your needs. With that in mind, here are several advantages of using a cash management account.

Convenience

The most significant pull for consumers to open a cash management account is that they can keep their investments and banking under one umbrella. Keeping everything in one place can simplify your money management efforts.

Traditional Banking Features

When you open a cash management account, you typically have access to traditional banking features like:

• Direct deposit

• Complementary ATM networks

• Electronic bill pay

• Third-party payment site access

But before you open an account, make sure you check with the institution about their banking services. This way you can ensure they have everything you need.

FDIC Insured

The Federal Deposit Insurance Corporation (FDIC) protects your banking deposits from losses up to $250,000 per depositor, per insured bank, for each account ownership category.

So, in the unlikely event that your bank should fail, you can recover your funds (up to the insured limit). While nonbanking firms can’t offer FDIC insurance directly, their partner banks can extend coverage. Since nonbanks spread funds across several partner banks, each can offer up to $250,000 of FDIC insurance per depositor.

💡 Quick Tip: Don’t think too hard about your money. Automate your budgeting, saving, and spending with SoFi’s seamless and secure mobile banking app.

What Are the Cons of a Cash Management Account?

CMAs also come with some potential downsides. Here are some points to keep in mind as you decide whether a CMA is right for you.

Lower Interest Rates

While these accounts do offer some earnings, you will often find better rates at online banks. If you are planning on parking a large sum of cash in an account, it can literally pay to explore your options elsewhere and see what annual percentage rates (APYs) are available for online savings and checking accounts. You may find a better place to park your short-term savings than a CMA.

Fewer Features

Cash management accounts may not offer all the conveniences that come with standard checking accounts, such as bill pay, and may not fully replace a checking account.

No Physical Branches

Many cash management accounts are offered by online brokerages and robo-advisors, which means you won’t have brick-and-mortar locations to visit. If you are the kind of person who prefers personal interaction, this may be a significant issue for you.

Cash Management Accounts vs Checking Accounts

While cash management accounts offer similar services and features to traditional bank accounts, you might wonder what the differences are. If we break down CMAs compared to checking accounts further, these features are worth noting.

• Maintenance fees. Some CMAs don’t charge maintenance fees, but others may charge monthly fees routinely or when your balance dips below a certain threshold. This is also the case with traditional checking accounts.

• Interest earning. Many cash management accounts pay interest, and rates are often better than what you could earn in a standard savings account. This gives CMAs an edge over regular checking accounts, which typically pay little or no interest.

• Account integration. Investment firms and robo-advisors usually offer cash management accounts, as well as brokerage, or investment, accounts. You can usually link your CMA with your brokerage account, making it easy to move money and automate contributions. Traditional banks may also offer retirement and investment services. However, that’s not their primary business. Also, if you have your bank accounts and investment accounts under different roofs, there may be a time lag for transactions, which usually doesn’t happen with CMAs.

Considerations When Comparing Cash Management Accounts

If you’re thinking about opening a CMA, it’s a good idea to shop around and compare your options. Here are some things to keep in mind.

Customer Service

When you need an issue resolved with your money, it’s nice to know customer service is there to help. Check to make sure that the company you’re considering offers a robust customer service solution to assist you with all of your questions or concerns. For online firms, check out the hours that support is available and find out if you’ll be interacting with a human or an automated assistant.

Minimum Balance Requirement

CMAs can have minimum balance requirements to avoid fees and/or keep the account active. Therefore, you’ll want to determine these requirements in advance to see if you have the appropriate sum of cash to deposit.

Investment Management

Most of the institutions that offer cash management accounts offer investment services. If you’re looking to use their investment service, make sure you select a company you trust and feel comfortable with. You’ll also want to ensure the investments offered are suitable for your needs.

Is a Cash Management Account a Good Fit for You?

A CMA can be ideal for people who like to manage their investments and bank accounts under the same umbrella. It may make managing your money somewhat simpler and smoother.

But for those who feel a bit uncertain about using online institutions or mobile apps to complete their daily transactions, a traditional bank account may be a more viable solution. Also, if you would prefer to separate your investments and banking needs, a high-interest checking or savings account may make more sense that stashing your funds in a CMA.

The Takeaway

CMAs are interest-earning alternative solutions to traditional bank accounts like checking and saving accounts. Since investment firms usually offer CMAs, you can keep your investments and banking needs in one place, streamlining your money management efforts. As with most services, there are pros and cons to these accounts. Determining whether one is right for you will depend on your money management style and goals.

If you feel more comfortable with a savings and checking account held at a bank, SoFi offers a smart, money-savvy solution. Our online bank accounts, when opened with direct deposit, are fee-free and earn a competitive APY. Qualifying accounts can even access their paycheck up to two days early. We think it’s a great combination of convenience and money-growing features that you’ll love.

Ready to bank better? Come see what SoFi offers.

FAQ

What is the purpose of a cash management account?

Cash management accounts give consumers a way to earn interest and complete everyday banking transactions (like making purchases with a debit card and writing checks) while managing investments, all under one roof.

What type of account is cash management?

A cash management account is like a traditional bank account, except it’s offered by a non-banking firms, like an online investment firm or robo-advisor. You can complete transactions (direct deposit, withdrawals, check writing, etc.) and earn interest in the same way you would with a traditional checking or savings account.

Is a cash management account the same as a money market account?

No. While cash management accounts and money market accounts have similar features (like earning interest and providing access to debit cards and/or checks), they are not the same. Banks offer money market accounts, while nonbanks like brokerage firms and robo-advisors offer cash management accounts.

Photo credit: iStock/MicroStockHub

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2025 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

SoFi members with direct deposit activity can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. SoFi members with direct deposit are eligible for other SoFi Plus benefits.

As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 3.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 3.80% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

Separately, SoFi members who enroll in SoFi Plus by paying the SoFi Plus Subscription Fee every 30 days can also earn 3.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. For additional details, see the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.

*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.

SOBNK-Q125-056

Mar

2025

How to Save for a Vacation: Creating a Travel Fund

By Stacey Leasca | Budgeting & Goals, Life & Career, money | No Comments

Whether your travel dreams have you strolling through Paris, eating dozens of flaky croissants, or cozied up in a cabin at a stunning state park, saving for vacation is an important step. To create a travel fund, you may need to determine how much cash you need to accrue; how to automate the process; and how to help your money grow as quickly as possible. Here, you’ll learn the step-by-steps for starting a vacation fund.

