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Whether it’s a cozy micro-cabin or a rambling Colonial, your home is probably the single largest purchase you’ll ever make and your biggest physical asset. An investment like that is worth protecting.

That’s where homeowners insurance comes in; it gives you peace of mind that if you were to have major damage or get robbed, there would be funds to repair and restore your home. But what happens when you think it’s time to change your policy?

Here’s what you need to know about switching your homeowners insurance policy, as well as a step-by-step guide to getting it done as quickly as possible and with a minimum of hassles.

Can I Switch Homeowners Insurance at Any Time?

Good news: yes! No matter the reason, you’re allowed to change your homeowner’s insurance at any time. This is good, since shopping around for the right policy can save you a lot of money in some instances.

If you’re shopping for a new home as we speak, it can be a good idea to start looking at insurance before you sign the purchase agreement. And if you’re an existing homeowner looking to save money or simply find a new policy, you absolutely can do so whenever you like. But it’s important to follow the steps in order to ensure you don’t accidentally have a lapse in coverage.


💡 Quick Tip: Homeowners insurance covers three basic categories: the building itself, the belongings inside, and your liability if someone gets hurt on your property.

When Should I Change My Homeowners Insurance?

There are certain events that should also trigger a review of your insurance, including paying off your mortgage (your rates may well go down) and adding a pool (your rates may go up). Also, you may find you are offered deals if you bundle your homeowners insurance with, say, your car insurance; that might be a savings you want to consider.

You never know what options might be available out there to help you save some money. And since homeowners insurance can easily cost more than $1,800 per year, it can be well worth shopping around.

Recommended: Is Homeowners Insurance Required to Buy a Home?

How Often Should I Change My Homeowners Insurance?

You’re really the only person who can answer this one, but in general, it’s a good idea to at least review your coverage annually.

However, it does take time and effort. Sometimes, a cheaper policy means less coverage, so it’s not always a good deal. Be sure you’re able to thoroughly review all the fine print and make sure you know what you’re getting.

Ready to change your homeowners insurance? Follow these steps in order to ensure you don’t accidentally sustain a loss in coverage!

Step One: Check the Terms and Conditions of Your Existing Policy

The first step toward changing your homeowners insurance policy is ensuring that you actually want to change it in the first place!

Take a look at your existing policy and see what your coverage is like, and be sure to look closely to see if there are any specific terms about early termination. While you always have the right to change your homeowners insurance policy, there could be a fee involved. In many instances, you may have to wait a bit to receive a prorated refund for unused coverage.

Step Two: Think about Your Coverage Needs

Once you have a handle on what your current insurance covers, you can start shopping for new insurance in an informed way. You probably don’t want to “save money” by accidentally purchasing a less comprehensive plan. But do think about how your coverage needs may have shifted since you last purchased homeowners insurance.

For example, the value of your home may have changed (lucky you if your once “up and coming” neighborhood is not officially a hot market). Or perhaps you’ve added on additional structures or outbuildings and need to bump up your policy to cover those.

Step Three: Research Different Insurance Companies

Now comes the labor-intensive part: looking around at other available insurance policies to see what’s on offer. Keep your current premiums and deductibles in mind as you shop around. Saving money is likely one of the main objectives of this exercise, though sometimes, higher costs are worth it for better coverage.

Make sure you are carefully comparing coverage limits, deductibles, and premiums to get the best policy for your needs. Also consider whether the policy is providing actual cash value or replacement value. You may want to opt for a slightly pricier “replacement value” so you have funds to go out and buy new versions of any lost or damaged items, versus getting a lower, depreciated amount.

In addition to the theoretical coverage you encounter, it’s a good idea to stick with insurers with a good reputation. All the coverage in the world doesn’t matter if it’s only on paper; you need to be able to get through to customer service and file a claim when and if the time comes!

