Personal loans are a type of lending instrument offered through banks, credit unions, and online lenders. They’re paid back, with interest, in installments, and there are few limitations to how the loan funds can be used. They’re also typically unsecured, meaning you don’t have to put up any property as collateral for the loan.
A personal loan is an important financial tool if you can find one from a reputable lender at a reasonable interest rate, and you can commit to making loan payments on time. However, if you only qualify for a loan with a high-interest rate or you feel you may have trouble paying it back, you may want to think twice before applying.
Are Personal Loans Bad?
Not necessarily. There are both advantages and disadvantages to personal loans. Here’s a look at some of the benefits of taking out a personal loan:
• Personal loans generally offer a wide range of borrowing limits, typically between $1,000 and $100,000.
• There is flexibility in how the funds can be spent, unlike a mortgage, which you must use to buy a house, or an auto loan, which must be used to purchase a car.
• Proceeds of personal loans can be used for a variety of purposes, from paying down credit card debt to making home improvements and more.
• Unsecured personal loans are offered by many lenders. There is no need to put any of your assets up as collateral for the loan, nor do you risk losing them should you default.
It’s important to weigh these benefits against potential disadvantages, and determine if it’s bad to get a personal loan for your financial needs. Here’s a look at some of the downsides of taking out a personal loan.
• Personal loans may not offer the lowest possible borrowing option. For example, you might be able to get a better rate on a home equity loan or a home equity line of credit (HELOC) if you have enough equity in your home. That said, both of those lending instruments use your house as collateral, so if you default, you could risk losing your home.
• Personal loans sometimes have fees or penalties that can increase the cost of borrowing. For example, origination fees on personal loans tend to be between 1% and 5%. Some lenders may charge prepayment penalties to ensure they don’t lose future interest payments if you pay off your loan early.
• When you take out a personal loan, you’re increasing your overall debt. If you have other debts, comfortably affording all your monthly payments can become a challenge. And missing payments or making late payments can have a negative impact on your credit score.
Here’s a look at the pros and cons of personal loans at a glance:
Pros of Personal Loans
Cons of Personal Loans
Wide range of loan amounts, usually between $1,000 and $100,000.
Interest rates may be higher than other types of loans, such as home equity loans or HELOCs.
Use of funds is flexible. Borrowers can use money from personal loans toward almost any purpose.
Fees and penalties can make borrowing more costly.
They are generally unsecured loans, which is beneficial to those who don’t want to put up collateral.
They increase your debt, potentially putting a strain on your budget.
When Can It Be a Good Idea to Get a Personal Loan?
So when is a personal loan a good idea?
Debt Consolidation
One reason to take out a personal loan is as a credit debt consolidation loan to pay down high interest credit card debt. The average credit card interest rate as of August 2024 is 27.62%. The current average personal loan interest rate, on the other hand, is 12.38% (if you have excellent credit you may pay less; if you have poor credit, you could pay more).
Consolidating high interest credit card debt with a lower-interest-rate personal loan may make your monthly payments more manageable and potentially save you money in interest payments over the life of the loan.
Using a personal loan to make improvements to your home may also be beneficial as home improvements can increase the value of your home, possibly offsetting the cost of borrowing.
When Can It Be a Bad Idea to Get a Personal Loan?
There are a number of cases when you may wonder if getting a loan is bad. Here’s a look at some situations when getting a personal loan may not be a good idea.
No Credit Check Loans
Most loans — including most personal loans — require a credit check. This helps your lender understand your creditworthiness, or how likely you are to repay your debts. Generally speaking, the healthier your credit, the more favorable your loan interest rates and terms. Those with poor or limited credit may find it difficult to qualify for a loan.
No credit check personal loans, on the other hand, look at your bank account balance or require you to pledge some asset as collateral to secure the loan.
The problem is that these loans also tend to be extremely expensive — interest rates can well exceed 100%, which is considered to be predatory. There’s a pretty good chance that borrowers who rely on no credit check loans won’t be able to pay their bills on time, which could trap them in a cycle of debt.
Before taking out a personal loan, consider whether there are cheaper alternatives. We’ve already mentioned home equity loans and HELOCs. You might also consider a no-interest credit card, which charges 0% interest for an introductory period typically lasting between 12 and 20 months. If you can pay off your debt in this time period, this may be a good option. But whatever balance you don’t pay off in time may revert to the card’s regular rate, which is likely high.
You Are Not Good at Managing Debt
If you’re not good at managing debt, think twice before taking on more. And if you use your personal loan to consolidate credit card debt, you’ll want to be careful about racking up new credit card bills.
