30 Best High Paying Good Jobs For Extroverts That Pay Well in 2023

25 Best Jobs for Extroverts That Pay Well

The right career is one that capitalizes on an individual’s unique combination of skills, interests, and personality. Extroverts, for instance, tend to flourish in certain jobs and industries that introverts may not care for. And the worst jobs for extroverts are likely ones that attract introverts.

For all you extroverts out there, we’ve rounded up dozens of well-paying jobs that would be lucky to have you on board.

Key Points

•   Extroverts thrive in careers that leverage their social skills and preference for group settings.

•   Jobs well-suited for extroverts often involve significant interaction and collaboration with others.

•   Career options for extroverts range from insurance sales agents to high school teachers, each requiring different levels of education and training.

•   Many roles ideal for extroverts, such as public relations specialists and human resources managers, offer competitive salaries.

•   Extroverts are likely to excel in positions where communication and interpersonal skills are crucial for success.

How to Know If You Are an Extrovert

Before we look at jobs for extroverts that pay well, it’s important to understand what an extrovert is. An extrovert is someone who draws their energy from the outside world. Extroverts often feel comfortable in group settings and social situations. They tend to make good leaders because they enjoy working with people.

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Common Characteristics of Extrovert Jobs

Good jobs for extroverts are ones that involve working with other people to solve problems. Because extroverts thrive on the energy they get from connecting with others, they tend to do well in jobs that require a lot of collaboration and human interaction.

On the other hand, good jobs for introverts allow them to focus intensely without interruptions from colleagues.

Do Extroverts Make More Money Than Introverts?

Being an extrovert can lead to a high-paying career. But extroverts don’t necessarily make more money than introverts. Education level, age, experience, and career choice can all greatly impact how much someone earns. Even your location factors in, as high-paying jobs vary by state.


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30 Best Jobs for Extroverts That Pay Well

What jobs are good for extroverts? Anyone looking to start a career or switch careers might consider one of these well-paying jobs for extrovert personalities. This list includes both jobs that don’t require college and those that do. Some even offer six-figure salaries.

Recommended: What Trade Makes the Most Money?

1. Insurance Sales Agent

Median Pay: $57,860 per year

Job Growth Outlook: 6%

Job Description: Work in an office or travel to meet clients. The role also has potential as a work-at-home job for retirees.

Requirements: High school diploma or equivalent

Duties:

•   Build relationships with potential customers

•   Sell insurance policies

•   Answer product questions

2. Musician and Singer

Median Pay: $39.14 per hour

Job Growth Outlook: 1%

Job Description: Perform music in a studio or live setting for an audience. Professionals can make union wages or charge by the song or performance.

Requirements: No formal educational credential

Duties:

•   Play instruments live or in studio

•   Sing songs live

•   Record songs

3. Actor

Median Pay: $17.94 per hour

Job Growth Outlook: 3%

Job Description: Perform in a live setting or for film and television recordings. Professionals make union wages.

Requirements: Professional or on-the-job training

Duties:

•   Perform in live theater

•   Promote products in commercials

•   Act in movies and television shows

4. High School Teacher

Median Pay: $62,360 per year plus excellent benefits

Job Growth Outlook: 1%

Job Description: Teach academic lessons to high school students and prepare them for college or the job market.

Requirements: Bachelor’s degree

Duties:

•   Prepare lesson plans

•   Teach students in a classroom

•   Grade papers

5. Human Resources Manager

Median Pay: $130,000 per year

Job Growth Outlook: 5%

Job Description: Plan and coordinate the administrative functions of a workplace.

Requirements: Bachelor’s degree

Duties: Work in office environments to help recruit and retain talent, and achieve business goals.

•   Recruit and hire employees

•   Make decisions about competitive pay and benefits

•   Mediate workplace conflicts

Recommended: Is $100,000 a Good Salary?

6. Public Relations Specialist

Median Pay: $67,440 per year

Job Growth Outlook: 6%

Job Description: Develop and maintain the public image of the individuals and businesses they represent. Those with high-profile clients tend to earn the most.

Requirements: Bachelor’s degree

Duties:

•   Write press releases

•   Create public image strategies

•   Provide damage control in crisis situations

7. Physician and Surgeon

Median Pay: $229,300 per year

Job Growth Outlook: 3%

Job Description: Diagnose and treat illnesses and injuries.

Requirements: Medical doctor degree

Duties:

•   Diagnose illnesses

•   Prescribe medications

•   Perform surgeries

Recommended: Is $100,000 a Good Salary?

8. Barber and Hairstylist

Median Pay: $33,400 per year plus tips

Job Growth Outlook: 8%

Job Description: Cut, color, and style client hair. Stylists at higher-end salons can make good money in salary and tips.

Requirements: Postsecondary nondegree award

Duties:

•   Cut and color hair

•   Style hair for special events

•   Provide other appearance services such as shaving

9. Bartender

Median Pay: $29,380 per year plus tips

Job Growth Outlook: 3%

Job Description: Mix and serve cocktails, wine, and beer to customers. Bartenders at higher-end establishments make most of their money in tips.

Requirements: No formal educational credential

Duties:

•   Mix and serve drinks

•   Offer beverage recommendations

•   Track inventory

10. Skincare Specialist

Median Pay: $38,060 per year plus tips

Job Growth Outlook: 9%

Job Description: Provide face and body treatments to clients in a spa or salon setting.

Requirements: State-approved cosmetology or esthetician license

Duties:

•   Assess clients’ skin needs

•   Offer skincare services like facials

•   Consult on skincare regimens

11. Dentist

Median Pay: $159,530 per year

Job Growth Outlook: 4%

Job Description: Diagnose and treat dental problems.

Requirements: Doctoral degree

Duties:

•   Treat patients’ gums, teeth, and mouth

•   Create treatment plans

•   Check for cavities and other dental issues

12. Registered Nurse

Median Pay: $81,220 per year

Job Growth Outlook: 6%

Job Description: Provide patient care.

Requirements: Bachelor’s degree and professional licensing

Duties:

•   Provide care in hospitals, physicians’ offices, home healthcare settings, and nursing care facilities

•   Communicate with patients about their needs

•   Educate patients and the public about health conditions

13. Waiter

Median Pay: $29,120 per year plus tips

Job Growth Outlook: -3% (decline)

Job Description: Take customer orders and serve food and drinks. Waiters at higher-end restaurants and catering companies can make a decent salary and excellent tips.

Requirements: Relevant work experience

Duties:

•   Take orders from customers

•   Serve food and drinks

•   Keep a clean and organized work environment

Recommended: What Trade Makes the Most Money?

