office intern smiling

A Guide to Postgrad Internships

Think that internships are just for students? Think again. College grads can also snag internships. An internship can be a good way to gain work experience when a full-time job is hard to find. It can also provide a good opportunity to test-drive a field you are interested in but not sure is right for you.

Getting an internship after graduation can help you gain exposure to the work world, add to your resume, and build professional experience.

Here, you’ll learn more about internships for recent graduates, what a postgraduate internship is like, and how to find one.

Benefits of a Postgraduate Internship

Can you get an internship after college? Yes, indeed. There are a lot of reasons why college graduates might consider doing a postgrad internship. Aiming to go right into a full-time job after graduating may be the right choice for some people, but there are some benefits to completing an internship first.

•   Doing a postgraduate internship can allow graduates to explore their career options before making a long-term commitment.

Not every student is going to have an exact goal in mind for what job they’d like to have after graduating, and most degrees will give students more than one option to consider. Starting an internship after graduation can give you the ability to test out a variety of jobs and also allow you to live in different locations and see what suits you.

•   Another benefit to applying for internships instead of full-time jobs is that it may limit some of the stress of transitioning to postgrad life. Applying for full-time jobs could feel like a big commitment for graduates who are coping with the end of their college experience. Internships can make for a great in-between, stepping stone for graduates to use to get their feet wet and hopefully experience less stress during their final semester of college.

•   Internships also provide graduates with valuable hands-on experience and potentially a connection to their first full-time job. Getting a degree is important, but it isn’t the same as having previous experience in the field.

Doing a postgrad internship can help recent graduates bulk up their skills and fill out their resume. Some internships will even transition into full-time jobs with the same company. For employers, it can be easier to hire someone they’ve already seen in action.

•   Getting an internship can also help recent graduates build up their network outside of college. Developing relationships within the field of interest can benefit students when they start their job search after completing their internship.


💡 Quick Tip: Get flexible terms and competitive rates when you refinance your student loan with SoFi.

So, What are Internships Like?

What postgraduate internships are like will vary tremendously from position to position, industry to industry. An internship for recent graduates at, say, an animal clinic vs. an investment bank could be the proverbial “night and day.”

There are, of course, some common concerns and questions about these gigs. If you’re considering applying for postgraduate internships, the first question most people are going to have is: Is it paid?

The answer to this question will vary by internship and by industry. For example, internships in banking, accounting, and government are often paid.

The determination for whether or not an internship will be paid can depend on how much the student is benefitting from the experience vs. the company.

•   An unpaid internship is usually more learning-based and it’s expected that the recent grad will be gaining more from the internship than the company does.

•   A paid internship usually involves the company benefiting more from the grad’s efforts than the person does.

Another way to look at the position is that if it’s paid, the postgraduate can do the same tasks as employees and get hands-on knowledge that way. If the recent grad is not paid, they may only be able to observe what the paid employees are doing and perform adjacent tasks. This can, however, still be useful.

Because internships are usually short-term commitments, most of them won’t provide the same benefits that full-time employees have. There may be other perks though, such as social events, vacation days off. What’s more, some internships may cover the cost of housing and other expenses, such as transportation.

Another point to recognize is that a graduate internship will give you experience in the world of work, which can boost your confidence as you job hunt. You get used to how businesses function, how colleagues interact, and how employees prioritize competing responsibilities. All good intel!

Recommended: How Student Loans Affect Your Credit Score

How to Get an Internship

Getting an internship will require some effort, and it’s often better to start before you get your diploma as things can be competitive. Here are some ways to start your hunt for a graduate internship:

•   One place to start is networking with professors and alumni and utilizing the school’s career center.

•   Graduates can use platforms like LinkedIn or their school’s alumni database to find people in their chosen career fields to reach out to. Grads should get comfortable communicating with these people and being clear about what types of internships they’re looking for. These conversations can help open doors that otherwise may have been hard to find.

•   Internships (paid and unpaid) are increasingly posted on online job sites. Take a look using “internship” as a keyword, and you may be surprised to find a good number of opportunities.

Get Your Resume Ready

It’s also key to have a resume and cover letter ready to go. These may have to be tweaked for each internship. If a recent graduate is searching for an internship in a specific field, then they might be able to get away with making minimal changes.

If you haven’t already honed yours, check in with career services, or look at the many templates and examples online. Experiment with them, and have a trusted family member or mentor review it from the perspective of, “Would I interview this person based on this resume?”

Grads should be creative (but not untruthful) when listing their skills and experiences on their resume. Even if you haven’t had a full-time job yet, you’ve probably picked up valuable skills at part-time jobs and in college that merits inclusion. Holding a job of any sort can show that you are a responsible, hard-working individual.

Practice Your Interview Skills

Preparing for interviews will also help recent graduates snag an internship. A few pointers:

•   It’s vital to do research on the company before the interview for a postgrad internship. Review things like the company’s mission, what their current projects are, and what the company culture is like. Having knowledge of the company can highlight that the applicant has done their research and is excited about potentially joining the company.

•   Preparation for interviews also includes studying common internship interview questions and prepping for those. You can find them online, from friends’ experience, and likely from your school’s career services office. The interview will be less nerve-racking when you know what to expect. It’s also helpful to prepare a couple of your own questions to ask the interviewer. This shows an interest in the company and commitment to learning more.

