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<ul class="summary-list"><li>A millennial couple moved from Hawaii to Colorado in 2017 in search of a lower cost of living.</li><li>Despite having a six-figure household income, they've struggled to find a home in their budget.</li></ul><p>Jon Sibok wants his family to <a target="_blank" href="https://www.businessinsider.com/renting-housing-market-home-ownership-mortgages-affordability-real-estate-2024-5">have a home</a> of their own someday, but achieving that<strong> </strong>goal feels like an uphill battle.</p><p>The 29-year-old works as a production lead at a bakery and lives in Commerce City, <a target="_blank" href="https://www.businessinsider.com/leave-colorado-moving-to-midwest-affordable-housing-2023-10">Colorado</a> — about 7 miles north of Denver. His girlfriend, who preferred not to have her name disclosed, is a supervisor at a food manufacturing company. Collectively, they bring in about $110,000 a year, documents viewed by Business Insider<strong> </strong>showed.</p><p>The ideal home for the couple — who have two daughters — has four bedrooms and two bathrooms, and costs no more than $400,000. Sibok said even that price would be a stretch for them now due to <a target="_blank" href="https://www.businessinsider.com/financial-insecurity-cost-of-living-inflation-housing-retirement-crisis-bofa-2024-10">rising living expenses</a> over the past few years — which have made it difficult for the couple to save enough for a down payment and subsequent mortgage payments.</p><p>Redfin reported that in September, the median home sale price in Commerce City was about <a target="_blank" href="https://www.redfin.com/city/4296/CO/Commerce-City/housing-market">$537,000</a>. Sibok said he'd seen a few<strong> </strong>homes with three bedrooms and one bathroom<strong> </strong>selling for a bit less than $400,000, but most of them would require remodeling.</p><p>"With the cost of living in Colorado, it's been difficult to make significant progress," he said, adding, "I don't want to put myself in a difficult financial situation. I have a stable job and income, but it wouldn't be enough to cover the mortgage." He said it could take a few years before they feel financially prepared for homeownership.</p><p>Sibok and his girlfriend are among the Americans with <a target="_blank" href="https://www.businessinsider.com/cost-of-living-colorado-massachusetts-childcare-mortgage-expenses-benefits-2024-9">six-figure household incomes</a> who say they can't find a home in their budget that also meets their desired criteria. In recent years, high home prices and elevated mortgage rates have propelled the cost of homeownership in the US to <a target="_blank" class="" href="https://www.businessinsider.com/us-housing-market-home-prices-record-case-shiller-affordability-mortgage-2024-9">near-record unaffordability levels</a>. The median home sale price has risen <a target="_blank" href="https://fred.stlouisfed.org/series/MSPUS">28%</a> over the past five years, and the average 30-year mortgage rate remains considerably <a target="_blank" href="https://fred.stlouisfed.org/series/MORTGAGE30US">higher</a> than it was a few years ago.</p><p>But conditions in Colorado can make it harder for some prospective homebuyers: The median <a target="_blank" href="https://www.businessinsider.com/personal-finance/mortgages/cost-of-living-comparison-buy-rent">mortgage payment</a> in the state is $2,289 — 9th-highest in the nation — a recent BI analysis of the latest Census data found.</p><p>Sibok shared why he and his girlfriend<strong> </strong>initially thought Colorado could be a cost-saving destination and the top strategies they're using to save for a home.</p><h2 id="1d398c6a-5f27-4144-88d2-d2745a8f4706"><strong>Entrepreneurship could help them afford a home</strong></h2><p>Sibok and his girlfriend moved to Colorado in 2017. Prior to this, they lived in Hawaii, where Sibok was born and raised.</p><p>One of the biggest reasons they left Hawaii was the state's high cost of living. In June, the online bill-paying service Doxo published an <a target="_blank" class="" href="https://www.businessinsider.com/cost-of-living-colorado-massachusetts-childcare-mortgage-expenses-benefits-2024-9">analysis</a> that looked at how much the average household spent each month on the 10 most <a target="_blank" href="https://www.businessinsider.com/most-least-expensive-states-household-bills-hawaii-california-west-virginia-2024-6">common household bills</a>, including utilities, health insurance, and housing. It found<strong> </strong>Hawaii was the most expensive state in the US, and Colorado ranked No. 9.</p><p>Sibok said their move was "quite sudden." His girlfriend mentioned that her aunt was looking for someone to take over her rental in Colorado and they accepted her<strong> </strong>offer. Over the next two weeks, they packed up, shipped their things, and bought plane tickets using a tax refund Sibok hadn't spent yet.