Itâs no secret that the U.S. unemployment rate peaked at 14.7% in April 2020, as a result of the COVID-19 outbreak â up from a pre-pandemic rate of just 3.5% in February 2020. As the job market continues to rebound with the vaccine rollout and the recent wave of federal aid, which could help many Americans prepare for financial emergencies and boost their savings, Americans looking to be strategic about their job searches would do well to examine employment trends over the last few years to see where the most robust opportunities may exist. Given that some sectors have seen more expansion while others shrank â with varied changes depending on location â SmartAsset took a closer look at the fastest-growing jobs and the fastest-disappearing jobs in each state.
This is the fifth version of SmartAssetâs study of the fastest-growing jobs in each state. Check out the 2020 version here.
To do this, we looked at information from the Bureau of Labor Statistics (BLS) for 2016 and 2020 for all 50 states. It should be noted that the 2020 data only partially accounts for the effects of the COVID-19 pandemic as responses were collected from November 2019 to May 2020. For details on our data sources and how we put all the information together to create our analysis, check out the Data and Methodology section below.
- Education jobs are both increasing and disappearing, depending on location, but growth is more robust than decline. Jobs that fall within the broader category of education, training and library occupations comprise many of the fastest-growing and the fastest-disappearing jobs across the 50 states. These jobs are the fastest-disappearing job type in eight states and the fastest-growing job type in seven states. In the states where these are the fastest-disappearing jobs, they saw an average decline of 71.57% (with the steepest decrease at 82.61% for secondary school career/technical education teachers in Montana). In states where these are the fastest-growing jobs, they saw an average increase of 276.75% (with a high of 466.67% for postsecondary agricultural sciences teachers in Illinois).
- Jobs are growing almost 4.5 times faster than they are shrinking. The average increase for the growing jobs in this study is 333.00%, while the average rate of shrinkage was only 74.89%.
The Fastest-Growing Jobs in Each State
Education is the leading industry for growing occupations nationwide (even though it is an industry that has seen steep decline in particular states). All told, seven states in this study have occupations in education at the top of their list. As an example, postsecondary nursing instructors make up the fastest-growing occupation in Alaska. In Nebraska, foreign language and literature teachers have grown faster than any other occupation, and in Oklahoma, archivists have outgrown all other jobs.
There are two different job types that are the fastest-growing occupations in multiple states. Bailiffs are the fastest-growing job in both Kansas and Maryland, while psychiatric technicians are the fastest-growing occupation in Nevada and New Jersey (as well as the District of Columbia).
The state with the top fastest-growing occupation is California, where the number of hoist and winch operators (who use these machines to lift and pull loads using power-operated cable equipment) has grown by more than 1,487%.
The Fastest-Disappearing Jobs in Each State
Office and administrative support occupations are the fastest-shrinking jobs in 10 different states. Some of the specific occupations that are shrinking include:
- Meter readers for utilities in California
- Word processors and typists in Delaware
- Correspondence clerks in Florida
- Proofreaders and copy markers in Washington
- File clerks in New Hampshire
There are five other occupations which are the fastest-shrinking jobs in more than one state:
- Photographic process workers and processing machine operators in Alabama, Ohio and Pennsylvania
- Word processors and typists in Delaware, Missouri and Mississippi
- Career/technical education teachers in Arizona and Montana
- Bailiffs in Colorado and Utah
- Library technicians in Vermont and Rhode Island
In Idaho, the number of demonstrators and product promoters has shrunk by more than 88%, the biggest drop in this study.
Data and Methodology
To find the fastest-growing and fastest-disappearing occupations for each state and the District of Columbia, we looked at employment data from 2016 and compared it to 2020. The 2020 data only accounts for the effects of the COVID-19 pandemic in part as responses were collected from November 2019 to May 2020. We filtered out any occupation for which the standard error for the estimated number of people employed in the occupation was greater than 20. We also filtered out any occupation with âotherâ in the title. To rank the occupations, we considered the percentage change in people employed in each occupation during this period.
All data, including earnings data, comes from the Bureau of Labor Statisticsâ Occupation Employment Statistics.
