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Having children can be rewarding, but thanks to higher rates of inflation, it’s also getting more expensive. Today, parents can expect to spend around $310,000 to raise a child from birth up to age 17, according to a recent Brookings Institution analysis of data from the USDA.

If you’re considering growing your family, understanding all the costs involved can help you prepare financially. Let’s take a closer look at the average annual cost of raising a child in the U.S. and how that figure has changed over the past two decades.

What Is the Cost of Raising a Child in the US in 2022?

Adjusting for higher future inflation, the Brookings Institution estimates it costs $310,605 for a middle-class family to raise a child born in 2015 up to age 17. Of course, the amount you end up spending depends on a number of factors, including household income, the cost of childcare, and where you live.

If you want more personalized insights to help you plan your spending, consider using an online calculator.

A Comparison of the Cost of Raising in Child in 2000 vs 2022

The average cost of raising a child in 2000 looked much different than it does now, thanks in large part to the recent surge in inflation rates.

In 2000, a typical middle-income family could expect to spend $165,630 to raise a child to the age of 17. In 2022, that same family would spend $310,605, according to the Brookings Institution analysis, which adjusted the USDA’s most recent estimates for higher expected future inflation. Note that this amount doesn’t include extras like summer camp or birthday parties, nor does it factor in the cost of college.

Top Expenses of Raising a Child in 2022

When it comes to the average cost of raising a child from birth to 17, middle-income families can expect to spend around $17,255 per year. The following table shows where that typically money goes.

Top Expenses of Raising a Child in 2000

Average middle-income parents in 2000 spent around $9,201 per year on child-rearing costs. As the chart below shows, housing and food were the biggest expenses. But compared to 2022, parents spent less on other things, like healthcare and child care and education.

How to Reduce the Cost of Raising a Child Today

No matter when you become a parent, you’ll likely have some major expenses. The good news is, it is possible to save money while raising kids. Here are some tips to consider:

•   Look for ways to lower housing expenses. Housing is the number-one expense for families, so finding ways to trim expenses there can really help you save. For instance, if you’re planning to move, you may want to expand your search to include smaller, less expensive homes located in neighborhoods with lower property taxes.

•   Purchase secondhand clothes. Kids tend to outgrow their clothing quickly. Rather than spend a lot on new outfits, shop secondhand whenever possible. Tag sales, thrift stores, and consignment sites are all good places to explore.

•   Make the most of your local library. Are expensive streaming subscriptions eating away at the family budget? Consider canceling some of those streamers and heading on over the local library. Not only can you check out books and audiobooks for free, you can also rent DVDs and enjoy free events.

•   Shop generic. When it comes to basics like diapers, toiletries, and household cleaners, skip the fancy brand names and go for less-expensive generic versions.

Recommended: From One Child to Two: How to Financially Plan

More Financial Tips for Parents

Whether you’re looking to start a family or add to your brood, there are also some smart financial habits you can start today that can make it easier to afford raising children. As a bonus, these habits can also help you teach your child about money management.

•   Pay down debt quickly. When a borrower takes on debt, they repay not only the amount they borrowed, they also owe interest and fees to the lender in exchange for borrowing the money. That’s why it’s so important to pay off debt quickly. The sooner you erase your debt, the less interest you’ll have to pay.

•   Create a budget that grows with your family. Coming up with a budget — and adapting it to meet your current needs — can help your finances roll with whatever changes life has in store. It’s a good idea to sit down once a month to evaluate what’s working in the budget, what can be improved, and what new expenses are on the horizon. A spending app can also help you keep tabs on where your money is going.

•   Prioritize savings. When you’re raising a family, it’s easy to let long-term savings goals fall by the wayside. One way to make saving second nature is to sock away a portion of each paycheck into a savings account or investment account. By paying yourself first, you’re better positioned to reach your financial goals, whether that’s putting multiple children through college, investing, or saving for retirement.

Recommended: Creating an Investment Plan for Your Child

The Takeaway

Having a family can be rewarding — and expensive. The average middle-class family today will pay around $310,000 to raise a child to age 18. Housing, food, and child care/education are among the top three biggest expenses. The good news is, there are ways to manage expenses and still save for long-term financial goals.