Discretionary Spending
Borrowing money for discretionary spending, such as vacations or an engagement ring generally isn’t a good idea. While these things are nice, they are not necessarily worth jeopardizing your financial wellbeing. Instead of borrowing to pay for big-ticket items like these, you may be better off saving for them in advance as a part of your regular budget.
Borrowing Money for Investments
It’s generally not a good idea to borrow money to make investments. By nature, investments are risky, and you are not guaranteed a return. Should the investment lose money instead of gain, you’ll be responsible for paying off your debt regardless of the investment loss.
The Takeaway
So are personal loans bad? The answer depends on how you plan to use the loan. Personal loans can be useful tools for purposes like consolidating credit card debt, making home improvements, and more.
Any time you’re considering a loan, it’s important to understand if it will meet your needs, what it will cost you, and whether there are any better alternatives out there.
Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. Checking your rate takes just a minute.
SoFi’s Personal Loan was named NerdWallet’s 2024 winner for Best Personal Loan overall.
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SoFi Loan Products
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You might be wondering how easy it is to get approved for a $5,000 personal loan. In most cases, the process is straightforward and no collateral is required — though you might pay more in interest if your credit is poor. Overall, a $5,000 personal loan is a good way to access cash for unexpected bills and necessary expenses.
Learn more about the typical terms and requirements for a $5,000 personal loan.
Key Points
• A $5,000 personal loan provides a straightforward way to access cash for unexpected expenses without requiring collateral, though interest rates may vary based on credit scores.
• Flexible repayment terms allow borrowers to choose between lower monthly payments with longer terms or higher payments with shorter terms, catering to different financial situations.
• Borrowers should be cautious regarding origination fees, which can significantly increase the overall cost of the loan and may be as high as 15% of the loan amount.
• The average interest rates for personal loans differ based on credit quality, with higher rates for those with fair credit, potentially leading to substantial costs over the loan’s life.
• Shopping around for lenders is essential to find competitive interest rates and favorable terms, ensuring borrowers secure the best deal possible for their financial needs.
Pros of a $5,000 Personal Loan
A personal loan is money that you borrow from a bank, credit union, or online lender that you pay back in regular installments with interest, usually over about two to seven years. Personal loans have several advantages over high-interest credit cards, making them a good option for a variety of borrowers.
Popular uses for personal loans include consolidating debt, covering medical bills, and home repairs or renovations. Here’s a look at some of the pros of taking out a $5,000 personal loan.
Flexible Terms
With $5,000 personal loans, you can often choose the repayment terms to fit your budget. For example, you may be able to opt for a longer repayment term with a higher interest rate but a lower monthly payment, or you might be able to choose a shorter repayment term with a lower interest rate and a higher monthly payment.
No Collateral
Most personal loans are unsecured, meaning you aren’t required to provide collateral to be approved. That said, using collateral on a personal loan can increase your approval odds, especially if your credit is poor. Doing so could result in a larger loan amount, lower interest rate, and better terms.
Fixed Payments
The interest rate on a $5,000 personal loan is usually fixed, meaning your payments will stay the same for the life of the loan. Fixed payments are typically easier to budget for.
You’ll be going into debt when you take out a $5,000 loan, which is the biggest downside. If you struggle to repay the loan, you can end up in a worse financial position than before you took it on.
Origination Fees
Personal loans can have many fees, including origination fees. This fee is separate from the interest the loan charges and has no direct benefit to you as the borrower.
Some origination fees can be high, up to 15% of the loan principal. Even just a 5% fee on a $5,000 loan is $250 — just to receive the money. Fortunately, there are ways to avoid loan origination fees.
Interest Rates
While personal loan interest rates are usually lower than credit cards’, they can cost you hundreds (or even thousands) over the life of the loan.
Pros
Cons
Flexible terms: Choose the repayment terms that suit you.
Debt: Personal loans increase your debt and the risks that come with it.
No collateral: Most personal loans are unsecured.
Origination fees: Personal loans often have fees for borrowing money.
Fixed payments: Payments stay the same for the life of the loan
Interest: You’ll be charged interest, which can cost hundreds or thousands of dollars.
Requirements for a $5,000 Personal Loan
Requirements for a $5,000 loan vary by lender. But in general, you should have at least Fair credit, which is a score of 580 or above. Lenders may also look at other factors, such as your income and your debt-to-income ratio (DTI), during the application process.
Repayment terms for a $5,000 personal loan are usually in the range of two to seven years. The length of the repayment term will play a role in determining the monthly payment amount and the interest rate.
Your credit score will also affect the interest rate. For example, the average interest rate for personal loans is 10.73%-12.50% for those with Very Good or Excellent credit. However, if you have Fair credit, the average jumps to 117.80%-19.90%.
Payment on a $5,000 Personal Loan
The payment on a $5,000 personal loan depends on the interest rate and the loan term. For example, a two-year $5,000 personal loan with a 7.80% interest rate results in your paying $226 per month. This means you’ll pay $416.34 in total interest over the life of the loan.
