Finance – Page 11 – Management Library

July 9, 2022February 15, 2023

Do I Need a Business Bank Account For a Sole Proprietorship?

Young man presenting about the need for business bank account for sole proprietorship

Although you are allowed to use a personal bank account for your business, creating a sole proprietorship account is highly recommended. A dedicated business bank account offers tax incentives, accurate recordkeeping, and improved business credibility. This guide covers why you should never mingle your personal and business funds together.

What is a Sole Proprietorship Bank Account?

If you’re a freelancer or a small business owner with a sole proprietorship, it’s not legally required for you to create a business bank account. Thus, you can legally use your personal bank account to run your business.

However, using your personal bank account is risky and inefficient. Even for sole proprietors, the IRS recommends creating separate personal and business bank accounts.

A sole proprietorship bank account is a separate bank account used to manage your business’s finances. It’s used to pay your suppliers and employees as well as receive payments from your customers. It also allows you to apply for small business loans.

Even if your business is completely new and doesn’t have any sales yet, it’s a good idea to create a dedicated business bank account immediately.

Unless you’re willing to keep meticulous records of your business transactions within your personal bank account, you need a sole proprietorship bank account. In fact, it’s suggested that you should open a business bank account even if your sole proprietorship is a side hustle or hobby.

Business Checking vs Personal Checking Account: What’s the Difference?

Personal and business bank accounts offer features such as debit cards and check writing. However, business checking accounts include an additional set of features to empower your business for future growth.

These tools help your business operate more efficiently. Let’s take a closer look at the key differences.

Check writing

Debit cards

Debit cards for employees

Payroll processing services

Bookkeeping integrations

Financial advisory services

Accurate expense and revenue tracking

Why is it Important to Create a Sole Proprietorship Bank Account?

After creating a sole proprietorship, your first task is to open a business checking account. If you combine your business and personal finances into one bank account, keeping accurate records would be challenging.

So let’s take a closer look into why you need a sole proprietorship bank account.

Tax Benefits

Separate personal and business bank accounts help with sorting out your expenses when tax season rolls around. It’s crucial to create a clear distinction between personal expenses and business-related ones to avoid tax penalties from the IRS.

A sole proprietorship bank account sets an unmistakable line between your business and personal finances. When it’s time to pay taxes, you’ll be able to see a comprehensive record of your business expenses. However, if your business expenses are mixed with your personal expenses, it will be a major inconvenience if you get audited by the IRS.

Tax penalties are a significant headache for anyone, and a dedicated sole proprietorship bank account ensures accurate tax keeping.

Accurate Bookkeeping & Analytics

Using a sole proprietorship bank account ensures accurate bookkeeping. By keeping your personal and business finances separate, you can easily identify your business’s performance. Therefore, a business bank account allows a better financial understanding of your sole proprietorship to empower future growth initiatives and optimizations.

Having a clear view of your business’s revenue and expenses is essential as you’re trying to expand your sole proprietorship. As your business continues to grow, the complexity and volume of your business dealings will also grow.

Keeping track of your books will become nearly impossible if you combine and use your personal bank account for your sole proprietorship.

Business Credibility

Creating a sole proprietorship bank account also boosts your business credibility. Rather than charging payments to a bank account labeled with your name, you can use your company’s name after opening a business bank account.

Image and branding are vital in the modern competitive digital age, and business bank accounts improve the legitimacy of your sole proprietorship. Additionally, a business bank account allows you to affordably accept credit card payments from your customers.

You can’t accept such payments through your personal bank account unless you use a payment service provider. This is suboptimal because payment service providers take a hefty pay cut as a transaction fee. On the other hand, being able to accept all forms of payment increases your chances of getting sales and appearing more professional.

Best Banks for Sole Proprietorship Bank Account

Most banks offer business checking accounts for sole proprietors. To find the best one for your business, you need to consider a few factors.

These factors include:

Cash deposit limits: Your bank might limit the amount of cash you are allowed to deposit into your business bank account for free each statement cycle. If your business primarily deals in cash, we recommend finding a bank account with a high cash deposit limit.
Transaction limits: Your bank may also limit the number of transactions you can process for free each billing cycle. These transactions include ATM deposits, teller deposits, checks, and electronic debits and credits. The standard limit for most sole proprietorship bank accounts is 200 transactions. However, it varies from bank to bank.
Fees: Business bank accounts typically have monthly maintenance fees. However, some banks waive the monthly fees if you meet certain requirements like a minimum account balance.
Interest: Some business checking accounts pay interest on your balance, allowing you to earn more money each month.

Here are the best bank accounts for small businesses and sole proprietorships:

BlueVine

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BlueVine Review

BlueVine is a digital banking solution that offers no monthly fees, no minimum balances, and unlimited transactions. In theory, this is the perfect sole proprietorship bank account. The main drawback is that there are no brick-and-mortar locations. However, you can still deposit cash and checks and Green Dot locations.

There are no minimum deposits with BlueVine, and you can earn up to 1.5% APY on balances up to $100,000.

Novo

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Novo Review

Novo is another simple but robust business checking account provider. Similar to BlueVine, Novo is a digital banking solution that offers a simple online application process, no hidden fees, and free ACH transfers, mailed checks, and incoming wires.

Furthermore, Novo offers FDIC insurance through Middlesex Federal Savings and refunds on all ATM fees. You also get a virtual card immediately, which you can use for secure spending. However, where Novo truly thrives is through its comprehensive mobile app. You can pay bills, transfer money, and request invoices within seconds in the mobile app.

Axos

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Axos Review

Axos is another virtual bank that offers business loans, checking accounts, and savings accounts. There are two small business checking accounts you can choose from, Basic Business Checking or Business Interest Checking. The Business Interest Checking account offers 1.01% APY on account balances up to $50,000.

The Basic Business Checking account does not have an initial deposit requirement, minimum balance requirement, or monthly maintenance fees. You also get your first set of 50 checks for free and unlimited domestic ATM fee reimbursements.

Getting a Loan as a Sole Proprietorship

If you’re interested in receiving a business loan or financing in the future, you’ll likely need a business bank account. Lenders require your sole proprietorship to have a business bank account to verify your business’s cash flow. If they can’t verify your business’s financials, you won’t be eligible to receive a loan.

The main goal of a lender is to ensure you have the needed cash flow or growth projections to pay back the loan.

The best small business loans are provided by:

These lenders offer high credit limits, low-interest rates, and variable repayment periods. Furthermore, these lenders have a fast and easy online application process in which you can get approved the same day.

However, small business loan lenders may require some qualities on your end. For example, to apply for a BlueVine small business loan, you need a FICO score of at least 600, be in business for at least six months, and have a minimum of $10,000 in monthly revenue.

How to Get a Sole Proprietorship Bank Account

It’s easy for sole proprietors to open a business bank account. Many banks allow you to apply online. All you need to provide is the proper documentation. However, requirements vary from bank to bank. So, we recommend contacting your bank to see what information you need to provide.

Generally, you’ll need to provide:

Social Security Number (SSN) or Tax ID Number
Driver’s license or passport
Business address
Type of business you own
When the business was established

Sole proprietorship bank accounts don’t always require formal documentation since your business isn’t incorporated. If you operate your business under your own name, an SSN or Tax ID may be sufficient. You may also need to provide your driver’s license or passport, depending on the bank.

Your Employer Identification Number (EIN) is your SSN as a sole proprietor. As such, you can Open a Business Bank Account With EIN Only for your sole proprietorship using your SSN.

Suppose your sole proprietorship is operating under a DBA. In that case, the bank will ask for additional documents containing your name in relation to the business name and your Trade Certificate Name or Assumed Name Certification.

Frequently Asked Questions (FAQs) for Sole Proprietorship Bank Account

If you want to learn more about sole proprietorship bank accounts, here are a few common questions and answers.

Can I use a personal bank account for a sole proprietorship?

Yes, you can use a personal bank account for a sole proprietorship. There is no legal requirement stating sole proprietors need a business bank account. However, we highly recommend creating a dedicated business account because of bookkeeping and tax benefits.

How do you pay yourself as a sole proprietor?

If you’re using a business bank account as a sole proprietor, you can take a draw on profits which means taking money from the business account and sending it to your personal account. If you use a personal bank account for your sole proprietorship, the money you receive qualifies as your pay.

Can I convert my personal bank account to a business account?

You can’t convert a personal bank account to a business account. These are two completely separate entities. Instead, you need to create a new business bank account at your bank.

Bottom Line on Sole Proprietorship Bank Account

While you aren’t legally required to create a business bank account for a sole proprietorship, we highly recommend it. Creating a sole proprietorship bank account lets you separate your business and personal finances. Therefore, it’s easier to keep your books clean and pay the correct amount of taxes.

Best Business Bank Accounts by State

Below you will find an interactive U.S map that can help you locate and compare different banks and financial institutions that offer business accounts in your area.

July 9, 2022February 15, 2023

U.S. Bank Review 2023: Yay or Nay for Small Businesses?

U.S. Bank Review: Yay or Nay for Small Businesses?

U.S. Bank offers a range of business checking accounts, which makes payments, purchases, and deposits easy for business owners. It also offers investment options ideal for anyone wanting to grow their wealth. This detailed U.S. bank review will analyze what makes this best bank for startups and small and medium-sized businesses.

Our Verdict

U.S. Bank

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U.S. Bank offers a range of business-friendly products, including five different checking accounts, savings accounts, Money market accounts, CDs, credit cards, loans, and a business line of credit, among other financial products. The wide array of offerings allows easy scaling. Entrepreneurs can upgrade their business banking packages as their ventures grow.

Screenshot of US Bank Homepage — *Source: U.S. Bank*

Available in all 50 states
Easy access to physical branches for in-person banking
5 unique business checking accounts to suit different business needs

Physical branches are not available in all states (only 26 states)
Overdrafts attract a hefty fee
Middling APY on most accounts

U.S. Bank at a Glance

U.S. Bank ranks as one of America’s top five biggest banks. It offers a good variety of business accounts and financial services and boasts over 3,200 physical branch locations in 26 states, 5,000 plus ATMs, and a convenient mobile app.

Through web support and in-person visits to any of the bank’s branches, users enjoy comprehensive financial solutions. Unfortunately, US bank also has some significant drawbacks, like a lack of extra features even for premium accounts. Also, the bank offers middling interest rates, making it wiser to save your money elsewhere.

Who Is U.S. Bank Best For?

U.S. Bank is one of the best options for small businesses looking for friendly starter accounts. It offers a range of products designed to suit businesses with relatively low transaction volumes and inconsistent balances. More established companies needing advanced banking packages, more features, and better APYs on their balances can find better deals elsewhere.

Pricing

U.S. Bank offers five checking accounts, with the Silver, Gold, and Platinum accounts being the most popular. While the Silver package offers enhanced simplicity and convenience for smaller firms, the Gold package is best for medium-sized businesses that want both flexibility and value.

The Platinum package offers better rewards and benefits but is more suited for well-established businesses that maintain higher balances. U.S. Bank also offers a Premium business checking account for larger businesses. This is ideal for companies with more complex banking needs that want to enjoy credit rates on qualifying balances.

If you want to open a fee-free business account, here is a thorough BlueVine Review, Bank of America Review, and Novo Review with information on the benefits, drawbacks, and alternatives.

Here’s a simplified comparison chart of the most popular checking accounts to help you pick the best option for your business needs.

Monthly maintenance fee

$6.95

$14.95

$24.95

Number of free monthly transactions

125

300

500

Number of free cash deposits monthly

100

200

50% discount on first check order

Free mobile check deposits

Card payment processing

Check fraud prevention

Paper statement fee

Stop payment fee

$35

Overdraft fee

$36

Overdraft protection transfer fee

$12.50

Account Basics

The popular U.S. Bank checking accounts are not interest-bearing products. Even though the Platinum Checking account offers interest rates, they are way below the national average of 0.05%. If you want more attractive interest rates on your business’s balances, you should consider CDs, savings, or money market accounts.

Screenshot of US Bank Business Bank Accounts—Business Savings Page — *Source: U.S. Bank*

Here are the APY rates to expect:

0.00%

0.01%

0.40%-0.70%

0.01%-0.05%

U.S. Bank Features

U.S. Bank does not offer the most feature-packed banking solutions. However, you’ll get access to all the essential services for the smooth running of your business. The following are some things to expect.

Mobile Banking

U.S. Bank offers a user-friendly mobile app packed with secure digital banking tools. The app simplifies everyday banking by giving you the power to pay bills and transfer funds at your fingertips. You can also check on your current balances, deposit checks, access your tax documents, and view your e-statements from your Android or iOS.

Fraud Protection

U.S. Bank is keen on fraud protection. For example, they have put in place measures for securing credit cards, check payments, and all transactions conducted through the mobile app. Also, during digital banking, the bank keeps all wireless communications encrypted to minimize the risk of information, money, or identity theft.

Screenshot of US Bank Online Security Page — *Source: U.S. Bank*

Remote Deposit

Another key feature of all U.S. Bank accounts is remote deposit. This allows you to dodge the hassles of sending paper checks. You only need to capture checks with your smartphone and send the images to the bank for deposits.

EZ Switch Kit

The EZ switch kit makes switching from your old bank a breeze. U.S. bank provides reliable assistance throughout the process to make the transition smooth, fast, and easy. Through the five-step process, you can conveniently open a business account with U.S. Bank and close your old account without your company experiencing any downtime.

U.S. Bank Alternatives

If you put high emphasis on the reputation and stability of a bank, U.S. Bank is undoubtedly an excellent option to consider. However, if you want a bank that comes with more features and higher APYs on your balances, better options are out there. Let’s look at three alternatives.

Chase Bank

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Chase Bank Review

JPMorgan Chase Bank is one of the best alternatives to U.S. Bank because it is reputable and ranks as the largest full-service bank. It is arguably a better alternative because it offers a broader menu of financial services and products, including an extensive range of credit card offerings. The bank also provides decent APYs on business checking, CDS, and business savings accounts.

Who Is Chase Bank Best For?

Chase bank is a solid option for businesses that maintain high balances to waive the monthly fee. While the bank has a robust online presence and is one of the best mortgage lenders, it also has an extensive local presence with over 4,700 branches. This makes it ideal for entrepreneurs who prefer in-person banking.

Account Basics

Checking Accounts— 0.01% to 0.05% APY
Savings Accounts— 0.01% to 0.05% APY
Certificates of Deposit—up to 0.05%

How Does Chase Bank Compare to U.S. Bank?

Chase and U.S. Bank are large and well-established financial institutions. As expected, they share a lot in common. However, Chase bank is better for entrepreneurs that want an easier means of waiving their monthly account maintenance fees. On the other hand, U.S. Bank offers better CD APYs.

Easy access through the 4,700 branches & 16,000 ATM network
Enticing introductory bonuses for new customers
The monthly fee can be waived

Using ATMs outside the bank’s network will cost you $2.50
No money market accounts
Lacks high-yield savings accounts

Citibank

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Citibank is your best bet if you are searching for a Chase and U.S. Bank alternative that offers all the perks of a big bank coupled with the benefits of a digital financial institution. Its interest rates on balances are more competitive, especially if you are regionally eligible for the high-yield savings account.

Who Is Citibank Best For?

If you live in any of the 41 out of 50 states eligible for Citibank’s Accelerate Savings Account, you are likely to find this alternative ideal for your businesses. Citibank is also a good option for entrepreneurs that prefer digital banking because the institution has less than 700 branches in the U.S.

Account Basics

Checking Accounts—0.01 to 0.03% APY
Savings Accounts—0.04% to 0.50% APY
Certificates of Deposit (CDs) — 0.05% to 0.25% APY

How Does Citibank Compare to U.S. Bank?

Both Citibank and U.S. Bank are large financial institutions better known for their convenience over high APY rates. Both banks use top-shelve technology to provide a reliable online banking experience.

However, Citibank has fewer local branches making U.S. Bank better if you prefer in-person banking. Citibank is a top choice for businesses looking for better interests in their savings account balances.

An extensive network of over 65,000 fee-free ATMs
High-yield savings account
Account service fees are easy to waive

The high-yield savings account is only available in 41 out of 50 states
High monthly fees for those that don’t meet the minimum balance requirement
Less than 700 physical branches in the U.S.

Wells Fargo Bank

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Wells Fargo is a long-standing bank founded in 1852. It is the fourth largest bank in America and has been in the industry for over 170 years. While it has a somewhat tainted image because of the high-profile fraud scandals reported in the mid-2010s, the bank remains a top choice for many businesses because of its technological innovations, reliable customer service, and convenient financial products.

Who Is Wells Fargo Best For?

Wells Fargo is best for entrepreneurs that prioritize convenience over high-interest rates earning potential. The option works well for businesses that prefer in-person banking and are located close to a Wells Fargo physical bank.

Account Basics

Checking accounts—0.00% or 0.01% APY
Savings Accounts— 0.01% to 0.02% APY
Certificates of Deposit— 0.01% to 0.02% APY

How Does Wells Fargo Compare to U.S. Bank?

Wells Fargo is yet another megabank with a massive network of branches and ATMs, just like U.S. Bank. Also, it does not offer the best APYs on savings, making it an ill fit for businesses that maintain high balances. While Wells Fargo provides an easier means to waive monthly fees without maintaining the minimum balances, U.S. Bank offers a lower deposit requirement for CDs.

A massive network of branches (4,900) and ATMs (12,000)
Easy to waive monthly service fees
Tech-forward mobile app

You can find better APYs on your balances elsewhere
Accessing funds through out of network ATMs attracts a fee
Hefty overdraft fees ($35)

Frequently Asked Questions (FAQs) for U.S. Bank Review

If you are considering opening a U.S. Bank business account, you will likely find the answers to the following frequently asked questions helpful.

Can I Expect a Checking Account Bonus With U.S. Bank?

When you open a business checking account for the first time with U.S. Bank, you will receive a bonus of up to $399, deposited into your account within 45 days of deposit verification. Your account must have a positive balance to receive the bonus. Other bonuses include 50% off the first check order of up to $50 and a $49 discounted rate for a mobile card reader.

Are U.S. Bank Business Checking Accounts Federally Insured?