</p><div type="image" title="Jon Sibok" height="375" width="500" msid="114658295" hostid="261" sizebytes="29780"></div><p>"At the time, it didn't matter which state we moved to — any state would have worked," he said, referring to cutting their cost of living. "Colorado just happened to be the opportunity that came our way."</p><p>When<strong> </strong>the couple first moved to Colorado, home prices and mortgage rates were significantly lower than they are today. However, Sibok said it wasn't until a few years ago that he found himself seriously thinking about homeownership.</p><p>Overall, the move has saved the couple money on housing costs. Sibok said their $1,425 monthly rent on their two-bedroom, 1,000-square-foot townhouse in Colorado is lower than the roughly $1,700 they paid for a two-bedroom apartment in Hawaii seven years ago.</p><p>While they wait for the housing market to turn in their favor, Sibok said he and his girlfriend are trying to put themselves in the best financial position they can. He said they discussed ways to cut back on unnecessary expenses, such as dining out less and limiting impulsive purchases.</p><p>Sibok has also explored ways to boost his income. He said his struggle to achieve homeownership motivated him to start a real estate <a target="_blank" class="" href="https://www.businessinsider.com/real-estate-how-wholesaling-works-earn-money-investing-investor-property-2022-11">wholesaling</a> business — something he's worked on over the last year in addition to his full-time job. Since money is tight, he said he hopes to secure funding through loans or private investors to help grow his business. While the business is still in the early stages and isn't generating significant income for him yet, he hopes it will eventually help him buy a home of his own.</p><p>Unless his business takes off, Sibok said that he and his girlfriend will likely have to delay homeownership for at least a few years. They expect home prices to rise further in their area, which means that their target home price will likely have to rise as well.</p><p>"Based on current trends, I expect we'll need to budget above $400k in the future to get a home that checks all our boxes," he said.</p><p><em>We want to hear from you. Are you struggling to afford a home and are comfortable sharing your story with a reporter? Please fill out </em><a target="_blank" class="" href="https://docs.google.com/forms/d/e/1FAIpQLSfGmqt5_Bola32Rb-5hE5RSkrddJrAM7EeXOBVDRYnXodisBQ/viewform?usp=sf_link"><em><u>this form</u></em></a><em>.</em></p>

A couple who moved from Hawaii to Colorado for a lower cost of living are struggling to afford a home on a six-figure income

<br /><ul><li><keyword id="6358921" type="General" weightage="20" keywordseo="upi" source="Orion">UPI</keyword> credit will allow individuals to access pre-authorised credit lines from banks marking a significant shift for customers.</li><li>UPI Lite X will enable users to send and receive money even without an internet connection. </li><li>Conversational <keyword id="3679109" type="General" weightage="20" keywordseo="upi-payments" source="Orion">UPI payments</keyword> will enable voice-initiated transactions in Hindi and English.</li></ul>Shaktikanta Das, the Governor of the Reserve Bank of India (RBI), unveiled a range of new product offerings developed by the National Payments Corporation of India (NPCI) including voice enabled UPI as he had promised in the <a href="https://www.businessinsider.in/finance/news/cash-card-or-talk-rbi-bats-for-conversational-upi-increased-offline-payments/articleshow/102599474.cms">last RBI Monetary Policy</a>. The launch will help UPI stride ahead in ease of use as currently it involves QR code scanning, clicking and entering PIN for each transaction. We take a closer look. <br /><br /><cmsannotation type="cmsannotation" annotationid="Credit Line on UPI" comment="subhead" text="Credit Line on UPI"><span data-til="noop">Credit Line on UPI</span></cmsannotation><br /><br />This solution will empower individuals to access pre-authorised credit lines from banks through UPI, marking a significant shift in how customers access credit. <br /><br />The initiative encompasses several aspects, including the integration of pre-approved credit lines, the development of digital credit products by banks, the provision of interest-free credit periods with corresponding interest rates, a transparent fee schedule, channels for customer engagement in credit approval requests, and the ability to link multiple pre-approved credit lines through UPI-enabled apps for transactions. <br /><br />To ensure seamless compatibility, all UPI apps, whether from banks or third parties, will possess the capability to discover and establish connections with these credit lines on the UPI platform while delivering comprehensive customer lifecycle services.