Category: Finance

MoneyMutual serves as an online marketplace for personal loans. This lending service has an excellent track record of assisting people with low credit scores and helping them get the money they need. Trusted by over 2,000,000 customers, you can take out a cash advance or personal loan with MoneyMutual.

Application Process: 4.5/5

MoneyMutual makes it quick and easy to apply for a loan. The minimal application form takes a few minutes to complete, and you must provide your Social Security number, driver’s license ID, and bank account routing number.

Loan Amount Limits: 4.5/5

MoneyMutual’s loan amount limits range from $100 to $5,000. Since MoneyMutual is a loan marketplace, it offers a wide variety of lending options. Therefore, each lender has its own minimum loan amount and terms.

Rates and Fees: 4/5

As a lending marketplace, MoneyMutual does not charge extra fees to apply for or receive a loan. Nonetheless, the lenders in the network may charge late payments, origination, or other fees. For this reason, it’s important to read the loan’s terms before applying.

Turnaround Time: 5/5

MoneyMutual is the best bad credit loan because it offers instant approval. This is because MoneyMutual can match you with a potential lender in less than two minutes. Furthermore, the loan can be sent to your bank account within 24 hours, depending on which offer you agree to.

Repayment Terms: 4.5/5

Your specific repayment terms depend on which lender MoneyMutual matches you with. However, you can expect repayment terms anywhere from 3 to 60 months. This gives you a lot of time to repay your loan without too much financial burden.

Customer Support: 5/5

You can contact MoneyMutual via email at customerservice@moneymutual.com. If you need to speak with an agent immediately, give them a call at (844) 276-2063.

More than 10 years of experience
Loans up to $5,000
Quick application process

Unavailable in IL, CT, and NY

CashUSA – Best for Fast Cash

4.67

★★★★★

If you’re in a pinch and need money quickly, you may be desperate enough to take on a funding source with high interest rates and fees. However, you don’t need to turn to these riskier funding sources and rack up more debt.

This is because CashUSA offers the fastest online application for personal loans for bad credit. With CashUSA’s wide network of lenders, you can be approved for a loan immediately. As one of the most reputable online lending platforms, CashUSA is an excellent choice for individuals with poor credit scores.

Application Process: 5/5

CashUSA offers a speedy application process that’s simple to fill out. Once you fill out the online form and explain how much money you want to borrow, CashUSA performs a soft credit check before matching you with a lender. However, since it’s a soft credit check, individuals with low credit scores don’t need to worry about getting denied.

Loan Amount Limits: 4.5/5

CashUSA has a minimum loan amount of $500. Furthermore, the maximum amount you can borrow from a CashUSA lender is $10,000. The amount you can borrow depends on your credit report. Also, the lowest credit score you can have to secure a loan is 579.

Rates and Fees: 4.5/5

Since you likely have a bad credit score, your interest rate on your loan may go up to 35.99%. On the other hand, the lowest interest rate CashUSA offers is 5.99%. It depends on your credit score and how much money you want to borrow.

Turnaround Time: 5/5

As the best bad credit loan for fast cash, CashUSA has an outstanding turnaround time. The application process takes less than five minutes, and the approval will come in soon after that. Furthermore, if approved for the loan, you can expect CashUSA to send the amount to your bank account within one business day.

Repayment Terms: 4.5/5

CashUSA’s network of lenders has repayment terms from 90 days to 72 months.

Customer Support: 4.5/5

If you need help, you can email CashUSA at support@cashusa.com. Furthermore, you can call them directly at (866) 973-6587.

Can borrow up to $10,000
Origination fee-free
Receive money the next day

Not a direct lender
Relatively high APR

BadCreditLoans – Best for Exceptionally Low Credit Scores

4.5

★★★★★

BadCreditLoans features one of the most extensive lending networks in the United States. Founded in 1998, BadCreditLoans provides loans up to $10,000 without any application fees.

In addition to personal loans, BadCreditLoans also offers installment loans such as auto loans, emergency loans, home loans, small business loans, mortgage loans, and debt consolidation loans.

Application Process: 4.5/5

Similar to the previous two options, BadCreditLoans features a quick application form that takes around five minutes to complete. You must provide your driver’s license and bank account deposit information.

Loan Amount Limits: 4.5/5

The lenders at BadCreditLoans offer loan amounts of $500 to $10,000. Best of all, you can apply for a loan with BadCreditLoans even if your credit score is 500 or lower. Therefore, BadCreditLoans is one of the best lenders for individuals with drastically low credit scores.

Rates and Fees: 4.5/5

BadCreditLoan’s lenders have similar interest rates to CashUSA, ranging from 5.99% to 35.99%. It’s impressive how BadCreditLoan offers competitive interest rates even with the low minimum credit requirement. However, you are subject to a higher APR if your credit score is less than 570.

Turnaround Time: 5/5

Once you fill out the online form, you must wait for one to two minutes for BadCreditLoans to match you with a list of potential lenders. You can then choose the loan with terms that work best for your specific situation. After you accept the loan, the money is sent to your bank account within a single business day.

Repayment Terms: 4/5

Loans from BadCreditLoans lenders carry repayment terms of 90 days to 72 months.

Customer Support: 4.5/5

You can submit a message through the contact form on the website. However, you can also contact BadCreditLoans through email at support@badcreditloans.com. For emergencies, you can call the hotline at 1-(800) 245-5626.

Easy to find lenders
Free service
Can borrow up to $10,000

Borrowers with extremely poor credit receive lower loan amounts
No BBB Accreditation

PersonalLoans – Best for Fast Installment Loans

4.58

★★★★★

Providing loans for nearly two decades, PersonalLoans is one of the most reputable online lending solutions available. This lending platform doesn’t require a minimum credit score to get approved for a loan, making it an excellent option for fast installment loans.

Application Process: 5/5

PersonalLoans carries a simple application process that takes around five minutes to complete. Make sure to have your bank account information ready, so the lender knows where to deposit your loan.

Loan Amount Limits: 4/5

Uniquely, the minimum loan amount you can receive from PersonalLoans is $1,000. This is a higher minimum loan amount limit than the previous options on today’s list. Furthermore, since BadCreditLoans doesn’t require a minimum credit score, you will receive higher rates if your credit score is under 570.

Rates and Fees: 4.5/5

There are no application or finder fees at PersonalLoans. Furthermore, the offered APR varies from 5.99% to 35.99%, depending on your credit score.

Turnaround Time: 5/5

PersonalLoans matches you with potential lenders one to two minutes after you submit the online form. After you agree to the loan and sign your e-signature, the loan amount is electronically deposited into your bank account within the next business day.

Repayment Terms: 4.5/5

Repayment terms range from 3 to 72 months at PersonalLoans.

Customer Support: 4.5/5

You can reach PersonalLoans via email at support@personalloans.com. Furthermore, you can speak with a customer service agent by calling 1-(800) 772-2274. These reps are available Monday through Friday from 6 a.m. to 7 p.m. Pacific time.

Rapid application process
No upfront or origination fees
Secured and unsecured loans up to $35,000

No BBB accreditation
Unavailable in a few states

Funds Joy Loans – Best for Quick Loans

3.75

★★★★★

Funds Joy Loans is growing as one of the top direct lenders in the market for fast cash. This lending platform offers instant loans to individuals with poor credit scores. Best of all, Funds Joy Loans provides same-day loans with a quick application process.

Application Process: 4.5/5

Funds Joy Loans has an easy application process that takes just a few minutes to complete. You must also provide your driver’s license or state ID and checking account deposit information.

Loan Amount Limits: 3.5/5

You can quickly qualify for a loan of at least $200 at Funds Joy Loans. In addition, the maximum amount you can receive from Funds Joy Loans is $2,500.

Rates and Fees: 3/5

The interest rates Funds Joy Loans lenders offer range from 4.99% to 450%. In addition, there are several lenders that also offer cash advance loans with interest rates ranging from 200% to 1386%.

Turnaround Time: 4.5/5

Although the application process takes less than five minutes, it may take up to 10 minutes for Funds Joy Loans to match you with potential lenders.

Repayment Terms: 4/5

Funds Joy Loans offers flexible repayment terms for up to 72 months, giving you time to get your finances back on track.

Customer Support: 3/5

The only way to get in touch with Funds Joy Loans is by sending them a message through the website’s contact page.

Can borrow unsecured personal loans up to $2,500
Easy application process
No additional fees

Potentially high APR
Relatively low minimum loan amounts

Credible – Best for High Loan Amounts

4.48

★★★★★

Credible is an excellent option if you want to rebuild your credit score. With a soft credit check, Credible offers loans to individuals with poor credit scores. In addition, this reputable lending platform carries top-notch lenders, such as Sallie Mae and Rocket Mortgage. Therefore, you can find a trustworthy lender with agreeable terms quickly.

Application Process: 4.5/5

Credible’s online application takes less than five minutes to finish. You should prepare your Social Security number and driver’s license to help verify your identity.

Furthermore, you must create a Credible account to keep track of your loan application status and debt balances.

Loan Amount Limits: 5/5

Credible offers personal loans ranging from $600 to $100,000. However, you must have a credit score of at least 600 for guaranteed approval on your loan request. Although you can still apply for a loan with a credit score lower than 600, Credible may ask you to add a co-signer to improve your chances of approval.

Rates and Fees: 4.5/5

Credible is an online lending platform with many lenders. These lenders offer interest rates from 3.99% to 35.99%. Therefore, credible features some of the lowest interest rates you can receive with a bad credit score.

Furthermore, even though it’s free to use Credible’s lending platform, make sure to read the fine print of your loan terms to see if the lender charges any additional fees.

Turnaround Time: 4/5

You will receive a list of potential lenders within a few minutes after you submit your online application at Credible. However, you may need to wait longer if you have an extremely poor credit score. Adding a co-signer improves your odds of finding a lender, and your application is valid for two weeks after you add the co-signer.

Repayment Terms: 4/5

Credible offers kindly repayment terms from 12 to 84 months. This gives you enough time to get out of debt and start anew without the strain of high monthly payments.

Customer Support: 4.9/5

You can contact Credible via email at support@credible.com. Furthermore, you can call a customer service rep at (866) 540-6005.

Can have cosigners
Multiple loan options
Potentially low APR
Can borrow personal loans up to $100,000

Must have a 600 credit score or more for guaranteed approval

LendingTree – Best for Reputable Loan Marketplace

4.58

★★★★★

As one of the best bad credit loans with instant approval, LendingTree has a long and reputable history of helping people just like you. Created in 1996, LendingTree has been servicing individuals with poor credit for over 25 years. This lending platform offers a wide range of financial products, including business loans, personal loans, and debt consolidation.

LendingTree also provides a mobile app you can use to check your credit score report. Therefore, LendingTree is an excellent option for those searching for a way to build their credit scores.

Application Process: 5/5

LendingTree has a simple application process that takes less than five minutes to submit. In addition, you have the option to add a co-signer if you have a low credit score and want to improve your chances of getting matched with the best lenders on the platform.

Loan Amount Limits: 4.5/5

The minimum unsecured personal loan amount is $1,000 at LendingTree. Alternatively, the maximum amount you can receive is $50,000. We only recommend applying for $50,000 if you have a relatively high credit score or have a co-signer on the loan.

A suitable credit score for guaranteed approval at LendingTree is 670. However, LendingTree is still willing to assist you if you have a lower credit score and will match you with appropriate lenders.

Rates and Fees: 4/5

Since LendingTree offers an extensive range of financial services, it charges origination fees of 3% to 6%. However, the APR varies from 7.04% to 35.89%, depending on the lender and your credit score.

Turnaround Time: 5/5

Just like most of the best bad credit loans on today’s list, LendingTree matches you with a list of potential lenders in one to two minutes. Make sure to closely inspect the terms on each loan and compare the options before making a decision.

Repayment Terms: 4/5

The repayment terms for a LendingTree loan vary depending on which lender your choose. However, the repayment terms can range from 24 to 144 months, so we recommend comparing offers before making a decision.

Customer Support: 5/5

You can send LendingTree a message on the website’s contact page. However, you can also reach them by telephone at 1-(800) 813-4620. The website’s contact page lists LendingTree’s operating hours.

Multiple loan options
Can borrow up to $1,000
Option to add co-borrowers
Mobile app availability

3% minimum origination fee

AmOne – Best for Fast Loan Applications

4.42

★★★★★

AmOne is an industry leader when it comes to personal loans for bad credit. Founded in 1999, AmOne offers personal loans and other installment loans such as bad credit business loans. AmOne has assisted over 13 million individuals in finding the right loans for their needs. As such, this is one of the most reputable and trusted online lending platforms for bad credit scores.

Application Process: 4.5/5

It takes less than five minutes to finish and submit your AmOne loan application. You will be asked to provide your Social Security number and address, so ensure this information is readily available.

Loan Amount Limits: 4.5/5

AmOne’s loan amounts range from $1,000 to $50,000. However, AmOne gives higher loan amounts to people with higher credit scores. Nonetheless, it’s worth submitting an application because it won’t affect your credit. This is because AmOne conducts a soft credit inquiry.

Rates and Fees: 4/5

AmOne features an extensive network of lenders with competitive interest rates fluctuating from 4.99% to 35.99%. Also, there are no upfront costs or origination fees at AmOne.

Turnaround Time: 5/5

This lending platform offers incredibly fast turnaround times. Once you submit your application, AmOne provides a list of loan offers in less than three minutes. Then, after you agree to a specific loan, you can expect the money to hit your bank account within one business day.

Repayment Terms: 4/5

AmOne offers loan repayment terms between 24 to 84 months.

Customer Support: 4.5/5

You have the option of sending a message to an AmOne support agent directly on the website’s Contact page. In addition, you can call a loan representative at 1-(800) 781-5187. These experts are available to speak on Mondays to Fridays between 9 a.m. and 9 p.m. Eastern time. They are also available on Saturdays from 9 a.m. to 5:30 p.m. Eastern time.

Can borrow up to $50,000
BBB accreditation
Extensive network of personal loan lenders

Customer complaints about needless phone calls

Avant – Best for Debt Consolidation

4.37

★★★★★

Avant is an outstanding choice for individuals with less-than-amazing credit. This is because you can qualify for a personal loan with a credit score as low as 580. In addition, you can use your Avant loan for many purposes, such as consolidating existing debt into a single payment or paying for unexpected expenses.

In addition to personal loans, Avant offers an Avant MasterCard you can use for credit cash advances. This card carries a limit of $300 to $3,000. Avant also has a mobile app that helps you organize your existing debt.

Application Process: 4.5/5

You can finish your Avant loan online application in less than six minutes. However, make sure to have your Social Security number ready, as well as other personal information such as your email address, full name, home address, and phone number. Overall, the application is straightforward and quick.

Loan Amount Limits: 4.5/5

The lenders in the Avant network offer loans ranging from $2,000 to $35,000. However, the loan amount Avant approves you for depends on your credit score. Since Avant doesn’t conduct a hard credit inquiry, submitting an application won’t affect your credit score.

Rates and Fees: 4.2/5

Avant charges an administration fee of up to 4.75% on your loan amounts. Furthermore, you can expect an APR on your loan ranging from 9.95% to 35.99%. Although the minimum APR is higher than other bad credit loans, Avant makes up for it by providing you with flexible repayment terms.

Turnaround Time: 4/5

On the lengthier side of waiting times, Avant provides a list of loan offers in up to 10 minutes. In addition, Avant sends an email of the potential lenders it has based on your credit score. Therefore, entering your correct personal information is crucial for your application to go through.

Repayment Terms: 4/5

Avant provides flexible repayment terms from 24 to 60 months.

Customer Support: 5/5

Avant offers the best customer support out of all the options on our list of the best bad credit loans with instant approval. This is because Avant carries a live chat option inside its mobile app.

However, you can also send an email to support@avant.com or call a customer support agent at (800) 712-5407. The live chat staff and phone reps are available from Mondays to Fridays from 7 a.m. to 10 p.m. and on weekends from 7 a.m. to 8 p.m. Central time.

Lines of credit
Can borrow up to $35,000
Relatively low APR

May charge origination fees
Income documentation may be required

Citrus-Loans – Best for Emergency Loans

4.05

★★★★★

October 17, 2022February 15, 2023

Citrus Loans is our recommended lender when you’re in a stressful financial situation and need an emergency loan. This lending platform matches borrowers with low credit scores with potential lenders in just a few minutes. Furthermore, Citrus Loans is an excellent option for cash advance loans.

Application Process: 4.5/5

The Citrus Loans online application takes less than five minutes to complete. Inside the online form, Citrus Loans asks you for your Social Security number, driver’s license number, and your bank account number. Also, you must be 18 years or older to qualify for a loan.