As of 2021, there were 4,914 FDIC-insured financial institutions in the United States, and U.S. Bank happens to be one of them. Checking accounts from the institution are insured for up to $250,000 per person. This assures you of protection against the loss of your insured deposit.

What Documents Do I Need To Open an Account With U.S. Bank?

Under the USA Patriot Act Section 326, financial institutions must obtain, authenticate, and record information identifying persons who open accounts. Therefore, U.S. Bank will require you to provide an EIN or tax ID number for your business, documents showing the formation of your company like Articles of Organization, and your SSN if you also want to register with your business account.

Final Thoughts on U.S. Bank Review

U.S. Bank offers some of the best business bank accounts and is a decent option for small business owners who prefer in-person banking and easy access to thousands of fee-free ATMs. It is also a solid option for entrepreneurs interested in digital banking because it embraces technology and has a well-rated mobile app.

Generally, you can expect a reliable range of financial products that allow enough wiggle room to accommodate growing businesses. The main tradeoff is that most accounts have high fees and low-interest rates, making them unsuitable for larger companies. We hope this comprehensive U.S. Bank business account review helps you make an educated decision.

Best Business Bank Accounts by State

Below you will find an interactive U.S map that can help you locate and compare different banks and financial institutions that offer business accounts in your area.

July 8, 2022November 23, 2022

How to Create NFT in 7 Steps & NFT Ideas to Create Now

Non-fungible tokens (NFT) are taking the digital world by surprise – it’s changing the way we buy and sell digital art, brand products, and experience the internet. If you are already sold on the idea of the NFT craze and want to surf in this wave, we’ve listed seven ways to create your own NFT and how you can do it.

How to Create NFT & NFT Ideas to Create Your Own NFT

NFT stands for Non-Fungible Token, which means that each token represents a unique item. Think of it in this way – fungible is a synonym for non-replaceable – some things are unique, and even if there’s a copy, the original is only one, like the Mona Lisa. Or a Picasso’s painting. For instance, Bitcoin is fungible, you can trade one coin for another, and that will be the exact same coin. An NFT is a one-of-a-kind digital file, which means non-fungible. Things like art, collectibles, photos, songs and even real estate can be turned into tokens.

These NFTs can only have one official owner at a time and most of them are secured by the Ethereum blockchain – no one can modify the record of ownership or copy and paste a new NFT into existence.

How Do NFTs Work?

NFTs are individual and unique items with blockchain records that store information about the digital file. The NFT’s market value is set by the market demands and the transfer among owners is noted on the blockchain as well. The market fluctuates dramatically, so you may see it up or down any given month. In 2022, there has already been more than $37 million invested in NFT marketplaces, according to Chainalysis.

How to Create an NFT

Now that you understand what a Non-Fungible Token is, maybe it’s time to consider creating your own NFT and selling it. If you aren’t convinced about its worthiness, think of the NFTs that have gone viral such as the Bored Ape Yacht Club which cost $190 at launch last April and now they go for over $400,000 (more about it later on).

Let’s say you come up with a really cool digital sticker idea and you believe in its potential to become the next Bored Ape or a Nyan Cat, it is time to get your hands dirty. We’ve listed the seven steps to creating an NFT.

Step 1: Choose the NFT Content

Digital art, similar to real-world art is open to all kinds of creative forms. If you decide to create an NFT, you need to choose its format and generate an NFT from any multimedia file. An NFT can be a digital painting, a GIF, a photo, a text, audio, a 3D image, or a video from some notable event. But it doesn’t stop here – NFTs can also be virtual items like a virtual sneaker, avatars, and even virtual lands in the metaverse.

Step 2: Pick Your Format

The second step is to choose the format. Keep in mind that after deciding what content and in which format you wish, you will need to convert it to a suitable file type, especially if it is not already digital. Most items tend to be stored as portable network graphics (PNG) or graphics interchange format (GIF) files. Texts would typically be available in portable document format (PDF), while music would likely be stored as MP3 and video kept as MP4.

Step 3: Mint your creation

The process of turning a digital item into an asset on the blockchain is called minting – similar to minting a coin – and that’s what you will do next. This step is what makes your Non-Fungible Token unique, tamper-proof, and impossible to be deleted – once it’s recorded in a distributed ledger or decentralized database. Minting an NFT can be daunting, so you can follow this step-by-step guide here.

Step 4: Choose the NFT Marketplace

Now that you have pre-minted your NFT, it is time to pick the marketplace you want to sell it. There are a few websites out there, but the most popular is OpenSea – often called the Amazon of NFTs.

However, choosing the right marketplace is an essential part of minting NFTs, as this depends on many things, including certain blockchain types, supported standards and formats, accessibility, and a price to mint an NFT (in most platforms, this process is paid).

These marketplaces differ in various aspects, such as different focus, niches, pricing, and user interface, so do proper research to narrow down your preferences and choose one that suits your needs.

Most NFTs are commercialized under Ethereum, although Ethereum does not have a monopoly on NFTs. When looking to mint a token on the blockchain, users will be required to pay a gas fee – that refers to the contribution the user will make to compensate for the computing energy used to process and validate transactions on the blockchain.

Step 5: Get a Wallet

According to the basic blockchain principle, anything related to cryptocurrency transactions is done through a crypto wallet – that eliminates the need to store user account data. Like a physical wallet, a crypto wallet lets you store and buy your cryptocurrencies. There are many wallets to choose from, and they can be both downloaded on a smartphone or accessed in an internet browser.

Step 6: Buy Crypto

As mentioned, most of the NFT marketplace transact NFTs with Ethereum. If you don’t own any ETH, you can purchase some from a reputable broker or cryptocurrency exchange and store it in your wallet.

Step 7: Follow the Instructions

Each NFT marketplace has specific instructions creators will need to follow in order to create a Non-Fungible Token. Following the instructions are important because this will determine the chances of selling your creation.

Generally speaking, you will need to upload the file and fill it in with an attractive description and title. Then, you might be asked to choose whether to mint a single token or a whole collection. Next, you will need to decide the way you want to sell your NFT: fixed price or auction. Depending on the marketplace, you’ll be able to choose a royalty percentage, that is the amount you will get when future collectors sell your NFT.

Best NFT Wallets

An NFT wallet is a cryptocurrency wallet that supports the blockchain protocol that NFTs are built on. Crypto wallets help users exchange and store NFTs by providing them with a private key to the address where the NFT is stored.

However, not all crypto wallets can hold NFTs, so it’s important to check which crypto wallets include NFT wallets that manage assets on the consumer’s behalf. The most popular NFT wallets are Coinbase Wallet, Meta Mask, and Math Wallet.

4 NFT Ideas to Try

An NFT could represent many things, such as:

Digital Art:

GIFs
Collectibles
Music
Videos

Real-World Items:

Deeds to a car
Tickets to a real-world event
Tokenized invoices
Legal documents
Signatures

Some examples of NFTs that exist today, so you can get the idea:

Artwork collection

One of the most popular NFT collections is the Bored Ape Yacht Club. The collection of thousands of bored apes started at less than $200, and the cheapest now costs $420,000 (145 ether).

Another example includes the renowned digital artist Beeple, who managed to auction one of his collections for $69 million dollars at Christie’s and broke the NFT record pricing.

Gaming items

NFTs take the in-gaming experience to the next level. Gamers can generally buy items and upgrade their avatars, but with an NFT, they can recoup their money by selling the items once they’re finished with them. But it’s not limited to it – games founded on the blockchain can develop their NFT, such as The Sandbox and Decentraland, which both sell virtual properties for as high as a few million dollars.

Memes

As far as creativity goes, you can also profit from making memes. NFTs of memes can make millions with viral content. Recently, a common meme called Bad Luck Brian was sold for $36,000.

Tweets

The first tweet ever tweeted in the history of Twitter was in March 2006 by Jack Dorsey, CEO of Twitter, and was purchased for $2,915,835. The trade was supported by the Valuable by Cent platform, a special type of platform which deals with signed tweets from original creators, creating a world where people can earn from viral tweets.

How to Flip NFT for Profit

In the blockchain vocabulary, flipping is a loose term for buying an NFT for a low price and selling it when the price is high. To spot potential in an NFT, there are a few key factors you should bare in mind:

Benefits: Does the NFT offer any perks? Or is it simply a digital asset with no value? Some companies are using NFTs to access exclusive membership clubs and real-world events such as gigs and live concerts.
Community: Follow the online interest on a given NFT – how much are people talking about it on social media, forums, or YouTube videos? Look at the engagement around it, do you think many people believe in it?
Credibility: Like everything that’s new and unregulated, is more likely to be prone to scams and frauds. Make sure you know the team behind the NFT project and whether they’re trustworthy and credible – which is essential for your success and investment.
Uniqueness: While the quality of the art project isn’t a determining factor, you should be able to spot the chances of the NFT becoming an icon. Similar to a real art painting, think of the aesthetic of the project, the uniqueness, the creativity, and features. Read more on how to flip NFTs here.

How to Buy an NFT

Now that you have identified which NFTs are worth investing in, it’s time to buy some. There are two ways to do it: minting an NFT when the price drops and buying an NFT on a secondary marketplace.

Most NFT collections are released at low prices and sometimes even for free. But since high quality and trending NFTs are hard to mint, most of these projects release whitelists for those who want to guarantee access when the collection goes live.

To get whitelisted, join the project’s Discord group to learn its criteria for eligibility, and the date and time the NFT collection will go live. You can also opt for buying NFTs on a secondary market by making an offer to the NFT seller.

Frequently Asked Questions (FAQs) for How to Create an NFT

Here are some frequently asked questions about how to create your own NFT and some NFT ideas.

Can I make my own NFT and sell it?

Absolutely. There are many types of NFTs formats and content – you can create your own and you can sell your creations in the NFTs marketplace. After creating your artwork, you’ll need to choose a format, a marketplace platform, get yourself an NFT wallet and own some Ethereum.

What are some good NFT ideas?

There are many possibilities in the NFT realm, so you can get creative in many areas, such as art, games, music, memes, furniture, virtual lands, and viral videos.

How much does it cost to launch an NFT collection?

Depending on the marketplace platform, you will usually be required to pay the gas fees associated with creating your NFTs, as well as site fees, and listing fees. Some of these fees could be minimal, while some could cost upwards of $800 or more.

Can I create and sell an NFT for free?

Some platforms allow users to upload and sell their NFTs for free with no need to pay gas fees or other fees associated with selling NFT. However, some platforms such as OpenSea will allow users only to mint for free but not sell.

Bottom Line on How to Create an NFT

Similar to artwork, the sky’s the limit for creating NFTs. The success of an NFT depends on many factors, but mostly on creativity, selling skills, and luck. A high-quality, unique, and captivating NFT, with a well-written description, may turn into a viral digital asset.

Buying and selling Non-Fungible Tokens requires a few things: an NFT crypto wallet, owning some Ethereum (for most NFTs), and an account in an NFT marketplace. Once up and running, the NFT data is recorded into the blockchain and it can only have one official owner at a time – of course, copies can be done, but there’s only one original like there’s only one Mona Lisa.

July 7, 2022November 23, 2022

8 Best NFT Wallets of 2023

8 Best NFT Wallets of 2022 - NFT illustration

An NFT wallet lets you securely store, buy, sell, and swap non-fungible tokens (NFTs) and cryptocurrencies. The best NFT wallet charges low gas or trading fees and lets you trade or bid on NFTs–not just collect and store them. Our top picks for best NFT wallets include Enjin, AlphaWallet, and MetaMask.

Best NFT Wallets of 2023

Enjin – Best Overall
AlphaWallet – Best for NFT Transactions
MetaMask – Best for All-Purpose Use
Coinbase Wallet – Best for Wallet Compatibility
Math Wallet – Best for Blockchain Support
ZenGo – Best for Customer Service
Exodus – Best for Ease of Use
Trust Wallet – Best for Crypto Flexibility

Enjin

Free

Trading fees

Store, buy, sell, trade, collect & create NFTs

ETH NFTs

Yes

NFT crypto wallet

Mobile app

Yes

20 million

Ticket submission + Contact form + Help center

AlphaWallet

Free

Gas fees

Store, sell, transfer, bid for & mint NFTs

ETH NFTs

Yes

Web3 wallet

Mobile app + APK

Yes

Not specified

Contact form

MetaMask

Free

Transaction fees

Store & trade NFTs

ETH & ETH-based tokens

Yes

Crypto wallet

Desktop browser + Mobile app

Yes

30 million

Help center + Community channels

Coinbase Wallet

Free

Transaction fees

Store, buy, sell, trade & collect NFTs

ETH & ETH-based tokens

Yes

Crypto wallet

Desktop browser + Mobile app

Yes

Not specified

Email / Contact form + Help center

Math Wallet

Free

Cloud wallet fees

Store, send & receive NFTs

ETH, BSC & DEGO NFTs

Yes

Web3 wallet

Desktop browser + Mobile app + Hardware

Yes

1.2 million

Customer service system

ZenGo

Free

Networking, processing, spread & conversion fees

Store, buy, transfer & mint NFTs

ETH NFTs

Yes

Crypto wallet

Mobile app

Yes

500,000

24/7 support specialist

Exodus

Free

Network or miner fees

Store, send & receive NFTs

ETH & SOL NFTs

Yes

Crypto wallet

Desktop browser extension only for NFTs

Yes

Not specified

Email + Facebook + Twitter

Trust Wallet

Free

Network fees

Deposit & buy NFTs only

ETH & BNB / BSC NFTs

Yes

Crypto wallet

Mobile app + APK

Yes

25 million

Ticket submission

Enjin: Best Overall

Free

★★★★★

4.5

Visit

Enjin is our top pick in this roundup of best NFT wallets because it blends together NFT trading opportunities, rare NFT collections, and NFT project tools. It specializes in NFTs, unlike many crypto wallets that only have NFT features as secondary add-ons.

First of all, the Enjin Marketplace is a venue where you can trade digital artwork, branded crypto-collectibles, digital fashion, and gaming items. It gives you the chance to buy, sell, and swap Ethereum (ETH) NFTs with around 20 million users. So far, 3.2 million digital objects have already been traded in the marketplace.

Enjin wallet app displays NFT gallery, while user transaction snapshots surround the smartphone — *Source: Enjin*

Next, it helps you find rare NFTs which you can add to your growing collection. It guides you in searching for pioneering blockchain projects that showcase unique digital assets.

Finally, it equips you to bring your NFT ideas to life through a tech stack. You can create NFT projects related to art, music, gaming, and sports. Also, you may mint tokens like collectibles and custom coins via a visual interface that doesn’t require coding.

While Enjin is a winner in more ways than one, there’s some room for improvement. For example, you can only install the mobile app in your smartphones so you can’t monitor your NFTs on your desktop.

Aside from this, it’s not easy to estimate the trade fees because it can be determined either per transaction or per item. Last but not least, customer support is only available during working days so you can expect delayed answers if you ask questions on weekends.

All in all, Enjin leads the pack because of its versatile set of NFT features.

Enjin Overview

Price

The Enjin mobile app is free to download from the Google Play Store or Apple App Store, just like all the other NFT wallets with mobile apps in the list. Afterwards, you can install the free app in your Android or iOS smartphone.

Fees

You must pay fees when you perform transactions via Enjin, similar to the rest of the NFT wallets in this roundup. There are two main types of trading fees you can pay when you use Enjin. The first one is per transfer, which involves a flat fee per transaction. The second one is per item, which entails a fee for every item that’s transferred.

NFT Management

Enjin has the widest range of NFT management functions out of all the wallets in the list, with AlphaWallet coming a close second. It allows you to store, buy, sell, trade, collect, and create NFTs using a single wallet.

NFT Compatibility

At present, Enjin only supports the storage and transactions of ETH NFTs like most out of the wallets in this roundup. The only exceptions are Math Wallet, Exodus, and ZenGo which are compatible with other NFT blockchains, in addition to ETH. That’s alright because NFTs in the ETH blockchain are one of the most popular types of NFTs in the market.

Cryptocurrency Management

Aside from NFTs, you can use Enjin to keep and trade different types of cryptocurrencies, which is also the case as all its competitors. These include ETH, Bitcoin (BTC), Litecoin (LTC), and hundreds of other cryptocurrencies.

Wallet Type

Enjin is the only product in the lineup that identifies itself as both an NFT wallet and crypto wallet. In contrast, the rest of the wallets classify themselves exclusively as a crypto wallet or Web3 wallet.

App Support

Enjin is currently available as a mobile app only, similar to Alpha Wallet, ZenGo, and Trust Wallet. There aren’t any desktop versions, which MetaMask, Coinbase, MathWallet, and Exodus have.

Earning Potential

It’s possible for you to generate income via Enjin, which is also the case with most of the NFT wallets. You can earn revenue by receiving a percentage of Enjin Marketplace transactions and peer-to-peer trade.

Users

At present, there are 20 million users of Enjin and counting whom you can potentially swap NFTs and cryptocurrencies with. Among the NFT wallets featured in this guide, it has the third highest number of users, next to MetaMask and Trust Wallet.

Customer Service

Enjin support comes in the forms of ticket submission, contact form, and help center. Take note that customer service is only available during weekdays, not weekends. During working days, you can expect a reply to your ticket submission within 12 hours.

Its customer service is limited compared to Math Wallet and ZenGo, which gives you the chance to talk to live agents. Still, the three types of support are better than what most of the other wallets offer, with only one or two forms of basic support.

Why we chose it: We crown Enjin as the best overall NFT wallet because it successfully covers all aspects of NFT trading, collection, and creation. It’s the perfect choice for you if NFT management is your number one priority.

Rich NFT features
NFT rare finds
NFT project tools

No desktop app
Changeable pricing scheme
Weekday support only

Pricing:

App Installation: Free
Trading Fee: Designated per transfer or per item

AlphaWallet: Best for NFT Transactions

Free

★★★★★

4.0

Visit

AlphaWallet has an edge over other NFT wallets because it equips you to perform different kinds of NFT transactions, almost as much as Enjin. For starters, it guides you to find the best NFTs to buy.

Aside from selling and transferring NFTs, you can also mint new NFTs and bid in auctions for existing ones to expand your collection. You can even use the NFT-related DApps in the built-in DApp browser.