If, on the other hand, you take out a three-year $5,000 loan at an interest rate of 15%, you’ll pay $173 per month. In this case, you’ll pay a total of $1,239.76 in interest over the life of the loan.
Many lenders offer $5,000 personal loans with competitive interest rates and flexible terms. However, you are still charged interest and often additional fees, so you’ll want to shop around for the best deal you qualify for.
Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. Checking your rate takes just a minute.
SoFi’s Personal Loan was named NerdWallet’s 2024 winner for Best Personal Loan overall.
FAQ
What credit score do I need for a $5,000 personal loan?
In most cases, the credit score needed for a personal loan is at least 580, considered a Fair credit score. If your score is lower than that, your borrowing opportunities will be limited. Lenders may also look at other factors, such as your income and your debt-to-income ratio (DTI), during the application process.
How much is the monthly payment for a $5,000 personal loan?
The amount you will pay per month on a $5,000 personal loan will depend on the loan’s interest rate and term (length of the loan). As an example, the monthly payment on a $5,000 personal loan with a 13% interest rate and a three-year term will be $168.
How can you get a $5,000 personal loan?
Getting a personal loan generally involves checking your credit, comparing lenders (including banks, credit unions, and online lenders), getting prequalified, and then submitting your application.
Photo credit: iStock/SDI Productions
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.
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.
Cash stuffing, also referred to as money stuffing, is a viral budgeting method that involves using cash to pay for things like gas, groceries, and other discretionary purchases. Popularized on TikTok, cash stuffing has become a hot money hack for curbing impulsive spending.
While it might look brand-new, money stuffing is an updated take on the cash envelope budgeting method. With the cash envelope method, you’re simply adding cash to different envelopes that represent individual budget categories.
Does cash stuffing keep you from overspending? And how do you get started? Here’s a closer look at how this budgeting trend works.
What Is Cash Stuffing?
Cash stuffing is a budgeting method that requires you to use cash for discretionary spending instead of a debit or credit card. You add cash to individual envelopes labeled with different categories and then use those funds to make purchases. Once the envelope is empty, you can’t spend any more money in that category until your new budget period (say, the next month or next pay period) begins.
The idea behind cash stuffing is to keep spending in check. It plays into the psychology of money, which suggests that spending cash is more painful mentally and emotionally. Also, using cash may make you more mindful about your spending. Perhaps, when you think about pulling out a 10-dollar bill to buy a bubble tea, you’ll decide it’s not really worth the expense (or at least not today).
Cash stuffing can be a way to help you spend less. It may be easy to swipe your debit or credit card without thinking about the dollar amount. That’s harder to do when you’re having to count out cash pulled from your wallet or bank account each time you want to spend.
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How Does Cash Stuffing Work?
Cash stuffing is a revamped version of the cash envelope method. In terms of the actual process, it works like this:
• First, you decide which budget categories you want to assign to your envelopes. For instance, you might include entertainment, coffee, and massages. (You can also use folders or pouches in a budget binder; whatever works for you is a good choice.)
• Next, figure out how much cash should be added to each envelope for the budgeting period.
• At the beginning of the budgeting period, you “stuff” each of your envelopes with the allotted amount of cash.
• Throughout the budgeting period, you spend down the cash in each envelope.
When you reach the end of the budgeting period, you start the process all over again. If you have cash left over from the previous period, you can roll it over or apply it to another financial goal, like building your emergency fund. That’s a plus if you struggle with finding motivation to save money.
Meanwhile, you’d still use your debit cards, credit card, or bank account to pay expenses not assigned to your cash envelopes. For example, you might set up an automatic payment from checking to cover your student loan payment and pay your electric bill online using your debit card.
Examples of Cash Stuffing
Cash stuffing is ideal for budgeting categories that are not fixed and may fluctuate from month to month. Some of the categories you might assign to your cash stuffing envelopes include the purely discretionary as well as those that combine needs and wants:
• Gas
• Groceries
• Clothing
• Personal care
• Entertainment
• Dining out
• Hobbies and recreation
• Extracurriculars, if you have kids
• Pet care
• Travel
• Gifts
• “Fun” money
You could also include a miscellaneous envelope to cover any expenses that don’t fit into another budget category.
Why Did Cash Stuffing Get So Popular?
Cash stuffing breathed new life into the cash envelope budgeting method largely thanks to social media. On TikTok, #cashstuffing and its related hashtags currently have about 3 billion views. There are countless clips of users, which largely include members of Gen Z, stuffing their monthly cash envelopes.
Part of the appeal of cash stuffing lies in its simplicity. Once you figure out your budgeting categories and envelopes for the month, all you have to do is repeat the process.