•   Many interviews take place by video meetings today. Get familiar with the possible ways these are conducted (Zoom vs. Microsoft Teams, say). It can also be wise to check your connectivity in advance and log in early.

•   Thank your interviewer, always. And if you are offered an internship, research how to accept a job offer.


💡 Quick Tip: When rates are low, refinancing student loans could make a lot of sense. How much could you save? Find out using our student loan refi calculator.

Repaying Your Student Loans

In addition to job (or internship) hunting, graduates will also have to face the reality of paying back their student loans. The exact timing for when repayments start will vary by the type of loan. Graduates should keep this in mind when applying for internships and full-time jobs and develop a budget for their postgrad life.

For federal loans, there are a couple of different times that repayment may begin.

•   Students who borrowed a Direct Subsidized, Direct Unsubsidized, or Federal Family Education Loan, have a six month grace period after graduation before they’re required to make payments.

•   When it comes to the PLUS loan, it depends on the type of student who’s taken one out. Undergraduates will be required to start repayment as soon as the loan is paid out.

•   Graduate and professional students with PLUS loans will be on automatic deferment while they’re in school and up to six months after graduating or after you drop below half-time enrollment status.

With the repayment period coming up, graduates may consider refinancing their student loans. What does that mean? Refinancing student loans occurs when a lender pays off the existing loan with another loan, typically at a lower rate or for a longer term, which can help lower payments. However, it’s important to know that when you refinance with an extended term, you may pay more interest over the life of the loan.

Also, while both federal and private student loans can be refinanced, when federal student loans are refinanced by a private lender, they’ll forfeit their federal benefits and protections. Graduates will want to consider this before deciding to refinance any federal loans.

Recommended: Student Loan Consolidation Rates: What to Expect

The Takeaway

Postgrad internships can help students build their resume, expand their networks, and gain valuable job experience. Depending on factors like the company and industry involved, postgraduate internships may or may not be paid. Students still exploring their career options may find value in pursuing a postgraduate internship, whether or not it brings in income.

After graduation, students will likely begin repayment on their student loans. Some students may consider refinancing.

Looking to lower your monthly student loan payment? Refinancing may be one way to do it — by extending your loan term, getting a lower interest rate than what you currently have, or both. (Please note that refinancing federal loans makes them ineligible for federal forgiveness and protections. Also, lengthening your loan term may mean paying more in interest over the life of the loan.) SoFi student loan refinancing offers flexible terms that fit your budget.

With SoFi, refinancing is fast, easy, and all online. We offer competitive fixed and variable rates.


SoFi Student Loan Refinance
Terms and conditions apply. SoFi Refinance Student Loans are private loans. When you refinance federal loans with a SoFi loan, YOU FOREFEIT YOUR EILIGIBILITY FOR ALL FEDERAL LOAN BENEFITS, including all flexible federal repayment and forgiveness options that are or may become available to federal student loan borrowers including, but not limited to: Public Service Loan Forgiveness (PSLF), Income-Based Repayment, Income-Contingent Repayment, extended repayment plans, PAYE or SAVE. Lowest rates reserved for the most creditworthy borrowers.
Learn more at SoFi.com/eligibility. SoFi Refinance Student Loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).

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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.


Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

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


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

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Top 10 Most Popular Scholarships for Women

10 Popular Scholarships for Women

Scholarships are free money that can help fund an undergraduate or graduate degree. There are plenty of scholarships for women, including some with a purpose to encourage more females to pursue careers where they’re considered underrepresented, as well as scholarships to help them attend college.

Spending some time researching and applying for scholarships you may be eligible to receive could help you pay for college tuition.

What Types of Scholarships Are There for Women?

There are plenty of scholarships available for women, including scholarships for undergraduate students and scholarships for graduate students.

Scholarships may be need-based or merit-based awards. Each one will have specific qualifying and application requirements. Scholarships, essentially, can be like finding free money for college.

For instance, need-based scholarships generally require applicants to exhibit financial need. Merit-based scholarships may be determined based on skills, abilities, or a student’s GPA, test scores, or the type of field they are looking to pursue.

Some scholarships may also be location-based, such as those for residents of certain states or for specific schools.

There are even some unclaimed scholarships you may be eligible for.


💡 Quick Tip: Ready to refinance your student loan? You could save thousands.

Are There Scholarships for Women in STEM?

There are many scholarships for women who are pursuing careers in science, technology, engineering, and math (STEM). According to the US Equal Employment Opportunity Commission, 29% of all STEM workers are women, with math, engineering and computer-related jobs being the least represented.

Government organizations, industry associations, and even technology companies offer industry-specific scholarships (we’ll talk more about some of them below). For instance, companies like Google or associations such as the Society for Women Engineers (SWE) offer scholarships for women.

Recommended: I Didn’t Get Enough Financial Aid: Now What?

Popular Scholarships For Women

Below are 10 scholarships available exclusively to women that could help you avoid taking on too much student loan debt:

Associated Women for Pepperdine (AWP) Scholarship

Scholarship amount: $5,000

Application Deadline: February 15

The AWP is one of the largest women’s groups awarding scholarships for female Christian students. There are several awards up for grabs, and scholarships can be renewed. To qualify, applicants need to be students at Pepperdine University, current and active members of the Church of Christ, submit a letter of recommendation from a leader of the Church of Christ, and fill out the Free Application for Federal Student Aid (FAFSA®) application.