14. DJ

Median Pay: $20.46 per hour

Job Growth Outlook: -4% (decline)

Job Description: Act as an emcee for events such as weddings and award ceremonies. Popular DJs can earn hefty appearance fees for a few hours of work.

Requirements: Relevant work experience

Duties:

•   Play music

•   Create playlists

•   Host events

15. Political Scientist

Median Pay: $128,020 per year

Job Growth Outlook: 7%

Job Description: Study the origin, development, and operation of political systems and plan political strategies.

Requirements: Master’s degree

Duties:

•   Study political systems

•   Create reports and presentations

•   Consult on strategy

16. Advertising Sales Agent

Median Pay: $58,450 per year

Job Growth Outlook: -7% (decline)

Job Description: Sell advertising space to businesses. Many sales agents work on commission and can bring in high incomes.

Requirements: Relevant work experience

Duties:

•   Sell advertising space for radio, television, newspapers, and other media platforms

•   Meet sales quotas

•   Maintain client relationships

17. Real Estate Broker and Sale Agent

Median Pay: $52,030 per year

Job Growth Outlook: 3%

Job Description: Assist clients in the buying and selling of real estate. Successful agents can make big commissions on home sales.

Requirements: High school diploma or equivalent

Duties:

•   Help clients find properties

•   Negotiate sales contracts

•   Host open houses

18. Interpreter and Translator

Median Pay: $53,640 per year

Job Growth Outlook: 4%

Job Description: Convert information from one language into another.

Requirements: Bachelor’s degree

Duties:

•   Translate between languages for a variety of organizations

•   Speak simultaneous translations during meetings

•   Translate documents, such as books and business materials

19. Advertising, Promotions, and Marketing Manager

Median Pay: $138,730 per year

Job Growth Outlook: 6%

Job Description: Plan advertising and marketing efforts to generate interest in a business’s products and services.

Requirements: Bachelor’s degree

Duties:

•   Develop marketing campaigns

•   Create special promotions

•   Oversee the creation of advertisements

20. Flight Attendant

Median Pay: $63,760 per year

Job Growth Outlook: 11%

Job Description: Assist passengers and respond to safety issues and emergencies.

Requirements: High school diploma or equivalent and certification from the Federal Aviation Administration

Duties:

•   Navigate safety issues

•   Serve food and beverages

•   Assist with putting away luggage

21. Lawyer

Median Pay: $135,740 per year

Job Growth Outlook: 8%

Job Description: Advise and represent businesses, government agencies, and individuals on legal matters.

Requirements: Law degree and passing a state bar exam

Duties:

•   Advise clients

•   Represent clients in court

•   Review and draft contracts

22. Physical Therapist Assistant

Median Pay: $57,240 per year

Job Growth Outlook: 19%

Job Description: Help patients regain movement and manage pain after an illness or injury

Requirements: On-the-job training

Duties:

•   Set up equipment

•   Care for patients

•   Work with physical therapists to help patients make progress

23. Marriage and Family Therapist

Median Pay: $56,570 per year

Job Growth Outlook: 15%

Job Description: Work with couples and families to resolve relationship challenges.

Requirements: Master’s degree

Duties:

•   Provide counseling to patients

•   Help mediate conflict

•   Offer mental health support

24. Interior Designer

Median Pay: $61,590 per year

Job Growth Outlook: 4%

Job Description: Work with individuals or businesses to plan, source, and arrange decor.

Requirements: Bachelor’s degree

Duties:

•   Make indoor spaces functional and aesthetically pleasing

•   Consult with clients

•   Choose essential and decorative objects

25. Career Counselor

Median Pay: $60,140 per year

Job Growth Outlook: 5%

Job Description: Help clients choose a career path.

Requirements: Master’s degree and licensure for career counselors and advisors in some states

Duties:

•   Guide clients toward appropriate career paths

•   Interview prep

•   Review resumes and cover letters



💡 Quick Tip: Income, expenses, and life circumstances can change. Consider reviewing your budget a few times a year and making any adjustments if needed.

The Takeaway

There are many jobs for extroverts that pay well, from business roles to creative performers. Many jobs don’t offer traditional salary or hourly wages; instead, a large portion of income is made through commission or tips. Some of the jobs we list require college degrees or professional certifications, but many only require a high school diploma or on-the-job training.

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With SoFi, you can keep tabs on how your money comes and goes.

FAQ

What jobs are good for an extrovert?

Many jobs that are a good fit for extroverts are those that involve working with clients or patients in a collaborative setting, such as doctor, lawyer, or hairstylist.

What is the most fun, high-paying job?

A lot of fun, rewarding jobs pay well. For example, a bartender at a high-end restaurant can earn hundreds of dollars a night in tips.

What odd job makes the most money?

A job many people may not expect to make a lot of money is political scientist. This career path can lead to a median annual salary of $128,020.


About the author

Jacqueline DeMarco

Jacqueline DeMarco

Jacqueline DeMarco is a freelance writer who specializes in financial topics. Her first job out of college was in the financial industry, and it was there she gained a passion for helping others understand tricky financial topics. Read full bio.



Photo credit: iStock/Harbucks

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Low-Cost Hobbies That Are Fun and Inexpensive

Low-Cost Hobbies That Are Fun and Inexpensive

Too often, free time winds up costing us money, whether that means going to the movies, hitting the mall, or paying for an in-demand yoga class. But the truth is, passing time outside of work doesn’t have to be expensive.

Having hobbies can be a smart, creative, and moneywise way to fill your free time. The best endeavors are those that ignite a real passion and that we can’t wait to pursue. And there are numerous hobbies that don’t require investing a lot of money in equipment, materials, or training to get started.

Here, we have compiled a list of 19 fun, fulfilling pursuits that are also typically very affordable.There’s every chance that you will find at least a couple of these inexpensive hobbies to pique your interest.

Questions to Ask Before Starting a Hobby

Before you begin a new hobby, you may want to ask yourself the following questions.

What Is the Cost of the Hobby?

There are many inexpensive hobbies to choose from, so a good place to start is by making a list of the hobbies that spark your interest. From there, you can do some research to determine what the cost of the hobby is and if it fits into your budget (or if you need to pursue a less expensive pastime for now). Something with very specialized instruction, like making gold jewelry or blowing glass, is likely to push your budget limits. You might want to aim for more accessible pursuits to start.

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Is This Hobby Worth It?

No matter what the price tag of the hobby is, it can be helpful to think about whether or not the costs associated with the hobby are worth the enrichment and enjoyment the pursuit can bring to your life. Some hobbies may cost more, but may also give a higher return on investment if they offer an incredible experience and turbocharge your mood.