If you need help organizing your finances, consider using a money tracker app. The SoFi app connects all of your accounts in one convenient dashboard. From there, you can see all of your balances, spending breakdowns, and credit score monitoring, plus you can get other valuable financial insights.

FAQ

How much does it cost each year to have a child?

The average middle-class family will spend around $17,255 per year to raise a child.

How much does it cost to raise a child to 18 in 2023?

According to a 2022 Brookings Institution analysis of data from the USDA, a middle-class family will spend $310,605 to raise a child to the age of 18.

How much does a baby cost on average?

The average middle-income household family can expect to spend around $12,680 a year to raise a child from birth to 2 years of age, according to the most recent USDA data.

Photo credit: iStock/Prostock-Studio

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The capital city of Georgia is becoming a very popular destination lately and even has the distinction of being the only American city to land on a recent global “best in travel” list. And why not? With its warm weather, historical significance, happening restaurants, and major airport, it’s a fun, easily accessible place to vacation.

There’s a lot to do in Atlanta, from the Georgia Aquarium to the Martin Luther King Jr. National Historical Park; from the Ponce City Market (don’t miss the rooftop bar) to Piedmont Park. Here, you’ll find a list of 10 best things to do in Atlanta, Georgia, plus smart tips for enjoying every minute and staying on budget.

Best Times to Go to Atlanta

Spring and fall are usually considered the best times to go to Atlanta. Atlanta can get very hot and crowded during summer travel. For example, the average high temperatures in July and August are nearly 90 degrees, but it can feel much hotter, thanks to the city’s high humidity. Spring and fall also tend to be less crowded and have milder temperatures, while still being warm enough to spend the days outside. For example, April and October have comfortable average temperature highs in the low 70s.

A great time for music lovers to visit is at the start of summer: The Atlanta Jazz Festival is held on Memorial Day weekend, when you can expect average daytime temperatures to be in the still comfortable low 80s. However, you will also likely have to contend with higher prices and more crowds during big events on major holiday weekends.

Bad Times to Go to Atlanta

Allergy sufferers may want to avoid springtime in Atlanta, as the city experiences an extreme pollen season. A visible dusting can be seen as early as January. Pollen counts peak in late March to mid-April, with cars and lawns blanketed in bright yellow pollen from oak and birch trees.

Winter is typically the slow season for tourists in Atlanta, and the city offers fewer events during this time. Because of this, hotel prices may be lower, so it may be enticing if you are looking for how to save money on hotels in Atlanta. For example, there are plenty of hotels available for $125 to $175 per night during a weekend in January.

If you do decide to visit in the winter, watch out for snow or ice in the forecast. Although frozen precipitation is rare in Atlanta, when it happens, it shuts down the city, which means you won’t be seeing the sights.

Average Cost of an Atlanta Vacation

As is the case with many city getaways, you can have a great time in Atlanta with nearly any budget. If you are visiting for a week, you can expect to pay an average of $2,419 for two people. That’s a good number to know as you decide where to keep your travel fund and start saving for your trip.

Hotels range from $100 to several hundred per night, with an average of about $180. Price depends on how fancy the hotel is, the time of year you visit, and the location of the hotel.

The pricey areas tend to be downtown and in the upscale Buckhead neighborhood. Less expensive areas include the suburbs and areas around the airport.

Beyond hotel expenses, you’ll find good news when it comes to food and entertainment. Thankfully, Atlanta is still much less expensive than other major cities like New York and Los Angeles or resort areas like Florida and Hawaii. You will eat well: There’s a vibrant restaurant scene, with everything from Indian food to soul food and back again Plus, there are loads of nightlife options, including comedy clubs and live music.

You’ll also need to decide how to get to Atlanta. Given what a major airline hub the city is, you may find affordable fares for plane tickets, though that will depend on where you are flying in from. It’s wise to learn how credit card travel insurance works when booking flights in case of cancellations, lost luggage, and the like. Then you can decide whether to purchase private travel insurance or use your credit card protections.

