Financial Topics Archives

Jun

2025

Comparing the Different Types of Deposit Accounts

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

There are many reasons why you might want to sock away some cash and perhaps earn interest while you’re at it. Perhaps you’re saving up for a down payment on a house or gathering funds for an epic cross-country road trip. Or maybe you’re just looking for a safe place with good rewards to store your paycheck and manage everyday spending.

Whatever the scenario, a deposit account can be the answer.

There are several different types of deposit products, including savings accounts, checking accounts, certificates of deposit (CDs), and money market accounts. While they all accept and protect deposits, they differ in terms of how often you can access your funds and the amount of interest you’ll earn on your balance. Here’s a closer look at the different types of deposit accounts, their pros and cons, and how they compare.

Basic Checking and Savings Accounts

There are several different kinds of basic checking and savings accounts. You may find standard accounts, premium accounts, and other variations offered by financial institutions. Here are the pros and cons of these deposit accounts.

Key Points

• Checking accounts facilitate daily transactions with easy access.

• Savings accounts are designed for future financial goals and may offer modest interest and limited withdrawals.

• High-yield savings accounts provide higher rates and may have low or no fees.

• Money market accounts are savings accounts with some of the features of checking accounts, like checks and a debit card.

• CDs offer higher interest rates than basic savings accounts but lock up your money for a set period of time.

Basic Checking and Savings Accounts

Basic checking and savings accounts are deposit accounts offered by banks and credit unions. Checking accounts are transactional accounts designed for everyday money management, while savings accounts are ideal for holding money for future use. Here’s a look at the pros and cons at each type of account.

Checking Account Pros and Cons

First, the pros:

• A checking account typically allows access in multiple ways. You can write checks and get an ATM card or debit card. You typically also have access to online and mobile banking so that you can mobile deposit checks and easily pay your bills.

• These accounts provide a hub for your financial life: You have a home for your paycheck to be direct-deposited, records of your transactions, and ways to track your money.

• You’ll usually enjoy FDIC (Federal Deposit Insurance Corporation) or NCUA (National Credit Union Administration) insurance of $250,000 per account holder, per account ownership category, per insured institution. Some institutions offer enhanced coverage, too.

• You may find an interest-bearing checking account, though the rate is usually not as much as a savings account.

Next, the cons:

• Many checking accounts pay no interest or very low interest, so you’re not helping your money grow.

• There can be minimum balance requirements on checking accounts, especially ones with enhanced levels of service.

• You may be charged accounts fees as well, which can cut into your cash.

Savings Account Pros and Cons

First, the upsides:

• Savings accounts are interest-bearing, meaning your money can grow, especially through compound interest. However, not all savings accounts are created equal: Some standard accounts pay a very low interest rate. Look to online banks for higher rates (more on this below).

• Savings accounts allow quick access to your funds. You can also link your savings account to your checking account, which makes it easy to automate savings deposits and move money into checking when you’re ready to spend your savings.

• These accounts are also typically insured by FDIC or NCUA.

As for the downsides:

• Interest rates for basic savings accounts tend to be low and may not keep pace with the rate of inflation.

• You probably can’t access your account via checks or a debit card. You may also be limited to a certain number of transfers and debit card transactions per month. While the Federal Reserve has lifted the six-transaction limitation on savings accounts that originated during the pandemic, many banks still impose some transfer and withdrawal limitations on savings accounts.

• You may encounter minimum balance requirements and fees if you go below that amount.

5 Other Deposit Account Options

Here’s a look at some other deposit account types you might consider beyond basic checking and savings.

1. High-Interest Savings Accounts

Some banks offer special, high-yield savings accounts that can offer signficantly higher rates than traditional savings accounts. Some institutions don’t charge monthly fees for these accounts while others do but will waive them if you meet a balance minimum.

As with all savings accounts, you may be limited in terms of the number of withdrawals or transfers you can make each month.

One good place to look for this type of account is at an online bank. Because these institutions typically have lower operating expenses than brick-and-mortar banks, they can often offer rates that can be considerably higher than traditional banks, and may also be less likely to charge monthly fees.

2. Money Market Accounts

A money market account is a type of savings account that earns interest and offers some of the conveniences of a checking account, such as check-writing and debit card access. MMAs typically offer a higher interest rate than a basic savings account, but generally require higher initial deposits. These accounts may also require a relatively high average monthly balance to earn the advertised rate and avoid account fees.

You may want to keep in mind the difference between a money market account vs. a money market fund. A money market account is a federally insured banking instrument, whereas a money market fund is an investment account. Typically, money market funds invest in cash and cash-equivalent securities. It is considered low risk but doesn’t have a guaranteed return.

3. Certificates of Deposits (CDs)

A certificate of deposit (CD) is a type of deposit account offered by banks and credit unions that provides a premium interest rate in exchange for leaving a lump-sum deposit untouched for a certain period of time.

The bank determines the terms of a CD, including the duration (or term) of the CD, how much higher the rate will be compared to the bank’s savings and money market products, and what penalties will be applied for early withdrawal.

CDs offer different term lengths that usually range from a few months to several years. Interest rates tend to be higher for longer terms, though that isn’t always the case. CDs often require a minimum deposit of $500 to $1,000 to open the account.

A CD can be a good option if you know you won’t be touching that money for the entire term length. If you suddenly need the money, then you will likely have to pay a penalty to withdraw money early from your CD. While you can get no-penalty CDs, they typically come with lower rates than regular CDs, and may require you to withdraw the entire amount all at once and close the CD.

If ease of access is a concern, it might make sense to invest in CDs that feature fewer restrictions around withdrawals. Or, you could set up a CD ladder strategy where you buy CDs that have different maturity dates, ensuring access to funds as your CDs mature at staggered intervals.