Gertrude M. Cox Scholarship

Scholarship amount: $1,000

Application Deadline: February 23

The Cox Scholarship aims to encourage women to pursue professions related to the statistics field. There are two scholarships, one for a female early on in their graduate career, and the other for a woman at a more advanced level. Applicants need to be permanent residents or citizens in the U.S. or Canada and be admitted to a full-time graduate statistics program of the year the scholarship is awarded.

Jeannette Rankin Women’s Scholarship Fund

Scholarship amount: Varies

Application Deadline: February 17 (Note that the 2023-2024 application cycle for this scholarship is closed. Applications for 2024 will open in late 2023.)

This scholarship is for women age 35 or older who are considered low-income and enrolling into a not-for-profit accredited educational institution. Women can pursue an associate’s or bachelor’s degree, or technical or vocational education. To apply, applicants need to demonstrate financial need and answer questions based on their academic and career goals.

American Association of University Women (AAUW) Selected Professions Fellowships

Scholarship amount: $20,000

Application Deadline: December 1

The AAUW awards multiple scholarships, and the Selected Professions Fellowships is one of them.

Women may apply if they intend on pursuing full-time studies at an accredited U.S. institution in a field where women have had historically low enrollment. For instance, scholarships are awarded for women pursuing degrees in STEM and engineering.

Eligibility criteria include women who can prove they have shown promise of high academic excellence and distinction.

Recommended: 7 Tips to Lower Your Student Loan Payments

American Indian Services (AIS) Scholarship

Scholarship amount: $500-$2,000

Application Deadline: February 1 to November 1 (Depending on when the applicant’s classes start)

The AIS scholarship aims to help Native American students enrolling in an accredited institution pursue higher education. Awards are given on a quarterly basis, though you’ll only need to apply once per year.

Eligibility requirements include being at least one-quarter of an enrolled member, or descendant of an enrolled member of a U.S. Federally Recognized Native American Tribe, enrolled at least half-time, and completed the FAFSA. This award is currently only available to undergraduate students.

Educational Foundation for Women in Accounting Scholarships

Scholarship amount: Varies

Application Deadline: Varies (most end April 30)

The Educational Foundation for Women in Accounting offers multiple scholarship opportunities for women pursuing undergraduate, graduate, or postgraduate degrees in accounting. Applicants may apply to more than one scholarship excluding the Women in Transition and Women in Need awards, of which students can only apply to one.

Eligibility criteria varies, though most will require applicants to provide transcripts, demonstrate financial need, and prove they’re committed to working in the accounting field.

Jane M. Klausman Women in Business Scholarship

Scholarship amount: $5,000

Application Deadline: April to June

Women who are pursuing a business program in qualifying fields and living or studying in an area where Zonta International is active can apply for this scholarship. There are 37 awards for $5,000. Applicants also need to be enrolled in the final year of a Master’s program or at least the second year of their undergraduate degree.

American Nephrology Nurses Association Career Mobility Scholarships

Scholarship amount: $3,000 to $5,000

Application Deadline: November 30

The American Nephrology Nurses Association, or ANNA, offers a few scholarships ranging from $3,000 to $5,000 designed to support qualifying members who are pursuing an advanced or BSN degree in nursing. Qualifying criteria includes being a current full ANNA member for at least two years, enrolled or accepted into a qualifying nursing program, and a 250-word essay outlining the potential impact of the scholarship.

Chicana Latina Foundation Scholarships

Scholarship amount: $1,500

Application Deadline: The next application cycle will open on January 1, 2024

Self-identifying Chicana or Latina college students living in qualifying California counties can apply for a $1,500 scholarship. They need to be students attending an accredited community college, college, or university full-time and meet certain academic requirements. Plus, they’ll need to attend the Chicana Latina Foundation (CLF) Leadership Institute and CLF Annual Awards Dinner if selected for a scholarship.

To apply for this scholarship, applicants will be required to submit two letters of recommendation, one of which needs to be from a counselor or professor.

Undergraduate students need to submit unofficial or official transcripts from their current degrees and one letter of recommendation. Graduate students will also need to submit a resume or CV in addition to providing a transcript and letter of recommendation.

The Women In Aerospace Foundation Scholarship

Scholarship amount: $2,000-$5,000

Application Deadline: June 13

The Women In Aerospace Foundation aims to promote careers in the aerospace field — this scholarship program is one of the ways it does so. The organization awards five merit-based awards to women who are rising juniors and seniors working for a bachelor’s degree in engineering, math, or science.

To qualify, applicants need to be currently enrolled in an accredited U.S. college or university, plan to enroll the next academic year and complete a minimum of 2.5 academic years of full-time college. Applicants also need to have a minimum of a 3.0 GPA.

The Takeaway

Applying for one of the many scholarships for women can be a smart tactic if you’re trying to figure out how to pay for your college education. In addition to the scholarships listed here, there are a variety of other opportunities — many scholarships go unclaimed because they don’t receive enough applications. It doesn’t hurt to submit an application since the worst they’ll say is “no”, and the benefits are well worth it.

