Those of us doing any kind of work on our personal computers know how crazy things can get when the “infrastructure” goes down. Perhaps you want to start an online business or more likely, you care a lot about what you’ve got stored in your machines. If so, then you should get into the habit of backing up your data. Once, I actually had to shell out $1,450 for data recovery when my computer crashed without a back up system in place. Ouch! On this note, I thought to share the following guest post by Millie Kay G., about a couple of software options one can look into for managing online back ups.

For a lot of us, losing our important computer files means losing money. I keep many of my documents and pictures backed up in a portable hard drive, but using a computer backup service like Carbonite or Mozy is something I’ve been considering lately. I took a closer look at these well-known services to see if they are worth trying out.

Carbonite Backup Service Overview

Carbonite is a popular choice in the data backup arena. Their service will back up your documents, emails, pictures, and even data from programs like Quicken. Once you pay for the service, you can elect to have it back up your music, videos, program files, and other types of data as well.

You won’t run into limits on the amount of data you can back up. However, if you try to upload more than around 20 gigabytes of data, you might find the process slow going. As far as security is concerned, your data is protected by encryption. So if someone doesn’t have your account password, you won’t have to worry about them snooping through your stuff.

What if you need to restore data? Let’s say you lose a file or a whole folder. In that case, you could go to your desktop to seek out your file or folder from your Carbonite Backup Drive and recover it by using the Restore option. Alternatively, if you don’t have access to your computer, you can always visit the Carbonite website to get a hold of your data backup. It won’t take more than a few minutes to recover small files or folders, but if you need to restore a large amount of your computer data, then you should plan on it taking a day or two, depending on how much data is involved.

Windows XP, Vista, and Mac users can all use Carbonite. Their website offers handy tutorials to show you the basics.

Mozy Backup Service Overview

Another computer backup service that has earned kudos is Mozy. For users who want to use the service for personal use, there’s MozyHome, which comes free with limited 2 GB of space. For unlimited storage, it’s $4.95 a month. With it, you download the backup software, then choose which files you want backed up. Your files are encrypted while they’re backed up, and they’re encrypted a second way for storage.

You can schedule when your backups happen. The first backup you make will generally take the longest, if you’ve got a lot of data to archive. After that, the backups should be incremental. As mentioned, if you’re using MozyHome for personal use, you can get 2 GB of storage for free. You can have two computers on one MozyHome Free account.

You can restore your data in a variety of ways. You can right-click on any folder that needs recovery; you can go to the Mozy website to download your files from there; or you can order a DVD of your backup. It may actually be faster to order a DVD than wait for your backup to download on your home internet connection (think of the famous saying from the annals of computer networking: never underestimate the bandwidth of a truck full of magnetic tapes hurtling down the highway).

For business users, there’s MozyPro. It provides an Administrative Console to manage backups from multiple computers, and you’ll benefit from encryption, alerts, bandwidth throttling, and more. For each server and each computer you want to back up, you’ll need to buy a license.

Now with regards to pricing: for desktop computers, it’s $3.95 as well as $.50 per gigabyte each month; while for each server, it’s $6.95 plus $.50 per gigabyte each month.
 

Before you decide on a computer backup service, keep in mind that this works best for users with high-speed internet connections due to the large amount of data involved. A free trial or account can give you a good idea if the service is a good match for your backup needs.

Why Outsource Computer Back Ups?

Why go with a computer backup service if you can do these tasks yourself? Well it’s about making the time and effort to actually do what’s needed, and frankly, for less than $5 a month, it’s something I’d rather outsource. In my opinion, the convenience and peace of mind these services provide are worth way more than several dollars a month.

Also, if you did your own backups yourself, then you’d need a portable hard drive to make it work. It could make more sense to get some “data redundancy” by opting to store data elsewhere via a backup service. Data that’s stored offsite can be easier to recover than say, a hard drive that’s been burned, drowned, or dropped during an emergency.