4. High-Yield Checking Accounts

Though interest is normally associated with savings, and not checking, accounts, many financial institutions offer high-yield checking accounts. These interest-bearing accounts, sometimes called “rewards checking,” work like regular checking accounts and come with checks and an ATM or debit card.

In return for getting a higher interest rate, high-yield checking accounts often come with rules and restrictions. You may, for example, only earn the higher rate on money up to a certain limit. Any money over that amount would then earn a significantly lower rate. You may also be required to make a certain number of debit card purchases per month and sign up for direct deposit in order to earn the higher (or rewards) rate and to avoid a monthly fee.

The benefit of an interest-bearing checking account is that you’ll always have access to your money and you may have fewer limitations on how you can use your account than you might with a savings account, all while still earning a bit of interest.

5. Cash Management Accounts

A cash management account is a cash account offered by a financial institution other than a bank or credit union, such as a brokerage firm. These accounts are designed for managing cash, making payments, and earning interest all in one place.

Cash management accounts often allow you to get checks, an ATM card, and online or mobile banking access in order to pay your bills. They also typically pay interest that is higher than standard savings accounts. In addition, cash management accounts generally don’t have as many fees or restrictions as traditional savings accounts, but it’s important to read the fine print.

Before opening a cash management account, you may want to ask about monthly account fees and minimum balance requirements. Some brokerage firms require a sizable opening deposit and/or charge monthly fees if your account falls below a certain minimum. Others will have no monthly fees and no minimums.

Time vs Demand Deposit Accounts

When you consider different kinds of deposit accounts, you may hear the terms time vs. demand accounts.
A time deposit, such as a CD, requires you to keep your money with a financial institution for a particular period of time. If you withdraw funds before the end of the term, you may face penalties.

With a demand deposit account, such as a checking account, you may access your cash whenever you like. While you won’t pay a penalty for withdrawing money, you may earn a lower interest rate than with a time deposit account.

Here’s a look at how these two types of deposit accounts compare:

Type of Account	Access	Fees	Interest
Time Deposit	At the end of a predetermined time period	Penalties for early withdrawal	May be higher than demand accounts
Demand deposit	You can access your funds at any time	Typically no penalties for withdrawals	May be lower than time deposit accounts

The Takeaway

There are several types of deposit accounts, each designed for different financial purposes.
Checking accounts are ideal for everyday spending, paying bills, and accessing funds easily and, in some cases, you may be able to earn some interest on your balance.

Savings accounts are designed for setting money aside for a future goal and earning interest. While basic savings accounts generally pay a low rate, you can earn more by opening a high-yield account at an online bank.

Money market accounts are a hybrid option, offering some of the perks of both savings and checking accounts, and generally pay higher rates than basic savings accounts. CDs also pay higher rates, but require you to lock up your funds for a set period of time.

The best deposit account for you will depend on your needs and goals. You can likely benefit from opening more than one.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with eligible 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 3.30% APY on SoFi Checking and Savings with eligible direct deposit.

FAQ

What are the different types of deposit accounts?

There are four main types of deposit accounts: savings accounts, checking accounts, money market accounts, and certificates of deposit (CDs). A savings account is ideal for storing money and earning modest interest. A checking account is used for daily transactions like paying bills or making purchases. Money market accounts combine features of savings and checking but usually require a higher balance. CDs offer higher interest rates in exchange for locking in funds for a set period.

What is the most common type of deposit account?

One of the most common types of deposit accounts is the checking account. It’s widely used for everyday financial activities like receiving paychecks, paying bills, making purchases, and transferring funds. Unlike many savings accounts, checking accounts allow unlimited transactions, including debit card use and writing checks. While they typically offer little to no interest, their flexibility makes them essential for managing daily finances. Many people open a checking account as their primary banking tool.

Is a CD considered a deposit account?

Yes, a certificate of deposit (CD) is considered a deposit account. It’s a savings vehicle offered by banks and credit unions where you deposit money for a set period (or term) and agree to leave it untouched until the maturity date. In exchange for this, the bank pays you a fixed interest rate. A CD is considered a time deposit account (vs. a demand deposit account) because the money is locked in for a set period of time, and early withdrawals usually incur a penalty.

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

Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet

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 every 31 calendar days.

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 the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, 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 the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit 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, Wise, 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 Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility.

See additional details at https://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.

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

2025

What Is a Straddle in Options Trading?

By Inyoung Hwang | invest, Investing, Terminology | Comments Off

Editor's Note: Options are not suitable for all investors. Options involve risks, including substantial risk of loss and the possibility an investor may lose the entire amount invested in a short period of time. Please see the Characteristics and Risks of Standardized Options.

A straddle is an options trading strategy investors may use to try to profit from changes in volatility, regardless of which direction an asset moves. Because the strategy isn’t pinned to a specific market direction, a straddle is considered a “neutral options strategy.”

Long straddles are used when an investor expects significant price movement in an underlying asset but is uncertain of the direction. They involve simultaneously buying a call and a put with the same strike price and expiration date.

Short straddles are used when an investor expects little movement in an asset’s price. They involve selling both a call and a put with the same time strike price and expiration. It’s important to keep in mind that straddles are a complex options strategy that aren’t suitable for most investors.

Key Points

• A straddle is an options strategy involving a call and a put with the same strike price and expiration.

• Long straddles are used when significant price movement is expected but the direction is uncertain.

• Short straddles aim to profit from low volatility but can expose traders to unlimited losses.

• In a long straddle, the combined premiums paid represent the maximum potential loss.

• Time decay and volatility shifts can strongly affect the value of both long and short straddle positions.

Understanding Puts and Calls

Understanding the difference between put and call options is essential to understanding straddles. A call option gives buyers the right, but not the obligation, to buy an asset at a specific strike price, whereas a put option gives buyers the right, but not the obligation, to sell an asset at a set strike price.

Meanwhile, a seller of a call option is obligated to deliver the underlying asset if the buyer exercises the contract. Similarly, a seller of a put is obligated to buy the underlying asset if the contract is exercised.