Worth noting, too, is the fact that the city does not have as extensive of a public transit system as some other cities. If you want to explore various sites, you may want to look into renting a car or budget for Ubering around town.

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10 Fun Must-Dos in Atlanta

Here’s the fun part: Deciding what to do in Atlanta. There is something for just about everyone in the city. Here is a list of 10 cool things to do in Atlanta, culled from those who have traveled to the city as well as loads of online reviews of top-rated attractions. Whether you’re taking a solo trip or one with friends and/or family, you will probably find more exciting activities than you can pack into your days in town.

While we also made sure to include several free activities, make sure to capitalize on your credit card rewards and use a card that’ll bring you points, miles, or cash back when charging your trip’s expenses.

1. Spend an Afternoon at the Aquarium

The Georgia Aquarium is practically a household name and for good reason. It’s the largest indoor aquarium in the western hemisphere. It even serves as a teaching hospital for marine biologists. You’ll encounter dolphins, penguins, sharks, and gigantic but adorable whale sharks, the largest fish in the sea. Take a free self-guided tour via an app that you can download for your visit.

The aquarium is located next to Centennial Park (see below) and is open daily from 9am to 6pm Mondays through Thursdays, 9am until 9pm on Fridays and Saturdays, and 9am to 4pm on Sundays. Admission can be pricey, around $43 to $48. GeorgiaAquarium.org

2. Get Outdoors

Atlanta may be a city, but you can easily get some greenery on your trip. Piedmont Park, for instance, is a huge park located in midtown Atlanta (between downtown and Buckhead) that offers trails for walking, running or biking, picnic locations, ponds, greenery, and wildlife. Arts festivals, music festivals, concerts, and farmers markets take place throughout the year, adding to the fun. And may we mention that it’s a great destination if you are traveling with pets? It’s a free thing to do in Atlanta and is open daily from 6am to 11pm. piedmontpark.org/

Or check out the adjacent Atlanta Botanical Garden, a 30-acre natural delight with a canopy-level footbridge, suspended 40 feet above lush woodlands, and a Japanese garden. It’s open every day but Monday, and admission ranges from $23.95 to $34.95. atlantabg.org

3. Enjoy an Urban Mall

Ponce City Market is a super-fun food and retail hub (there are even some apartments plus office space there) tucked into a circa-1926 Sears & Roebuck building. Located in the Old Fourth Ward neighborhood along the BeltLine (see below), there are local “shop-small” boutiques, with cards, crafts, jewelry, denim, and more, along with national retailers like Sephora and JCrew. Great food abounds inside in the a/c’d premises, whether you’re looking for a latte or yakitori. And don’t miss the rooftop bar and amusement park. Open from 10am to 9pm Monday through Saturday; on Sunday, the shops are open 10am to 6pm and the eateries from 10am to 8pm. poncecitymarket.com/

4. Stroll the BeltLine

The Atlanta BeltLine is an amazing urban revitalization project: It’s a former railway corridor that is being transformed in part into a public path that has art, planting, parks, and attractions. While the complete loop is not fully paved yet (it is expected to be finished around 2030), sections are available for strolling, running, and biking. The BeltLine connects popular locations like Ponce City Market and Piedmont Park, and, since it’s free, can be a way families can afford to travel. Events are held throughout the year, including fitness classes, art events, and concerts. beltline.org/places-to-go/ or consider a bus, bike, or walking tour beltline.org/things-to-do/atlanta-beltline-tours/

5. Visit the Soda Headquarters

Coca-Cola has been advertised as “the pause that refreshes,” so you might enjoy a refreshing pause by visiting the company’s World of Coca-Cola, near the Georgia Aquarium. Coke was invented in Atlanta in 1886, and its global corporate headquarters are still located in the city today. The World of Coca-Cola, which highlights the brand’s history and the soda industry, features a pop-culture museum, a 4-D theater, replica soda fountains, and beverage dispensers where you can try dozens of sodas from around the world. Ticket prices range from $15 to $19, and the attraction is open from 10am to 5pm on Mondays through Thursdays, and 10am to 6pm on Fridays through Sundays. worldofcoca-cola.com/plan-your-visit