Clearly, the consequences of missing out on regular backups are not pretty: if you forget to back up something yourself, then you might lose your precious data to a hard drive crash, a wayward virus, or theft if your computer’s ever stolen. Rather than risk your livelihood, family pictures, novel-in-progress, or your music collection, you could rely on a computer backup service as your data storage solution.

For those who use (or have used) Carbonite or Mozy — do you have any thoughts on your service of choice?

Carbonite vs Mozy: Online Backup Services

YNAB Pro Giveaway Code: fibonacci

Should your college student own a credit card? That’s an interesting question that many parents dwell upon. This much is true: applying for and finally receiving that first credit card is a big step for any individual. I believe that it can be helpful for someone to become exposed to using a credit card early (with caveats), depending on how “ready” for this exposure the individual is. With the appropriate guidance (and guidelines), using the right kind of credit card can prove to be a helpful financial tool for a student. What distinguishes a student credit card from all other cards? Usually, they offer lower interest rates and a lower spending limit than regular credit cards.

Let’s start out by identifying which credit cards may be most suitable for college students. Then we’ll cover some important points about card use.

Best Student Credit Cards For College Students

Here are a number of good rewards credit cards that are geared towards the younger set:

1. Discover Student Card: You’ll earn 5% cash back on choice spending categories such as travel, gas, restaurants and groceries and 1% cash back for everything else. The Discover Student Card is also a 0% APR credit card that offers no interest rate for 6 months for new purchases. It has no annual fee.
For more information, please visit this link.

2. Citi mtvU Platinum Visa for College Students: This card has no annual fee and offers 0% APR for 6 months for both balance transfers and purchases. This is a rewards card that will give you 5 reward points for every $1 you spend on books, movies, music and restaurants. For $1 spent on everything else, you’ll earn $1. You’ll also earn 25 reward points per month if you stay below your credit limit. There’s also an incentive to get good grades: earn up to 2,000 reward points twice a year with proof of a good GPA. Check out their “GPA vs reward points” table:

For more information on Citi mtvU Platinum Visa, you can check out this link.

3. Citi Forward Student Card: Here’s another no annual fee rewards credit card that rewards you for good behavior. It’s also a 0% interest credit card that won’t charge you interest for 6 months for balance transfers and new purchases. With this card, you’ll get 6,000 bonus points after spending $250 in 3 months, 5,000 points when you go paperless and 5 reward points for each $1 you spend on restaurants, music, books and movies. You’ll get 1 reward point for each $1 spent on everything else. For managing your credit well, you’ll be eligible for up to a 2% reduction on your APR and an extra 100 points per billing period. For more details, check out this link.

Tips For Using A Student Credit Card

I am a firm believer that one’s money management habits are forged at a young age. I believe that anyone can learn how to manage money and understand credit cards while in college or shortly thereafter. But on the flip side, if you aren’t savvy with money or tend to hang out with friends who are spendthrifts, you may end up developing some bad habits. If you are a student and want credit, you need to understand what you are getting into. It would be great if all of us learned about money management and paid more attention to the basics of credit card use right when we start using credit cards.

I learned a few things when I got a hold of my first few credit cards — that there’s a right and wrong way to use them. Like anything else, there are pros and cons to using a student credit card. Let’s review some of these points:

The Pros

For students, one big benefit that credit cards provide is the convenience that they offer when there are emergencies. Who knows what emergencies a student will encounter, and it is comforting to know that your college student can be financially covered with a credit card in such cases. Typical scenarios might include vehicle breakdowns and attendant car repairs and towing expenses, motel bills, meals, doctor charges, or midnight apartment repairs, such as water leaks. But impromptu trips to the Bahamas certainly don’t qualify as an emergency!

Having a student credit card will help your child learn how to be financially responsible and will also help them develop a credit history.

Here are some ways to start off on the right footing with your college student: Teach your kids to use a credit card only if they can pay off their balance in full each month. Point out that using a card for installment payments is a no-no. Other good habits to develop include keeping one’s balance below the credit limit and always paying on time.