What Are the Benefits?

While most hobbies are fun, they can also bring a lot more to the table than just a good time. When evaluating hobbies, it can be helpful to think of what other benefits are associated with them. For example, a fitness-based pursuit is good for your health. Gardening can be a terrific way to connect with nature and clear your head. And a creative endeavor, like painting or photography, can wind up turning into a part-time job or lucrative side hustle.

Could This Hobby Be Cheaper?

If you are considering a hobby and are concerned about cost, you don’t necessarily have to limit yourself only to what would be classified as a cheap pastime. You might instead dive into what speaks to you but find a way to make it less costly.

For example, if you want to ride horses (which can be a very expensive hobby), you could pay to ride a horse by the hour at a local stable instead of buying a horse and paying for all of its care, food, and housing. Or you might find that volunteering at a local stable occasionally earns you some free time on horseback.

Recommended: 39 Passive Income Ideas to Build Wealth in 2022

Will This Hobby Hurt Future Finances?

When considering a hobby, it’s a good idea to take into account what the average cost per month will be. For instance, if you want to take up skiing, consider how it might affect future finances:

•   What equipment will you need?

•   How much will lessons cost and how many will you likely need?

•   What kind of transportation costs will be involved in pursuing skiing?

If a hobby is likely to drain your emergency savings or cause you to take on credit card debt, then it may be too expensive to pursue. Instead, you may want to do some research into more affordable hobby ideas (there’s plenty of inspiration below.)

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19 Hobbies That Are Fun and Inexpensive

A cheap hobby can be just as fun and rewarding as an expensive hobby. Let’s take a look at some inexpensive yet highly enjoyable pastimes.

1. Gardening

Spending time outdoors feels good; research has shown it can improve your mood, putting you in a more positive, peaceful frame of mind. Gardening is also a great way to make your home more attractive and enjoyable to spend time in. Try planting flower seeds in window boxes or creating a windowsill herb garden to start.

2. Camping

Travel can be an expensive hobby, but camping can be done on a budget and scratch that travel itch. After all, renting a campsite for a night is typically cheaper than booking a hotel. Plus the sound of the birds and the view of the constellations at night can be priceless.

3. Discovering New Music

Instead of going to see only famous musicians play at large stadiums (ka-ching), try a creative way to save some money and check out some more affordable and unique local musicians. You’ll support the local music scene, get out of the house, and enjoy live entertainment in one fell swoop. What’s more, many towns have free concerts in warmer weather.

4. Cooking

Learning to cook well is not only an affordable hobby, it’s also a great way to save money on food by making you less tempted to dine out. There are many ways to do this, including taking low-cost local classes, watching free videos on YouTube or public broadcasting shows, and simply looking up recipes online and teaching yourself some new skills.

5. Painting

There’s no reason we need to leave arts and crafts behind once we finish elementary school. Spending some quiet time with a paintbrush in hand can be very relaxing. Whether you use oils, acrylics, or watercolors is totally up to you, as is the subject matter — which could be anything from a self-portrait to a landscape to an abstract canvas. Again, you can find videos online, inexpensive books, and local classes that will teach you how to use basic materials in new ways.

6. Drawing

Drawing is a way to tap into your artistic side and only requires paper and a pencil. Or you might choose to buy a basic set of pastels or charcoal sticks (a dozen will set you back just a few dollars; perfect for trying out new shading techniques).

7. Working Out and Exercising

Walking, swimming in a lake, or playing pickleball are all fun, inexpensive hobbies that can help keep you fit and healthy. While some fitness pursuits, like private Pilates lessons, can be pricey, there are also options that are absolutely free. (But if Pilates calls to you, check out free online videos first.)

8. Starting a Podcast

Are you passionate about a topic, say, local politics, fiction, or travel? Starting a podcast can help you share your knowledge and find a community with similar interests. This can be a low-cost project; if you have a computer, you can get started experimenting. You can then decide if you want to invest in a microphone, editing software, and a podcast hosting platform.

9. Learning Smartphone Photography

Photography was once an expensive hobby, but you can skip all the pricey equipment and learn to get really good at smartphone photography. You may find that local nature centers offer free classes in photographing nature or wildlife. Simply shooting local architecture, bicycle races, and other areas of interest and playing with cropping and filtering can unleash your creativity.

10. Learning an Instrument

Another creative outlet is learning to play a musical instrument. If you have an instrument gathering dust, brush it off. Or check local Facebook groups, Craigslist, and freecycle sites to find one on the cheap.

11. Volunteering

Giving to the community may not feel like a hobby, but choosing a cause that matters to you — such as volunteering with animals or tutoring school-age kids — can be completely engaging.

12. Visiting a Museum

Interested in becoming an art connoisseur? Museums change their exhibits all the time. Consider signing up for a membership to get exclusive invites to new exhibits and special events. Or scope out which nights or days offer free admission; many museums offer this kind of perk. Local gallery openings are another option that’s free and fun and can elevate your knowledge of and interest in the arts.

13. Learning to Dance

You know what the song says about “the rhythm’s gonna get you.” Why not indulge or jump-start your love of dance? Whether it’s at home or in a dance club, you can start simply by hitting the floor. Or many Y’s and other local centers offer inexpensive classes in ballroom, ballet, tango, and other styles of dance.

14. Fishing

Fishing can be a fun and peaceful way to connect with nature. Saving on groceries is a fun bonus of this hobby. Few things can beat a fresh-caught trout dinner.

15. Learning a Language

Get ready for that international vacation you’re saving for by learning a new language. Even if you don’t have a trip planned, building your foreign language skills can help boost your brain power by creating new neural pathways. And there are a host of apps (whether free or for a low fee) that can make this pursuit easy and fun.

16. Learning How to Sew

It takes time to master sewing, but doing so can be an almost meditative practice. Plus there are cool new trends to try, like sashiko, a beautiful form of Japanese mending. What’s more, building your skills with a needle and thread could save you pricey trips to the tailor.

17. Doing Calligraphy

Calligraphy is both a pretty and practical hobby to pursue. Wow your next dinner party guests with handmade name cards. Or offer to do the invitations for your best friend’s engagement party. All you need is pen, ink, and paper.

18. DIY Projects

Save money and upgrade your home at the same time by mastering DIY projects. Books and online tutorials can teach you how to build shelving, retile a backsplash, and more. Also, if you are a homeowner and one of your money goals is to sell your home at a profit, this can be a terrific path forward.