Loan Amount Limits: 3.5/5

We only recommend Citrus Loans for short-term loans and emergency situations. This is because you can borrow a minimum amount of $100 and a maximum of $2,500. Furthermore, you can apply for a Citrus Loans loan with a sub-600 credit score.

Rates and Fees: 3.4/5

Since Citrus Loans carries payday loans, you can expect above-average interest rates. As such, the APR offered by Citrus Loans lenders ranges from 261% to 1304%. In addition, Citrus Loans does not charge an origination or service fee.

Turnaround Time: 4.9/5

Citrus Loans displays a list of potential lenders one to two minutes after you submit your online form. If Citrus Loans can’t find a suitable lender, it will send you to another online loan resource that may be able to assist you.

Repayment Terms: 4/5

Citrus Loans offers repayment terms from 14 days to 24 months.

Customer Support: 4/5

You can contact the Citrus Loans customer service team by calling them at (888) 372-6219. This is the only way to get in touch with the customer support staff.

Can borrow up to $2,5000
No additional fees
A member of the Online Lenders Alliance

Relatively high APR

Loans For Bad Credit Methodology

Now that you understand the top 10 best bad credit loans with instant approval, it’s important to discuss how we compiled this list. We based our decisions on the most crucial factors in a bad credit loan, such as the application process, loan amounts, and fees.

So, let’s take a closer look at each of the core factors to consider when choosing loans for bad credit.

Application Process:

Fortunately, the application process for each of the options above is quick and painless. We understand you may already be in a stressful situation due to your financial situation, and we wanted to make it as easy as possible for you to find a bad credit loan. Therefore, you will be able to find a suitable online lender in less than 20 minutes with any of the options above.

Loan Amount Limits:

Another important factor to consider is how much money each lender offers. However, since you have a poor credit score, you shouldn’t expect to get approved for the maximum loan amounts. Instead, you can start with lower loan amounts and build your credit with payday loans or short-term loans.

Rates and Fees:

Luckily, many online lending platforms are here to help rebuild your credit score. Therefore, your loan may receive a lower-than-expected interest rate. However, individuals with extremely low credit scores may be unable to avoid high interest rates and fees.

Nonetheless, most lending platforms don’t charge additional fees and act as a free service that matches you with potential lenders. This is exactly what bad credit loans like Credible and CashUSA do.

Turnaround Time:

We only chose bad credit lending platforms with speedy turnaround and approval times. Therefore, you can expect to see a list of loan offers in less than 10 minutes. However, it may take a bit longer depending on your credit score and how much money you ask for.

Repayment Terms:

Since you’re likely under financial stress already, we chose lending platforms with flexible repayment terms. This means you’ll have more than enough time to repay your loan amount and rebuild your credit score.

Customer Support:

Since you’re dealing with an online lender, it’s important for the platform to offer above-average customer support. This is because there are no physical branches you can walk into and get help. The best bad credit loans offer a phone number you can call whenever an issue or inquiry arises. Furthermore, they should offer speedy email support.

Personal Loans For Bad Credit: FAQs

Can I apply for a loan if I have bad credit?

You can easily apply for a loan if you have a bad credit score. Check out the platforms mentioned on the list above and find the right option for your situation. Each of these solutions lets you apply for a loan even if your credit score is under 600.

We recommend using a reputable online lending platform rather than a bank or big financial institution because they will probably deny your application. In addition, the lenders included on the list above have a history of providing loans to those with poor credit scores.

How can I check my credit score?

You can check your credit score by inquiring with a credit bureau. The most reputable credit bureaus in the United States include TransUnion, Equifax, and Experian. You can also conduct a quicker credit check on Credit Karma since the previous three options may take several days to dispatch your credit report.

What’s the interest rate I can receive with bad credit?

Although you will have an above-average interest rate because of your low credit score, you can still get approved for multiple loan offers. In addition, you’ll need to oblige with high interest rates until you can build your credit score back above 670. The lending options above may charge anywhere from 4% to 100% or more APR depending on your loan terms and credit history.

Why should I pick a bad credit installment loan?

Even though it’s a bad credit installment loan, you can use it to rebuild your credit score. This is because the more loans you receive with bad credit, the better your chances of improving your score. However, this requires you to make your monthly payments on time and in the total amount. If not, you won’t be able to build your credit score.

What’s the easiest loan I can get with bad credit?

The most effortless loans you can receive with lousy credit are personal loans and payday loans. Offered by MoneyMutual, these loans are approved quickly, and the money can be sent to your bank account within one business day. Most of the best credit loans on our list are designed to provide personal loans and payday loans for people in emergency cash situations.

What can bad credit loans be used for?

As long as you make your monthly payments on time, online lenders don’t mind how you use your personal loans for bad credit. However, most individuals who take out these loans use them for emergencies. For example, you can use your bad credit loan to pay unexpected bills, go on vacation, or consolidate your existing debt.

Can I get approved for a loan with a 500 credit score?

Although it’s possible, getting approved for a loan with a 500 credit score is difficult. Furthermore, even if you do get approved for a loan, you are subject to high interest rates and fees. For this reason, some online lenders let you add a co-signer to increase your chances of getting paired with suitable lenders.

Top 5 Best Bad Credit Loans: Overview

1. MoneyMutual

More than 10 years of experience
Loans up to $5,000
Quick application process

2. CashUSA

Can borrow up to $10,000
Origination fee-free
Receive money the next day

3. BadCreditLoans

Easy to find lenders
Free service
Can borrow up to $10,000

4. PersonalLoans

Rapid application process
No upfront or origination fees
Secured and unsecured loans up to $35,000

5. Funds Joy Loans

Can borrow unsecured personal loans up to $2,500
Easy application process
No additional fees

Final Thoughts on Best Bad Credit Loans

This concludes our list of the best bad credit loans with instant approval. Hopefully, you’ve chosen which online lending platform is the best for you by now.

Our top pick is MoneyMutual because it’s a trustworthy lending platform with low interest rates for individuals with poor credit history. MoneyMutual is also one of the best reputable payday lenders. Therefore, you can have peace of mind knowing MoneyMutual is entirely safe to use.

If you don’t need a personal loan and are looking for other options, you can look closely at platforms such as LendingTree, Credible, and BadCreditLoans.

Although you may have a poor credit score right now, that doesn’t mean you can’t take action to rebuild it. The online lending solutions we listed in today’s guide will help you get back on your feet in no time.

However, make sure to read the loan terms carefully so you can confidently make the monthly payments.

5 Best Banks for Startups in 2023

Person using a tablet displaying a bunch of illustrations and the text "startup banks"

Dealing with the headaches of a startup company is no one’s idea of fun. Fortunately, certain banks make the process a little more bearable through helpful features and low fees. This article reveals the best five banks for startups ready to work with you.

Best Banks for Startups

Bluevine – Best Overall Startup Bank
Lili Banking – Best Startup Bank for Tax Optimization
NorthOne – Best Startup Bank for Integrations
NBKC Bank – Best Startup Bank for Customer Service
Novo – Best Startup Bank for Low Fees

Our Methodology for the Best Banks for Startups

When sifting through the best banks for startups, it was evident fees and interest rates play an important role. We also looked at lending options to cover big expenses or future expansion and the effect transactions would have on a business model. Lastly, we took note of any rewards or benefits banks offer to help set a fledgling business on the right path.

Check out a more detailed explanation of our methodology here.

Bluevine

Cash deposits: $4.95
ATM fees: $2.50 out of network
Outgoing wires: $15

Up to 1.5% APY

Up to $250,000 line of credit

Unlimited

Can deposit cash and checks at Green dot locations

Lili Banking

Pro service: $4.99 per month
ATM fees: $2.50 out of network

Pro service: 1% APY

No lending options available

Unlimited

Up to $200 overdraft coverage, tax optimizer

NorthOne

Service fee: $10 per month
Domestic wires: $15

0% APY

No lending options available

Unlimited

Virtual envelopes to categorize funds, free cash and check deposits, multiple integrations

NBKC Bank

Outgoing domestic wires: $5
Outgoing international wires: $45

0% APY

Loans ranging from $25,000 to $75,000; lines of credit

Unlimited

ATM reimbursement, some physical locations, BIll Pay

Novo

$27 overdraft fee

0% APY

No lending options available

Unlimited

Perks with popular financial apps, unlimited ATM reimbursement, Reserve accounts

Bluevine: Best Overall Startup Bank

Interest rate: Up to 1.5% APY

★★★★★

4.7

Bluevine Review

For a business checking account, Bluevine offers up to 1.5% interest on your hard-earned cash with minimal fees to drain the pot. This proves fruitful, as Bluevine doesn’t offer any savings accounts with interest rates of their own. There’s no minimum deposit required to start your service, but you will need to plan for costs for depositing cash. Bluevine has over 37,000 in-network ATMs for you to use but won’t reimburse you for using an out-of-network one.

Why we chose it: Bluevine’s high interest rates coupled with few fees and no minimum deposit make it the best bank for startups. Check out our Bluevine review for a more in-depth look at the service. Incase you missed it, we have also Bank of America Review and Chase Bank Review.

High interest rates
Very few fees
No minimum deposit required

No business savings account
No ATM reimbursement
Fee for cash deposits

Fees

Most of what you do in Bluevine, including money transfers and paying bills, is totally free. This also makes Bluevine our top pick for the best free business checking accounts on the market. If your business deals with cash, you will have to pay $4.95 each time you use a Green Dot location to deposit funds into your account. Similarly, out-of-network ATMs will set you back $2.50 a pop and outgoing wires another $15 each.

Interest Rates

It’s possible to earn 1.5% APY on your business checking account on balances up to and including $100,000. You simply need to spend at least $500 per month on your included debit card or receive at least $2,500 into your account from customers each month. If you miss the goal, you won’t earn any interest for the month.

Lending

Bluevine offers a line of credit up to $250,000 to use as you see fit if approved. Payback amounts see a 4.8% interest rate for any amount you spend. To qualify, you’ll need at least a 625 FICO score, six months in business, $10,000 in monthly revenue, and a business operating or incorporated in the United States.

Transactions

There’s no need to worry about maxing out monthly deposits or payments with Bluevine. The company even throws in two free checkbooks every year and waives NSF fees.

Rewards and Benefits

The online business checking account alone is enough to give Bluevine the top spot without rewards or benefits. You can make use of any Green Dot location around the country to deposit cash or checks to your account, and Bluevine sends two free checkbooks your way each year so you can stay on top of payments.

Lili Banking: Best Bank for Startups With Tax Optimization

Interest Rates: Up to 1% APY

★★★★★

4.5

Lili Banking Review

Lili Banking’s stellar tax optimizer helps ensure you’re not over or underpaying when the season approaches. To help stay organized, you can drop money into self-created savings buckets designated for various purposes. The free service doesn’t generate any interest though, and Lili’s best features are only accessible through the platform’s paid Pro tier. While you won’t see any fees, Lili also doesn’t give the option to wire money.

Why we chose it: Lili Banking helps business owners stay financially savvy with tax optimization tools and buckets for tracking funds. Our Lili Banking review dives even deeper into what the service offers. We also have US Bank Review and Axos Review

Tax optimizer
No minimum balance or monthly fees
Can place money in savings buckets for future use

Several features are locked behind Lili’s paid membership
No APY in the free account
No wire transfers

Fees

Lili Banking has two tiers of service, a free Standard option and a Pro plan costing $4.99 per month. Both keep fees low, but you will have to watch for out-of-network ATMs that can cost upwards of $5 per use.

Interest Rates

Anyone working with Lili Banking’s Standard tier won’t see any interest on funds in either checking or separate savings buckets. To unlock this feature, you’ll have to spend $4.99 each month to become a Lili Pro member.

Once at the Pro level, the money in your checking account will earn 1% interest. Savings buckets can also earn 1% interest if you can deposit at least $1 daily while saving for taxes or another big expense.

Lending

There’s no way to borrow money with Lili through a loan or line of credit. Should your organization need some extra cash, you’ll have to look elsewhere for funds.

Transactions

Lili Banking doesn’t place limits on the amount you can buy or sell from month to month. You’re also free to place money into a savings bucket any time you wish.

Rewards and Benefits

The tax optimizer tracks your income and spending, giving you the option to declare write-offs right from the app. You can even split purchases between business and personal to ensure you don’t miss a single item on your tax form. The software builds expense reports and pre-fills your annual 1040 Schedule C form to save time.

If you ever overdraft your account, Lili Banking protects you for up to $200 at a time. Such a buffer offers a little more peace of mind when funds get tight.

Novo: Best Bank for Startups With Low Fees

Interest Rates: 0% APY

★★★★★

4.3

Novo Review

You’ll need $50 to put into your account when you sign up, but Novo doesn’t mess around with standard fees or minimum balance requirements. You don’t even need to worry about ATM charges from other banks, as Novo will pay you back for those. The only place you’ll see a charge is if you overdraft your account. There are no savings accounts nor a means to deposit cash, but the bank has a fantastic mobile app on top of already great features.

Why we chose it: Novo is one of the few banking locations available today that you can use completely fee-free. After looking for the Novo Review you can also check our other reviews of other banks like Capital One Review and SoFI Review.

Zero monthly fees or minimum balance required
Stellar mobile app
Refunds all ATM fees

Cannot deposit cash
Fee for overdrawn accounts
No savings accounts

Fees

As long as you’re keeping tabs on your account, you’ll never experience a fee while using Novo. If you try to pull from an account with insufficient funds, Novo will hit you with a meaty $27 charge. Even if you draw funds from another bank’s ATM, Novo will pay you back for any expense you incur.

Interest Rates

Fees are off the table with Novo, but unfortunately interest rates are as well. Interest rates on a Novo checking account are a resounding 0%.

Lending

Novo doesn’t have the means to lend money or provide lines of credit to business owners. You’ll have to establish a connection with another institution if you’re looking for a small business loan.

Transactions

You can send and receive money from just about anywhere with Novo without having to worry about fees or limitations on your account. It’s even possible to deposit checks and send money into your Reserves.

Rewards and Benefits

Novo’s Reserves allow you to set aside money for routine needs such as payroll or monthly rent. You can move funds to and from Reserves with a click and have up to ten open at a time. The bank makes use of Perks; special incentives with other financial institutions that you can’t find elsewhere.

If that wasn’t enough, Novo will pay you back for any ATM fee you incur when using machines from other banks around the country.

NorthOne: Best Bank for Startups With Integrations

Interest Rates: 0% APY

★★★★★

4.2

NorthOne Review

Whether you’re on Shopify, Etsy, or flying solo, NorthOne integrates with financial software and payment apps to facilitate the flow of money through your business. The bank doesn’t place a limit on transfers or transactions but does have a monthly fee that’s off-putting for some. There’s unfortunately no way to wire funds internationally or earn interest on your account. If you need help along the way, NorthOne has instant support from actual human beings.

Why we chose it: In an ever-changing digital world, NorthOne works hard to streamline financial data between the applications you use.

Integrates with popular business apps
Unlimited free transfers each month
Instant support from actual humans

Monthly fee
No international wire transfers
No interest rate

Fees

NorthOne does charge a $10 monthly fee that may place some business owners on pause. However, the online bank doesn’t charge for transactions, deposits, integrations, or ATM fees. All domestic wires, both incoming and outgoing, do cost $15 per event.

Interest Rates

Despite NorthOne’s many perks, there’s no way to accrue interest on your account. The bank fancies itself as a hub for your money transfers but doesn’t help your funds grow.

Lending

There’s also no option to borrow money from NorthOne to supplement a purchase or expense. For lending solutions, you’ll have to look to other enterprises.

Transactions

NorthOne makes the transaction process a breeze, linking up with many of your favorite companies and apps to send and receive money with little to no effort on your part. If some of your customers pay in cash, you can even deposit funds into your account for no extra charge.

Rewards and Benefits

Within your NorthOne deposit account are virtual envelopes designed to hold money for specific purposes. Each envelope can hold funds indefinitely and help set aside amounts you’ll need for rent, payroll, and other costs of doing business.

The bank has relationships with most major financial applications from Amazon Pay and PayPal to Quickbooks and Wave. It also connects with payroll solutions and ecommerce marketplaces to save time and prevent errors.

NBKC Bank: Best Bank for Startups for Customer Service

Interest Rates: 0% APY

★★★★★

4.0

October 16, 2022March 27, 2023

NBKC Bank Review

Dealing with money can be a headache, but NBKC Bank helps shoulder the burden with live support staff during the work week. You can also reach out via email during weekend hours, although responses are slower. There’s little in the way of fees, and you can grab a loan or access a line of credit should you need the financial boost. The account itself doesn’t earn interest, and there are high international wire transfer fees to contend with.