Key Points

• Saving for travel takes planning, but it can be smart to prioritize emergency savings before vacation funds.

• Open a separate, high-yield savings account for travel.

• Automate savings from paychecks to travel fund.

• Use financial windfalls like tax refunds and bonuses to boost savings.

• Earn extra money for future travel through side hustles like freelance work or by renting out your place when you travel.

The Importance of Emergency Savings

Sure, it can be tempting to pick up on a whim and travel somewhere, without even glancing at your checking account. But that can be somewhat risky business, financially speaking. And so can prioritizing a vacation fund when you don’t have much money in the bank.

Before you think about funding a vacation, you should consider saving for life’s emergencies first. And a prime way to do that is by establishing a healthy amount of money in your emergency fund.

To build an emergency fund, a general rule of thumb is to have enough money to cover at least three to six months’ worth of expenses socked away. It’s totally okay to start off with a small fund and build your way up over time. Even depositing $20 per paycheck into the fund can be a wise start. This account may be for a true emergency, such as a car breaking down, an unexpected move, paying rent after being laid off, or a visit to the emergency room. What isn’t a good use for your emergency fund? A sale on plane tickets to Hawaii doesn’t count, sorry to say.

You can use an emergency fund calculator to help you figure out exactly how much to save. And remember: This account may be for a true emergency, such as a car breaking down, an unexpected move, paying rent after being laid off, or a visit to the emergency room. What isn’t a good use for your emergency fund? A sale on plane tickets to Hawaii doesn’t count, sorry to say.

Beyond emergency funds, it may be a good idea to ensure you’ve paid off any high-interest debt before allocating your money toward a vacation.

How Much to Save for Vacation

Once your emergency reserves are on good footing, you can take the first step in saving for a vacation by opening a separate account earmarked for travel. Keeping it in the same bank as the rest of your money could allow you to easily keep track of how much you’ve saved. It can also make it a bit simpler to transfer extra cash into your vacation account.

However, don’t overlook the value of keeping your cash in a high-yield savings account, which can earn considerably more than a standard savings account. These accounts are often offered at online banks, which may no or low fees as well. That combination of higher interest rates and lower fees can help pump up your savings.

A couple of other tips:

• Many financial institutions will let you name the account, which is seriously worth doing. It might be harder to be motivated to contribute to account XXX924 than your “Valentine’s Day in Paris” Fund. Go ahead, and give it a good name so you know what you’re working towards.

• Another smart move is to automate savings. You can set up automatic deposits into this account each week or month, depending on your pay cycle and what you’re comfortable with. You could even allocate a specific amount to be auto deposited right from your paycheck. That way, the cash never even hits your checking account, where it can tempt you to go shopping and have a fancy dinner. You won’t see the money until you’re ready to go on vacation.

Now, about how much to save. Here are a couple of approaches to try:

• Some people like to establish an amount of their paycheck to siphon off into travel savings. Perhaps it’s 5% of your take-home pay, or an amount like $50. Once it hits a certain figure ($500 or $1,000), you can then dig in and start your specific planning.

• For many, though, building a budget makes the dream real. You can scout out transportation and lodging costs, among other items by doing online research. You can add food, entertainment, excursions, and other potential expenses and come up with the figure you’ll need. Then divide that by how long you have to save, and you’ve determined your monthly savings goal.

So if you need $2,400 for your trip and have eight months till the date you want to travel, you’ll need to set aside $300 per month.

Doing Some Research on Your Dream Vacation

As briefly mentioned, research can be the foundation of your trip planning. And it’s often a really fun enterprise, whether you are a moodboard or a Pinterest sort of person. Decide what kind of vacation you want to have — be it a surf, snow, hiking, adventure, leisure, city, or country escape — then start looking into destinations that suit your desires. Maybe a friend took a cool 30th birthday trip to Iceland that you want to emulate, or you are in search of a few budget-friendly spring break destinations. Start searching! Some guidelines:

• Once you pick a spot, you can look at things like average hotel pricing, average food cost, transportation costs (including the flight, drive, boat, or train there as well as a car rental, taxi, or ridesharing service for when you’re there), average excursion cost, and add in a bit extra for entertainment expenses.

• Don’t forget to budget for hidden fees, such as resort fees, rental fees, and taxes. You may want to call the hotel’s concierge to get those numbers if they aren’t displayed, as they can add up rather quickly. Also, you may want to ensure your number crunching includes an “extra” slush fund for those “just in case” moments.

(Also worth noting on the topic of hotels and money: Most hotels will put a hold on your credit card when you check in to cover incidental expenses and other potential charges. This can change your available credit, so keep that in mind.)

• If hotels look to be a bit too pricey in your intended destination, you could always look for cost-cutting accommodations. There are always hostels, and some are adding amenities these days that make them less barebones.

• You might consider places that will let you stay for free in exchange for services. You could try signing up on websites like Rover to swap dog sitting services in exchange for a free place to stay. Websites like Mind My House also bring together people looking for house sitters and those looking for accommodations. Check out the listings and see if any fit your vacation needs.

Recommended: Tips for Finding Travel Deals

Saving Consistently into Your Travel Fund

If you have an estimate of how much it will cost, now you just have to figure out how to save for a vacation. Consider these ideas:

• Dividing your projected vacation cost by the months you have to save and stashing cash away is a tried-and-true method. By doing so, you can watch your trip fund grow and get you closer to your trip.

• Some people like to use round-up apps or the “change jar” method to also boost their savings.

How to start a vacation fund is simple: You make that first deposit, But next, learn some other ways to keep building towards your travel goal.

Using Windfalls to Your Advantage

While working toward your vacation, you could use any financial windfalls to your advantage. Consider these sources:

• A tax refund

• A bonus at work

• A raise at your job

• Proceeds from selling your stuff, like electronics, kitchenware, or clothes you no longer need or use.

Putting this money into where you keep a travel fund is a great way to boost your savings.

Adding a Side Hustle to Your Routine

You could always create a windfall for yourself by taking on a low-cost side hustle as you save for your vacation.

Working a side job or taking on freelance work you have the skillset for could help you save money faster to get the vacation show on the road. And the best part is, if you save using your side gig money, you won’t even need to touch your savings or primary paycheck.

Some pointers:

• Think about what you’re after: Something that will help your career in the long-term, or perhaps something that will simply earn you a bit of quick cash?

• If you’re hoping it could help your career growth, you could try tackling a side job that’s connected to your goals. For example, if you’re hoping to be a writer, scout article writing or copywriting gigs. Want to be a photographer? Build a website and offer your services.