<br /><br /><cmsannotation type="cmsannotation" annotationid="UPI LITE X for offline payments" comment="subhead" text="UPI LITE X for offline payments"><span data-til="noop">UPI LITE X for offline payments</span></cmsannotation> <br /><br />Building on the success of the UPI LITE feature, the RBI Governor has introduced UPI LITE X for offline payments. This new feature enables users to send and receive money even without an internet connection, making it possible to initiate and complete transactions in areas with limited connectivity, such as underground stations or remote regions. <br /><br />UPI LITE X is accessible to anyone with a compatible device that supports Near Field Communication (NFC). UPI LITE payments are notably faster compared to other payment methods, as they require less processing time.<br /><br />QR codes have seamlessly integrated into the UPI payments ecosystem, playing a major role in facilitating digital transactions. In a significant move to boost the adoption of QR code and near field communication (NFC) technology, the RBI Governor has introduced UPI Tap and Pay. This new addition, alongside the traditional scan and pay method, allows users to simply tap NFC-enabled QR codes at merchant locations to complete their payments.<br /><br />In September 2022, UPI LITE was launched which allowed users to make payments of up to ₹200. The limit was later raised to ₹500. <br /><br />“As pioneers of mobile payments, we are proud to partner with NPCI to enable the launch of innovative new features like Credit Line on UPI, Billpay Connect and UPI Tap and Pay,” said a Paytm spokesperson. <br /><br /><cmsannotation type="cmsannotation" annotationid="Conversational Payments: AI-driven solution" comment="subhead" text="Conversational Payments: AI-driven solution"><span data-til="noop">Conversational Payments: AI-driven solution</span></cmsannotation> <br /><br />Conversational Payments, a revolutionary AI-driven approach to digital transactions that will boost digital payment adoption in the country was also announced. <br /><br /><cmsannotation type="cmsannotation" annotationid="Voice-Powered UPI Payments - Hello! UPI" comment="subhead" text="Voice-Powered UPI Payments - Hello! UPI"><span data-til="noop">Voice-Powered UPI Payments - Hello! UPI</span></cmsannotation><br /><br />Conversational UPI payments offer an improved user experience by enabling voice-initiated transactions in Hindi and English through UPI Apps, telecom calls, and IoT devices, with plans to include regional languages soon. This expansion aims to make digital payments more accessible, especially for those comfortable in their native languages, such as senior citizens and less tech-savvy individuals. Users can easily execute fund transfers with voice commands, requiring input of their UPI PIN. <br /><cmsannotation type="cmsannotation" annotationid="Streamlined Bill Payments - BillPay Connect" comment="subhead" text="Streamlined Bill Payments - BillPay Connect"><span data-til="noop"><br />Streamlined Bill Payments - BillPay Connect<br /></span></cmsannotation><br />BillPay Connect, offered by Bharat BillPay, introduces a unified number for bill payments across India. Customers can now efficiently fetch and settle their bills by sending a simple 'Hi' via their messaging app. Additionally, customers without smartphones or immediate mobile data access can make payments via a missed call, receiving an immediate callback for verification and payment authorisation. <br /><br />BillPay Connect also introduces voice assisted bill payments, enabling customers to handle bills through voice commands on their smart home devices, with instant voice confirmations. Furthermore, this feature extends to bill payments made at physical collection centres using payment soundbox devices, enhancing security and trust for both customers and collection centres.<br /><br />Also Read: <a href="https://www.businessinsider.in/finance/webstories/indias-upi-is-spreading-its-wings/slidelist/103356013.cms">From Paris to Singapore to Tokyo – India’s UPI is spreading its wings</a><br />

UPI parent body makes payments easier – Now voice commands will also enable transactions and more