Cash stuffing can work with lots of different budget systems, including:
It can also be an easy way to save money if you’re disciplined about keeping track of your cash envelopes and curtailing unnecessary spending. Cash stuffing requires you to be intentional with where and how you spend, so you don’t run out of cash midway through the month.
People who struggle with using credit cards responsibly can reduce their odds of racking up high-interest debt, since they’re using cash to pay in place of plastic. Cash stuffing puts you in control of where your money goes, instead of leaving you to wonder at the end of the month where it all went.
Pros of Cash Stuffing
Cash stuffing has some advantages, especially for people who are navigating budgeting for beginners. You don’t have to be a member of Gen Z to appreciate its usefulness either.
Here are some of the main upsides of cash stuffing.
• It’s simple. Cash stuffing is an uncomplicated way to budget for discretionary expenses. All you need to get started is a stack of envelopes and some cash.
• Encourages saving. Stuffing cash envelopes can promote a savings habit if you’re challenging yourself to spend less than what you’ve allocated to individual budget categories. The money you don’t spend can be put into a savings account, perhaps one earmarked for your emergency fund.
• Track spending. As you spend down the cash in your envelopes, you can easily see at a glance how much cash you have left. You can write down each expense as you go to get an idea of where you tend to spend the most.
• Avoid debt. Minimizing your dependence on debt is key to creating a financial plan that works. The cash stuffing system can help you break away from credit cards if you’re reliant on them and help you learn to live within your means.
Cons of Cash Stuffing
Is cash stuffing right for everyone? Not necessarily, as there are some drawbacks to keep in mind.
• It’s time-consuming. Once you get your cash stuffing system in place, you can set it and forget it. But there is some upfront planning that’s required to get your system started, and you have to revisit it each month to restuff your envelopes.
• You could still overspend. There’s no rule that says you can’t dip into one cash envelope to cover expenses for another envelope. That could make it all too easy to blow your budget.
• Less protection. Losing a credit card or debit card is a pain, but there are built-in protections if someone uses your card to make unauthorized transactions. Cash, on the other hand, offers no such benefit. If you lose it or it’s stolen, it might be gone for good.
• Missed opportunities for growth. Saving money is a good thing, and the cash stuffing method could help you do that. But you could be missing out on earning a great interest rate if you’re keeping all of your money in cash, versus depositing some of it into a high-yield savings account.
Pros of Cash Stuffing
Cons of Cash Stuffing
Cash stuffing is a simple way to start budgeting money each month.
Setting up your cash stuffing system initially can take time.
It could help you build a savings habit if you have money left over each month.
Cash stuffing isn’t a guarantee that you won’t overspend.
Cash stuffing makes it easy to see where your money goes.
Carrying cash can put you at greater risk for theft or losing money.
Using cash to spend can help you avoid high-interest credit card debit.
Cash doesn’t have a chance to earn interest the way it would at a bank.
Tips on Getting Started With Cash Stuffing
If you’re ready to give cash stuffing a try, getting started isn’t that difficult. Here are a few tips for making the most of the cash stuffing budgeting method.
• Review your budget, and break down all of your individual spending categories.
• Decide which of those budget categories you want to use cash to pay for each month, noting which expenses you’ll pay for using your debit or credit card.
• Calculate how much cash you should assign to each category, based on how much you’ve spent on average in the previous three to six months.
• Choose the cash stuffing system that works best for you (i.e., cash envelopes, a budget binder, folders, etc.).
• Decide which day of the month you’ll stuff your envelopes, based on when you get paid.
It’s also a good idea to give yourself a cash cushion when setting up a cash stuffing system. Depending on how regular your paychecks are, it may take a pay cycle or two to get used to stuffing envelopes. Keeping a few hundred dollars extra in checking that you don’t touch can help you cover any gaps in your budget until you’ve found your cash stuffing groove.
Alternatives to Cash Stuffing
Cash stuffing is one way to track and manage spending each month. If you’d rather not carry around cash, you could still apply the same basic premise in a different way.
Here are some alternatives to cash stuffing.
• Use gift cards or prepaid debit cards. Instead of putting cash into separate envelopes, you could purchase gift cards for a set amount each month. For example, you might buy a gift card for $500 to your favorite grocery store in order to make a month’s worth of weekly food runs. That can keep you from overspending, without having to carry cash.
• Try a budgeting app. Budgeting apps sync with your bank account and credit card accounts to track your spending. They also allow you to divide up expenses into individual budget categories each month. You could set your categories then assign each one a dollar amount, but instead of using cash, you’d use your debit card to pay for those expenses instead. (Your bank’s app may offer tools to help with this.)