Finally, show your kids that by using a credit card in the “right” way, they can potentially receive rewards; and using cards irresponsibly can lead to financial problems later. Making these distinctions early should help your child develop a healthy outlook on debt, credit and money management.

The Cons

One of the biggest arguments against credit cards for students is the potential for these cards to get an unsuspecting teen into financial trouble. There’s the potential to develop bad money habits when you own a credit card: one month of not paying off your balance can easily snowball into something more problematic, and where can that lead you? When you accumulate debt early in your life, it’s a problem that becomes much harder to surmount.

A student may end up with several credit cards, repeating the same mistakes with each one. It therefore goes without saying that credit cards should be used with caution especially when a student is first starting out as a card holder. If you’re a parent, you must first determine if your child is ready to start using a card, and before you give them the green light for this, lay down your ground rules well in advance.

 
Contributing Writer: BEM

Best Student Credit Cards For College Students

YNAB Pro Giveaway Code: fibonacci

Here’s a strong online savings bank offering decent savings account rates.

Stories about failing banks make front page news, eclipsing a lot of the more positive events that occur in the banking industry. During a time when the economy has been unkind to us and especially to our friends in the financial industry, it’s welcome news to hear about the success stories. So I’d like to give this update on EverBank, which is one of those institutions that has bucked the current economic trend.

Top Online Savings Bank: Why EverBank Remains Solid

EverBank is actually the first online savings bank I took an interest in. I mentioned them on my site a while back, while covering a fascinating investment topic, which was on how to hedge for inflation. During my research, I stumbled on EverBank as the one bank that offered products, particularly high interest savings accounts, that addressed some of my diversification needs (through their foreign currency products). Well, I’m happy to report that they’re actually one of the banks that has done extremely well during the past year:

EverBank recently reported positive earnings gains with a third quarter net income increase of 197% over last year’s third quarter numbers. Also, the growth this past quarter is around 37% compared to the previous quarter of this year. EverBank’s done particularly well in their mortgage banking business, showing strong mortgage asset portfolio returns.

On top of this, EverBank has been looking to make acquisitions; they’ve actually just recently acquired a financial company called Tygris Commercial Finance Group Inc, which they targeted for diversification purposes. The acquisition is expected to provide more commercial exposure to EverBank, whose primary business is in retail banking. They also believe that this transaction will “have a strong impact on their earnings and will increase their capital base by around $470 million.” It’s obvious that EverBank is doing more than a few things right here: they were one of those institutions that sidestepped the subprime mortgage meltdown thereby keeping their powder dry. Now they are in a great position to grow: there’s no better time than today, to be in a position of financial strength.

This online bank is a solid company that caters to a “mass affluent” customer base; if you can afford their minimum balances (typically $1,500 per account), then they’re a great choice for your basic banking needs. They’re also known for relatively higher yields compared to their retail banking counterparts. Here are just some of their more popular savings products:

With higher yields, low expenses, excellent customer service, quality products and strong fundamentals, I consider EverBank as a top choice for savers. Here’s where to visit their site for more details and information.

Top Online Savings Bank: Why EverBank Remains Solid

YNAB Pro Giveaway Code: fibonacci

For those of you shopping around for a new stock broker, there’s some good news I’d like to share. Not only are the investment markets performing better lately, but there have also been some attractive promotions that a handful of our favorite online stock brokers have decided to offer to new account holders. Here’s a quick list of ongoing offers and promotions I’m familiar with. Some of them are only available for a limited time, so you may want to check them out before they expire.

Online Stock Trading Promotions From Top Brokers

1. TradeKing is offering a $50 cash bonus for anyone who opens an account between now and November 30. This ongoing promo will only be good till the end of this month. To be eligible for the bonus, you’ll have to fund your account with $2,500 and make your first trade. After meeting these requirements, you’ll get the money deposited into your account.

Other benefits of using TradeKing include:

• Flat, very low cost stock trading fees of $4.95 a trade.
• Transfer fees are reimbursed up to $150.
• Referral program that gives you $50 for each new customer you refer (to TradeKing).
• Award winning broker for top customer service, trading tools and social media features.

