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Q: Can I combine two bank accounts?

Yes, consumers have the option to combine two bank accounts if they have accounts at multiple banks. For those looking to combine two bank accounts, it’s important to do research on which financial institution offers the best benefits and lowest fees before choosing which one to combine accounts at. Linking bank accounts is also an option.

Oct

2024

Are You Allowed to Have Two Checking Accounts With the Same Bank?

Can You Have Multiple Checking Accounts With the Same Bank?

By Jacqueline DeMarco | Budgeting & Goals, Financial Independence, money | Comments Off

Most people begin their banking journeys with one checking and one savings account. But, as financial lives evolve and get more complex, having more than one checking account can make sense. It may help you if, say, you have a full-time job but also have a side gig and want to keep the earnings separate.

Read on to learn more about when you can have two (or more) checking accounts at the same bank, as well as the pros and cons of having more than one checking account.

Key Points

• It is possible to have multiple checking accounts with the same bank, each with its own account number.

• Multiple accounts can help manage finances by dedicating each to specific expenses or savings goals.

• Separate accounts can prevent overdrawing, especially when automated payments are involved.

• Having multiple accounts can also facilitate easier bookkeeping for side hustles or shared expenses with others.

• Managing multiple accounts requires careful organization to avoid confusion and potential overdraft fees.

Can I Have Two Checking Accounts at the Same Bank?

You might be wondering if you can have two checking accounts with the same bank. Sometimes, this kind of arrangement can suit a person’s specific needs (more on that in a minute). The good news is, yes, it is possible to have more than one checking account. In fact, SoFi’s April 2024 Banking Survey, which looked at banking usage across 500 adults in the U.S., found that 51% of respondents had two or more checking or savings accounts.

• While each bank and credit union will have their own rules about how many checking accounts someone can have with them, generally people are allowed to have more than one checking or savings account. They will be separate entities with separate account numbers, but they will both belong to you.

• If someone chooses to open multiple checking accounts at multiple different financial institutions then they shouldn’t run into any problems. There aren’t any restrictions on how many different bank accounts someone can have.

🛈 Currently, SoFi members can have one Checking and Savings account. That means you can have an individual account or a joint account, but not both at this time.

Reasons for Opening Multiple Checking Accounts

So, what are the reasons you might want to have multiple checking accounts? Having more than one checking account can give you more control over how you manage your finances. It can allow you to dedicate specific checking accounts for certain purposes. For example:

• Separate accounts can make automated bill paying easier. Forty percent of people frequently use automatic bill paying via online banking, SoFi’s survey found. But problems can arise. For instance, say that you want to automate your mortgage payment each month. But sometimes your mortgage and credit card payments hit on the same day, leaving you at risk of overdrawing your account. Separate accounts are one way to manage this situation.

If your mortgage payment is $2,000 a month, you might want to open a second checking account and deposit exactly $2,000 a month into it. That way, when it’s time for that automatic debit to do its job, you know it’s covered. If you have another checking account for general spending and that credit-card payment, you can stress less about accidentally falling short when that mortgage payment is withdrawn.

• Perhaps you have a side hustle — maybe you sell an item you make or sometimes drive a rideshare. You might want to keep payments you receive separate in a second checking account for easier bookkeeping.

• You might also use a secondary checking account to help save for a specific, shared goal with another person. Perhaps you and your significant other are saving to rent a beach house together next summer. Or maybe you have a roommate and you both contribute to expenses equally each month. It can help to have a separate joint checking account in these situations.

Pros and Cons of Having Multiple Checking Accounts

There are both advantages and disadvantages to consider before opening multiple checking accounts. As you decide how many bank accounts to have, keep these points in mind.

Pros

• It can be easier to manage automatic deposits.

• You can set aside money for different types of purchases or goals.

• You can create a joint checking account with another person for specific needs.

• You can have more control and organization over finances.

Cons

• If not organized and managed properly, it’s easy to get confused about how much money is in each checking account and what it’s supposed to be used for.

• This confusion can lead to overdrafting, which can result in fees.

• If each checking account comes with monthly maintenance fees, those fees can add up. You might even want to find a new bank in that case. Of the 55% of people in SoFi’s survey who say they’ve switched banks, 29% did so because they wanted lower fees.

Recommended: How to Avoid ATM Fees

How to Manage Multiple Checking Accounts

One of the disadvantages of having multiple checking accounts is that they can be hard to manage if the account holder (or multiple account holders) don’t have a plan. Here are some tips:

• It’s wise to have a clear system for allocating money into each checking account, withdrawing money, and avoiding overdraft fees.

• Monitoring these checking accounts weekly can be a good idea to make sure everything is working as intended. In SoFi’s survey, 32% of people say they check their account balance a few times a week, and 38% check it at least once a day.

• You may also want to schedule automatic transfers in and out, to make sure recurring payments (like rent or a mortgage) are happening when funds are available.