6. Honor Martin Luther King Jr.

This park is a great way to remember a great man: It preserves the home where Martin Luther King Jr. was born and raised, as well as the Ebenezer Baptist Church, where he was once a pastor. Guided tours are available. The visitor center has exhibits on the Civil Rights Movement and its important figures. Worth knowing: The last scene of the Marvel movie Black Panther was filmed two blocks away from the park. This free attraction is open from 10am to 4pm daily, with small ranger-led tours available. nps.gov/malu/index.htm

7. Eyeball Some Great Art

Atlanta’s High Museum of Art is located in a stunning modern building between the Midtown and Ansley Park neighborhoods. Visitors will delight in the museum’s permanent collection and temporary exhibitions, with masterpieces spanning folk, self-taught, African, American, and European art and more. The museum is open Tuesday through Saturday, 10am to 5pm, Sunday from noon to 5pm, and is closed on Mondays. Admission costs $18.50. high.org/visit/

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8. Let Your Imagination Soar at the Delta Flight Museum

Atlanta is home to the busiest airport in the world, but the airport isn’t the only place to see planes in the city. The Delta Flight Museum, located inside an airport hangar, has aviation artifacts, several airplanes, a hot air balloon, and the country’s sole full-motion flight simulator open to the public (though that’s a pricey experience). If you or a member of your travel posse loves flying, this can be a fascinating place to spend a few hours. The museum is located outside of Atlanta’s airport, which is about eight miles south of downtown, making it a convenient stop if you are heading into or out of the Hartsfield-Jackson Airport. The museum is typically open from 10am to 4pm (closed on Wednesdays), but it’s wise to check in advance as it sometimes is closed for private events. Tickets range from $10 to $15. The flight simulator is a separate ticket, costing $425 for up to four people. deltamuseum.org/

9. Pit-Stop at the Varsity

Feeling hungry? Pull into Atlanta’s renowned Varsity, where you can indulge in chili dogs, onion rings, a frosted orange milkshake, and a fried peach pie. It’s an iconic eatery that opened in 1928 and is a popular drive-up experience; there are now six locations around town. You just may want to snap up a Varsity t-shirt after you’ve had your fill of their food. thevarsity.com/pages/locations

10. See a Show at the Fox Theatre

Ready for some entertainment as you look for fun things to do in Atlanta? Head to the Fox Theatre, an amazing space that was built as an auditorium for the Shriners organization and was inspired by Egyptian temples, among other structures. It’s a treat to be inside, and you can catch a show before it hits Broadway. The Fox also hosts comedy shows and concerts. Cool fact: It’s home to “Mighty Mo,” the largest working Moller theater organ in the world, constructed in 1929. foxtheatre.org/

The Takeaway

Atlanta is a lively, vibrant city with so many attractions and experiences, from strolling along the BeltLine to visiting a historical site to dining at a food court inside an old Sears building. By learning more about what Atlanta has to offer, you can be sure to make the most of your trip to this buzzworthy destination.

Whether you want to travel more or get a better ROI for your travel dollar, SoFi can help. SoFi Travel is a new service exclusively for SoFi members that lets you budget, plan, and book your next trip in a convenient one-stop shop. SoFi takes the guessing game out of how much you can afford for that honeymoon, family vacation, or quick getaway — and we help you save too.

FAQ

What are some things to do in Atlanta for free?

Atlanta offers plenty of free or cheap attractions, like walking on the Atlanta BeltLine or window shopping in the Ponce City Market. You could also pick up some groceries for a picnic in Piedmont Park.

What are things to do in Atlanta, Georgia with kids?

The Georgia Aquarium, the Atlanta Zoo, and the World of Coca-Cola are some of the more popular attractions for children. There are also many parks and outdoor spaces for kids to run around and play, like the Centennial Olympic Park and Piedmont Park.

What are some things to do in Atlanta at night?

Atlanta has a robust nightlife scene. There are numerous restaurants, bars, and clubs throughout the city. Other options include the Starlight Drive-In movie theater, comedy clubs, and music venues.

What’s the symbol of Atlanta?

Atlanta’s official symbol is the phoenix. The mythical beast represents the city’s history: The area was destroyed in the Civil War during the Battle of Atlanta, then rebuilt from the ashes.