AlphaWallet mobile app displays token collection categories. The smartphone is placed on the left, while a cartoon man holding a big NFT coin approaches it from the right — *Source: AlphaWallet*

Plus, it gives you the chance to earn profits through tokens that are based on the ETH blockchain, including NFTs, collectibles, and stablecoins. It motivates you to earn interest through lending. Also, it allows you to earn a percentage by providing liquidity to other users.

Last but not least, it keeps your non-custodial wallet safe via the Secure Enclave feature. It claims to be the first ever ETH wallet to use this advanced technology. It offers a hardware-grade level of security to shield your NFTs and cryptocurrency coins from cyber crime.

However, AlphaWallet has some limitations as well. For instance, it’s hard to determine the gas fees because the pricing isn’t straightforward. Aside from this, there’s no desktop software so you have no choice but to use the mobile app. Finally, the support is very basic because you can only send queries via the contact form.

To sum things up, AlphaWallet makes it possible for you to complete several kinds of NFT transactions, which is why it earns the second highest spot in the list.

AlphaWallet Overview

Price

You can download the free AlphaWallet mobile app from the Apple App Store or Google Play Store, similar to all the NFT wallets with mobile apps in the list.

Fees

You need to pay gas fees when you use AlphaWallet, just like all NFT wallets in this roundup. It checks optimal gas prices for your NFT and cryptocurrency transactions, as well as permitting you to set your own prices.

NFT Management

AlphaWallet has more NFT management features than most of the wallets in the list, nearly as much as Enjin. It enables you to store, sell, transfer, bid for, and mint NFTs.

NFT Compatibility

It lets you access NFTs on the ETH network, similar to the majority of the wallets in the roundup. Plus, you can use NFT-related DApps via the built-in DApp browser.

Cryptocurrency Management

Like all its competitors, it works with various cryptocurrencies, such as ETH and Tether (USDT). You can use it to store, send, and earn digital assets.

Wallet Type

AlphaWallet is officially marketed as an open-source Web3 wallet, similar to Math Wallet. The other alternatives are categorized as crypto wallets.

App Support

It’s available as a mobile app for iOS and Android smartphones, just like Enjin, ZenGo, and Trust Wallet. Alternatively, you may directly download the Android APK from the AlphaWallet website.

Earning Potential

You can earn income by using AlphaWallet, just like all of the other wallets. All you need to do is perform DeFi transactions on ETH tokens and assets.

Users

At present, the AlphaWallet website doesn’t contain information on the number of wallet users.

Customer Service

The only way to reach out to AlphaWallet is via the contact form. It’s currently the only type of support that exists for this wallet. This level of support is barebones compared to ZenGo and Math Wallet’s personalized service.

Why we chose it: We award AlphaWallet as the best for NFT transactions among NFT wallets because it lets you maneuver your NFTs in various ways. It’s a viable alternative for you if you’re planning to maximize the potential of NFTs.

Diverse NFT transaction types
DeFi earning avenues
Secure Enclave

Confusing gas fee computation
No desktop app
Contact form support only

Pricing:

App Installation: Free
Gas Fee: Network fee based on ETH network transactions

MetaMask: Best for All-Purpose Use

Free

★★★★★

4.0

Visit

MetaMask is a noteworthy multipurpose NFT wallet because of its well-rounded features.

First, it protects your tokens through a key vault and secure login. It keeps your passwords, private keys, and secret recovery phrase in an encrypted format in the local drive of your device. As a result, it minimizes the risk of losing your digital assets as you buy, swap, or save tokens. Learn more about the risks (& pros) of investing in crypto here.

This crypto wallet is compatible with the ETH blockchain and all ETH-based tokens like ERC20 and 721. On top of this, it supports DeFi and Web3 Dapps.

Four smartphones in a row showing different menus of MetaMask wallet — *Source: MetaMask*

Plus, you can install it in iOS and Android smartphones, as well as desktop browsers like Chrome, Edge, Firefox, and Brave. Finally, you can possibly earn interest on ETH and win prizes by storing money in MetaMask.

Nevertheless, MetaMask does have a few drawbacks. While the app is free to download and install, you will be charged a hefty service fee of 0.875% when you swap tokens with other users. It’s worth it though because you’ll have the opportunity to trade NFTs with around 30 million users.

Also, it skimps on customer service, which only comes in the barebones form of a help center and community channels. Lastly, it’s not compatible with BTC, which is one of the well-known cryptocurrencies in the market.

Overall, MetaMask is widely used as a safe wallet which you can use for a variety of reasons, including basic NFT management.

MetaMask Overview

Price

There are free desktop and mobile apps of MetaMask which you can download to your computer and smartphone, just like all the other NFT wallets with desktop and mobile apps in the list.

Fees

You’re required to pay a service fee every time you trade tokens with fellow users, similar to all the NFT wallets in this roundup. Nevertheless, MetaMask is the only wallet in this list with straightforward pricing of 0.875%, in contrast to the rest that have variable rates.

NFT Management

MetaMask can be used to store and trade NFTs. While it’s limited compared to Enjin and AlphaWallet, it’s still sufficient for basic NFT transactions.

NFT Compatibility

Like most wallets in the roundup, it supports all types of NFTs that are based on the ETH chain, such as ERC20 and 72.

Cryptocurrency Management

Similar to all its competitors, Metamask is compatible with a variety of cryptocurrencies, including ETH and BNB. It allows you to trade tokens and play crypto games.

Wallet Type

MetaMask is technically categorized as a crypto wallet like most of the other alternatives.

App Support

You have the option to install MetaMask in either desktop browsers or Android and iOS mobile phones, similar to Coinbase and MathWallet.

Earning Potential

It’s possible for you to earn crypto by using MetaMask, just like with other wallets. Just participate in open-source projects and create content.

Users

There are now approximately 30 million users of MetaMask whom you can potentially interact with. It has the highest number of users among all the NFT wallets here, followed by Trust Wallet and Enjin.

Customer Service

You’re pretty much on your own when it comes to MetaMask, in contrast to other wallets like Math Wallet, ZenGo, and Enjin that let you communicate with actual people. Instead, you must do self-research because MetaMask doesn’t have any phone, chat, or email support. You can only rely on the help center and community channels.

Why we chose it: We commend MetaMask as the best for all-purpose use among NFT wallets because you can install it in most devices for general use. It’s a good fit for you if you need a free multipurpose crypto wallet with some NFT features.

Useful, safe crypto wallet
Supports ETH & ETH-based tokens
Both desktop & mobile apps available

Fairly high transaction fee
Limited customer support
Not compatible with BTC

Pricing:

App Installation: Free
Service Fee: 0.875%

Coinbase Wallet: Best for Wallet Compatibility

Free

★★★★★

4.0

Visit

Coinbase Wallet is unique among NFT wallets because it’s part of a social marketplace. As a result, Coinbase NFTs are not just compatible with the native wallet, but also with MetaMask and other ETH-based crypto wallets. The communal nature of the system opens the door to interactions with users of other NFT wallets.

In addition to this, this non-custodial wallet has solid security features. To protect your privacy, it allows you to send and receive crypto via usernames instead of public wallet addresses. Also, both the cloud backup and recovery phrase keep your digital assets safe.

To make things even better, the decentralized wallet equips you to buy, sell, and trade NFTs. It showcases visually appealing collections of NFTs which you can explore, while helping you search for and connect with other NFT creators and collectors.

Coinbase Wallet app showing NFT bidding button for colorful sphere digital artwork — *Source: Coinbase*

On the downside, there are only comparatively few users of Coinbase. While the official website doesn’t display the number of users, third-party websites estimate that there are only over 1,000 Coinbase users at present.

Next, it’s challenging to guess the transaction fees since they fluctuate over time. Aside from this, you can only browse through the help center or send an email via contact form if you need technical assistance.

In general, Coinbase Wallet serves as a collective space where NFT creators and collectors can complete NFT transactions in one marketplace.

Coinbase Overview

Price

The Coinbase mobile app is free to download from the Google Play Store and Apple App Store. Also, there’s no charge to get the browser extensions. Both are complimentary like all the other NFT wallets with mobile apps and browser add-ons in the list.

Fees

You must pay network fees for outgoing transactions, which is also the case for the rest of the NFT wallets in this roundup. These include sending or trading crypto and using DeFi or DApps.

NFT Management

Coinbase has a fair number of NFT features, although not as much as Enjin and AlphaWallet. It makes it possible for you to store, buy, sell, trade, and collect NFTs.

NFT Compatibility

This wallet is only compatible with ETH-based tokens, which is the case for most wallets in the roundup.

Cryptocurrency Management

Just like all its competitors, it lets you buy and sell different types of crypto like BTC, ETH, Cardano (ADA), and Solana (SOL).

Wallet Type

Coinbase is classified as a crypto wallet, similar to the majority of the other alternatives.

App Support

Coinbase has both mobile and desktop options like MetaMask and Math Wallet. You can install the mobile app on your Android or iOS smartphone. Plus, you can add a browser extension to your desktop Chrome software.

Earning Potential

You have the opportunity to receive crypto through Coinbase, similar to the rest of the wallets. You just have to watch tutorials and complete quizzes on the website.

Users

Currently, there are only more than 1,000 users of Coinbase. In this roundup, it has the lowest number of users among the NFT wallets with user statistics. Still, you have the chance to trade with users of other crypto wallets through the social marketplace.

Customer Service

Customer support is only provided through the email contact form or help center. While customer service is not as strong as ZenGo or Math Wallet, at least it lets you reach out to the support team via messaging, unlike MetaMask.

Why we chose it: We recognize Coinbase Wallet as the best for wallet compatibility among NFT wallets because it’s open, not just to native wallet users, but to users of other crypto wallets as well. It’s a suitable option for you if you want to transact with more people beyond the Coinbase community.

Compatible with MetaMask and ETH-based wallets
Safeguards wallet privacy
Allows buying, selling, and trading of NFTs

Relatively small Coinbase user base
Fluctuating transaction fees
Minimal customer support

Pricing:

App Installation: Free
Transaction Fee: Fees change over time

Math Wallet: Best for Blockchain Support

Free

★★★★★

4.0

Visit

Math Wallet sets itself apart from other NFT wallets by supporting a surprisingly long list of blockchains, which means you can trade many cryptocurrency types.

Even more importantly, it enables you send and receive various types of NFT collectibles, such as BSC, ETH, and DEGO. The blog or video tutorial on the website can be useful if you’re interested in learning how to buy and flip NFTs.

Math Wallet mobile app exhibiting NFT collectibles menu — *Source: Math Wallet*

On top of this, it offers MATH rewards so you can earn profits in several ways. You can gain interest on deposits and reap returns via auto daily compounding. Plus, you can get 1%-20% MATH mining power if you invite friends to use the wallet through an exclusive referral link.

Nevertheless, Math Wallet has some weaknesses as well. To begin with, the user interface (UI) of the NFT collections is awkward compared to the slick galleries of other NFT wallets.

Also, the website is difficult to navigate because it’s not divided into logical sections like the landing pages of its competitors. Lastly, the cloud wallet fees can be intimidating to calculate because the amount depends on the blockchain and related factors.

Math Wallet might not make a dazzling first impression because of its clunky web and app interfaces. Still, it could impress you upon second glance once you realize how many blockchains it collaborates with.

Math Wallet Overview

Price

Math Wallet is free to download as a mobile app or browser extension, similar to all the NFT wallets in this list which offer mobile and desktop versions. In addition to this, you can also use it for free as a web wallet. While it works with Ledger and WOOKONG Bio, you do need to purchase the hardware separately.

Fees

You’re required to pay when you use Math Wallet for transactions, just like all the NFT wallets in this roundup. You have to pay cloud wallet fees which are computed according to the blockchain type, along with KYC, manual approval, and 2FA requirements.

NFT Management

Math Wallet has basic NFT features, in comparison to Enjin and AlphaWallet. Still, it’s enough for common transactions. It permits you to store, send, and receive NFTs to broaden your NFT collection.

NFT Compatibility

It has an edge over other wallets in the roundup which are exclusively limited to ETH NFTs. After all, it supports NFT collectible in various formats, including ETH, DEGO, Binance Smart Chain (BSC).

Cryptocurrency Management

Math Wallet works with many cryptocurrencies, similar to all its competitors. Some examples of public chains it supports are Binance Coin (BNB), BTC, SOL, TRON, Enumivo (ENU), Flow (FLOW), and Filecoin (FIL).

Wallet Type

Math Wallet classifies itself as a multichain Web3 wallet, similar to AlphaWallet. The rest of the alternatives fall under the category of crypto wallets.

App Support

Math Wallet has the widest app support among all the wallets, with not just one or two but four options. First, the Math Wallet mobile app works with iOS and Android smartphones. Second, the browser extension supports Chrome, Edge, and Brave. Third, it works as a cloud wallet. Fourth, the app is compatible with certain hardware devices.

Earning Potential

You can generate income through Math Wallet, which is the same case with all the wallets. Some venues for earning are MATH rewards, interests, and referrals.

Users

At present, Math Wallet has approximately 1.2 million users you can trade with. It has the distinction of the fourth highest number of users in the list, distantly following MetaMask, Trust Wallet, and Enjin.

Customer Service

Along with ZenGo, Math Wallet has the best customer support among the NFT wallets in this list. The customer service system lets you talk with agents if you need technical assistance.

Why we chose it: We acknowledge Math Wallet as the best for blockchain support because of the overwhelming number of blockchains it’s compatible with. It’s an appropriate selection for you if you need to transact using a variety of NFTs and cryptocurrencies.

Generous blockchain support
Send and receive DEGO, BSC & ETH NFTs
MATH rewards

Clunky NFT collection UI
Website tough to navigate
Varying cloud wallet fees

Pricing:

App Installation: Free
Cloud Wallet Fee: Computed based on blockchain and connected factors

ZenGo: Best for Customer Service

Free

★★★★★

4.0

Visit

Source: ZenGo

ZenGo goes the extra mile by giving NFT wallet users like you 24/7 access to technical assistance via a support specialist.

It stands out among crypto and Web3 wallets which typically only come with sparse support options, such as contact forms and help centers. While these are helpful if you have basic questions, the personalized service of a live person is valuable when you have complex queries.

Plus, it taps into futuristic technology to safeguard your digital assets from phishing and hacking. There’s no need for you to create passwords because you can shield your account through facial biometrics, keyless encryption, and 3-factor recovery.

To top things off, Zengo provides a safe connection to Web3 via WalletConnect protocol. It lets you buy and transfer existing NFTs, as well as mint new ones. Also, it encourages you to participate in DeFi trades and lending, plus experience crypto gaming and DApps downloading.

Two smartphones show NFT menus on the left, plus a cartoon woman, dog, and man walks towards mountains on the right — *Source: ZenGo*

However, ZenGo does have some flaws. For instance, there’s no desktop version so you can only use the mobile app with your smartphone. In addition to this, you need to pay networking, processing, spread, and conversion fees to operators even if ZenGo itself doesn’t charge anything. Aside from this, tech newbies may find some of the advanced features intimidating.

Overall, ZenGo is worth taking a look at because of its superior customer service, given that most NFT wallets are stingy when it comes to technical support.

ZenGo Overview

Price

The ZenGo mobile app is free to download from the Google Play Store and Apple App Store, which is also the case for the rest of the NFT wallets in the list with mobile apps.

Fees

While all the NFT wallets in this roundup require transaction fees, ZenGo has more types of operator fees compared to the rest. These include network fees, processing fees, spread, and local currency conversion fees.

NFT Management

ZenGo has a solid set of NFT features, although not in the same level as Enjin and AlphaWallet. It equips you to store, buy, transfer, and mint NFTs.

NFT Compatibility

It works solely with NFTs on the ETH blockchain, similar to the majority of wallets in the roundup.

Cryptocurrency Management

Like all its competitors, ZenGo supports several cryptocurrencies, such as BTC, ETH, USDT, DOGE, Tezos (XTZ), and Polygon (MATIC).

Wallet Type

ZenGo is considered as a crypto wallet, which is the case with most of the alternatives.

App Support

You can only install ZenGo on your Android or iOS phones and devices, similar to Enjin, AlphaWallet, and TrustWallet.

Earning Potential

You may start earning profits through ZenGo, just like the rest of the wallets. It functions similarly to a savings account which grants you interest, but without any lockups.

Users

There are presently around 500,000 ZenGo users you may deal with. It’s the fifth highest and second lowest when it comes to the number of users in this list, although it has exponentially more users than bottom-placer Coinbase.

Customer Service

ZenGo provides round-the-clock assistance through the services of support specialists. That’s why it has the best customer service out of all the NFT wallets in this guide, similar to Math Wallet.

Why we chose it: We award ZenGo as the best for customer service among NFT wallets because it provides round-the-clock support. It’s a practical solution for you if you’re more comfortable asking questions from people than independently researching answers in help centers.

24/7 support specialist access
Cutting-edge security features
Web3 connection

No desktop app
Multiple operator fees
Complex features potentially intimidating to first-timers

Pricing:

App Installation: Free
Operator Fees: Amount depends on the operator and type of transaction

Exodus: Best for Ease of Use

Free

★★★★★

3.5

Visit

Exodus is ideal for beginners because this NFT wallet is easy to use and navigate. After all, the sleek yet simple UI is especially designed for novices. The NFT Gallery makes it a breeze to send, receive, and store ETH and SOL NFTs, thanks to colorful, basic tiles.

Two Exodus mobile app NFT gallery menus side by side — *Source: Exodus*

Plus, it’s a good place to start experimenting with crypto trading. The wallet is compatible with more than 180 cryptocurrencies. All you need is two taps to start exchanging crypto with other users.

Finally, it enables you to keep track of your crypto portfolio, such as daily changes, highest balances, plus best and worst assets. It even lets you monitor the latest trends in the cryptocurrency market.

Nevertheless, Exodus also has its drawbacks. A major flaw is that it only allows you to manage NFTs using the desktop browser extension. Since it does let you trade cryptos using mobile or hardware platforms, it would have been better if it also equipped you to perform NFT transactions while on the go.

Also, you must pay network fees and miner fees for most transactions, although the amount goes to operators and not to Exodus. Lastly, it can be cumbersome to message the support team. Instead of directly providing a contact form, the website directs you to external links like Facebook, Twitter, or your default email program. It’s miles away from the customer support of Math Wallet and ZenGo.