• Open a dedicated account. If you’d like to use a debit card to cover discretionary expenses, you might open a separate checking account just for that purpose. You could link it to the account where you deposit your paychecks, and then transfer over a set amount of money each payday. One thing to keep in mind, however, is that overspending could put you at risk of overdraft fees.
The Takeaway
Cash stuffing is one way to tackle the task of budgeting and to get in the habit of tracking spending regularly. It involves designating your discretionary spending categories, allocating your budget for those expenses, and then using cash (and only cash) to pay for those purchases. This can help you avoid overspending and high-interest credit card debt.
Having the right checking and savings account can help you manage your budget better, too.
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 4.00% APY on SoFi Checking and Savings.
FAQ
Is cash stuffing better than debit cards?
Cash stuffing can be better than using debit cards in the sense that it forces you to keep track of what you spend. Using cash to pay requires you to be intentional or mindful with your money since you don’t have an unlimited amount of money to work with.
Is cash stuffing better than credit cards?
Cash stuffing can be preferable to credit cards if you’re worried about accumulating high-interest debt. When you pay with a credit card, you’re using the credit card company’s money, which has to be repaid later with interest. When you pay with cash, you’re not creating debt or incurring interest charges.
Is cash stuffing a fad or a long-term strategy?
Cash stuffing has become a viral trend, but the idea behind it is a tried and true budgeting method. It’s possible to use cash stuffing or cash envelope budgeting for the long-term to manage your money and keep tabs on what you’re spending each month.
SoFi members with direct deposit activity can earn 4.00% 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.
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A spousal IRA gives a non-working spouse a way to build wealth for retirement, even if they don’t have earned income of their own.
Spousal IRAs can be traditional or Roth accounts. What distinguishes a spousal IRA is simply that it’s opened by an income-earning spouse in the name of a non-working or lower-earning spouse.
If you’re married and thinking about your financial plan as a couple, it’s helpful to understand spousal IRA rules and how you can use these accounts to fund your goals.
🛈 Currently, SoFi does not offer spousal IRAs to members.
What Is a Spousal IRA?
A spousal IRA is an IRA that’s funded by one spouse on behalf of another. This is a notable exception to the rule that IRAs must be funded with earned income. In this case, the working spouse can make contributions to an IRA for the non-working spouse, even if that person doesn’t have earned income.
The couple must be married, filing jointly, in order for the working spouse to be able to fund a spousal IRA.
For example, say that you’re the primary breadwinner for your family, and perhaps your spouse is a stay-at-home parent or the primary caregiver for their aging parents, and doesn’t have earned income. As long as you have taxable compensation for the year, you could open a spousal IRA and make contributions to it on your spouse’s behalf.
Saving in a spousal IRA doesn’t affect your ability to save in an IRA of your own. You can fund an IRA for yourself and an IRA for your spouse, as long as the total contributions for that year don’t exceed IRA contribution limits (more on that below), or your total earnings for the year.
Spousal IRAs work much the same as investing in other IRAs, in that they make it possible to save for retirement in a tax-advantaged way. The rules for each type of IRA, traditional and Roth, also apply to spousal IRAs.
What’s different about a spousal IRA is who makes the contributions. If you were to open an IRA for yourself, you’d fund it from your taxable income. When you open an IRA for your spouse, contributions come from you, not them.
It’s also important to note that these are not joint retirement accounts. Your spouse owns the money in their IRA, even if you made contributions to it on their behalf.
The IRS sets the rules for IRAs, which also govern spousal IRAs. These rules determine who can contribute to a spousal IRA, how much you can contribute, how long you have to make those contributions, and when you can make withdrawals.
Eligibility
Married couples who file a joint tax return are eligible to open a spousal IRA for the non-working spouse. As long as one spouse has taxable compensation and, in the case of a Roth IRA, they meet income restrictions, they can open an IRA on behalf of the other spouse.
Taxable compensation includes money earned from working, such as wages, salaries, tips, or bonuses. Generally, any amount included in your income is taxable and must be reported on your tax return unless it’s excluded by law.
One of the most common IRA questions is how much you can contribute each year. Spousal IRAs have the same contribution limits as ordinary traditional or Roth IRAs. These limits include annual contribution limits, income caps for Roth IRAs, and catch-up contributions for savers 50 or older.
For tax-year 2024, you can contribute up to $7,000 to a traditional or Roth IRA; if you’re 50 or older you can add another $1,000 (the catch-up contribution) for a total maximum of $8,000.
Remember, you can fund a spousal contribution as well as your own IRA up to the limit each year, assuming you’re eligible. That means for the 2024 tax year, a 35-year-old couple could save up to $14,000 in an individual and a spousal IRA.
A 50-year-old couple can take advantage of the catch-up provision and save up to $16,000.