There are other ways to help cover the cost of college, as well, and you’ll likely want to explore your options to see what makes the most sense for your situation.

Looking to lower your monthly student loan payment? Refinancing may be one way to do it — by extending your loan term, getting a lower interest rate than what you currently have, or both. (Please note that refinancing federal loans makes them ineligible for federal forgiveness and protections. Also, lengthening your loan term may mean paying more in interest over the life of the loan.) SoFi student loan refinancing offers flexible terms that fit your budget.

With SoFi, refinancing is fast, easy, and all online. We offer competitive fixed and variable rates.


Photo credit: iStock/valentinrussanov


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

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

SoFi Student Loan Refinance
Terms and conditions apply. SoFi Refinance Student Loans are private loans. When you refinance federal loans with a SoFi loan, YOU FOREFEIT YOUR EILIGIBILITY FOR ALL FEDERAL LOAN BENEFITS, including all flexible federal repayment and forgiveness options that are or may become available to federal student loan borrowers including, but not limited to: Public Service Loan Forgiveness (PSLF), Income-Based Repayment, Income-Contingent Repayment, extended repayment plans, PAYE or SAVE. Lowest rates reserved for the most creditworthy borrowers.
Learn more at SoFi.com/eligibility. SoFi Refinance Student Loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).

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.


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Gas Cost Trip Calculator Table with Examples

Thinking about taking a road trip? The rising cost of gas might put a dent in your budget if you’re not careful. But how much will you spend on gas for a trip? What should your budget be?

Using a trip cost calculator can help you determine what you are likely to spend filling up your tank on a longer trip. Then you can use that information to decide whether it’s more cost-effective to drive, take a train or bus, or fly.

Let’s look not only at a gasoline cost trip calculator table, but also why you should calculate how much you’ll spend on gas and how you can save money filling up at the pump.

Why Use a Gas Cost Trip Estimator

You may think nothing of filling up your gas tank every few weeks when you’re only driving to work and the store. But consider how much gas you’d use for a trip from, let’s say, San Diego to New York City. With gas prices on the rise, understanding what it will cost you to fuel up for an entire trip can help you better budget your expenses.

Using a gas trip cost calculator can help you figure out how much of your entire trip budget will be dedicated to fueling up.


💡 Quick Tip: Online tools make tracking your spending a breeze: You can easily set up budgets, then get instant updates on your progress, spot upcoming bills, analyze your spending habits, and more.

How to Calculate Your Gas Cost Trip

To figure out how much gas will cost for a road trip, you can, of course, use a trip cost calculator. You’ll need to input basic details, like your type of car (different sizes and types of cars burn gas at different rates) and your route, and the calculator can estimate with real-time gas prices.

But a simple method is to look at your route and the total distance in miles, and divide this number by the number of miles per gallon your vehicle gets. (You can check your owner’s manual to find this out if you don’t already know). This will tell you the number of gallons of gas you’ll need for the entire trip.

Now you’ll need to know the price of gas so you can multiply it times the number of gallons you need. Since gas prices by state may vary wildly, you might take an average of prices found in five places along the way. Tools like Gas Buddy let you search for gas prices in a given city, so you can use this for research.

Gas Cost Trip Calculator Table
Let’s use the process I outlined above to illustrate how you can be your own gas calculator for trip costs.

Distance from San Diego to NYC 2,760 miles
Miles per gallon 22
2,760/22 125 gallons
Average gas price:

•   San Diego: $4.57

•   Albuquerque: $3.09

•   Saint Louis: $2.82

•   Indianapolis: $2.99

•   Philadelphia: $2.93

Average: $3.28
125 gallons x $3.28 $410 gas budget

As you can see, it would cost about $410 for gas for the entire trip. Of course, this is based on an average cost of gas, and prices will fluctuate over time and in different towns and cities.


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

Examples of Gas Cost Trips

Let’s look at a few other examples of trips and how much they would cost in gas.

Distance from Los Angeles to Seattle 1,335 miles
Miles per gallon 22
1,335/22 61 gallons
Average gas price:

•   Los Angeles: $4.44

•   Stockton: $4.45

•   Sacramento: $4.99

•   Medford: $4.05

•   Portland: $4.99

Average: $4.58
61 gallons x $4.58 $279 gas budget
Phoenix to Dallas 1,067 miles
Miles per gallon 22
1.067/22 48.5
Average gas price:

•   Phoenix: $3.13

•   Benson: $3.61

•   Deming: $3.45

•   Fort Stockton: $3.15

•   Abilene: $2.79

Average: $3.23
48.5 gallons x $3.23 $157

Reasons to Calculate Your Gas Cost

So why should you bother using a road trip cost calculator? Well, most people don’t have unlimited funds when it comes to taking a road trip, so for starters, it can help you see how much you’d spend. You might decide it’s not worth driving if the cost exceeds what you’d pay for a flight, bus, or train ride.

Even if you’re not planning a big trip, looking at how much it costs to drive on a tank of gas can be helpful for maintaining your month-to-month budget. Once you understand how much you’re spending on gas, you might explore how to improve gas mileage to get more bang for your buck or you might limit how often you drive to save money.

Tips on How to Save on Gas Money

Speaking of saving money, let’s look at how to save money on gas.