Why we chose it: Issues happen, but NBKC Bank works to limit blocked transactions and downtime with a top-tier human customer service team.

Few fees to contend with
Loans and lines of credit available
In-person assistance available

High international wire fees
Zero APR for business checking account
Weekday support only

Fees

NBKC Bank is free to sign up for and most interactions won’t cost anything either. Even returned checks and overdrafts don’t come with a charge. Domestic outgoing wire transfers cost $5, but it’s international outgoing wires that really hurt at $45.

Interest Rates

You won’t find many fees with NBKC Bank, but there’s no way to generate funds, either. A 0% interest rate makes sure of that.

Lending

Lending options are plentiful with NBKC Bank, so startups can rejoice when looking for a little green to supplement that next big purchase. It’s possible to borrow between $25,000 and $75,000, with repayment rates as low as 5.95%. Your company must have at least two years in business in the Kansas City area, a credit score of 700 or higher, and a recent history of profitability.

The bank also has several lines of credit you can set aside and use as you see fit. There’s a fast approval process with competitive rates and a team equipped to help you find the best one.

Transactions

You’ll never have to worry about reaching a transaction ceiling while using NBKC Bank’s services. Everything you do outside of outgoing wires won’t cost a thing, either.

Rewards and Benefits

NBKC Bank lets you use Bill Pay right from the app and doesn’t charge for depositing checks either online or in-person. If you’re in the Kansas City area, you can find a handful of physical locations to take care of your banking needs. When using other ATMs, NBKC Bank will reimburse you for up to $12 in charges per month.

Ranking Methodology for the Best Banks for Startups

We studied several criteria when analyzing the best banks for startups. Below are the factors we considered most important when making our decisions. These are quite similar to the ranking methodology we used to rank our best business bank accounts for LLCs.

Fees: Every penny makes a difference when getting a startup off the ground. Any fees from banks can eat away at hard-earned profits and funds that could otherwise go toward growing the business. The best business banks for startups avoid such fees, allowing you to maximize your potential.

Interest Rates: Some banks are willing to put funds into your account in the form of quarterly or annual interest rates. While rarely more than a few percent, it never hurts to add a little to the bottom line.

Lending: Few startups make it solely on their own efforts. When the time comes to take things to the next level, loans or lines of credit provide money to kick off that big expansion or project. It is possible to obtain loans outside of banking institutions, but having a rapport makes the process that much easier.

Transactions: Even if your customer base isn’t extensive right now, you don’t want to reach a point where you can’t make or receive a payment because of monthly limits. The best banks for startups avoid such restrictions, allowing you to do business as often as need be. Furthermore, having the freedom to transfer money within your own bank account helps keep things organized.

Rewards and Benefits: Tapping into a bank’s bonus features could save you money on things like ATM withdrawals or overdraft coverage. Other benefits include integrations with popular apps or sub-accounts to categorize funds into.

Best Banks for Startups Frequently Asked Questions (FAQs)

Picking the right bank for your startup isn’t easy. The answers to the questions below should help point you in the right direction.

Which Bank Is Best for Startups?

We’ve identified Bluevine as the best business bank for startups due to its flexibility, lack of fees, and impressive interest rate. It’s possible to deposit checks and cash, and there are plenty of loan options to consider when you need additional funds.

How Do Most Startups Get Funding?

Funds for kicking off your startup can come from a number of sources, including family, investors, and private equity firms. You can also borrow money from a bank in the form of a loan and pay it back in regular installments.

Do I Need a Business Bank Account for a Startup?

The IRS requires most business types to use a business bank account separate from personal funds, mainly for tax purposes. Even if this isn’t a requirement for your business, it can be incredibly helpful in distinguishing where your money came from. Here’s our article on why you need a business account for a startup sole proprietorship .

How Long Does It Take To Open a Business Bank Account?

In most cases, it takes no more than a few minutes to complete the application process. With your information in hand, a bank will take some time to verify your credentials. Although some institutions will take longer than others, you should have an active account within one to four weeks.

Read more about how to open a business bank account.

Bottom Line on the Best Banks for Startups

Creating a startup can be a messy process, but a business bank account can greatly reduce the stress on the financial side of things. When checking out your options for the best banks for startups, consider institutions with few fees, free transactions, and those offering a little interest to help you along. The road ahead may not be easy, but being in firm control of your finances is as sure a way as any to find success.

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.

The 6 Best Meme Coins for Every Type of Investor

Gold and black dogecoin (meme coin) on a dark background

The first iterations of cryptocurrency appeared online in 2009, but the trend erupted in popularity several years later, as Bitcoin became a viable financial asset. The ascent of cryptocurrency intersected with the virality of memes when Dogecoin appeared on the market in 2013, introducing the world to one of the best meme coins.

Though they began as a joke, meme coins are now some of the most valuable, and fast-growing cryptocurrencies available. Find out which meme coins are best, and the best crypto exchanges where you can buy them.

6 Best Meme Coins

Dogecoin: Best Overall
Shiba Inu: Best Long-Term Investment
Safemoon: Best for Exclusivity
GamingDoge: Best for Community
Akita Inu: Best for Sustainability
Samoyedcoin: Best for Efficiency

Top 6 Meme Coins Comparison

Dogecoin

Dogecoin is the most widely available meme coin.

Dogecoin typically boasts the highest and most stable valuation of any meme coin.

Dogecoin is the meme coin most likely to yield lucrative returns.

Shiba Inu

Shiba Inu is available on ShibaSwap, Coinbase, Binance, Kraken, and eToro.

Shiba Inu is second only to Dogecoin in terms of value and stability.

Shiba Inu is the best meme coin for staking your investment.

Safemoon

Safemoon is available on PancakeSwap and Binance.

Safemoon has been volatile thus far in both its valuation and its stability.

Safemoon doesn’t have a clear purpose or appeal beyond its exclusivity.

GamingDoge

GamingDoge is available in PancakeSwap and Binance.

GamingDoge’s value and stability are not particularly volatile, but it’s too new to predict its potential.

GamingDoge is great for crypto investors who are dedicated gamers, too.

Akita Inu

Akita Inu will be available on its own decentralized exchange. It can also be bought via Binance, or indirectly on Coinbase.

Akita Inu is too new to make predictions about its value or stability.

Akita Inu’s pledge to carbon neutrality is great, but it does not necessarily translate to success for investors.

Samoyedcoin

Samoyedcoin is available on its own decentralized exchange, but it has limited availability elsewhere.

Samoyedcoin has maintained a comparatively low value, despite major fluctuations.

Samoyedcoin’s use of the Solana blockchain makes it unique, and may set it up for future success.

Dogecoin – Best Overall Meme Coin

4.82

★★★★★

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Why Dogecoin Is Best Overall Meme Coin

Dogecoin is the original meme coin, and as the first of its kind, it’s also become the best. This is largely due to its strong foundation of backing tech. It utilizes the Scrypt algorithm to generate hash cryptography, and it draws on coding from Bitcoin to make it more secure.

Despite the currency’s origin as a joke, these features point to serious potential on the crypto market — and right now, it’s poised to exceed its potential.

Accessibility

When Dogecoin emerged, it was intended as a parody of Bitcoin, but its real potential became clear as its meme-ified facade drew buyers in. Indeed, Dogecoin has been called “the people’s crypto,” and it’s the most accessible of all the meme coins. It’s available to buy, sell, and trade on all major crypto platforms, such as Coinbase, Binance, Kraken, and eToro.

Stability

Its greatest weakness — and strength, some would say — is the unlimited Dogecoin mining capacity that users can exploit. This contributes to its accessibility, but it’s not beneficial to its overall stability. Indeed, it makes the currency vulnerable to massive inflation from so-called pump-and-dump schemes.

This happens when buyers invest in a large quantity of a currency in order to artificially increase its price, and then immediately sell in order to make a profit. Despite this, it’s remained relatively stable, thanks to many buyers who have held their investments long-term.

Value

Dogecoin’s value has fluctuated widely since its introduction, but it boasts one of the highest values of all the meme coins, indicating that it’s a good investment for potential growth.

Community

The Dogecoin community is known to be one of the most welcoming and newbie-friendly. Unlike many other cryptocurrency communities, it doesn’t take itself too seriously, and it encourages investors of all experience levels to get involved.

Anybody who’s new to trading crypto can find support and guidance from the Dogecoin community. Its only downside is that it’s smaller than many other crypto communities, meaning there may be fewer resources available.

Security

Dogecoin piggybacked off of many features of Bitcoin, including its robust security network and its maintenance of a dedicated blockchain. Its digital ledger is regularly updated, too, so that all transactions are unique and secure. Some users say that it’s second only to Bitcoin in terms of security.

Recognizable “brand name” meme coin
Community is constantly growing
Can be traded via decentralized exchanges
Coded similarly to Bitcoin, so it’s familiar
No limits imposed on mining practices

No mining limits, so no scarcity
Technical support is lacking
Not ideal for completing transactions

Shiba Inu – Best Meme Coin for Long-Term Investment

4.74

★★★★★

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Why Shiba Inu Is the Best Long-Term Investment

Shiba Inu coin emerged in 2020 as the so-called Dogekiller because of its apparent aspiration to displace Dogecoin as the top meme coin. It hasn’t done that yet — or even come close — but that doesn’t mean it isn’t still a valuable investment.

In fact, it’s one of the best investments for those interested in long-term gains. Soon after its inception, strategists took note of several unique features that may make it the best meme coin for long-term staking and holding.

Accessibility

Like its predecessor and inspiration Dogecoin, Shiba Inu coin is a highly-accessible cryptocurrency. In addition to its availability on the internal ShibaSwap decentralized exchange, users can access the coin through Coinbase, Binance, Kraken, and eToro.

Each of these platforms has its own minimum purchase amount, though, so users should research their options before buying.

Stability

Yet another important feature of the Shiba Inu coin is its stability. Given the newness of the currency and its consistently low price — one coin has yet to hit $.01 in value — it’s demonstrated a remarkable resilience to inflation. This is largely due to the limits that are placed on the coin. Unlike its competitor, Dogecoin, the Shiba Inu coin’s supply is finite which makes it a deflationary cryptocurrency.

Users can mine a supply of just one quadrillion tokens, and there are currently only 550 trillion of those in circulation. This means that there is still plenty of work to be done in mining the rest of the supply; the Shiba Inu coin is likely to remain relatively stable in the meantime.

This stability — and the rewards users can earn for staking — make it the best long-term investment. Staking happens when users buy coins and lock them away to earn interest or garner a reward. Shiba Inu rewards stakers with 3% to 5% APR returns, making it a great option for those seeking a viable investment out of their meme coin.

Value

Unfortunately, Shiba Inu coin can’t compete with Dogecoin where it matters most — value. Despite all of its benefits, this meme coin has yet to break even $.01 per token in value. This means that users have to buy massive quantities to see meaningful returns, but it also means that it’s an accessible option for beginner investors.

Community

Shiba Inu has boasted a small, yet strong community since it was first introduced. Its proponents are vocal, and its internal platform is an easy-to-navigate home base. This community is arguably even stronger than that of Dogecoin, but it is smaller, making it less resourceful than the communities surrounding other cryptocurrencies and meme coins.

Security

Shiba Inu coin is a modulation of the ERC-20 token, meaning that it’s based on the popular Ethereum ecosystem. This lends the coin an ample security framework, and its blockchain is just as secure as the token itself. Its use of smart contracts further allows the coin to be used safely in conjunction with decentralized applications.

Fixed supply protects from inflation
Three different tokens in the ecosystem
Users can gain rewards for staking
Highly liquid, so it’s easily transacted

Consistently low price and low value
Low price may make it more volatile
Considered a lesser knockoff of Dogecoin

Safemoon – Best Meme Coin for Exclusivity

4.68

★★★★★

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Why Safemoon Is Best for Exclusivity

Cryptocurrency enthusiasts often fall into one of two camps — those who want to educate people, and those who want to gatekeep their success. Users who are in the latter category may be drawn to the exclusivity of Safemoon.

With its mysterious background and indistinguishable purpose, buying Safemoon tokens may feel like joining a secret club. It’s no secret, though, and there’s a lot more you should know about where Safemoon is headed.

Accessibility

Despite the air of exclusivity that Safemoon gives off, it’s not entirely inaccessible. In fact, because it’s processed on the Binance Smart Chain, it may even be easier to buy than some other tokens.

Users who want to buy Safemoon can do so via the project’s own decentralized exchange, PancakeSwap, as well as on Binance, but it’s currently not available on Coinbase, Kraken, or eToro.

Stability

One of the biggest risks associated with Safemoon is its questionable stability, which is one of the cons of all cryptocurrencies. It’s yet to be seen how well the currency will retain its value. Its history so far, though, indicates that it may be susceptible to pump-and-dump fluctuations.

This, of course, is both a benefit and a liability. Those users who get in on a massive rush can stand to make enormous profits, but those who don’t will be stuck with considerable losses. Safemoon may be too vulnerable to inflation to maintain its stability.

Value

Much like its stability, the long-term value of Safemoon can’t be determined yet, but there is some indication that it may be lower than other meme coins’. Many users have questioned the utility of the coin — and whether it has any clear purpose — which has led its value to flounder, when it’s not in the midst of a major spike.

Community

A Safemoon community certainly exists, but it’s not known as the most welcoming or resourceful within the crypto world. In fact, it reinforces the coin’s reputation as an exclusive token. Safemoon investors are incentivized to hold their tokens for long periods, and this can contribute to a lack of newcomers joining the community.

Security

Safemoon runs on the Binance platform, and utilizes a centralized blockchain to generate its tokens. This means that users will need to trust Binance — but luckily, there’s no reason not to. In fact, this feature may make it more secure than other offerings.

Potential for massive profits
Plans for positive social impact
Educational resources available
Creators regularly burn tokens

No truly unique function
Class-action lawsuit pending
Allegations of internal fraud

GamingDoge – Best Meme Coin for Community

4.22

★★★★★

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Why GamingDoge Is Best for Community

There’s not much known about the soon-to-be-fully-launched GamingDoge coin. It’s an altcoin based on Dogecoin, of course, but it’s not yet popular enough to warrant much more information. That said, everything that is known highlights one standout feature — a focus on community.

The creators of the coin say, in fact, that they “want to make [the] Doge community and Gamers proud,” and it looks like they will. If the meme coin’s social media following is any indication, its community is already thriving.

Accessibility

GamingDoge coin can currently only be bought in two places — the PancakeSwap platform, and directly from Binance. This makes its accessibility somewhat lacking, compared to coins that can be bought on Coinbase, Kraken, or eToro — but it’s still easy enough to find, if you want to get your hands on some tokens.

Stability

GamingDoge was launched at the very end of 2021, and it’s still not fully up and running with the community and features that its creators have planned. For this reason, it’s hard to rate its stability — there just isn’t enough information. Investors should keep an eye out for signs of inflation.

Value

GamingDoge’s value is pretty low, but that’s what you’d expect from a brand-new meme coin that hasn’t fully launched yet. Investors shouldn’t be alarmed by the low conversion rate. There’s plenty of potential for its value to grow once it becomes a more established currency on the crypto market.

Community

Community is where GamingDoge truly shines. Its creators made this the central focus of the coin by providing investors with a self-contained ecosystem that supports gaming as much as it supports tokens.

The ultimate goal of the community is the development of proprietary, crypto-based video games that will allow users to win NFTs and tokens in exchange for playing. This is a promising frontier for any token to enter, and if there’s any chance of success, it will likely be guided by GamingDoge.

Security

GamingDoge is based on the Binance blockchain, and, like Safemoon, employs a centralized system for mining. Its security isn’t as robust as more established cryptocurrencies, but there are no known security issues at this point, either.

Focus on improving its community
Ecosystem built on decentralized exchange
Plans to integrate with NFT marketplace

Not yet fully launched
Little information available
Not widely available yet

Akita Inu – Best Meme Coin for Sustainability

4.02

★★★★★

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Why Akita Inu Is Best for Sustainability

Akita Inu is one of several altcoins that followed Dogecoin, and each has seemingly lost a portion of its novelty as the meme-coin format becomes increasingly mainstream. Akita Inu has found a way to revitalize this appeal by emerging as the first meme coin committed to carbon neutrality.

Indeed, the elimination of carbon emissions is the hallmark of its Algorand blockchain basis. This makes it the obvious choice for the most sustainable meme coin.

Accessibility

Akita Inu can be indirectly bought on Coinbase, directly on Binance, or via its own platform — but otherwise, it’s difficult to find. You won’t find tokens on top sources, such as Kraken or eToro.