• If it’s just quick cash you need, think local and urgent. Could you sub in at a busy cafe on weekends or do odd-jobs through various apps like TaskRabbit or Fiverr?

• Decide how much you’re willing to put into a side hustle. Often, side gigs require you to work before or after your regular nine-to-five, which could mean giving up your nights and weekends. But, again, all that extra work could pay off for either your career or your short-term goals.

Recommended: How to Make Cash Quickly

Making a Little Extra Cash While on Vacation

You could always try putting your assets to work for you while you’re away to help pay for your vacation. If you own your home or apartment or your landlord allows it, you might rent your space on websites like Airbnb or VRBO. You may be able to earn a hefty sum.

Have a car? That can be rented out on websites like Turo, too.

The Takeaway

If you’re planning a vacation, dreaming about it and planning where you’ll go and what you’ll see can be a fun pursuit. But you’ll also need to save for it. That can be accomplished by saving from your paycheck, stashing away any windfalls, and putting energy towards earning additional money.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 3.80% APY on SoFi Checking and Savings.

FAQ

How does a vacation fund work?

A travel fund is an account that helps you save the amount needed to take a trip. Typically, you add to it regularly (manually or by automatically depositing some of your paycheck) until you reach your goal amount. Having the money in an interest-bearing account can help you grow your money more quickly.

Where should I put vacation money?

If you want to grow your trip fund money, it’s wise to put it in a savings account where it’s liquid but earning interest. Look for a secure bank that offers a healthy annual percentage yield (APY). These high-interest or high-yield accounts are often found with no fees and low or no minimum balance requirements at online banks. Because these banks don’t have bricks-and-mortar locations, they can pass the savings onto customers.

What is a reasonable vacation budget?

A reasonable vacation budget will depend on your particular plans. Are you going to a lavish resort in the Mediterranean for two weeks or to a cabin at a local park for the weekend? Whatever your travel style may be, making a budget is critical. By researching transportation, lodging, food, entertainment, and excursion costs in advance, you can likely figure out your savings goal.

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2025 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

SoFi members with direct deposit activity can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. SoFi members with direct deposit are eligible for other SoFi Plus benefits.

As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 3.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 3.80% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

Separately, SoFi members who enroll in SoFi Plus by paying the SoFi Plus Subscription Fee every 30 days can also earn 3.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. For additional details, see the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.

*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

This content is provided for informational and educational purposes only and should not be construed as financial advice.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Third Party Trademarks: Certified Financial Planner Board of Standards Inc. (CFP Board) owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, CFP® (with plaque design), and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements.

SOBNK-Q125-092

Mar

2025

Ideas for Making Money From Home

By Jamie Cattanach | Budgeting & Goals, Financial Independence, money | Comments Off

In today’s digital age, making money from home has gotten easier than ever. Whether you’re looking for a full-time income, a side hustle, or just some extra cash, there are plenty of opportunities to earn without leaving your house. The best option for you will depend on your skills, interests, and financial goals. Read on for inspiration.

33 Easy Ways to Make Extra Money from Home

This list of home-based business ideas can help earn income without stepping foot out your front door.

💡 Quick Tip: Make money easy. Open a bank account online so you can manage bills, deposits, transfers — all from one convenient app.

1. Test Websites

Most websites are well-designed and easy to use because they’re tested by real users — a service they get paid to do. Platforms like UserTesting and Userbrain will link you up with companies who need website testers, and you’ll earn money for each test you do. There are also opportunities to earn more money for live interviews about your experience.

2. Test Products

Products also need testers, and testing can be done at home, too. You might be able to earn extra cash by giving your opinion on gadgets, personal care products, and more. (Plus, you might get some free stuff in the bargain.)You can find product testing opportunities directly through large companies or using third-party sites like ProductReportCard and FocusGroups.org.

3. Take Surveys

Another way to make some extra money from home is by taking online surveys. You can tap this market through sites like Swagbucks, Survey Junkie, and MySurvey. Some platforms pay you in points you can later redeem for cash or gift cards, while others pay by check. You won’t get rich quick, but it can be worth exploring if you have a lot of free time.

4. Become a Voice Actor

If you’ve got a voice for radio — or an audiobook, video game, or the PA announcement at your local grocery store — you may be able to earn money doing voiceover work from the comfort of your own home. (Or more accurately, the comfort of your own closet, which is probably the most noise-insulated room in the house.)

5. Do Closed Captioning

If you’re a fast typist with the ability to pay close attention to speech, you might make a great transcriptionist or captioner. Companies like Rev make it possible to get paid for captioning video content, and you get to set your own hours.

6. Become a Translator

Are you fluent in a second language? If so, you may be able to put your language skills to work by becoming a professional translator. Popular platforms that post freelance translators gigs include: Fiverr, PeoplePerHour.com, Lionbridge, and Translate.com

7. Teach an Online Course

If you’re highly skilled in a certain area, chances are there’s someone out there who would pay to learn what you’re an expert at. Whether it’s creative writing, singing, or coding in JavaScript, you might be able to get paid for sharing your knowledge with platforms like Udemy, Teachable, or Thinkific.

Recommended: Money Management Guide

8. Become a Tutor

If you aced the SATs or ACTs or have expertise in a particular subject, you may be able leverage your skills by offering online tutoring to high school and college students. You could market your services in your local area or apply to work for an online tutoring company.

9. Offer Music Lessons

If you play an instrument or know how to sing, you may be able to turn your talent into cash by offering music lessons or being a vocal coach. You could teach local students in your home or offer lessons virtually.

10. Write a Book

Okay, okay: This one is not a quick, nor guaranteed, way to make money at home by any stretch. But if you’ve got the chops and the dedication, you might just actually write a marketable novel, memoir, or essay collection. Just know that as far as the money goes, it’s generally a slow burn.

11. Start a Blog

If you love to write but aren’t ready to take on a book, you might start a blog that focuses on something you’re good at, such as baking, being a mom, or rating restaurants. If your audience gets large enough, you could potentially make money through ads or affiliate marketing. A successful blog could also land you speaking gigs, public appearances, and other earning opportunities.

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12. Become a Freelance Writer

Another way to use your writing skills to make money at home is to become a freelance writer, either on the side or full-time. It can be a tough industry to break into, but once you’ve established yourself, it’s possible to earn a living wage doing this work. Having examples of your published work is the best way to show a prospective client your writing skills. You might get started by writing a few pieces for a low (or even no) fee to build up your portfolio.