In options terminology, the strike price is the level at which the options contract can be exercised. For instance, say a stock is trading at $10 a share and a call option on that stock has a strike price of $12. If the stock reaches $12, the option buyer has the right, though not the obligation, to exercise the option.

An option’s expiration date is the date by which the call or put must be exercised. So an investor has until the expiry to exercise the option and buy or sell the underlying asset. After that date, the options become worthless. Another important term for options investors is the option premium. This is the value, or cost of the option itself.

How to Put on a Straddle Trade

In options trading, an investor can put on a straddle in two ways:

1) For a long straddle, they can buy a call option and a put option. Both contracts need to have the same strike price and expiration date.

2) For a short straddle, they can sell a call and put option that both have the same strike price and expiration date.

Long straddles are popular when investors anticipate an event will significantly move a stock’s price, such as near a company’s earnings or big product announcement. In a long straddle, the move in the underlying asset needs to be large enough to offset the combined cost of the call and put premium if the investor is to break even on the trade. The cost of the two premiums is the maximum amount of money the investor can lose.

On the flip side, short straddles are common when investors think volatility expectations are too high, meaning that share prices will move sideways or only change slightly. In a short straddle, the total premium received is the maximum amount the investor can earn from the trade. The potential loss, however, is unlimited since the share price could theoretically rise to infinity or fall to zero.

Examples of Straddles

Straddles are sophisticated options trading strategies and it’s crucial for investors to understand the potential for both profit and loss when considering these trades. Following are examples that help illustrate how price movements may change outcomes.

Long Straddle Example

Let’s say an investor believes Company A’s stock will either rise or fall sharply around the time it releases its quarterly earnings call. Company A’s shares currently trade in the market at $50 each.

In order to put on a long straddle, the investor pays $2 for a call contract and $2 for a put contract for a total cost of $4. Both contracts have a strike price at $50. The total cost for the investor will be $400, since each options contract equals 100 shares of stock.

To break even, the stock would need to rise above $54 a share or fall below $46. That’s because $50 plus $4 is $54, while $50 minus $4 is $46. Here is the formula to calculate the breakeven levels in long straddles:

Upper breakeven = Strike price + Total of two premiums paid

Lower breakeven = Strike price – Total of two premiums paid

Short Straddle Example

In a short straddle trade, the investor sells a call and put that have the same strike price and expiration. An investor might do this when they believe the market’s expectations for volatility in a stock are too high.

Say for instance, the implied volatility for Company B has climbed substantially. Implied volatility is the market’s expectations for volatility in an asset. In other words, the market believes Company B will see a significant price movement near its upcoming product announcement.

However, one investor thinks these expectations are inflated. If the stock’s movement after the announcement is actually muted, the value of both the calls and puts would drop quickly and the option would likely expire worthless. In that case, the short-straddle investor has benefited by having collected the premiums from selling the options.

Short straddles carry high investment risk, however, because the potential loss from a rising asset price is theoretically unlimited, while the loss from a sharp decline could be substantial. An investor may be required to buy or sell the asset at market price to cover the short call or short put.

Pros & Cons of Straddles

Straddles offer the potential for gains in volatile markets or when volatility remains low, but they also come with risks and costs that traders must consider carefully.

Pros of Straddles

1. Market neutral: Investors may benefit from an options trade even if they’re uncertain which direction the underlying asset will move.

2. Premium costs: In some cases, long straddles may be relatively affordable if implied volatility remains low before an anticipated event. Say, for instance, that an investor finds a stock that they believe will see high volatility in the future. If the cost of the calls and puts is relatively low at the time of purchase, the investor may benefit from a long straddle trade if the asset price moves significantly.

3. Volatility bet: With long straddles, investors have the potential to make money when an asset’s stock volatility is high.

Cons of Straddles

1. Pricey premiums: It can be tricky to get market timing right. When implied or expected volatility for an asset is high, the price of options premiums can also rise. This means investors looking to put on a long straddle trade can encounter costlier premiums. With straddles, investors pay for two options, which can raise the cost of entry.

2. Time decay: Options lose value as they get closer to their expiration date — a concept known as theta, or time decay, in the derivatives market. Time decay may become a concern if market volatility is low for a while and an investor is aiming to exercise a long straddle position.

3. Potential losses: In a short straddle, the potential loss is unlimited while the potential upside is limited.

Straddles vs Strangles

In contrast to a straddle, a long strangle involves buying both calls and puts but with different strike prices.

Strangles are more common when investors believe a stock is more likely to move in one direction, but still want to hold some protection in case the opposite scenario occurs.

Strangles typically cost less to initiate than straddles, but they require a larger price movement in order to be profitable.

The Takeaway

An options straddle is essentially a two-trade bundle that’s designed to allow investors to take a position on whether there will be a significant move in an asset’s price.

A long straddle may offer high returns if the asset moves sharply, while the total premium paid represents the maximum loss. However, if the stock trades sideways or doesn’t post a big move, the investor may lose the money they invested in the premiums. In a short straddle, the opposite is true. If the underlying asset doesn’t post a big move, the investor may profit, but the potential for loss is unlimited.

SoFi’s options trading platform offers qualified investors the flexibility to pursue income generation, manage risk, and use advanced trading strategies. Investors may buy put and call options or sell covered calls and cash-secured puts to speculate on the price movements of stocks, all through a simple, intuitive interface.

With SoFi Invest® online options trading, there are no contract fees and no commissions. Plus, SoFi offers educational support — including in-app coaching resources, real-time pricing, and other tools to help you make informed decisions, based on your tolerance for risk.

Explore SoFi’s user-friendly options trading platform.

FAQ

What is the difference between a straddle and a strangle?

Straddles and strangles both involve buying a call and a put, but straddles use the same strike price, while strangles use different strike prices. Strangles usually cost less than straddles, but they may require a larger price move to generate a profit.