Exodus Overview

Price

You can download the Exodus browser extension for free on your desktop if you want to manage your NFTs, similar to all the NFT wallets in the list with browser add-ons.

Fees

You are required to pay network fees when you send, receive, or withdraw crypto using Exodus, just like all the NFT wallets in this roundup. On top of this, you must shell out for miner fees too.

NFT Management

Exodus doesn’t come close to Enjin and AlphaWallet in terms of NFT features, yet it’s sufficient for essential transactions. You can use it to store, send, and receive NFTs.

NFT Compatibility

It’s compatible with NFTs that are based on the ETH and SOL blockchains, in contrast to most wallets in the list that are only compatible with ETH NFTs.

Cryptocurrency Management

Exodus supports various cryptocurrencies, which is also the case with all its competitors. BTC, LTC, XRP, TRON, and Chainlink (LINK) are just some of the nearly 200 cryptos that are compatible with it.

Wallet Type

Exodus is known as a crypto wallet, just like the majority of the other alternatives.

App Support

Out of all the NFT wallets, Exodus is the only product that has a desktop version, but no mobile app. The browser extension can be added to Chrome and Brave.

Earning Potential

Like all the other wallets, there’s potential for you to generate income if you use Exodus. You may earn interest when you keep your digital assets in this wallet.

Users

The Exodus website doesn’t state how many users the wallet currently has.

Customer Service

You can send a message to the Exodus team via Facebook, Twitter, or your default email program.

Why we chose it: We recognize Exodus as the best for ease of use among NFT wallets because of its smooth, intuitive UI. It could be an acceptable alternative for you if it’s your first time to use a crypto wallet to handle your NFT portfolio.

Simple to use
Many compatible cryptocurrencies
Portfolio monitoring

No mobile NFT management
Charges by networks & miners
Inconvenient messaging support

Pricing:

App Installation: Free
Operator Fees: Network fees + Miner fees

Trust Wallet: Best for Crypto Flexibility

Free

★★★★★

3.5

Visit

Trust Wallet stands out among NFT wallets because its flexible options let you handle multiple cryptocurrencies and NFTs with a single wallet.

After all, it supports a broad range of cryptocurrencies, which can come in handy if you regularly trade digital currencies. In addition to this, it supports NFTs on the ETH and BSC blockchains. It safely stores your crypto collectibles in the blockchain so that you can conveniently access it.

Smartphone featuring Trust Wallet mobile app displaying NFT collection — *Source: Trust Wallet*

Another important advantage of Trust Wallet is that you’re the only one who holds the key to your account since it’s a decentralized wallet. This means you have full control over your NFTs and cryptocurrency funds.

However, there are some disadvantages of using Trust Wallet. The most glaring one is that it doesn’t allow you to swap NFTs, although it does let you deposit and buy tokens. This could be a deal-breaker if you frequently trade NFTs.

Also, the network fees can be time-consuming to estimate since the amount is calculated per transaction. Finally, you can only rely on ticket submission if you need technical assistance.

To sum things up, Trust Wallet is a crypto wallet that’s generous in cryptocurrency options, but it’s hampered by a lack of NFT trading options.

Trust Wallet Overview

Price

The mobile app of Trust Wallet is downloadable for free from the Apple App Store and Google Play Store, just like all the NFT wallets in the list with mobile versions. In addition to this, you may download the APK free of charge from the Trust Wallet website.

Fees

As with the rest of the NFT wallets in this roundup, you must pay network fees whenever you send cryptocurrency from one address to another address.

NFT Management

Trust Wallet has the least NFT handling capabilities out of all the NFT wallets in the list. It only enables you to deposit and purchase tokens, but not to trade NFTs.

NFT Compatibility

Trust Wallet is compatible with both ETH and BSC NFTs, which provides slightly more options compared to other wallets that only work with ETH-based tokens. It works with ERC721, ERC1155, BEP721, and BEP1155.

Cryptocurrency Management

Trust Wallet is compatible with multiple cryptos, similar to all its competitors. These include BTC, LTC, DOGE, BNB, Ripple (XRP), Dash (DASH), and Polkadot (DOT).

Wallet Type

Trust Wallet is technically classified as a crypto wallet, similar to the majority of the alternatives.

App Support

You can install Trust Wallet in your iOS and Android mobile phones and gadgets. It’s only available as a mobile app, which is the same case with Enjin, AlphaWallet, and ZenGo.

Earning Potential

Trust Wallet allows you to earn income, just like all the other wallets. You could benefit from interest rates up to 11% APR by staking your crypto.

Users

At present, there are approximately 25 million users of Trust Wallet. You can trade cryptos with them, but disappointingly not NFTs. Still, it has the second highest number of users out of all the wallets in this roundup, only next to MetaMask.

Customer Service

The sole support option offered by Trust Wallet is the ticket submission form on the website. It’s a far cry from the solid customer service of ZenGo and Math Wallet, but it’s better than MetaMask because at least you can directly ask a question from the support team.

Why we chose it: We acknowledge Trust Wallet as the best for crypto flexibility among NFT wallets because it’s compatible with a lot of cryptocurrencies and NFTs. This decentralized wallet could work for you if you often toggle between cryptocurrency trading and basic NFT management.

Wide variety of cryptocurrencies supported
Stores ETH & BNB NFTs
Decentralized wallet

No NFT swapping
Perplexing network fee pricing
Ticket submission support only

Pricing:

App Installation: Free
Network Fee: Computed per network transaction

Methodology for the Best NFT Wallet

We considered certain factors as we reviewed the best NFT wallets of 2023. These are some of the aspects that we examined:

Price: We checked if the wallet is free to download and install in your smartphone or computer.

Fees: We researched if you need to pay any network, gas, or trading fees to perform NFT or cryptocurrency transactions.

NFT Management: The most important factor we assessed is NFT management. We gave weight to whether each NFT wallet equips users like you to store, buy, sell, trade, collect, or create tokens.

NFT Compatibility: We researched which types of NFTs the wallet supports. Some examples of compatible NFTs are ETH, BSC, BNB, SOL, or DEGO.

Cryptocurrency Management: We evaluated if the wallet allows you to store and trade cryptocurrency. We also pinpointed which kinds of cryptocurrency blockchains it’s compatible with.

Wallet Type: We explored if the wallet is technically classified as an NFT, crypto, or Web3 wallet.

App Support: We explored if the wallet is available as a mobile app, desktop browser extension, APK, or hardware solution.

Earning Potential: We assessed if the platform gives you the chance to earn interest or profits on NFTs and cryptocurrencies.

Users: We determined how many users are currently using the NFT wallet, in case the numbers are available.

Customer Service: We took a look at what kinds of customer support is offered to wallet users at present.

Take note that we put greater emphasis on NFT management as we built the list of NFT wallets. As a result, our rankings of NFT wallets are based largely on NFT features more than overall functions.

Frequently Asked Questions (FAQs) for Best NFT Wallets

The best NFT wallet makes it simple for you to save or swap tokens and collectibles. Find out the answers to basic questions about NFT wallets, especially if you plan to download and use one.

What Is an NFT Wallet?

An NFT wallet is a digital storage tool where you can keep NFTs. Mostly, these are crypto wallets or Web3 wallets which have the ability to hold NFTs, on top of cryptocurrency coins. Many NFT wallets allow you to perform basic transactions like depositing, selling, and trading tokens or advanced ones like bidding at auctions and minting new NFTs.

What Is an NFT?

NFT stands for non-fungible token. It’s connected to unique digital content which contains proof of ownership. Some examples of NFTs are virtual artwork, collectibles, music, and game items. There are approximately 280,000 NFT buyers and sellers as of August 2021.

How Can I Choose the Right NFT Wallet?

You can select the right NFT wallet by checking if it meets your NFT management needs. For instance, you should evaluate if it allows you to perform the transactions you plan to do, such as buying, selling, swapping, or creating. Aside from this, you must ensure that it’s compatible with the NFT types you’re collecting. Lastly, you should confirm if the app is available to download on your favorite device.

Bottom Line on the Best NFT Wallets of 2023

You need a superior NFT wallet so you can safely store and trade your NFTs and cryptocurrencies. At the end of the day, we recommend all the best NFT wallets of 2023 in our guide. Still, Enjin is our top choice because of its strong set of NFT features that enables you to manage your NFTs in many ways.

July 7, 2022February 24, 2023

NBKC Bank Account Review 2023: Build-Your-Own Business Checking Account

You can build your own NBKC bank account according to your evolving needs as a small business owner or freelancer. This scalable banking solution grows along with your business because of its budget-friendly pricing, customizable add-ons, and personalized services. Take a closer look at the rates, features, pros, cons, and competitors NBKC to discover if it’s a smart choice for you.

Our Verdict

NBKC Bank

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NBKC is an interesting alternative for entrepreneurs like you who want to open a business account that you can tailor to your preferences. First, it’s easy on the pocket because it doesn’t charge you monthly or annual fees for basic banking services.

On top of the freebies, you can also subscribe to a variety of add-ons to expand the functionality of your NBKC bank account. Last but not least, NBKC prides itself on providing customer assistance with a personal touch.

Nevertheless, NBKC has some drawbacks too. To begin with, you won’t automatically get a credit card with your business account, although you will receive a debit card. Also, you won’t gain interest if you choose the checking account, yet you can expect a minimal APY if you select the savings account. Finally, you can contact the support team only from Mondays to Fridays, but not during weekends.

To sum things up, NBKC is a practical business account for you in case you value banking flexibility.

Cost-effective pricing
Many extra service options
In-person assistance available

No credit card
Zero APR for business checking account
Weekday support only

NBKC Bank Account at a Glance

NBKC is an online bank and mortgage lender that offers business and personal accounts. Its goal is to provide simple solutions to make banking accessible to everyone. Founded in 1999, it’s currently based in Kansas City, Missouri. Since 2017, it has gained recognition as the Kansas City Business Journal Best Place to Work.

NBKC has an edge over other banks when it comes to adaptability. Both business checking and savings accounts include built-in features like debit card, check deposits, online banking, Bill Pay, stop payments, incoming domestic wires, security, and customer service. Beyond this, you have the option of selecting additional services to level up your banking experience.

Pricing: Starts at $0/month or year

Who NBKC Bank Account Is Best For

The NBKC bank account is suitable bank for startup entrepreneurs and independent contractors who need a business account they can tweak based on their business development. It already comes with complimentary basic services to get you started on your banking journey. At the same time, you can boost your plan by signing up for extra features as your needs and budget grow over time.

Pricing

NBKC stands out among business bank accounts because of its unique pricing scheme. Unlike other banks that offer different tiers, it only presents you with a single type each of business checking account and business savings account. However, you can customize your account by selecting add-on services.

Take a peek at the chart to find out what’s included in every NBKC bank account:

Monthly/Annual Fees

Minimum Initial Balance

Minimum Maintaining Balance

Without APY: $0
With APY: $0.01

APY

None

0.05%

Debit Card

Free NBKC Business Debit MasterCard

Check Deposit

Free via in-branch or NBKC app

Online Banking

Free for Android & iOS

Bill Pay

Free

Stop Payments

Free in-branch or online

Incoming Domestic Wires

Free within the U.S.

Security

FDIC insurance, multi-factor authentication & customer identification program

Customer Service

Weekday support via phone, email, or in-person

Add-ons

Multiple paid extra services

In short, there is only one type each of NBKC business checking and savings accounts:
Business Checking ($0/month or year): This free business checking account makes it easy for you to issue check payments and perform other business transactions. Aside from having zero monthly or annual fees, there’s no minimum balance required to maintain your account.

If you are interested in opening a fee-free business account, here is a detailed BlueVine Review and Bank of America Review packed with information about the pros, cons, and alternatives to both fintech companies.

Screenshot of NBKC Business Checking account page — *Source: nbkc bank*

Business Money Market ($0/month or year): This free business savings account lets you safely store and grow your professional funds. Again, you won’t be charged any monthly or annual fees. While there’s technically no minimum maintaining balance, you need to have at least $0.01 in your account to receive APY.

Screenshot of NBKC Business Money Market account page — *Source: nbkc bank*

On top of the free services, you can take your pick from paid extra services, which we’ll talk about in the add-ons section.

NBKC Bank Account Features

NBKC business accounts include a free set of essential features, plus paid additional services. Let’s discuss the APY, debit card, check deposits, online banking, Bill Pay, stop payments, incoming domestic wires, security, customer service, and add-ons in this review.

APY

NBKC Business Money Market account APY rate & details — *Source: nbkc*

The annual percentage yield (APY) is the interest that you can earn by keeping money in your NBKC bank account. If you open a Business Money Market account, you have the chance to gain a 0.05% APY on your savings funds. You do need to maintain a balance of at least $0.01 to get interest, but this amount is very minimal. However, don’t expect to receive APY at all if you have a Business Checking account.

Debit Card

No matter which business account you choose, you will receive a free NBKC Business Debit MasterCard. This debit card can come in handy if you plan to buy business supplies and equipment in online shops or brick-and-mortar stores that accept MasterCard.

Take note that neither the business checking nor savings bank account will automatically provide you with a credit card. Still, you can apply for a business credit card separately with NBKC.

Check Deposit

You can deposit checks for free, whether you have a business checking or savings account. You can go to a physical branch of NBKC to personally drop off the check. If there aren’t any NBKC locations in your area, you can perform the check deposit online with the help of the NBKC app.

Online Banking

Aside from check deposits, you can conduct different online business banking transactions via the NBKC app. It’s easy to use the app to transfer funds or check your account balance anytime, anywhere.

You can download the NBKC app from the Google Play Store, which means it’s compatible with Android mobile phones and tablets. It’s also available from the Apple app store so you can install it on your iPhone, iPad, or iPad touch.

Bill Pay

NBKC makes it convenient for you to pay your bills in a central way. It allows you to take advantage of Bill Pay on your smartphone, tablet, or computer. Plus, there’s no extra charge to use this online payment service when you have a NBKC business checking or savings account.

Stop Payments

You can make stop payments for free if you have a Business Money Market or Business Checking account. These requests make it possible for you to cancel check payments, as long as the checks haven’t been deposited, cleared, or encashed yet. NBKC gives you the chance to make stop payments online or by visiting a bank branch.

Incoming Domestic Wires

Both NBKC business checking and savings accounts permit you to accept incoming domestic wires for free. You can receive money that’s transferred from someone else’s bank account into your own business account, as long as the sender is located in the U.S.

However, you do need to pay a $5 fee every time you send domestic wires. Also, you will be charged $45 each time you send or receive international wires. This could potentially set you back major bucks if you often transfer money to other people or companies.

Security

NBKC is a member of the Federal Deposit Insurance Corporation (FDIC). This U.S. government agency ensures the safety of the funds which you stored in the bank. That’s why you can rest assured that the deposits in your business checking or savings account are insured up to $250,000.

In addition to this, multi-factor authentication adds extra layers of security to safeguard your account. You will be asked to enter an access code whenever you login or perform high-risk banking transactions. Lastly, the customer identification program verifies the identity of each person who opens an account to minimize the risk of money laundering.

Customer Service

NBKC makes an effort to provide personalized services to all its clients. You can contact the support team through phone or email. Plus, it has an edge over online banks because it gives you the chance to request for banking assistance in person.

Nevertheless, general account support is only available from 8 a.m. to 5 p.m. CST Mondays to Fridays. This could possibly cause inconvenience if you encounter banking issues on weekends. Also, NBKC only has one main office and four brick-and-mortar branches in Missouri and Kansas.

While this is less than the widespread locations of big banks, it’s still better than most online banks which have zero physical locations. At least, you have the option of visiting physical branches if you need face-to-face support, in case you live in one of the two states.

Add-ons

In addition to the built-in features we discussed, there is a wide range of add-ons you can subscribe to if you have a NBKC business checking or savings account. Some examples of extra services are desktop deposits, ACH transactions, extended archives, and business security tools.

Check out the chart below to get an overview of the add-on rates:

Desktop Deposit

$15/month

$150/year

ACH Credits and Debits

$15/month

$150/year

Extended Archive

$15/month

$150/year

Business Fraud Tools

$5/month

$50/year

Alternatives to NBKC Bank Account

NBKC is a viable option for you if you value banking versatility. However, there are other alternatives you may consider if you prefer to focus on other aspects of banking.

Lili

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Lili Review

Lili is a financial technology company that provides business accounts via its partner bank, Choice Financial Group. It’s suitable for sole proprietors and independent contractors who need extra help in managing their business resources. It’s also considered as one of the best business accounts for LLCs. After all, it comes with a slew of financial management features, which NBKC lacks.

First, the tax optimizer tools make it easy for you to file your taxes and boost tax savings. Next, you can keep track of your expenses through the mobile app. Finally, you may create and edit invoices via the app so you can get paid for your products and services.

Still, NBKC is better than Lili in several ways. It actually has physical locations, in contrast to Lili which offers purely online services. Also, it gives you phone and in-person customer support, while you’re stuck with email support with Lili. Last but not least, the business accounts of NBKC are more adaptable than the Lili accounts, thanks to the add-on options.

Pricing: Starts at $0/month

Tax filing assistance
Built-in expense management
Invoice tool

No brick-and-mortar branches
Limited email support only
Not flexible like NBKC

Novo

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Novo Review

Novo is a financial tech company that offers business banking services with the help of its partner bank, Middlesex Federal Savings. It’s fitting for startup founders and freelance professionals who need a free business checking account that integrates with third-party platforms.

Unlike NBKC, Novo allows you to connect your bank account to PayPal, Stripe, and Square to increase your payment options. Plus, you will receive both virtual and physical debit cards, while NBKC only issues you a physical card. To top things off, you can send ACHs for free, in contrast to NBKC which charges for ACH transactions.

Nevertheless, NBKC is superior to Novo in other ways. For example, it grants you the option of a business savings account, which isn’t available with Novo. Aside from this, you can drop by NBKC brick-and-mortar branches in Kansas and Missouri, while it’s not possible to do so with Novo. Finally, NBKC allows you to apply for a credit card separately, unlike Novo which doesn’t have credit card offerings at all.