Plan Where You’ll Fuel Up

If you’re planning a road trip, use a tool that shows you exactly where the cheapest gas can be found. You might be able to save $.10 or more a gallon simply by planning ahead. There are even some trip fuel cost calculators that will help you plan where to stop based on gas prices.

Consider How You Pay

There are different types of credit cards that can help you save at the pump. Branded gas credit cards often offer rewards that will shave off a few cents per gallon or give you a bonus after you’ve charged a certain amount of purchases.

You might also consider a cash back credit card that gives you cash or credits for your purchases once you’ve hit a certain threshold.

Track your credit score with SoFi

Check your credit score for free. Sign up and get $10.*


Look into Alternative Transportation

You may be quick to rely on cars to get around, but there are often other overlooked methods of transportation to consider. Whether it’s a bus, train, Uber, or plane, you might be able to save money by leaving your car at home.

You can also cut your gas costs by splitting them with a friend.

Another way to stick to your travel budget? A money tracker app, which can help you keep tabs on where your money is going while you’re on the road.

Only Use Premium if Necessary

Most cars run just fine on regular unleaded gas, which can be significantly cheaper per gallon than premium versions, especially if you’re on a long trip. Check your car manufacturer’s recommendations to see if you can use regular unleaded gas.

Drive an Empty Car

The heavier your car is, the more gas it burns. So if you’ve been lugging around something heavy unnecessarily, consider leaving the load at home before you drive.

Who Should Save Money on Gas

The real question is, who shouldn’t save money on gas? We could all benefit by keeping a little extra cash in our pockets.

That said, if you’re planning a long road trip, you’ll probably want to explore ways to improve gas mileage and to save on gas. Also if you have a long commute to work, you might be spending more on gas than necessary.

The Takeaway

Paying attention to how much gas costs, particularly for a road trip or long commute, is just smart financial planning. Whether you use an online version or crunch the numbers on a piece of paper, a gas trip cost calculator can help you figure out how much you may want to budget for fill-ups.

Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.

See exactly how your money comes and goes at a glance.

FAQ

How do I calculate gas cost for a trip?

To calculate gas for a long road trip, divide the number of miles of the route by the miles per gallon your car gets. This is the number of gallons you’ll need to drive the distance. Then, average the cost of gas on your route and multiply this times the number of gallons to get the total cost of gas for your trip.

How much would 1 mile of gas cost?

Divide the cost per gallon by the number of miles per gallon your car will go. For example, if you pay $3.99 per gallon and your car gets 22 miles per gallon, driving one mile would cost about $.18.

How do you calculate fuel to destination?

To calculate how much fuel you’ll need to get to your destination, divide the number of miles of the remaining route by the miles per gallon your car gets. Then, average the cost of gas on your route and multiply this times the number of gallons to get the total cost of gas for your trip.


Photo credit: iStock/georgeclerk

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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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Introduction to Fixed Income Securities

Fixed income securities are a vital pool of investments that are an important part of investors’ strategies, whether they’re institution or individual investors. And while the public is more likely to hear about the ups and downs of the stock market on the news, the fixed income security market is worth trillions, and of vital importance to the overall financial system.

Understanding fixed income securities, and how they fit into an investing strategy, can be critical for investors of all stripes.

Key Points

•   Fixed income securities are an important part of investors’ strategies and overall are worth trillions of dollars in the financial system.

•   Fixed income securities, like bonds, offer preset payments that do not change and have a set maturity date.

•   Advantages of fixed income securities might include lower risks, guaranteed returns, and potential tax benefits, while downsides include lower potential returns and interest rate risks.

•   Fixed income securities differ from other securities in terms of their predictable income stream and potential for price appreciation.

•   Other similar investments include preferred stocks, money market funds, and certificates of deposit (CDs).

What are Fixed Income Securities?

To understand fixed income securities and investing in fixed income securities, it’s important to understand what “fixed income” means, and how that designation sets these financial securities apart from other investments that can be bought and sold.

“Fixed income” refers to the structure of the security itself: fixed income securities like bonds return a preset payment that legally can not change, known as the interest, and also the principal, which is returned at a set time in the future, known as “maturity.”

And like other types of securities, they have their upsides and downsides, and potentially, a place in an investor’s portfolio. With that in mind, too, it can be a good idea for investors to know how to buy bonds.


💡 Quick Tip: Look for an online brokerage with low trading commissions as well as no account minimum. Higher fees can cut into investment returns over time.

Pros and Cons of Fixed Income Securities

Here’s a quick rundown of the advantages and disadvantages of fixed income securities for investors.

Pros of Fixed Income Securities

Perhaps the biggest advantage of fixed income securities is that they are relatively low-risk, and experience less price volatility compared to equities. They can also offer more or less guaranteed returns through regular interest payments (stocks, by comparison, offer no such guarantees other than perhaps dividends), and some of them may offer tax benefits or advantages, too.

Cons of Fixed Income Securities

Fixed income securities can have their downsides, too. For most investors, there are lower potential returns to be derived from fixed income securities (lower risk and lower returns). Given that they tend to be less volatile, too, there can be fewer opportunities to sell them for a sizable return. They can also be subject to things like interest rate risks, which may not apply to other types of securities.