19. Joining a Club

There’s no shortage of local clubs you can join thanks to online meetup sites. Whether you’re looking for a hiking buddy or a group to practice a language with, you can likely find a group to suit your needs. All kinds of options are available. You might find a coffee-lovers’ group that gathers on weekends to test-drive new cafes; it could be a fun, frugal way to caffeinate and expand your social circle.

20. Starting a YouTube Channel

If video appeals to you, starting a YouTube channel can be a great way to make friends and earn some extra money from home. Whether you want to create videos of unboxing and reviewing products, or you’d like to share your knowledge of pro sports, go for it.

21. Starting a Blog

Or, you might lean into the written word with a blog on any topic that appeals. This can be a great, no- or low-cost creative outlet that connects you to others with similar interests. You might share poetry you write, chronicle your family history, or share your adventures training your new pup. The choice is yours.

22. Hiking

Need more ideas for things to do for fun with no money? Get some fresh air and exercise by exploring different hiking trails. As an added bonus, hiking can be a free hobby. Hanging out in nature (what some call forest bathing) can also be a great way to decompress and build mindfulness into your daily life.

23. Golfing

A fun way to stay active and social is to make a plan with friends to hit the golf course. You may worry that this will be a pricey endeavor, but public courses make it more affordable. What’s more, you may be able to use a local resident’s card (the kind you get at your town office or recreation department) to make it even cheaper. Also consider shopping garage sales for used clubs.

24. Upcycling Your Clothing

Use those newfound sewing skills to upcycle old clothes that need a little love and attention or transform them into something totally new. Upcycling is part of the reuse, recycle, repurpose movement. You might crop a pair of pants into shorts, or turn a dress into a blouse and/or a skirt. Some creative types save favorite worn-out clothes, then use the fabrics to create a quilt or pillow cover.

25. Playing Board Games

Board games aren’t just for kids anymore — there are tons of unique options for adults, and they offer a great way to entertain yourself as well as guests. You may also find no-cover game nights at your local pub, which can be a fun and inexpensive way to socialize. Who knows? You might be a Trivial Pursuit champion.

26. Running

One of the cheapest hobbies out there is running, especially if you already own a pair of athletic shoes. It can be a great way to spend time outdoors and can help improve your health. There are plenty of digital ways to help tap your motivation, like the popular low-cost “Couch to 5K” program for beginners.

27. Learning Photography

After getting good at smartphone photography, consider taking an online class or local community college class on the art of photography. Bargain-priced cameras can often be found online (check eBay) and at local second-hand shops.

28. Flying a Kite

Parents may be looking for a fun activity for the whole family that doesn’t cost much. Why not master the art of flying a kite? And it’s not just for those with kids. Anyone can have a great afternoon watching a kite take flight and stay aloft in a good breeze.

Recommended: 27 Cheap Date Night Ideas

29. Teaching a Pet Tricks

Pet parents can find ways to be entertained and bond with their critter by teaching it new tricks. Of course, dogs can be trained to do a variety of “shake” and “roll over” maneuvers, but pet birds and other animals can also learn new skills.

30. Geocaching

Geocaching is a fun way to explore the outdoors. It’s a pursuit in which, using an app or GPS, you find hidden “geocaches,” or containers that hold notes and small gifts. These are typically in parks and nature preserves. You can hide your own caches, too. An inexpensive hobby that is akin to a spirited scavenger hunt, geocaching can be engrossing for both individuals and families, while also connecting you with a community of fellow adventurers.

The Financial Benefits of a Cheaper Hobby

The financial benefits of having a cheap hobby are two-fold. Not only is having a low-cost hobby an inexpensive way to have fun, but hobbies can keep us busy and distracted which can help us avoid spending temptations.

Recommended: Different Ways to Earn More Interest on Your Money

Managing Finances With SoFi

There are plenty of affordable hobbies, so take your time and try a few to discover which will keep you feeling fulfilled. If you’re looking to save up funds to invest in a new hobby, the right banking partner can help you manage and grow your 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.


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FAQ

What hobby should I pick up?

There’s no right hobby to adopt. Every individual needs to pursue a hobby that excites them. That said, many people enjoy creative endeavors (think photography or painting), athletic pursuits (running, hiking), or pastimes that channel their interests and connect with a larger audience, such as podcasting or blogging.

How can I budget for a hobby?

Budgeting for a hobby can require doing a bit of research first. Only once someone knows what their hobby will cost can they then create a budget for it. When you know the costs, work to keep them as low as possible (say, by buying second-hand equipment, if needed). You can then divide the cost by the number of months you are willing to save. Put aside that amount in a high-yield savings account to earn some interest until you have enough saved up.

Can cheap hobbies make me money?

Certain hobbies can make someone money if they turn them into a side hustle. Starting a podcast or YouTube channel, writing, and photography are all great examples of hobbies that can become lucrative.


About the author

Jacqueline DeMarco

Jacqueline DeMarco

Jacqueline DeMarco is a freelance writer who specializes in financial topics. Her first job out of college was in the financial industry, and it was there she gained a passion for helping others understand tricky financial topics. Read full bio.



Photo credit: iStock/South_agency

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SoFi members with Eligible Direct Deposit activity can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Eligible 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 (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below).

Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning 3.80% APY, we encourage you to check your APY Details page the day after your Eligible Direct Deposit arrives. If your APY is not showing as 3.80%, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning 3.80% APY from the date you contact SoFi for the rest of the current 30-day Evaluation Period. You will also be eligible for 3.80% APY on future Eligible Direct Deposits, as long as SoFi Bank can validate them.

Deposits that are not from an employer, payroll, or benefits provider 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 Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi members with Eligible 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 Eligible 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 an Eligible Direct Deposit or receipt of $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 Eligible 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 Eligible 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 Eligible 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 Eligible Direct Deposit or Qualifying Deposits until SoFi Bank recognizes Eligible Direct Deposit activity or receives $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Eligible Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Eligible 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.

Members without either Eligible Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, or who do not enroll in SoFi Plus by paying the SoFi Plus Subscription Fee every 30 days, will earn 1.00% 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 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
*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.


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.

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Independent vs Dependent Student: Which One Are You?

When a student fills out the Free Application for Federal Student Aid (FAFSA®) form, it’s important that they understand their dependency status. A student’s dependency status will affect the information they need to report on their FAFSA.

Dependent students have to report both their own and their parent’s information during this process. Independent students will only have to report their own information, the exception being if they are married. In which case, they will provide their spouse’s information as well.

Here’s how it works for independent vs. dependent students.

The Difference Between Independent and Dependent Students

There are a few key differences between independent and dependent students.

What Is an Independent Student?

