money Archives | Page 154 of 167

Apr

2023

What Are Digital Wallets?

By Timothy Moore | money, Money & Life | Comments Off

Digital wallets, also called electronic wallets or e-wallets, offer consumers a convenient way to make payments from their financial accounts using devices such as smartphones, laptops, tablets, and even wearables. Digital wallets store payment information securely, typically allowing for safe, efficient, and fast transactions in person and online.

Read on to learn more, including:

• What is a digital wallet?

• How do digital wallets work?

• What are examples of digital wallets?

• What are the pros and cons of digital wallets?

What Is a Digital Wallet?

A digital wallet is typically a safe and convenient way to store your payment information electronically. Here are some key points to know:

• While often used interchangeably with the term “mobile wallet,” a mobile wallet is actually a form of a digital wallet — on a mobile phone. You can also use digital wallets on a desktop computer, tablet, and even internet-connected devices like a smartwatch or a smart fridge.

• If you’re shopping at a store that accepts digital wallets, you can pay using your smartphone, with no physical credit cards, debit cards, or cash necessary. You can also keep payment information online on sites like Amazon or Walmart and quickly pay using that stored information the next time you shop.

• Some digital wallets also enable peer-to-peer transfers (P2P transfers). You can send money to friends and family and receive money when they send it to you. Some popular P2P services are Venmo and PayPal.

Digital wallets can store more than just your payment information. Consumers often use digital wallets to store:

• Airline tickets

• Events tickets

• Loyalty cards

• Gift cards

• Membership cards

• Coupons

• Hotel reservations

• Digital car keys

• Driver’s licenses or state IDs

• Health information, such as COVID-19 vaccination cards

How Do Digital Wallets Work?

To use a digital wallet, you’ll need to follow a couple of relatively simple steps:

• First, download an app to your phone or access a digital wallet online. You’ll then enter in any payment information you’d like to link to the digital wallet to make it easy to spend and send your money.

• When shopping in person with a digital wallet, your mobile device will interact with a point of sale reader or terminal, using technologies like QR codes, near field communication (NFC), and magnetic secure transmission (MSC).

• You’ll have to hold your device close to the terminal, where indicated. During this contactless payment, the merchant receives your encrypted payment information to process the transaction.

• You can also use digital wallets to send money to peers. For this to work, you usually need to know their account name. You can often “friend” them or connect with them before sending funds, which can help make sure the money will go to the right person.

What Are the Different Types of Digital Wallets?

There are a few different types of digital wallets. Understanding the options can impact what you decide to use since it informs how and when you can use them.

Closed Wallet

Retailers and restaurant chains can develop their own digital wallets that allow you to store payment information, loyalty cards, and rewards program information for use at that specific merchant.

For example, Target, Walmart, Amazon, and Starbucks all have their own proprietary digital wallets. These make the checkout experience faster and easier online and in the store. Such wallets also make it easier to track refunds and returns.

Semi-Closed Wallet

A semi-closed wallet enables users to make payments at select merchants and retailers. To be compatible with such wallets, merchants must sign an agreement with the wallet issuer.

Open Wallet

Open wallets are the most common because they’re the most widely accepted. Think Apple Wallet, Google Wallet, Venmo, and PayPal. Consumers can use these wallets at a wide range of merchants and even withdraw money at banks and ATMs, as well as transfer money between bank accounts.

Different Types of Mobile Wallets

Other types of online digital wallets include IoT wallets. (IoT stands for internet of things.) IoT wallets allow you to make payments from wearables like smart watches and even smart appliances.

Recommended: 15 Causes of Overspending

Digital Wallet Examples

Here are some examples of the digital wallets you might use in your day-to-day finances:

• Apple Wallet

• Google Wallet

• Samsung Pay

• PayPal

• Venmo

• Cash App

• Zelle

• Amazon Pay

• Walmart Pay

Pros and Cons of Digital Wallets

Are digital wallets worth using? Let’s break down the pros and cons.

Pros

Here are the upsides of using a digital wallet:

• Safety: Digital wallets use encryption and tokenization to protect your data, which makes it harder for hackers to access your financial information. If you lose your physical wallet, a criminal immediately has access to your cash and cards; with a digital wallet, your money can be further protected by passwords, multi-factor authentication, and biometric screening — and card numbers aren’t actually stored on your phone.

• Convenience: When shopping online, having your information already stored via digital wallet can make the checkout process much easier. And when you have your information stored in a mobile wallet, paying for groceries or a cup of coffee is as easy as tapping with your phone.