Contribution Limits for Traditional and Roth IRAs
There are a couple of rules regarding contribution limits; these apply to ordinary IRAs and spousal IRAs alike.
• First, the total contributions you can make to an individual IRA and/or spousal IRA cannot exceed the total taxable compensation you report on your joint tax return for the year.
• If neither spouse is covered by a workplace retirement account, contributions to a traditional spousal IRA would be deductible. If one spouse is covered by a workplace retirement account, please go to IRS.gov for details on how to calculate the amount of your contribution that would be deductible, if any.
There is an additional restriction when it comes to Roth IRAs. Whether you can make the full contribution to a spousal Roth IRA depends on your modified adjusted gross income (MAGI).
• Married couples filing jointly can contribute the maximum amount to a spousal Roth IRA for tax year 2024 if their MAGI is less than $230,000.
• They can contribute a partial amount if their income is between $230,000 and $240,000.
• If a couple’s income is $240,000 or higher, they are not eligible to contribute to a Roth or spousal Roth IRA.
Contribution Deadlines
The annual deadline for making an IRA contribution for yourself or a spouse is the same as the federal tax filing deadline. For example, the federal tax deadline for the 2024 tax year is April 15, 2025. You’d have until then to open and fund a spousal IRA for the 2024 tax year.
Filing a tax extension does not allow you to extend the time frame for making IRA contributions.
Withdrawal Rules
Spousal IRAs follow the same withdrawal rules as other IRAs. How withdrawals are taxed depends on the type of IRA and when withdrawals are made.
Here are a few key spousal IRA withdrawal rules to know:
• Qualified withdrawals from a traditional spousal IRA are subject to ordinary income tax.
• Early withdrawals made before age 59 ½ may be subject to a 10% early withdrawal penalty, unless an exception applies (see IRS rules).
• Spouses who have a traditional IRA must begin taking required minimum distributions (RMDs) at age 72, or 73 if they turned 72 after Dec. 31, 2022. Roth IRAs are not subject to RMDs, unless it’s an inherited Roth IRA.
• Roth IRA distributions are tax-free after age 59 ½, as long as the account has been open for five years, and original Roth contributions (i.e., your principal) can always be withdrawn tax free.
• A tax penalty may apply to the earnings portion of Roth IRA withdrawals from accounts that are less than five years old.
Whether it makes more sense to open a traditional or Roth IRA for a spouse can depend on where you are taxwise now, and where you expect to be in retirement.
Deducting contributions may help reduce your taxable income, which is a good reason to consider a traditional IRA. On the other hand, you might prefer a Roth IRA if you anticipate being in a higher tax bracket when you retire, as tax-free withdrawals would be desirable in that instance.
Spousal IRAs can help married couples to get ahead with saving for retirement and planning long-term goals, but there are limitations to keep in mind.
Pros of Spousal IRAs
• Non-working spouses can save for retirement even if they don’t have income.
• Because they’re filing jointly, couples would mutually benefit from the associated tax breaks of traditional or Roth spousal IRAs.
• Spousal IRAs can add to your total retirement savings if you’re also saving in a 401(k) or similar plan at work.
• The non-working spouse can decide when to withdraw money from their IRA, since they’re the account owner.
Cons of Spousal IRAs
• Couples must file a joint return to contribute to a spousal IRA, which could be a drawback if you typically file separately.
• Deductions to a spousal IRA may be limited, depending on your income and whether you’re covered by a retirement plan at work.
• Income restrictions can limit your ability to contribute to a spousal Roth IRA.
• Should you decide to divorce, that may raise questions about who should get to keep spousal IRA assets (although the spousal IRA itself is owned by the non-working spouse).
Spousal IRAs, Traditional IRAs, Roth IRAs
Because you can open a spousal IRA that’s either a traditional or a Roth style IRA, it helps to see the terms of each. Remember, spouses have some flexibility when it comes to IRAs, because the working spouse can have their own IRA and also open a spousal IRA for their non-working spouse. To recap:
• Each spouse can open a traditional IRA
• If eligible, each spouse can open a Roth IRA
• One spouse can open a Roth IRA while the other opens a traditional IRA.
Bear in mind that the terms detailed below apply to each spouse’s IRA.
Spousal IRA
Traditional IRA
Roth IRA
Who Can Contribute
Spouses may contribute to a traditional or Roth spousal IRA, if eligible.
Roth spousal IRA eligibility is determined by filing status and income (see column at right).
Anyone with taxable compensation.
Eligibility to contribute determined by tax status and income. Married couples filing jointly must earn less than $240,000 to contribute to a Roth.
2024 Annual Contribution Limits
$7,000; $8,000 for those 50 and up (note that each spouse can have an IRA and contribute up to the annual limit)
$7,000; $8,000 for those 50 and up
$7,000; $8,000 for those 50 and up.