How Fixed Income Securities Differ from Other Securities

The payments (dividends, potentially) from a fixed-income security, like a bond, are likely known in advance. Investors know what they’re getting, in other words, and can more or less depend on a fixed income stream. The trade-off, though, is that many of those same securities do not typically have the same potential for price appreciation as stocks, as discussed.

It’s worth noting, too, that some bonds are “callable” (versus non-callable). Callable bonds can be riskier for some investors as the issuer can “call” it, requiring an investor to perhaps reinvest their money at a different rate. So, in that sense, callable bonds may not be quite as “fixed” as they seem.

Utilizing Bonds as a Fixed Income Security

Bonds are the heavy hitters of the fixed income world. Bonds are, in effect, investments in the debt of a government or a corporation, or sometimes consumer debts like mortgages or auto loans.

Think of bonds vs. stocks like this: Because of their predictable yield, bonds are generally more low-risk than stocks, which have a value that can fluctuate minute to minute.

There are a few different types of bonds, each of which have their own unique attributes. It’s also worth noting that some bonds can be “callable” — meaning, the issuer can choose to repay investors the face value of the bond before the maturity date arrives. In those cases, interest is not always guaranteed.

Corporate bonds

There are trillions of dollars worth of corporate bonds outstanding that run the gamut from very safe, low-yield bonds issued by huge companies to the riskier, higher-yield bonds, issued by companies whose prospects for future earnings are more uncertain.

High-yield bonds used to be called “junk bonds.” These are bonds issued to fund companies that often don’t have long track records of steady profits or have fallen on tough times recently and thus have to pay more for the privilege of borrowing money.

While these bonds are considerably more risky than bonds in the so-called “blue chip” market, they also provide more opportunities for profits, both because their value tends to sway and that they have higher coupon payments.

Typically the easiest way for an individual or retail investor to invest in corporate bonds is to use an investment product like an exchange-traded fund, what’s known as a “fixed income” or bond ETF, specifically for bonds.

Know, too, that there are a multitude of investment funds on the market, many of which may include or use bond investments.

Government bonds

While the corporate bond market is almost unfathomably big, it’s actually a smaller portion of the world of bonds. Government bonds are issued by governments or public agencies that issue debt to fund their activities, and pay it off with either tax payments or a stream of fees that governments have special access to.

Whenever you hear about the “national debt” of a country, you’re hearing about a set of outstanding bonds that a country uses to cover the gap between taxes and spending. This concerns the federal government in the U.S. There’s also debt issued by states and local governments, some of which offers tax advantages for investors, and debt issued by government-affiliated agencies, like Fannie Mae and Freddie Mac, the two housing finance corporations.

Debt issued by the federal government tends to have the lowest possible yield of any debt for its duration (meaning the time during which an investor gets the coupon payments), because it’s assumed by the market to be risk-free. (Think government savings bonds.) This is why corporations or institutional investors with a large amount of cash will sometimes buy government debt in order to earn something back but not risk their overall investment, compared to keeping it in cash.


💡 Quick Tip: Investment fees are assessed in different ways, including trading costs, account management fees, and possibly broker commissions. When you set up an investment account, be sure to get the exact breakdown of your “all-in costs” so you know what you’re paying.

Similar Investments to Fixed Income Securities

While bonds do most of the heavy lifting in the fixed income securities world, they’re not the only types of investments that behave in roughly the same way, or which can be used by investors to provide the same type of service in a portfolio. Here are some examples.

Dividend-paying or Preferred stocks

Preferred stocks may have fixed payouts like a bond and are given a “preference” over common stock, meaning that before dividends are paid to common stockholders, they need to be paid to preferred stockholders. Preferred stockholders are also prioritized when a company liquidates or goes out of business — the “senior debt,” aka bondholders, get paid out first, then the preferred stockholders, and finally the common stockholders get paid last.

Money market funds

Money market mutual funds are invested in short-term instruments, and investors can use them as a sort of buoy to try and maintain portfolio stability. These accounts typically invest in short-term debt investments that provide low yield but are low-risk as well. One way to think of a money market mutual fund is as a fixed income investment product that you can always sell out of and into at a stable price.

They can be used in a similar way to checking accounts but do not have the type of Federal Deposit Insurance Corporation (FDIC) insurance that bank products will have.

Certificates of Deposit (CDs)

One of the most well-known types of fixed income security, Certificates of deposit (CDs) may not seem like a “security” at all and are typically purchased through a bank, not a broker.

Unlike a bank account, however, CDs cannot be accessed for a set amount of time, which makes them more similar to traditional fixed income investments. Likewise, with a CD an investor gets a contractually obligated stream of payments that is predetermined when they purchase the security. It may be worth reading up the differences in bonds vs. CDs.

One unusual aspect of CDs is that they’re insured by the FDIC for up to $250,000, which can be attractive to some investors. They’re generally low-risk investments, too — but that lower risk tends to come with correspondingly low interest rates, making CDs a savings product more than an investment one.

Investing with SoFi

Fixed income securities like bonds, preferred stocks, money market accounts, and CDs offer steady payments and little to no income fluctuation. But with that low level of risk comes a generally low level of payoff. For investors who like knowing exactly what they’re getting, fixed income securities can be an asset to a portfolio.

The potential downside of investing in fixed income securities is lower potential returns, which may turn many investors off of them. However, depending on your investment strategy, they may play a huge role in your portfolio, too.