The Takeaway

Everyone has options for how they choose to organize their finances, and maintaining multiple checking accounts works well for some people. Multiple checking accounts may help you manage your financial life, but it’s necessary to have a plan in place to avoid overdrafting or paying too many account maintenance fees. With a little forethought and smart scheduling, you can enjoy the rewards of having multiple checking accounts without running into any issues.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

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

🛈 Currently, SoFi members can have one Checking and Savings account. That means you can have an individual account or a joint account, but not both at this time.

FAQ

Is it bad to have two checking accounts?

If managed correctly, it’s not necessarily a bad thing to have two checking accounts. For some people, it may be a helpful financial tool. However, people with multiple accounts may risk incurring more bank fees and have to stay organized.

How many bank accounts can a person have?

There is no rule in place limiting how many different bank accounts a consumer can open at banks or credit unions. Consumers can open as many bank accounts as they want.

Can I combine two bank accounts?

Yes, you have the option to combine two bank accounts. If they are at the same bank, ask customer service to help. If they are at different banks, you can research which financial institution offers the best benefits and lowest fees before choosing where to combine accounts. Linking bank accounts is also an option.

Photo credit: iStock/Petar Chernaev

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.

*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

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

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Oct

2024

7 Places to Put Your Cash

By Ashley Kilroy | Budgeting & Goals, money | Comments Off

If you’ve racked up a nice sum of cash or recently came into a windfall (such as a work bonus or tax refund), you may wonder where to put that money. Should you just keep it in checking? Open a high-yield savings account? Invest it all in the stock market?

The answer will depend on how soon you think you’ll need the money and how much risk you’re willing to take. Here’s a look at seven places you might consider storing your extra cash.

Key Points

• Checking accounts are designed for spending, and offer easy access to funds through checks, ATMs, debit cards, and unlimited withdrawals.

• Savings accounts are designed for saving toward shorter-term goals; they offer higher interest rates than checking, but typically limit accessibility as well.

• Money market accounts combine features of checking and savings accounts, offering higher interest rates as well as checks and debit cards, but typically limit the number of transactions permitted.

• High-yield savings accounts offer higher interest rates than standard savings accounts, often with low or no fees.

• Stocks, bonds, ETFs, and mutual funds are higher-risk options often suited for long-term investments — they may provide higher returns over time than other accounts.

Low-Risk Places to Put Cash

What follows are four types of bank accounts that provide safety, convenience, and (in some cases) a competitive interest rate.

Checking Account

If you want easy and regular access to your cash, you might consider keeping it in a checking account at a bank or credit union. These accounts keep your money safe, since they are typically federally insured up to $250,000 per depositor, per institution. They’re also highly liquid — they provide check-writing privileges, ATM access, and debit cards, and there’s no limit on how many withdrawals you can make per month. These accounts are popular: According to SoFi’s April 2024 Banking Survey of 500 U.S. adults, 88% of people with a bank account have a checking account.

Since checking accounts are designed for spending (not saving), however, they generally pay little to no interest. As a result, these accounts aren’t ideal for storing extra money you plan to use later — say a few months or years from now. Some checking accounts also charge monthly fees.

Savings Account

A savings account is an interest-bearing bank account that is designed for saving (and growing) your money rather than spending it. You can open a savings account at the same bank or credit union as your checking account, or explore many of the online-only banks now available. Seventy-one percent of the people with a bank account in SoFi’s survey have a savings account.

Interest on a savings account is expressed as an annual percentage yield (APY). This is the rate you can earn on an account over a year and it includes compound interest (which is the interest you earn on interest added to your account throughout the year).

Like a checking account, the funds in a savings account are liquid. However, they are generally less accessible than the money in a checking account. You can’t write checks or use a debit card to draw money from your savings account. And, often, you are limited to six withdrawals per month. While the federal rule that limited savings account withdrawals to six per month was lifted in April 2020, many institutions still enforce this limit for electronic and online transactions and will charge you a fee if you exceed the cap.

A traditional savings account may provide a little more interest than a checking account. However, rates are generally low.

Money Market Account

A money market account is a type of savings account that comes with some of the features of a checking account, such as check-writing privileges and debit cards. You can find money market accounts at credit unions and traditional and online banks.

These hybrid accounts typically pay a higher APY than you can get with a checking account or traditional savings account. However, they often come with higher initial deposit requirements, along with higher ongoing balance requirements to avoid fees. Like other savings accounts, your money is typically insured and you may be limited to six withdrawals per month.

High-Yield Savings Account

High-yield savings accounts, typically offered by credit unions and online banks, are accounts that typically pay a substantially higher APY than the national average of traditional savings accounts. They generally also have low or no fees.

Other than that, these accounts function like regular savings accounts. They are typically federally insured up to $250,000 per depositor, per institution, should the bank or credit union fail. They also allow you to make withdrawals and transfers as needed, though your bank may limit you to six withdrawals per month.

While 59% of people in SoFi’s survey know about high-yield savings accounts, only 23% have one.

