Checking accounts make for the first milestone of most people’s financial journey. They are an essential part of personal finance. A checking bank account brings with it better financial planning. In simpler words, it allows for much effectiveness in handling your expenses and income while helping with setting the right budget. Checking accounts have always been lauded for their advantages; however, they now bring many more benefits that fit today’s financial scenario. Looking to open a checking account but are still contemplating about the same? Here are five pros that will help you wrap up how an account of this kind can be of advantage to you. Protection and safety There is no dearth of incidents where cash is stolen even from the safest nooks. Storing cash at home too brings with it the threat of robberies and natural disasters. A checking account lets you avert such a risk. Consumer banks are insured and can cover huge amounts even in the case of an untoward incident. Storing monetary savings under a checking account brings with it safety and peace of mind. Easy check cashing The cashing of a check can be complex if you do not have a bank account. In the case of non-customers, the bank will only cash the check if the same is issued by the given bank.

Thinking about saving for a rainy day? Or wondering how to grow your wealth? You can create a savings account as it will give you a modest amount of interest regularly. Your money will grow, and you be able to access funds readily. You cannot cash in a bond or withdraw from a retirement account too easily, and at such times, the money from a savings account acts a good liquid investment that you can use for any emergency. Savings accounts do not come with checks. Additionally, there are limits on the number of transactions and withdrawals that you can make on the account each month. So, you cannot spend this money easily, ensuring steady growth of your savings. While looking for a savings account, check the APY (annual percentage yield) and whether there are any additional fees or minimum balance required. Open a savings account only after verifying all these factors. Marcus by Goldman Sachs Bank: Marcus, the online bank of Goldman Sachs offers one of the best savings accounts in the market. It offers a high APY of nearly 2.25%. You only need $1 to start earning interest from your Marcus savings account. Also, no minimum deposit is required to open the account.

Having an offshore bank account involves depositing money with a financial institution that is in a foreign country. A person might open such accounts to take advantage of some schemes offered by other countries. Those who have houses in other countries might also open accounts there. These types of accounts offer certain benefits for various people. How secure is it? In some countries, there is little protection for deposits that are made with banks in that country. For instance, many expats in Cyprus were unable to remove their own money in 2013 during the crisis. In such cases, an offshore account offers security for one’s money. The foreign countries that have better regulations and a jurisdiction that is transparent are good options for opening an offshore bank account. How is the customer service? The services offered for an offshore bank account are extremely personalized. One is given access to the money all year round through telephone and online banking. There are relationship managers appointed for an account and one can maintain contact with the bank through them. Services provided by the top banks is of a very high standard and can attract expats that might have several financial dealings internationally.

Bad credit personal loans are a kind of personal loan marketed to individuals who possess abysmal bad credit scores. Usually, people get bad credit personal loans for fixing a car or a home, for making a large purchase, for paying off unexpected expenses, or for consolidating debt. Usually, a bad credit score is a FICO the chief credit scoring system in the US) score less than 640. FICO credit scores are defined as such: Very Poor (300 to 579) Fair (580 to 669) Good (670 to 739) Very Good (740 to 799) Exceptional (800 to 850) How do bad credit personal loans work? While one’s credit scores could go as low as 300, one typically needs a minimum 600 FICO score for qualifying for bad credit loans. Every lender has a look at one’s FICO scores for determining what level of risk they are willing to bear. If an individual is able to qualify for a loan despite having bad credit, then one might have to make larger down payments and shell out higher interest rates for the loan. Bad credit loans usually have shorter loan terms and higher interest rates than loans offered to those who possess good credit.

Home equity loan allows an individual to borrow money against their home value over any mortgage that is against their property. They are slightly easier to qualify for as compared to other loans, as the person is making use of their own home as collateral. These kinds of loans offer access to greater amounts of funds, and they are a type of second mortgage. The first mortgage is the one that is used to buy the property. One can make use of additional loans in order to borrow against the property if they have built up a sufficient amount of equity. Here are some things to know about home equity loans: The home equity line of credit may get approved when the maximum amount is available, but an individual should borrow based on what they will utilize this amount for. This type of home equity loan allows an individual to borrow as many times as they desire once the loan has received its approval. In the initial years, smaller payments can be made, but one has to later begin making the fully amortized payments to eliminate the loan. The home equity line of credit is one of the most flexible options as the person always has control over the loan balance as well as the interest costs.