13. Do Freelance Copy Editing

If you’re a strong editor with a keen eye for detail and proper grammar, you might be able to earn money as a freelance copy editor. You can look for short-term gigs through freelance sites like Fiverr and Upwork. If you’d prefer something more long term, try a job board like Indeed.

14. Freelance as a Graphic Designer

If you have design skills, you could turn your creativity into cash by designing logos for businesses, graphics for company websites, and more. You’ll likely need a portfolio of your work to show prospective clients.

Recommended: Managing Your Money as a Freelancer

15. Become an SEO Consultant

Search engine optimization (SEO) is a service that companies will often pay mighty well for… after all, good rankings translate into more money in their pockets, too. To get consulting gigs, you’ll likely need to share success stories and metrics, whether for accounts you managed professionally in the past or your own personal account.

16. Become a Virtual Assistant

If you’re the kind of Type-A person whose Google calendar is comprehensive and color-coded, consider channeling those organizational skills into becoming a virtual assistant. Tasks might include making travel arrangements, scheduling appointments, managing invoices, and answering phone calls. You can not only do this from home but can often set your own hours. Try Fiverr, Upwork, and LinkedIn for leads.

17. Sell Your Crafts

If you already spend your downtime enjoying a craft like painting or knitting, why not consider placing your wares up for sale on a site like Etsy? Not only will your art bring smiles to other peoples’ faces, it might also be an easy and creative way to make extra money from home.

18. Design a T-shirt (or Mug, or Tote Bag)

Got a witty slogan, a riff on pop culture, or a beautiful image in mind that just has to be on a t-shirt? Make it happen! Websites like CafePress and CustomInk make it easy to create and sell your unique designs.

19. Become a YouTuber

If you’ve got something to say and are creative enough to say it with engaging video content (whether it’s dog grooming or fashion advice), YouTube can be a lucrative way to make money from home. Just keep in mind: This is a side-gig that can easily take a lot of time and require a considerable investment in audio/video equipment.

20. Stream Your Gaming Habits on Twitch

Earning money by playing video games might sound like a fantasy, but platforms like Twitch make it possible…provided you’re actually good (or at least entertaining to watch). You’ll need to have more than 50 followers and meet other marks to become what’s known as an affiliate and start earning cash via people subscribing to watch you.

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21. Get Paid to Post on Insta

If you have an Instagram or other social media account with a strong following and often share products you love, why not get paid for it? You may be able to partner with your favorite brands and earn money for sharing information about their products. You might also get the chance to test out some new ones for free.

22. Sell Your Stuff

If you’re overdue for a closet clean-out, consider selling the stuff you don’t need anymore on a site like Craigslist or Facebook Marketplace. Be sure to take clear photos and do a search to find how much similar items sell for, so you can set a competitive price. Just be on the lookout for money scams that can crop up when buying and selling online.

23. Sell Your Photos

If you know your way around a DSLR or honestly even just an iPhone, you might be able to sell your stock-photo-worthy snaps for money. Platforms like Alamy and GettyImages are two places to sell or license your pictures.

24. Rent Out Your Clothes

Yes, this is real! Turn that prom or bridesmaid dress in your closet into income by renting it out to others. Peer-to-peer rental platforms like Tulerie and Pickle can help. Designer clothes are most in demand.

25. Rent Out Your Equipment

If you have a lawn mower, camping gear, snow blower, or any other piece of equipment you don’t use on the regular, you could be earning money by renting it out. Sites like Loanables and Fat Llama make it easy to list your items for rent. Bonus: Sharing items is a way to reduce our overall carbon footprint.

26. Rent Out Your Driveway

If you live in an area where there’s a shortage of parking spaces, such as a crowded metropolitan city, you could start a passive income stream by renting out your driveway through a platform like Neighbor or Spacer.

27. Do Data Entry

Are you a quick typist with great attention to detail? These days, companies who need data entry sometimes hire remote workers, which means you can populate those spreadsheets in the comfort of your own home.

28. Provide Customer Service

In today’s WFH world, you don’t necessarily have to commute to a crowded, noisy call center to get a job doing customer service. Many companies hire virtual customer service employees, including Amazon. Other than getting a good headset, this is a low-cost side hustle.

29. Do Medical Coding And Billing

Medical coding and billing might be tedious, but it generally pays well. And you don’t have to work on-site to do it. Many hospitals, healthcare companies, and medical practices hire at-home medical coders to help process patients through their systems. You can find leads through online job platforms.

30. Start a Podcast

It might be a long shot, but many successful podcasts started as a casual, at-home conversation between friends. If your subject matter is interesting enough to draw advertisers, it could become a fun way to earn money without a real job.

31. Start An At-home Daycare

Love kids? You could get paid to care for them by offering at-home daycare services for parents who need time to work or meet other commitments. Starting a business like this may require licensing and home modifications, but you can also hire out your services as a babysitter using an app like UrbanSitter, Care.com, or Bambino Sitters.

32. Become a Professional Pet-Sitter

Getting paid to hang out with puppies may sound like a dream, but it can be your reality if you charge for pet-sitting services. Apps like Rover make it easy to get started, but you can also just advertise around your neighborhood and get clients through word-of-mouth.

33. Rent Out Your Car

If your car is in good condition and you don’t need it every day, you might be able to make money by renting it out through a car-sharing app like Turo and HyreCar. Just make sure your insurance allows you to do this.

Tools to Help You Earn Money From Home

If you’re looking for a way to make money from home, these tools can help get you started.

Online Platforms for Freelancers

• Upwork: This popular freelance marketplace connects professionals with clients in need of writing, design, programming, and more.

• Fiverr: Freelancers can post their services and set their own pricing on this global marketplace.

• Toptal: An exclusive network of freelancers, Toptal is known for its rigorous screening process.

• Freelancer: Businesses post projects on this site; freelancers can then bid on them to try to win the work.

Apps to Rent or Sell Items

• Facebook Marketplace: This free platform can be great for selling a wide variety of items locally and is directly integrated with your Facebook profile.

• eBay: You can use this global online marketplace to auction or sell new and used items, including electronics, clothing, and collectibles.

• Poshmark: A fashion-focused app, poshmark can be a great place to sell your gently used clothing, shoes, and accessories.

• OfferUp: This app offers a quick and easy way to post items for sale in your local community.