Pricing: Starts at $0/month

Third-party integrations
Virtual debit card
Free outgoing ACH

Savings account unavailable
Zero physical locations
No credit card

Kabbage

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Kabbage Review

Kabbage is a financial technology company powered by American Express that specializes in business funding. It’s appropriate for entrepreneurs who need a free checking account, plus loans which equip them to develop their business.

On one hand, Kabbage gives you the opportunity to apply for a line of credit, which NBKC doesn’t offer. In addition to this, you can earn a 1.10% APY by maintaining a business checking account, while NBKC only provides APY with the savings account.

On the other hand, NBKC does have certain advantages over Kabbage. One of these is the ability to perform banking transactions in person, although you can make cash deposits via ATM with Kabbage. Plus, you can take your pick between a checking or savings account with NBKC, while Kabbage only provides a checking account. On top of this, you have more leeway to tweak your NBKC business account through extra services, which isn’t the case with Kabbage.

What Kabbage and NBKC do have in common is that you don’t have to worry about monthly maintenance fees if you open a business checking account with either one.

Pricing: Starts at $0/month

Credit lines
1.10% APY for checking account
Zero monthly charges

No brick-and-mortar branches
No savings account
Less versatile than NBKC

Frequently Asked Questions (FAQs) for NBKC Bank Account

NBKC may not be as well-known as big banks, but its flexibility makes it worth taking a closer look at. Learn the answers to basic questions about NBKC and business banking so you can be prepared to open a business bank account.

What Is NBKC?

NBKC is a bank that provides simple banking solutions through business and personal accounts. The business checking and saving accounts come with free features, but the functionality can be enhanced through additional paid services. It offers online banking services all over the country, but it also has physical branches in two states. Plus, it’s a certified member of the FDIC.

Should I Choose a NBKC Business Checking or Savings Account?

It depends on your purpose for opening a business bank account. If you frequently make check payments, you should select the NBKC Business Checking account which simplifies the way you deposit checks. In case you want to earn interest on your savings, you ought to pick the Business Money Market account so you can gain APY over time.

Why Is Business Banking Important?

Banking is an integral part of any business, given that 93% of companies and brands in the U.S. have their own bank accounts. Business banking is important because it helps you organize your finances by keeping your professional and personal funds separate. Plus, it makes it easy for you to make payments to your suppliers and billers. Lastly, it makes it possible for you to receive payments from your customers for the products or services of your business.

Bottom Line on NBKC Bank Account

NBKC gives you the freedom to customize your business banking account to match the growth of your business. It stands out among online banks because of its scalable add-ons, affordable pricing, and solid customer support.

Now that you’ve read this NBKC bank account review, it’s up to you to decide if it’s the ideal banking solution for you as a small business owner or freelancer. Don’t forget to visit also our detailed Chase Bank Review and US Bank Review that might be really helpful for choosing the right bank.

Best Business Bank Accounts by State

Below you will find an interactive U.S map that can help you locate and compare different banks and financial institutions that offer business accounts in your area.

July 6, 2022February 15, 2023

Chase Bank Review 2023: Business Checking Account

In today’s modern world, with payments and banks going digital, the role of brick-and-mortar banks is shrinking. However, it does have its place as it offers many benefits that mobile banks don’t have. In this Chase Bank review, we’ll look at one of America’s largest full-service banks.

Screenshot of Chase for Business website page — **Source:** Chase Bank

Our Verdict

Chase Bank

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Chase Bank offers banking solutions catered for businesses, called Chase for Business. Chase Bank mixes the traditional brick and mortar with online banking by offering a large branch network and user-friendly online tools – what we consider ideal for small businesses that need both worlds combined together.

As a traditional bank, Chase Bank doesn’t seem to want to fall behind its digital banks competitors and wants to attract customers – so it’s offering a $300 bonus to new customers when opening a Chase Business Checking account. It ranks fourth when it comes to the best business checking accounts.

$300 bonus to new customers and cashback with business credit card
16,000 ATMs and 4,700 branches available across the U.S.
No minimum opening deposit

$15 monthly fee
Low to zero interest-earning potential
In-person visit to open an account

Chase Bank Business Account at a Glance

The Chase Business Complete Banking account stands out among the best business bank accounts for LLCs. This business account gives its account holders the best of the offline and online world: It provides access to 16,000 Chase ATMs and 4,700 branches across the U.S while providing user-friendly online banking tools.

This business checking account offers many benefits for the business owner; the first one is the sign-up bonus. If you sign-up for the Chase Business Complete Banking account, you’ll get a $300 bonus as long as you deposit $2,000 on your account, maintain it for at least 60 days, and complete one of the five activities required within 90 days of offer enrollment.

However, if you can’t afford to maintain the minimum deposit to get the bonus but you still want to open a business account at Chase Bank, the good news is that you can, and there’s no minimum opening deposit. But the rewards and benefits don’t stop there.

Chase Bank also gives a $750 bonus cash back for new business credit card members and unlimited 1.5% cash back rewards on every purchase. All you have to do is spend $7,500 on purchases in the first three months after account opening.

The Chase Business Complete Banking account isn’t a good fit for those looking for some earning potential within their bank accounts – Chase Bank doesn’t offer interest in most of its accounts. Also, we wouldn’t recommend this account for people who don’t want to pay an in-person visit to open an account – you must visit a Chase branch in person to open a Chase Business Complete Banking account.

Who Chase Bank Business Account is Best For

Business owners who need in-person support and have access to several ATMs across the country while using user-friendly mobile and banking tools, then this account is for you.

You should also consider the Chase Business Complete Banking account if your business deals with many transactions, but you don’t want to get hit with per-transaction fees – online transactions are unlimited.

If you are interested in opening a fee-free business account, here is a detailed Oxygen Review, Kabbage Review, and SoFI Review packed with information about the pros, cons, and alternatives to both fintech companies.

Pricing

In this review, we’re mostly covering the Chase Business Complete Banking which caters most to small-business owners but Chase Bank offers three business checking accounts: Chase Business Complete Banking, Chase Performance Business Checking, and Chase Platinum Business Checking.

For a better understanding of all price tiers in the business checking account, we’ve compared the main features of the three accounts.

Monthly Fee

$15 or $0 monthly fee if you maintain $2,000 minimum daily balance

$30 or $0 monthly fee if you maintain $35,000 combined average beginning day balance

$95 or $0 monthly fee if you maintain $100,000 combined average beginning day balance

Cash Deposit Fee

Fee-free at $5,000 in cash deposits per statement cycle

Fee-free at $20,000 in cash deposits per statement cycle

Fee-free at $25,000 in cash deposits per statement cycle

Mobile and Online Banking

Multiple User Accounts

Accept Card Payment

Fraud Prevention Services

Fee-free Incoming Wires

Cash Management Support

Platinum Business Customer Service

Chase Bank Business Account Features

As a brick and mortar traditional bank with digital banking tools, Chase Bank Business accounts offer many benefits among its features, even in the entry-level option. We’ve listed the main features below.

Mobile and Online Banking

Screenshot of Chase mobile app features - chase bank review — **Source:** Chase Bank

The Chase Mobile® Banking app is easy to use and offers security with encryption technology and offers many interesting features to business owners such as online bill pay (and schedule payments), fraud protection, receiving or sending payments, getting account alerts and setting up multiple account users straight from the app.

Sign-up Bonus

If you’re looking for a business checking account with a sign-up bonus, this is an opportunity to earn some extra money. Chase Bank offers $300 for newcomers who sign up for Chase Business Complete Checking, deposit $2,000 and maintain it for 60 days, and complete five of the qualifying activities such as debit card purchases and Chase QuickAccept deposits.

Cash Back Bonus

Earn a $750 bonus cash back after you spend $7,500 on purchases in the first three months after account opening, 5% cashback on the first $25,000 spent in combined purchases at office supply stores and on internet, cable and phone services each account anniversary year and 2% cashback on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year with Ink Business Cash® credit card.

Accept Card Payment

Chase for Business visa ATM card and mobile app — **Source:** Chase Bank

Your business can accept credit and debit card payments with Chase QuickAccept in the Chase Bank app. This payment processing service connects with a mobile card reader to tap, swipe or dip transactions and you can receive the funds into your account on the same day.

No minimum opening deposit

Most brick-and-mortar business checking accounts require a minimum deposit of money to open a bank account. However, the Chase Business Complete Banking℠ account is one of the few that doesn’t do that. Even if you have no extra cash, you can even open a Business Complete Banking℠ account with no money.

Alternatives to Chase Bank Business Account

In case you aren’t sure whether the Chase Bank Business account isn’t the best fit for your business, there are some alternative options and we’ve listed the best ones.

BlueVine

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BlueVine Review

BlueVine is an excellent alternative for Chase Bank. You can pay bills, apply for small loans in minutes, and even earn a decent interest rate without having to pay monthly fees. As opposed to Chase, you can open a bank account in a few minutes with no minimum deposit, so it’s a good fit for businesses of any size.

Account-holders also get unlimited transactions and can earn 1.5% interest on your balance up to and including $100,000 if you meet a monthly activity goal.

Earn up to 1.2% APY
No monthly fees
No minimum balances

Only allow cash deposits through Green Dot Services
No physical branches

Novo

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Novo Review

Another great option for small businesses is Novo. The mobile-only bank offers an easy-to-use platform, under a 10-minute application, refund ATM fees and no monthly fees, as opposed to Chase Bank.

Novo offers free ACH transfers you can easily sign into your app via your mobile device and pay bills, send money, fund payroll, or transfer money to your personal account within seconds. However, Novo falls short in two aspects: it doesn’t allow users to set up recurring payments and as a digital bank it doesn’t let you deposit cash.

User-friendly app
Refund ATM fees
No monthly fees

No recurring payment functionality
Can’t deposit cash

Mercury

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What’s interesting in Mercury is that it advertises itself as a fintech, not a bank. Mainly focused on ecommerce businesses and startups, this company offers both virtual (generated instantly) and physical cards, it integrates with major accounting software, and Mercury’s checking and business savings accounts are completely free with no minimum deposit or balance requirements.

The drawback of opening an account with Mercury is that, like most online-only banks, you can’t deposit cash and in case you’re looking for some earning potential – similar to Chase Bank – Mercury offers no-interest drawback.

Virtual and physical card available
No minimum deposit or balance required
Accounts integrate with major accounting software

Can’t deposit cash
No interest-earning potential

Frequently Asked Questions (FAQs) for Chase Bank

We’ve listed the most asked questions about Chase Bank Business Account.

What are the disadvantages of Chase Bank?

According to our analysis, opening a business account at Chase Bank has advantages and disadvantages. The main ones are: requirements to waive monthly service fees, low to zero interest-earning potential, and In-person visits to open an account.

Does Chase Bank charge monthly fees?

Yes, almost all Chase Bank accounts, besides business accounts, charge monthly fees, however, there are ways to waive them, such as by keeping a certain balance in the account or setting up direct deposit.

Is Chase a good business account?

Overall, Chase Bank offers many benefits for small business owners who are looking for in-person assistance and handy online banking service. You can make a cash deposit, have access to a number of fee-free ATMs across the country and visit a branch in case you need, or simply manage your account from your mobile phone.

Which bank is best for business?

Chase Bank offers a good business account, as it has both an online and physical presence, but according to our analysis, for online-only options, a small business owner may also want to look at other options such as Novo, BlueVine, and Mercury.

Bottom Line on Chase Bank Review

Overall, Chase Bank offers many benefits for small business owners–especially for those who need to make a deposit in cash, need in-person assistance, access fee-free ATMs but don’t want to give up the ease of having an online bank right in your pocket.

Best Business Bank Accounts by State

Below you will find an interactive U.S map that can help you locate and compare different banks and financial institutions that offer business accounts in your area.

July 6, 2022February 15, 2023

7 Best Credit Cards for Young Adults in 2023

Having a credit card of their own can go a long way toward helping young adults begin a journey of freedom. That being said, some credit cards work better than others. This article captures the best credit cards for young adults and the benefits of each.

Best Credit Cards for Young Adults

Chase Freedom Unlimited® – Best Overall
Ink Business Cash® Credit Card – Best for Business Owners
Capital One QuicksilverOne Cash Rewards Credit Card – Best for Flat-Rate Cash Back
Petal 2 Visa® Credit Card – Best for Those With No Credit
Discover it® Secured Credit Card – Best for Low Credit
American Express® Green Card – Best for Young Professionals
Citi Premier® Card – Best for Travelers

Our Methodology

When finding the best credit cards for young adults, we considered the impact of annual fees while also taking a look at introductory bonuses and potential cash back benefits along the way. It was also important to look at regular APR and how high interest rates would get if users aren’t making monthly payments. Lastly, we looked at recommended credit scores for each card to give the best chance at approval.

Check out a more detailed explanation of our methodology here.

Chase Freedom Unlimited

None

670 – 850

15.74% – 24.49% variable

$200 bonus after spending $500 in the first 3 months; 0% APR for 15 months

5% cash back at gas stations; 3% cash back on dining and drugstore; 1.5% cash back on everything else

Ink Business Cash

None

700 – 850

13.99% – 19.99% variable

$750 bonus cash back after you spend $7,500 on purchases in the first 3 months; 0% APR for first 12 months

5% cash back on office supplies, internet, cable, phone services; 2% cash back at gas stations and restaurants; 1% cash back on all other purchases

Capital One QuicksilverOne Cash Rewards

$39

600 – 699

26.99% variable

None

Earn unlimited 1.5% cash back on every purchase

Petal 2 Visa

None

None required

13.74% – 27.74% variable

None

1 – 1.5% cash back, plus 2% – 10% bonus cash back at select merchants

Discover it® Secured

None

None required

23.74% variable

Double cash back of the cash back you’ve earned the first year

2% cash back at restaurants and gas stations; 1% cash back everywhere else

American Express® Green Card

$150

700 – 850

16.74% – 23.74% variable

45,000 points after spending $2,000 on purchases within the first six months

3x points at restaurants, on transit, and on travel; 1x points everywhere else

Citi Premier® Card

$95

700 – 850

16.74% – 24.74%

60,000 bonus points after spending $4,000 in purchases within the first three months

No foreign transaction fees; 3x points at restaurants, gas stations, supermarkets, and on air travel and hotels; 1x points for all other purchases

Chase Freedom Unlimited: Best Overall

Annual Fee: None

★★★★★

4.8

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Chase Freedom Unlimited Review

If you have the credit score, Chase Freedom Unlimited becomes the best overall credit card for young adults with zero annual fees and up to 5% cash back just for using it. Chase even throws $200 your way for spending $500 within the first three months of activation. You’ll need to be wary of foreign transaction fees and high APR numbers if your credit can’t get you a better deal.

Why we chose it: No annual fees and plenty of cash back bonuses make Chase’s Freedom Unlimited card the best overall pick for young adults.

No annual fee
Up to 5% cash back on purchases
Introductory cash bonus

Requires high credit score
3% foreign transaction fee
Potentially high APR

Annual Fee

Chase Freedom Unlimited is one of a handful of credit cards free of annual fees. If you can keep up with your payments, using this card shouldn’t cost you a thing. This is a blessing compared to American Express’s Green Card, charging $150 per year.

Credit Recommended

Chase does require a good to excellent credit score for young adults looking to use the Freedom Unlimited card. Those looking to apply should shoot for at least 670, quite high compared to Petal 2 Visa’s no credit needed. Unless you’ve built up credit through some other means, Freedom Unlimited will likely not be your first card.

Regular APR

The Freedom Unlimited card features variable APR depending on your credit score when you sign up. 15.74% on the low end isn’t terrible, but those with weaker credit may look to pay upwards of 24.49%.

Introductory Offer

It’s possible to receive a $200 bonus simply by spending $500 on regular purchases within the first three months of card activation. Delay that big purchase until your Freedom Unlimited card arrives and benefit from free money. As you get your feet wet with the card, you won’t have to worry about APR for the first 15 months. Both offers stand out when Petal 2 Visa’s card doesn’t give a thing.

Benefits

As you use your Chase Freedom Unlimited Card, you’ll earn cash back no matter where you are. Rates include 5% back at gas stations and 3% on dining and drugstore purchases. Everything else still brings in 1.5% cash back, which is the maximum you can get with the Petal 2 Visa card.

Ink Business Cash Credit Card – Best for Business Owners

Annual Fee: None

★★★★★

4.6

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Ink Business Cash Credit Card – Best for Business Owners Review

Ink Business Cash gives generous cash back on office purchases from supplies to internet and cable. You’ll need a high credit score to land the card, but there are no annual fees. If you’re spending $7,500 in the first few months to grab that $750 bonus, chances are you’ll hit the yearly rewards cap at $25,000. If your business takes you overseas, watch out for 3% foreign transaction fees.

Why we chose it: Business owners can take advantage of the Ink Business Cash’s introductory bonus and cash back offers on top of no yearly fees.

No annual fees
Incredible introductory offers
Cash back deals on office supplies

High credit score recommended
3% foreign transaction fees
Rewards cap at $25,000

Annual Fee

The Ink Business Cash card doesn’t have annual fees, just like Chase’s Freedom Unlimited or the Patel 2 Visa card. This speaks to business owners trying to keep costs to a minimum.

Credit Recommended

As a business card with high rewards, young adult company owners will have the best chance of approval with credit scores above the 700 mark. This isn’t far off from Chase’s recommended 670.

Regular APR

Even on the high end, the Ink Business Cash card’s standard APR rates are lower than most cards. A 19.99% worst case for Ink is still quite a bit better than Petal 2 Visa’s 27.74%.

Introductory Offer

Ink Business Cash has a massive $750 bonus for business owners who can spend $7,500 within the first three months of card use. This shouldn’t be too much of a challenge if setting up an office space for the first time. While accruing debt, you won’t need to worry about APR for the first 12 months.

Benefits

Cardholders receive 5% cash back on all office supplies, phone, internet, and cable services. There’s also 2% cash back for gas stations and restaurants, with 1% on everything else you buy while using the card.

Capital One QuicksilverOne Cash Rewards Credit Card – Best for Flat Rate Cash Back

Annual Fee: $39

★★★★★

4.5

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Capital One Review

There’s something magical about knowing you’re earning 1.5% cash back every time you make a purchase. Rewards have no upper limit and never expire, and you can trade them in for cash or gift cards. As you build rapport with Capital One, the company will review your credit line and increase it over time. There aren’t any introductory offers, a high APR, and an annual fee you’ll have to come to terms with.