Stability

Because it’s so new and still not widely accessible, it’s difficult to assess the stability of Akita Inu. It’s comparatively stable to other new meme coins, though, with its short history indicating both spikes and lulls.

Value

Akita Inu’s pledge to animal welfare and environmentalism understandably won the hearts of many investors. As a result, its value started off higher than what many other introductory meme coins could achieve. This value has not necessarily grown exponentially, though — and it’s still ultimately very low, compared to the rest of the crypto market.

Community

The Akita Inu community is united by its love of dogs and its passion for the environment. Unsurprisingly, a community with these shared values is remarkably strong.

It may be the most passionate meme coin community, but it’s not big enough to rival the likes of GamingDoge and other community-based coins. That may change in the near future, though, as Akita Inu continues to gain traction.

Security

Akita Inu’s security is comparable to any other meme coin, and is perhaps even marginally better. It’s based on the Algorand blockchain, which claims to have better cryptographic tech and security features than some of the other most popular platforms.

Built on Algorand blockchain
Community is completely decentralized
Some proceeds go to animal-welfare charities
Carbon neutrality
Low fees

Charity work is the main appeal
Not necessarily a lucrative option for investors
Too new to have much data about

Samoyedcoin – Best Meme Coin for Efficiency

3.92

★★★★★

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Samoyedcoin – Best Meme Coin for Efficiency Review

Why Samoyedcoin Is Best for Efficiency

Samoyedcoin became the proprietary meme coin of blockchain Solana when it launched in mid-2021, and quickly became one of the network’s most successful launches to date. It mimicked the format and structure of similar meme coins, but, like Akita Inu, offered a series of altruistic pledges to draw in buyers.

Among these was a commitment to eco-friendly initiatives, as well as a partnership with animal-welfare charities. The most important feature of Samoyedcoin, though, is its claim to be the fastest-transacting dog coin on the crypto market. Samoyed is incredibly efficient, thanks to its utilization of the Solana network.

Accessibility

Samoyedcoin is available on both centralized exchange platforms and smaller, decentralized exchange platforms. This versatility gives buyers the advantage of choice, but it’s still not a widely-available coin. You won’t find it on Coinbase, Binance, Kraken, or eToro, but you have a better chance on crypto exchanges with the most coins.

Stability

One of the greatest vulnerabilities of Samoyedcoin thus far is its relative instability in terms of valuation. Upon its release, it achieved a higher-than-average initial value, but this has since fluctuated widely, making it difficult to predict the future of the coin.

Value

Despite an unpredictable valuation, Samoyedcoin offers a viable investment for anybody seeking an incredibly affordable entry into meme coins. Its volatile value may be scary for some investors, but it offers an opportunity to hit a home run if the conditions are right.

Prices are low enough to justify a low-stakes investment, and the potential is good enough to make it worthwhile.

Community

Samoyedcoin has a strong community, like many other meme coins based on idealistic goals. Its users are committed to animal welfare and environmentalism, just as the coin’s creators are.

If these causes don’t speak to you, though, that’s okay — there’s still room in the Samoyedcoin community. Users take pride in welcoming new members, sharing crypto tips, and providing guidance for investments.

Security

Like any other blockchain, Solana is vulnerable to certain compromises, but it’s been compromised more than some of its competitors. This could be a problem for Samoyedcoin in the future, but right now, there haven’t been any notable breaches to speak of.

Built on Solana blockchain
Designed to be highly scalable
Available on centralized and decentralized exchange platforms
Claims to offer the fastest transaction speeds

Appeal is mostly based on its novelty
Insufficient data available, due to newness
Valuation has been highly volatile

How We Chose the Best Meme Coins

Choosing the best meme coins was difficult, but we carefully considered a wide range of factors before making our selections. Some of the various criteria that were brought into account include the following:

The general history of each coin
How widely available it is
The strength of its blockchain
Overall quality of its community
Potential for future growth
Ability to withstand fluctuations
Association with special causes

These features were all considered carefully in relation to each entry on this list. Those meme coins that satisfied multiple criteria were selected as the best meme coins on the crypto market.

Best Meme Coins Buying Guide

Since the introduction of Dogecoin, the crypto world has been inundated with a wave of copycats seeking to recreate its success. Some of these are successful, and others have proven to be a fluke. The six meme coins contained on this list fall into the former category, though.

With unique features, robust security, and strong potential returns, you can feel good about exploring crypto investments with any of these meme coins. If you still have questions, though, check out the following FAQs for some answers.

Can You Make Money off of Meme Coins?

Yes, absolutely! Many people have seen substantial returns from investing in meme coins. Of course, the opposite is also true, so you should be careful about investing any sum of money that you would be uncomfortable losing. Investing in meme coins is a lot like gambling.

How Do Meme Coins Work?

Meme coins work essentially the same as any other kind of cryptocurrency. The primary difference is that they typically aren’t designed for use in commercial transactions and exist solely to be bought, sold, and traded within the crypto community. Because of this, they tend to be more volatile, but profits may also be higher.

Meme coins can be obtained through centralized exchange platforms, which are typically managed by the blockchain provider, or decentralized exchange platforms, which are usually based on peer-to-peer transactions.

What Is the Best Meme Coin for Investors?

The best meme coin for investors depends on what kind of investor you are. You may get bigger returns from a meme coin that’s more unpredictable, but generally, the best bet is the most stable, and that’s the original Dogecoin.

Do Meme Coins Have an Unlimited Supply?

When they were first introduced, meme coins were notable for their unlimited supply of tokens. This is no longer standard, though, with meme coins such as Shiba Inu intentionally capping their supply. Shiba Inu also incentivizes users to burn their supply, so that the value is driven up further.

Where Do I Buy, Sell, or Trade Meme Coins?

There are many platforms you can choose from to buy, sell, or trade your meme coins. One of the first was Coinbase, which offers an array of resources to new and experienced buyers alike. Other platforms, such as Binance, Kraken, and eToro, offer attractive benefits and an array of meme coins to choose from, too.

How Do I Choose the Best Meme Coin for Me?

Choosing the best meme coin is a matter of priority. If you’re enticed by the idea of investing in tokens that allow a portion of proceeds to fund animal welfare, then Akita Inu or Samoyedcoin is the coin for you. Conversely, if you want to invest in the safest option on the market, Dogecoin is likely the best.

What the Best Meme Coins May Be the Future

Meme coins started off as a joke intended to subtly mock cryptocurrencies like Bitcoin. The joke is over, though, now that these currencies have become a substantial part of the crypto market themselves. If you’re looking for the best meme coins, any selection on this list will offer a promising entry into the world of crypto.

October 14, 2022November 23, 2022

What is an EIN Number? – Ultimate Guide

EIN tax number written on a desk background

An employer identification number, or EIN, is like a Social Security number (SSN) for your company. It’s a unique nine-digit number the IRS uses to identify businesses for tax reporting purposes. Continue reading our What is an EIN Number guide to learn if your business needs one and how to apply online, by fax, telephone, or mail.

What is an EIN Number

The term EIN is a unique identifier the Internal Revenue Service (IRS) assigns to a business entity for tax purposes. An EIN number consists of nine digits and is formatted as XX-XXXXXXX. Businesses can apply for an EIN directly through the IRS, which typically issues them immediately.

In addition to using an EIN to report taxes, you can also use an EIN to open bank accounts and apply for credit. You can apply for an EIN for your business at no cost with an application on the IRS website.

What Is an EIN Number for a Business?

Every business that meets a few specific criteria must have an EIN before it can start operating. As mentioned above, employer identification numbers are provided to identify businesses in the United States in the same way the SSNs are used to pinpoint individual residents.

Also known as a Federal Tax Identification Number (TIN), EINs include information about the state where you register your business. Moreover, the IRS uses EINs to identify taxpayers that must file various business tax returns.

You must have an employee identification number if you operate as a corporation or partnership, withhold taxes from income other than wages, file certain tax reports, or have employees.

The following business entities can apply for and receive EINs:

Corporations
S corporations
Limited liability companies (LLCs)
Partnerships
Sole proprietorships
Non-profit organizations (NPOs)
Government Agencies
Trusts
Estates

Furthermore, the IRS doesn’t distinguish between different-sized companies. This means even companies with one employee are eligible for an employer identification number as multinational corporations.

It’s also important to note that EINs are not considered to be confidential and sensitive information like an SSN. Instead, an EIN is freely dispersed by businesses online and through print publications.

Do I Need an EIN Number?

The IRS requires companies to acquire an EIN if certain criteria are met for tax reporting purposes. Every company must file for and obtain an EIN if the company:

Operates as a corporation or partnership
Has any number of employees
Files excise, alcohol, tobacco, firearms, or employment tax returns
Has Keogh plan
Is involved with a number of types of organizations, including but not limited to estates, non-profits, or trusts.

On top of this, businesses that modify their ownership structure generally must apply for a new EIN. For instance, sole proprietors that want to incorporate their company must apply for a new EIN number.

For help with business formation, visit our guide on the best business registration services. You can use services like IncFile, LegalZoom, and ZenBusiness to appoint registered agents and find out what type of business licenses your company needs.

How to Get an EIN Number?

Filing for and receiving an EIN number is completely free. You can apply by phone, mail, or online. In addition, the application process is very straightforward and easy.

To apply, you must fill out Form SS-4: Application for Employer Identification Number, which you can find on the IRS website.

You will need to provide the following information to obtain your EIN number:

Name of the company’s principal officer, trustor, partner, owner, or any other title
The person’s taxpayer identification number

Some additional information you must include in your application form are:

The type of entity
The reasons for applying (e.g., change of organization, new business, IRS withholding requirement compliances)
The start date or acquisition date
The principal industry of your business

As you can see, the application form doesn’t ask for an overwhelming amount of information. We recommend applying online because your EIN is issued immediately after verifying the information. However, the business must be located in the US or US territories to apply for an EIN online.

If you choose to apply by fax, the IRS typically sends a fax with your EIN within four business days.

On the other hand, international applicants can apply by telephone by calling 267-941-1099 (not a toll-free number) from 6 a.m. to 11 p.m. Eastern time, Monday through Friday. The person who calls must be authorized to receive the EIN and answer questions related to Form SS-4, Application for Employer Identification Number.

Benefits of an EIN Number

The primary benefit of obtaining an EIN is being able to begin business operations. This means that you can’t run your business without one.

Luckily, you only need to apply one time per business. EINs are unique for every business to which they are assigned. Furthermore, EINs never expire, and the same number is never given to another business entity.

Without an EIN, your business cannot:

Hire and pay employees
Open bank accounts
Obtain credit
Invest surplus cash
Maintain corporate shields
File business taxes and registered state taxes

Obtaining an EIN also lets you separate your personal finances from your business ones. This allows you to protect your personal information from identity theft.

In addition, self-employed individuals such as subcontractors are usually required to get an EIN, which the primary contractor uses to report to the IRS all business income paid to the subcontractor.

How to Close an EIN Number

Once you receive your EIN, that number is associated with you and your company forever. The EIN is permanently associated with your entity, and the IRS cannot technically ever cancel an EIN.

This is because your EIN is a crucial part of required financial reporting. Even if your business entity never files a return, the EIN is still associated with it.

However, if you want to close your EIN number because you discover it’s not needed, the IRS can close your associated business account. This is typically the case for startup companies that never launch.

You must mail a physical letter to the IRS with your legal name, business address, EIN number, and reason for closing the account. Although your EIN number remains, the IRS business account will be closed.

EIN Number vs TIN Number

A Tax Identification Number (TIN) is a wide-ranging term used to describe any kind of identification number. It’s a broad descriptor for an assortment of different numbers used on a tax form. As such, an EIN is a specific form of TIN.

Different types of TIN numbers include:

EIN
SSN
ITIN (Individual Taxpayer Identification Number)
PTIN (Preparer Taxpayer Identification Number)
ATIN (Adoption Taxpayer Identification Number)

Depending on the type of specific taxpayer, the EIN may or may not be the TIN used by the Internal Revenue Service. For example, sole proprietors often use their Social Security number as their TIN. Conversely, corporations and partnerships typically use their EIN as their TIN.

What is an EIN Number Frequently Asked Questions (FAQs)

Before you visit the IRS website and apply for your EIN, there are a few things you should know about what an EIN is. Let’s discuss a few common questions we receive about employer identification numbers.

How Long Does It Take to Get an EIN Number?

If you apply online, you can receive your EIN immediately. However, if you apply through a paper mail application, it can take around four to five weeks to receive your EIN. Furthermore, applying by fax has a normal turnaround time of four days to two weeks.

What Happens if I Lose or Misplace My EIN?

If you forget or misplace your EIN, you can call the IRS’ Business & Specialty Tax Line at 1-800-829-4933. You must prepare your identifying information before you speak to an agent. However, you may also be able to find your EIN in the notice the IRS sent to you when they issued your EIN. Furthermore, you can contact your bank or look at your previous tax returns.

Does My Business Need an EIN Number?

Every business entity with employees operates as a corporation or partnership, files certain tax returns (Excise, Alcohol, Tobacco, Firearms, and Employment), and withholds income taxes on income other than wages that need an EIN number.

Bottom Line on What is an EIN Number

Businesses need an EIN number to open a bank account, pay federal taxes online, file annual tax returns, and issue payroll and tax documents to suppliers. Therefore, an EIN number has less to do with employees and more to do with tax reporting purposes. So if your business pays taxes, you need an EIN to begin operating.

September 17, 2022November 23, 2022

The Ultimate Guide to Merchant Service Providers

A merchant standing beside her goods in a shop

Merchant service providers are the key to unlocking your company’s full payment potential. What is a merchant service provider, and how exactly does it work? This ultimate guide has answers to all your burning questions.

What is a Merchant Service Provider?

A merchant service provider (MSP) is a broad term for any type of software, hardware, or service enabling you as a business owner to process credit or debit card payments. Not only do MSPs facilitate the process, but they also help keep your company’s and customers’ finances safe.

As the internet gained popularity as a marketplace, merchant service providers rose to the challenge of offering comprehensive platforms. Today, the top MSP accounts provide point-of-sale tools and business analytics so your business has everything it needs to succeed.

The PCI Security Standards Council

The Payment Card Industry (PCI) Security Standards Council sets the bar for merchant service providers to follow. Constituted by American Express, Discover, JCB, MasterCard, and Visa, these companies help regulate the flow of money and protocols during business transactions.

Types of Merchant Service Providers

Not every merchant service provider is the same. For the most part, available services fall into one of three categories:

Merchant Account Providers

Generally speaking, merchant account providers set you up with a merchant account funds flow into after making a transaction. These providers then offer a means to process transactions from a debit or credit card and deposit it into this account.

A merchant account is not a business bank account, but rather a holding place for funds coming into your business. The merchant account provider transfers those dollars into your bank account periodically. Having a separate merchant account can be beneficial for tracking plastic transactions and controlling how funds move.

There can be fees associated with these extra accounts and the process used to process credit or debit card payments accordingly. If you’re looking into merchant service providers, be sure to check the types of cards they work with so you don’t find yourself in a sticky situation with an uncommon card.

Payment Service Providers

Payment service providers are another means of processing payments between buyers and merchants. Instead of having a merchant account, these providers lump merchants together to keep costs down. Being grouped with other businesses means you won’t have your own ID through which to channel funds.

These platforms don’t charge as much for this setup or typically require long-term contracts. On the flip side, you may not experience good customer service if things go awry. Payment service providers hold a lot of risk for letting you use their services, so it’s also more likely for them to freeze or terminate accounts with minimal warning. Even something as simple as a higher than usual payment can throw up a red flag.

Payment Gateway Providers

As the name implies, payment gateway providers create a path for online payments through a secure network. At present, these gateways are the only way business owners can collect payments through the internet.

Some providers will include a merchant account as part of the deal, while others offer a gateway only. In either case, you’ll have the interface you need for customers to shop from your site.

With cyberattacks at an all-time high, payment gateway providers add high levels of fraud prevention and security to keep you and your clients safe. Customers will want this peace of mind before purchasing your app or site.

Tracking the Transaction Process

When a customer makes a purchase, there’s more to the process than a simple swipe of a card. After the swipe, your MSP account sends a request to the customer’s credit card company regarding the purchase.

The credit card company forwards the information to the customer’s bank, where the bank checks for fraudulent activity and sufficient funds. Once the bank either accepts or rejects the transaction, it sends a message through the credit card company back to your MSP.

At this point, the transaction completes, and the customer has the product or service they desire. Depending on the speed of the credit card company, it may take minutes or a few days for the funds to appear in your merchant account.

Who Can Apply for a Merchant Service Provider?