Photo credit: iStock/Sean Pavone

**Terms, and conditions apply: The SoFi Travel Portal is operated by Expedia. To learn more about Expedia, click https://www.expediagroup.com/home/default.aspx.

When you use your SoFi Credit Card to make a purchase on the SoFi Travel Portal, you will earn a number of SoFi Member Rewards points equal to 3% of the total amount you spend on the SoFi Travel Portal. Members can save up to 10% or more on eligible bookings.

If Cincinnati isn’t on top of your list of places to visit, reconsider! This is a vibrant, bustling city along the banks of the Ohio River with an abundance of attractions to enjoy. There are festivals, parks, museums, and historical sites to explore. Plus, you will definitely eat and drink well (Cincy is also well known for its eighty-plus breweries).

Whether you have just a weekend or a longer stay in mind, the city will have plenty to keep you busy. Here, you’ll learn the details on 10 cool things to do in Cincinnati, as well as tips to make planning and paying for your trip that much easier.

Ready to explore the best things to do in Cincinnati? Read on.

Best Times to Go to Cincinnati

Cincinnati has warm summers that typically don’t get scorchingly hot, as well as reasonably temperate spring and fall seasons. Those can be the prime seasons to visit.

Located in the southwest corner of Ohio, winters can be warmer than Ohio towns and cities further north, but they can get quite cold, snowy, and icy. In general, April through October is the best time, weather-wise, to plan a trip.

If you enjoy attending festivals, Cincinnati has plenty in the summer and early fall. So, choose ones of interest and plan accordingly. Some of the more popular festivals include:

•   Oktoberfest oktoberfestzinzinnati.com/

•   Cincinnati Music Festival www.cincymusicfestival.com/

•   Bunbury Music Festival bunburyfestival.com/

•   BLINK, a light and art festival in October blinkcincinnati.com/

If sports games are more your thing, check the schedules of the Cincinnati Reds MLB team and the Bengals NFL teams — or one of the many played by students at the University of Cincinnati.

If these fun things to do in Cincinnati have captured your attention, you may want to decide where to keep a travel fund and start saving.

Bad Times to Go to Cincinnati

You’ve already read that winters can be, well, wintery and perhaps not the best time to visit. If you’d like to walk around and enjoy the sights, you may be put off by the low temperatures and how roads can be snow clogged and slippery during that season.

Also, Cincinnati can experience traffic congestion, especially downtown. Hectic times can include opening days for the sports teams or when a big game is about to be played — or during an in-demand festival. So if you’re not planning to attend any of these events, consider avoiding those dates when downtown is likely to be especially crowded.

Also investigate the status of the bridge over the Ohio River that connects Cincinnati, Ohio to Kentucky. When there is bridge construction or people are traveling to Kentucky in higher numbers, traffic can get backed up into downtown Cincinnati.

Average Cost on a Cincinnati Vacation

On average, a trip to Cincinnati costs a solo traveler $146 a day or $1,025 weekly. Plenty of factors impact the price, however. If driving, gas prices play a role. If flying, knowing how to get cheap flights can reduce your costs.

Hotels range from budget inns to luxurious lodging with in-demand amenities and luxury add-ons, and restaurants can be quick bites at a fast food establishment or an indulgent meal at a steakhouse.

What you choose will of course affect the prices. To help with financial planning, consider your credit card rewards and how you can leverage them to splurge.

If some of things to do in Cincinnati, Ohio for couples catch your eye, know that an average Cincy hotel price for two is $163. Knowing how to save money on hotels can help to cut back the average weekly cost of $2,050 for two.

10 Fun and Affordable Must-Dos in Cincinnati

Cincinnati is an intriguing city with highly enthusiastic sports fans alongside those who have a passion for art and culture (and those who love both!). Not surprisingly, then, the things to do in Cincinnati, Ohio are quite diverse: art, nature, and history venues as well as dining, shopping — and even world-class amusement park experiences.

Here, you’ll find a list of 10 fun things to do in Cincinnati, gathered from top-ranking online reviews as well as city-smart travelers.