Tax-Deductible Contributions
Yes, for traditional spousal IRAs*
Yes*
No
Withdrawals
Withdrawal rules for both types of spousal IRAs are the same as for ordinary IRAs (see columns at right).
Qualified distributions are taxed as ordinary income.
Taxes and a penalty apply to withdrawals made before age 59 ½ , unless an exception applies, per IRS.gov.
Original contributions can be withdrawn tax free at any time (but not earnings).
Distributions of earnings are tax free at 59 ½ as long as the account has been open for 5 years.
Required Minimum Distributions
Yes, for traditional spousal IRAs. RMDs begin at age 72**
Yes, RMDs begin at age 72**
RMD rules don’t apply to Roth IRAs.
* Deduction may be limited, depending on your income and whether you or your spouse are covered by a workplace retirement plan.
** You must take withdrawals from a traditional IRA once you reach 72 (or 73, if you turn 72 in 2023 or later).
Opening a spousal IRA is similar to opening any other type of IRA. Here’s what the process involves:
• Find a brokerage. You’ll first need to find a brokerage that offers IRAs; most will offer spousal IRAs. When comparing brokerages, pay attention to the investment options offered and the fees you’ll pay.
• Open the account. To open a spousal IRA, you’ll need to set it up in the non-working spouse’s name. Some of the information you’ll need to provide includes the non-working spouse’s name, date of birth, and Social Security number. Be sure to check eligibility rules.
• Fund the IRA. If you normally max out your IRA early in the year, you could do the same with a spousal IRA. Or you might prefer to space out contributions with monthly, automated deposits. Be sure to contribute within eligible limits.
• Choose your investments. Once the spousal IRA is open, you’ll need to decide how to invest the money you’re contributing. You may do this with your spouse or allow them complete freedom to decide how they wish to invest.
As long as you file a joint tax return, you can open a spousal IRA and fund it. It doesn’t necessarily matter whether the money comes from your bank account, your spouse’s, or a joint account you share. If you’re setting up a spousal IRA, you can continue contributing to your own account and to your workplace retirement plan if you have one.
The Takeaway
Spousal IRAs can make it easier for couples to map out their financial futures even if one spouse doesn’t work. The sooner you get started with retirement saving, the more time your money has to grow through compounding returns.
FAQ
What are the rules for a spousal IRA?
Spousal IRA rules allow a spouse with taxable compensation to make contributions to an IRA on behalf of a non-working spouse. The non-working spouse owns the spousal IRA and can decide how and when to withdraw the money. Spousal IRA withdrawals are subject to the same withdrawal rules as traditional or Roth IRAs, depending on which type of account has been established.
Is a spousal IRA a good idea?
A spousal IRA could be a good idea for married couples who want to ensure that they’re investing as much money as possible for retirement on a tax-advantaged basis. In theory, a working spouse can fund their own IRA as well as a spousal IRA, and contribute up to the maximum amount for each.
Can I contribute to my spouse’s traditional IRA if they don’t work?
Yes, that’s the idea behind the spousal IRA option. When a wife or husband doesn’t have taxable income, the other spouse can make contributions to a spousal traditional IRA or Roth IRA for them. The contributing spouse must have taxable compensation, and the amount they contribute each year can’t exceed their annual income amount or IRA contribution limits.
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Checking accounts are designed for everyday money management and make it easy to pay bills, either online or via debit card or check. Savings accounts, on the other hand, are set up for saving rather than spending. These accounts typically pay a higher interest rate on your balance to incentivize saving, and don’t provide the same ease of access as checking accounts.
That said, it’s possible to pay bills using your savings account. Whether or not you should, however, is another question. Here’s a look at when and how you might use your savings account to cover bills, whether it’s a one-off expense or a recurring payment.
How to Pay Bills From Your Savings Account
Since savings accounts aren’t set up for covering regular expenses, they don’t come with checks or a debit card. However, there are some other ways to pay bills with a savings account. Here are some to consider:
Withdraw Cash
If you’re able to pay a bill in cash, you can withdraw it from your savings account at an ATM using your ATM card or, if you also have a checking account at that bank, your debit card. To avoid fees, be sure you use an ATM that’s in your bank’s network. Also keep in mind that banks typically allow a maximum of $500 to $1,000 to be withdrawn at an ATM per day. You can withdraw more cash by going to a teller to make the withdrawal.
Make a Transfer
A simple way to use your savings account to pay a bill is to transfer the needed amount into your checking account, then make the payment from there. You can typically make this kind of transfer by using your banking app, logging into your account online, or visiting a local branch.
If your checking and savings accounts are at the same bank, the transfer is usually immediate. If your savings account is at a different financial institution than your checking account, it may take up to three days to post.