Why we chose it: The Capital One QuicksilverOne Cash Rewards Credit Card lets you earn 1.5% cash back any time, anywhere, with no limit.

1.5% cash back on all purchases
Automatic credit line reviews
Unlimited rewards with no expiration

$39 annual fee
High regular APR
No introductory offers

Annual Fee

Capital One charges a $39 yearly fee for the use of its QuicksilverOne Cash Rewards card. While not a ton of money, it doesn’t look great next to Chase Freedom Unlimited’s lack of fees.

Credit Recommended

You’ll need to have a decent credit score to have a shot at the QuicksilverOne Cash Rewards card. Chances are you can get approved with a score of 600, a bit lower than Chase Freedom Unlimited’s 670.

Regular APR

The QuicksilverOne Cash Rewards’ regular APR rate is incredibly high and locked in initially at 26.99%. This is not a card you’ll want to miss payments on.

Introductory Offer

There’s no introductory offer for the QuicksilverOne Cash Rewards card. Not a deal-breaker, it’s still a bummer when looking at the $200 bonus Chase’s Freedom Unlimited card gives.

Benefits

This cash back card really shines here, with a 1.5% return on every single purchase you make. Best of all, there’s no limit to how much you can earn, and rewards never expire. You can exchange them for cash or gift cards any time you’d like.

Petal 2 Visa® Credit Card – Best Credit Card for Young Adults With No Credit

Annual Fee: None

★★★★★

4.4

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Petal 2 Visa® Credit Card – Best Credit Card for Young Adults With No Credit Review

The Petal 2 Visa card is a great way to grow credit score, offering cash back incentives for young adults who pay off debt on time. There are no credit requirements to sign up and zero fees to worry about down the road. You won’t have any introductory offers to look forward to, and those with questionable history may have to deal with high APR numbers.

Why we chose it: The Petal 2 Visa card screams “pick me” for any young adult without credit. Zero annual fees and cash back options sweeten the deal further.

Zero annual fees
No credit score needed to sign up
Up to 10% cash back at select merchants

Limited benefits
No introductory offers
Potentially high APR

Annual Fee

Young adults will rejoice that the Petal 2 Visa card doesn’t charge annual fees for use. Not having to deal with this charge is a breath of fresh air compared to Citi Premier’s $95.

Credit Recommended

The biggest draw of the Patel 2 Visa card is the lack of a credit score requirement. This isn’t a guarantee that you’ll be approved, but it is certainly easier for those without a credit history. Furthermore, it’s a great card to build credit and lower your APR rate.

Regular APR

The Petal 2 Visa has a significant regular APR range that varies depending on a few factors when you apply. 13.74% on the low end is solid, especially next to Capital One QuicksilverOne’s 26.99% starting rate. On the high end, the Petal 2 can be just as high at 27.74%.

Introductory Offer

There are no introductory offers for the Petal 2 Visa card. It’s uncommon to see deals on an entry-level card.

Benefits

You can snag 1% cash back on purchases right out of the gate with the Petal 2 Visa card. If you make regular payments, you can increase this amount to 1.5% over time. These numbers are comparable to everyday purchases from even Chase Freedom Unlimited. Picking the right vendors could award you up to 10% cash back.

Discover it Secured Credit Card – Best for Young Adults With Low Credit

Annual Fee: None

★★★★★

4.2

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Discover it Secured Credit Card – Best for Young Adults With Low Credit Review

Young adults with low credit need not worry about applying for the Discover It Secured card. If you’re accepted, you won’t have to worry about yearly fees and get to generate cash back every time you make a purchase. As a secured card, you will have to drum up a $200 security deposit and deal with a high regular APR. Although a great beginner card, a low maximum credit limit doesn’t bode well for big purchases.

Why we chose it: Discover It Secured has no fees and pays you in cash back bonuses as you work to build credit.

No annual fees
No credit requirement to sign up
Lucrative cash back offers

High fixed initial APR
$200 security deposit required to open an account
Low maximum credit limit

Annual Fee

Just like the Chase Freedom Unlimited card, Discover It Secured doesn’t charge any annual fees. Users can instead focus on making purchases and building credit.

Credit Recommended

Contrary to Chase Freedom Unlimited’s 670 credit score minimum, the Discover It Secured card has no such requirements. Even those with bad credit can apply, although there’s no guarantee of acceptance.

Regular APR

When signing up, you’re stuck with a rather high 23.74% APR. Its variable nature means it can shift over time, but it’s important to make every effort to pay up on time.

Introductory Offer

Just for being a customer, Discover pays out double the cash back you’ve earned during your entire first year of use. This is a one-time deal, but that extra money can go a long way.

Benefits

The It Secured card rewards you with 2% cash back at restaurants and gas stations just for making a swipe. All other charges bring in 1%, a bit lower than Chase Freedom Unlimited’s 1.5%.

American Express Green Card – Best for Young Professionals

Annual Fee: $150

★★★★★

4.1

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American Express Green Card – Best for Young Professionals Review

A 45,000 point introductory offer is an enticing welcome gift, especially when you can navigate the pitfalls of American Express’s point system and get the biggest bang for your buck. If your job has you traveling, the Green Card gives bonus points for flights and transit to and from the office. There is a steep annual fee, and you’ll want a high credit score before you apply.

Why we chose it: The American Express Green Card awards bonus points for purchases young professionals need to find success in their endeavors.

Bonus points on travel, transit, and dining
Impressive introductory offer
No foreign transaction fees

$150 annual fee
High credit score needed
Uses point system for rewards

Annual Fee

American Express charges a lofty $150 annual fee for its Green Card. This amount really stands out when next to Chase Freedom Unlimited or Petal 2 Visa and their free-to-use cards.

Credit Recommended

A card for young professionals demands a high credit score. Your best chances of success come with a score of 700 or higher, which is no different than the Ink Business Cash card.

Regular APR

APR ranges between 16.74% and 23.74%, depending on a number of factors when you sign up. These numbers are quite similar to Chase’s Freedom Unlimited card.

Introductory Offer

American Express uses a point system for rewards, where a point translates to somewhere between 0.5 and 1 cent when cashing them in. Young adults able to spend $2,000 within the first six months of opening their Green Card will receive a whopping 45,000 points toward rewards of their choice.

Benefits

You’ll typically earn one point for every dollar you spend using the American Express Green card. When it comes to restaurants, travel, and transit, American Express hands out triple the points instead.

Citi Premier Card – Best for Young Adult Travelers

Annual Fee: $95

★★★★★

4.0

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Citi Premier Card – Best for Young Adult Travelers Review

Once you’ve mastered the confusing point system, you’ll see how the 60,000 point introductory offer equates to $600 in gift cards to spend at your leisure. The Citi Premier card appeases young adult adventurers with bonus points on travel expenses and zero foreign transaction fees. You will need a high enough credit score for approval and have to pay $95 each year to continue using the card.

Why we chose it: A lack of foreign transaction fees and bonus points for travel expenses make the Citi Premier card a great travel companion.

3x points for all travel purchases, including hotels
No foreign transaction fees
$600 introductory offer

$95 annual fee
High credit score needed
Uses a point system for rewards

Annual Fee

Citi’s Premier Card has a $95 annual fee to keep your account active. While steep, it’s still cheaper than American Express’s Green Card’s $150 yearly charge.

Credit Recommended

You’ll need to be at the upper end of the credit score spectrum to maximize your chances of landing a Premier card. This is notably higher than the Petal 2 Visa or Discover It Secured card, but the benefits are also higher.

Regular APR

The Citi Premier card’s APR lands right in the same range as the Chase Freedom Unlimited card or the American Express Green card. If you can’t pay your debt off on time, expect to see interest rates between 16.74% to 24.74%.

Introductory Offer

Like American Express, Citi uses a point system for its rewards, with one point equal to a cent. Should you spend $4,000 within the first three months of signing up, Citi will reward you with 60,000 bonus points usable in the form of gift cards. Time to book that flight!

Benefits

There’s no need to worry about foreign transaction fees when you travel with the Citi Premier card. You’ll also earn 3x points on air travel, hotels, restaurants, supermarkets, and on gas. All other purchases still earn one point per dollar spent.

Methodology for the Best Best Credit Cards for Young Adults

When choosing a credit card, you want to find one that works for you. We considered the following when picking out the best credit cards for young adults.

Annual Fees: Fees can put a damper on anyone’s plans. The best credit cards for young adults either don’t have a fee or is low enough that the rewards outweigh the price.
Recommended Credit: Credit scores are a major factor when it comes to getting approved for a credit card. Certain cards are designed for those looking to establish credit, while others are for those who have already done so.
Regular APR: APR only becomes a factor if you’re not able to keep up with monthly payments. In those situations, it’s crucial to have a low enough APR that you don’t drown financially.
Introductory Offers: Introductory offers bring a nice boost to an already great credit card. Top offers include bonus cash or no APR for a fixed number of months.
Benefits: What’s better than a credit card that pays you back? The best credit cards for young adults provide cash back on all the things you already buy. Some cash back cards can reach as high as 5% for specialty purchases.

Frequently Asked Questions (FAQs) for Best Credit Cards for Young Adults

Credit cards can be a confusing topic for young adults and parents alike. This FAQ answers some of the top questions you may have.

How Many Credit Cards Should a 25 Year Old Have?

Different cards offer varying benefits and work best in specific situations. There’s no credit score punishment for having several cards as long as you’re faithful in paying them off. Having too few cards can make it difficult for a credit score calculator to get an accurate read. Somewhere between two and five cards appears to be the sweet spot.

Is It Smart to Have a Credit Card at 18?

It’s a good idea to start building credit as soon as you can. Young adults can begin applying for credit cards at 18 years of age, but it may be a challenge to get approved unless a parent co-signs.

Does Closing a Credit Card Hurt Your Credit?

Closing a credit card won’t hurt your credit score as long as you’ve paid off the balance. However, holding onto an unused card gives you another line of credit that can show up positively on a credit report.

How Many Times a Month Should I Use My Credit Card To Build Credit?

The more you use your credit card, the more you’ll build credit. Some agencies require frequent use to keep an account open. Just remember to make regular payments, so your credit doesn’t take a hit.

Bottom Line on the Best Credit Cards for Young Adults

Having a credit card can do wonders for a young adult trying to find his or her place in the world. However, individuals need to be wary of interest rates and fees that can drain the bank. The best credit cards are manageable, offering incentives while building credit at the same time.

Best Business Bank Accounts by State

Below you will find an interactive U.S map that can help you locate and compare different banks and financial institutions that offer business accounts in your area.

July 5, 2022March 29, 2023

Lili Review 2023: All-Purpose Business Bank Account for Sole Proprietors

Lili is an all-purpose bank account that helps sole proprietors and freelancers manage their business finances, thanks to its tax optimizer tools, built-in expense tracking, and budget-friendly pricing. In this Lili review, we’ll take a closer look at its pricing, features, pros, cons, and competitors.

Our Verdict

Lili

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Lili is a versatile banking solution for small business owners and independent contractors who plan to open a business account. First, it makes it easy for you to file taxes and increase tax savings. Next, it allows you to monitor your business expenses on the go through the mobile app. Finally, there’s a free business account available, while the paid account is also affordable.

To be realistic, Lili does have some shortcomings too. To begin with, you can only earn interest if you sign up for the paid account, but not the free version. Also, while Lili covers overdrafts up to $200 for the paid account, the same coverage isn’t available for the free version. Lastly, the customer service is only limited to email support on weekdays during business hours.

As we’ll discuss in this review on lili, it’s a low-cost account with practical features that can be helpful for beginners in business banking. Check out the summary of the benefits and drawbacks of Lili:

Tax optimization tools
Built-in expense management
Economical pricing

Zero APY for free account
Overdraft protection for paid account only
Skimpy customer support

Pricing: Starts at $0

Lili at a Glance

Lili is a financial technology company that offers business banking accounts through its partner Choice Financial Group. Its mission is to empower small business owners and freelancers to grow their business through banking services. Established in 2019 by Lilac Bar David, there are now over 100,000 users of the Lili app.

Lili is distinct from other bank accounts because it comes with extra tools for tax and business management. The features we’ll focus on in this review are mobile checking, ATM services, BalanceUp, APY, direct deposit, cash deposit, debit card, cashback rewards, expense tracking, tax optimizer tools, invoice tools, mobile app, security, and customer support.

Who Lili Is Best For

Lili is suitable for owners of sole proprietorships who need an affordable yet useful business banking account. After all, the free account doesn’t require you to pay any monthly fees, while the paid account only charges a minimal monthly fee.

Plus, it comes with handy business solutions like mobile checking, tax tools, and expense tracking which helps you manage your professional funds. In spite of its cheap price, Lili is more than enough as a bank for startup entrepreneurs or independent contractors who wish to jumpstart their business.

Pricing on Lili

Lili offers two types of business bank accounts for small business owners and freelancers. Compare the similarities and differences between the two accounts by exploring the chart below:

Price

$0/month

$4.99/month

Minimum Balance

Mobile Checking

ATM Services

Free at 38,000+ MoneyPass ATMs

BalanceUp

APY

None

Direct Deposit

Up to 2 days faster

Cash Deposit

Third-party retailers

Debit Card

Visa Business Debit Card

Premium Visa Business Debit Card

Cashback Rewards

Expense Tracking

Basic

Advanced

Tax Optimizer Tools

Invoice Tools

Mobile App

Android + iOS

Security

FDIC insurance + Encryption + Freezing/unfreezing

Customer Support

Weekday email support, 9 a.m. – 7 p.m. EST

To sum things up, there are two kinds of Lili business bank accounts which you can select from:

Lili Standard (Free): The basic account doesn’t require you to pay any monthly fees or maintain a minimum balance.
Lili Pro ($4.99/month): The paid account charges a low monthly maintenance fee, but there’s no minimum balance requirement.

Lili Standard is a good deal for you if you’re on a tight budget. However, if you can afford the extra expense, it’s worth upgrading to Lili Pro because it comes with more major features for just a small amount each month.

Lili Bank Offers a Lot of Features

If you start a Lili bank account, you can benefit from essential banking services and tools. In this Lili business account review, let’s talk about mobile checking, ATM services, BalanceUp, APY, direct deposit, cash deposit, debit card, cashback rewards, expense tracking, tax optimizer tools, invoice tools, mobile app, security, and customer support.

Mobile Checking Lili Bank

Lili offers you a business checking account that’s particularly designed for sole proprietors and single-member Limited Liability Companies (LLCs). You can easily manage your account anytime, anywhere through the mobile banking app. Plus, you can perform mobile check deposit transactions even when you are on the go.

ATM Services Lili Bank

Lili makes it possible for you to withdraw your money for free from MoneyPass ATMs. At present, there are more than 38,000 no-fee ATM machines all over the U.S. You can find the closest ATM in your area with the assistance of the ATM locator in the mobile app.

Take note that you must pay a $2.50 fee if you withdraw cash from an ATM that’s not part of the MoneyPass network. Also, you will be charged a $5 fee if you make withdrawals outside of the country.

If you want to open a fee-free business account, here is a thorough BlueVine Review, Bank of America Review, and Kabbage Review with information on the pros, cons, and alternatives.

BalanceUp

Source: Lili

Lili provides overdraft protection via BalanceUp. Aside from not charging penalty fees, the company covers overdrafts up to $200 on purchases you make through your debit card. However, this feature is only available for Pro depositors, not Standard customers. If you open a Pro account, you’ll receive a notification that you can enroll in BalanceUp once you meet the eligibility requirements.

APY

Lili grants a 1% APY incentive for customers who open an emergency savings account. You can set up an automatic transfer of $1 or more daily. Afterwards, you’ll have the chance to earn interest, as long as you maintain a minimum savings balance of $0.01. Nevertheless, this option is only open to Pro clients, not to Standard depositors. Keep in mind that the APY rate can change over time since it’s variable.

Direct Deposit on Lili Bank

Lili gives you the opportunity to receive your money quickly through direct deposit. It’s possible for you to get your paycheck deposits or client payments as early as two days in advance. All you need to do is set up direct deposit with your Lili account. Then, you’ll start receiving notifications as soon as the funds are transferred to your account. Thankfully, in this case, early direct deposit is available for both Standard and Pro accounts.

Cash Deposit on Lili Bank

Lili is a financial technology company, not a conventional bank. As a result, it doesn’t have any physical branches where you can drop by to deposit your paper bills. However, Lili has partnered with third-party retailers with over 90,000 locations in the U.S. where you can deposit cash to your Lili account, such as Walmart, RiteAid, and CVS.

Debit Card

You will get a Lili debit card whether you sign up for a Standard or Pro account. If you go for the free version, you’ll receive a Visa Business Debit Card. In case you select the Pro edition, you will gain a Premium Visa Business Debit Card. Either way, there’s no need to worry about transaction or service fees when you use the card for online or in-store payments. Still, there’s one major difference between the two types of cards, which we’ll talk about in the next section.

Cashback Rewards

Cashback notification from Lili superimposed above black Lili Pro Visa Business Debit Card — *Source: Lili*

The main advantage of the Premium Visa Business Debit Card over the regular Visa Business Debit Card is cashback. If you’re a Pro customer, you’ll have the chance to earn cashback rewards whenever you buy products or services from participating merchants.

As a result, you can save money on your business or personal purchases from Microsoft, TaxAct, Mailchimp, Chevron, and Autozone. Sadly, you won’t have the same incentives as a Standard depositor.

Expense Tracking

Smartphone with Lili app installed displaying Expense Management menu on the left, Freelancers Union recommendation seal on upper right, and black Lili Pro Visa Business Debit Card on lower right — *Source: Lili*

Lili is unique among business bank accounts because it makes it easy for you to manage your expenses. On one hand, the Standard account comes with a built-in expense tracking tool which lets you sort your expenses into categories in real-time. On the other hand, the Pro account includes an advanced expense tracking capability which helps you increase your tax deductions.