1. Visit the Cincinnati Zoo & Botanical Garden

Founded in 1873, this highly rated zoo is the second-oldest one in the United States. Although the initial collection of animals was quite small (including a talking crow), today’s zoo will introduce you to gibbons, gorillas, lemurs, manatees, hippos, and more. An international leader in wildlife conservation, this zoo is now one of the country’s largest and can be a terrific place to spend some time while in Cincinnati. cincinnatizoo.org/

2. Tour a Massive Museum

The Cincinnati Art Museum is one of the oldest in the country — and quite large with more than 67,000 pieces of art that span 6,000 years of creativity. The collection ranges from African and East Asian art to contemporary American works, European sculptures, musical instruments, and so much more. cincinnatiartmuseum.org/

3. Take a Walk in the Park

After touring the art museum, step outside! You’ll find yourself in Eden Park with the Hinkle Magnolia Garden, Mirror Lake, walking paths, eye-catching sculptures, playgrounds, and more. The grounds are also home to the Cincinnati Playhouse in the Park, the Krohn Conservatory, outdoor concerts — and an incredible view of the Ohio River with Kentucky located just on the other side. This can be a great place to spend a couple of hours if you’re traveling with a pet, plus it’s a free thing to do in Cincinnati. cincinnati-oh.gov/cincyparks/visit-a-park/find-a-parkfacility/eden-park/

4. Appreciate More Art

The Taft Art Museum is a terrific journey back in time. Housed in an 1820 National Historic Landmark that’s a treat to visit, the art collection includes French Renaissance enamels, Chinese porcelain, European and American paintings, and more. You’ll view works by Rembrandt, Goya, Whistler, and other prominent artists. taftmuseum.org/

5. Go for a Ride

When looking for fun things to do in Cincinnati, put Kings Island on the list! There are big-time roller-coaster adventures plus three dozen water slides. If you’re traveling with children, there are thrills for the smaller set, such as the Planet Snoopy kiddie rides. Plus, you’ll find plenty of mouthwatering in-park dining options along with quality live entertainment to applaud.

Look for coupons online or check with your hotel’s concierge; discounts can be a way for families to afford to travel. visitkingsisland.com/

6. Immerse Yourself in History

Located near the banks of the Ohio River — a geographic feature that once divided states where slavery was legal from those where it wasn’t — the National Underground Railroad Freedom Center contains permanent and traveling exhibits. Visitors will learn about this challenging time in history and the heroes of the Underground Railroad. freedomcenter.org

Across the street, there’s a sign spelling “Cincinnati” in script with plenty of people taking selfies there before they go.

7. Watch a Baseball Game

Also located by the Ohio River, this is the stadium for America’s first professional baseball franchise, the Cincinnati Reds. So, if in town on a game day, buy tickets! You’ll walk by a statue of the Hall of Fame baseball catcher, Johnny Bench, and can visit the Reds Hall of Fame and Museum to celebrate the glory days of the Big Red Machine and more. Plenty of exhibits exist, including interactive ones, and players sometimes schedule personal appearances. mlb.com/reds/ballpark

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8. Stroll Around an Arboretum

Although cemeteries aren’t typically on a vacation list, Spring Grove Cemetery and Arboretum is one of only two historic cemeteries to achieve Level III arboretum standards. Its stunning gardens focus on Midwest natives along with non-indigenous species with a focus on demonstrating the “vital relationship that exists between plants and people.” springgrove.org/arboretum/

9. Get Acquainted with an Aquarium

From white alligators to stingrays to penguins, the award-winning Newport Aquarium offers unique views of thousands of types of exotic aquatic life, along with amazing interactive adventures. Cross the world’s first rope bridge above a tank full of sharks, explore a sunken ship at “Shipwreck: Realm of the Eels,” and much more. newportaquarium.com/

10. Eat Well (Really Well)

If you are looking for delicious things to do in Cincinnati, Ohio, for couples or a family, stop by the Findlay Market. This is the state’s oldest surviving municipal market house. A huge range of good eats are available; if one of you is vegan and the other isn’t, no problem! There is something for everyone here: pho, arepas, BBQ, and more. Maybe take one of the market’s walking tours so you don’t miss anything. findlaymarket.org/

A Note About Getting Around

Although it’s not totally true that all of Cincinnati attractions are located downtown, many of them are. So, keep that in mind while engineering your itinerary for each day and when seeking convenient lodging.