Higher-Risk Places to Put Cash

First, make sure you have a solid emergency fund — 45% of the SoFi survey respondents said they have less than $500 in emergency savings, which is far below the recommended three to six months worth of savings. Once you have enough emergency savings and you’ve paid down any high-interest debt and are contributing to your 401(k) at work (at least up to any employer match), you may want to consider longer-term, higher-risk investment options with your extra cash.

Stocks

Stocks are a type of security that gives you a share of ownership in a specific company. When you buy stock, you have the potential to grow your money in two different ways. One is through appreciation of the stock’s price (or value). In addition, you may be able to earn dividends if the company distributes a portion of its earnings to stockholders.

While stocks offer a great potential for growth, they also come with significant risk. Stock prices can drop significantly in a short time, so it’s possible to lose money by investing in stocks.

Bonds

Bonds are generally considered a lower-risk investment than stocks. With bonds, the company (or government agency or organization) issuing the bond acts as a borrower and you act as a lender, providing the issuer with money to fund projects or expansion efforts. In exchange, the issuer promises to pay you a rate of interest on top of the bond’s principal (your initial investment).

There are several kinds of bonds:

• Corporate. These are issued by private and public companies.

• Municipal. These are issued by states, cities, and counties.

• Treasury. These are issued by the U.S. Department of the Treasury on behalf of the federal government.

When you invest in bonds, you generally get a predictable stream of income through interest payments. If you hold onto the bond until it matures, you also get back the entire principal, so there’s minimal risk involved. However, typical returns for bonds tend to be much lower than typical returns for stocks. Many investors will use bonds to balance out higher-risk investment options, such as individual stocks.

Exchange-Traded Funds and Mutual Funds

Exchange-traded funds (ETFs) and mutual funds offer a pool of securities, such as stocks and bonds, in one investment. You can pick and choose a few mutual funds and/or EFTs to create your own portfolio, or you can choose to go with a target date fund.

Target date funds offer an all-in-one solution by investing in a mix of stocks, bonds, and other investments that suit your goals and risk tolerance. Typically, these funds automatically become more conservative as the fund approaches its target date (such as your retirement age) and beyond. Keep in mind, however, that the principal you invest in an EFT or mutual fund is not guaranteed.

The Takeaway

Where to put a stash of cash? A lot depends on how soon you’ll need the money and your tolerance for risk.

If you plan to use the money right away, you may want to go with a checking account. If you’re saving for a goal that is a few months or years away, you might consider putting the money in a high-yield savings account or a money market account. For longer-term savings goals (at least five years off), investing in the market could make sense.

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.

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Oct

2024

Different Types of Savings Accounts You Can Have

By Julia Califano | Budgeting & Goals, member | Comments Off

If you’re looking to put money aside for future needs and watch it grow, a savings account can be a great option.

Not all savings accounts are created equal, however. There are actually several different types to choose from, and the best choice for you will depend on your goals, how you want to access your money, and how soon you’ll need it.

If you’re looking for easy, in-person access to your savings, for example, you might like a traditional savings account. If getting a high return is your priority, a high-yield savings, CD, or online bank account may be a better option. There are also speciality accounts for longer-term savings goals, like retirement.

Here’s the lowdown on the different types of savings accounts to have and how to choose the best one (or ones) for your needs.

Key Points

• Different savings accounts cater to various needs and goals, offering options like traditional, high-yield, and online accounts.

• Traditional savings accounts provide easy access and are typically insured up to $250,000.

• Online savings accounts often offer higher interest rates due to lower operational costs.

• High-yield savings accounts provide better returns and are typically available through online platforms.

• Money market accounts combine features of savings and checking accounts, often including check-writing privileges and higher interest rates.

Common Types of Savings Accounts

When you’re choosing between the different types of savings accounts, it’s helpful to understand how they work. One thing these savings accounts tend to have in common is that online banking options are offered by many of them and are widely used by their members. According to SoFi’s April 2024 Banking Survey of 500 U.S. adults, 48% of survey respondents use online banking daily, and 26% use it several times a week.

Traditional Savings Account

“What types of savings accounts should I have?” is a common question. And a typical place to start is with a regular savings account that you can open at a bank or credit union. SoFi’s data found that 71% of respondents with a bank account have a savings account.

If your bank is insured by the Federal Deposit Insurance Corporation (FDIC), then your deposits are insured for up to $250,000 per depositor, per account category, per insured institution. Worth noting? Some banks participate in programs that extend the FDIC insurance to cover millions.¹ The National Credit Union Administration (NCUA) provides similar insurance for credit unions.

You can typically open a basic savings account with a small minimum deposit. And, while the interest rates on these accounts tend to be low compared to other savings options, they offer fairly easy access to your funds.

All savings accounts, however, may come with some limits on how many transactions you can make each month. While federal law used to cap withdrawal limits and transfers from savings accounts to six per month, the rule was lifted in the wake of the coronavirus pandemic.

However, many banks still limit electronic and online transactions to six per month.