Financial Planning Tips for Workers
- Need advice for a career change? If you are thinking about changing jobs, a financial advisor can help you manage multiple retirement accounts from different employers and create a financial plan to keep your retirement and investing goals on track. SmartAssetâs free tool connects you with financial advisors in five minutes. If youâre ready to be connected with advisors get started now.
- Taxes donât have to be taxing. A career change may end up being what is best for some people. With that, youâll likely have a new salary. See how much of it you can expect to give to the government using SmartAssetâs free tax calculator.
- Use your budget to prepare for hard times. A budget can be a great tool for planning for unexpected expenses. You can use the budget to set up an emergency fund you can rely on if you lose your paycheck for a period of time.
Questions about our study? Contact email@example.com.
Photo credit: Â©iStock.com/ablokhin
The post Fastest-Growing and Fastest-Disappearing Jobs in Each State â 2021 Edition appeared first on SmartAsset Blog.
Almost 4 in 10 Americans are still experiencing a hit to their income due to the coronavirus pandemic, and credit cards are a significant element of the financial mix keeping them afloat.
A year ago, more than half of U.S. adults reported decreased incomes due to COVID-19, according to surveys by credit reporting agency TransUnion. And though that proportion has come down considerably, TransUnionâs latest survey shows 38% still say their income hasnât recovered.
Of these respondents, about three-quarters (74%) indicate they are concerned about their ability to keep current on bills and loans. In fact, the average estimated amount of time until they run out of money to meet their obligations is just over four weeks.
One of the ways theyâre making ends meet is with credit cards. Some are using more of their existing credit limits, while others are opening new cards to increase the amount of credit they have available.
See related: How to increase your credit limit
Overall, a fifth of U.S. adults with COVID-reduced incomes (20%) say they are using their existing card limits to help pay their bills and loans, while 15% reported opening a new card.
The youngest adults, Gen Z, are most likely to have opened a new credit card, with 21% indicating they had done so. Millennials are also opening new cards at a substantial rate, with 18% saying theyâd opened a new card. However, among millennials the use of existing credit limits was significantly more common, at 25% of respondents.
As respondents with decreased income age up, they are more likely to say theyâll use their stimulus money to cover their bills and loans, and less likely to draw on cards, especially new cards. Only 7% of Generation X adults and 1% of baby boomers said they had opened a new card during the pandemic.
TransUnionâs survey is the 16th installment in its Consumer Pulse series. The nationally representative data were collected from Feb. 26 through March 1, and released March 18.
Are you looking for your Citibank routing number? It’s quite easy and simple. Below is how to find it.
If youâre sending or receiving money to friends and family members using your Citibank account, you need to make sure youâre having the right routing number.
CIT Bank Savings Rates: How Much Can You Earn
What is my Citibank routing number?
In brief, the Citibank routing number is a nine-digit number that the bank uses to identify themselves. Citibank routing number is sometimes known as ABA numbers, check routing numbers or routing transit numbers.
You need your routing numbers for several reasons. For instance, you need it for:
- To set up direct deposit
- For ACH payments;
- To transfer funds between accounts at different banks;
- For bill payments;
- To receive government benefits;
- To receive tax refunds;
- For wire transfers;
- To have payments like paycheck deposited into your account.
|*TOP CIT BANK PROMOTIONS*|
|CIT Bank Money Market||1.00% APY||Review|
|CIT Bank Savings Builder||0.95% APY||Review|
|CIT Bank CDs||0.75% APY 1 Year CD Term||Review|
|CIT Bank No Penalty CD||0.75% APY||Review|
Citibank Routing Number For Each State
Citibank routing number is different for each state. So, itâs important to know it. But your Citibank routing number is associated in the state you opened your bank account.
So, if you have moved to Illinois for example, but you had opened Citibank account in New York, your routing number is associated in New York.
It is as simple as that.