Any business, no matter how large or small, can apply for a merchant service provider. Since MSPs assume risk by dabbling in financial matters, they can be particular about who they work with.

Your company may land in a hot spot if an MSP determines it to be high risk. Frequent returns or questionable charges can be all an MSP needs to reject an application.

What Tools Can Merchant Service Providers Provide?

A merchant service provider can toss a bunch of cool tools your way to help with payment processing. Check out some of the most common features below.

Merchant Accounts

Merchant accounts represent the bucket funds drop into whenever a customer makes a purchase in person or online using a plastic card. An MSP will then transfer the money into the bank account of your choosing.

The process may seem overcomplicated, but merchant accounts introduce a layer of protection designed to keep funds safe. Having a merchant account comes with a unique ID number to expedite transfers. Payment service providers are technically merchant accounts but don’t give a unique ID number.

Credit Card Terminals

Any physical store location needs credit card terminals to read credit and debit card information. Modern terminals connect to the internet through Ethernet or wireless connections, although those using WiFi tend to be more expensive.

It’s possible to either lease terminals or purchase them, depending on how long you envision using them down the road. Leasing these models usually isn’t a cost-effective option, so it’s almost always better to buy when you can.

It’s worth checking out terminals offering EMV compliance for chip cards and that extra layer of security. Similarly, you may wish to invest in NFC-based payment methods like Apple Pay and Google Pay, since these touch-and-go options are becoming increasingly popular.

Point of Sale Systems

Point of sale (POS) systems combine the benefits of credit card readers with a software-based solution for financial management and inventory tracking purposes. Many POS systems can run on tablets nowadays, eliminating the need for bulky computers.

You may even find point-of-sale systems with cash drawers, printers, or check scanners built right in. With the right platform, it’s possible to control all financial aspects from a single device.

Virtual Terminals

Virtual terminals turn a computer or mobile device into a credit card terminal. In most cases, businesses use these virtual interfaces to enter credit card information manually over the phone or tackle remote billing.

Some services include a card reader attachable to a USB port to handle in-person purchases quickly and easily. Where possible, it’s best to scan and keep a physical card on file to cut down on risk.

Mobile Payment Systems

Mobile payment systems enable you or your team to accept credit card payments with a smartphone or tablet. These systems come with a physical card reader that connects to your mobile device and collects card information.

As with credit card terminals, it’s best to choose a mobile payment system offering EMV compliance for extra security and NFC transactions for customers wishing to take a contactless approach. Devices with Bluetooth can introduce wireless connectivity, as headphone jacks on phones are going the way of the dinosaur.

Payment Gateways

Any business taking an online approach needs a payment gateway to receive payments in cyberspace. Gateways connect an online payment center to your merchant account or financial institution with minimal risk.

Only companies with an online presence need a payment gateway, so the service doesn’t typically come standard in merchant service provider packages. Don’t be surprised if you incur a monthly fee for using one. These services do introduce layers of security and customer management tools.

Online Shopping Carts

Online shopping carts are more than just an icon on a website. This software allows businesses to build and customize a website to highlight brands and products. Doing so creates a unique customer experience to stand out from the competition.

What Should You Look for in a Merchant Service Provider?

When picking out a merchant service provider for your business, not just any platform will do. Consider the following before making a purchase.

Features

A merchant service provider’s feature set should be a driving force in your decision-making process. If you’re doing business online, be sure to choose an MSP account with a payment gateway. Some providers add tools like inventory management or sales reporting to keep your business running smoothly.

Security

You and your customer base need to keep financial records safe and secure while performing transactions on the internet. MSPs often bulk up with fraud protection and encryption tools to block hackers from accessing your hard-earned money.

Hardware

For physical store locations, think about the type of hardware you want to use. Are mobile payment systems enough, or do you need full-blown point-of-sale systems? Picture the layout of your location and what makes the most sense before making any purchase.

Ease of Use

Hardware and software alike, it’s important to make sure your merchant service provider is quick and easy to use. If your team fumbles with credit card terminals or struggles through an app, it can reduce the likelihood of a repeat purchase. Such bumps also reduce efficiency, leading to less overall sales.

Support

A good customer service team at your back can get your system back online faster than you can say IT. On the other hand, limited access to support can leave you with hours or days of downtime before you can get up and running again.

Fees and Pricing

There can be a lot of fees associated with merchant service providers for the many services they offer. You should expect a monthly fee for using the service, but make sure the amount fits into your company’s budget.

Less obvious are fees for payment gateways or management software that can send costs through the roof. There may also be transaction fees each time you swipe a card. Should you need hardware solutions as well, weigh pricing options on larger units versus those with fewer features.

Frequently Asked Questions (FAQs) for Merchant Service Providers

Merchant service providers can take on many forms, and understanding them all can be a challenge. This FAQ answers some of the most common questions about these platforms.

Is PayPal a merchant service provider?

PayPal does serve as a merchant service provider. It functions as a merchant account in an aggregate setting, not assigning individual ID numbers to each client. In a specific sense, PayPal is a payment service provider that keeps costs relatively low for users.

How do I choose a merchant service provider?

When choosing a merchant service provider, consider the features and hardware you’ll need to run your business. Add a good customer service team at an affordable price, and you have an MSP you can work with.

What is an example of a merchant?

A merchant is simply an individual or business providing products or services for sale. Common examples include boutique shops and big-box retailers.

What’s included in merchant services?

Merchant services can include anything from credit card terminals to software for product management. Users can also access merchant accounts or tap into payment gateways for online sales.

Bottom Line on Merchant Service Providers

Merchant service providers are an integral part of any business hoping to accept credit or debit cards as a payment source. These services connect your system to the necessary entities for transactions to take place. With the uptick in online shopping, merchant service providers are more important than ever to maximize your selling potential.

August 2, 2022February 16, 2023

10 Best Countries for Cryptocurrency – Crypto Laws, Taxes & Adoption

Cryptocurrency has been around for long enough that almost every country has passed legislation on it. While some of the best countries for cryptocurrency took a more relaxed approach and allowed it to thrive, other countries have imposed strict crypto regulations. A few, including China, Egypt, and Qatar have even outright banned cryptocurrency.

The 10 Best Countries for Cryptocurrency in 2023

If you’re an investor or looking to start a business in the crypto sector, you’d ideally want to be located in a crypto-friendly country. We’ve studied regulatory laws, taxes, adoption rates, and other facts and figures from different countries as part of our methodology.

Here are the 10 best countries for cryptocurrency:

El Salvador
Singapore
Slovenia
Portugal
Switzerland
Germany
Malta
Estonia
The Netherlands
Canada

But what makes these countries best for crypto? The table below summarizes some of the most important facts and figures to consider.

El Salvador

No taxes for foreign investors

60%

212

BTC accepted as legal tender

Singapore

No capital gains tax

22%

8 (temporarily closed)

Crypto companies are regulated

Slovenia

No capital gains tax or VAT on crypto

10%+

Ljubljana named the most crypto-friendly European city of 2022

Portugal

No capital gains tax or VAT on crypto

2.5%

Golden Visa program for crypto investors

Switzerland

No capital gains tax for private investors

11%

149

Zug named as Crypto Valley

Germany

No long-term capital gains tax

Views crypto as private money

Malta

No long-term capital gains tax

N/A

Binance is based in Malta

Estonia

No VAT on crypto

Crypto-friendly legislation

The Netherlands

Crypto taxed as an asset

FATF-approved crypto regulation

Canada

Crypto taxed as an asset

3.2%

2525

Crypto-friendly banks

Now that you have an overview of what makes these countries ideal for crypto trading, investing, and businesses, let’s take a deeper look at each one of them.

1. El Salvador

The Central American nation is the first in the world to adopt Bitcoin as a legal tender. This means all businesses within the country must accept payment in BTC. This has also inspired several other countries to move toward accepting crypto as legal tender, however, it comes with its limitations.

El Salvador - a woman stands in front of a Bitcoin vendor

El Salvador also hopes to transform its digital economy by attracting crypto businesses and investors. Foreign investors don’t have to pay any capital gains or income tax on crypto. So if you’re based outside the country and are looking to avoid taxes on crypto, El Salvador might be the perfect place for you.

The country has a pro-crypto leadership under President Nayib Bukele who aims to take the small Central American forward in this sector. With BTC adopted as legal tender, the country has more than 4 million crypto users which are approximately 60% of its total population.

2. Singapore

Singapore is one of the most developed Asian economies and is an attractive destination for crypto investors from around the world. Not only is the Southeast Asian country a global fintech hub, but its openness to cryptocurrency makes it a great place to start a certified crypto business.

Singapore has no capital gains tax which means you don’t have to pay crypto taxes on trading profits. Not only that, crypto transactions are seen as barter trade and are not taxed in the country. That said, you still have to pay income tax if you earn in cryptocurrency.

Singapore’s central bank has a positive outlook on crypto. It states the blockchain ecosystem be closely monitored to prevent illegal activity but innovation should be welcomed. This is why it’s a great place to establish a legal crypto or blockchain company that’s supported by regulatory bodies.

3. Slovenia

The small Central European country has emerged to be a crypto haven with tax write-offs on cryptocurrency trading and no VAT on mining. You can even consider it the most crypto-friendly European country as its government officially encourages the transition to blockchain tech.

Slovenia has the highest market capitalization of crypto and other blockchain projects per capita, representing a high success rate of blockchain startups in the country. The government has eased crypto regulations to a large extent which is a welcoming gesture for crypto companies and investors from around the globe.

The Alpine country is also home to the most crypto-friendly European city of 2022, Ljubljana, Slovenia’s capital and largest city. The city has hundreds of vendors accepting crypto payments. Europe’s largest crypto-based shopping, leisure, business, and innovation center, BTC City is a classic example of Slovenia’s trend toward crypto adoption. The shopping center has 500+ stores accepting cryptocurrency payments.

While the country has no capital gains tax and no mining VAT, you still have to pay a significant 25% income tax if you mine crypto. Still, Slovenia is arguably the most attractive destination for crypto enthusiasts and investors in Europe.

4. Portugal

It wouldn’t be wrong to say that Portugal is the best crypto tax haven in the world right now. The country has no capital gains tax on crypto trading as long as you’re not a professional trader. So whether you trade crypto-crypto or crypto-fiat, you’re exempt from taxes.

Portugal’s crypto tax-free environment and progressive laws like the 2020 Digital Transitional Action Plan are attracting businesses and investors from around the world. Not only that, the country has also initiated a Golden Visa program whereby non-EU residents can gain a residency permit and a Portuguese passport if they make a qualifying investment.

5. Switzerland

Switzerland is world-renowned for its low-tax, high-privacy banking system. However, it has also stepped up in the world of crypto with very relaxed regulations for crypto companies and investors.

Town of Zug in Switzerland crypto valley

Switzerland is not the most crypto tax-free country on this list, but it’s still fairly friendly when it comes to cryptocurrency tax rates. The country sees crypto as an asset and BTC is recognized as legal tender in some areas. If you’re interested in cloud mining, the thriving Swiss crypto mining industry is an excellent market to start.

If you’re trading crypto privately and not on a professional level, you don’t have to pay any capital gains tax. However, crypto income through professional trading is taxed.

Switzerland is also home to Zug, a small city named Crypto Valley for its high concentration of blockchain businesses. Companies including the Ethereum Foundation and other fast-growing cryptocurrency companies like Cardano, Dfinity, Bancor, and Tezos are based in Zug.

6. Germany

Germany stands out for its unique approach toward cryptocurrencies. Unlike most other countries on this list, Germany doesn’t recognize crypto as an asset but rather as private money.

German flag - German is one of the best countries for cryptocurrency

If you’re a long-term investor, there’s no better country for you as Germany has no long-term capital gains tax. This means if you hold cryptocurrency for more than a year, the capital gains tax on it is waived. You still have to pay income tax and short-term capital gains tax.

The German capital, Berlin, is also a crypto hotspot being home to several blockchain companies including blockchain operating system, EOS, and cryptocurrency IOTA. It was also one of the first cities to accept crypto payments.

7. Malta

The small island nation of Malta has gained popularity in the realm of crypto for its openness toward blockchain technology. With its progressive legislation, the country has managed to attract a range of crypto companies including one of the best crypto exchanges, Binance.

Blockchain island in Matla - Best countries for cryptocurrency

Investors won’t have to pay a long-term capital gains tax on their crypto holdings. However, they still have to pay crypto income tax depending on what bracket they fall in. The Maltese government has passed several bills aimed to make the country an even more attractive destination for cryptocurrency businesses.

8. Estonia

Estonia aims to revolutionize its economy by attracting tech companies from all over the world with relaxed regulations and pro-privacy laws. It’s one of the few countries where crypto companies can operate legally with sound regulations. Moreover, the country is also looking at launching a national cryptocurrency, Estcoin.

Estonia isn’t a great choice if you’re looking to avoid taxes as crypto gains and income are taxed the same way as any other business activity. The country’s finance sector is also pro-crypto. Estonian LHV Bank was one of the first in the world to start working with blockchain technology.

9. The Netherlands

The Netherlands has always taken a positive approach towards new concepts, and cryptocurrency adoption is no exception. It’s one of the most welcoming European countries for crypto investors and organizations as it doesn’t hold any strict regulations against virtual currencies.

The Dutch government has ensured they follow FATF (Financial Action Task Force) guidelines in regulating crypto. This makes the Netherlands a great place to establish a blockchain organization if you prefer international certification.

10. Canada

Canada is home to a strong Bitcoin community. The country has always had an open approach toward cryptocurrencies and there’s no legislation that objects or restricts the use of crypto. Although recent laws have tried to centralize the Canadian crypto market, the government still welcomes the technology and acknowledges it as the way forward.

Canada, one of the best countries for crypto

Crypto companies are classified as Money Service Businesses (MSBs) in Canada. Such entities must register themselves with the Financial Transaction Analysis and Reporting Center of Canada (FINTRAC) to operate legally in the country. Although this presents a hurdle, it allows blockchain companies to work legitimately in Canada.

That said, Canada has one of the highest numbers of BTC ATMs in the world which represents the large scale at which the country’s moving towards virtual currencies. Not only that, several Canadian banks allow crypto transactions which makes life much easier for investors and businesses alike.

All Countries Where Trading Crypto is Illegal

Cryptocurrency has its pros and cons. One of the latter is that not all countries welcome it. Due to its volatility, decentralized, and anonymous nature, some governments see the new technology as an easy way to launder money and other criminal activities. This is why you’d come across countries that heavily restrict or completely ban the use of crypto.

Countries with Legal Restrictions on Crypto

The following countries restrict or implicitly ban crypto trading. In such states, financial institutions are restricted from dealing with crypto wallets and exchanges.

Bahrain
Burundi
Cameroon
Central African Republic
Gabon
Georgia
Guyana
Hong Kong
Kuwait
Lesotho
Libya
Macao
the Maldives
Vietnam
Zimbabwe

Countries with Absolute Bans on Crypto

Here’s the list of countries that have placed complete bans on crypto trading.

Algeria
Bangladesh
China
Egypt
Iraq
Morocco
Nepal
Qatar
Tunisia

Why are Developing Countries Leading the Race to Crypto Adoption?

If you look at the Global Crypto Adoption Index, you’ll be surprised to find that more than 90% of the top 20 countries are developing economies. Nigeria leads the way with India and Pakistan in second and third spots.

Not only that India has the highest number of crypto holders in the world at around 100 million. Nigeria, Brazil, Ukraine, Pakistan follow close behind. Pakistan has a staggering 9 million crypto users which represents more than 4% of its total population. This begs the question, why do developing economies lead the way in crypto adoption rather than the US and European countries?

A Lack of Alternative Investment Opportunities

Countries like Nigeria, Pakistan, and even Afghanistan are among the top 20 countries in crypto adoption. A lack of alternative investment opportunities is one glaring reason why these developing economies have such a large share of crypto investors.

Crypto is an international market and gives investors from around the world equal investment opportunities. Investors from underdeveloped countries see it as a chance to trade on the same market as traders from highly developed economies operate on.

Crypto as a Hedge Against Inflation

A significant proportion of countries leading in crypto adoption are also facing very high inflation. Digital assets, especially deflationary cryptocurrencies, are seen as a good way for investors to retain their net worth.

Note that the countries with the highest percentage of crypto users or countries leading in crypto adoption aren’t the most crypto-friendly either. India, for example, plans to introduce a law that might completely ban crypto use. Similarly, Nigeria doesn’t have a very pro-blockchain government either.