There are no restrictions on the number of in-person withdrawals and transfers (at the teller or ATM) you can make on a basic savings account.

Online Savings Account

Brick–and–mortar financial institutions aren’t the only place where you can shop for a savings account. If you’re comfortable doing your banking online or from your mobile device, you might consider an online bank vs. traditional bank for your savings account.

Because online-only financial institutions tend to have lower overhead costs than traditional banks, they often pass that savings on to customers in the form of higher interest rates and lower, or no, fees.

While you can’t meet with a bank representative face-to-face, these accounts often come with well-designed and user-friendly websites and mobile apps, along with customer service representatives available by phone.

Like other basic savings accounts, online savings accounts typically have restrictions on the number of transactions you can make per month (typically six) without incurring a penalty fee. ATM withdrawals are unlimited, however.

If you choose an online savings account from an institution with FDIC insurance, then your funds will be protected, even if the online bank were to go out of business.

High-Yield Savings Account

Also known as high-interest savings accounts, this type of savings vehicle tends to come with higher interest rates than traditional savings accounts and often lower fees. While many people know what these accounts are — 59% respondents do, according to SoFi’s survey, and 23% actually have a high-yield savings account — not everyone is aware they exist.

You may be able to open a high-yield savings account online where you already bank, but the highest rates are often available from online banks (as noted above).

Depending on the financial institution, a high-yield savings account will likely be insured by the FDIC or NCUA up to $250,000 per depositor, per account category, per insured institution, or possibly more.

Like other savings accounts, withdrawals from high-yield savings accounts may be limited to six per month, and going over the withdrawal limit may trigger a fee. Of the 55% of people in SoFi’s survey who say they have switched banks, 29% did so because they wanted lower fees.

Learn more: Basics of High Yield Savings Accounts

Money Market Account

Money market accounts can be found at both traditional and online-only banks and are similar to traditional savings accounts in terms of liquidity, safety, and transaction limits.

Money market accounts, however, tend to come with higher interest than a traditional savings account. And, unlike most basic savings accounts, money market accounts often come with a debit card and checkbook, which can make it a little easier to access your money. In other words, you get some of the benefits of checking accounts plus the perks of a savings account in one place.

On the downside, money market funds generally require a much larger initial deposit than a basic savings account. And, you could be charged fees if the balance goes below a minimum amount.

Due to the potentially higher interest rates and check-writing/debit access, money market accounts can be a good choice for emergency funds if you’ve already saved enough to meet the initial deposit.

It can be important to know the distinction between money market accounts vs. money market funds, too. The latter is a type of investment account and not guaranteed by the FDIC or NCUA.

Certificate of Deposit (CD)

Certificates of deposit, or CDs, are available at both brick-and-mortar and online institutions, and can be a good savings tool if you don’t need quick access to your money.

CDs come with a specific term — often between three months and five years — during which you need to keep your money in the account.

In return for leaving your money untouched for that time period, CDs generally offer higher returns than standard savings accounts. Generally, the longer term, the higher the yield.

While savings and money market accounts pay variable interest rates (meaning your rate can change after you’ve opened the account) CDs typically pay fixed rates, so your rate is likely to be locked in once you’ve deposited the cash. You’ll know these funds are safe if they’re FDIC-insured. However, if you pull your cash before the maturity date, you will usually pay a penalty, which might mean losing any interest earned. (There are some no-penalty CDs, but the interest rate is probably lower than you’d otherwise earn.)

Cash Management Account

A cash management account is an interest-bearing account that is usually offered not by a bank or credit union but by a brokerage firm, an investment firm, or a robo-advisor.

They are often well-suited for people who want accessibility plus safety. Though they are not held by banks, they may be insured by the FDIC via a partner bank. Not all are, so be sure to check if you are thinking of opening one.

Cash management accounts, sometimes referred to as CMAs, may provide many of the conveniences of traditional spending accounts. For instance, you may have access to a debit card, paper checks, and auto bill pay. Plus, they often have low or no fees.

Speciality Savings Plans

The types of savings accounts listed above can be great places to grow your emergency fund or save money for a downpayment on a house. But if you’re looking to save for a more specific or longer-term goal, such as retirement or a child’s future education, you may want to open a more specialized account.

Specialty savings types can be helped along by accounts that are designed to serve a specific financial goal. There are a variety of these accounts, and they can earn interest to help you grow your money, just like other savings accounts. Some of these accounts, however, are investment vehicles, which means they can yield higher returns over the long term, but may also involve some risk.

Among the most common specialty accounts are 529 college savings plans, 401(k)s and individual retirement accounts (IRAs), health savings accounts (HSAs), and custodial accounts for a child (so they can have money for education or other expenses when they turn 18).

Opening a specialty savings account can make sense if you have a singular purpose for saving money. You may want to keep in mind, however, that there may be restrictions on when and how you can withdraw those funds later. Some specialty accounts, such as IRAs, 529s and HSAs, have strict tax rules for making withdrawals.

