Market Overview

3 Banking Options For People With Inconsistent Income

3 Banking Options For People With Inconsistent Income

If you’re broke, between jobs, a student or just someone who generally has an inconsistent income, then there are specific banking options that would best work for you. Apps such as MoneyLion have no minimums so you don’t have to worry about having consistent income deposits.

Banks Without Minimums

If you’re worried about fulfilling a bank minimum, then online banking could be a great alternative for you. Several free online banks have no minimum requirement for your balance, taking off the pressure to open an account without a steady income currently.

Capital One 360 Checking, Ally Bank (NYSE: ALLY) Interest Checking, Discover Bank Cashback Debit and Axos Bank Rewards Checking are some that do not require a minimum balance to open an account. We recommend Capital One 360 Checking, a free checking account with plenty of other perks including mobile banking, no overdraft fees, free debit cards and over 39,000 ATMs nationwide.

Banks Without Unnecessary Fees

If you have an inconsistent income, the last thing you want to be toppled with are growing bank fees. With several free online banks, there are financial services that offer accounts with zero ATM fees. For example, MoneyLion is a money-saving service that keeps your money in your account. MoneyLion is available through more than 55,000 fee-free ATM’s across the globe, meaning no ATM fees.

With MoneyLion banking, you can also avoid other fees such as security fees, and general bank maintenance fees. To avoid unnecessary fees while banking, switch to an online bank, where you can work on your investment portfolio for much cheaper rates tan in a standard bank. Online banking allows for robo-advisors to take charge of your accounts, who charge rates as a low as 0.15% The financial advisors in standardized banks will charge anywhere from 1 to 3% to your portfolio, taking away much more of your inconsistent income.

Get Rewarded For Your Banking

Lastly, if you’re between paychecks, you want to look for a bank with a great rewards systems, such as offering cash back for their customers. MoneyLion has a rewards system where any member can see Local Offers through the app, and get points for every dollar you spend. Just search by keyword the type of store or restaurant you’re looking for, and the app will tell users which restaurants give you points.

These points can later be redeemed for gift cards, saving you money and making your habits just that much more economical. Another reward of using MoneyLion is users can take out a loan from their planned future income, and later pay back the money at their own pace. Again, this gives you more freedom, by erasing deadlines from a certain loan. Having this flexibility will allow you to get the most out of your banks, and your loans.

Being between jobs is stressful enough- don’t put more pressure on yourself, or your wallet. Instead, try out these banking options while your income fluctuates, saving your money!

MoneyLion has entered into a compensation arrangement with Benzinga under which MoneyLion pays a fee for marketing and advertising services. MoneyLion does not have editorial control over the content of this material. MoneyLion does not adopt, endorse, or guarantee the accuracy of content posted by Benzinga, and such content does not represent the views of MoneyLion.

Posted-In: Education Opinion Personal Finance General Best of Benzinga


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