An independent student meets one or more of the following criteria. They are:

•   24 years old or older
•   Married
•   A graduate or professional student
•   A veteran
•   A member of the armed forces
•   An orphan
•   A ward of the court
•   Someone with legal dependents other than a spouse
•   An emancipated minor
•   Someone who is homeless or at risk of becoming homeless

What Is a Dependent Student?

Basically, a dependent student is any student who doesn’t meet the criteria to be considered an independent student. The U.S. government bases their federal student aid programs on the belief that it is primarily the student and their family’s responsibility to pay for the student’s higher education pursuits.

Even though it may not be the case in reality, dependent students are assumed to have the support of their parents which is why the parents’ information must be included in the student’s FAFSA form. Providing this information gives FAFSA a more complete picture of the family’s financial strength.

Just because someone is considered a dependent student does not mean that their parents have to contribute financially to their higher education costs, but the government assumes that parents will contribute in some way if financially possible.

Determining Dependent or Independent Student Status

While that brief overview begins to paint a picture of what it looks like to be a dependent or independent student, the Federal Student Aid office, which is an office of the U.S. Department of Education, asks key questions that help students determine their official status.

Their answers to the questions on the FAFSA form will help determine whether they are considered a dependent or independent student. The questions do change slightly each year, but are published by the Federal Student Aid office.

These questions include things like:

•   As of today, are you married?
•   Are you a veteran of the US armed forces?
•   At any time since you turned age 13, were both your parents deceased, were you in foster care, or were you a dependent or ward of the court?

These questions can help guide students to determine whether or not they qualify as an independent or dependent student. Essentially, if a student answers “yes” to any of the questions in the FAFSA, they are considered an independent student.

Dependent Students

Students that answered “no” to all of the questions above are considered to be dependent students and while applying for federal student aid must provide information about their parents on the FAFSA form.

Students who are considered a dependent student by the FAFSA but are not in contact with their parents and don’t know where they live, can discuss their situation with the financial aid office at the college or career school they are planning on attending.

Their school’s financial aid administrator will usually be able to help them determine next steps. The same process applies if a student has left home due to an abusive situation. They will fill out the FAFSA form and contact their school’s financial aid office for assistance.

Even if a dependent student doesn’t live with their parents, they still need to provide accurate information about their parents. If their parents won’t provide the information they need, the student risks having their application rejected which may make them ineligible to receive any federal student aid.

Students in these circumstances may be able to qualify for an unsubsidized loan at most, but this option depends on what the financial aid office at their specific college decides.

Even if a student’s parents won’t help pay for college, if they answered “no” to all of those questions, they are still considered dependent.

Independent Students

Students that answered “yes” to any of the above questions are considered to be independent students during the federal student aid process. Independent students do not have to provide information about their parents on the FAFSA form.

When Federal Student Aid Falls Short

Colleges use the FAFSA to determine a student’s federal aid eligibility. While the FAFSA is a great place to start, sometimes federal aid can’t fully cover the cost of a college education. This is where private student loans can step in and cover the expenses that gift aid and Federal loans could not.

Related: A Guide to Private Student Loans

SoFi strongly believes students should exhaust all of their Federal grant and loan options before they look at private loans. Once a student has exhausted their options, they can look at SoFi private student loans which are easy to apply for, allow students to add a cosigner to their application in minutes, and never have fees.

No origination fees, no late fees, and no insufficient fund fees. Ever. With flexible repayment plans and exclusive rate discounts, SoFi Private Student Loans can provide a good option for covering the costs of attending college.

The Takeaway

In order to fill out the FAFSA, students will need to determine if they are an independent or dependent student. For example, students aged 24 and older, those attending graduate school, students who are married, or who have dependents are all generally considered independent students.

For a full list of questions to help you determine whether or not you are a dependent student, check out this resource from the Federal Student Aid website.

The distinction between independent and dependent students is important because they are required to submit different information to the FAFSA. Dependent students are required to submit their parent’s information in order to be considered for federal aid opportunities. This is the case even if a dependent student’s parents are not contributing financially to tuition costs. Independent students are not required to submit any of their parent’s financial information.

In situations where federal aid may not cover the cost of college, private student loans could be an alternative option to look into.

Learn more about SoFi’s competitive student loan rates.


About the author

Jacqueline DeMarco

Jacqueline DeMarco

Jacqueline DeMarco is a freelance writer who specializes in financial topics. Her first job out of college was in the financial industry, and it was there she gained a passion for helping others understand tricky financial topics. Read full bio.




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.



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.


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.

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.

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student loans are not a substitute for federal loans, grants, and work-study programs. We encourage you to evaluate all your federal student aid options before you consider any private loans, including ours. Read our FAQs.

Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. SoFi Private Student loans are subject to program terms and restrictions, such as completion of a loan application and self-certification form, verification of application information, the student's at least half-time enrollment in a degree program at a SoFi-participating school, and, if applicable, a co-signer. In addition, borrowers must be U.S. citizens or other eligible status, be residing in the U.S., and must meet SoFi’s underwriting requirements, including verification of sufficient income to support your ability to repay. Minimum loan amount is $1,000. See SoFi.com/eligibility for more information. Lowest rates reserved for the most creditworthy borrowers. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change. This information is current as of 04/24/2024 and is subject to change. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891. (www.nmlsconsumeraccess.org).

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How to Write a College Essay

You’ve done it all. You worked hard in your high-school classes, prepped for and took the SAT/ACT, and spent countless hours doing extracurricular activities. And, now, it’s time to write the dreaded college application essay. This is your chance to pour your personality and point of view into an essay that could shape the next phase in your life.

No pressure, right? It’s common for high school students to feel overwhelmed by the whole application process, especially if you’re unsure how to write a college essay. You’re not alone, as many teens dread having to write about themselves in a personal statement. To help calm your nerves (and make the process a little less intimidating), here’s a closer look at what the college essay is all about, plus some simple tips for writing a compelling application essay.

How Personal Statements Differ By School

The number of colleges you apply to can impact how many personal statements you’ll need to write. Before you begin the essay-writing process, you’ll want to review the personal statement requirements for each school you plan to apply to. Some colleges have the same essay requirements, while others might request statements tailored to a school-specific prompt.

When looking at essay requirements from different school, here are some things to consider:

•   How long should this college essay be?
•   What is the essay prompt or topic asking?
•   What questions are they looking to have answered?
•   What does this college or university value?

Different schools will often ask applicants to respond to the same or similar essay topic. In this case, it’s possible to submit one personal statement to multiple universities. In other instances, you might simply need to make small tweaks to an already drafted essay.