Tax Optimizer Tools

One of the most important strengths of Lili is that it boasts a rich set of tax optimizer tools which helps you meet IRS tax requirements for sole proprietors. First, the Tax Bucket makes it simple for you to set aside a portion of your income for your taxes. Plus, the Write-Off Tracker boosts your tax savings by dividing your transactions into business and personal categories.

Smartphone with Lili app installed displaying Tax Bucket menu — *Source: Lili*

In addition to this, the Receipt Scanner records and stores an image or PDF file of your receipts. To top things off, Lili can pre-fill your annual 1040 Schedule C form to save time before you send it to your accountant or file it with the IRS. Last but not least, it generates automated quarterly and annual expense reports so you can have an overview of your spending patterns.

Invoice Tools

Another advantage of Lili is the invoice tool set. It enables you to quickly create and edit unlimited invoices via the mobile app. Afterwards, you can send them to your clients to request for payments for your services or products. Aside from this, you can file and organize all the invoices you made to update your business records.

Mobile App

The Lili mobile banking app is free to download from the Google Play Store and Apple App Store. You can install it in your Android or iOS smartphones and gadgets. Aside from the mobile checking deposits, you can also make contactless payments through your mobile phone. Also, the app sends you push notifications so you can be aware whenever cash goes in or out of your business account.

Security

Lili takes measures to safeguard your funds in different ways. First, your account will be insured up to $250,000 via Choice Financial Group, the partner bank of Lili. Next, it protects the privacy of your data through industry-grade security encryption. Lastly, you can directly freeze and unfreeze your card via the mobile app if necessary.

Customer Support

One of the obvious drawbacks of Lili is the limited customer service. It doesn’t offer any phone or chat support, which means you can’t communicate in real-time with live agents. Instead, it only allows you to email the support team on weekdays, from Mondays to Fridays, and only during business hours, 9 a.m. – 7 p.m. EST.

Also, you can’t even send the message directly from the website since there’s no contact form. You must use your desktop or web email client to send an email. To make things a little better, there’s a help center where you can conduct self-research about basic information on Lili.

The Alternative Bank Sites to Lili Bank

Lili is an interesting choice if you need a multipurpose business account that won’t break the bank. Nevertheless, you can explore other alternatives if you have other banking needs that Lili doesn’t cover.

Kabbage

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Kabbage Review

Kabbage is a registered payment service provider that offers a free business checking account. It’s ideal for ambitious entrepreneurs who need loans to grow their venture. It presents flexible financing options for small businesses, which Lili doesn’t provide. Just keep in mind that you need to provide a personal guarantee when you apply for a loan.

Plus, Kabbage gives you the chance to earn 1.10% APY on balances up to $100,000 for the free account, unlike Lili which only gives interest for the paid account. Also, it allows you to accept payments via professional invoices, similar to Lili.

However, Lili is better than Kabbage when it comes to business management. After all, it comes with automated tools for tax filing and expense management, while Kabbage only provides how-to guides on these topics.

Pricing: Starts at $0/month

Loan offers
1.10% APY for free account
Invoice payment processing

Personal guarantee required for loans
Lack of tax optimization tools
No automatic expense management

Novo

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Novo Review

Novo is a financial technology company that provides a free business checking account. It’s fitting for small business owners who want to integrate their business account with other productivity solutions.

On one hand, it connects to bookkeeping software like Quickbooks and online payment platforms like Stripe, compared to Lili which has built-in financial management tools instead. In addition to this, Novo specializes in ACH and wire transfers, while Lili focuses more on regular banking transactions.

On the other hand, Lili has an edge because it lets you deposit cash through partner retailers, unlike Novo. Aside from this, it gives you the chance to open an emergency savings account, while Novo is purely a checking account. Still, both Novo and Lili are equal when it comes to a lack of loan offerings.

Pricing: Starts at $0/month

Strong third-party integration
No monthly service fees
Free ACH transactions

No cash deposits
Can’t open savings account
No loans or credit lines

Oxygen

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Oxygen Review

Oxygen is a financial technology company that offers business and personal bank accounts. It’s suitable for enterprising entrepreneurs and freelancers who want to earn extra income through business banking.

All Oxygen business accounts grant you an APY and cashback rewards, while Lili only gives these benefits to users of the paid account. To top things off, Oxygen has daily phone and email support, in contrast to Lili that only includes weekday email assistance.

Nevertheless, Lili has an advantage over Oxygen because of its business management specialization. It has features like expense monitoring and tax savings, which Oxygen lacks. Also, the paid account of Lili is more cost-effective than the paid tiers of Oxygen.

Pricing: Starts at $0/month

APY for all tiers
Cashback rewards for all users
Daily phone & email support

No expense tracking tools
No automatic tax savings
Expensive rates for paid tiers

Frequently Asked Questions (FAQs) for Lili Bank

Lili enables small business owners and freelancers to manage the various aspects of their professional assets. Discover the answers to basic questions about Lili and sole proprietorship.

What Is Lili?

Lili is a business account that’s especially designed for sole proprietors and individual professionals. It’s also considered as one of the best business bank accounts for LLCs. It promotes the growth of small businesses by equipping users with handy financial management tools. Lili is a financial technology company that provides banking services via Choice Financial Group.

What Is a Sole Proprietorship?

A sole proprietorship is a simple type of business structure. This unincorporated business is owned by a single individual so there’s no distinction between the business and the owner. On one hand, the owner is entitled to all the profits. On the other hand, the individual is exclusively responsible for the liabilities of the business as well. Here’s a list of the best bank accounts for sole proprietors.

Is Lili a Checking Account or a Savings Account?

Lili is mainly a business checking account. However, it does give you the option to open an emergency savings account. You can start one by setting up an automatic transfer of at least $1 every day. Plus, you can earn a 1% APY if you keep at least $0.01 balance in your business savings account. Take note that this option is available to users of the Lili Pro account, but not to Lili Standard customers.

Bottom Line on Lili Review

Lili is an all-in-one business bank account that works well for sole proprietors and independent contractors. It’s an accessible option for you if you’re looking for a combination of competitive pricing, tax savings assistance, and expense management. As we conclude our review on Lili bank, it’s time for you to come to a conclusion if Lili is the best banking solution for you.

Best Business Bank Accounts by State

Below you will find an interactive U.S map that can help you locate and compare different banks and financial institutions that offer business accounts in your area.

July 4, 2022February 15, 2023

Best Bank Account for Couples – Low-Fee, High APY Picks for 2023

Couples can benefit from shared funds for family expenses and planning for the future. The best bank account for couples should offer added incentives in the form of interest or minimal fees. This article looks at the choices for couples currently available.

Best Bank Account for Couples

Ally Interest Checking – Best Overall
Axos Bank Rewards Checking – Best for ATM Users
Alliant Credit Union High-Rate Checking – Best for Dividends
Chase Total Checking – Best for Accessibility
LendingClub Rewards Checking – Best for Cash Back
Discover Cashback Debit – Best for Avoiding Fees
Presidential Bank Advantage Checking – Best for High Interest

Our Methodology

When looking at the best bank account for couples, we looked at monthly fees and balance requirements for each account. We also wanted to identify checking accounts with the potential to pay out interest, or at least offer savings accounts that complement them well. Lastly, we deeded it important to transfer and withdraw funds from the most locations possible.

Check out a more detailed explanation of our methodology here.

Ally Interest Checking

No monthly fees, $20 per outgoing wire, $15 for expedited delivery

0.10% for accounts under $15,000, 0.25% otherwise

Savings, Money Market, CDs, Mortgages, Loans, Investments

43,000 no-fee ATMs

Axos Bank Rewards Checking

No monthly fees, $35 for domestic and $45 for international outgoing wires

Up to 1.25% if requirements are met

Savings, Money Market, CDs, Mortgages, Loans, Investments

Unlimited domestic ATM fee reimbursements

Alliant Credit Union High-Rate Checking

No monthly fees, $25 for domestic and $50 for international outgoing wires, $10 dormant account fee

0.25%

Savings, CDs, Mortgages, Loans, Investments

Over 80,000 fee-free ATMs

Chase Total Checking

$0 to $12 monthly service fee, $34 overdraft fee, up to $50 wire transfers

$1,500 to avoid fees

Savings, CDs, Mortgages, Loans, Investments, Home Equity

Over 16,000 fee-free ATMs

LendingClub Rewards Checking

No monthly fees, $20 per domestic wire out, $40 per international wire out

0.10% from $2,500 to $100,000, 0.15% on balances beyond that

Savings, CDs, Loans, Mortgages, Auto Refinancing

Free ATMs worldwide

Discover Cashback Debit

No monthly fees, $30 outgoing wire transfers

Savings, CDs, Money Market, Retirement

Over 60,000 fee-free ATMs

Presidential Bank Advantage Checking

$5 monthly fee if balance is below minimum, $25 overdraft fee, up to $45 for wire transfer

$500

0.10% to 2.25

Savings, CDs, Mortgages, Home Equity

Over 88,000 fee-free ATMs

Ally Interest Checking: Best Overall Bank Account for Couples

4.8

★★★★★

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Ally has minimal account fees and offers a clear list of what it does charge. Best of all, there’s no minimum balance required to start up or maintain an account. For a checking account, its interest rate stands well above the competition. You will have to hold onto your cash since Ally has no physical location nor the means to deposit it. If you’re in a hurry, some transactions may move more slowly than you’d like.

Why we chose it: Ally Interest Checking gives couples access to a nice APY while avoiding unnecessary fees.

High APY rate
No monthly fees
No minimum account balance

No physical locations
Can’t deposit cash
Online transfers can take up to three days

Fees

Ally limits its fees to outgoing domestic wires ($20) and expedited deliveries ($15), which is lower than other top banks, such as Axos and Alliant Credit Union. Nearly everything else, including overdrafts, incoming wires, and low balances doesn’t cost you a thing. The bank also doesn’t charge any monthly maintenance fees, no matter your balance.

Minimum Balance

There’s no limit on the amount of money you need to keep in your account at any given time. Whether high or low, Ally won’t ding you for your balance.

APY

Ally blows the 0.03% industry standard out of the water, offering between 0.1% and 0.25% depending on your monthly balance. Once your checking eclipses $15,000, you’ll start receiving 0.25% interest as long as you can maintain that number. Compared to Chase and Discover’s 0%, 0.25% feels like a breath of fresh air.

Other Available Accounts

In addition to interest checking, Ally has savings, money market, CDs, and investment accounts to tuck money into. The bank can also serve mortgages and loans to those in need. Here’s a list of the best mortgage lenders for you.

ATM Network

The online-only bank boasts 43,000 fee-free ATMs around the country you can use to collect funds. This is a bit on the lower side next to Presidential and Alliant’s 80,000+ machines. Unfortunately, there’s no way to use the machines to deposit money back into your account.

Axos Bank Rewards Checking: Best Bank Account for Couples That Use ATMs

4.6

★★★★★

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There are countless ATMs scattered across the United States, and Axos lets you use any one of them for free. This helps alleviate the lack of physical locations and charges for personal checks. After setting up your account, you’ll never have to worry about monthly fees or keeping a minimum balance. While the APY can reach record heights, you have to jump through some hoops to get there.

Why we chose it: The Axos Bank Rewards Checking account allows couples to draw funds from any ATM in the country without paying a penny. Members also benefit from zero monthly fees and the potential for a high-interest rate.

If you’re starting a business with your partner, Axos is also an excellent choice for a business checking account.

Unlimited free ATM use across the U.S.
No minimum balance
No monthly fees

No physical locations
Convoluted interest checking calculation
No free checks

Fees

Axos Bank avoids monthly fees on its Rewards Checking account, no matter how low your balance may go. You’ll never receive a charge for using an ATM, suffering an overdraft, or incoming wire transfers. Domestic and international outgoing wires cost $35 and $45 respectively, with a $10 fee for any returned deposits. It’s also one of the best free business bank accounts.

Minimum Balance

Like Ally’s $0 minimum balance, Axos Bank also doesn’t require a certain amount of money in your account. Unlike Ally, Axos does need a $50 initial deposit to get your account up and rolling.

APY

Members can achieve up to 1.25% APY with Rewards Checking if you meet certain conditions, blowing Ally’s 0.25% out of the water. It is possible to not earn any interest at all if you’re not careful. Here are the ways to earn some APY:

Monthly direct deposits totaling $1,500 or more: 0.40%
Minimum of 10 debit card transactions per month: 0.30%
Maintain a Managed Portfolio Account of $2,500 or more: 0.20%
Maintain an Invest Self Directed Trading Account of $2,500 or more: 0.20%
Have a loan and make the full monthly payment each month: 0.15%

With the Rewards Checking account alone, it’s possible to earn up to 0.70% APY no matter what your account balance is. Should you want to raise the interest rate more, you’ll have to check out other account options.

Other Available Accounts

Axos features interest-bearing savings, money market, CD, and investment accounts for those interested. The online bank also offers the potential for loans and mortgages.

ATM Network

Axos’ ATM network reigns king, allowing free access to any machine in the country. Even if an ATM declares a fee, Axos will reimburse you the amount without question. You’ll never have to worry about hunting for a fee-free ATM again. Chase’s 16,000 ATMs don’t hold a candle to this level of service.

Alliant Credit Union High-Rate Checking: Best Credit Union Account for Couples

4.5

★★★★★

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Alliant introduces the comforts of a credit union on top of its APY to sweeten the pot. The rate comes alongside no minimum balance requirements and zero monthly maintenance fees. This account has high outgoing wire fees, and you’re stuck waiting until the end of the month for the dividend to roll in. The credit union doesn’t have physical locations, limiting access to online only.

Why we chose it: Alliant helps keep fees down and customer service high as a non-profit credit union.

Good customer service team is always available
No monthly fees
No minimum balance requirements

High outgoing wire fees
Lower APY
Limited accessibility

Fees

You won’t worry much about fees with Alliant, as the credit union doesn’t charge a monthly rate for keeping your account. It waives overdraft fees, in-network ATM transactions, and even your first box of checks. Fees show up with outgoing domestic wires ($25) or international ones ($50) and are sprinkled throughout for things like inactivity and collections. Fees appear more frequently than with Ally and Axos’ top accounts.

Minimum Balance

Alliant users don’t have to worry about keeping a minimum balance. There’s never any fear of a monthly fee or the credit union closing your account if you don’t meet a certain threshold.

APY

Alliant’s APY is a respectable 0.25%, still nearly ten times the industry standard for checking accounts. This is a blessing when Chase’s Total Checking doesn’t offer a thing.

Other Available Accounts

Even as a credit union, Alliant offers many of the same account options as the big banks. Customers can pick up savings or investment accounts and CDs with High-rate Checking. Other options include loans and mortgages.

ATM Network

Alliant has over 80,000 ATMs in its extensive network across the country, much higher than Ally’s 46,000. Users shouldn’t have to look far to locate one that won’t charge to withdraw from.

Chase Total Checking: Most Accessible Bank Account for Couples

4.2

★★★★★

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Chase Bank is one of the most popular in the country, with over 4,700 locations and an incredible online banking center. While it has thousands of ATMs in its network, the number pales in comparison to other banks out there. The Total Checking account can charge a $12 monthly fee and doesn’t offer any interest, but does have accounts for kids as young as 6 to get them started saving right.

Why we chose it: Chase’s Total Checking account is easy to access from anywhere, with thousands of locations and a top-notch online platform.

Over 4,700 branch locations
Stellar mobile banking services
Has accounts for kids

$12 monthly fee
No APY
Fewer ATM locations

Fees

For those unprepared, Chase’s Total Checking account does have a $12 monthly fee. This is steep compared to the likes of Ally and Axos that don’t charge a thing. However, it’s not too hard to get around this fee if you meet one of the following requirements:

Monthly deposits totaling $500 or more
A balance of $1,500 or more each day of the month

Alongside the monthly fee, you’ll be charged $34 any time you overdraft your account. Wire transfers can cost up to $50 per transaction, whether incoming or outgoing.

Minimum Balance

Chase Total Checking does not require a minimum balance to keep your account open. If you want to avoid monthly fees, you’ll want to keep at least $1,500 in there at all times.

APY

Unfortunately, Chase’s Total Checking does not offer any APY for members, a sharp contract to Axos’ 1.25%. As a result, it’s best to pair the benefits of this checking account with one of Chase’s many savings options.

Other Available Accounts

Chase lives up to its reputation as a large bank with several checking, savings, and investment account options. It’s also possible to snag a CD or look into loans and home equity plans.

ATM Network

Chase keeps its ATM network close to its chest and only lets customers use Chase-branded ATMs for free. Fees at non-Chase ATMs can reach $2.50 or $5.00 per transaction. With only 16,000 machines to choose from, Chase pales in comparison to Alliant and Presidential.

LendingClub Rewards Checking: Best Bank Account for Couples Wanting Cash Back

4.1

★★★★★

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LendingClub understands there’s nothing like earning money for buying what you already need. The platform offers 1% cash back on all purchases with its debit card but does require members to meet specific requirements. Its checking account does not charge monthly fees and will reimburse you for ATM use anywhere in the world. The interest rate is a little low, and there are limited options for other accounts should you wish to diversify your money.

Why we chose it: LendingClub’s Rewards Checking gifts members with interest and cash back on purchases made with its debit card.

1% cash back on debit card purchases without limit
Worldwide ATM rebates
No monthly fees

Limited account offerings
Low interest rate
High requirements for cash back

Fees

Customers don’t have to worry about monthly fees with LendingClub, no matter what that account balance may be. As with most checking accounts, wire transfer fees can get out of hand if not careful.

Minimum Balance

Like Ally and Axos, LendingClub doesn’t require a monthly balance to maintain an account. There’s no minimum needed to avoid fees, either.

APY

LendingClub’s APY starts at 0.10% if you have at least $2,500 in your account. If you exceed $100,000, the rate jumps to 0.15%. While lower than Ally and Axos, even 0.10% is significantly higher than the industry standard.

Other Available Accounts

Unlike Ally and Axos, LendingClub doesn’t offer a wide range of bank accounts. Fortunately, members aren’t completely without options. It’s also possible to set up a personal loan or a mortgage for those big purchases.

ATM Network

Although LendingClub doesn’t have its own ATM network, it allows members to make use of ATMs around the globe for free. It will pay back any fees domestic or foreign ATMs may charge.