Here is a table of the Citibank routing number by each state:
|State||Citibank Routing Number|
|Citibank Northern California (CA)||321171184|
|Citibank Illinois (IL)||271070801|
|Citibank Nevada||322271724/ 322271779/ 321070007|
|Citibank New York (NY)||21000089|
|Citibank Texas (TX)||113193532|
|Citibank Washington DC||254070116|
|Citibank New Jersey (NJ)||21272655|
|Citibank South Dakota||21000089|
|Citibank California, Southern||322271724|
Citibank routing number to make ACH Transfers
To make an ACH transfer, youâre going to have to choose the Citibank routing number for your particular state.
For example, if you live in Florida, then you will use the Citibank routing number for Florida which is 266086554. If you live in another state, look at the ACH routing number for your particular state in the table above.
Citibank routing numbers for Wire Transfers
Wire transfers are a quicker way to send money than an ACH transfer. However, there is going to be a fee.
If youâre making a domestic wire transfer, however, you will need to use the routing number in your state, see the table above.
To make domestic wire transfers, and in addition to the routing number, you will also need the following:
- The name of of the person whom youâre making the transfer to;
- The name and address of the personâs bank;
- The personâs account number as well as the routing number.
For international wire transfers, you will need both the Citibank routing number in your state and a SWIFT Code: CITIUS33. SWIFT stands for Society for Worldwide Interbank Financial Telecommunication.
In addition, you will need the following to make an international wire transfer:
- The name of of the person whom youâre making the transfer to;
- The name and address of the personâs bank;
- The personâs account number
- Purpose of the payment; and
- The currency being sent
Where to find your routing number?
So, you want to know where to get your routing number from Citibank? Hereâs where to get it:
Your Citibank personal check
You can find your Citibank routing number on the bottom left-corner of a check. However, note the routing number on your check might be different than the routing number for a wire transfer. So, before youâre making a transaction, make sure you check with your bank to get the accurate routing number.
Learn How to Write A Check.
Citibank routing number on this page
We have listed the routing numbers for each state on the table above for ACH transfers. We have also listed the routing number for domestic and international wire transfers.
Your Bank statements
You can find your routing number as well on your monthly bank statements.
Your can find your routing number online by simply going into online banking.
On the Federal Reserve website
You can look up your routing number on the Federal Reserve website.
Lastly, you can always call customer service at 800-374-9700: to get your routing number. Itâs available 24 hour a day, 7 days a week. However, note that you will have to provide some details to identify yourself.
Which routing number to use?
Depending on your financial transactions, you will need to use different routing numbers.
Domestic ACH Transfer
For domestic transfers, use the ABA routing number from your state (see the table above).
For Domestic Wire Transfer
Use the Citibank domestic wire transfer number in your state in the table above.
For international wire transfers
Use your state routing number: and the SWIFT code: CITIUS33
In conclusion, if you have a Citibank account, youâll likely need to your routing number. You will need to set up direct deposit, to set up automatic payments, or to wire transfer. So, itâs important to know it and keep it handy. Also, make sure you verify the number before you make a transaction. If you miss one digit or get one digit wrong, your money can go somewhere else.
- Wells Fargo Routing Number
- How to Find Your Well Fargo Routing Number for Texas
Speak with the Right Financial Advisor
- If you have questions about your finances, you can talk to a financial advisor who can review your finances and help you reach your goals (whether it is making more money, paying off debt, investing, buying a house, planning for retirement, saving, etc).
- Find one who meets your needs with SmartAssetâs free financial advisor matching service. You answer a few questions and they match you with up to three financial advisors in your area. So, if you want help developing a plan to reach your financial goals, get started now.
|*TOP CIT BANK PROMOTIONS*|
|CIT Bank Money Market||1.00% APY||Review|
|CIT Bank Savings Builder||0.95% APY||Review|
|CIT Bank CDs||0.75% APY 1 Year CD Term||Review|
|CIT Bank No Penalty CD||0.75% APY||Review|
The post How to Find My Citibank Routing Number appeared first on GrowthRapidly.