Fortunately, many online reviews are available that make this vetting process a lot easier. A few reputable sources for ratings: The Better Business Bureau and J.D. Power’s Customer Satisfaction Survey, and Property Claims Satisfaction Study. You can also do some of the footwork yourself by calling around to get quotes, though this is time-intensive and you might want to simply use an online comparison tool instead.

Step Four: Start Your New Policy, Then Cancel Your Old One

Found a new insurance plan that suits your needs better than your current one? Great news! But here’s the really important part: You want to get that new policy started before you cancel your old one.

That’s because even a short lapse in coverage could jeopardize your valuable investment, as well as drive up premiums in the future. Once you’ve made the new insurance purchase call and have your new declarations page in hand, you are ready to make the old insurance cancellation call. Be sure to verify the following with your old insurer:

•   The cancellation date is on or after the new insurance policy’s start date.

•   The old insurance policy won’t be automatically renewed and is fully canceled.

•   If you’re entitled to a prorated refund, find out how it will be issued and how long it will take to arrive.

Congratulations: You’ve got new homeowners insurance!

Recommended: Should I Sell My House Now or Wait

Step Five: Let Your Lender Know

The last step, but still a very important one, is to notify your mortgage lender about your homeowners insurance change. Most mortgage lenders require homeowners insurance, and they need to be kept up-to-date on who’s got your back should calamity strike. Additionally, if you still owe more than 80% the home value to your lender, they may still be paying the insurer for you through an escrow account — so you definitely want to make sure those payments are going to the right company.


💡 Quick Tip: A basic homeowners insurance plan doesn’t cover floods, earthquakes, or sinkholes. If you live in an area prone to natural disasters, you may want to look into supplemental coverage.

The Takeaway

Homeowners insurance is an important but often expensive form of financial protection. It can help you cover the cost of repairing or rebuilding your home if you undergo a covered loss or damage. Since our homes are such valuable investments, they’re worth safeguarding. Plus, most mortgage lenders require homeowners insurance.

Sometimes, changing your policy can help you save money for comparable or better coverage. Reviewing and possibly rethinking your homeowners insurance is an important process, especially as your needs and lifestyle evolve. If you’ve added on to your home, put in a pool, bought a prized piece of art, or are enduring more punishing weather, all are signals that you should take a fresh look at your policy and make sure you’re well protected.

If you’re a new homebuyer, SoFi Protect can help you look into your insurance options. SoFi and Lemonade offer homeowners insurance that requires no brokers and no paperwork. Secure the coverage that works best for you and your home.

Photo credit: iStock/MonthiraYodtiwong

Insurance not available in all states.
Experian is a registered service mark of Experian Personal Insurance Agency, Inc.
Social Finance, Inc. ("SoFi") is compensated by Experian for each customer who purchases a policy through Experian from the site.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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If you’re wondering whether a bank checks your credit when you open a checking account, the answer is typically no…but there’s more to the story than that one little word.

When it comes to starting a new checking account, banks don’t usually check your three-digit FICO® score — the most common score used by lenders — in order to determine your eligibility to open a checking account. They do, however, often look into your banking history via an agency known as ChexSystems.

Here’s a closer look at credit checks when opening an account and what could prevent you from getting that approval you’re after.

Whether or Not Banks Run Credit Checks for Checking Accounts

First, know that when most entities check your credit, they’re looking at that three-digit FICO score mentioned above — the one that ranges from 300 (poor) to 850 (exceptional). They will likely also receive your entire credit report, which is a detailed document listing all your open accounts, their statuses, and several years of your credit behavior, among other items.

When your credit is checked, it can be either a soft or hard credit inquiry. The former are inquiries that don’t impact your precious credit score. But the latter can wind up lowering your score because these “hard pulls,” as they are sometimes known, can indicate that you are shopping around for more credit, which can make you look like a risky prospect.

But back to our question about whether a bank will initiate a credit check…the answer is: not exactly. They typically use their own kind of financial background check system called ChexSystems. It’s a reporting agency that focuses on consumers’ banking behavior.

What Is ChexSystems?