• Flexibility: When you have a digital wallet, you have an additional payment method at your disposal. No more panicking in the checkout aisle if you realize you left your physical wallet at home.

• Budgeting: Some digital wallets make it easy to track your spending, even across various payment methods. This can make it simpler to monitor your personal budget and ensure you aren’t overspending. You may even be able to set spending limits within the wallet, which can help if you have trouble talking yourself out of unnecessary purchases.

Quick Money Tip: Most savings accounts only earn a fraction of a percentage in interest. Not at SoFi. Our high-yield savings account can help you make meaningful progress towards your financial goals.

Cons

Next, consider the potential downsides of digital wallets:

• Security: While digital wallets are largely safer than physical wallets, there are some security concerns. For example, it’s not a good idea to use public WiFi when accessing your digital wallet. In addition, keeping your phone and digital wallet safe entails setting good passwords and enabling fingerprint or facial recognition; if you don’t take these safety precautions on your phone, your wallet won’t be as safe as it could be.

• Charging your device: If you rely on your phone for your wallet, you’ll have to keep it charged throughout the day. If your phone dies — or you lose it, break it, or leave it at home — you’ll still need a physical wallet for any transactions.

• Acceptance: Though acceptance of digital wallets is growing, you probably still can’t use digital wallets for payments everywhere you go.

• Overspending: Though digital wallets may have cool budgeting features built in, they might also encourage poor spending habits. Why? Because it’s so easy to pay for things online and in person, you may be tempted to buy things more often than you would otherwise. The barriers to purchase may be lower.

Here’s a look at how these upsides and downsides stack up in chart form:

Pros of Digital Wallets	Cons of Digital Wallets
Safety	Some security vulnerabilities
Convenience	Must keep your device charged
An additional payment option	Not yet accepted everywhere
Can help with budgeting	May allow overspending to happen more easily

Using a Digital Wallet

Ready to start using a digital wallet? Here are a few tips to keep in mind:

• Using smart safety precautions: Having a strong password and enabling facial recognition on your smartphone are good ways to increase the security of digital wallets. It’s also a good idea to avoid public WiFi when accessing your payment methods.

• Adding additional information: Digital wallets can store more than just payment info. For improved convenience, consider adding things like boarding passes for flights, loyalty cards, and even your driver’s license.

• Carrying a backup payment method: Things happen. A merchant may not accept your digital wallet, or your phone could run out of juice (or fall and break!). It’s always smart to have a backup payment method available, just in case.

• Updating payment methods: Credit cards expire. If you get a new card in the mail, don’t forget to update it in your digital wallet.

• Monitoring your spending: If you’re on a tight budget, you’ll want to monitor your digital wallet spending the same way you would any other payment method.

The Takeaway

Digital wallets offer consumers a safe, convenient way of making payments electronically. Your payment information is securely stored so you can use your mobile device, tablet, and smart watch, among other options, to shop. As long as you practice good smartphone safety, you’ll likely find digital wallets to be more secure than a physical wallet.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 4.00% APY on SoFi Checking and Savings.

FAQ

What is the best digital wallet?

The best digital wallet depends on your needs from such a technology. For example, Apple Wallet is one of the more popular options, but if you’re not an iPhone user, it’s not available to you. Think about your needs from a digital wallet — and where each wallet is accepted — to determine the best digital wallet for your lifestyle.

And remember: You can always have more than one digital wallet!

Are digital wallets safer than traditional wallets?

Digital wallets can be safer than a traditional wallet because they encrypt your data and can be password-protected. If a criminal steals your physical wallet, they just have to reach inside to grab your cards and cash, but with a digital wallet, you can keep them locked out of the phone with passwords and biometric screening, like facial recognition. Some digital wallets even require fingerprint scans or facial recognition to complete a contactless transaction.

What is the most common type of digital wallet?

Open wallets are the most common type of digital wallet simply because they have the widest use case. You can use open wallets like Apple Wallet and Google Wallet at a wide variety of merchants.

Photo credit: iStock/Dejan_Dundjerski

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As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 4.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.00% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

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

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

Interest rates are variable and subject to change at any time. These rates are current as of 12/3/24. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

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SOBK1222079

Apr

2023

The Complete Guide to Exchanging Foreign Currency

By Sarah Li Cain | money | Comments Off

You’ve probably had to exchange foreign currency when traveling to another country, whether you were on a vacation or a business trip. And you likely realized it can be expensive.