How We Ranked the Best Countries for Cryptocurrency – Methodology

Not all the facts and statistics we needed to rank the best countries for cryptocurrency are readily available. This made our evaluation a bit more difficult, but we managed to gather the required statistics from different sources. We accounted for several implicit and explicit factors in our methodology. These include:

Regulatory laws: Laws passed on cryptocurrencies are the most important factor when it comes to evaluating the crypto-friendliness of a country. While countries like El Salvador pass legislation to recognize BTC as legal tender, other countries illegalize trading and holding digital currencies.

Crypto taxes: Some countries allow crypto traders and companies to operate tax free. You don’t have to pay any capital gains tax or VAT on crypto transactions in some countries, making them a crypto haven and an attractive destination for businesses and investors. On the other hand, countries with higher crypto taxes are ranked lower on the list.

Crypto users: Cryptocurrency users as a percentage of the total population helps you gauge the overall crypto scene in a country. Countries with a high percentage are more likely to have businesses that accept virtual payments.

Crypto adoption rates: This marks the speed at which a country is moving toward the blockchain revolution. A high crypto adoption rate increases the chances of the country passing more friendly laws.

BTC ATM locations: Although a vague measure, the number of BTC ATMs lets you gauge how active the market is in a country. A high number of Bitcoin ATMs also means more accessibility to crypto for the general population.

Bottom Line on the Best Countries for Cryptocurrency

Different countries have different reasons for being crypto-friendly. While developing economies like El Salvador rank top for recognizing Bitcoin as legal tender, other countries like Switzerland and Germany offer a well-regulated crypto industry.

If you invest in crypto on a personal level and want to avoid taxes, destinations like El Salvador, Slovenia, and Portugal are a good option. On the other hand, if you want to establish a crypto business and are looking for a place to run it legally, Malta, Singapore, Estonia and The Netherlands are good options.

July 27, 2022March 22, 2023

Ultimate Guide to the Most Undervalued Crypto in 2023

CoinMarketCap reports the total number of cryptocurrencies in the world reaching a whopping 20,000. There’s bound to be a bunch of undervalued crypto coins, as well as overvalued ones, among the thousands of new and old projects.

Smart investors know the art of identifying undervalued assets and holding on to them for incredible returns in the long run. If you too are trying to find promising crypto projects for a long-term investment, this guide has all you need to know. Find out how to determine whether a cryptocurrency is undervalued, how to find such coins, and the most undervalued crypto on the market right now.

What is an Undervalued Crypto?

Undervalued crypto is any cryptocurrency that’s being bought and sold on the market at a price lower than what is probably its true, long-term worth. To put it differently, the larger market has not yet realized the actual value of a digital currency, hence its demand, and by extension, its price is not as high as it should be.

It’s not just new cryptocurrencies that can be undervalued. Even the oldest tokens like Bitcoin and Ethereum can be undervalued. As the BTC to USD chart below shows, the digital currency alternates between highs and lows. The lows, encircled in red, are the points where the crypto has been undervalued over the last couple of years.

Screenshot of BTC to USD chart for 2014-2022 from CoinMarketCap — *Source: CoinMarketCap*

Typically, undervalued cryptocurrencies are the best to invest in. They will eventually rise in value, yielding lucrative returns for investors who got in early. However, such investments work best if you commit to them for the long term. This might mean dedicating your capital for at least a couple of years. This is not to say that short-term investments won’t work at all, they just won’t be as profitable.

Just as some coins can be undervalued, others can be overvalued. This usually results from a hype investment, which is a characteristic of the crypto market.

People tend to follow trends and jump into a fast-growing cryptocurrency often without analyzing its technical soundness. This results in it getting overvalued temporarily until eventually the bubble bursts and the price plummets down to what it should’ve been. Exactly like what happened to Dogecoin in 2021.

Why are Cryptocurrencies Undervalued?

There can be several reasons behind a crypto’s price being below its true value. If it’s a freshly launched project that promises great utility and a unique application, it’s only natural to be undervalued initially. The reason is that the market takes some time to build confidence in a new project and start to see the actual value it brings to the table.

The wider community usually waits for expert traders and bigger names to endorse a crypto coin before they get their feet wet too. This brings us to another important aspect of digital assets being over or undervalued: marketing.

Good marketing can make a coin incredibly overvalued and vice versa. Even a promising currency with a comprehensive white paper can’t really get the ball rolling unless it markets itself properly.

When it comes to older projects, undervaluation usually comes down to the technicalities of crypto trading. Every tradable asset alternates between highs and lows which are typically fuelled by market sentiment.

Top 10 Undervalued Crypto Coins on the Market

Here’s a quick look at the top undervalued cryptocurrencies out there. Continue reading as we analyze why these cryptos are undervalued.

Decentraland (MANA)
The Sandbox (SAND)
Lucky Block (LBLOCK)
BNB (BNB)
ApeCoin (APE)
The Graph (GRT)
Algorand (ALGO)
Polygon (MATIC)
Ethereum (ETH)
Bitcoin (BTC)

You may not find all of these on some top crypto exchanges. Instead, we recommend you look for them on the crypto exchanges with the most coins as they’re more likely to have all of them.

1. Decentraland (MANA)

Decentraland or MANA is the crypto token from the virtual Decentraland ecosystem. Players use the crypto to buy real estate holdings in the game that has developed quite the market lately. With Decentraland plots selling for as much as $2.4 million, the virtual world’s native token clearly has a lot of utility to offer.

As giants like Meta have introduced the idea of developing virtual worlds, already existing virtual ecosystems like Decentraland have experienced a boost in popularity, users, and investment. The crypto hit an all-time high price of $5.5 in 2021’s bull run. With reasonable demand, sound utility, a credible team behind it, and availability in almost all major markets, MANA is indeed a great long-term investment.

2. The Sandbox (SAND)

Just like MANA tokens from Decentraland, SAND crypto comes from The Sandbox, a virtual world where players can create, own, and customize their virtual experience the way they want. It’s a 3D metaverse where players can connect, create their 3D games, and buy, and trade in-game assets.

SAND is the native cryptocurrency the game uses. With a max supply of 3 billion tokens, it’s a deflationary cryptocurrency. With 900 million tokens already in circulation, the price of each SAND token will only go up once it nears its supply cap. Still, it has great utility, and with its all-time-high value at $8.4, which was much higher than MANA’s, The Sandbox has solid potential to grow in value in the future.

3. Lucky Block (LBLOCK)

Launched in 2021, Lucky Block aims to disrupt the lottery industry by introducing its revolutionary decentralized lottery app. Players from all over the world can participate whereas the lottery itself will be completely decentralized and run on its own on the blockchain. This ensures players that the drawing process will be 100% random with no possibility of rigging.

Since the LBLOCK token will be the primary means of participating in Lucky Block games, the token has emerged to be one of the most useful cryptocurrencies. Moreover, all LBLOCK holders also receive a 10% share of winnings which means all investors have a chance of earning a passive income.

On top of that, Lucky Block cryptocurrency has quite a few amazing stats under its belt which make it an attractive undervalued crypto token to invest in. It’s the world’s fastest digital currency to hit a market cap of $1 billion with more than 50K investors in the first three months of its launch. Plus, if you’re an LBLOCK holder, you enter the daily jackpot free, making it an attractive cryptocurrency with great utility for the common person.

4. BNB (BNB)

When a crypto coin is backed by the world’s largest crypto exchange, you have to accept how strong it is. Binance is the world’s most popular crypto trading platform with the highest trading volume and liquidity. You can never take it out of the equation.

BNB is the exchange’s native token housed on the Binance Smart Chain. Note that other undervalued cryptocurrencies like Lucky Block, Uniswap, Chainlink, and Avalanche are also based on the same infrastructure.

What makes BNB a great long-term investment is the rock-solid support it has from the crypto exchange. BNB transactions are charged less by Binance which makes it a very useful asset to hold for Binance traders.

5. ApeCoin (APE)

ApeCoin is from the team behind Bored Ape Yacht Club, one of the best NFT projects to buy. The undeniable success of the project in the NFT area makes its governance token, APE, a good option for investors.

The primary purpose of the ApeCoin was to function as a governance token whereby holders can have a say in how the NFT project is run. However, it has also emerged to have great investment potential with a relatively stable price even when the rest of the market was crashing.

6. The Graph (GRT)

Launched in late 2020, The Graph is a relatively new virtual currency that’s making its mark when it comes to providing utility. As it happens, extracting data from different blockchains and using it hasn’t always been easy. But GRT is here to solve that problem as it gives consumers access to open APIs from blockchains.

This solves a long-standing problem in the industry which makes The Graph one of the most useful, and undervalued cryptos out there. Since its launch, GRT has continued to expand its horizons and works with more and more blockchains. Some have even dubbed it, ‘the Google of blockchains.’

7. Algorand (ALGO)

While Bitcoin is based on the Proof of Work mechanism, Algorand is a Proof of Stake cryptocurrency which is a much more efficient alternative to the former. ALGO was originally designed to beat Bitcoin in terms of speed and efficiency and has been doing fairly well. Although it’s not as popular as the industry-leading BTC, it’s growing fast and garnering more attention as it partners with a range of blockchain companies.

8. Polygon (MATIC)

While some may confuse Polygon to be an actual cryptocurrency, it’s a decentralized Ethereum scaling platform that lets developers build decentralized applications (dApps). MATIC is the native crypto token used on Polygon which also helps to govern and secure the network through staking.

With several market-leading companies and other tech giants using the Polygon network, its native crypto token is bound to go up in value. As of now, MATIC has quite a low price compared to its significant trading volume.

9. Ethereum (ETH)

You might expect a list of the most undervalued crypto to be full of hidden gems. However, even some of the most popular cryptocurrencies can be undervalued. Take Ethereum, for example. It’s only the second most popular crypto after Bitcoin and it’s severely undervalued for the massive range of applications it’s connected to.

Ethereum is arguably the highest utility cryptocurrency out there. The Ethereum blockchain houses several other cryptocurrencies and also powers technologies like smart contracts and dApps. Considering the utility and massive market cap of the ETH, it’s worth a lot more than its current price.

10. Bitcoin (BTC)

Last but not least, Bitcoin is also one of the most undervalued crypto tokens, especially right now (2022 bear market). Although it’s the largest cryptocurrency by market value and price, Bitcoin is at the very core of crypto technology.

Experts believe the token to be the ‘gold standard’ of the crypto world and rightly so. It’s the single cryptocurrency that inspired the creation of thousands of others and remains to be a flagship asset when it comes to looking at crypto as a financial market.

Bitcoin has some drawbacks too. As it’s based on a Proof of Work mechanism, BTC is not the most efficient when it comes to being a mode of exchange. The crypto has turned out to be more of an investment asset with the higher market cap out of all tokens. It reached an ATH of $68,780+ in 2021 but its price has significantly dropped since then, making it all the more undervalued.

How to Determine a Crypto is Undervalued?

Just like undervalued crypto, there are overvalued cryptocurrencies too. If you’re stepping into the crypto market, it’s best for you to know how to identify undervalued crypto.

In traditional financial markets like stocks, finding undervalued stocks comes down to companies’ balance sheets, financial performance, and business and industry research. On the other hand, determining undervalued crypto assets is a little different. Here you can either make decisions based on advertising and hype or on market research and technical analysis.

If you’re thinking about investing in a token, here are some steps you should take to ensure it’s an undervalued cryptocurrency.

Identify the team behind the crypto project: An experienced and trustworthy founding team is one of the most important factors you should consider when investing in a project. The names behind a cryptocurrency are what give it credibility and help it earn investors’ trust.

Identify the project’s backers: Trustworthy projects often have well-known investors that pour in the capital early on. Check out for credible angel investors or VC funds as they often invest in projects that will likely deliver great returns.

Study the charts: When it comes to identifying undervalued assets, studying charts is as simple as identifying highs and lows. If you see that the current value of a cryptocurrency is lower than what it usually is, you can say that it’s currently undervalued. However, this is only true if the crypto meets other requirements including having a credible team, strong backing, and offers utility.

Consider max circulating supply: Deflationary cryptocurrencies are those that have a maximum circulating supply limit or reduce supply over time. This results in an increase in value as there is a limited supply. In other words, cryptocurrencies with a maximum circulating supply limit are more likely to be undervalued than those that don’t limit supply.

Consider the crypto’s utility: Last but not least, a digital asset’s value comes down to the utility it provides to users or investors. Assets like Ethereum, Lucky Block, Algorand, and Polygon allow users to avail of different services which give them inherent value. As a result, the higher a cryptocurrency’s utility, the more undervalued it is.

Frequently Asked Questions (FAQs) for Most Undervalued Crypto

Here are some of the most frequently asked questions about the most undervalued crypto.

Which cryptocurrency has the lowest supply?

Bitcoin is the best cryptocurrency with the lowest supply with a max circulating supply of 21 million tokens. Algorand is also an undervalued crypto asset with a low supply of 10 billion.

Is Twitter a good place to find undervalued crypto?

Twitter is a good source of information when it comes to crypto market insights and important news that can influence upward and downward movements in the crypto market. There are several Twitter profiles that frequently share information on undervalued assets and large capital movements that you can use to predict price movements.

Can an undervalued cryptocurrency go down in value?

Yes, it can. A crypto asset that’s already undervalued can further decrease in value based on market forces. However, you can always expect the value to bounce back and increase in the long term.

Bottom Line on Undervalued Crypto

With thousands of cryptocurrencies being traded in the market, you will find several undervalued, as well as overvalued cryptocurrencies. The key to finding undervalued crypto is the utility it provides to users and investors. It gives it an inherent value that cannot be artificially changed in the long term.

Other factors like a credible founding team and strong backing also contribute to a digital currency’s value over time. That said, we recommend you always make investment decisions based on market research and sound technical analysis. If you want to invest, go for top crypto exchanges like Binance, Kraken, or Coinbase that give you accurate prices and swift order fulfillments for a promising crypto investing experience.

July 26, 2022November 25, 2022

How to Mine Dogecoin in 3 Steps

What started as a joke, now has a $22 billion market value. Dogecoin collected a fanbase worldwide and despite its recent success it’s still possible to mine Dogecoin and make some profit. In this article, we’ll walk you through a step-by-step guide on how to mine Dogecoin.

How Mining Dogecoin Works

Before talking about Dogecoin mining, it’s important to first understand how mining cryptocurrency works in general. Dogecoin and other cryptocurrencies operate in a blockchain network that works by adding new blocks to its decentralized ledger.

“Mining” is critical for cryptocurrencies’ maintenance, development, and circulation. In practical terms, sophisticated hardware needs to solve complex mathematical problems and the first computer able to find the solution, receives the next block, the process begins again and the miner receives a newly minted coin as a reward for completing the “block.”

There are two different ways to mine: Proof of Work and Proof of Stake. Proof of Work (PoW) is what all types of hardware are needed for mining, such as GPUs, ASICs, and FPGAs (more on this later). Proof of Stake is an alternative for PoW, PoS is a consensus mechanism where cryptocurrency validators share the task of validating transactions.

Start Cloud Mining with Hashshiny!

For the most part of mining cryptocurrency, including Dogecoin, miners resort to PoW. Here is the difference between Dogecoin mining and Bitcoin mining (as of December 2022):

Algorithm

Scrypt

SHA-256

Difficulty

8.48 million

36.95 trillion

Total Supply

Infinite

21 million

Reward per block

10,000

6.25

Block time

1 min

10 min

Bitcoin is the oldest and largest cryptocurrency by market cap and it uses a hashing algorithm called SHA-256. A hashing algorithm is simply a function that generates a fixed-length code using a certain technique. Each hashing algorithm uniquely creates random codes.

On the other hand, Dogecoin uses a hashing algorithm called Scrypt – a bit less complex than Bitcoin’s SHA-256. This makes mining Dogecoin much faster and less energy-intensive than BTC.

Most cryptocurrencies have a limited supply cap. Bitcoin, for instance, has 21 million whereas Dogecoin doesn’t, which means that its mining and circulating capacity increases continuously. This gives a larger block time between the two. New Dogecoin blocks are discovered every minute, while Bitcoin blocks, every 10 minutes.

The Process of Mining Dogecoin

Since the unexpected rise of Dogecoin at the beginning of 2021 – among pop culture, memes, and Elon Musk tweets about it – the meme coin ignited the interest of many crypto enthusiasts in Dogecoin mining and sent mining profitability to a new six-year high.

As its popularity increased, so did the mining process. This means, it is still possible to mine Dogecoin but it’s getting more and more difficult to do it. Because of that, miners got together and formed “mining pools.”

Mining pools are a group of miners who mine the cryptocurrency as a single entity – or node – by merging their computing power. The rewards get distributed among the participants proportionally by the amount of computer power committed by each miner. Today there are three ways to mine Dogecoin: individual mining, mining pools, and cloud mining.