ChexSystems is a reporting agency that focuses on your behavior around banking. Some details to note:

•   Your ChexSystems report will include your history of overdrafts, negative balances, and bounced checks, as well as any instances of fraud, security freezes, and other items specifically to do with your banking history. So while it’s not a credit check, per se, it is like a credit check, and your report could lead to your being rejected for a bank account.

•   Like any other reporting agency, ChexSystems is required by the Fair Credit Reporting Act (FCRA) to issue consumers a free report once a year, so you can regularly check your history.

•   If any of the negative items on your report are fraudulent, you can dispute that information with the agency to get it removed — and if they’re legitimate, you can work toward improving the behavior that caused them. (Most information on your ChexSystems report falls off after five years.)

•   There are also deposit accounts that don’t pull ChexSystems reports. So even if you’ve got some negative history, it’s possible to turn over a new leaf and work toward a more positive relationship with banking.

Recommended: How to Avoid ATM Fees

Why Do Banks Run Credit Checks When You Open a Bank Account?

Now that you know how credit checks work, you may wonder, Why do banks run credit checks when you want to open an account? Isn’t that their whole reason for being, to give people checking and savings accounts?

While there’s truth to that, banks do rely on their customers to keep their accounts in good order — and to pay fees, ensure checks don’t bounce, and generally be responsible bankers.

Using ChexSystems gives banks an idea of how you might behave as a banking customer in the future based on your recorded behavior. The intel in ChexSystems can also help a bank disqualify you from obtaining an account if they don’t think you pass muster.

Does It Hurt Your Credit Score When Trying to Open a Bank Account?

One exciting corollary to the fact that banks don’t pull your credit score when opening an account: Opening a bank account won’t hurt your credit score, since there’s no hard credit inquiry involved. That’s comforting news to anyone opening a new bank account. It also means you can even open a few different checking and savings accounts (perhaps you want a regular checking account, plus one for your side hustle income, as well as a savings account for your emergency fund), and you won’t negatively impact your rating.

Stressed about your credit score and not loving where it’s lingering? Building your credit score is definitely an important step toward plenty of financial goals, and the behaviors you cultivate to do so may also improve your ChexSystems report. Moves like lowering the amount of debt you carry, paying bills on time all the time, and not opening too many lines of credit can really pay off.

Reasons Why You Might Be Denied a Checking Account

Unfortunately, every now and then, people do get rejected when they apply for a bank account. For banks that use ChexSystems, these are some of the reasons for a denial.

Unpaid Negative Balance on a Previous Bank Account

As mentioned, banks aren’t officially loaning money to checking account holders — but if you maintain a negative balance on an account and never pay that money back, the financial institution is on the hook for that loss. For this reason, negative balances on existing or previous accounts can spell rejection for a new one.

Abusing Overdraft Privileges

On a similar note, overdrafting again and again hinders a bank’s ability to stay in the black on your account. That goes double if you’ve avoided paying overdraft fees or other charges associated with your behavior.

Fraudulent Activity on Previous Accounts

ChexSystems records suspected fraudulent activity — which, obviously, is not something a bank wants to have to deal with in the future.

Having a Joint Account With Someone Who Has Negative Unpaid Balances on Their Accounts

When you have a joint bank account, your partner’s behaviors can affect your standing as much as your own. So even if it’s not you who’s wreaking havoc on your bank account, the other person’s negative balances, overdraft abuses, and fraudulent activity could negatively impact your ChexSystems report.

The Takeaway

If you’re sweating whether opening a bank account can involve a credit check that deflates your credit score, don’t worry. Most banks don’t pull a hard credit check to qualify you for a checking account. However, they might look into your ChexSystems report, a banking industry way of peering into an applicant’s history. Certain negative items can disqualify you from opening a bank account.

That said, there are banks out there that don’t use ChexSystems to qualify their customers, and SoFi is one of them.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

FAQ

Do banks check your credit score when opening a checking account?

While banks don’t check your FICO score to qualify you for a checking account, they may check your ChexSystems report. This is similar to your credit report but focused specifically on your banking history.