We don’t have to tell you that Thanksgiving looks and feels a lot different this year. This may be the first you you are cooking the big meal yourself. While we wish we could be there to help, the next best thing is to share with you our favorite tools for prepping a Thanksgiving feast. And once you’ve got all the tools ordered, be sure to check out our Pinterest boards, for all of our favorite recipes both for Thanksgiving dinner and for the accompanying drinks.
fat separator–ALL THE GRAVY-NONE OF THE GREASE
BRINING=ACING THE TURKEY GAME
SAVE STOVETOP SPACE -SLOW COOK YOUR MASHED POTATOES
BECAUSE YOU’RE PROBABLY NOT EATING THAT WHOLE PIE IN ONE SITTING…BUT WE WON’T JUDGE IF YOU DO
GET THE RIGHT TEMP
BASTE LIKE A PRO
BECAUSE MANHANDLING A HOT TURKEY IS NOT A GOOD LOOK
Stainless Steel Trash & Recycling Center
Read Must Have Tools for Thanksgiving Dinner Prep This Year on Apartminty.
Dallas is the largest inland metropolitan area in the U.S., which probably seems daunting if you’re considering a move. Luckily, there are plenty of great suburbs and nearby cities that let you take advantage of everything the Big D offers from a lower-key base camp.
No matter what reason you have your sights set on the area, the following 10 cities near Dallas should also be on your radar.
- Farmers Branch
- Distance from downtown Dallas: 12.8 miles
- One-bedroom average rent: $1,442 (down 1.9 percent since last year)
- Two-bedroom average rent: $1,763 (down 7.3 percent since last year)
With a population of just over 120,000, Richardson has a tight-knit community feel with big-city amenities.
The University of Texas at Dallas is in Richardson, and within the city, there are very desirable public and private schools. It makes living here attractive to young families.
There are excellent city services and fun community programs, including farmer’s markets, festivals and events.
The recreational facilities are top-notch and include gyms, aquatic centers, over 35 parks, playgrounds and nature preserves.
Richardson’s location is perfect â it’s bordered by Dallas and Plano and also provides access to four different DART (Dallas Area Rapid Transit) stations, which can get you to downtown Dallas in 20 minutes.
Find apartments for rent in Richardson
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Source: Apartment Guide / The Luxe at Mercer Crossing
- Distance from downtown Dallas: 14.1 miles
- One-bedroom average rent: $1,343 (down 0.5 percent since last year)
- Two-bedroom average rent: $1,993 (up 7.2 percent since last year)
Farmers Branch is one of the fastest-growing cities near Dallas and a great place to call home. Over 4,000 companies and more than 250 corporate headquarters are in Farmers Branch, making it Texas’s third-largest business center.
Its restaurant and entertainment scene have fully blossomed, and the area is now in high demand for families especially. The neighborhoods are safe and the schools are both excellent while the recreational facilities are state-of-the-art.
Farmers Branch is known as âThe City in the Park” because it’s so green with over 30 award-winning parks, a community garden, rose gardens, walking trails and a 104-acre nature preserve.
Find apartments for rent in Farmers Branch
Buy a house in Farmers Branch
- Distance from downtown Dallas: 14.3 miles
- One-bedroom average rent: $1,533 (down 13.4 percent since last year)
- Two-bedroom average rent: $2,181 (down 17.1 percent since last year)
If you’re looking for a cool city near Dallas to work and live in, Addison fits the bill.
Many perks include free membership to the Addison Athletic Club, a front-row seat to the famous firework show called Kaboom Town and easy access to the plethora of shopping and dining options.
There are more than 180 restaurants within the 4.4 square miles that make up Addison, ranging from fine dining to family-style establishments.
Addison is a small town in terms of numbers, but it doesn’t feel far from the action. It’s just 20 minutes from Dallas’s downtown with easy access off the tollway.
Find apartments for rent in Addison
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- Distance from downtown Dallas: 18.3 miles
- One-bedroom average rent: $1,764 (up 12.8 percent since last year)
- Two-bedroom average rent: $2,372 (up 12.5 percent since last year)
Plano is a highly desirable city to live in near Dallas. It’s just a short commute north of Dallas’s downtown and is home to some large corporations like J.C. Penney Company, Frito-Lay and Toyota, to name a few.
Plano is a great place to live and work. It takes on a life of its own with a small-town vibe even though it’s anything but small. Plano stands out because it has a charming historic downtown area with trendy shopping and dining, excellent schools and a strong sense of community.