2. OptionsHouse is giving away 100 commission free trades for all new accounts that are opened between now and December 31. Ordinarily, this broker’s stock trades are at $2.95 a transaction, one of the cheapest rates you’ll find in the industry. Also, you can receive a reimbursement that’s worth up to a $100 if you switch your broker account to OptionsHouse (although you may have to inquire whether this rebate can be used in conjunction with their ongoing free trades promotion).

Aside from the very low trading commissions, OptionsHouse has also been acknowledged as a top broker by Barron’s, in their 2009 Online Broker Survey. The recognition that this brokerage house received was for “Trading Experience”. They’ve also got a virtual trading environment for those who are interested in learning how to trade and invest in the stock market without having to risk any money in the process.

3. E*Trade also offers up to 100 commission-free trades for new investors who open new Power E*Trade or IRA accounts. You’re required to deposit at least $1,000 to be eligible for the free trades. It works as follows: for each trade you make within 30 days of account open, you’ll initially be charged a $9.99 commission fee. But within 8 weeks of qualifying for the free trades, you’ll be credited back the charges you’ve paid, minus options contract fees.

Pricing for E*Trade is on the higher side, ranging from $7.99 to $12.99 per trade based on the number of trades you make per quarter. But you’ll get what you pay for since ETrade has been recognized as the best discount broker by Smart Money for three years in a row, and has also scored very well in other broker surveys. Their tools, mobile trading platform, trading environment and investment resources give them the extra edge over their competition.

What’s great about Zecco is that they give you free stock trades on an ongoing basis. As a permanent feature of being a Zecco customer, you can qualify for 10 free stock trades each month if you keep at least $25,000 in your investment account OR if you trade frequently (and make at least 25 trades per month). If you don’t qualify for the free trades, the regular cost at Zecco is a cheap $4.50 per trade.

Zecco also has a few features you are not likely to find in many other online stock brokers. Here are a few extras they offer beyond the standard trading tools and features:

• An online community of investors and traders who readily share information.
• A virtual trading environment called Zecco Zimulator where you can trade without risking your funds.
• A Forex trading platform.

There are some other notable online brokers out there, but if you’re looking for some good reasons to sway your decision about joining a particular brokerage, then hopefully some of these broker promotions and features may provide you with just the motivation you need.

Online Stock Trading Promotions From Top Brokers

YNAB Pro Giveaway Code: fibonacci

Here’s a reminder to those of you who’ve been contemplating on getting your finances in order. Ramit Sethi, the blogger and New York best selling author behind “I Will Teach You To Be Rich” is offering a personal finance boot camp — or interactive online course, if you will — that will run from November 9 through December 20. It will cover all topics from debt and credit management, to budgeting, saving, investing and entrepreneurship, and promises to help you get yourself financially organized.

I’ve written about this boot camp in detail here, so if you’re thinking of registering, November 6 is the final day to get signed up. The regular cost is $199, but I am offering a $50 rebate if you complete the course and register through this link. To those who’ve already signed up, this offer extends to you as well.

Personal Finance Boot Camp: Last Call To Register

YNAB Pro Giveaway Code: fibonacci

Did you love the book “I Will Teach You To Be Rich”? Even if you haven’t had a chance to read it, I’m hoping that you’ll find this post helpful.

This is a time sensitive post and you’ll know why in a second. You may have noticed the new prominent banner I have on my sidebar, advertising the first of its kind personal finance boot camp. This interesting online course is courtesy of Ramit Sethi, the top financial blogger behind the blog, I Will Teach You To Be Rich.com.