• Fat Llama A peer-to-peer rental platform, Fat Llama allows users to rent out or borrow items like cameras, tools, and equipment.

Pros and Cons of Making Money from Home

Before you embark upon one of the ideas listed above, take a closer look at the pros and cons of earning income at home.

Advantages

Among the benefits of working from home are:

• Convenience

• Save time and money on commuting

• Don’t have to buy an office wardrobe

• Can set your own hours

• Not interrupted by office distractions

• Better work-life balance

• Potentially less stress (less “office politics”).

Disadvantages

That said, there are also downsides to working from home:

• Isolation/lack of social interaction

• Lack of teamwork/anyone to brainstorm with

• May end up working longer hours

• Communication issues if you use technology to stay in touch

• May not have office equipment you need

• Possibly more complicated taxes when you work from home

• Lack of motivation.

Alternatives to Making Money From Home

If you like the idea of flexibility and freedom, but don’t want to be at home all the time, here are some other options to consider.

Part-Time Jobs with Flexible Hours

These occupations often offer part-time positions with flexible scheduling:

• Bookkeeper

• Real estate agent

• Childcare provider

• Occupational therapist

• Speech pathologist

• Personal trainer

• Business consultant

• Fundraising manager

• Marketing or social media manager

• Events manager

Gig Economy Opportunities Outside the Home

Here are some side hustles that help you get out and about:

• Rideshare driving (Uber/Lyft) – Earn money by driving passengers to their destinations on your own schedule.

• Food delivery (DoorDash/Uber Eats/Grubhub) – Pick up and deliver restaurant orders to customers in your area.

• Grocery shopping (Instacart/Shipt) – Shop for and deliver groceries to customers who place orders through the app.

• Task-based work (TaskRabbit) – Complete various on-demand tasks like furniture assembly, moving help, or home repairs.

• Scooter charging (Bird/Lime) – Pick up, charge, and return electric scooters.

The Takeaway

Working from home can be a great way to earn extra income. As that money starts flowing in, you can help it grow (without doing anything at all) by choosing the right banking partner.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 3.80% APY on SoFi Checking and Savings.

FAQ

How can I make $1000 a week from home?

To make $1,000 a week from home, you might explore options like freelance writing, graphic design, web development, virtual assisting, online tutoring, and creating and selling digital courses. You may need to combine multiple income streams to reach that amount consistently.

How can I make $200 a day from home?

You might be able to make $200 a day working from home by freelancing online. You might be a writer, editor, SEO consultant, translator, tutor, medical coder, virtual assistant, or find other professional work that pays by the hour or day.

How can you make money fast but legally?

Some ways to legally make some quick money include: selling things you no longer need, walking dogs, driving for a ride/share app, delivering food, freelance writing and graphic design, tutoring, renting out your car, and (if you live in a popular urban area) renting out your driveway.

How do I balance multiple income streams from home?

Balancing multiple income streams requires organization. Some tips include: using scheduling tools like Google Calendar, setting clear boundaries for each job to avoid burnout, and mixing passive and active income streams. It’s also helpful to use a budgeting app like QuickBooks to keep track of expenses and earnings for each income stream. This can also help you assess which streams are most profitable and adjust your workload accordingly.

What tools or equipment do I need to work from home?

To work from home effectively, you generally need a reliable computer, high-speed internet, and a comfortable workspace with an ergonomic chair. You might also want to invest in a quality microphone and webcam to enhance virtual interactions. If you live in a noisy environment or neighborhood, you may also want to get noise-canceling headphones to block out distractions and improve your focus.

SOBNK-Q125-088

Feb

2025

25 Ways to Cut Costs on a Road Trip

By Diana Kelly Levey | Budgeting & Goals, Financial Independence, money | Comments Off

Road trips are a popular vacation idea, and there are plenty of ways to cut costs when taking to the open road. Whether you are heading to a national park or a local lake, on a wine-tasting getaway or just to hang with your college roommate, you can do a little bit of planning to bring down costs.

Learn how to minimize expenses on a road trip here.

Key Points

• Road trips can be a fun and affordable way to take a vacation.

• Choose a fuel-efficient car to save on gas.

• Drive at or below the speed limit to avoid speeding tickets.

• Prebook hotels for better rates, and sign up for loyalty programs for discounts.

• Eat lunch at special restaurants to save.

1. Choose a Fuel-Efficient Car

If you have a choice of cars to take, you may want to go with one that is large enough to be comfortable but also gives you the best gas mileage. This is true whether you are using your own wheels or renting a car.

You can use FuelEconomy.gov’s Trip Calculator to determine which car will cost you the least in gas. This tool helps estimate fuel consumption and how much it will cost for a particular route using a specific car.

2. Drive at or Below the Speed Limit

This cautionary measure can help you save money in two ways. For one, you’ll be less likely to get pulled over and slapped with an expensive speeding ticket.

For another, observing the speed limit can actually reduce your gas consumption. In fact, according to the U.S. Department of Energy, every five miles you drive above 50 miles per hour is akin to paying an additional $0.27 per gallon.

3. Pack Your Car Wisely

You can also cut your gas costs by placing items inside the car or trunk rather than piling them on your roof. By reducing drag, this tactic can increase your fuel economy by 5% on highways according to one benchmark study.

4. Set a Road Trip Budget

When you first start talking about the road trip, you may want to roughly map out where you want to go, how long it’ll take to get there, and if you’ll need hotels or motels. From there, you can calculate the approximate cost of gas (FuelEconomy.gov can help) and tolls (try Tollsmart ), as well as food and fun.

Once you’ve established an overall budget for the trip, you start creating a travel fund.

Tip:

A smart place to keep your fund is in a high-yield savings account, often found at online banks. These can help grow your money faster, thanks to favorable interest rates and no or low fees.

5. Bring Your Own Food and Supplies

Packing a cooler with water bottles, drinks, hand-held snacks, and sandwiches before leaving home is a proven frugal traveler trick. You can end up saving a sizable chunk of cash by not having to buy drinks and snacks at rest stops, vending machines, and drive-throughs.

You’ll also have a quick solution the next time someone in the car wants to pull over because they’re hungry.

6. Sign up for an Electronic Toll Account

The money-saving shift to electronic tolling is well underway. If you haven’t yet done so, getting a quick pass (or transponder) for your car can be a smart move. In New York, for example, drivers with EZ-Pass can save up to 75% on tolls.

