Your new job means more money, so it's important to manage it right!
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Are you fiscally fit? Starting a new job in a new place provides you with both challenges and opportunities. Make sure that you manage your money effectively, whether that means getting a low interest personal loan or student loan refinance, opening a new account, cashing in on credit card rewards, or investing for the future.
We're here to share with you some of the basics of cash management in the United States. And while you're at it, take advantage of some of the best welcome bonuses out there!
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Learn about different types of accounts (checking, savings, money accounts)
Checking and Savings Accounts
A checking account is an account with a bank that allows the person holding the account to make deposits and regular withdrawals. Simply, a checking account provides you with access to your money at ATMs and whenever you need it. Checking accounts will typically allow direct deposit which enable your employer to pay you directly or Electronic Fund Transfers (ETF), which allow you to transfer money electronically.
Make sure that you keep in mind fees, which some banks may charge for not meeting set minimums, writing too many checks, or for other reasons.
A savings account, is similar to a checking account, but often has limits relate to how many transactions or withdrawals can occur per month, the minimum balance, and may not have the ability to write checks. Savings accounts, however, often provide interest payments to account holders.
Finally, it is important that your account - whether it a checking or savings account - is FDIC insured. FDIC insurance covers up to "$250,000 per person, per bank, per ownership category" (source).
Other pages you may be interested in:
Checking and savings accounts can be opened at banks and credit unions across the United States including:
JP Morgan Chase
Bank of America
PNC Financial Services
Banks often offer incentives when opening new accounts. Below are some of the offers available as of this writing (January 2021)
"With low personal loan interest rates and a fixed monthly payment, you can get loans to pay off credit cards, pay off high interest debt, or make a major purchase. It only takes minutes to apply."
note: SoFi is unaffiliated with H1Bexpert.com and SoFi's terms may change at any time. Current as of January 2021.