Well here’s what this is about. I’m one of several bloggers who’s helping Ramit get the word out on an interactive online personal finance course which will be offered from November 9 through December 20. You can consider it to be the natural offshoot of his New York best selling book “I Will Teach You To Be Rich”, where he covers a lot of ground on key topics such as banking, saving, budgeting, investing and earning more. Here are some particulars about the boot camp:

I Will Teach You To Be Rich Boot Camp Details

Who: Ramit Sethi will be hosting and will be guiding you to take action on your finances. He will be answering your questions over the course of the event.
What: 6-week online boot camp to help people take ACTION and manage their money. Includes coursework on credit cards, debt, automating money, picking the right accounts, investments, and day-to-day money questions.
Guest speakers: Also includes guest speakers who are tops in their respective fields (online marketing, entrepreneurship, financial services, job coaching). They’ll be speaking about entrepreneurship, earning more, finding a mentor, landing your dream job, etc.
Cost: $199 $149 only after $50 rebate
No Risk: There’s a 30 day money back guarantee associated with this program, no questions asked.

For those interested, you can only register between now and Saturday, November 7 at 12 AM PST. Also, attendance is limited and may close prior to Friday once the boot camp fills up.

Why I Think This Boot Camp Rocks

Ramit is a highly visible blogger and writer in the personal finance space. He’s highly regarded in the financial blogosphere and has written a New York Times best selling book on finance (you can check it out here). He’s a pretty energetic and passionate guy who’d like to see you achieve results. I actually find his energy (and conviction) contagious: you can see him in action in this video, where he dishes out some financial tips on how to get paid what you’re worth:

As for the boot camp, here’s one simple reason for attending it: maybe it’s not enough that we simply read about what to do through blogs, books and newsletters. If you’d like to give your finances higher priority, then why not take action and start making things happen? You can do this in the context of a guided process in a peer setting, where you’ll be in the company of some strong financial advocates.

I think that the $199 cost of the program will pay for itself many times over when you realize that by its end, you’ll have applied certain tips and put financial plans in action (finally) that you wouldn’t have done otherwise. Remember that time is money, so the sooner you implement your financial plans and take control of your money, the better off you’ll be.

Personal Finance Boot Camp Agenda and Schedule

As far as what you can expect from the boot camp, let me try to list them here. Here is the course schedule:

And if you’re curious about how a sample week will run, here is a course outline for Week 1, where you’ll be focusing on how to optimize the use of your credit cards:

• Homework Assignment: Make a list of credit cards, balances, interest rates. (This will be collected and checked off by IWT assistants.)
• Group and Forum Discussion Topics with Support Materials: Six Commandments of Credit Cards, Common Mistakes to Avoid, Credit Card Tips, Card Negotiation Scripts
• Ramit’s Tuesday Live Cast: Ramit talks about big wins with your credit cards, how to find the best deals and takes member’s questions.
• Live Guest Speaker Thursday: Andy Jolls from VideoCreditScore.com talks about easy ways to improve your credit score and answers member’s questions.
• Check Lists: Find out your credit score and check your credit report, set up your credit cards, make sure you’re handling your card effectively, develop a debt plan.

As you can see, it’s a pretty comprehensive course and so there is one thing that this boot camp will require of you: a time commitment. Since it will be running for 6 weeks, with each week dedicated to a given financial topic, you’ll need to set aside some time to tackle this. The estimated amount of time you’ll need to get the most out of this program? Around 5 to 10 hours per week.

Final Words

A lot of us have been harping about the fact that “personal finance is not being taught in high schooI”. Well if we missed the boat on finance during our school days, then perhaps a crash course may help spur us on the right track or may serve as a reality check to help validate the financial moves we’ve been making. I really think that this boot camp is pretty valuable. It’s something that I wish had been available to me when I was in my 20’s; while there’s no substitute for experience, I do think that something like this would have helped expedite my learning and would have confirmed whether I was on the right track. If I had this kind of opportunity back then, I believe that I could have avoided some missteps that ended up costing me big in my earlier years.

Not only do I expect this boot camp to be inspiring as you work with others who can serve as mentors, but it’s also a program that promises you results — if you do the work involved. It’s one that will make you accountable, which will work especially well in a group setting. There won’t be any excuses this time, right?

I Will Teach You To Be Rich Boot Camp: Improve Your Financial IQ

YNAB Pro Giveaway Code: fibonacci

A sneak peek at YNAB 3.