•   If you want to avoid highly trafficked places to stay, spread out from the downtown area when looking for options, perhaps into Kentucky.

•   Although most attractions are open year round, check to ensure the ones you want stay open through the winter.

•   Consider the streetcar with its eighteen downtown stops if you’d like to see key places without having to drive.

•   If the attractions you want to see are quite far apart, you might look into renting a car to make sure you hit all the highlights.

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The Takeaway

Fun things to do in Cincinnati take place throughout the year, depending upon your interests. Plenty of options exist for people who love art, nature, sports, music, food, and much more. Most festivals take place in summer and early fall, while football fun extends the fun of visiting further into the year. Whether you are traveling solo, with friends, or with family, you are likely to have more top things to do in Cincinnati than you can pack into a single trip.

Whether you want to travel more or get a better ROI for your travel dollar, SoFi can help. SoFi Travel is a new service exclusively for SoFi members that lets you budget, plan, and book your next trip in a convenient one-stop shop. SoFi takes the guessing game out of how much you can afford for that honeymoon, family vacation, or quick getaway — and we help you save too.

FAQ

What foods is Cincinnati famous for?

Chili! A Greek family brought its special recipes to the United States in 1949, and its been loved by Cincinnati residents and visitors ever since. This is also the city for beer lovers with its eighty-plus breweries and nightlife spots. Need a third one? Ice cream!

Is Cincinnati in two states?

Although you may hear portions of Kentucky and Indiana referred to as part of the greater Cincinnati metro area, the actual city lies within the geographical boundaries of just one state: Ohio.

Can you walk in downtown Cincinnati?

Yes! Cincy is a walkable city, and it isn’t unusual to see significant numbers of people strolling by on the sidewalks as well as in parks and other venues.

Photo credit: iStock/pawel.gaul

**Terms, and conditions apply: The SoFi Travel Portal is operated by Expedia. To learn more about Expedia, click https://www.expediagroup.com/home/default.aspx.

When you use your SoFi Credit Card to make a purchase on the SoFi Travel Portal, you will earn a number of SoFi Member Rewards points equal to 3% of the total amount you spend on the SoFi Travel Portal. Members can save up to 10% or more on eligible bookings.

The role of the Federal Deposit Insurance Corporation (FDIC) in protecting depositors’ bank accounts is important for everyone to understand.

Most banks are insured by the FDIC, but not all. Moreover, there are usually limits on how much can be covered in an individual person’s accounts and what kind of financial products are eligible for this insurance at all.

Read on to learn the policies and practices of the FDIC and how you can find out the status of your bank.

What FDIC Insurance Means

In 1933, in the wake of the Great Depression, the Federal Deposit Insurance Corporation , an independent agency, was created to protect consumers if the worst happens and a financial institution fails. The agency has shown lasting power. Reports from 4,706 commercial banks and savings institutions insured by the FDIC reflected aggregate net income of $68.4 billion in fourth quarter 2022.

So what exactly does FDIC insurance cover? Typically, all deposit accounts at insured banks up to the limit, currently $250,000 per depositor, per bank, per ownership category, including principal and any accrued interest through the date of an insured bank’s closing. (With the closures of Silicon Valley Bank and Signature Bank, the FDIC has removed the limit for deposits at the shuttered banks.)

Generally, this insurance covers your deposit up to that limit of $250,000 if a bank fails, but it does not cover losses due to fraud and theft.

What FDIC Insurance Does and Does Not Cover

These deposit accounts are covered by the insurance up to the $250,000 limit:

•   Checking accounts

•   Savings accounts

•   Money market accounts

•   Certificates of deposit (CDs)

Important to note: The FDIC does not insure the money you invest in the following products, even if they were purchased from an FDIC-insured bank:

•   Stocks

•   Bonds

•   Mutual fund shares

•   Life insurance policies

•   Annuities

•   Municipal securities

•   Safe deposit boxes or their contents

•   U.S. Treasury bills, bonds, or notes (these are backed by U.S. government)

💡 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 to Learn if Your Bank Is FDIC-Insured

To find out if your bank is insured by the FDIC, go to the BankFind Suite on the FDIC website. The “Name & Location Search” allows you to find FDIC-insured banks and branches from today, to last year, and all the way back to 1934.