Discover Cashback Debit: Best Bank Account for Couples Wishing to Avoid Fees

4.0

★★★★★

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While most bank accounts limit fees, Discover’s Cashback Debit goes way beyond the norm. You won’t even receive charges for things like debit card replacement or reordering checks. Early direct deposit allows you to pocket extra income before heading out the door for a weekend getaway. While the account does offer cash back, it caps at $3,000 per month and doesn’t pay out any interest.

Why we chose it: Discover eliminates fees from all but outgoing wire transfers while offering cash back and early direct deposit.

Minimal fees
Early direct deposit
No minimum balance

Cashback caps at $3,000 per month
No APY
Online access only

Fees

Discover puts its foot down on fees, charging nothing for things like check reordering that even Ally has a price for. Other than out-of-network ATMs, the only fee you’ll see from Discover’s Cashback Debit is on outgoing wire transfers. A $30 flat rate for wires is significantly less than Chase or Alliant’s $50 international outgoing transfers.

Minimum Balance

There are no minimum balance requirements for a Discover Cashback Debit account. You won’t receive a charge even if your funds fall critically low.

APY

Unlike Ally’s 0.10% to 0.25%, Cashback Debit doesn’t have any APY. You may wish to drop extra funds in an interest-bearing savings account instead.

Other Available Accounts

Discover has a handful of savings, money market, and CD accounts that can generate interest on your hard-earned money. If you’re thinking long-term, there are also options for retirement investing available.

ATM Network

You can make use of over 60,000 ATMs around the country completely free of charge. While Discover won’t change for using them, some out-of-network ATMs may come with a fee. Here, Discover doesn’t stand too far off from Presidential’s 88,000 in-network.

Presidential Bank Advantage Checking: Best Bank Account for Couples Wanting High Interest

4.0

★★★★★

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Presidential Bank’s Advance checking can reach heights of 2.23% interest on a checking account as long as your balance remains between $500 and $25,000. Freedom from monthly fees and 88,000 ATM locations help you better control your money. You will need to keep a minimum account balance to meet interest rate requirements and avoid monthly payments. If you write paper checks, Presidential Bank will charge you for using more than three in a given month.

Why we chose it: Presidential Bank’s Advance Checking offers one of the highest interest rates out there while avoiding most banking fees.

Insanely high interest rate
Over 88,000 ATM locations
No monthly fees

Account has a minimum balance requirement
Must meet prerequisites to earn a high interest rate
Only three free paper checks per month

Fees

Fees are few and far between for the Advance Checking account as long as you’re careful. You need to maintain at least a $500 balance to avoid a $5 monthly fee, and you’ll also receive charges for overdrafts or if you send outgoing wires.

Minimum Balance

Advance Checking has a $500 initial deposit requirement, contrary to Ally not requiring a thing, and members will want to remain above that line to do away with a monthly fee. It’s worth noting that any funds exceeding $25,000 won’t earn the high interest rate.

APY

APY rates change depending on the funds in your account. Even if you can’t maintain a $500 balance, you’ll still receive 0.10% interest each month. Users between $500 and $25,000 have found the sweet spot, earning 2.23% interest on that full amount. Compare this to Axos bank, capping out at 1.25% if you’re able to meet all its requirements.

Any funds in excess of $25,000 still generate interest, but at 0.75% instead. Even this rate crushes the industry standard of 0.03%!

Other Available Accounts

Should you need to look beyond checking accounts, you won’t find a whole lot here. Presidential Bank does have savings accounts and CDs with varying interest rates among them. It’s also possible to obtain a mortgage or line of credit.

ATM Network

Presidential Bank sees over 88,000 ATMs dotted throughout the countryside. You can use any one of these ATMs completely fee-free. Other ATMs may have a surcharge for use with a Presidential Bank card. Next to Ally or Chase, Presidential takes the cake with ATM options.

Methodology for the Best Bank Account for Couples

Several factors go into making bank accounts stand out. We considered each of the following when building our list of the best bank accounts for couples.

Minimum Requirements: A good bank account for couples needs to be easy to open. The best bank accounts should not have high initial deposits or unrealistic balance requirements that make them difficult to use.
Fees: The bane of every bank account, fees seem counterintuitive when financial establishments should help funds grow. While some accounts nickel and dime you, the best ones avoid monthly fees and charges that chip away at hard-earned cash.
Interest Rate: Interest rates make banks more appealing than burying your paycheck in the backyard. Although some institutions offer high rates, it’s important to understand all the hoops you must travel through to unlock them.
Account Types: Banks and credit unions don’t stop at a solitary account, and you may not want to either. Having plenty of account options for your money allows for diversity and additional perks along the way.
ATM Network: If your money’s sitting in a bank, chances are you want to access it from time to time. ATMs provide a shortcut to pulling out much-needed cash, as long as there are enough of them. The best bank accounts for couples have tens of thousands of ATMs littered across the country, if not the world.
Accessibility: Alongside ATMs, members need regular access to account information to transfer funds and make changes. If a bank doesn’t have a lot of physical locations, it should at least have an intuitive website you can visit from anywhere.
Other Rewards: Be on the lookout for bonuses that make an account even more appealing, such as overdraft forgiveness or ATM reimbursement. Some even go so far as to offer cash back or regular dividends.

Frequently Asked Questions (FAQs) for Best Bank Account for Couples

Finding the right bank for you and your spouse can be a complicated process. The answers to these frequently asked questions should help point you in the right direction.

Can an Unmarried Couple Open a Bank Account Together?

Yes, an unmarried couple can open a bank account together. Banks may require the couple to live together for a certain amount of time before signing papers. Do consider the ramifications of opening an account if the relationship does not work out.

Does a Joint Account Affect Credit Score?

Joint account balances do not appear on a credit report and cannot directly affect your score. However, missed payments from a lack of money in a bank account can have a negative impact.

Who Inherits a Joint Bank Account?

In the event of the death of a spouse, the other member of the joint bank account immediately assumes all the funds. The account does not get frozen, and there is no delay in being able to access funds.

What Do I Need to Open a Joint Bank Account?

Opening a joint bank account is as simple as having identification and some personal information. Most banks will ask for a photo ID, current address, social security number, and date of birth. Both account owners will need to be present to set up the account.

Bottom Line on Best Bank Account for Couples

Joint bank accounts are an excellent way for spouses to share money, goals, and dreams. It allows families to keep all expenses together and keep better tabs on earnings. The best bank accounts for couples do the above with minimal fees and perks to make couples’ lives even easier.

Best Business Bank Accounts by State

Below you will find an interactive U.S map that can help you locate and compare different banks and financial institutions that offer business accounts in your area.

July 4, 2022November 23, 2022

What is an NFT? The Ultimate Guide to NFTs

NFTs are taking the digital world by storm and appear to be growing in popularity with each passing day. What’s more, savvy investors are taking advantage and bringing in some serious profits. What is an NFT, and what makes them so special? This ultimate guide answers all your questions and more.

What is an NFT?

NFT stands for non-fungible token, a digital asset created by blockchain technology. Being digital, there’s no way to acquire this token in physical form. Each NFT is unique, with a specific blockchain address.

Because NFTs are non-fungible, they can’t be replaced by the same item if lost, traded, or sold. These non-interchangeable digital items are original creations, similar to an old masterpiece painted by one of the great artists of the time.

Digital tokens share the same realm as cryptocurrency, but each digital coin of the same type is no different from the next. Since NFTs are one of a kind, they introduce scarcity and offer a variety of uses.

How Did NFTs Come to Be?

An unknown person or group using the name Satoshi Nakamoto began minting cryptocurrency using blockchain back in 2008, calling the coins Bitcoin. The digital currency became open source in 2009 and increased drastically in value from there. Today, there are thousands of cryptocurrencies available for purchase.

NFTs came out of a desire for “colored coins.” These coins would be a way to mark items on the blockchain for a specific purpose, such as ownership of a real-world asset. Each coin would have to have a marker or image to make them stand out as unique.

It wasn’t until 2014 that digital artist Kevin McCoy created the first NFT, called Quantum. The token looks like an octagon that pulses through a series of colors. It sold in June 2021 for over $1.47 million.

The launch of the Ethereum blockchain in 2015 made it easier than ever before to create NFTs. New blockchains put their hats into the ring, generating NFTs of their own and adding to the popularity. With the announcement of the metaverse in 2021, many people believe NFTs will be essential for future digital ownership.

How Do NFTs Work?

In a sense, NFTs have many similarities to a physical collector’s item. Individuals can buy, sell, or trade tokens, and each one varies in value depending on its perceived worth.

Most of these tokens reside on Ethereum’s blockchain, which keeps a careful record of each transaction. As an artist creates a new NFT, it is immediately timestamped and forever recorded into the blockchain’s ledger. Anyone can look up an NFT’s authenticity at any time.

What Types of NFTs Are There?

NFTs can appear in many different forms, as the definition of these tokens is still somewhat unclear. Here are some of the most common types of NFTs currently appearing in the blockchain.

Digital Drawings

By far the most common type of NFT, digital drawings offer artists a chance to showcase and sell their designs online. The most expensive NFT sale to date was a piece of digital art called “The Merge,” selling for over $91 million. With asset tracking capability, artists can even attach ownership of real-world creations to NFTs. Thanks to this income potential, a digital drawing is currently the best NFT to buy.

Sports Collectables

Some NFT companies rally around sports figures, capturing amazing stills or incredible moments in sports history. Through NFTs, it could be possible to own an iconic grand slam or hole in one shot from 200 feet away. Organizations are even looking to treat NFTs like unique sports cards that no one else can have.

Memes/Tweets

Memes paint the social media landscape and are now making appearances in NFTs. Subjects of these images can sell them on the blockchain, and some have reached prices in excess of $500,000. Similarly, it’s possible to buy single tweets for laughs or if a particular message has special meaning.

In-Game Items

NFTs can also appear as in-game items to help players set themselves apart. Through the use of these digital tokens, players can pick up a unique outfit or character that only they will own. If a gamer grows tired of a certain item, they can sell the NFT and move on to something new.

Games like Cryptokitties revolve around NFTs. Each character in the game is exclusive and belongs solely to the player purchasing it.

Music

Music is another area rising in popularity with NFTs. Musicians can record snippets onto an NFT and sell it for a profit. This allows fans of a particular genre or artist to own a piece of the space that no one else can listen to.

Who Can Create NFTs?

Anyone with the proper tools can mint a token of their own to sell with the right NFT ideas. You’ll need a digital asset that you’ve created or have sole ownership of to do so. Anything you can’t lay claim to can land you in hot water when you go to sell. This digital asset should be something people will want to buy.

With that asset in mind, you’ll need to decide which blockchain to sell it on. Ethereum is the most popular, but other blockchains are growing in stature.

You’ll need a digital wallet to hold the cryptocurrency to fund your NFT creation. Of course, you’ll also have to buy some cryptocurrency to fill the wallet or connect it with coins you already have.

NFT Marketplaces will take your design and mint it into an actual NFT for sale. These platforms charge in cryptocurrency and vary in pricing and application. Marketplaces can specialize in types of NFTs, such as sports or digital art.

How Much Does It Cost to Mint an NFT?

Minting an NFT can cost almost nothing to upwards of $1,000 to create. There may be fees associated with owning a crypto wallet, and NFT marketplaces will likely charge for using their services. Each wallet and marketplace has different rates, and the speed you choose to have something minted has an effect on cost as well.

Going the slow route, sometimes referred to as “lazy minting,” gives a marketplace permission to create your NFT as it has time. The cost will be low, but you may wait a long time before receiving your token. On the flip side, you’ll pay a pretty crypto coin to have an NFT minted quickly.

How Can I Acquire an NFT?

Purchasing an NFT is as easy as having crypto and knowing where to look. The NFT marketplaces mentioned earlier are the most popular locations for picking up digital assets to start or add to your collection. OpenSea is currently the largest and most successful, with over 80 million tokens to choose from.

Certain websites can help you zero in on a particular type of NFT you’re in the market for. Funko extended its line of products to the NFT space, offering collectors the chance to pick up unique items instead of mass-produced copies. Since everything passes through the blockchain, you can rest assured that all transactions are legitimate and protected.

How Do You Sell or Trade NFTs?

When looking at how to flip NFTs, you need not go any further than an NFT marketplace. With several markets to choose from, it’s imperative to lock down whichever one best fits the NFT you want to sell or trade. You’ll want to spend time researching similar NFTs to determine a reasonable listing price.

Shoppers with similar interests will then come across your NFT on the marketplace and throw out a bid. Depending on your listing, you may receive a trade request for another NFT or an amount based on what the buyer thinks the NFT is worth. It’s up to you as the seller to accept, negotiate, or decline the offer.

Why Should Anyone Invest in an NFT?

Investing in NFTs can serve a few purposes. With any investment, it’s essential to do the research required to make an accurate assessment.

For Collecting

Most people have hobbies that involve collecting physical or digital objects, and NFTs are one more way to scratch that itch. Because NFTs offer a special timestamped one-of-a-kind item, they may appeal even more to collectors who want to stand out.

Making Money

Like any investment, the hope is that an asset will rise in value as time goes on. The very first NFT recently sold for over $1.47 million, and others have been purchased for way more. The right investment can reach incredible heights quickly, giving sellers access to the potential for huge gains.

Being linked to a blockchain also means there’s no risk involved when making a purchase. This isn’t some seedy black market dealing we’re talking about here. NFT transactions leave a very clear history on the blockchain they are associated with, so there’s never any guesswork about a purchase.

Market Predictions for NFTs

Sales and investments in 2021 split the NFT scene wide open, with a huge increase in the number of sales and overall players involved. As the concept becomes more mainstream, more companies recognize the benefits of owning and selling NFTs on the marketplace.

Sales are already catching up with 2021’s numbers, with 2023 looking to see double the amount of money from NFT purchases. Analysts are worried that NFT sales are slowing as 2022 moves on, leading to concerns of a plateau somewhere down the road.

Those looking to NFTs as the next big thing anticipate more new NFT companies than ever before making an appearance, and existing enterprises continuing to follow suit. As these digital tokens are not yet mainstream, only time will tell which direction they go.

Protecting Your NFTs

NFTs can be worth a lot of money, and it’s important to protect these assets. Consider the following to help ensure your investments don’t end up in the wrong hands.

Keep Your Digital Wallet Safe

Digital wallets are great places to store NFTs and cryptocurrency, but it’s unwise to leave that wallet around for anyone to find. In theory, anyone can access a wallet as long as it’s connected to the internet. The best NFT wallets have the means to keep your information safe.

A wallet should come with a seed phrase, similar to a password, that you need to access the contents within. Don’t store your seed anywhere attackers could ever access. Instead, leave it completely offline on a physical piece of paper. No one should ever ask you for this phrase, nor should you ever provide it to anyone.

If in doubt about your ability to keep an online wallet secure, consider using a hardware wallet that’s completely off the grid. Only you with this device can access your account through a sign-in process before you can buy or sell. If you lose your hardware wallet, no one will be able to access your information without your login information.

Watch out for Scammers

Scammers may attempt to create cheap knock-offs of original NFT art with minor modifications, as seen in many real-life scenarios. NFT marketplaces authenticate and verify all details of an NFT, including where they come from.

If you’re selling NFTs, be sure to check offers before agreeing to them. It’s not uncommon for individuals to lay down a bid in U.S. dollars instead of Ethereum in hopes of snagging an NFT for cheap.

Avoid Sketchy Information

If you’re around the NFT marketplace long enough, you’ll start receiving information about “secret deals” that you can’t find anywhere else. It’s best to disable private messages on Twitter or Discord to remove the temptation entirely.

Be wary about clicking on any email regarding NFTs, even if it appears to be from your NFT marketplace. Verify the sender before you open something that could send personal data straight to a hacker.

Pros and Cons of NFTs

NFTs have a lot of potential but also come with a list of concerns. Check out the pros and cons of dealing with non-fungible tokens.

Pros

Ownership: NFTs are unique and afford digital ownership to a single individual. The blockchain it’s listed on keeps careful track of each asset and ensures no one can alter or remove it.
Investment Gains: As an investment, NFTs offer the potential to generate profit through sale and trade. As each NFT is unique, there’s added scarcity and the potential for desire.
Sales Income: For those with the means to do so, NFTs can be a place for artists to maximize profits on songs or artwork. Using NFTs allows artists to remove barriers and sell content with fewer fees.

Cons

Volatility: NFTs aren’t an exact science and are subject to volatility. An NFT worth a certain amount one day can be worthless the next.
Cyberattack: Anything on the internet becomes subject to the realm of hacking. It can be challenging to protect investments from these outside threats.
Rights Access: By purchasing an NFT, you gain access to the original of that object. However, it doesn’t give you the rights to memes or pictures already floating around the web.

Frequently Asked Questions (FAQs) for What is an NFT

With NFTs being so new, there are many unknowns swirling around about them. Below you’ll find answers to some of the most commonly asked questions about these unique tokens.

How Do I Know Which NFT to Buy?

It requires careful research to find the best NFTs to collect or invest in for profit. Before making any purchase, verify the seller and identify signs showing the NFT will likely grow in price over time.

What is an Example of an NFT?

NFTs can range from digital art to in-game items. These tokens can also represent ownership of domain names or tickets to a seat at a specific event.

Is Ethereum an NFT?

No, Ethereum is a blockchain that mints NFTs for purchase and sale.

How Can I Get an NFT for Free?

Certain online games feature NFTs available for purchase within. At times, developers will introduce ways to get NFTs for free by following various steps or completing certain quests

What is an NFT? Final Thoughts

NFTs are a lucrative means of offering unique digital content to collectors and investors alike. Since no two are the same, demand can cause massive fluctuations in price for any sought-after item. Because of this one-of-a-kind design, NFTs can also be used to represent ownership of physical assets or intellectual property.

The desire for NFTs only really took off in the second half of 2021, so much is still to be seen about where these tokens go. If they follow the path of certain cryptocurrencies before them, the sky’s the limit of what NFTs are capable of.

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How to Create NFT & NFT Ideas to Create Your Own NFT

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Step 1: Choose the NFT Content

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Enjin: Best Overall

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AlphaWallet: Best for NFT Transactions