The Takeaway

There are many different types of savings accounts, and the best option for you will likely depend on how and when you want to access your money.

You might like a traditional savings account if you want to bank in person. For better interest rates and lower fees, you might prefer an online high-yield savings account or, if you won’t need the money for a while, a CD.

For more specific savings goals, such as preparing for retirement, covering health expenses, or saving for your child’s education, you may want to open a specialty savings account in addition to a more liquid savings vehicle.

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 type of account is best for savings?

There are different kinds of savings accounts that suit different goals and money styles. If you like banking in-person, a traditional bank might work fine. If you prefer the convenience of an online bank, you are likely to be rewarded with higher interest rates and lower fees. If you are saving for a specific goal, a specialty account might work best. For instance, a 529 account if you are stockpiling funds for a child’s future college tuition.

How do I choose a savings account?

Choosing a savings account depends on your needs and goals. If you are looking for an in-person banking relationship, a traditional savings account at a bricks-and-mortar bank could be best. If you want a high-yield account, low fees, and convenience, an online bank’s offerings might better suit your needs. If you’re able to keep your money in an account for a specific time period to earn a set interest rate, consider a certificate of deposit.

Is it better to have a savings account or invest?

This depends on your goals. Traditional savings accounts offer a changing rate of interest, with an average rate of 0.45% as of July 2024, and high-yield savings accounts often offering 4.00% and higher, but the funds are insured. Investing your funds might earn you a higher return and help you grow your funds over time, but the market can be volatile, and your funds are not insured so there is the risk of loss.

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Oct

2024

How Much Money Should I Save a Month?

By Amanda Holden | Budgeting & Goals, Financial Independence, money | Comments Off

You likely already know it can be wise to save money every month. Whatever your income or age, putting money aside for the future can help you maintain financial stability and achieve your goals.

But how much of your paycheck should you save each month? Financial professionals often recommend putting at least 20% of your monthly take-home income into savings for future financial goals, such as buying a home and funding your retirement.

Exactly how much you should save each month, however, will depend on your income, current living expenses and financial obligations, as well as your goals.

Here are some guidelines to help you figure out how much of your income you may want to set aside each month, plus some simple ways to jump start (or build) your savings.

Key Points

• Financial advisors often suggest saving at least 20% of your monthly take-home income for future goals.

• A common budgeting technique is using the 50/30/20 rule: putting 50% of income toward essentials, 30% toward non-essentials, and 20% toward savings.

• One easy way to increase savings is to automate recurring transfers from checking to savings accounts.

• Funneling windfalls into savings and using roundups – a tool that autosaves the difference between a purchase price and the nearest dollar — can also boost savings.

• One of the most effective ways to save money is to determine your near-term and long-term financial goals and to track spending and progress in a budget.

Knowing What You’re Saving For

It can be difficult to know how much money you should save each month without having a sense of what you are saving for. Setting a few financial goals can also help motivate you to save, rather than spend all of your income.

There are some savings goals that can make sense for everyone. If you don’t already have at least three to six-months worth of living expenses stashed in an emergency fund, for example, that can be a good place to start. By this measure, many Americans don’t have enough emergency savings, according to SoFi’s April 2024 Banking survey of 500 U.S. adults.

Amount in emergency savings	People who have saved that amount
Less than $500	45%
$500 to $1,000	16%
$1,000 to $5,000	19%
$5,000 to $10,000	9%
More $10,000	10%

Source: SoFi’s April 2024 Banking Survey of 500 U.S. adults

Without a solid contingency fund, any financial set-back -– such as a job layoff, large medical bill, or costly home or car repair — can throw you off balance and cause you to rely on high interest credit cards.

Many people will also want to save for retirement. At the very least, savers may want to take advantage of company matches offered in their workplace retirement plan by contributing the maximum amount the company matches.

After emergency savings and retirement, goals may start to look different from person to person. One person may want to save up for a down payment on a home, another may want to save up to start a business, and yet another may be interested in college savings. Fifty-two percent of the respondents to SoFi’s survey said they are using their savings accounts to save for a specific goal.

Goals People Save For in a Savings Account
Short-term and long-term goals	40%
Short-term goals like a vacation or holiday spending	35%
Long-term goals like a child’s college education or a house	26%

Source: SoFi’s April 2024 Banking Survey of 500 U.S. adults

How Much to Save Each Month

A rule of thumb that is sometimes used in personal financial planning is a spending/saving breakdown of 50/30/20. Using this guideline, you would spend 50% of your take-home income on essentials (including minimum payments towards debts), 30% on nonessential (or “fun”) spending, and 20% on savings goals, including debt payments beyond the minimum.

To use the 50/30/20 method to determine how much you should save, you can simply calculate 20% of your monthly after-tax pay. For example, if you earn $3,000 each month after taxes, $600 would go towards savings or other short term financial goals.

You may want to keep in mind that your 20% savings goal can include the money you’re saving for retirement. You can determine how much you’re putting toward retirement each month by looking at your pay stub or electronic payment record. If your employer is automatically depositing money into your 401(k), you may be able to put less into savings each month.