7. Avoid Tolls Altogether

When your road trip isn’t on any set schedule, you may want to take the scenic route and completely avoid tolls. You can do this by setting your GPS app to “avoid tolls.”

If you’re in a location with pricey bridges and highways, your savings could really add up. You may want to make sure, however, that avoiding tolls doesn’t take you so far out of your way that you’re spending a lot more on gas.

8. Look for Hotels that Offer Free Breakfasts

If you’re comparing lodging options in a similar price and quality range, one way to save on hotel costs and on road trip expenses in general is to choose the hotel with a free breakfast.

Not only will you probably get a large, filling meal, but you might even be able to take a piece of fruit or cereal box as a snack for later on in the trip.

9. Pack Reusable Water Bottles for Everyone

You’ll no doubt get thirsty while driving and sightseeing, especially in summer, and buying water or drinks can put a major dent in your road trip budget.

Making sure everyone in the car has a large reusable water bottle (or two) to fill up at rest stops and in restaurants can help you avoid spending money on drinks, and also create less plastic waste.

10. Buy a National Park Pass

If you’re going to be road-tripping across the U.S. and visiting a few national parks, you may want to consider getting an America the Beautiful pass.

The pass (which costs $80 per year and $20 for seniors) covers entrance, standard amenity, and day use fees for a driver and all passengers in a personal vehicle (up to 4 adults) at more than 2,000 federal recreation sites.

Just remember that summer is primetime for many parks, from Yosemite in California to Acadia in Maine. If you need lodging, book early.

Recommended: How to Make Money Fast

11. Hit the Grocery Store

Once you’ve run out of your cooler meals and snacks, consider restocking at a local grocery store while en route so you don’t have to resort to fast food or a pricey local restaurant for the rest of your trip. That can be a good way to save on food costs.

This is also a good strategy if you’re going to be staying at a hotel for a few nights. Making good use of a hotel kitchenette and fridge can help you avoid having to eat out for every single meal.

12. Prebook Your Hotels

Spontaneity is great, but if you’re looking to save money on accommodations, it can be wiser to book ahead of time and stick to your plan. You can often secure a better rate by booking in advance (and online), than by showing up without a reservation or booking last minute.

13. Look Beyond Hotels

Your first thought when looking for roadside accommodation may be cheap hotels or motels. But you sometimes find a better deal (or a nicer option for the same price) using a home rental site, such as Airbnb, VRBO, or FlipKey, especially if you’re staying for more than one night.

When booking lodging, it can be smart to use a travel credit card or a cash back rewards credit card, since every swipe can help you earn points, miles, or cash back that you might apply to future trips.

14. Plan to Visit Free Attractions

Part of the fun of a road trip is to enjoy the journey and scenery while en route to your final destination.

To cut spending while still enjoying your travels, you may want to research free attractions, such as a hike, walk on a beach, or a free museum, on your route for times when you need to stretch and take a driving break.

You can also look for festivals and local events by checking out the online events calendar for the towns you’ll be visiting that day. You might also check out Meetup.com and see what kinds of local groups are gathering for experiences and outings.

15. Plan Gas Stops in Advance

Getting stuck in a big city with the tank close to empty can be costly (and driving in circles looking for a gas station when you’re en route to the beach is no fun either). To avoid overpriced gas, you may want to use a gas app like Gas Guru or GasBuddy, which can help you compare prices and find affordable gas no matter where you are. This hack is an easy way to lower your gas costs.

16. Set a Daily Spending Limit

You can use your overall budget to get a rough idea of how much you can spend on the road trip each day. This can help you avoid blowing the money you’ve saved, wherever you may keep your travel fund, before the end of the trip.

A spending plan can also let you know when you can splurge a bit and when you’ll have to reign it in with a meal, activity, or lodging. You may also want to set aside some of your budget for the unexpected, such as the car getting a flat and needing to be towed, or discovering the cheap hotel you planned to stay in is actually a total dump. Also factor in some summer road-trip treats: You’re likely to be stopping for ice cream here and there and maybe even a lobster roll.

17. Entertain the Kids on the Cheap

Road trips can help you afford a family vacation since you sidestep pricey plane tickets. But remember that kids have a tendency to get bored, tired, and antsy on a road trip. To avoid giving in to impulse toy purchases, you may want to bring along their favorite toys and also pick up a variety of new ones at the dollar store before you leave.

Good choices include coloring books and games they can play in the car that won’t create a mess. You might also consider borrowing audio books from the library to give yourself an hour or so of peace and quiet.

18. Search Online for Local Coupons and Passes

It can be worthwhile to research online coupons and discount codes for local attractions and restaurants at some of your scheduled stops.

Consider checking Groupon or LivingSocial for deals and steals. Sometimes booking online ahead of time saves you money, and it’ll give you a reason to try to reach a specific destination by a certain day.

19. Save on Alcohol

Sipping a cold beer or glass of wine at a local bar at the end of your long drive might sound like the perfect way to unwind.

But alcohol costs can quickly add up on a road trip vacation. Consider buying a few local beers or a small bottle of wine that’s native to that area to enjoy in your hotel room. You’ll save money on tipping too.

20. Volunteer at a Festival

Yes, you read that correctly. Some festivals and special events offer discounts or free admission to volunteers. You can look up events taking place in the town you’ll be visiting and reach out to the event organizer to see if they need help. Summer is full of events like these, from concerts to craft fairs to food festivals.

21. Sign up for a AAA Membership

An auto club like AAA can save you time, money, and hassle should you run into car trouble during your trip. What’s more, a membership (often starting at around $6 a month) gives you access to discounts at loads of hotels, restaurants, and many retailers nationwide.

22. Travel During the Off-Season

Yes, summer can be the most welcoming time of the year to hop behind the wheel. But visiting national parks when kids are back in school can often help save money on lodging and activities. Planning a road trip to a destination like Disney World or Disneyland? You’ll likely find better deals if it’s not during a spring break or other school vacation.

You can often also save money by visiting warm weather locations during “shoulder seasons.” This is the period in between a destination’s low and high seasons of tourism, when prices for hotels tend to be lower, and crowds tend to be smaller, at popular attractions.

23. Do Some Camping

Outdoorsy road trippers might enjoy setting up a tent at a free or low-cost public campsite. You can find out more on the Bureau of Land Management site.

This can end up saving you a lot of money on hotel costs, provided you don’t go out and buy a lot of expensive camping equipment.