There are a lot of great budgeting software products in the market, many of them free. But a lot of the free financial tools are browser based, and while there are certainly a lot of people who are mighty fine with having their information stored and transacted via the web, there are still those folks who are more comfortable with desktop tools, especially when it comes to managing their budget or net worth. If you prefer to do your money management transactions in your own personal “space”, then a desktop tool may suit you better.

The dominant product in the market right now is Quicken software, now that Microsoft Money has been retired. However, I’d like to bring up a lesser known desktop budgeting product that I’ve actually written about before called YNAB or You Need A Budget, which is a great alternative to Quicken. If you check Amazon ratings, you’ll find that YNAB smokes Quicken in the rankings and positive feedback.

Money Management Software For The Desktop: YNAB 3 Review

YNAB 3 is the newest reincarnation of You Need A Budget, and it’s much anticipated. It won’t be available till later this year, but if you order YNAB Pro (the current version) now, you’ll get a free upgrade when YNAB 3 is out.

To see how YNAB 3 looks like, check out the following screenshot: click on this link or the image below for a sneak peek.

If you want to see YNAB 3 in action, you can view these demos: here’s a video walkthrough that covers Categories and Notes. Here’s another video that shows how the “Spending Tool Tip” feature works.

You Need A Budget! YNAB 3 Features

YNAB 3 promises some great improvements, as its new features attest. Let’s have a quick run through of the changes you’ll see in this version:

1. Runs on the Mac. YNAB 3 running on the Mac should make a few budget-minded folks happy. A good number of us have been eager to try out YNAB but haven’t been able to, in the past, due to software platform restrictions.

2. Reports. It’s my opinion that all software tools (particularly financial ones) should have reporting capabilities. For those who need additional reporting beyond what YNAB 3 offers, the tool will allow you to export the data elsewhere, to work with as you wish.

3. Improved Search and Usability. The ability to undo our work or to customize fields are things we take for granted in many tools; glad to know these are now part and parcel of this version of YNAB.

4. Cash Flow Management and Asset Management. The software allows you to track both budgeted accounts vs other types of accounts (such as your mortgage, retirement accounts and car expenses), while adhering to YNAB’s core cash flow management methodology.

5. Flexibility With Accounting. There’s flexibility here with how you can account for aspects of your budget.

6. Proactive and “Smart” Budgeting. You can move your budgeted numbers seamlessly across budget categories if you prefer to do this rather than deal with negative numbers. YNAB is also “smart” enough to inform you if you’ve got errors or things out of sync between your budget and your bank account(s).

7. Better Look and Feel. Just by checking the videos above, you can see the cosmetic improvements that this version has over its predecessors.

Money Management Software For The Desktop: YNAB 3 Review

YNAB Pro Giveaway Code: fibonacci

Not long ago, Advanta closed my business card account when their credit card division folded. I had then expressed my need for a new credit card. Now that I got myself a replacement business card, it seems that I may need to get a new consumer card as well. I have a Bank of America Upromise rewards card that has no annual fees, but I’m hearing rumblings that fees may be introduced for this card soon.

Given that my #1 requirement for a credit card is that it has NO annual fees, then I may have to start shopping around for a possible replacement. I pay my credit card bills in full each month, so I’m most interested in rewards credit cards, and in particular, cash back credit cards that have NO fees. On that note, I’ve decided to be proactive and look at a few such cards in more detail, including Chase Freedom (SM).

Chase Freedom: Credit Card For Cash Back Rewards

The Chase Freedom (SM) credit card is a cash back rewards card with the following features:

• Get a $50 cash bonus on first use or once you’ve made your first purchase.
• Earn up to 20% cash back at select retailers when you shop through Chase.
• Earn 3% cash back in popular rotating spending categories such as gas, home improvement and department stores.
• Earn 1% for all other purchases at all times.
• 0% intro APR on purchases for up to 12 months, based on your credit history.
• No annual fee.