Though you typically have to pay fees to access foreign currency, it’s worthwhile to learn how to do so for as little money as possible. Just knowing the ropes can help you shave down the moolah you pay to get a supply of euros, yen, or pesos.

In this guide, you’ll learn:

• Where can you convert currency?

• How can you get a good rate of exchange on converting currency?

• What are the best and worst places to convert currency?

The Benefits of Exchanging Foreign Currency

Though many places will accept credit cards overseas, it can still be useful to convert your dollars to foreign currency. Here’s why:

• There may be places that only accept cash, such as when you buy food at markets, haggle for souvenirs, or shop at stores that don’t accept any other form of payment.

• Having some cash is a great backup form of payment in case you run across issues with your credit card.

• Cash can be a helpful way to create a budget while traveling. Say, if you give yourself $30 a day for food, having that cash in your pocket can help you avoid going overboard vs. swiping too much with a credit card. That can keep your budget in balance.

• Exchanging foreign currency also gives you the potential advantage of avoiding currency conversion fees and staying within your vacation budget. For instance, some international retailers give you the opportunity to pay in local or your own country’s currency. If you choose the latter, you may get a poor exchange rate.

By exchanging foreign currency ahead of time, you may be able to avoid paying more than necessary and better take advantage of more favorable exchange rates.

Finding Places to Exchange Currency

Now, for the question of where to exchange currency: In general, the best places to exchange foreign currency are locations you can visit before you head to the airport.

🛈 Currently, SoFi does not offer members currency exchange services.

Banks and Credit Unions

Most major commercial banks will have foreign currency available for you to exchange. Your bank may only charge you the exchange rate and no additional fees depending on the currency you want to exchange. In this case, you may nab the most cost-effective method to exchange currency.

Your financial institution may offer several ways to request foreign currency — online, over the phone, or at your local branch.

Not all banks keep every possible currency on hand (and the same holds true for credit unions), so you may need to do some advance planning. It could take several business days to exchange currency.

Withdrawing Cash Before You Leave On a Trip

It may be a good idea to have some cash on hand to exchange as you need it while traveling, especially if you’re unsure of how much you need. Keep in mind that you may have fewer options for saving on fees.

However, if you convert cash as you need it, you won’t be stuck wondering what to do with leftover foreign currency after you return home.

Another option is to withdraw cash in local currency at ATMs overseas. Ask your bank if it has any fee-free ATMS in international locations. If not, double-check to see if there are any fees, and what foreign exchange rate you may be subject to. Depending on what you learn, it could be a smart move and be a good solution to where to convert currency.

Online Currency Conversion

The last answer to “Where can I exchange currency” is with online currency conversion companies. Many offer competitive fees and exchange rates. Some may only charge you the mid-market rate — known as the “true” exchange rate or what banks charge each other. Conversion fees may be a flat rate or a percentage of the amount you exchange.

These services, like Travelex, may make cash available at their bricks-and-mortar locations or get funds to you at home.

Another advantage of online currency conversion companies is the convenience. In many cases, you may be able to initiate a currency conversion 24/7. You may also be able to receive the foreign currency as soon as within a few minutes.

If you choose to go this route, compare fees and exchange rates to see what the best fit is for your situation.

Worst Ways to Exchange Foreign Currency

Now that you know where to exchange currency, take a closer look at some places to avoid, where converting currencies can wind up being more expensive than necessary.

Airport Kiosks

Exchanging your cash at kiosks at the airport usually results in some of the highest fees and less favorable exchange rates out of all the options mentioned above. However, they can be a convenient option, especially if you weren’t to exchange any currency ahead of time.

Prepaid Debit Cards

Though it depends on the prepaid debit card you choose, you may be able to use this kind of plastic outside the U.S. at international ATMs. If you do, however, you may be subject to fees such as third-party ATM fees and foreign transaction fees. Plus, the foreign currency exchange rate may not be great.

Some foreign currency conversion services may offer these cards; again, check fees and rates to see if this is a good deal.

Local Currency Conversion Kiosks

You may find currency exchange kiosks at highly-trafficked tourist attractions or even your hotel. Like airport kiosks, they’re a convenient place to exchange currency, but you could be paying high fees and facing lower than average exchange rates.

Alternatives to Exchanging Foreign Currency

Instead of exchanging cash and using it while traveling, you might use your credit or debit card if you’re traveling to another country.