There is no shortage of recreational activities in this city either with over 70 parks to explore, including hiking and bike trails.
Find apartments for rent in Plano
Buy a house in Plano
- Distance from downtown Dallas: 18.6 miles
- One-bedroom average rent: $1,312 (up 4.4 percent since last year)
- Two-bedroom average rent: $1,660 (up 4.7 percent since last year)
A precious gem tucked into the Dallas metro area is Carrollton. Residents enjoy a high quality of life with top schools, safe neighborhoods and lots of recreational parks.
In this city, slightly northwest of downtown Dallas, you’ll find beautiful, spacious homes to fit a relaxed lifestyle. Carrollton real estate is some of the most expensive in Texas but proves to appreciate in value faster than neighboring cities.
The pristine Indian Creek Golf Club, a 36-hole golf course, is in Carrollton. You can also find many hiking and biking trails, picnic areas and playgrounds scattered throughout the city.
Additionally, there are more than 250 restaurants in Carrollton â so much variety, your tastebuds will thank you.
Find apartments for rent in Carrollton
Buy a house in Carrollton
- Distance from downtown Dallas: 22.2 miles
- One-bedroom average rent: $1,419 (down 3.3 percent since last year)
- Two-bedroom average rent: $1,966 (down 3.5 percent since last year)
Located in between Dallas and Fort Worth is the city of Grapevine. Home to DFW International Airport, the third-largest airport in the world, this city offers accessibility like no other.
Living in Grapevine provides major conveniences with a suburban feel. There are plenty of restaurants, boutiques, wineries, art galleries, jewelry stores and more in the Historic Main Street District, a hot destination.
The beautiful Lake Grapevine offers 8,000 acres for outdoor recreation like fishing, stand-up paddleboarding, boating and hiking, making this an exciting place to live.
As the name Grapevine might hint, you’ll find many wineries linked by the city’s Urban Wine Trail. There’s even a multi-day annual wine festival called GrapeFest.
Find apartments for rent in Grapevine
Buy a house in Grapevine
- Distance from downtown Dallas: 23.4 miles
- One-bedroom average rent: $1,472 (down 5.3 percent since last year)
- Two-bedroom average rent: $1,750 (down 1 percent since last year)
Rockwall is one of DFW’s best-kept secrets. The city has much to offer its residents, making it an attractive place to live near Dallas. Rockwall Parks and Recreation offers year-round events and classes for kids, as well as summer music events and movie nights in the park.
It’s a great city to raise a family and combine work with play. There are a few large employers in Rockwall, including many manufacturing companies and Texas Health Hospital Rockwall, which employs more than 600 people.
One of North Texas’s largest lakes, Lake Ray Hubbard, is in Rockwall and is great for fishing, skiing and recreational boating. Overall, Rockwall is a fun and relaxing place to live.
Find apartments for rent in Rockwall
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- Distance from downtown Dallas: 24.2 miles
- One-bedroom average rent: $1,330 (up 1 percent since last year)
- Two-bedroom average rent: $1,648 (down 3.7 percent since last year)
Allen is a booming suburb and a great place to live near Dallas. It’s known for premium shopping, excellent attractions, safe neighborhoods and a highly-ranked school system.
Some of the best shopping destinations in Allen are Allen Premium Outlets, which has over 120 outlet designer and name-brand stores, and Watters Creek at Montgomery Farms, a scenic, resort-style shopping center and entertainment destination.
Another perk of living in Allen is the number of recreational offerings. You can head to Don Rodenbaugh Natatorium, which offers an indoor water park, a competition-sized swimming pool and a rock-climbing wall, or try wakeboarding at Hydrous at Allen Station. Meanwhile, skaters can enjoy the Edge at Allen Station Skate Park, the largest outdoor skatepark in Texas.
Find apartments for rent in Allen
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- Distance from downtown Dallas: 26.4 miles
- One-bedroom average rent: $1,624 (up 17.3 percent since last year)
- Two-bedroom average rent: $2,269 (up 22.1 percent since last year)
Frisco has so much to offer â in 2018 Money magazine put it at number one on the âBest Places to Live in America” list. The city has undergone extreme growth in the last couple of decades and is an ideal place to raise a family.