While the 50/30/20 can be a helpful guideline, how much you should — and can afford — to save each month will ultimately depend on your individual circumstances, such as your current income, monthly expenses, and future goals.
If the cost of living is high in your area, for example, you may not be able to swing 20% savings each month.

On the other hand, if you make a significant amount more than you need to live on each month, you may want to put away more than 20%, especially if you’re working towards a large short-term savings goal, such as buying a home in the next couple of years.

Recommended: Cost of Living by State Comparison

Where Should You Put Your Savings?

The best account for building savings will depend on what you are saving for.

If you are saving up for retirement, for example, you’ll likely want to use a designated retirement account, like a 401(k) or IRA, since they allow you to contribute pre-tax dollars (which can help lower your annual tax bill).

You may want to keep in mind, however, that there are annual contribution limits to retirement funds.

For an emergency fund or other short-term savings goals (within three to five years), you may want to open a separate savings account, such as a high-yield savings account, money market account, or a checking and savings account. These savings vehicles typically offer more interest than a traditional savings account, yet allow you to easily access your money when you need it.

Easy Ways to Boost Savings

Below are some strategies that can help make it easier to start — and build — your monthly savings.

Automating Savings

One great way to make sure you stick to a money-saving plan is to automate the process. You may want to set up a recurring transfer from your checking into your savings account on the same day each month, perhaps the day after your paycheck clears. Even setting aside just a small amount of money each month now can, little by little, add up to a significant sum in the future.

Putting Spare Change to Work

There are apps that will automatically round-up any amount paid on a credit or debit card and then put that little bit of extra money into savings accounts or even invest it. This “pocket change” can add up over time.

Using Windfalls Wisely

If a lump sum of cash, such as a bonus or monetary gift, comes your way, you may want to consider funneling all or part of it right into savings.

Or, if you get a percentage raise on your salary, you might want to boost your automatic monthly transfer from your checking account to your savings account by the same percentage.

Reviewing Your Budget

If you feel like your budget is too tight to save anything at the end of the month, you may want to review your monthly and habitual expenses. You can do this by combing through your checking and credit card statements and receipts for the past few months. Or, you may want to actually track your spending for a month or two.

You can then come up with a list of spending categories and determine how much you are spending on average for each.

There are online tools that can help make this process easier — in fact, 23% of people use budgeting tools offered by their bank, SoFi’s survey found. And of the 20% of respondents who have used AI to help manage their finances, 31% have used automated budgeting suggestions.

Once you can see exactly where your money is going each month, you may find places where you can fairly easily cut back, such as getting rid of streaming subscriptions you rarely watch, quitting the gym and working out at home, or cooking more and getting take-out less often.

The Takeaway

The right amount to save each month will be unique to you and includes factors such as your financial goals, how much you earn, and how much you spend each month on essential expenses.

One of the most important keys to saving is consistency. No matter how much of your income you choose to set aside each month, depositing small amounts regularly can build to a large sum over time to achieve your goals.

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.

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.

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.

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

SOBK0623012

Oct

2024

Pharmacy School Loans: Here’s What You Should Know

By LeeMarie Kennedy | Debt Payoff, Going to College, Student Loans, student_loan | Comments Off

Pharmacy school student loans are one way for potential pharmacists to subsidize some or all of the costs associated with attending pharmacy school. Knowing the pros and cons of pharmacy school loans can help you decide if this route is right for you.

Keep reading to learn how much it costs to attend pharmacy school, different ways to pay for it, what a pharmacy school loan covers, and the ins and outs of pharmacy school student loans.

Average Cost of Pharmacy School

The average cost of attending pharmacy school spans anywhere from $30,000 to $250,000.

It’s a wide range but, generally speaking, in-state, public schools are on the lower end of the scale, costing around $5,000 to $30,000 per year, while pharmacy programs at private institutions can run between $20,000 and $95,000 per year.

Average Student Loan Debt Pharmacy School

The American Association of Colleges of Pharmacy (AACP)’s 2023 survey of pharmacy school graduates found that 82.2% of PharmD degree holders had to borrow money to get through school.

And the average student loan debt for pharmacy graduates, according to that same report, is $167,711.

There’s good news, though: The return on investment can be promising for pharmacists, whose median pay is around $136,030 per year, according to the Bureau of Labor Statistics.

What Can You Use a Pharmacy School Student Loan on?

There are several ways a student loan can be used to cover the cost of a pharmacy school education:

Tuition

As evidenced above, tuition is one of the biggest pharmacy school expenses that can be covered by a pharmacy school student loan. Since it can cost upwards of $250,000 to complete a pharmacy program, student loans can be helpful in covering that cost.

Fees

The fees associated with attending pharmacy college vary based on the type of program the student attends, how many credit hours the student completes, and whether they’re an in-state or out-of-state student. In some cases, a pharmacy school may charge “comprehensive fees” that cover tuition, fees, and room and board.