The FDIC offers another level of scrutiny for all who are interested. Through its Institutional Financial
Reports , you can find these details on all FDIC-insured banks: locations, comprehensive financial reports, demographic reports, current data, and historical data going back to 1992.

Recovering the Money if Your Bank Is FDIC-Insured

Federal law requires the FDIC to pay deposit insurance “as soon as possible.” For insured deposits — those within the deposit insurance limits — the FDIC almost always pays insured depositors within a “few business days of a closing, usually the next business day.”

The FDIC says, “Payment is made either by providing each depositor a new account at another insured institution or by issuing a check to each depositor.” Note: the FDIC does not guarantee that if the funds move to a new bank they will earn the same interest rate.

The limited exceptions that may take longer to process “primarily are deposits that both exceed $250,000 and are linked to trust documents, and accounts established by a third-party broker on behalf of other individuals,” says the FDIC.

False rumors were spread in the past that people could be forced to wait up to 99 years to get their money back. The agency says, “The FDIC occasionally receives calls from depositors about this myth; it often comes from consumers who attended a financial seminar and heard that the FDIC can and will take up to 99 years to pay the depositor’s insured deposits after a bank is closed. This claim is false and entirely without merit.”

Recommended: How to Keep Your Bank Account Safe Online

Understanding How the FDIC Works

You may wonder where the FDIC gets the money to cover lost accounts after a bank fails.

The FDIC says it receives no Congressional appropriations. It is “funded by premiums that banks and savings associations pay for deposit insurance coverage. The FDIC insures trillions of dollars of deposits in U.S. banks and thrifts — deposits in virtually every bank and savings association in the country.”

The FDIC directly supervises and examines about 5,000 banks and savings associations for “safety and soundness.” Banks can be chartered by the states or by the Office of the Comptroller of the Currency. Banks chartered by states also have the choice of whether to join the Federal Reserve System. The FDIC is the primary federal regulator of banks that are chartered by the states that do not join the Federal Reserve System.

The FDIC also examines banks for compliance with consumer protection laws, including the Fair Credit Billing Act, the Fair Credit Reporting Act, the Truth in Lending Act, and the Fair Debt Collection Practices Act.

Recommended: How Are Financial Institutions Governed?

The Takeaway

The Federal Deposit Insurance Corporation (FDIC) was created by Congress in 1933 to maintain confidence in the American banking system and protect consumers if a financial institution fails. Most U.S. banks are covered by FDIC insurance, but the coverage typically only applies to accounts of $250,000 or less. Checking accounts, savings accounts, money market accounts, and certificates of deposit are covered. Should an insured bank fail, the FDIC will restore those funds up to the limit within a short time.

FAQ

What is the FDIC?

The Federal Deposit Insurance Corporation is an independent agency, created 90 years ago, with a mission to maintain confidence in the nation’s financial system. To keep that system stable, the FDIC insures deposits; examines and supervises financial institutions for safety, soundness, and consumer protection; and manages receiverships.

Is there a limit on how much the FDIC will insure?

Typically, the FDIC insures up to $250,000 per depositor, per institution and per ownership category.

Am I supposed to take out FDIC insurance on my bank account?

No, depositors do not need to apply for FDIC insurance. Coverage is automatic whenever a deposit account is opened at an FDIC-insured bank or financial institution. “If you are interested in FDIC deposit insurance coverage, simply make sure you are placing your funds in a deposit product at the bank,” the FDIC says.

Photo credit: iStock/ilbusca

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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SoFi members with direct deposit activity can earn 4.20% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. SoFi members with direct deposit are eligible for other SoFi Plus benefits.

As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 4.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.20% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

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

Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.

Interest rates are variable and subject to change at any time. These rates are current as of 10/31/2024. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

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