Can you be denied a checking account because of bad credit?

You likely won’t be denied a checking account because of bad credit directly. However, if you have bad credit, you may also have negative items on your ChexSystems report that could disqualify you from some (but not all) bank accounts.

Why would a bank deny a checking account?

A bank might deny your request for an account if you have negative items on your ChexSystems report, such as fraudulent activity, negative balances, or unpaid overdraft charges.

Photo credit: iStock/MicroStockHub

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2023 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

SoFi members with direct deposit activity can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a deposit to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.

SoFi members with Qualifying Deposits can earn 4.60% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.60% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.

Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

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When you’re in your 20s, the last thing on your mind may be the end of your career and the retirement that comes after. But thinking about retirement now can ensure your financial security in the future.

The longer you have to save for retirement, the better. Here’s why you should start thinking about retirement planning and investing in your 20s.

Main Reason to Start Saving for Retirement Early

When you start investing in your 20s, even if you begin with just a small amount, you have more time to build your nest egg. Typically, having a long time horizon means you have time to weather the ups and downs of the markets.

What’s more — and this is critical — the earlier you start saving, by opening a savings vehicle such as a high-yield savings account or a money market account, for instance, the more time you’ll have to take advantage of compound interest, which can help boost your ability to save. Compound interest is the reason small amounts of money saved now can go further than much larger amounts of money saved later. The more time you have, the more returns compound interest can deliver.

Compound Interest Example

Imagine you are 25 with plans to retire at 65. That gives you 40 years to save. If you save $100 a month in a money market account with an average annual return of 6% compounded monthly, at age 60, you would have saved about $200,244.

Now, let’s imagine that you waited for 30 years, until age 55 to start saving. You put $1,000 a month into a money market account. With an average annual return of 6% compounding monthly, you’d only have about $165,698 by the time you’re ready to retire, far less than if you’d started saving smaller amounts earlier.

The lesson? The longer you wait to start saving for retirement, the more money you’ll have to save later to make up the difference. Depending on your financial situation, it could be difficult to find these extra funds when you’re older.

Though it may not sound fun in your 20s to start putting money toward retirement, it may actually be easier in the long run.

💡 Quick Tip: Before opening an investment account, know your investment objectives, time horizon, and risk tolerance. These fundamentals will help keep your strategy on track and with the aim of meeting your goals.

How to Start Saving for Retirement in Your 20s

If you’re new to saving, starting a retirement fund requires a little bit of planning.

Step 1: Calculate how much you need to save

Set a goal. Consider your target retirement date and how long you’ll expect to be retired based on current life expectancy. What kind of lifestyle do you want to lead? And what do you expect your retirement expenses to be?

Step 2: Choose a savings vehicle

When it comes to where to put your savings, you have a number of options. For example, as of early August 2023, you could get around 4.5% APY on a high-yield savings account.

Many retirement savers also opt to use an investing account, such as a taxable brokerage account or tax-advantaged retirement savings account instead.

Keep in mind that investments in equities or other securities are riskier than savings accounts, but that allows for the possibility of better returns. Young investors may be better positioned than older investors to take on additional risk, since they have time to recover after a market decline. However, the amount of risk you’re willing to take on is an important consideration and a personal choice.

Step 3: Start investing

Once you’ve opened an account, your investment strategy depends on age, goals, time horizon and risk tolerance. For example, the longer you have before you retire, the more money you might consider investing in riskier assets such as stock, since you’ll have longer to ride out any rocky period in the market. As retirement approaches, you may want to re-allocate more of your portfolio to less risky assets, such as bonds.

Types of Retirement Plans

If you’re interested in opening a tax-advantaged retirement plan, there are three main account types to consider: 401(k)s and traditional IRAs, and Roth IRAs.

401(k)

A 401(k) is an employer sponsored retirement account that you invest in through your workplace, if your employer offers it. You make contributions to 401(k)s with pre-tax funds (meaning contributions lower your taxable income), usually deducted from your paycheck. Your 401(k) will typically offer a relatively small menu of investments from which you can choose.