Ready to invest in your goals? It’s easy to get started when you open an investment account with SoFi Invest. You can invest in stocks, exchange-traded funds (ETFs), mutual funds, alternative funds, and more. SoFi doesn’t charge commissions, but other fees apply (full fee disclosure here).

For a limited time, opening and funding an Active Invest account gives you the opportunity to get up to $1,000 in the stock of your choice.

FAQ

Are fixed income securities debt or equity?

Fixed income securities are typically debt securities, which includes assets like bonds. Though they can sometimes be equities, like preferred stocks.

What are the risks of investing in fixed income securities?

The primary risks of investing in fixed income securities are increased chances for lower returns compared to other asset types, and risks associated with interest rate changes.

What is the difference between a bond and fixed income securities?

A bond is a type of fixed income security, so there isn’t really a difference – one is an umbrella term over the other.


SoFi Invest®

INVESTMENTS ARE NOT FDIC INSURED • ARE NOT BANK GUARANTEED • MAY LOSE VALUE

SoFi Invest encompasses two distinct companies, with various products and services offered to investors as described below: Individual customer accounts may be subject to the terms applicable to one or more of these platforms.
1) Automated Investing and advisory services are provided by SoFi Wealth LLC, an SEC-registered investment adviser (“SoFi Wealth“). Brokerage services are provided to SoFi Wealth LLC by SoFi Securities LLC.
2) Active Investing and brokerage services are provided by SoFi Securities LLC, Member FINRA (www.finra.org)/SIPC(www.sipc.org). Clearing and custody of all securities are provided by APEX Clearing Corporation.
For additional disclosures related to the SoFi Invest platforms described above please visit SoFi.com/legal.
Neither the Investment Advisor Representatives of SoFi Wealth, nor the Registered Representatives of SoFi Securities are compensated for the sale of any product or service sold through any SoFi Invest platform.
For a full listing of the fees associated with Sofi Invest please view our fee schedule.

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.

Claw Promotion: Customer must fund their Active Invest account with at least $50 within 30 days of opening the account. Probability of customer receiving $1,000 is 0.028%. See full terms and conditions.

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Guide to Monthly Maintenance Fees

If you have a bank account, you may be familiar with the monthly fees that many financial institutions charge their clients simply for having an account. These may be known as “maintenance” or “service” fees and tend to be assessed on checking accounts. However, some banks will charge them on savings accounts too.

If you don’t scrutinize your monthly bank statements, you may not be completely aware of what your charges are on this front or how they can add up over time. And you may not be aware that not every financial institution charges these fees. Some banks will lower them in certain situations, and others don’t collect them at all.

Since maintenance fees can eat away at your hard-earned cash, take a closer look here at how they work and how you might avoid them.

Key Points

•   Monthly maintenance fees may be charged by banks for maintaining personal and business checking accounts, and sometimes savings accounts.

•   The fees can vary from one bank to another, with average monthly maintenance fees for checking accounts being around $13.95.

•   Banks may waive the fees if customers maintain a minimum balance, have multiple accounts, sign up for direct deposit, or use their debit card frequently.

•   Other ways to avoid fees include considering online banks or credit unions and signing up for electronic statements.

•   It’s important to read bank notifications and understand the terms and conditions to avoid unexpected fees.

What Is a Monthly Maintenance Fee?

Banks often charge fees on personal and business checking accounts and sometimes even some types of savings accounts to help them offset operational costs or help to “maintain” your account.

Institutions may also charge these fees as a way to incentivise customers to make larger deposits. Many banks will waive fees if customers keep their balances high or use their account more frequently, all moves that benefit the bank. (Banks may also encourage activity by assessing inactivity fees if you let your account just sit.)

Monthly maintenance fees are usually automatically withdrawn from a customer’s account each month.

How Much Are Monthly Maintenance Fees?

While not all banks charge a monthly maintenance fee, many of the large traditional financial institutions in the U.S. do charge monthly fees.

For Savings Accounts

Monthly maintenance fees on savings accounts can vary greatly. Typically, though, they range from $1 to $8 per month. Some banks may not charge any fee at all.

For Checking Accounts

How much varies from one bank to another, but the average monthly maintenance fee for a checking account is currently around $13.95 per month, according to a recent MoneyRates.com survey.

While that may not seem like a lot of money when viewed as a one-time charge, it adds up to a whopping $167 per year.
Add in other deductions, like for using an out-of-network ATM or triggering overdraft or NSF fees, and these surcharges can start to chip away at your hard-earned money.

10 Tips on Avoiding Account Maintenance Fees

Fortunately, there is often some wiggle room when it comes to maintenance fees. Here are some simple ways you may be able to minimize, or even completely avoid this type of account fee.

1. Choosing the Right Institution

Fees can vary quite a bit from one major U.S. bank to another. Some charge $4.95 a month just for maintaining a checking account, while others charge $12 or more for the same exact service. Others may not charge any maintenance fee at all. For that reason, it can pay to do a little digging before you open a new account.

When comparing banks, it can be helpful to understand exactly what the monthly maintenance fee (if any) will be, and if there are any ways to avoid the fee.

Many banks will waive the monthly fee If you meet certain requirements. If you won’t be able to meet those conditions, however, you may want to keep shopping around.