What are the risks of a straddle?

With long straddles, the premiums may be costly and the position can be sensitive to time decay, especially if the underlying asset remains stable. Short straddles carry the risk of seeing unlimited losses if the asset moves sharply.

When do traders use straddles?

Straddles are often used during events that may create large price swings, such as earnings announcements or regulatory decisions. The goal is to benefit from the volatility they create, regardless of the direction. In contrast, short straddles are used when traders expect minimal price movement.

What determines the breakeven points in a straddle?

For a long straddle, breakeven points are calculated by adding and subtracting the total premium paid from the strike price. Profit may only occur if the asset moves beyond these points before expiration.

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For disclosures on SoFi Invest platforms visit SoFi.com/legal. For a full listing of the fees associated with Sofi Invest please view our fee schedule.

Options involve risks, including substantial risk of loss and the possibility an investor may lose the entire amount invested in a short period of time. Before an investor begins trading options they should familiarize themselves with the Characteristics and Risks of Standardized Options . Tax considerations with options transactions are unique, investors should consult with their tax advisor to understand the impact to their taxes.

Disclaimer: The projections or other information regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results, and are not guarantees of future results.

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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Jun

2025

50 Fall Housing Projects to Tackle This Year

25 Fall Home Projects to Tackle This Year

By Constance Brinkley-Badgett | Financial Independence, Home Ownership, personal_loan | Comments Off

Fall is a great season to tackle some home projects to prep your place for winter and make your home comfier. Home improvement projects can also help maintain or even build your property’s value.

Here, a checklist of 25 fall home maintenance and home improvement projects that will help keep your house snug and in top condition during the cold season.

Key Points

• Fall home projects can help your home withstand the stresses of winter and make it more comfortable and harder-working.

• Schedule an annual furnace check to ensure efficient heating and safety.

• Clean HVAC ducts every 3-5 years to improve air quality and system performance.

• Clear gutters of leaves to prevent water buildup and potential leaks.

• Seal or replace damaged pipes and exposed, rotting wood to maintain structural integrity and aesthetics.

1. Door & Window Seals

It’s easy for cold air to slip in around doors and windows that don’t have sufficient weatherstripping. To keep your ongoing heating costs in check, it’s smart to take a look at all of your doors and windows to ensure the seals are tight. Fixing any issues could wind up saving you some serious money over time.

💡 Quick Tip: Before choosing a personal loan, ask about the lender’s fees: origination, prepayment, late fees, etc. SoFi personal loans come with no-fee options, and no surprises.

2. Furnace Inspection

There’s not a lot worse than finding out on the coldest day of the year that your HVAC system needs repairs. Instead of waiting for a problem, it’s almost always a good idea to have your furnace inspected annually.

3. Air Ducts

This isn’t something you likely need to do every year, but it is smart to have your HVAC ducts cleaned regularly so the system is operating as efficiently as possible. Once every three to five years is a good cadence.

4. Gutters

Whether you do it yourself or hire a pro, having your gutters cleaned after the leaves have fallen can ensure that your roofline remains leak-free during the winter months.

5. Exposed or Rotting Wood

Whether it’s on your deck, around your foundation, or under your gutters, wood that is no longer properly sealed can take a beating during winter months. You can save yourself serious headaches by repairing, replacing, or sealing any exposed wood.

6. Roof inspection & Repair

A leaking roof is no one’s idea of a good time and is among the most common home repairs. Having an older roof inspected can help to spot minor problems before they turn into major issues.

In colder climates, some roof repairs may need to wait months for warmer weather before they can take place. For that reason, the sooner you tackle this issue, the better. You might be able to squeeze in a repair before the weather gets too chilly. (Note: It’s worth checking if you have a roof warranty before shelling out for repairs.)

7. New Insulation

If you’re like a lot of people, you don’t check the insulation of your attic and eaves regularly, if ever. Having the proper depth of insulation can provide most homeowners with significant savings when it comes to heating and cooling costs.

8. Lawn Winterization

When winterizing your house, don’t forget about your lawn: It will be greener earlier in the spring if you fertilize it in the fall.

9. All Those Leaves

While you don’t want leaves in your gutters or on your lawn, having them in your garden and flower beds can actually help protect plants against damage from cold weather by insulating them. A leaf bed also provides a home for insects that help feed migratory birds in spring; it can also spare landfills from tons of waste.

10. Critter Blockers

All those pipes and tubes coming into our homes from the exterior can mean there are little cracks and crevices. These in turn can allow insects and even vermin to enter in search of warmth. It can be smart to inspect and seal these crevices before the weather turns significantly colder.

💡 Quick Tip: Unsecured home improvement loans don’t use your house as collateral — a relief for many homeowners.

11. Storing Summer Clothes & Bedding

If you live in a cooler climate and you have the space, you may want to get organized and put summer clothes and bedding in storage over the winter. Enjoy the extra closet space!

12. Chimney Inspection/Cleaning

There’s nothing like sitting in front of a roaring fire on a cold winter day — unless, of course, dangerous creosote is building up in your chimney. You can likely nip any problems in the bud by having your fireplace inspected and cleaned annually.

13. Spring Bulb Planting

If you love tulips, daffodils, and other flowers that grow from bulbs, now’s the perfect time to set them in your garden. They often love a good freeze over the winter.

14. Perennial Care

Not only will adding mulch keep your beds looking neat and tidy during colder months, it can help insulate plants from the cold.

15. Outdoor Faucets

Now’s a great time to check your faucets to see if washers and all other parts are in good working order. And if you live in colder climates, it could be a good idea to install a frost-free yard hydrant to help protect your pipes against breakage during freezing weather.

16. Ceiling Fans

This is an easy one to forget. If you have ceiling fans, it’s smart to switch their direction for colder months. By reversing the direction of your fans, you can help to disperse warm air throughout your rooms.