Using Your Credit Card On Trips

When using your credit card overseas, try to choose one that doesn’t charge foreign transaction fees. That way, you’re not paying more fees than necessary. As mentioned above, choose to pay with your credit card in local currency to avoid paying more fees. (There is also the option of international credit cards you might explore.)

You’ll probably also want to avoid using your credit card for a cash advance during your trip. In most cases, you’ll end up paying a cash advance fee and interest starts to accrue immediately.

Before going on your trip, make sure to notify your credit card issuer or bank of your plans. That way, they don’t accidentally deny your transaction believing it’s fraudulent. Fortunately, though, credit card protection likely covers you if you are scammed while traveling.

Using Your Debit Card in a Foreign Country

Debit cards are typically backed by Mastercard or Visa, brands which are known around the world. You may find that you are able to use your debit card for transactions when traveling, especially where those brands are welcomed. Your debit card may also help you withdraw cash from an ATM internationally.

The Takeaway

Exchanging foreign currency before you go on your trip is most likely your best option as it tends to offer the best fees and exchange rates. Using your credit card is also great, either as a backup, or if you want fraud protection. Whichever option you choose, shop around to ensure you’re getting the best fees and rates.

Working with your bank is the best way to ensure you’re financially sound when you go on your trip. And having the right banking partner will also keep you in good shape every day when you’re home.

FAQ

Do banks exchange foreign currency?

Yes, most banks will exchange foreign currency. However, the types of foreign currency available will differ from one bank to another. Your financial institution may need a few days to get the currency you need.

Is it better to go to a bank or currency exchange?

In general, it’s usually better to go to a bank because you may not have to pay conversion fees depending on the currency. However, currency exchanges may also offer competitive currency exchange rates.

Where can I change currency for free?

When wondering “Where can I exchange currency?” one place where you may be able to do so for free is at your bank. This, however, will depend on the currency and your bank’s policy.

Photo credit: iStock/Anurak Tepkhamtai

Apr

2023

Payable-on-Death (POD) Bank Accounts Guide

What Are Payable On Death (POD) Accounts?

By Rebecca Lake | Family Finances, money | Comments Off

A payable on death account or POD account allows you to transfer money to someone else when you pass away without requiring those assets to go through probate. The individual or entity who collects those assets is called a POD beneficiary.

What does POD mean in banking? Broadly speaking, there are a number of deposit accounts that can be deemed payable on death, including checking and savings accounts.

If you’re considering establishing one of these accounts, it’s important to understand how POD accounts work, and if you are a beneficiary, it’s also helpful to know when and how you’re entitled to withdraw money from a payable on death bank account. Read on to learn:

• What does POD mean in banking?

• What are POD bank account rules?

• What are the pros and cons of POD accounts?

Payable on Death Accounts Explained

A payable on death account pays out assets to a beneficiary when the account owner passes away. You may also hear POD accounts referred to by other names, including:

• Totten trust

• Tentative trust

• In trust for account

• Revocable bank account trust

• Informal trust

When you create a payable on death account you can decide how many beneficiaries to add and who to name.
Examples of POD beneficiaries can include:

• Adult children

• Siblings

• A non-profit

• A trust

Worth noting: If you co-own the account with someone else, they cannot be named as a POD beneficiary.

Payable on Death Rules

Payable on death accounts have certain rules that set them apart from other accounts. The most significant rule concerns when beneficiaries can access the money in the account. Here are some details to know:

• If you open a POD bank account, you have full control over the money in the account during your lifetime. Even if you name 10 beneficiaries to the account, those beneficiaries cannot lay claim to any of the funds in it until you’ve passed away.

• In terms of how the money in a payable on death bank account is divided, each beneficiary receives an equal share. So if you have $100,000 in a savings account when you pass away and that account has four POD beneficiaries, each one would receive $25,000.

• Note that state law may limit the number of beneficiaries you can name to a payable on death account. Your depository institution may have additional rules for POD accounts.

Types of Accounts That Can Be Payable on Death

There are a number of account types that can be established as POD accounts. Your options can include:

• Checking accounts

• Savings accounts

• Certificate of deposit (CD) accounts

• Individual Retirement Accounts (IRAs)

• Investment accounts

You can make a bank account that you own by yourself or with someone else a POD account, though again note that the co-owner could not be listed as a POD beneficiary.

In terms of what accounts cannot be POD, the list includes small business and commercial bank accounts as well as safety deposit boxes.

Credit accounts are not POD accounts either, since there are no assets to leave behind. In terms of what happens to credit card debt when you die, it can become the responsibility of your spouse or your estate, depending on where you live.