If you don’t have any camping gear, you may want to consider renting equipment from an outdoor specialty store or asking a friend who regularly goes camping if you can borrow their equipment. As noted above, summer can be prime time for basking in some of America’s natural beauty, so book your campsite early.

24. Eat Out for Lunch Instead of Dinner

If there are special restaurants you want to try without breaking the bank, consider going there for lunch. You might get a slightly smaller portion than you would if you ordered it off the dinner menu, but you’ll likely save on dining out.

25. Take Advantage of Loyalty Programs

Booking with the same hotel chain as often as possible and signing up for their member loyalty (or “points”) program may net you a free night after a few stays.

Travel booking services, such as Expedia, Travelocity, or Hotels.com, may also offer discounted rates and free nights for loyal customers.

Recommended: 50/30/20 Budget Calculator

The Takeaway

Planning a summer vacation? A car trip might sound much more affordable than traveling by plane. However, gas, food, and accommodations can add up.
One of the best ways to cut road trip expenses is to plan out your trip and research deals, coupons, and discounts ahead of time. Packing wisely and loading up on drinks, snacks, toys, and activities can also help cut costs once you’re out on the road. It’s part of optimizing your financial wellness.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 3.80% APY on SoFi Checking and Savings.

FAQ

How can I make road trips more affordable?

Some ways to make road trips more affordable include bringing your own snacks, driving at or under the speed limit, and booking hotels or motels ahead of time.

How can I save money when traveling by car?

You can save money when traveling by car by using a gas card and taking other steps that can help you save on tolls; using electronic tolling or avoiding tolls; and bringing snacks and drinks with you vs. buying them on the road.

How can I spend time when on a road trip?

Ways to spend time on a road trip include going to local and national parks, looking for activities at a discount on Groupon or LivingSocial, and checking out any interesting gatherings that might be happening on Meetup.com.

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SoFi members with direct deposit activity can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. SoFi members with direct deposit are eligible for other SoFi Plus benefits.

As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 3.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 3.80% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

Separately, SoFi members who enroll in SoFi Plus by paying the SoFi Plus Subscription Fee every 30 days can also earn 3.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. For additional details, see the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.

*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

This content is provided for informational and educational purposes only and should not be construed as financial advice.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

SOBNK-Q125-070

Feb

2025

Credit Unions vs. Banks

By Janet Siroto | Budgeting & Goals, Financial Independence | No Comments

A credit union is a nonprofit financial institution that offers products and services similar to banks, such as deposit accounts and loans. However, it may have certain requirements for membership, such as living in a certain geographic area or working in a specific profession.

If you are trying to figure out the kind of financial institution that suits you best, it may be valuable to consider credit unions vs. banks.

Key Points

• Banks operate for profit, while credit unions function as nonprofits.

• Banks do not require membership, but credit unions have specific criteria to be satisfied.

• Banks typically offer a wider range of financial services, but traditional banks may charge higher fees and offer lower interest rates.

• Credit unions are known for more personalized customer service.

• Banks generally provide better technology and accessibility.

What Is a Credit Union?

Credit unions are financial institutions like banks, and they offer products you’d expect such as checking and savings accounts, loans, debit cards, checks, money orders, and more. They can provide apps and online access, just as banks do.

Credit unions may charge fewer fees, often with no minimum or a very low minimum deposit to open an account. In this way, they may be closer to online banks vs. traditional banks.

One difference between a credit union and a bank is that credit unions are run as coops, meaning each member has a stake in the business. Just like buying stock in a company, you own a small piece of the credit union when you join.

Here are some more features of credit unions:

• These organizations are typically smaller than big banks and specific to certain locations, while offering similar services.

• As nonprofits, credit unions are usually designed to serve their members, generally paying higher overall interest rates on deposits and with lower fees and penalties.

Typically, credit unions serve people only within their geographic area, and you need to be a member. Some credit unions have specific requirements for membership, but most make it easy to meet the qualifications, such as:

• Where you work or your industry

• Where you live

• Where you attend school or worship

• Which organizations you are a member of

Pros and Cons of Banks

Here are some of the upsides and downsides of keeping your money at a bank.

Pros of Banks

Consider these benefits:

• One of the biggest overall benefits of choosing a bank, especially a major one, might be that they generally offer a larger array of financial products, including checking accounts and savings accounts, loans, and more. They can be your one-stop shopping for many financial needs.

• Banks may have extensive networks of brick-and-mortar branches, possibly both nationally and internationally.

• They usually have large ATM networks as well.

• Banks are likely to be insured by FDIC (Federal Deposit Insurance Corporation), adding a layer of security in the very rare event of a bank failure.

• Bigger banks can be quicker to adopt new technology, such as launching mobile check deposit.

Cons of Banks

In terms of the downsides:

• Traditional banks may not offer as high interest rates as online banks or credit unions do.

• Similarly, traditional banks vs. online banks and credit unions often charge higher fees.

• A big bank may not provide as specialized, personalized services as credit unions do. Credit unions may provide ATM fee reimbursement and other perks.

Pros and Cons of Credit Unions

Now, take a look at the upsides and downsides of credit unions.

Pros of Credit Unions

On the plus side, credit unions can offer the following:

• Credit unions typically offer many of the same services as banks, satisfying a range of client needs.

• They may offer higher interest rates on deposit accounts than traditional banks because profits go back to the members.

• The fees are often lower than at traditional banks, both on deposit accounts and other financial products. For instance, credit union vs. bank mortgages may have less costly fees.

• Most credit unions are insured by the National Credit Union Administration, or NCUA vs. FDIC, which helps protect funds in the very rare event of a financial institution failing.

• Credit unions are typically known for personalized service and may offer financial literacy classes and more to support their members.

Cons of Credit Unions

Now, some of the minuses:

• Membership is required. It’s possible that a person may not qualify to become a member/shareholder.

• Credit unions are typically local or regional; there may not be many options in a given area. Shared branch credit unions may, however, offer greater reach.

• They may not offer the kind of 24/7 accessibility and extensive customer service options as major banks.

• While many services are offered, they may not have all the bells and whistles that a bank offers, such as money transfer service (such as Zelle) or a next-gen app.

Credit Union vs. Bank

Here’s a comparison of how credit unions vs. banks stack up.

Business Model and Pricing

Banks are for-profit enterprises while credit unions are not. Some banks may charge higher fees and interest rates to borrow money. They may have higher minimum deposit requirements as well and lower annual percentage yields (APYs) on deposit accounts.