Books and Supplies

Pharmacy school student loans can be used to pay for books, supplies, and other education-related expenses. To acquire the funds for books and supplies, pharmacy school student loans are first applied to a student’s tuition, required fees, and room and board bills. Then, any remaining funds get refunded to the borrower, either in the form of a check or through direct deposit. From there, the money can be used to pay for books and supplies.

Recommended: How to Pay for College Textbooks

Living Costs

Room and board is another expense that can be paid for with pharmacy school loans. Students can use their borrowed funds to pay for student housing — whether that’s in a dorm room or an off-campus apartment with roommates.

Pharmacy School Student Loans: Pros & Cons

Pros of Using Pharmacy School Student Loans	Cons of Using Pharmacy School Student Loans
Help people pay for pharmacy school when they don’t otherwise have the financial resources to do so.	Can be expensive to repay.
Open up more possibilities for the type of pharmacy school a person can attend, regardless of the cost.	Can put borrowers into substantial amounts of debt.
Cover a wide range of expenses — including tuition and fees, school supplies, and room and board.	Borrowers might have to forego other financial goals to pay off pharmacy school student loans.
Paying off pharmacy school student loans can help build credit.	Late payments or defaulting on a pharmacy school student loan can damage credit.

Pros of Using a Pharmacy School Student Loan

Using a pharmacy school loan comes with some pros, including:

Student Loans for Pharmacy School Can Be Forgiven

In terms of pharmacists student loan forgiveness, there are several options for newly graduated pharmacists who need some help paying off their pharmacy school loans.

Typically, these forgiveness programs are available on a state or federal level.

A few different pharmacy student loan forgiveness options include:

• Public Service Loan Forgiveness (PSLF)

• HRSA’s Faculty Loan Repayment Program

• National Institutes of Health Loan Repayment Programs

• Substance Use Disorder Workforce Loan Repayment Program

• State-based student loan forgiveness programs

Salary

As mentioned above, the median pay for a pharmacist is $136,030 per year. For a pharmacy school graduate with student loan debt, this salary range could mean the difference between paying off loans and still having money left in the budget for living expenses, an emergency fund, and other types of savings.

Credit Score

Paying off pharmacy school student loans can be one way for a borrower to build their credit score. When building credit history, making on-time payments is a prominent factor, which can potentially have a beneficial effect on a borrower’s credit score. Although their credit score could face a minor dip right after paying off the loan, it should subsequently level out and eventually rise.

Cons of Using a Pharmacy School Student Loan

Pharmacy school student loans can also come with cons, including:

Debt

Since a pharmacy school loan is an installment loan, it’s considered a form of debt. As such, potential pharmacists are signing a long-term contract to repay a lender for the money they borrow. Should they find themselves on uneven financial ground, they may end up missing a payment or defaulting on the loan altogether, which could have a damaging effect on their credit report.

Late Payment Penalties

Many pharmacy school student loan lenders dole out fees for late payments. The terms of the loan are outlined by the lender before the borrower signs the agreement, but it’s important to read the fine print. Loan servicers can charge a late payment penalty of up to 6% of the missed payment amount.

Interest Rates

Student loans for graduate and doctoral degrees like pharmacy school have some of the highest interest rates of any type of student loan.

Even federally subsidized Grad PLUS Loans have a fixed interest rate of 9.08% for the 2024-25 school year, which could cause a pharmacy school student loan balance to climb high over time.

Average Interest Rates for Pharmacy School Student Loans

Pharmacy students have a variety of student loan options available to them. This table details the interest rate on different types of federal student loans that might be used to pay for a portion of pharmacy school.

Loan Type	Interest Rate for the 2024-25 School Year
Direct Loans for Undergraduate Students	6.53%
Direct Loans for Graduate and Professional Students	8.08%
Direct PLUS Loans for Graduate Students	9.08%

Private student loans are another option that may help pharmacy students pay for their college education. The interest rates on private student loans are determined by the lender, based on factors specific to the individual borrower, such as their credit and income history.

Paying for Pharmacy School

Before looking into an undergraduate student loan option or a graduate student loan option, potential pharmacists might be able to secure other sources of funding to help them pay for pharmacy school.

Scholarships

Scholarships are funds used to pay for undergraduate or graduate school that do not need to be repaid to the provider.

They can be awarded based on many different types of criteria, including grade point average (GPA), athletic performance, community service, chosen field of study, and more. Scholarships might be offered by a college or university, organization, or institution.

For potential pharmacy school students, there are several available options for scholarships through their individual states and other providers. The American Association of Colleges of Pharmacy (AACP) is a great resource for finding a pharmacy school scholarship.

Grants

Unlike scholarships or loans, grants are sources of financial aid from colleges, universities, state/federal government, and other private or nonprofit organizations that do not generally need to be repaid.

The AACP breaks down grants and awards for health profession students and government subsidized grants for pharmacy school students on their website.