2. Maintaining a Minimum Balance

Many institutions will waive the monthly account fee if you keep a certain amount of money in your account, known as a minimum balance.

That means If your average monthly balance dips below this amount, the maintenance fee would be triggered for that month and deducted from your account.

If your average monthly balance is above this threshold, the bank would waive the fee for that month.

3. Opening More than One Account

Many institutions will reward you for loyalty and waive monthly fees if you have multiple accounts with them, such as a savings account, money market account, or certificate of deposit (CD), in addition to a personal checking account.

In some cases, linking your accounts (such as a checking and a savings account) can help you meet the balance requirement to avoid the monthly maintenance fee.

4. Signing up for Direct Deposit

Many checking accounts are free when you elect to have your paycheck or benefits check automatically deposited into your account.

Each bank may have slightly different qualifying criteria. Some banks waive the maintenance fee if you make a certain number of direct deposits to your account each month, while others might require you to deposit a minimum dollar amount.

Recommended: How Long Does a Direct Deposit Take to Go Through?

5. Using Your Debit Card Frequently

You may want to find out if your financial institution waives checking account fees if you use the bank-issued debit card linked to the account to make purchases or bill payments a certain number of times per month.

This number will vary from one bank to another, but 10 is often the number required to make fees disappear.

Banks are able to ease up on customer fees because they get paid transaction fees from the merchants.

6. Reading Your Bank Notifications

Your free checking account is sometimes only free until…it isn’t.

While it’s important to read your account agreement when you first open up an account (and make sure you understand the bank’s requirements to avoid fees), you may also want to keep in mind that your bank can change its rules at any time as long as it notifies you about the change in writing.

For that reason, it’s a good idea to read the notifications the bank sends (via email or snail mail) about changes to its terms and conditions.

This will allow you to keep up to date on what you need to do to avoid monthly service fees before you start seeing these debts show up on your account.

7. Giving up an Interest-Bearing Checking Account

If you have an interest-bearing checking account with your bank, it may be worth checking to see whether you can avoid a monthly maintenance fee by switching bank accounts to an interest-free one. This could actually help you come out ahead.

Today’s interest rates are so low that the interest you are earning on your checking account may not even cover the monthly service fee you are paying in order to have an interest or “rewards” checking account.

8. Considering an Online Bank or Credit Union

Because online-only banks typically have lower overhead expenses than brick-and-mortar institutions, they can be less likely to charge their customers monthly fees. (They often pay considerably higher interest rates as well.)

Credit unions can be worth checking out as well. As nonprofit, member-owned institutions, credit unions typically aren’t as focused on the bottom line as for-profit banks. This enables them to charge lower rates on credit products and levy fewer (and lower) account fees compared to banks.

9. Asking About Student and Senior Discounts

Many banks will offer a break on monthly fees to students. So, if you are currently in school it can be worthwhile to ask if a discount is offered, what age group is covered, what proof you’ll need to show that you’re a student, and what types of schools are included.

Similarly banks may offer a lower fee or no monthly fee if you’re over a certain age, and qualify as what they consider a “senior.”

10. Signing up for Electronic Statements

You may be used to getting that statement in the mail and there is something to be said for having it handy, but is it worth paying a fee for?

Since financial institutions save money by not printing and mailing you a paper statement each month, they often pass that savings along by offering discounts to customers who agree to go paperless.

The discount is often a reduced or eliminated monthly maintenance fee.

The Takeaway

You don’t necessarily have to settle for high monthly checking account fees.

Many financial institutions will waive monthly fees if you maintain a certain balance, make a minimum number of purchases with your debit card each month, or sign up for direct deposit.

Another way to avoid paying monthly fees is to consider a SoFi Checking and Savings Account. With SoFi, you can earn a competitive annual percentage yield (APY) and save and spend, all in one account. And SoFi Checking and Savings doesn’t have any account fees which could eat away at your savings.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 3.80% APY on SoFi Checking and Savings.

FAQ

How can you avoid monthly maintenance fees?

There are several ways to avoid monthly maintenance fees on your bank account, including switching banks, meeting minimum balance requirements, opening additional accounts, and skipping paper statements, among other moves.

Why are you getting charged a monthly maintenance fee?

Banks typically charge maintenance fees as a way to recoup some of their operating costs. You may be able to take steps, however, to avoid these fees in part or totally.

Are maintenance fees yearly?

Bank maintenance fees are typically deducted automatically from your account on a monthly basis.


SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2025 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 Eligible Direct Deposit activity can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below).

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

Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi members with Eligible Direct Deposit are eligible for other SoFi Plus benefits.

As an alternative to Direct Deposit, SoFi members with Qualifying Deposits can earn 3.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.

SoFi Bank shall, in its sole discretion, assess each account holder’s Eligible Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving an Eligible Direct Deposit or receipt of $5,000 in Qualifying Deposits to your account, you will begin earning 3.80% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Eligible Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

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

Separately, SoFi members who enroll in SoFi Plus by paying the SoFi Plus Subscription Fee every 30 days can also earn 3.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. For additional details, see the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.

Members without either Eligible Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, or who do not enroll in SoFi Plus by paying the SoFi Plus Subscription Fee every 30 days, will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances.

Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.


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

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