Frisco is safer than surrounding areas, with a crime rate of 86 in 2019, which is 3.1 times lower than the U.S. average. Families also appreciate the excellent education opportunities. The school district is known for academic excellence and innovative programs.
Frisco is additionally becoming the epicenter for football fans since it’s the site of the Dallas Cowboys’ 91-acre campus, known as the Star.
Find apartments for rent in Frisco
Buy a house in Frisco
- Distance from downtown Dallas: 30.8 miles
- One-bedroom average rent: $1,277 (down 4.7 percent since last year)
- Two-bedroom average rent: $1,704 (up 1.5 percent since last year)
McKinney is an excellent option if you’re looking to live near Dallas but crave a slower-paced feel.
This blend of big-city and small-town culture is one of the many reasons young professionals and growing households move to the area. The historic downtown square draws visitors from all over with its unique locally-owned boutiques, gift stores, art exhibits, restaurants and coffee shops.
There are a few breweries in McKinney which add to the life of the city. There’s also a plethora of picturesque parks and the eight-mile Erwin Park Hike and Bike Trail for residents to enjoy.
Find apartments for rent in McKinney
Buy a house in McKinney
Make one of these cities near Dallas your next home
If you’re looking for the amenities of a metropolis but prefer a more laid-back vibe, you’re bound to find it in these 10 great cities near Dallas. No matter where you decide to hang your hat, there are some things you’ll need to know before living near the Big D.
Get the 411 on living in Dallas and start preparing for your move today.
Rent prices are based on a rolling weighted average from Apartment Guide and Rent.com’s multifamily rental property inventory pulled in April 2021. Our team uses a weighted average formula that more accurately represents price availability for each individual unit type and reduces the influence of seasonality on rent prices in specific markets.
The rent information included in this article is used for illustrative purposes only. The data contained herein do not constitute financial advice or a pricing guarantee for any apartment.
The post 10 Cities Near Dallas To Live In 2021 appeared first on Apartment Living Tips – Apartment Tips from ApartmentGuide.com.
We’re all about scoring a good deal here at Apartminty. While we love perusing the top-of-the-line luxury apartments in DC, we also understand, sometimes an affordable rent is the better option. Either way, instead of you searching for Washington, DC apartments on Craigslist and property management company listing sites, we are delivering our choice of the best apartments to rent in DC right now. Here’s our pick for the best Washington, DC apartment for rent today. Want more information on moving to DC? Check out Apartmintyâs Ultimate Guide to Moving to Washington, DC.
Adams Morgan/Columbia Heights
1768 Columbia Road NW
Washington, DC 20009
Unit #: 308
330 Sq Ft
Why it’s a great deal:
The Shawmut is in the intersection of Adams Morgan and Kalorama and just a quick walk to Dupont Circle. This apartment building is one of the most pet friendly buildings in D.C. They allow cats and dogs, but do not charge pet rent or a pet fee. The customer service and maintenance team are incredible.
The price on this studio apartment is not something you will see often! PLUS The Shawmut is offering two months free if you lease before the end of December! You are only responsible for electric and cooking gas. If you’re interested, reach out today! Looking for something a little different? Check out Apartminty’s guide How to Find an Apartment in DC. *Pictures may not be of exact unit.*
Read Get Two Months Free on This Adams Morgan Studio on Apartminty.
The Capital One 360 Performance Savings account, commonly called Capital One 360 Savings, is a high-yield savings account with no monthly fees and no minimum balance required. Capital One makes it easy to get started, allowing you to open a new account online in about five minutes. And with the well-reviewed Capital One mobile app, you can easily manage your account on the go.
In this post, weâll cover the details of having a Capital One 360 Savings account, including the pros and cons â and how it compares to similar accounts. Plus, weâll help you decide if this is the right account for you.