Recommended: Why It’s So Hard to Save Money Today

Payable on Death vs Beneficiary

Payable on death refers to a specific type of financial account that’s used to pass assets to someone else. The term “beneficiary,” however, is used to refer to an individual or entity that’s entitled to inherit assets from someone else. POD beneficiaries fall under the larger beneficiary umbrella.

Similarities

Here are some ways in which POD accounts and beneficiaries are the same. When you name a payable on death beneficiary, you’re telling your bank that you want that person or entity to receive money from the account when you pass away. In a sense, that’s no different from naming a beneficiary to a 401(k) plan or a life insurance policy. Your life insurance beneficiary, for example, is entitled to receive a life insurance death benefit from the policy when you die.

Payable on death beneficiaries and life insurance or retirement plan beneficiaries are not entitled to any money during your lifetime. They can’t access your bank account, withdraw money from your 401(k), or cash in your life insurance. But they all stand to benefit financially from your passing in some way.

Additionally, assets that have a named beneficiary are not subject to probate. So, if you open a Roth IRA and name your spouse as the beneficiary, they’d have access to the money in the account when you pass away. The same is true with regard to life insurance.

Differences

The main difference between payable on death accounts and other beneficiary accounts lies in what’s being passed on. With POD accounts, you’re typically talking about bank accounts. So you might leave your checking account or savings account to your children after you’re gone.

As mentioned, you can name beneficiaries for other types of assets such as a 401(k), IRA, investment account, or life insurance policy.

There can also be differences between payable on death accounts and other beneficiary accounts with regard to taxation. Someone who inherits a POD account may owe estate taxes, for instance, whereas life insurance proceeds are typically income and estate tax-free. (Determining how to allocate one’s funds and the tax burden that will result can be an important part of estate planning.)

Recommended: Tips to Improve Your Money Mindset

Pros and Cons of POD Accounts

Payable on death accounts can offer advantages and disadvantages. It’s helpful to weigh both sides before opening one.

Here’s an overview of the main pros and cons of POD accounts.

Benefits	Drawbacks
You retain control of the account and the assets in it during your lifetime.	Beneficiaries would not be able to access funds if you were to become incapacitated.
Payable on death accounts are not subject to the probate process.	Your bank may require you to close a POD account in order to choose a new beneficiary.
Depending on state law, you may be able to name multiple beneficiaries.	State law may restrict the number of POD beneficiaries you can name.
Removing POD accounts from probate can allow beneficiaries to access funds quicker.	It can be complicated for estate executors to access funds to settle a larger estate using POD deposits.

Payable on Death Account vs Trust

A POD bank account differs from a trust in a couple of key ways.

• In a typical trust arrangement, the trust creator or grantor transfers assets to the control of a trustee. The trustee manages those assets on behalf of one or more named beneficiaries. Assets held in trust are not subject to probate when the trust grantor passes away.

Probate is a legal process in which someone’s assets are inventoried, outstanding debts are paid, and remaining assets are distributed according to the terms of the decedent’s will. Dying without a will in place means assets would be distributed according to state inheritance laws.

• In a Totten trust or POD bank account, there’s no trustee. However, by designating an account as payable on death you can still remove the assets in the account from probate. That’s an advantage, as probate can be both lengthy and time-consuming.

The Takeaway

You might consider a payable on death account if you’d like to pass assets on to loved ones with minimal fuss. That could be helpful if you’d like to make sure they have easy access to cash to cover funeral and burial expenses or any basic living expenses after you’re gone.

Regardless of whether you opt for a POD account or not, choosing the right bank matters. With a SoFi Checking and Savings account, you’ll spend and save in one convenient place. You’ll earn a competitive annual percentage yield (APY) and pay no account fees, which can help your money grow faster.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 4.00% APY on SoFi Checking and Savings.

FAQ

What does payable on death mean?

Payable on death means that money in account is payable to one or more beneficiaries when the original account owner passes away. A payable on death bank account allows beneficiaries to receive funds without having to go through the probate process.

Is a POD on a bank account a good idea?

Adding POD beneficiaries to a bank account could be a good idea if you’d like to make sure the money in the account goes to whom you want it to after you pass away. You could also choose to set up a payable on death bank account simply to allow those assets to bypass the probate process after you’re gone.

What is the difference between a pay on death and a beneficiary?