17. Yard Tools

To keep your lawnmower, leaf blower, and any other gas-powered tools in good working order, clean them up before storing them for the season.

18. Trees & Shrubs

Pruning can be especially important for flowering trees and shrubs that only flower on new growth. It can also help to ensure that unhealthy branches are removed before heavy snow and ice coat them and possibly break them.

19. Carpet & Rug Cleaning

You’re likely going to be spending a lot more time indoors during the winter months, so why not freshen up your surroundings with a good carpet and rug cleaning? It could provide some welcome allergy relief.

20. Smoke & Carbon Monoxide Detectors

It can be smart to check your detectors and replace batteries whenever there’s a time change. So when you “fall back” and reset the clocks, make sure these important devices are in good working order.

21. Patio Furniture & Grilling Equipment

Covering your outdoor furniture and grill can lengthen their lives and help prevent chipping and other damage.

22. Snow Removal

If you live where it snows regularly, it’s smart to go ahead and prepare now. Having your snowblower serviced, buying salt or snowmelt products, ensuring that your snow shovels are in good shape, and/or lining up a snow removal service are all things you can do now to avoid problems when the snow has begun to fall.

23. Older Doors & Windows

If you’re still living with single-pane windows, it may be time to upgrade and undertake the effort and cost of replacing windows. Here’s why: Double- or even triple-pane windows can pay for themselves in just a few years. They can be far superior in keeping out both the cold and heat (depending on the season), thus reducing your heating and cooling bills. The same is true for older doors that may not be well insulated or have single-pane glass in them.

24. Programmable Thermostat

It may seem like a little thing, but turning your heat down every night can wind up saving you money. Remembering to do it, however …that’s another story. Why not make it easy on yourself and install a programmable or smart thermostat that remembers for you?

25. A Fresh Coat of Paint

If you’re going to be spending more time indoors, why not update its look to something you love? A fresh coat of paint can do wonders to spruce up almost any room. And how about the exterior? You might also look into the cost of painting a house; this is a project that can take homeowners a weekend to complete or can be bid out.

This is a home improvement that can increase your home’s value, but it can get pricey. If you don’t have the money saved, you might look into a home improvement loan (a kind of personal loan) vs, putting it on your credit card. You could enjoy a more favorable interest rate.

The Takeaway

As the leaves change, it might be time for homeowners to consider some important home improvement projects before the cold weather really kicks in. A seasonal to-do list can ensure that your home is comfy, cozy, and safe for winter and beyond. For some of the bigger projects, like replacing windows or completing roof repairs, you may want to get your financing squared away too, perhaps with a personal loan.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. See your rate in minutes.

SoFi’s Personal Loan was named a NerdWallet 2026 winner for Best Personal Loan for Large Loan Amounts.

FAQ

What is the most in demand home improvement?

Bathroom remodels are among the most sought-after home improvements. Next in terms of popularity: kitchen renovations.

Why is fall home maintenance important?

Fall home maintenance is important because it can help your house cruise through winter without any problems. For example, you may be able to avoid the furnace conking out or a pipe freezing and bursting if you prepare properly.

Which home renovation projects add the most value?

Replacing the garage doors and front doors were found to be the projects that return the most value on investment as of 2025.

Photo credit: iStock/JavenLin

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.

SOPL-Q225-061

Jun

2025

How Much Does It Cost to Install Central Air?

By Kristin Luna | Home Ownership, personal_loan | Comments Off

The average cost across the United States to install central air conditioning was $5,958 as of mid-2025. That price can, however, fluctuate based on such factors as where you live, the size of your home, and what kind of unit you choose.

Here, learn more about air conditioning costs, your options, and how to get the best possible price if you do choose to install central cooling.

Key Points

• Average cost for central air conditioning installation in mid-2025 is $5,958.

• Factors affecting cost include brand, home size, duct condition, and location.

• Financing options include savings, tax credits, and home improvement loans.

• Pre-installation evaluation assesses system needs, duct access, and budget.

• A qualified contractor ensures proper, safe, and compliant installation.

What Factors Play a Role in Installing Central Air?

Many factors go into the cost to install central air conditioning, including the brand of AC you choose, the unit itself, and the overall size of your home. A central air conditioning unit alone can cost thousands of dollars. For instance, a split unit air conditioning unit will typically run between $2,000 and $3,000 on average; a packaged central air conditioning unit will be somewhat more, typically between $2,500 to $4,500. (More in a minute on the difference between these types of systems.)

If you add in the labor of an air conditioner contractor, the cost to install central air ranges from $3,500 and $7,000 on average. But that number can range depending on where you live, the type of AC system your home needs, and the condition of your existing air ducts.

According to HomeAdvisor, these are the average air conditioning unit costs with installation:

Size	Average Cost
3-ton	$2,000-$5,500
4-ton	$2,600-$6,200
5-ton	$2,800–$6,800

💡 Quick Tip: SoFi lets you apply for a personal loan online in minutes, without affecting your credit score.

Pre-Installation Evaluation

Some helpful things to think about when evaluating your home for a new air conditioning system include a careful analysis of how big of a system your living quarters need. The price jumps quickly for larger units, so it’s often smart to make sure you’re not overdoing the cooling capacity for your project.

Ease of access for installing the bulky ducting system of a traditional air conditioning setup is important, so if you have a tight basement or attic crawl space, expect to pay more in labor costs than if you had more room to mount all the equipment and pipes easily.

Also, think about where you’d want to locate the duct feeding into the room. You might have to cut through hardwood or tile, for example, to gain an access point for the air to flow. Or there could be a spot in your house that needs a little more airflow and will therefore require multiple ducts into the room.

Though an AC installation typically just takes one day, if extensive cutting into floors or walls or ductwork is required, it could take several. If this might disrupt your quality of living, you’ll likely want to consider staying with family or friends as your central air is installed — or move into a hotel, the cost of which should factor into how you make a budget for your overall air conditioning costs.