How to Mine Dogecoin - visual representation of the difference between solo mining and pool mining

Dogecoin Mining Risks

Mining Dogecoin individually is possible as long as you know the risks. So, before diving into Dogecoin mining, you should know what you’re getting yourself into. We’ve listed the main risks of mining Dogecoin solo:

Electricity: Mining any PoW crypto consumes a lot of energy because computers must run 24/7. A GPU (graphics processing unit) from Nvidia and AMD requires high-wattage power supplies. A rig with three GPUs can consume 1,000 watts of power or more.
Faster wear and tear of equipment: If a miner decides to use their laptop to mine Dogecoin, they must be aware that, just like GPUs are up and running 24 hours a day, a laptop must do the same. This may accelerate the depreciation and affect the lifespan of your equipment.
GPU shortage could return: Nvidia has recently put an end to GPU shortage and boosted RTX 30-series graphics cards. Still, since dedicated GPUs are mainly manufactured by two companies, AMD and Nvidia, the market is vulnerable and maybe, still susceptible to another shortage again.

How to Mine Dogecoin in 3 Steps

Now that you know the process of mining Dogecoin, how it works, and the risks that come with it, and if you’re ready to venture into mining this successful meme coin, there are a few steps to follow.

Note that you can start mining Dogecoin instantly with a cloud-mining platform like Hashshiny. The steps below would work only if you’re willing to invest in mining hardware and take the longer route.

Step 1: Get Equipped

There are a few must-haves to start mining Dogecoin or any other cryptocurrency, and the two starters are hardware and software.

Hardware

There are three types of hardware equipment you can use:

CPU: Your regular PC’s processing unit can do the work, but as mentioned above, you might end up damaging your equipment due to overheating.
GPU: A graphic process unit is much more potent than a regular CPU; GPUs are also faster and more efficient and have become a must-have among miners.
ASIC: Application-specific integrated circuit miners are the highest level of mining crypto. They’re more powerful than GPUs and were specifically designed for mining crypto. However, it’s also more expensive.

Software

After choosing your equipment, it’s time to pick the software. Each one of the hardware listed above has its software to accompany it. We’ve listed the main ones:

CPU: CPU miner by Pooler, for Litecoin, Bitcoin, Dogecoin, and other cryptocurrencies
GPU: EasyMiner is a good option for beginners, CudaMiner works best with Nvidia GPUs, while CGminer goes well with all types of GPUs
ASIC: CGminer and EasyMiner can also be used with ASICs

Step 2: Get a Wallet

Screenshot of Dogecoin's different types of wallet

The second step is to get yourself a wallet. Dogecoin offers its official wallets – called Dogecoin Core and Multidoge but you can find another one that also stores Dogecoin. If you don’t know which crypto wallet to choose, check the best crypto wallets in 2023. A wallet will let you collect any revenue as a reward from mining DOGE.

Step 3: Decide How You Will Mine

As already mentioned, there are three approaches to mining Dogecoin: solo, pools, or cloud mining. If you intend to mine DOGE just for fun, you can do it by yourself, using a GPU through software such as Easy Miner or Cuda Mine, for example.

The function of a GPU is basically to process and render all images on a computer’s screen, and many laptops and desktop computers use it to improve image processing.

However, solo mining alone can be a tricky process if the individual isn’t used to it, and oftentimes it’s not profitable unless you’re willing to shell out significant sums of money on high-quality and professional equipment and electrical bills.

For first-time miners, we recommend trying to join a DOGE mining pool or a cloud-mining platform. Mining in a group increases the chances of becoming a block validator due to the collective hashing power of the pool. Also, a pool boosts the chances of profiting from mining – which is higher than mining solo.

The Crypto Economics Behind Dogecoin Mining

Most people want to know if it’s still possible to make some profit mining Dogecoin, even after its last peak in April 2021. But before discussing its profitability, let’s quickly look at the economics behind the Shiba Inus coin.

As opposed to the most popular cryptocurrencies out there such as Bitcoin and Litecoin, Dogecoin doesn’t have a fixed upper coin limit, which makes it an inflationary currency.

Although when first created, it was designed to be a limited supply of 100 billion coins, and the block reward was set to halve every 100,000 blocks until block 600,000 was mined. However, one year and 160 days after its launch, developers decided to give Dogecoin an infinite supply, thus DOGE turn into an inflationary currency with a slowly declining inflation rate.

With no hard cap supply, the DOGE hash rate declined significantly after that. To protect the network from 51% percent attacks, developers decided to allow merge, letting Dogecoin miners receive hashing power from another proof-of-work network. As a result, miners today can mine both Dogecoin and Litecoin simultaneously.

Is Mining Dogecoin Profitable?

That’s a very common question among miners and crypto enthusiasts. Profiting from DOGE depends on four main factors: energy costs, equipment’s hashpower, the current Dogecoin price, and the block reward. Generally speaking, the most costly variable is energy costs, as depending on the region or even the country, costs can go through the roof, then mining isn’t that profitable, especially if done solo.

The hash power provided is also an important variable that defines whether mining Dogecoin will turn out to be a profitable activity or not. The most popular GPU can make $0.25 to $2 per day. If using a new ASIC model, miners can make a profit of approximately $10-$40 per day.

Of course, it’s worth remembering that we aren’t including amortization into consideration – some GPU or ASIC models can take years to pay off the equipment’s price.

How to Trade Crypto

Besides mining, there are other ways to profit from the crypto craze, such as NFT, DeFi, and trading. One of the most common ways is through trading.

You can trade cryptocurrency by exchanging one crypto for another (such as Bitcoin to Ethereum) or buying or selling crypto using fiat currency (like US dollar to Bitcoin). The process, however, can get complex if you aren’t familiar with the crypto market – which is similar to stocks and other financial markets.

Before starting off, you should understand how blockchain technology and the market involved in trading crypto works. Signing up with a quality crypto exchange will make things much easier for you.

Pros & Cons of Cryptocurrency

Cryptocurrencies are highly volatile, so it’s very common to see Bitcoin prices fluctuate over 10% in a single day. This is a great opportunity for high-risk profiles to make a profit quicker with crypto trading.

But is crypto worth investing in? Or is it something for you? If you can handle volatility and are okay with the risk of loss (in case you can’t access your wallet or private key) and security, cryptocurrencies have a high return potential (oftentimes higher than the stock market).

It gives users anonymity, and it’s very accessible and versatile – it only takes a few minutes to trade and transfer Bitcoin or any other crypto. If you’re sold on the idea of profiting from cryptocurrencies, check the fastest growing cryptocurrencies in 2023 and get ready.

Pros:

Potential for high rewards
Anonymity
Cryptocurrencies beat inflation

Cons:

Understanding cryptocurrency takes time and effort
Cryptocurrencies are highly volatile
Crypto newbies are vulnerable to security risks

Evaluate the complete pros and cons of cryptocurrencies to make the right decision for yourself.

Frequently Asked Questions (FAQs) for How to Mine Dogecoin

We have answered the most frequently asked questions so you can learn more about how to mine Dogecoin.

Is it hard to mine Dogecoin?

The short answer is no, mining Dogecoin isn’t difficult, the question is, is it really profitable if done from a laptop or a desktop? To profit from mining Dogecoin, miners must count on four main variables: energy costs, equipment’s hashpower, the current Dogecoin price, and the block reward.

How long does it take to mine Dogecoin?

It takes only one minute to mine Dogecoin – as opposed to Bitcoin, for example, which takes 10 minutes to mine a block.

Is mining Dogecoin worth it?

Yes, Dogecoin mining can still be profitable. Having powerful pieces of equipment and joining a mining pool will give you the best possible chance of making a profit from DOGE mining. However, don’t expect to become a millionaire.

How many Dogecoin exist?

The total number of Dogecoins worldwide is more than 132 billion. This number also represents the total number of Dogecoins in existence and circulation, or in other words, available to the public.

Where will Dogecoin be in 5 years?

There are some predictions of the future price of DOGE and it is predicted around $0.55 around 2026, according to a long-term Dogecoin price prediction. The maximum price estimated for the next 5 years is $0.58. However, those predictions depend on many factors, such as price changes, market cycles, and other cryptocurrencies.

Bottom Line on How to Mine Dogecoin

If you’re wondering if there’s still space for late adopters to make some profit with Dogecoin, the short answer is yes. However, there are some aspects and risks to consider when it comes to mining not only Dogecoin but any other cryptocurrency.

July 25, 2022February 15, 2023

The Ultimate Guide to DBA Checking Accounts

Business woman opening a DBA checking account online with her PC

If you decide you don’t want to form an LLC or corporation, you’ll likely want a “doing business as” registered name for your sole proprietorship or partnership. A DBA checking account can be a game-changer for a small company looking to build a brand. It can facilitate business processes, saving time and reducing headaches.

What is a DBA?

In both sole proprietorships and partnerships, the legal name of your business becomes your own name. Because of this, many small business owners wish to file a DBA to showcase themselves under a different name.

DBA stands for “doing business as.” Submitting a DBA allows you to operate your company under a different name even though its legal name does not change. Doing so helps create an image for your venture that you can build a brand around.

For instance, Sam Cutter starts up a sole proprietorship running store. Since he doesn’t want to refer to his business as “Sam Cutter,” he files a DBA for the name Sam’s Running Store. Now he has a clear brand to build his company around.

Some states may have naming restrictions you’ll need to follow. For the most part, you can name your business something serious, funny, or anything in between. In any case, DBAs help separate business and personal at least on paper. A DBA does not protect you from any legal ramifications you may face as a sole proprietor.

Filing a DBA

The DBA process is usually as simple as filling out specific paperwork and submitting it at the appropriate level. Some states require paperwork at the state level, while others only ask you to provide documents to the country. Others mandate submitting paperwork at both levels. After paying the necessary fees, your DBA is ready to go.

Creating a DBA Checking Account

Once you start operating your sole proprietorship or partnership under a DBA, you may need a DBA checking account as well. Fortunately, setting up a DBA checking account is even easier than filing for a DBA in the first place. Some banks may even let you sign up online.

Requirements for opening your DBA checking account may vary from bank to bank. However, financial institutions typically look for the following:

DBA Certificate

You’ll receive a DBA certificate from the state or county once you file your doing-business-as name. The bank will want to see this document if you want to create an account under your DBA name.

Social Security or Employer Identification Number

Sole proprietorship owners often use their social security number for business identification. Partnerships are better off using an employer identification number (EIN), as there are two owners. In either case, the bank will need to know the number you used when starting your business. Here’s how you can open a business account with EIN.

Photo Identification

Any legal photo ID works for proving you are who you say you are. Common options include a driver’s license, state identification card, or passport.

Business License

Bring along any business licenses your city, county, or state required you to obtain when you started up your business. This includes specialized licenses or permits your particular company needs to function legally. Make sure each document lists your name and your company’s name.

Who is a DBA Checking Account Best For?

It is possible for any business type to open a DBA checking account, but it isn’t always practical. LLCs and corporations can create a company name on creation and should have no need to file for a DBA.

DBA checking accounts are best for sole proprietors and partnerships. Upon formation, a sole proprietorship’s legal name becomes your personal name. Partnerships typically take on the last names of the owners. It makes sense to file for a DBA and set up a checking account reflecting this new business name.

Benefits of a DBA Checking Account

Using a DBA as a sole proprietor or partnership allows you to open a business checking account through a service like Bluevine instead of a personal one for your company. This enables your small business to reap the benefits a business checking account has to offer.

Separating Business and Personal

Opening a business bank account makes it easy to keep your personal finances apart from what you’re bringing in on the business side. Avoiding the mess of mingling funds helps with tracking income, expenses, and paying out taxes. It also helps to remove your real name from public advertisements that may compromise privacy.

Fast Transactions

As a business owner, you’re going to be buying supplies and selling products or services frequently. Personal bank accounts don’t always allow quick money transfers and may charge fees. Free business banking accounts are geared around the flow of funds, both expediting the process and making it cost-effective at the same time.

Interest Checking

The best business checking accounts tend to offer interest on funds stored within. The rate can be a significant boost to money you’re waiting to use for payments or holding for tax purposes.

Professionalism

No matter how small your company may be, having a DBA checking account adds a level of professionalism to your interactions with customers. Instead of seeing your name on transactions, your business has an appropriate name and reveals your purpose.

Future Financing

Many banks require you to have a business bank account for a certain number of years before you can request a line of credit or a small business loan. Starting a DBA checking account while you’re running a business solo helps set the stage for future growth.

Multiple DBAs Within a Single Bank Account

In most cases, it is possible to have multiple DBAs within a single bank account. Business owners may choose this route to further differentiate brands, products, or services within one business entity. It can be hard to juggle multiple DBAs unless you stay on top of your books.

If you take this approach, keep a very detailed list of funds moving into and out of your bank account, including the DBA they are moving through. Be sure payments clearly spell out where funds need to go with account numbers for tracking purposes.

Finances can get quite murky, and you don’t want to end up getting sued or audited along the way. It’s paramount to have a well-documented money trail lest you end up suffering through penalties or legal fees.

Alternatives to Using a DBA Checking Account

Using a DBA to open up a bank account isn’t for everyone. Here are a couple of other options you can consider instead.

Personal Checking Account

Sole proprietors don’t have to create a business account when forming their company. There isn’t a legal requirement to have a separate bank account for business purposes, so it’s possible to use your personal account instead. Depending on the type of business you own, it may be very challenging to distinguish funds. If you wish to create a business account, then check out the best business bank accounts for your sole proprietors.

Establish an LLC

Whether a sole proprietor or in a partnership, you can take your business to the next level by establishing an LLC. LLCs separate your personal and business funds, protecting your personal assets in the event of an audit or lawsuit. Your LLC will need a business bank account but doesn’t require a DBA to open.

Joint Bank Account

Partnerships can go the route of a joint bank account to keep business funds in a single account. Both partners receive full ownership of the account to make use of as they please. You will need information from both individuals, but you won’t need a DBA.

Frequently Asked Questions (FAQs) for DBA Checking Account

DBA checking accounts can be a confusing business. This FAQ will help alleviate your most pressing questions.

Can I use my DBA name on checks?

Yes, setting up a DBA checking account allows you to use your DBA name on checks you hand out. This gives an air of professionalism when working with new and established clients.

Does a DBA need its own bank account?

Yes, companies using a DBA need a separate bank account. This allows your business to function as a separate legal entity.

Can I transfer money from my business to my personal account?

Yes, it’s perfectly legal to transfer money between business and personal accounts, essentially paying yourself for your hard-earned money. To facilitate the process, create both accounts at the same financial institution if possible. Be sure to document everything well, as using business funds for personal reasons is illegal.

Can a bank refuse to open a business account for you?

Yes, banks are not required to provide a bank account for you. They don’t have to give a reason, but it may revolve around a lack of funds or a low credit score.

Bottom Line on DBA Checking Accounts

Filing a DBA for your sole proprietorship or partnership is a great way to help your business stand out in a sea of others. DBA checking accounts offer a sense of privacy and professionalism while making it easy to send and receive payments. In the same vein, many banks give added incentives to business owners that you won’t find in personal accounts.

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 22, 2022February 15, 2023

7 Best Credit Union Business Accounts of 2023

A credit union business account building

A credit union business account is a friendly alternative to opening a business bank account. It could work for you if you’re looking for the right hub for your business finances to push your venture to the next level.

Similar to banks, credit unions are financial institutions that offer online business checking accounts, savings accounts, loans, and credit cards. However, the advantages of credit unions over traditional banks include personalized customer service, lower loan interest rates, lower fees, and higher APY on savings and checking accounts.

Check out the best credit unions for business banking accounts in 2023 to find the right one for your small business:

Alliant Credit Union – Best Overall
Consumers Credit Union – Best for Checking APY
Digital Federal Credit Union – Best for Savings APY
America First Credit Union – Best for Checking Options
Blue Federal Credit Union – Best for Easy Branch Access
Pentagon Federal Credit Union – Best for Credit Card Rewards
Navy Federal Credit Union – Best for Small Business Loans

Alliant Credit Union

$0/month

0.25%-2.80%

Alliant employment, local proximity, or FC2S membership

Online + ATMs

Android & iOS

Unlimited credit card cashback

Consumers Credit Union

$0/month

0.03%-4.09%

$5 membership fee

Illinois branches + ATMs

Android & iOS

High Interest Checking account

Digital Federal Credit Union

$0/month

0.16%-6.17%

Employment w/ DCU partners, local proximity, or family affiliation

Massachusetts & New Hampshire branches + ATMs

Android & iOS

Primary Savings account

America First Credit Union

$0-$6/month

0.05%-1.10%

Located in Utah, Nevada, Arizona, or Idaho

Utah, Idaho, Arizona & Nevada branches + ATMs

Android & iOS

Multiple checking account options

Blue Federal Credit Union

$0/month

0%-5%

Donation, family affiliation, or work location in Wyoming or Colorado

Colorado & Wyoming full-service branches + Shared branches + ATMs

Android & iOS

In-person banking

PenFed Credit Union

$0-$10/month

0.05%-2.85%

U.S. citizenship or permanent residence

Branches in 15 states + ATMs

Android & iOS

Credit card incentives

Navy Federal Credit Union

Starts at $0/month

0%-3.15%

Military affiliation

Washington, D.C. & international branches + ATMs

Android & iOS

Various loan offers

Alliant Credit Union: Best Overall

Pricing: $0/month

★★★★★

4.5

Alliant Credit Union Review

Alliant Credit Union is the leading contender in our roundup because it ticks all the boxes for free bank accounts, flexible membership qualifications, reliable online banking technology, and unlimited cashback.