Payable on death is a designation that applies to bank accounts and other financial accounts. A beneficiary is someone who’s named to receive money from a bank account, retirement account, or other asset, such as a life insurance policy. A POD account can have one or more beneficiary designations.

Photo credit: iStock/bob_bosewell

Apr

2023

Examining the Price of Eating at Home vs Eating Out

By Kayla McCormack | Budgeting & Goals, money | Comments Off

Americans are spending more money to eat out than they do for groceries. In 2022, people spent almost 21% more at restaurants than on food from the supermarket, according to a recent report. And in early 2023, that number grew to almost 30%.

While cooking meals at home can be time-consuming, there are ways to make the process easier. And when you do eat out, there are a few simple steps you can take to save money.

Cooking at Home vs Eating Out: How They Stack Up

The pros and cons of eating at home vs. eating out have long been debated. As you’re deciding between the two, here are some factors to consider.

Is It More Expensive to Eat Out?

Because of inflation, grocery prices have been on the rise over the past year. The average cost of eating at home increased more than 11% between 2021 and 2022, according to the Consumer Price Index.

But more recently, the price of eating out has been rising. In March 2023, the cost of eating out rose 8.8%, while the cost of eating at home went up 8.4%. Many restaurants have raised prices because of inflation, experts say. This could indicate that the cost of eating out may cost more than cooking at home.

Recommended: 7 Ways to Tackle Financial Stress

Is it Healthier to Eat at Home?

When you cook at home, you’re able to control what goes into each dish. You can easily make adjustments like reducing the amount of butter or using milk instead of cream.

And if you have any dietary restrictions or allergies, you don’t have to worry about consuming something you shouldn’t when you cook for yourself.

Research has shown that cooking at home typically leads to healthier choices. Generally, the more people cook at home, the healthier their diet, and the fewer calories they consume.

How Much Time Will It Take to Cook at Home?

There’s no way around it, cooking can be time-consuming. But it also takes time to go out to eat or pick up a takeout order.

If you’re trying to do more cooking, don’t overextend yourself upfront. If you’re used to dining out several nights a week, pick one or two nights to make dinner at home. You can gradually increase the frequency to three nights a week, and so on.

Cooking is like any other skill. The more you do it, the better you’ll get. Find some go-to recipes that are easy to prepare and affordable. For instance, sheet pan dinners can be great for those with a hectic schedule. Stock your pantry with the essentials so you’ll have all the staples you need on hand.

Over time, you’ll become more comfortable in the kitchen, and what used to take you a half hour to do, will take you just minutes. Plus, you’ll be rewarded with a delicious meal you made yourself. Now you’ve maximized your time and money!

Recommended: Guide to Practicing Financial Self-Care

Tips for Saving Money While Dining Out

Going to your favorite restaurant is one of life’s little pleasures. And you don’t have to give it up. There are a few ways to curb your spending, and manage your money, while still enjoying a great meal. Here are some simple strategies that could help reduce your bill.

1. Not Ordering a Drink

Skip the drink the next time you want to cut down on your restaurant tab. Restaurants tend to substantially mark-up the prices of drinks. They may charge two to three times the bottle cost for craft beer, for instance.

Or, if you want to treat yourself to one drink, spend wisely by sticking to just one and really savor it.

2. Skipping Dessert

A lot of the mark-up for desserts goes toward labor costs. A talented, creative pastry chef can be expensive to keep on staff. As a result, many high-volume casual restaurants outsource their desserts.

One creative way to save money is to eat your dinner out and then have dessert at home.

3. Sharing a Meal

Portion sizes at restaurants tend to be oversized. Share a salad and an entree with your dining mate to cut costs and calories.

If your friend or family isn’t interested in sharing, save half of your meal for lunch or dinner the next day.

4. Go During Happy Hour

Instead of meeting friends for dinner, join up for happy hour instead. You can catch up over drinks and an appetizer or two, while enjoying discounted happy hour prices. You’ll get the experience of eating out, and pay less for it. You can put the money you save in your bank account.

5. Ordering an Appetizer as Your Meal

Instead of a full entree, order from the appetizer menu instead. These items typically cost less and may come in smaller portion sizes, too.

6. Limiting the Number of Times You Eat Out

If you go to restaurants a lot, you could start to cut back. For example, you could save eating out for once or twice a week. Not only does that make it feel more special, you can savor every bite without worrying about going overboard on your budget.

Recommended: 10 Personal Finance Basics

The Takeaway

Eating out can be expensive, but there are ways to trim costs so that you can enjoy your food without stressing over the bill. For instance, skipping extras like dessert can keep the price down. And eating at home a little more often could help you save money — and may be healthier as well.