Colleges that are all part of the same university system — such as state schools, like those under the California State University umbrella — tend to share applications and essay requirements. (In practice, this means applicants won’t need to write individual essays for each school within that system.)

Essay requirements for private schools can vary. If you’re applying to schools that don’t use the common app (more on that in a minute), you may need to submit a completely custom application to each school. Some private schools (such as religiously-affiliated schools) may look for shared values to be reflected in a student’s application and essay.

Fortunately, many schools accept the Common Application in order to simplify the application process and support time-crunched students. The Common App represents almost 900 public and private higher education institutions across the world. Its standardized application allows students to apply to multiple schools via a single platform. Practically speaking, this might translate into writing just one college essay that multiple schools can then access. Typically, the Common App offers seven essay prompts for the required 650-word personal statement.


💡 Quick Tip: With benefits that help lower your monthly payment, there’s a lot to love about SoFi private student loans.

College Application Essay Tips

Before putting pen to paper or fingers to the keyboard, it can help to understand what admissions offices look for in a personal statement, and how to write a college essay that gives voice to who you are. Some pre-planning can also make the application process feel less confusing and the essay-writing process more fun.

What follows are some useful tips for writing a stronger college application essay.

Tip #1: Start Early

The sooner you can begin writing your college essay (or in some cases multiple essays), the more time you’ll have to polish and refine. The time it takes to write a college essay will vary greatly by the student, as well as which schools they are applying to. You may need to only write one essay that you can submit to multiple schools, or you may need to write half a dozen custom essays for your applications.

Generally, it’s a good idea to start the process at least two months before your first deadline — that should give you ample time to brainstorm, write, and edit your essays. Ideally, you’ll want to start the process over summer vacation. This will help alleviate stress during the school year and give you even more time to perfect your essays.

Starting the personal statement earlier not only gives you extra time for fine-tuning the wording, it also allows ample time for starting over (if need be). Starting over may sound like the last thing you’d want to do when applying to college, but it’s an option that many value — a chance to rework their personal story.

A lot of college applicants know exactly what they want to write about. But, after beginning the essay-writing process, some realize that the topic they picked just isn’t strong enough to stand on its own. Alternatively, some applicants find that starting on a given prompt actually leads them towards a topic or essay idea.

Either way, starting early helps ensure you have enough time to mull over what to write about and how exactly to say it in a clear and compelling way. It also gives you time to simply sit and brainstorm essay ideas and create a few potential personal statement outlines.

Even with clear essay prompts, you may need a little extra inspiration to jump-start the essay-writing process. You may find it helpful to search online for and read college essay examples that helped real students get into their dream schools. These real-life examples can serve as models for how to present a personal story and organize an essay that commands attention.

By starting the writing process in advance, you’ll have plenty of time to ink a few drafts, ask for feedback from family and teachers, and make any necessary tweaks — something that’s especially key when applying to schools with different essay requirements. The whole essay-writing process can be far more enjoyable (and, ideally, more impactful) when applicants don’t feel like they’re up against a clock that’s quickly ticking down.

Recommended: Important College Application Deadlines

Tip #2: Step Away From Your Application

When writing a personal statement for college applications, it’s a good idea to consider carefully who will read the essays (and what the admission committee is looking for). Try to put yourself in the shoes of the admissions counselors. After reviewing the non-essay portion of your application, admissions officers will typically have a clear sense of your previous coursework, grades, volunteering, and extracurricular activities.

So, when deciding which essay topic to write about, it can be helpful to ask yourself: “Would they already know this about me just by reading the rest of my application?” The whole point of the personal statement is to humanize the accomplishments that get listed elsewhere in the application. Because of this, it’s often advisable to go beyond repeating the resume items mentioned in other sections of the application in the essay.

College admission counselors want to get to know the person behind those accomplishments (not to read another laundry list of achievements). The essay is your chance to share who you are and how you view the world.

Recommended: 10 Ways to Prepare for College

Tip #3: Identify What Type of Essay You Need to Write

Typically, college applicants will encounter three different types of essay questions:

•   the “you” prompt
•   the “why us?” topic
•   the “creative” question

The “you” style question tends to ask students to share more personal details or life experiences in the essay. Such personal narratives can help colleges and universities to learn what drives, inspires, and shapes individual applicants.

The “why us?” prompt seeks to understand why a student is choosing to apply to a specific school. The admission officer here is trying to gauge how committed each student is to their individual institution. It’s a chance to demonstrate an understanding of a school’s core values and for the applicant to specify why they want to attend that university in particular (and not another one).

The “creative” prompt usually serves to evaluate a student’s creative thinking and writing skills, all while reviewing an applicant’s knowledge base and education.

Before writing any college essay, it’s important to identify exactly which type of question you’ll be answering and how best to communicate who you are in a concise, non-cliched way.

Recommended: The Ultimate Guide to Liberal Arts Colleges

Tip #4: Focus on What Matters to You

To really wow admissions officers in the college essay, you might try to tap into your passions, personal experiences, and interests that go beyond high school academics. It can be helpful to step away from school accomplishments and bring up topics such as a life experience that left a lasting impression, a cause you care deeply about, or a personal relationship that shaped you.

It can be important to reflect — not just recount or summarize — during the essay writing process. In order to stand out amongst thousands of other talented applicants, you may want to go beyond a factual retelling of your experiences to craft a thoughtful assessment of why a given topic matters to you as an individual.

Recommended: College Planning Guide for High School Students

Tip #5: Find a Trusted Reviewer

You don’t necessarily have to shell out big bucks on a private tutor or writing coach to review your college essays (although there’s nothing wrong seeking one out ). Before submitting an essay, you may want to invite a trusted teacher, family member, or friend to read the essay over and offer comments or questions. When asking for detailed feedback, here are some helpful questions to ask a reviewer to keep in mind:

1. Are there any spelling or grammar mistakes I need to change?
2. Is the organization of my essay easy to follow?
3. Did you have any questions while reading that my essay didn’t answer?
4. Did the content capture your attention or was it difficult to finish the entire essay? Why?
5. Where is there room for improvement?
6. Is any section confusing or unclear?

Having a handful of trusted eyes review your essay can help you draft a more impactful personal statement. However, you may want to avoid inviting too many editors to comment on an essay that’s still being drafted. Writing is somewhat subjective. So, receiving a lot of competing opinions might leave you feeling flustered or confused about what to change.


💡 Quick Tip: Parents and sponsors with strong credit and income may find much lower rates on no-fee private parent student loans than federal parent PLUS loans. Federal PLUS loans also come with an origination fee.