Capital One 360 Savings Account Fast Facts
- Annual fee: none
- Minimum balance: none
- Current APY: 1.50% (as of 30 April 2020)
- Comparatively high yields
- No monthly fee
- No minimums
- Easy to get started
- Mobile app access
- No ATM cards
- Comparatively few local branches
Capital One Savings Account Benefits
There are lots of benefits to having a Capital One savings account. Here are some of the highlights:
A 1.50% APY is a respectable interest rate for a savings account. This interest rate is even more enticing when you generally carry a fairly low balance. Unlike many accounts that offer tiered rates depending on how much money you keep in your account, Capital One offers the same 1.750% APY on all balances. So even if you only have $90 in your account, youâll still earn that 1.50% APY rate.
No Minimum Balance Requirements or Monthly Fees
With the Capital One 360 Savings account, you donât have to worry about carrying a minimum balance. And you wonât be charged a monthly maintenance fee to keep your account open. This no-minimum, no-fee structure has become fairly standard in the competitive world of online banking, but it is still an improvement over traditional bank accounts, many of which still charge monthly fees and/or require you to maintain a minimum balance.
Easy to Get Started
Capital One makes it easy to start saving. You can open your new account online in about five minutes. If you happen to live in one of the eight states with full-service branches, you can also visit one of these branches in person to open your account.
The highly-rated Capital One mobile app makes it easy to automate your savings plan, transfer money between accounts, make mobile deposits, and track your savings progress.
Capital One Savings Account Downsides
Of course, no savings account is perfect. Here are a couple of potential downside for the Capital One 360 savings account.
No ATM cards
While some online savings accounts offer ATM cards so you can easily access your money from any ATM, Capital One does not. To access your money, you need to transfer your money to another account. If you have a Capital One checking account, your transferred funds will be available immediately. But if youâre transferring funds to a checking account with another bank, it can take a couple business days.
While this semi-restricted access can be a negative, it could also be a positive. After all, this is a savings account, not a checking account. And the harder it is to access your savings, the less likely you are to spend that money!
Comparatively few local branches
While I love the innovative Capital One Cafes (with their free Wifi, full coffee and snack bars, and personal assistance), there just arenât enough of them. Capital One currently has local branches in only eight states, most of which are on the East Coast.
Having said that, how often would you go to the local bank branch when Capital One makes it so easy to bank online?
How Does Capital One 360 Compare to Other Savings Accounts?
You have several good options when choosing a high-yield savings account. Many accounts make the same no-fee, no-minimum offer as the Capital One 360 Savings account. Hereâs a quick look at some of the most comparable online savings accounts (as of 30 April 2020):
|APY||Monthly Fee||Minimum Required|
|Capital One 360 Savings||1.50%||$0||$0|
|Discover Online Savings||1.40%||$0||$0|
|Ally Online Savings||1.50%||$0||$0|
|CIT Bank||1.09%-1.55% introductory, 1.09% afterward||$0||$100 minimum to open account|
How Does the Capital One 360 savings rate compare to other savings accounts?
In terms of interest earned, the Capital One savings interest rate compares favorably to other similar savings accounts.
Other online savings accounts, like Ally and Discover, are currently offering rates between 1.40% and 1.55%. These are close to the Capital One 360 Savings rate of 1.50%.
While CIT Bank proudly offers up to 1.55% APY, you have to clear a hurdle to earn this rate. You must either maintain a balance of $25,000+ or make at least one monthly deposit of $100 or more. If you fail to meet one of these requirements, your savings rate will fall to 1.09%.
Of course, when you compare the Capital One saving interest rate to traditional bank accounts, Capital One comes out well ahead. Wells Fargo currently offers a maximum of 0.08%, and Bank of America rates max out at 0.06% (using Los Angeles local rates for comparison).
Is the Capital One 360 Savings account right for you?
The Capital One 360 Savings account is a solid option for the average person. Itâs easy to open and use, offers uncomplicated terms, and comes with one of the best interest rates available for a savings account with no monthly fees or minimum required balances.
If youâre a sophisticated investor, it might make more sense for you to keep your savings account with the bank that handles your investments (Ally Invest, for example) so you can easily move money between your investment accounts. But for most of us, the Capital One 360 Savings account is a perfectly suitable high-yield savings account.