Recommended: Personal Loan vs. Credit Card

Types of AC Units

Affordability and preference help determine the type of air conditioning unit that you’ll need, which affects the overall central air cost. A traditional split system — with air conditioning on one side of the unit, heating on the other — is on the lower end of the pricing range vs. packaged units. In addition, more complex models that include heat-pump, hybrid, and geothermal functionality can run substantially higher.

Ductless air conditioning systems have been around for years and are rapidly entering the U.S. market from overseas. They can offer affordable efficiency as they cool living spaces. Ductless units have a central compressor and fan with standalone wall-mounted units that eliminate the need for ducting. Instead, a wall-mounted fan serves each room independently. Coolant and drainage lines are routed through the wall back to the centralized air conditioning assembly, making for a clean finish.

Ductwork

When planning central air installation, you should consider what kind of ductwork is best for your home. Ductwork falls into two categories — flexible or rigid — with many different options for materials within each. Flexible and rigid ductwork each has its own pros and cons regarding price, lifespan, efficiency, and flexibility.

The cost of ductwork can vary greatly. The national average cost for ductwork is $1,252, but can range from $453 to $2,188 or significantly higher depending on the job specifics.

The cost to replace old ductwork is higher since it involves both removing the existing materials and installing new ductwork.

Recommended: How Much Is My Home Worth?

AC Installation and Labor

While handy types may be tempted to tackle the central air installation on their own, it might be wise to find a contractor who is well-qualified to ensure that the job is done properly.

City codes departments typically require permits for work like central air installation that can be obtained easily by a state-licensed contractor. Handling refrigerant chemicals like Freon™ also requires a license, according to the EPA.

Many websites offer contractor and price-compare quotes in your area. Angi and Thumbtack both can be good places to start your research. A referral from someone you know also can be a great way to find a vetted air conditioning contractor.

You might also search online communities and neighborhood forums to find a reliable air conditioning contractor. There’s a good chance that someone locally has had similar issues and might be able to recommend a professional contractor to handle your air conditioning installation job.

You’ll also need to consider how to finance this work. Perhaps you have savings to draw upon and tax credits can help. You might also consider a home improvement loan, which is a kind of personal loan in which you receive a lump sum of cash and then pay it back over time with interest.

These loans offer the advantage of typically having a significantly lower interest rate than charging the costs to your credit card. Applying for a personal loan of this kind is usually quick and easy, too.

The Takeaway

The cost to install central air conditioning is, on average, almost $6,000. While that’s a considerable expense, it can include the labor involved in addition to the price of the unit by itself. And it can give you peace of mind knowing you have a new central air system to keep you cool and likely improve the resale value of your home if you plan to list your house or refinance in the future. For this reason, it may be wise to look into your financing options, such as taking out a personal loan.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. See your rate in minutes.

SoFi’s Personal Loan was named a NerdWallet 2026 winner for Best Personal Loan for Large Loan Amounts.

FAQ

What is the $5,000 rule for air conditioning?

The $5,000 rule is a way to determine whether it’s worthwhile to replace your a/c system. Multiply the age of your system in years by the cost to repair it. If the result is over $5,000, you should replace it. If it’s under $5,000, then repair it.

What is the average cost to install new a/c?

As of 2025, the average cost to install air conditioning is $5,958, according to the home improvement site Angi.

Does new a/c qualify for a tax credit?

It may indeed. A tax credit is typically effective for qualifying products purchased and installed between January 1, 2023, and December 31, 2032 under the Energy Star guidelines. Claim the credits, up to 30% of costs to a maximum of $600, using the IRS Form 5695.

Photo credit: iStock/Pramote2015

*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.

Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .

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.

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

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 Trademarks: Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®

SOPL-Q225-062

Jun

2025

Close-up of a person's hands researching auto insurance on a white smartphone, wearing a striped shirt and rings

Smart Financial Strategies to Reach Your Goals

By Kylie Ora Lobell | Budgeting & Goals, Financial Independence, money | Comments Off

Almost everyone has financial goals — whether it’s eliminating student loan debt, saving for a home, building a million-dollar retirement fund, or all of the above.

No matter what your objectives are, achieving them generally takes more than just wishful thinking. With the right strategies, you can take control of your finances, boost your savings, pay down debt, and make steady progress toward your goals.

Here, we’ll explore some of the smartest personal finance tactics to help you move closer to the financial future you envision.

Key Points

• Build and maintain an emergency fund to cover unexpected expenses, ensuring financial security.

• Prioritize paying off high-interest debts quickly using the “snowball” or “avalanche” methods.

• Use credit cards responsibly for rewards and protection, while avoiding unnecessary debt.

• Start saving for retirement early to benefit from compound interest and ensure long-term stability.

• Create and adhere to a budget, allocating 50% for needs, 30% for wants, and 20% for savings.

Strategies to Build Financial Wealth

No matter what your current income, these seven smart money moves can put you on the path to financial stability and long-term security.

Build and Maintain an Emergency Fund

If you get hit with a large unexpected expense (like a car repair or medical bill) or temporarily lose your income and don’t have any emergency savings, you might end up relying on credit cards to get by. This can lead to a cycle of debt that can take months, even years, to break out of, turning a small bump in the road into a major financial setback.

To build financial security, it’s important to have an emergency fund that can cover your basic living expenses for anywhere from three to six months, or more. So, if you normally spend $3,000 per month on bills and essentials, you would aim to set aside $9,000 to $18,000 in your emergency fund.

If that dollar amount sounds a little daunting, it’s fine to start small — you might gradually build your fund by setting aside $50 or $100 dollars per paycheck in a high-yield savings account earmarked for emergencies.

Consider setting up a recurring transfer from your checking account into this account each month. Over the course of a year, that bit-by-bit approach to saving money can add up to a much larger sum.