Screenshot of Alliant online banking page — *Source: Alliant*

It provides a full range of financial products and services, with different personal and business banking alternatives you can select from. Plus, you can open up to 19 different supplemental accounts for various goals if you become a member.

Pricing

Alliant offers you free bank accounts, just like most of the credit unions in this list. You don’t need to pay monthly service fees if you open a High-Rate Checking account. Also, there’s no monthly fees for the High-Rate Savings account if you choose to receive eStatements, although you must pay a $1 monthly fee if you prefer paper statements.

APY

These are the annual percentage yield (APY) rates for Alliant banking solutions:

High-Rate Checking Account: 0.25% APY
High-Rate Savings Account: 0.75% APY
Certificates: 2.80% APY
Custodial Account: 0.75% APY

It has the third highest APY among savings accounts, next to Digital Federal Credit Union and Consumers Credit Union. Yet along with Blue Federal Credit Union, it has the third lowest APY among checking accounts, although it’s a little higher than America First Credit Union and Digital Federal Credit Union.

Membership Requirements

You can join Alliant if you work for the institution’s businesses, organizations, or partners within the U.S. You may also qualify for membership if you live or work close to the union’s headquarters in Illinois.

However, the easiest way to join is to seek Foster Care to Success (FC2S) membership for only $5. Alliant will even settle this one-time fee on your behalf. Thanks to the FC2S option, a lot of people beyond the Alliant community have the opportunity to become a credit union member.

Alliant has one of the easiest eligibility requirements among the credit unions in our guide, on par with Consumers Credit Union and PenFed Credit Union. It’s not like America First Credit Union, Digital Federal Credit Union, or Navy Federal Credit Union which are only open to certain people based on employment, location, or affiliation.

Locations

Alliant is completely based online, which makes it the only credit union in this guide without any physical branches. Instead, you can access banking products and financial tools over the internet. Nevertheless, it has a broad network of over 80,000 fee-free ATMs. Plus, you can use ATMs outside the union’s network to make deposits and receive up to $20 refunds.

Online Banking

Because Alliant is an online credit union, it offers one of the most useful mobile banking apps for Android and iOS. You can settle your payments via bill pay, monitor your account balances, and even deposit checks through the app.

Special Feature

You have the chance to earn unlimited cashback simply by using the Alliant Cashback Visa Signature Credit Card. You can receive up to 2.5% cashback on your first $10,000 worth of qualifying purchases.

Why we chose it: We bestowed the title of best overall credit union of 2023 to Alliant Credit Union because it’s a remarkable all-purpose banking platform. It provides free banking solutions, various application methods, practical mobile app features, and cashback rewards.

No monthly service fees
Low membership barrier
Superior online banking
Credit card cashback

$1 monthly fee for paper statements
No brick-and-mortar branches
Relatively low checking APY

Pricing: $0/month

Consumers Credit Union: Best for Checking APY

Pricing: $0/month

★★★★★

4.25

Consumers Credit Union Review

Consumers Credit Union (CCU) trumps other credit unions in this review because of its impressive checking APY. If you open a Free Rewards Checking account, you have the opportunity to earn as high as 4.09% APY on balances up to $10,000.

Consumers Credit Union home page screenshot — *Source: Consumers*

Founded in 1930, CCU is currently based in the state of Illinois. Aside from its checking account, the financial institution also offers other financial products, including savings accounts, business banking accounts, business lines of credit, credit cards, money market certificates, and loans.

Pricing

The CCU checking and savings accounts are both free, which is similar to the majority of the credit unions in this list. While there is a zero minimum balance for the checking account, you do need to maintain at least $5 in your savings account balance.

APY

Here are the APY rates for CCU banking solutions:

Free Rewards Checking Account: 0.10%-4.09% APY
Savings Account: 0.03%-0.25% APY
Money Market Account: 0.05%-0.25% APY
Certificates: 0.35%-2.30% APY

CCU has the highest APY for checking accounts among all the credit unions in this roundup. Take note that you need to qualify for the highest checking tier to benefit from the top interest rate. Along with Navy Federal Credit Union, it has the second lowest savings APY, only higher than Blue Federal Credit Union.

Membership Requirements

CCU has one of the simplest eligibility criteria in this guide, equal to Alliant Credit Union and PenFed Credit Union. All you need to do is spend a $5 membership fee to join CCU.

Locations

Although CCU is based in Illinois, it accepts customers from all over the nation. It has over 5,000 shared credit union branches spread out in the state, plus a nationwide chain of over 30,000 ATMs that are part of the CO-OP network.

Online Banking

CCU has a mobile app that’s compatible with Android and iOS devices. While the slightly outdated app doesn’t allow check deposits, you can at least conduct basic business functions like bill pay and fund transfers.

Special Feature

The standout feature of CCU is its High Interest Checking account. It comes with unlimited check writing and early direct deposit. Also, you can link your debit card so you can make payments via Google Pay, Apple Pay, and Samsung Pay.

Why we chose it: We acknowledge Consumer Credit Union as the best for checking APY because of its exceptional APY rates for the checking account.

Top-notch checking APY
No monthly fee or minimum balance for checking
$5 membership fee requirement only

Maximum checking APY for highest tier only
Fairly low savings APY
No mobile app check deposits

Pricing: $0/month

Digital Federal Credit Union: Best for Savings APY

Pricing: $0/month

★★★★★

4.0

Digital Federal Credit Union Review

Digital Federal Credit Union (DCU) beats its competitors when it comes to APY rates for savings accounts. It’s possible for you to earn as much as 6.17% APY if you open a Primary Savings account.

Screenshot of Digital Federal Credit Union free checking account page — *Source: DCU*

Aside from savings solutions, DCU also offers a wide range of financial tools, such as checking accounts, credit cards, loans, and business lines of credit. It also stands out for its equity crowdfunding feature, which equips members to raise capital for investment in local businesses within the community.

Pricing

Both the checking and savings accounts of DCU don’t charge monthly maintenance fees, same as most of the credit unions in the list. There’s no minimum opening balance for the checking account as well, although you need to deposit at least $5 to open a savings account.

APY

See below for the APY rates of DCU banking solutions:

Checking Account: Up to 0.20% APY
Savings Account: 0.16%-6.17% APY
Money Market Account: Starts at 0.20% APY
Retirement Accounts: Starts at 0.20% APY

DCU has the highest APY for savings accounts among the credit unions in this roundup. Keep in mind that this maximum rate only applies to balances up to $1,000. Nevertheless, it has the second lowest APY for checking accounts, only higher than America First Credit Union.

Membership Requirements

You are qualified to join DCU if you work for any of the union’s partner companies or organizations. Also, you are eligible to apply if you worship or attend school in DCU eligible communities. Alternatively, you can earn membership if you have a relative who is currently a DCU member.

Because of its geographical and social restrictions, DCU has strict application requirements compared to Alliant Credit Union and PenFed Credit Union, which are open to more potential members.

Locations

DCU is based in Marlborough, Massachusetts. Plus, it has 23 branches located in Massachusetts and New Hampshire. Also, members have access to more than 80,000 surcharge-free ATMs through the CO-OP network.

Online Banking

DCU offers a digital banking platform via mobile phones or desktops with innovative financial tools for members. The mobile app is available for both iOS and Android smartphones.

Special Feature

The notable feature of DCU is the Primary Savings Account. It helps you grow your funds over time through its generous APY and dividend rates. Plus, the online calculator lets you compute how much you can save through estimated monthly deposits.

Why we chose it: We recognize Digital Federal Credit Union as the best for savings APY because of its phenomenal interest rates for savings accounts.

First-rate savings APY
Equity crowdfunding
Zero monthly maintenance fees

Minimum deposit requirement for savings accounts
Maximum APY applicable up to $1,000 only
Restrictive membership eligibility

Pricing: $0/month

America First Credit Union: Best for Checking Options

Pricing: Starts at $0/month

★★★★★

4.0

America First Credit Union Review

America First Credit Union gives you the freedom to choose between different types of checking accounts. You can take your pick from Premium Checking, Classic Checking, Regular Checking, Money Market Checking, and HSA Money Market Checking.

America First Credit Union home page screenshot — *Source: America First*

This financial institution meets the banking needs of businesses and individuals through various banking products and services. Aside from checking accounts, it also presents savings programs, investment accounts, and low-rate loans. On top of this, it provides business registration services, which makes it possible for you to open a bank account with EIN only.

Pricing

Most of the America First checking accounts are free, with the exception of Premium Checking where you need to pay $6/month. Along with PenFed Credit Union and Navy Federal Credit Union, it’s one of the few credit unions in this review that charges a monthly fee for bank accounts. On the bright side, the savings account is free as long as you maintain a minimum balance of $1.

APY

Take a look at the APY rates for America First banking solutions:

Checking Accounts: 0.05% APY
Savings Accounts: 0.05%-0.50% APY
Money Market Savings Accounts: 0.05-0.15% APY
Certificates: 0.25% to 1.10% APY

America First has the lowest checking account APY among the credit unions in this guide. At least it ranks somewhere in the middle when it comes to its savings accounts APY.

Membership Requirements

Unfortunately, not everyone qualifies to join America First Credit Union, in contrast to PenFed Credit Union and Alliant Credit Union which have more lenient requirements. You must work, live, volunteer, or worship in Utah, Nevada, Arizona, or Idaho to become a member. Aside from this, you may be eligible for membership if you have a relative or spouse who is a member of America First.

Locations

America First has 128 full-service branches in Utah, Idaho, Arizona, and Nevada. It also has a network of over 5,600 shared branches and more than 60,000 ATMs via CO-OP‘s shared network.

Online Banking

America First has you covered if you like the convenience of mobile and online banking features. You can deposit checks, transfer funds, and schedule bill payments through the digital banking portal. The Android and iOS mobile apps also provide live update alerts and account balance information.

Special Feature

The standout feature of America First is the multiple types of checking accounts. It ranges from simple checking to advanced money market checking so you can select the one that perfectly fits your banking purpose.

Why we chose it: We commend America First Credit Union as the best for checking options because it has a wide array of checking accounts to meet different checking needs.

Rich checking options
Business registration services
Feature-packed digital banking portal

Lowest checking APY
$6 fee for Premium Checking
Membership limited to a few states

Pricing: $0-$6/month

Blue Federal Credit Union: Best for Easy Branch Access

Pricing: $0/month

★★★★★

4.0

Blue Federal Credit Union Review

Blue Federal Credit Union excels when it comes to availability of in-person banking. On top of 18 full-service branches, you can also visit thousands of CO-OP shared branches to perform banking transactions.

Screenshot of Blue Federal Credit Union solutions page — *Source: Blue Federal*

This credit union showcases business and personal financial products, including loans and credit cards. You can even earn points through the membership reward program, which you can use to waive fees or earn loan discounts.

Pricing

Blue offers free business checking and savings accounts, like most of the credit unions in this review. While there’s no monthly maintenance fees or minimum balance for basic checking and savings, the higher tiers of business checking do require certain daily balance amounts.

APY

These are the APY rates for Blue banking solutions:

Business Checking Accounts: 0%-0.25% APY
Business Savings Account: 0.05% APY
Savings Accounts: 0.15%-5% APY
Business Tiered Money Market Accounts: 0.05%-0.25% APY

It has the second highest savings APY in the bunch, only next to Digital Federal Credit Union. Along with Alliant Credit Union though, it has the third lowest APY among checking accounts, but it’s higher than America First Credit Union and Digital Federal Credit Union.

Membership Requirements

Blue Federal Credit Union has versatile eligibility requirements, which is the opposite of Navy Federal Credit Union and America First Credit Union. First, you are qualified to join if you have a relative with a Blue membership. You are also eligible to apply if you work in Wyoming or Colorado. The third and most straightforward way to become a member is to donate $5 to the Blue Foundation.

Locations

There are over 5,000 CO-OP shared branches where you can receive in-person Blue financial services, unlike most of its peers which only have branches in certain states. Plus, the credit union has over 30,000 fee-free ATMs through the CO-OP network. However, you have to visit one of the 18 full-service branches in Colorado or Wyoming if you wish to open a bank account.

Online Banking

You can access your Blue account through the convenient mobile app available for iOS and Android. You can also send money, pay bills, and check your loan status through the online banking portal.

Special Feature

The standout feature of Blue is the wide availability of in-person banking. This could come in handy for you if you prefer to perform banking transactions in a brick-and-mortar branch assisted by staff whom you can directly interact with in real life.

Why we chose it: We acknowledge Blue Federal as the best for easy bank access because it brings face-to-face banking within reach of many people in the U.S.

5,000+ shared branches
High savings APY
Flexible membership requirements

Minimum balance for high-tier checking accounts
Relatively low checking APY
Account opening unavailable in shared branches

Pricing: $0/month

Pentagon Federal Credit Union: Best for Credit Card Rewards

Pricing: Starts at $0/month

★★★★★

3.75

Pentagon Federal Credit Union Review

Pentagon Federal Credit Union, also known as PenFed, has an edge over its competitors when it comes to credit card incentives. You have the chance to earn big rewards if you use the PenFed Platinum Rewards Visa Signature Card to pay for everyday purchases.

Screenshot of Pentagon Federal Credit Union online savings account page — *Source: PenFed*

This credit union was established in 1935. At present, it offers a full suite of financial services, such as checking accounts, savings accounts, money market certificates, and CDs. It also provides different kinds of loans, including mortgages and auto loans.

Pricing

There is a $10 monthly service charge for most of the checking accounts of PenFed, except the free checking one. Along with America First Credit Union and Navy Federal Credit Union, it’s one of the few institutions in our list that charges maintenance fees for bank accounts.

Still, you can waive this fee if you have a monthly direct deposit or daily balance worth $500 or more. At least you don’t have to pay a monthly fee if you open a savings account, although you need to deposit and maintain a balance of at least $5.

APY

Check out the APY rates of PenFed below:

Access America Checking Account: 0.15%-0.35% APY
Savings Accounts: 0.05%-0.75% APY
Money Market Savings Account: 0.15% APY
Money Market Certificates: 2.85% APY

Its checking APY falls somewhere in the middle of the group. Nevertheless, it has the second highest savings APY alongside Alliant Credit Union, next to Digital Federal Credit Union.

Membership Requirements

At first, PenFed membership was limited to those who served in the federal government or military. Today, anyone who is a U.S. citizen or permanent U.S. resident can join PenFed and benefit from its financial products.

That’s why it’s now more inclusive than America First Credit Union, Digital Federal Credit Union, or Navy Federal Credit Union. Take note that you have to be at least 18 years old to apply as a PenFed member.

Locations

PenFed has 48 full-service branches spread across 15 states. Members can conduct banking transactions at over 85,000 fee-free ATMs through CO-OP and Allpoint ATM networks.

Online Banking

PenFed allows you to access your account and perform a range of banking tasks from your smartphone or tablet. It has an intuitive app available for iOS and Android which lets you make check deposits, access bill pay tools, locate nearby ATMs, and instantly transfer funds between PenFed accounts.

Special Feature

The PenFed Platinum Rewards Visa Signature Card grants you the opportunity to gain bountiful rewards. By powering up your company cars, you could earn up to 5x points per dollar spent on gas at pump and EV charging stations. Plus, you will get 3x points when you shop at supermarkets, dine in restaurants, and pay tech bills.

Why we chose it: We recognize PenFed as the best for credit card rewards because it generously grants points for common business and personal purchases.

Credit card incentives
High savings APY
Open to U.S. citizens & permanent residents

$10 monthly fee for most checking accounts
Mediocre checking APY
Steep requirements to waive checking fees

Pricing: $0-$10/month

Navy Federal Credit Union: Best for Small Business Loans

Pricing: Starts at $0/month

★★★★★

3.5