3 Money Tips

If you’re saving for a short-term goal — whether it’s a vacation, a wedding, or the down payment on a house — consider opening a high-yield savings account. The higher APY that you’ll earn will help your money grow faster, but the funds stay liquid, so they are easy to access when you reach your goal.

If you’re creating a budget, try the 50/30/20 budget rule. Allocate 50% of your after-tax income to the “needs” of life, like living expenses and debt. Spend 30% on wants, and then save the remaining 20% towards saving for your long-term goals.

If you’re faced with debt and wondering which kind to pay off first, it can be smart to prioritize high-interest debt first. For many people, this means their credit card debt; rates have recently been climbing into the double-digit range, so try to eliminate that ASAP.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 4.00% APY on SoFi Checking and Savings.

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

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2024 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

SoFi members with direct deposit activity can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. SoFi members with direct deposit are eligible for other SoFi Plus benefits.

As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 4.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.00% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

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

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

Interest rates are variable and subject to change at any time. These rates are current as of 12/3/24. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

SOBK0423049

Apr

2023

Five Strategies for Overcoming Your Money Fears

By Emma Diehl | Budgeting & Goals, Financial Independence, money | Comments Off

Many of us are worried about money. According to a 2022 study, 66% of people said their finances are a major source of stress. Of that group, 57% worry about having the money to pay for their rent, bills, and food. And 43% are afraid they might not be able to save enough for the future.

But you don’t have to let your money fears control the way you save or spend. In fact, you can learn to face these fears head on, which could help you conquer them.

Here are five common fears about finances, and potential ways to overcome them.

Drowning in Debt

American household debt hit $16.90 trillion at the end of 2022, according to the Federal Reserve Bank of New York. And while that number is scary, also frightening are the interest and late payment charges you might accrue if you don’t pay off your debt.

While you might be tempted to avoid thinking about your student loans or credit card debt, they’ll still be there month after month. What’s worse, neglecting debt can adversely affect your credit score, haunting you long after that late credit card payment is resolved.

Exploring Debt Repayment

Instead of ruminating, it’s best to take action. These are a few strategies for debt repayment you may want to consider:

• Avalanche or snowball method. The avalanche method to pay off debt involves making minimum payments on all your debts while putting as much extra money you have, like your tax refund, toward tackling the debt with the highest interest rate. Once that debt is paid off, you use the same strategy on the debt with the next highest interest, and so on.

The snowball method uses a behavioral approach. You pay off the smallest debts first, while continuing to make the minimum payments on all your other debts. Once you pay off the first debt, it may give you the confidence and motivation to approach the more daunting ones.

Regardless of which strategy you use, adopting a plan to pay down your debt can give you a clear course of action, outweighing monthly dread when payments come due.

• Consider a personal loan. If credit card debt has you overwhelmed, you might consider taking out a personal loan to consolidate debt from multiple credit cards into a single monthly payment. This could even lower your interest rate, which could also decrease your stress.

• Ask for a lower APR. Sometimes, simply asking for help can bring relief. If you’re struggling with credit card debt, call the financial institution or credit card company and request a lower APR (annual percentage rate). If they agree, it would mean lower interest on the debt you carry, which could get you debt-free faster.

Unemployment

If you don’t feel solid financially, worrying about your job can cause major stress. The fear of losing your paycheck could even lead to ignoring your savings account balance.
Instead of avoidance, work on giving yourself a financial cushion. Preparing for the worst could offer relief.

Face Your Fear: Building an Emergency Fund

Establishing an emergency fund can be a good place to start. Setting aside even a small amount of money each month can create a sense of security — and accomplishment.

Many experts recommend putting away three to six months worth of living expenses. But you can start smaller than that, if necessary, and work your way up.

Preparing for Retirement

With monthly bills looming, it can be difficult to think ahead for the long-term. Retirement seems far away, while your rent is due right now.

Understanding retirement funds may be intimidating, but opening an account may be easier than you think. And saving for your future is undeniably important.

Face Your Fear: Filling Your 401(k) or IRA

If you haven’t started saving for retirement, don’t beat yourself up. Direct your energy toward saving what you can each month, no matter how small.

See if your employer offers a 401(k), and sign up for it. Or consider opening an IRA. Though it may feel insignificant, putting away even a small sum each month may make a large difference over time.