State Pharmacy School Loans

Some potential pharmacists may be eligible to participate in a state student loan program. The cost of attending a state pharmacy school will vary depending on whether or not the student lives in the same state as the school, so researching the accredited pharmacy programs by state can help them determine how much they’ll need to borrow.

Federal Pharmacy School Loans

The U.S. Department of Education offers Direct Subsidized and Unsubsidized Loans to undergraduate and graduate pharmacy school students. The school will determine the loan type(s) and amount a pharmacy school student can receive each academic year, based on information provided by the student on the Free Application for Federal Student Aid (FAFSA®) form.

PLUS Loans are another federal pharmacy school loan option, eligible to graduate and professional students through schools that participate in the federal Direct Loan Program.

Private Pharmacy School Loans

A private student loan is another way for students to pay for pharmacy school. When comparing private student loans vs. federal student loans, it’s important to note that because private loans are not associated with the federal government, interest rates, repayment terms, and benefits will vary. For this reason, private student loans are considered an option only after all other financing sources have been exhausted.

When applying for a private pharmacy school loan, a lender will usually review the borrower’s credit score and financial history, among other factors.

Income-Driven Repayment Plans

Income-driven repayment plans may help borrowers qualify for lower monthly payments on their pharmacy school loans if their total debt at graduation exceeds their annual income.

These plans aim to make payments more affordable by capping them at a percentage of discretionary income. After 20-25 years of qualifying payments, the remaining loan balance may be forgiven.

• Income-Based Repayment (IBR

• Pay As You Earn (PAYE)

• Revised Pay As You Earn (REPAYE)

• Income-Contingent Repayment (ICR)

The Takeaway

Roughly 82% of pharmacy school graduates have student loans, according to the AACP. Pharmacy school loans can be used to pay for tuition and fees, living expenses, and supplies like books and required lab equipment.

Federal student loans can be used in combination with any scholarships and grants the student may qualify for.

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

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

FAQ

How long does it take to pay off pharmacy school loans?

Depending on the type of pharmacy school loan you take out (private vs. federal) and when the funds were distributed, it can take between five and 25 years to repay a pharmacy school student loan.

How can I pay for pharmacy school?

There are several ways to pay for pharmacy school, including federal student loans, private pharmacy school loans, scholarships, grants, and personal savings.

What is the average student loan debt for pharmacy school?

According to the American Association of Colleges of Pharmacy, the average student loan debt for pharmacy graduates is $167,711.

Photo credit: iStock/Vaselena

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs. SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility-criteria for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

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

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

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

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.

SOISL-Q324-061

Can You Have Multiple Checking Accounts With the Same Bank?

Can I Have Two Checking Accounts at the Same Bank?

Reasons for Opening Multiple Checking Accounts

Pros and Cons of Having Multiple Checking Accounts

Pros

Cons

How to Manage Multiple Checking Accounts

The Takeaway

FAQ

Is it bad to have two checking accounts?

How many bank accounts can a person have?

Can I combine two bank accounts?

7 Places to Put Your Cash

Low-Risk Places to Put Cash

Checking Account

Savings Account

Money Market Account

High-Yield Savings Account

Get up to $300 when you bank with SoFi.

Higher-Risk Places to Put Cash

Stocks

Bonds

Exchange-Traded Funds and Mutual Funds

The Takeaway

Different Types of Savings Accounts You Can Have

Common Types of Savings Accounts

Traditional Savings Account

Online Savings Account

High-Yield Savings Account

Earn up to 4.00% APY with a high-yield savings account from SoFi.

Money Market Account

Certificate of Deposit (CD)

Cash Management Account

Speciality Savings Plans

The Takeaway

FAQ

What type of account is best for savings?

How do I choose a savings account?

Is it better to have a savings account or invest?

How Much Money Should I Save a Month?

Knowing What You’re Saving For

How Much to Save Each Month

Where Should You Put Your Savings?

Easy Ways to Boost Savings

Automating Savings

Putting Spare Change to Work

Using Windfalls Wisely

Reviewing Your Budget

The Takeaway

Pharmacy School Loans: Here’s What You Should Know

Average Cost of Pharmacy School

Average Student Loan Debt Pharmacy School

What Can You Use a Pharmacy School Student Loan on?

Tuition

Fees

Books and Supplies

Living Costs

Pharmacy School Student Loans: Pros & Cons

Pros of Using a Pharmacy School Student Loan

Student Loans for Pharmacy School Can Be Forgiven

Salary

Credit Score

Cons of Using a Pharmacy School Student Loan

Debt

Late Payment Penalties

Interest Rates

Average Interest Rates for Pharmacy School Student Loans

Paying for Pharmacy School

Scholarships

Grants

State Pharmacy School Loans

Federal Pharmacy School Loans

Private Pharmacy School Loans

Income-Driven Repayment Plans

The Takeaway

FAQ

How long does it take to pay off pharmacy school loans?

How can I pay for pharmacy school?

What is the average student loan debt for pharmacy school?

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