Employers may also contribute to your 401(k) and often offer matching contributions. Consider saving enough money to at least meet your employer’s match, which is essentially free money and an important part of your total compensation.

Some companies also offer a Roth 401(k), which uses after-tax paycheck deferrals.

Individuals can contribute up to $23,000 in their 401(k) in 2024. Individuals can contribute up to $22,500 in their 401(k) in 2023. And those aged 50 and up can make an additional catch-up contribution of $7,500.

Money invested inside a 401(k) grows tax-deferred, and you’ll pay regular income tax on withdrawals that you make after age 59 ½. If you take out money before then, you could owe both income taxes and a 10% early withdrawal penalty.

You must begin making required minimum distributions (RMDs) from your account by age 73.

Learn more: What Is a 401(k)?

Traditional IRA

Traditional IRAs are not offered through employers. Anyone can open one as long as they have earned income. Depending on your income and access to other retirement savings accounts, you may be able to deduct contributions to a traditional IRA on your taxes.

As with 401(k) contributions, you’d owe taxes on traditional IRA withdrawals after age 59 ½ and may have to pay taxes and a penalty on early withdrawals.

In 2024, traditional IRA contribution limits are $7,000 a year or $8,000 for those aged 50 and up. In 2023, traditional IRA contribution limits are $6,500 a year or $7,500 for those aged 50 and up. Compared to 401(k)s, IRAs offer individuals the ability to invest in a much broader range of investments. These investments can then grow tax-deferred inside the account. Traditional IRAs are also subject to RMDs at age 73.

Roth IRA

Unlike 401(k)s and traditional IRAs, savings go into Roth IRAs with after-tax dollars and provide no immediate tax benefit. However, money inside the account grows tax-free and it isn’t subject to income tax when withdrawals are made after age 59 ½.

You can also withdraw your principal (but not the earnings) from a Roth at any time without a tax penalty as long as the Roth has been open for five tax years. The first tax year begins on January 1 of the year the first contribution was made and ends on the tax filing deadline of the next year, such as April 15. Any contribution made during that time counts as being made in the prior year. So, for instance if you made your first contribution on April 10, 2023, it counts as though it were made at the beginning of 2022. Therefore, your Roth would be considered open for five tax years in January 2027.

Roths are not subject to RMD rules. Contribution limits are the same as traditional IRAs.

Investing in Multiple Accounts

Individuals can have both a traditional and Roth IRA. But note the contribution limits apply to total contributions across both. So if you’re 25 and put $3,250 in a traditional IRA, you could only put up to $3,250 in your Roth as well in 2023.

You can also contribute to both a 401(k) and an IRA, however if you have access to a 401(k) at work you may not be able to deduct your IRA contributions.

Retirement Plan Strategies

The investment strategy you choose will depend largely on three things: your goals, time horizon and risk tolerance. These factors will help you determine your asset allocation, what types of assets you hold and in what proportion. Your retirement portfolio as a 20-something investor will likely look very different from a retirement portfolio of a 50-something investor.

For example, those with a high risk tolerance and long time horizon might hold a greater portion of stocks. This asset class is typically more volatile than bonds, but it also provides greater potential for growth.

The shorter a person’s time horizon and the less risk tolerance they have, the greater proportion of bonds they may want to include in their portfolio. Here’s a look at some portfolio strategies and the asset allocation that might accompany them:

The Takeaway

Even if you don’t have a lot of room in your budget to start investing, putting away what you can as early as you can, can go a long way toward saving for retirement. As you start to earn more money, you can increase the amount of money that you’re saving over time.

Ready to invest for your retirement? It’s easy to get started when you open a traditional or Roth IRA with SoFi. SoFi doesn’t charge commissions, but other fees apply (full fee disclosure here).

Help grow your nest egg with a SoFi IRA.

Photo credit: iStock/izusek

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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