Fear of Spending Money

Anxiety around spending may make some people fret over the smallest purchases. If you fear overspending, a dinner out could lead to cold sweats as you calculate the cheapest menu item. Or it might keep you from going out altogether.

Face Your Fear: Sticking to a Budget

Knowledge is power. By creating a budget, you can alleviate the stress that comes with everyday purchases.

Knowing exactly how much money enters and leaves your account each month can be empowering. With an automated app like SoFi, you can track all your spending in one place.

It’s Too Late

You might think you’re too far along in your career to start saving for retirement, or too busy to keep up with an emergency fund. Finances, especially when you’re afraid, can seem complicated, intimidating, or overwhelming.

Face Your Fear: Getting a Fresh Look at Your Finances

Sometimes just pushing yourself to start is all you need. It’s never too late to adopt good personal finance habits like paying off debt, budgeting, and saving.

While you’re at it, consider an easier way to earn while you’re saving, such as opening a high-yield online bank account, so that your money might grow even faster.

The Takeaway

Worrying about money is common for many people, but it’s possible to overcome your fears. Paying down debt, setting up an emergency fund, contributing to a retirement fund, and putting money into a bank account where it can earn interest, could help you take charge of your situation — and your future.

If you’re ready to open a new bank account, SoFi Checking and Savings® has a competitive APY and no account fees. It’s convenient, too, since you can save and pay your bills all in one place.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 4.00% APY on SoFi Checking and Savings.

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.

SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.

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

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2024 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

SoFi members with direct deposit activity can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. SoFi members with direct deposit are eligible for other SoFi Plus benefits.

As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 4.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.00% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

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

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

Interest rates are variable and subject to change at any time. These rates are current as of 12/3/24. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

SOBK0423051

What Are Digital Wallets?

What Is a Digital Wallet?

How Do Digital Wallets Work?

Get up to $300 when you bank with SoFi.

What Are the Different Types of Digital Wallets?

Closed Wallet

Semi-Closed Wallet

Open Wallet

Different Types of Mobile Wallets

Digital Wallet Examples

Pros and Cons of Digital Wallets

Pros

Cons

Using a Digital Wallet

The Takeaway

FAQ

What is the best digital wallet?

Are digital wallets safer than traditional wallets?

What is the most common type of digital wallet?

The Complete Guide to Exchanging Foreign Currency

The Benefits of Exchanging Foreign Currency

Finding Places to Exchange Currency

Banks and Credit Unions

Withdrawing Cash Before You Leave On a Trip

Online Currency Conversion

Worst Ways to Exchange Foreign Currency

Airport Kiosks

Prepaid Debit Cards

Local Currency Conversion Kiosks

Alternatives to Exchanging Foreign Currency

Using Your Credit Card On Trips

Using Your Debit Card in a Foreign Country

The Takeaway

FAQ

Do banks exchange foreign currency?

Is it better to go to a bank or currency exchange?

Where can I change currency for free?

What Are Payable On Death (POD) Accounts?

Payable on Death Accounts Explained

Payable on Death Rules

Types of Accounts That Can Be Payable on Death

Payable on Death vs Beneficiary

Similarities

Differences

Pros and Cons of POD Accounts

Payable on Death Account vs Trust

The Takeaway

FAQ

What does payable on death mean?

Is a POD on a bank account a good idea?

What is the difference between a pay on death and a beneficiary?

Examining the Price of Eating at Home vs Eating Out

Cooking at Home vs Eating Out: How They Stack Up

Is It More Expensive to Eat Out?

Is it Healthier to Eat at Home?

How Much Time Will It Take to Cook at Home?

Tips for Saving Money While Dining Out

1. Not Ordering a Drink

2. Skipping Dessert

3. Sharing a Meal

4. Go During Happy Hour

5. Ordering an Appetizer as Your Meal

6. Limiting the Number of Times You Eat Out

The Takeaway

Get up to $300 when you bank with SoFi.

3 Money Tips

Five Strategies for Overcoming Your Money Fears

Drowning in Debt

Exploring Debt Repayment

Unemployment

Face Your Fear: Building an Emergency Fund

Get up to $300 when you bank with SoFi.

Preparing for Retirement

Face Your Fear: Filling Your 401(k) or IRA

Fear of Spending Money

Face Your Fear: Sticking to a Budget

It’s Too Late

Face Your Fear: Getting a Fresh Look at Your Finances

The Takeaway

CATEGORIES

Student Loan
Refinancing

Personal
Loans

Online
Investments