Chase Freedom Card Rewards

Here are a few more details about the rewards: as a new cardmember, you’ll actually qualify for the $50 bonus under many scenarios. You’ll receive the bonus after your first use, which includes making a purchase, doing a balance transfer, or using checks, excluding cash advances.

The cash back rewards are unlimited, which you’ll earn when you make purchases. Note that you won’t earn any rebates when you do a balance transfer or get a cash advance. Also, you’ll qualify for additional 3% quarterly cash bonus rewards when you spend on certain categories. For the 10% to 20% cash back, you’ll have to shop online using your Chase account and using Chase’s Ultimate Rewards Mall.

Chase Freedom Card Terms

Other interesting things to note about this 0% interest credit card (for new purchases): This is a 0% APR credit card that won’t charge you interest on purchases made during an intro period. The intro period can either be 6 months or 12 months based on your credit history.

After the intro period, the card’s regular rates kick in, with variable terms depending on which pricing/rate category you fall under: Elite, Premium or Standard. The card has different rate structures based on your credit rating, so unlike other cards where everyone may receive the same rates at all times (barring some exceptions here and there), this card has variability built into its terms.

For instance, if you’ve got excellent credit, you’ll likely be receiving the Elite pricing terms, and with a more mediocre credit score, you may end up with the Standard terms. The APRs are tied to the prime rate, which is one benchmark for lending used by financial institutions. Chase also reserves the right to decide which rates to offer you. All applications will at first be considered for the most attractive terms, but depending on the credit information the issuer pulls from your reports, your rates will be adjusted accordingly. There is the possibility that you may end up with alternative rates or that your application may be denied.

Also, while this card accepts balance transfers, it’s not really considered a balance transfer card. If you transfer your balance to this card, you will be charged a prime rate plus some additional APR based on your pricing/rate category (as mentioned above).

Other Rewards and Cash Back Credit Cards

Chase Freedom (SM) has been in my list of top cash back credit cards for a while now and I’ve eyed it as a card I’d consider applying for when the need arose. For the record, here are some rewards cards that I’ve been tracking and which I’ve featured before:

Chase Freedom: Credit Card For Cash Back Rewards

YNAB Pro Giveaway Code: fibonacci

Your high interest savings funds and certificates of deposit are earning you returns, but what about your free checking account?

If you’ve hardly made much from your checking account all this time, you are not alone. Lots of savers haven’t had a chance to shop around for a better yielding checking account, figuring that since their liquid accounts are usually in flux (with lots of ongoing transactions), that trying to eke out interest from these accounts isn’t a priority.

But just because you’ve already placed your intermediate and longer term savings elsewhere where they are earning savings account rates at par with the markets, it doesn’t mean that you can’t earn more with your short term money. These days, every little bit counts, so checking out higher yielding checking accounts for those extra returns is worth doing, in my opinion. Here’s a list of accounts to consider:

Free High Yield Checking Accounts

1. EverBank has the FreeNet Checking Account which currently yields 1.20% to 1.72% APY (but it starts off with a pretty high 2.51% rate for the first 3 months). This is a no fee account that requires a $1,500 minimum opening balance. For new accounts, the first 3 months will return 2.51% APY. After this period, the new rate will be variable based on your account balance: in particular, if your balance is under $10,000, you’ll earn 1.20% APY, and if it’s at least $50,000, your rate will be an attractive 1.72%.

2. ING Direct has the widely known Electric Orange Checking Account. This account has no fees (other than those incurred for extra services) and no minimum balance required. However, just like EverBank’s free checking account, you’ll earn a rate that is commensurate to the balance amount that you’re able to maintain. ING Direct Electric Orange Account currently yields .25% to 1.55%. Other great benefits include free online bill pay, free debit card, free ATM access, direct deposit, and the ability to make p2p payments. One more thing: this is a paperless checking account but you can send out checks through online methods.

3. HSBC Direct also has a paperless checking account called the Online Payment Account. It has an interest rate of 0.85% APY and works just like a checking account, except without the paper checks. This means that you can send out checks electronically through free online bill pay and have the ability to schedule recurring or one time payments. In addition, you’ll receive a free debit/ATM card and be able to easily link to HSBC Direct’s Online Savings Account. This account has no monthly fees and requires a minimum balance of only $1.