Tackling Debt Strategically

Debt can be one of the biggest obstacles to reaching your financial goals. High interest rates and fees often mean you end up paying far more than the original balance — especially with credit card debt and student loans.

Take credit cards, for example. The average interest rate for credit cards as of May 2025 is 28.63%. If you’re only making the minimum payment, most of that payment is going toward those toward interest charges rather than reducing your balance. This means your debt continues to go up and you’ll end up paying significantly more (possibly hundreds or thousands more) than your original purchases were worth.

If you’re looking to build a solid financial foundation, one of the smartest moves you can make is to prioritize paying off high-interest debts quickly.

Two proven strategies to help with debt repayment are the snowball method and the avalanche method:

• The Snowball Method: Focus on paying off your smallest debts first, regardless of the interest rate. Once the smallest balance is paid off, roll that payment into the next-smallest debt. This strategy builds momentum and motivation as you see debts disappear one by one.

• The Avalanche Method: Prioritize paying off the debt with the highest interest rate first while making minimum payments on the others. Once the highest-interest debt is gone, apply that payment to the next-highest interest debt. This method typically results in paying less interest overall.

While the avalanche method is more cost-efficient in the long run, some people find the snowball method more encouraging because of the quicker psychological wins.

Make the Most of Credit Cards

Credit cards can either be a financial trap or a useful tool — it all depends on how you use them. When managed responsibly, they offer several advantages:

• Cash back and rewards: Many cards offer 1% to 5% back on everyday purchases or points you can redeem for travel, dining, or other perks. These benefits allow you to save money without making any sacrifices.

• Fraud protection: Credit cards often include strong fraud safeguards, meaning you’re not liable for unauthorized charges if your card is lost or stolen.

• Purchase protection: Some credit cards offer automatic purchase protection. This benefit provides coverage for items purchased with the card if they are damaged, stolen, or lost within a specific timeframe.

• Credit building: Using credit cards responsibly — by making on-time payments and keeping your balances low — can strengthen your credit profile. Keeping old accounts open also helps extend your credit history, which lenders like to see.

• Balance transfers: If you’re carrying a balance on a high-interest card, a 0% APR balance transfer offer could help. These promotions give you a period — often 12 to 18 months — where you can pay off debt interest-free. Just be sure to pay off the balance before the promotional period ends to avoid steep interest charges.

To use credit cards to your best advantage, aim to pay off your balance in full and on time each month, and keep your credit utilization (how much of your available credit you’re using) below 30% to maintain healthy credit.

Build and Stick to a Budget

Budgeting is a cornerstone of smart money management. It helps you see what’s coming in, what’s going out, and where you can make adjustments.

There are many different types of budgets but one simple framework that can help you get started is the 50/30/20 rule. This divides your monthly after-tax income into three categories:

• 50% goes toward needs like housing, groceries, transportation, and minimum payments on debt.

• 30% is for wants — entertainment, dining out, and nonessential purchases.

• 20% is allocated to savings, investments, and paying more than the minimum on debt.

This approach helps you prioritize spending, manage debt, and build a financial safety net.

You can set up a budget using pen and paper, a simple spreadsheet ,or a dedicated app. Many banks also offer budgeting tools that track spending and categorize purchases automatically.

Cut Monthly Costs Without Sacrificing Comfort

Once you’ve assessed your spending, the next step is identifying areas to trim back. Here are some common expenses you may want to reassess:

Housing: If rent is taking a big chunk out of your income, you might look into getting a roommate, moving to a less expensive area, or downsizing.

Transportation: Consider carpooling with friends and coworkers, taking public transit, and swapping a costly car lease for a more affordable vehicle. You might also save by comparing car insurance providers.

Cable and subscriptions: Consider replacing a pricey cable package with more affordable streaming services. If you already subscribe to multiple streaming services, you might get rid of the ones you rarely watch. Another way to save on streaming is to rotate your subscriptions (i.e., canceling one service and then subscribing to another when you want to watch something specific).

Dining out: Cooking at home can significantly reduce weekly food costs. Consider doing some meal prepping or batch cooking on the weekends and using a slow cooker on work days to make it easier to resist going out or ordering in.

Online shopping: Consider deleting saved payment methods on your favorite shopping sites to add more friction to impulse purchases. It’s also a good idea to unsubscribe from promotional emails that tempt you to spend.

Also keep in mind that you may be able to cut some of your so-called “fixed” monthly costs, like your cell, internet, and insurance bills. Call around to see if you can get a better deal from a competitor, or simply reach out to your current providers and ask for a better price. Many companies will offer promotions to retain existing customers.

If you’re carrying a balance on your credit card, you might contact the card issuer and ask for a lower interest rate — especially if you have a good payment history or competing offers from other cards.

Start Saving for Retirement Now

The earlier you begin saving for retirement, the easier it will be to reach your goal. Thanks to compound returns (when the returns you earn get reinvested and earn returns of their own), small contributions now can grow significantly over time.

Popular retirement accounts include:

• 401(k): This is a retirement savings plan offered by many employers, often with contribution matching (which is essentially free money). You don’t pay taxes on contributions or earnings until you withdraw the money in retirement.

• Traditional IRA: A traditional individual retirement account (IRA) is an account you open on your own, not through an employer. Contributions may be tax-deductible, and withdrawals are taxed in retirement.

• Roth IRA: A Roth IRA is also an individual account, but you fund it with after-tax dollars. This means you pay taxes on the money now but the account grows tax-free and qualified withdrawals in retirement are tax-free.

Financial advisors often recommend putting at least 15% of your pre-tax income each year for retirement (this includes any employer match).

Keep in mind that all retirement accounts come with annual contribution limits set by the Internal Revenue Service (IRS). These limits are influenced by factors such as age, income, and whether or not you (or your spouse) have access to a workplace retirement plan.