You Got In. Now What?

Congratulations! All that hard work and pre-planning paid off. Your college essay really knocked the socks off the admissions officers. Once you’ve received all of your college acceptance offers, you’ll be able to decide which college is the best option for your future plans. It’s likely how much it will cost to attend college might play a factor in your ultimate decision.

Colleges and universities offer different financial aid packages, which will impact your cost of attendance. Financial aid may include grants, scholarships, work-study, and federal student loans (which may be subsidized or unsubsidized). Your financial aid package is based on the information you provided in the Free Application for Federal Student Aid (FAFSA).

If there are still gaps in funding, you also have the option of seeking a private student loan. These are available through private lenders, such as banks, credit unions, and online lenders. Rates and terms vary, depending on the lender. Generally, borrowers (or cosigners) who have strong credit qualify for the lowest rates.

Keep in mind, though, that private loans may not offer the borrower protections — like income-based repayment plans and Public Service Loan Forgiveness — that automatically come with federal student loans.

If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.

Cover up to 100% of school-certified costs including tuition, books, supplies, room and board, and transportation with a private student loan from SoFi.


About the author

Jacqueline DeMarco

Jacqueline DeMarco

Jacqueline DeMarco is a freelance writer who specializes in financial topics. Her first job out of college was in the financial industry, and it was there she gained a passion for helping others understand tricky financial topics. Read full bio.




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.


SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student loans are not a substitute for federal loans, grants, and work-study programs. We encourage you to evaluate all your federal student aid options before you consider any private loans, including ours. Read our FAQs.

Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. SoFi Private Student loans are subject to program terms and restrictions, such as completion of a loan application and self-certification form, verification of application information, the student's at least half-time enrollment in a degree program at a SoFi-participating school, and, if applicable, a co-signer. In addition, borrowers must be U.S. citizens or other eligible status, be residing in the U.S., and must meet SoFi’s underwriting requirements, including verification of sufficient income to support your ability to repay. Minimum loan amount is $1,000. See SoFi.com/eligibility for more information. Lowest rates reserved for the most creditworthy borrowers. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change. This information is current as of 04/24/2024 and is subject to change. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891. (www.nmlsconsumeraccess.org).


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.

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.


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.

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How to Use an ATM

An automated teller machine (ATM) can be a convenient way to deposit or withdraw money, check your account balance, and conduct other aspects of your banking business. But did you know there are ways to make the process easier, faster, and perhaps less expensive?

Key Points

•   ATMs provide convenient banking services like cash withdrawals and checking account balances.

•   Deposits at ATMs are possible but may have restrictions compared to withdrawals.

•   Avoiding ATM fees is easier with in-network machines and understanding account terms.

•   Cardless withdrawals are possible through mobile apps using QR codes.

•   Safety at ATMs is crucial; always be aware of surroundings and protect PIN entries.

🛈 SoFi members interested in ATM usage can review these details.

What Is an ATM?

An ATM (short for automated teller machine) is a device that performs some of the same functions as a human teller at a bank, such as dispensing cash. ATMs made their U.S. debut in Rockville Centre, NY, in 1969, and there are currently between 520,000 and 540,000 of these devices in America.

Almost anywhere you go, you can find an ATM, providing certain banking services quickly and conveniently. For example, it is usually possible to find ATMs in major hotel lobbies, at grocery stores, in shopping centers, and in airports. (They also may turn up at convenience stores, night clubs, restaurants, and other places where cash could be needed.)

You can typically check your bank account balance and withdraw cash from ATMs. It’s likely you can deposit cash at an ATM or possibly checks (although deposits have more restrictions than withdrawals).

💡 Quick Tip: Typically, checking accounts don’t earn interest. However, some accounts do, and online banks are more likely than brick-and-mortar banks to offer you the best rates.

How Does an ATM Work?

what can you do at an atm

An ATM machine gives bank customers easy access to their banking resources at various locations and around the clock. You insert your card into a reader that scans your banking information, and you can then conduct transactions. (At some locations, contactless transactions may be possible; see more on this below.)

Here are some of the main functions an ATM can usually perform:

•   Withdraw cash.

•   Make deposits, but to do so, the device typically needs to be within the same network as the customer’s bank. Often, it’s not possible to make a deposit at an out-of-network ATM or, if it is, you’ll be charged a fee.

•   Check your account balance, which can help you avoid overdrafting when making a withdrawal or using your debit card. The balance can appear on the screen or on the printed receipt. It’s usually only free to check an account balance at an in-network ATM. If the ATM is out-of-network, this service may come with a fee.

Some ATMs do make it possible to access their services without a debit card present. This is known as a cardless withdrawal. How does an ATM work without your plastic in hand? These types of withdrawals are typically supported by a smartphone app that uses technology such as a QR code in lieu of a debit card. This can provide the ATM with the account information it needs to complete the transaction.

Things You Can’t Do at an ATM

ATMs do have limitations; here are some things consumers likely can’t do at an ATM.

•   Withdraw coins or low-value bills

•   Open a new account (unless you have preselected and prescreened)

•   Close an account

•   Send a money order

•   Purchase a cashier’s check.

How Much Are ATM Fees?

It may be free to use an in-network ATM, but when there isn’t one around and you need cash (or to conduct another transaction), you’ll likely be hit with a fee for using an out-of-network device.

It’s wise to read the fine print associated with your checking account to better understand what kind of fees you may need to pay to use an ATM. It can also be helpful to make note of where some local in-network ATMs are. This can make avoiding ATM charges easier.

How much can ATM fees be?

•   The average out-of-network fee is currently $4.73. This typically includes a $1.58 fee levied by your bank and an average of $3.15 charged by the ATM’s owners.

•   Additionally, if you are traveling internationally, you may have fees of, say, $2 to $5 to make withdrawals as well as a conversion fee.

Worth noting: Several banks will waive fees when their clients use an out-of-network ATM. If you often rack up many out-of-network ATM fees, you might want to look into which banks offer this service.

Recommended: Can You Use Your Debit Card in Another Country?

How to Find an ATM

If you are hunting for cash or need to deposit a check, here are a couple of ideas for how to find an ATM:

•   You can usually use your banking app to find ATMs. There may be a map function or you may be asked to enter a zip code to see nearby devices.

•   If you bank at a traditional vs. online bank, you can visit a branch which will often have ATMs available.

•   There are third-party services that can help you access surcharge-free ATMs.

To make this process easier, you can bank with a financial institution that has a large network of ATMs you can use without a fee. Allpoint and STAR are examples of these networks.

Get up to $300 when you bank with SoFi.