Recommended: APY Calculator

Membership Requirements

Banks are open to all who can apply for and be approved for services. Credit unions, however, have requirements to join and become a shareholder. They might cater to members of the military or employees in a certain industry. Or they might simply charge a small fee. But there will be some requirement to be met.

Services

Banks are known for having a full array of services: various kinds of accounts, loans, and other financial products. Credit unions usually have diverse offerings but may not offer quite the breadth as they tend to be smaller institutions.

Customer Care

Credit unions may have the edge here; they are known for personalized attention and coaching to help members gain financial literacy and reach their money goals. A large bank may not be able to take such interest in each client.

Accessibility

Banks may offer many physical branches, 24/7 customer service, and a national and even international network of locations and ATMs. Credit unions are likely smaller and local, with more limited access.

Technology Tools

Larger banks tend to be more advanced in terms of technological innovation than credit unions. They may have state-of-the-art websites, apps, and services like money transfer services.

Here’s how these bank vs. credit union differences look in chart form:

Banks	Credit Unions
A for-profit business that may charge higher fees and interest rates on loans; lower APYs on deposits, especially at traditional banks	A nonprofit that puts profits to work for members and may offer lower fees and interest rates on loans, plus higher APYs on deposits
No membership requirements beyond perhaps initial deposits	May need to meet certain location, employment, or other membership requirements
Full array of financial products and services	Basic array of financial products and services
May not offer intensive personalized attention	Known for personalized customer care and financial literacy coaching
Likely to have 24/7 access and a national or global network of branches and ATMs	May not have 24/7 access to services or a network of branches
Advanced technology, including apps and P2P services	May be less technologically advanced

Finding the Right Credit Union

If you think a credit union may be the right fit for you but are unsure where to start, you could ask your coworkers or neighbors if they use one and if they like it. Since a credit union is a local financial institution, word-of-mouth can make for valuable research.

You could also search in your geographic area, making sure to check the eligibility requirements, and nationally, if you’re able to use a different local branch as part of the network. Then, joining is just like opening up any other bank account if you meet the membership credentials. Additionally, a credit union account may allow you to do most tasks online or over the phone.

Recommended: Passive Income Ideas

The Takeaway

A credit union is a nonprofit financial institution that offers many of the same products and services as a bank, with each account holder being a shareholder and often enjoying highly personalized service. However, credit unions may have membership requirements and may lack a major bank’s ATM network, accessibility, and tech features. Credit unions often have lower fees and higher interest rates than traditional banks, making them more similar to online banks in this realm.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 3.80% APY on SoFi Checking and Savings.

FAQ

Is it better to have a credit union or a bank?

Whether it’s better to have a credit union or a bank depends upon a person’s individual needs. If you need a financial institution with a national or global network of branches and ATMs, a bank might suit you best. If you are looking for personalized, local service, lower fees, and financial literacy training, a credit union might offer those features.

What is a disadvantage of a credit union?

One potential disadvantage of a credit union is that you need to qualify as a shareholder. This might mean that you need to live or work in a certain geographic area or work in a specific profession. Not everyone may qualify.

What are the biggest risks to credit unions?

The biggest risks to credit unions are similar to the biggest risks to banks. These include cyberthreats (hacking, for instance), uncertain interest rates, and the potential loss of deposits, although the latter is a very rare occurrence.

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2025 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

SoFi members with direct deposit activity can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. SoFi members with direct deposit are eligible for other SoFi Plus benefits.

As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 3.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 3.80% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

Separately, SoFi members who enroll in SoFi Plus by paying the SoFi Plus Subscription Fee every 30 days can also earn 3.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. For additional details, see the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.

*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

This content is provided for informational and educational purposes only and should not be construed as financial advice.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Third Party Trademarks: Certified Financial Planner Board of Standards Inc. (CFP Board) owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, CFP® (with plaque design), and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements.

SOBNK-Q125-036

Guide to Cash Management Accounts (CMAs)

What Are Cash Management Accounts?

How Do Cash Management Accounts Work?

Get up to $300 when you bank with SoFi.

What Are the Pros of Cash Management Accounts?

Convenience

Traditional Banking Features

FDIC Insured

What Are the Cons of a Cash Management Account?

Lower Interest Rates

Fewer Features

No Physical Branches

Cash Management Accounts vs Checking Accounts

Considerations When Comparing Cash Management Accounts

Customer Service

Minimum Balance Requirement

Investment Management

Is a Cash Management Account a Good Fit for You?

The Takeaway

FAQ

What is the purpose of a cash management account?

What type of account is cash management?

Is a cash management account the same as a money market account?

How to Save for a Vacation: Creating a Travel Fund

The Importance of Emergency Savings

How Much to Save for Vacation

Get up to $300 when you bank with SoFi.

Doing Some Research on Your Dream Vacation

Saving Consistently into Your Travel Fund

Using Windfalls to Your Advantage

Adding a Side Hustle to Your Routine

Making a Little Extra Cash While on Vacation

The Takeaway

FAQ

How does a vacation fund work?

Where should I put vacation money?

What is a reasonable vacation budget?

Ideas for Making Money From Home

33 Easy Ways to Make Extra Money from Home

1. Test Websites

2. Test Products

3. Take Surveys

4. Become a Voice Actor

5. Do Closed Captioning

6. Become a Translator

7. Teach an Online Course

8. Become a Tutor

9. Offer Music Lessons

10. Write a Book

11. Start a Blog

12. Become a Freelance Writer

13. Do Freelance Copy Editing

Get up to $300 when you bank with SoFi.

14. Freelance as a Graphic Designer

15. Become an SEO Consultant

16. Become a Virtual Assistant

17. Sell Your Crafts

18. Design a T-shirt (or Mug, or Tote Bag)

19. Become a YouTuber

20. Stream Your Gaming Habits on Twitch

21. Get Paid to Post on Insta

22. Sell Your Stuff

23. Sell Your Photos

24. Rent Out Your Clothes

25. Rent Out Your Equipment

26. Rent Out Your Driveway

27. Do Data Entry

28. Provide Customer Service

29. Do Medical Coding And Billing

30. Start a Podcast

31. Start An At-home Daycare

32. Become a Professional Pet-Sitter

33. Rent Out Your Car

Tools to Help You Earn Money From Home

Online Platforms for Freelancers

Apps to Rent or Sell Items

Pros and Cons of Making Money from Home

Advantages

Disadvantages

Alternatives to Making Money From Home

Student Loan
Refinancing