In some cases. you may be able to set up a direct recurring payment from your savings account to a company or service provider, such as your credit card issuer or utility company. To do this, you’ll need to supply the billing company with the routing and account number for your savings account. Once the account is authorized, that company can then debit funds from your savings account.
Keep in mind, however, that some billing companies do not allow automatic debits to come from savings accounts. Plus, some financial institutions don’t permit this type of transaction.
Get a Cashier’s Check
For a large, one-time bill, you might consider using a cashier’s checks. This type of check looks and works like a typical check, except it’s written by a bank or credit union for withdrawal from the institution’s account, instead of the customer’s personal funds. Because the financial institution guarantees the check, it’s considered a highly secure form of payment.
To use a cashier’s check to pay a bill with a savings account, you’ll need to visit your bank or credit union and purchase the check using funds from your savings account. Financial institutions typically charge a fee for cashier’s checks.
Earn up to 4.00% APY with a high-yield savings account from SoFi.
No account or monthly fees. No minimum balance.
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What Else Are Savings Accounts Used For?
Savings accounts work well for storing and growing funds you don’t need immediately but plan to use some time in the next few months or years.
Since these accounts keep your money safe and accessible, they are ideal for building your emergency fund. A general rule of thumb is to keep at least three to six months’ worth of living expenses parked in a separate savings account that earns a competitive return, such as a high-yield savings account. When an emergency or unexpected expense comes up, you can then easily access those funds and immediately have the cash you need to deal with the problem.
Savings accounts also work well for short-term savings goals, such as paying for a vacation, new car, or home improvement project. For longer-term goals like retirement or a child’s college education, however, you’re likely better off investing your funds in the market, which involves risk but can provide greater returns over the long term.
Tips for Getting the Most Out of Your Savings Account
• Select a high-yield or high-interest savings account. If your money is sitting in an account, earning as much interest on it as you can maximizes your cash.
• Set some specific savings goals. Understanding why you want to save money, whether it’s for a home, a vacation, or an emergency fund, can help you stay motivated to stick to your savings plan.
• Try to minimize withdrawals. To make sure your savings account grows, rather than shrinks, try to limit everyday spending to the money you have available in your checking account.
• Automate savings. To reach your savings goals faster, consider setting up a recurring transfer from checking to savings for a set day each month, ideally right after your paycheck clears.
Consequences of Paying Bills With Your Savings Account
In the past, the Federal Reserve has limited the number of transfers or withdrawals from a savings account to six per statement period under a rule called Regulation D. In response to the coronavirus pandemic, however, the Federal Reserve Board lifted the six-per-month limit. While some banks and credit unions have since loosened restrictions, many have chosen to continue imposing transaction limits. Exceeding the limit can result in a fee or, if it happens repeatedly, conversion or closure of your account.
Even if your bank doesn’t limit savings account transactions, using a savings account to pay bills generally isn’t as easy or convenient as using a checking account. Moreover, using your savings account for bill payments can reduce your balance, impacting your ability to earn interest and save for future goals.
Alternative Ways to Pay Your Bills
If you prefer to keep your savings account strictly for saving. Here are some other ways you can pay your bills:
Check
While it’s possible to pay bills from your savings account, it’s generally not the most practical or cost-effective. Savings accounts are designed for saving money and earning interest, making them better suited for short-term saving goals rather than daily expenses.
That said, there may be times when you need to tap your savings to make a payment. In those instances, withdrawing cash or transferring money to a checking account are generally the most convenient ways to spend the money in your savings account.
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 4.00% APY on SoFi Checking and Savings.
FAQ
What ways can you spend using your savings account?
You can spend money from your savings account by withdrawing cash at an ATM, transferring funds to your checking account (and spending them from there), getting a cashier’s check, and, if your bank allows it, through direct online payments.
Why is it difficult to pay bills with your savings account?
Savings accounts are primarily designed for storing funds and earning interest, not for frequent transactions. As a result, many banks impose restrictions and fees to discourage the use of savings accounts for regular bill payments and everyday spending.
Can you pay direct debit from a savings account?
It depends on your bank and who you are trying to pay. In some cases, it’s possible to set up a direct debit from a savings account to a payee. However, some billing companies only permit direct debits from checking accounts, and many banks block this type of transaction.
Even if you are able to set up autopay through your savings account, you’ll also want to keep in mind that banks often limit transactions from savings accounts to six per month. Automatic debits could cause you to exceed your limit, resulting in fees and, in extreme cases, closure of your account.
*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.
SoFi members with direct deposit activity can earn 4.00% 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 4.00% 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 4.00% 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.
Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.
Interest rates are variable and subject to change at any time. These rates are current as of 12/3/24. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.
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.