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How to Withdraw Money from an ATM

how to withdraw money from an atm

Want to use an ATM machine to withdraw cash? Here are the standard steps.

1.    When prompted by the screen, insert your debit card into the machine.

2.    Enter your PIN number. This is the custom PIN (personal identification number) associated with the debit card linked to their checking account.

3.    Choose the transaction type. In this case, it would be a withdrawal.

4.    Pick the account to access. If you have multiple bank accounts, this will make sure the money is coming from the right place.

5.    You’ll likely be prompted to enter the dollar amount you want to withdraw (or press the option showing your choice of amounts), and you may be asked to select your bill denominations.

6.    Take the card back. Now it’s time to complete the transaction. Many ATMs say to take your card back and then the machine will dispense your cash.

How Much Money Will an ATM Let You Take Out?

There are typically limits on how much you can withdraw from an ATM. (This is often done to make sure there is enough cash in the machine to go around vs. a few customers draining the funds.)

•   Daily withdrawal limits are typically between $300 and $5,000.

Check with your bank to learn its limits and whether it determines that by calendar day or by a 24-hour period.

How to Deposit Money at an ATM

Next, take a look at how to use an ATM machine to deposit money. Keep in mind that only certain ATMs will accept deposits, so you want to be aware that depositing money may not be a possibility at the ATM closest to you.

1.    Find an in-network ATM or an ATM that allows deposits to the bank associated with your debit card.

2.    Insert your card and enter your PIN (typically a 4-digit code).

3.    Choose “deposit” as your transaction type.

4.    Type in the exact amount of the intended deposit.

5.    Insert the cash or check. If this is a check, endorse the back first; then follow the on-screen instructions to get your card back and a receipt, if desired.

Recommended: What to Do if an ATM Eats Your Deposit?

Other Transactions You May Be Able to Complete at an ATM

Now that you know how to withdraw money at an ATM and deposit as well, take a look at some of the other things banking customers can often do at these devices.

Cash Checks and Money Orders

Some ATMs may let you cash checks for free as well as money orders. These are typically in-network ATMs.

Make Bill Payments

At some ATMs (such as those in the Chase network) allow you to pay the mortgage, home equity loan, or credit card bill you have with them at an ATM.

Get a Cash Advance From a Credit Card

You may be able to get a cash advance from a credit card (though this typically carries a high interest rate, so proceed with caution).

Tips to Keep Yourself Safe at ATMs

With both in-person and online banking, security is important. When using an ATM machine, it’s important to learn how to do so safely, whether making a deposit or withdrawal. Here are some tips for staying safe:

•   Be aware of your surroundings. If there is someone loitering around an ATM that you’d like to use (especially at night), you might want to go elsewhere.

•   You may feel safer using ATMs located in bank branches.

•   Here’s what you should do before approaching an ATM: Have your card in your hand as you approach the device versus fumbling through your pockets or bag while at the ATM.

•   Cover the keypad when entering in the PIN number so no one else can see it. Some keypads are designed in such a way as to help protect your personal information as you type in those digits.

•   Review ATMs closely for misaligned card readers, skimming devices (more on that in a moment), or suspicious markings before using one.

•   If you are withdrawing cash, put it away ASAP when you receive it. Don’t walk away from the ATM with cash in your hands.

Also be aware that there are ATM scams. One common one involves card skimmers, a device that a fraudster attaches to an ATM (or gas pump card reader) in order to fraudulently collect the account information of users. Inspect card readers for signs of tampering; you may try to wiggle an ATM’s card reader to detect card skimmers.

If you have reason to be concerned, it could be wise to avoid this ATM and look for another or else get some cash back at, say, your grocery store to tide you over.

The Takeaway

ATMs can offer a convenient way to access a number of basic but essential banking services (such as withdrawing and depositing cash) without having to actually visit a branch location during business hours. It’s important to remember to pay attention to ATM fees, which are much easier to avoid when using an in-network ATM. It’s also essential to keep safety in mind to avoid theft or fraud when using an ATM.

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.

🛈 SoFi members interested in ATM usage can review these details.

FAQ

What if the ATM gave me too much money?

Sorry, it’s not free cash. Contact your bank (or the owner of the ATM, if the device is out-of-network) and explain what happened. Keep your receipt, and follow the advice given.

What are the pros and cons of ATMs?

The major pro of using an ATM is probably convenience; you can access some banking services during non-business hours or wherever you may be. The cons associated with ATMs include the fact that services are limited, fees may be charged, and there’s the possibility of theft.

How many times can I use an ATM?

How many times you can use an ATM often depends on how much money you withdraw each time. Most banks limit the dollar amount someone can withdraw (usually $300 to $5,000) per day. Check your bank for its withdrawal limits.

Can I use my debit card at any ATM?

You can generally use a debit card to withdraw cash (although not necessarily to make deposits) at any ATM, even if it is out-of-network. However, making a withdrawal at an out-of-network ATM can lead to having to pay fees.

What should you do before you approach an ATM?

Before approaching an ATM, you should look around and make sure no one is loitering nearby. It’s also wise to have your debit card ready to use in your hand vs. having to dig for it at the terminal.

How much money will an ATM let you take out?

Banks typically have withdrawal limits per day. These vary among financial institutions but are usually between $300 and $5,000.


About the author

Jacqueline DeMarco

Jacqueline DeMarco

Jacqueline DeMarco is a freelance writer who specializes in financial topics. Her first job out of college was in the financial industry, and it was there she gained a passion for helping others understand tricky financial topics. Read full bio.



Photo credit: iStock/Eva-Katalin

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SoFi members with Eligible Direct Deposit activity can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Eligible 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 (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below).

Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning 3.80% APY, we encourage you to check your APY Details page the day after your Eligible Direct Deposit arrives. If your APY is not showing as 3.80%, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning 3.80% APY from the date you contact SoFi for the rest of the current 30-day Evaluation Period. You will also be eligible for 3.80% APY on future Eligible Direct Deposits, as long as SoFi Bank can validate them.

Deposits that are not from an employer, payroll, or benefits provider 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 Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi members with Eligible 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 Eligible 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 an Eligible Direct Deposit or receipt of $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 Eligible 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 Eligible 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 Eligible 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 Eligible Direct Deposit or Qualifying Deposits until SoFi Bank recognizes Eligible Direct Deposit activity or receives $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Eligible Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Eligible 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.

Members without either Eligible Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, or who do not enroll in SoFi Plus by paying the SoFi Plus Subscription Fee every 30 days, will earn 1.00% 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 1/24/25. There is no minimum balance requirement. Additional information can be found at http://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.


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