Be Smart About Loans

Large expenses, such as purchasing a house, car, or starting a business, typically require more cash than most individuals have sitting in their bank accounts. Loans provide a way to finance these expenses by borrowing money, which is then repaid over time with interest. When considering a loan, keep these smart borrowing tips in mind:

• Shop around: Compare different lenders and loan types to find the best interest rate, terms, and fees. You can often rate shop online without any impact to your credit.

• Understand the loan: Familiarize yourself with the loan terms, repayment schedule, and any associated fees or penalties.

• Only borrow what you need: It’s important that you only borrow the amount necessary for your specific needs, as borrowing more can lead to higher overall debt and interest payments.

• Assess your ability to repay: Determine if you can comfortably afford the monthly payments based on your income and monthly expenses.

• Set up automated payments: Automate your loan payments to ensure you never miss a payment — this helps you avoid late fees and potential dinks to your credit.

• Make extra payments when possible: Pay more than the minimum amount whenever possible to reduce the principal balance and save on interest.

• Consider refinancing: If at some point you can lock in a better interest rate, consider refinancing your loan. Just keep in mind that extending the loan term can lead to increased overall costs.

The Takeaway

Smart financial strategies aren’t just about cutting back — they’re about making intentional choices with your money. Whether you’re paying down debt, investing for the future, or fine-tuning your budget, every step you take brings you closer to your financial goals. With the right tools and mindset, long-term financial success is within reach.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy 3.30% APY on SoFi Checking and Savings with eligible direct deposit.

FAQ

What are the top 3 financial habits?

Top financial habits include: 1) Budgeting: Tracking income and expenses to manage money effectively. 2) Saving: Setting aside a portion of income for emergencies and future goals. 3) Investing: Growing wealth over time by putting money into stocks, bonds, or other assets. These habits help ensure financial stability and long-term security.

What is the SMART concept in finance?

The SMART concept in finance stands for Specific, Measurable, Achievable, Relevant, and Time-bound. It helps in setting clear and actionable financial goals. For example, instead of a vague goal like “save more,” a SMART goal would be “save $5,000 for a vacation you want to take in one year by setting aside $417 each month.” This framework ensures goals are well-defined and easier to achieve.

What is the 70/20/10 rule in personal finance?

The 70/20/10 rule in personal finance suggests dividing your income into three parts: 70% for monthly bills and everyday spending, 20% for savings and investments, and 10% for additional debt payments or charitable giving. This rule helps maintain a balanced budget, ensuring you cover essentials, build wealth, and manage debts or contribute to causes you care about. It’s a simple and effective way to manage your finances.

About the author

Kylie Ora Lobell

Kylie Ora Lobell is a personal finance writer who covers topics such as credit cards, loans, investing, and budgeting. She has worked for major brands such as Mastercard and Visa, and her work has been featured by MoneyGeek, Slickdeals, TaxAct, and LegalZoom. Read full bio.

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

Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet

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 every 31 calendar days.

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 the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, 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 the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit on future Eligible Direct Deposits, as long as SoFi Bank can validate them.

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See additional details at https://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.

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

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

Third Party Trademarks: Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®

SOBNK-Q225-082

Comparing the Different Types of Deposit Accounts

Basic Checking and Savings Accounts

Basic Checking and Savings Accounts

Checking Account Pros and Cons

Savings Account Pros and Cons

Increase your savings with a limited-time APY boost.*

5 Other Deposit Account Options

1. High-Interest Savings Accounts

2. Money Market Accounts

3. Certificates of Deposits (CDs)

4. High-Yield Checking Accounts

5. Cash Management Accounts

Time vs Demand Deposit Accounts

The Takeaway

FAQ

What are the different types of deposit accounts?

What is the most common type of deposit account?

Is a CD considered a deposit account?

What Is a Straddle in Options Trading?

Understanding Puts and Calls

How to Put on a Straddle Trade

Examples of Straddles

Long Straddle Example

Short Straddle Example

Pros & Cons of Straddles

Pros of Straddles

Cons of Straddles

Straddles vs Strangles

The Takeaway

FAQ

What is the difference between a straddle and a strangle?

What are the risks of a straddle?

When do traders use straddles?

What determines the breakeven points in a straddle?

25 Fall Home Projects to Tackle This Year

1. Door & Window Seals

2. Furnace Inspection

3. Air Ducts

4. Gutters

5. Exposed or Rotting Wood

6. Roof inspection & Repair

7. New Insulation

8. Lawn Winterization

9. All Those Leaves

10. Critter Blockers

11. Storing Summer Clothes & Bedding

12. Chimney Inspection/Cleaning

13. Spring Bulb Planting

14. Perennial Care

15. Outdoor Faucets

16. Ceiling Fans

17. Yard Tools

18. Trees & Shrubs

19. Carpet & Rug Cleaning

20. Smoke & Carbon Monoxide Detectors

21. Patio Furniture & Grilling Equipment

22. Snow Removal

23. Older Doors & Windows

24. Programmable Thermostat

25. A Fresh Coat of Paint

The Takeaway

FAQ

What is the most in demand home improvement?

Why is fall home maintenance important?

Which home renovation projects add the most value?

How Much Does It Cost to Install Central Air?

What Factors Play a Role in Installing Central Air?

Pre-Installation Evaluation

Types of AC Units

Ductwork

AC Installation and Labor

The Takeaway

FAQ

What is the $5,000 rule for air conditioning?

What is the average cost to install new a/c?

Does new a/c qualify for a tax credit?

Smart Financial Strategies to Reach Your Goals

Strategies to Build Financial Wealth

Build and Maintain an Emergency Fund

Increase your savings with a limited-time APY boost.*

Increase your savings
with a limited-time APY boost.*

Increase your savings
with a limited-time APY boost.*

Student Loan
Refinancing

Personal
Loans

Online
Investments