4. E*Trade is known for being a top broker but they’ve also got a reputable banking division. However, their Max-Rate Checking Account presently sports a rather low .30% yield, and that is if your balance is at least $5,000! Below this amount, you’ll barely earn anything. The good news though, is that they also offer free online bill pay, a free ATM debit card, and actual free checkbooks. There is a minimum initial deposit of $100 for this account and a requirement for you to maintain a $5,000 average monthly balance if you want to avoid getting charged a monthly fee. Out of all the high yield checking accounts in this list, this is the only one that is not truly free.

Best High Yield Checking Account?

In my opinion, EverBank looks like a really solid option. I like this online bank particularly because they also have a rich stable of other financial products that appeal to me, including a high yield CD, a money market account and a roster of foreign currency certificates of deposit that can be a good fit for a well diversified portfolio. These are some products I’m personally considering as potential investments (especially since we’re possibly headed for an inflationary environment). For more information on EverBank’s interesting products, check out my EverBank review.

So far, these are the accounts and banks I’ve had a chance to study. Once I get a chance to review a few more, I’ll add them here.

Free High Yield Checking Accounts

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The 12 month 0% interest balance transfer credit card is back!

So much has changed over the past few years in the credit card industry, what with new regulations, the disappearance of easy credit, the reduction of credit card offers and advertisements through the mail, and not to mention, the expiration of long term and lifetime balance transfer programs (and awesome card terms). Those sweet terms we used to enjoy that allowed a lot of people to make money off their credit cards or to afford so much on plastic seem to have evaporated.

But through it all, there have been balance transfer credit cards that stayed in the market, albeit with shortened intro periods and higher transfer fees. While I’m not predicting that we’re seeing the light at the end of the tunnel for the card industry, some card issuers are showing signs of life by reintroducing the 12 month 0% balance transfer credit card.

0% Interest Credit Card With 12 Months Balance Transfer Terms

Here’s the good news for those of you who are looking for a 0% APR credit card either to transfer your balance over to, or to simply enjoy for the 0% rates on new purchases. Check out the Discover More American Flag card.

This rewards credit card is one of the Discover More card variants, except with different balance transfer terms from the rest. The Discover More American Flag credit card is available with the following great benefits and top rewards card features:

• 0% APR for 12 months upon balance transfer. After 12 months, the standard rates will apply. The balance transfer fee is 5%.
• 0% APR for 6 months for new purchases, with the standard APR becoming effective after the intro period.
• Full 5% cash back bonus in top spending and shopping categories such as restaurants, groceries, travel, gas and more.
• 5% to 20% cash back bonus when you shop at top retailers.
• Up to 1% cash back bonus will be automatically applied for all other purchases.
• No annual fee.

Discover More Credit Cards And Other 0% Balance Transfer Offers

Discover More credit cards also come in other types and carry with it other terms. For instance, this table shows the Discover More cards that are available.

Most other balance transfer credit cards offer the term of 0% APR for 6 months, along with the 3% balance transfer fee feature. You’ll have to decide which card will be cheaper for you in the long run: the shorter term (6 months) with lower balance transfer fee (3%) or the longer term (12 months) with higher balance transfer fee (5%). For those who only care about new purchases, then the Discover More cards have identical terms.

0% APR Credit Cards For New Purchases

Now if you have good credit and are looking for a cash back rewards credit card that can offer you 0% APR for a limited time, albeit for new purchases only, then check out the Chase Freedom Credit Card. This card offers a variable rate: cardholders with the best credit will receive a 0% APR for 12 months, while others may receive a standard rate of 0% for 6 months based on credit history (for new purchases). The card itself is a decent cash back credit card that yields 3% to 20% cash back on select spending categories and rewards you with a 1% cash rebate on everything else. Plus, you’ll get a $50 cash bonus after you make your first purchase.

0% Interest Credit Cards, 12 Months Balance Transfer

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