<ul><li>The new changes will affect companies like <keyword id="6357120" type="DEFINITION" weightage="20" keywordseo="paytm">Paytm</keyword>, <keyword id="6357886" type="UNKNOWN" weightage="20" keywordseo="phonepe">PhonePe</keyword>, <keyword id="143842" type="COMPANY" weightage="20" keywordseo="Mobikwik">Mobikwik</keyword>, and <keyword id="2750705" type="PERSON" weightage="20" keywordseo="Google-Pay">Google Pay</keyword> among others.</li><li>These mobile wallet operators had certain leeway with <keyword id="167905" type="COMPANY" weightage="20" keywordseo="KYC">KYC</keyword> whereas banks had to meet full KYC requirements.</li><li>To cushion the need for new compliance, the <keyword id="30067" type="COMPANY" weightage="20" keywordseo="RBI">RBI</keyword> has also doubled the amount of money that can be stored in these wallets to ₹2 lakh.</li><li>The RBI had earlier in October 2018 announced that KYC and interoperability will be voluntary for PPIs.</li><li>Check out the latest news and updates on <a href="https://www.businessinsider.in/">Business Insider</a>.</li></ul><keyword id="6354335" type="COMPANY" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> governor Shaktikanta Das today said that prepaid mobile wallet operators like Paytm, PhonePe, Mobikwik, and Google Pay among others will also need to implement full KYC (Know Your Customer) process soon.<br /><br />KYC guidelines are mandatory mobile companies and financial services companies to identify and verify their customers, which is done at the time of opening an account and repeated at regular intervals. Currently, <keyword id="6368227" type="UNKNOWN" weightage="20" keywordseo="Mobile-Wallets">mobile wallets</keyword> had some leeway, whereas similar products issued by banks had to meet all the KYC norms.<br /><br />The RBI had earlier in October 2018 announced that KYC and interoperability will be voluntary for prepaid payment instruments (PPIs) such as cards, wallets etc. This has been made mandatory now. “As migration towards interoperability has not been significant, it is now proposed to make interoperability mandatory for full payment acceptance infrastructure. To incentivise migration of PPIs to full KYC it is proposed to increase the current outstanding balance from ₹1 lakh to ₹2 lakh,” said Das. <br /><br />The apex bank’s statement said that the move was being brought in ‘to promote optimal utilisation of payment instruments, and given the constraint of scarce acceptance infrastructure (like PoS devices, ATMs, QR codes, bill-payment touch points, etc.)’. <br /><br />The new KYC norms for mobile wallets will not kick off immediately. The central bank said that detailed instructions for the same would be released soon. <br /><br />Additionally, the RBI has also put forth another benefit for non-bank PPIs. "As a confidence-boosting measure, it is proposed to allow the facility of cash withdrawal, subject to a limit, for full-KYC PPIs of non-bank PPI issuers as well," said the statement from RBI. <br /><br />With this, wallets like that of Paytm, Mobikwik can be used to withdraw cash from ATMs. Earlier, banking PPIs like Yono app from SBI had this facility.<br /><br />

You need to do full KYC for mobile wallets too – but you can store twice the amount of money

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Bain Capital Ventures</span></p><p class="caption">Matt Harris, Partner at Bain Capital Ventures</p></div><p></p></div></div></p><ul class="summary-list"><li>Matt Harris is a partner at Bain Capital Ventures, the venture investing arm of Boston-based Bain Capital. </li><li>Harris sees most of the innovation in payments coming from software companies that pair other products with payments. </li><li>Fintech is putting pressure on some of the traditional revenue streams in financial services, like fees.</li><li>Harris thinks there's still value in the risk management functions like identity verification and fraud monitoring, and that payments won't be free any time soon.</li><li>We spoke to investors at <a href="https://www.businessinsider.com/andreessen-horowitz-anish-acharya-innovations-payments-and-lending-2019-11">Andreessen Horowitz,</a> <a href="https://www.businessinsider.com/bain-capital-ventures-matt-harris-explains-payments-need-to-do-more-2019-11">Bain Capital Ventures</a>, <a href="https://www.businessinsider.com/citi-ventures-vc-capital-innovation-payments-where-to-monetize-next-2019-11">Citi Ventures,</a> and <a href="https://www.businessinsider.com/insight-partners-byron-lichtenstein-on-the-value-of-pairing-payments-with-software-and-vice-versa-2019-11">Insight Partners</a> about where they see the next innovations and opportunities in payments tech. </li><li><a href="https://www.businessinsider.com/vcs-innovations-trends-payments-andreessen-bain-citi-insight-2019-11">Click here to see what other VCs are looking out for in the payments space.</a></li></ul><p>Matt Harris, a partner at Bain Capital Ventures, thinks payments companies need to do more to keep market share, and why it's hard to imagine a world where payments come free.</p><p>Harris has led investments in fintechs like robo-adviser Acorns, bill-pay software startup AvidXchange, and payments platform Flywire.</p><p>Payments companies have already been snapping up ways to expand their services. Earlier this week, <a href="https://www.businessinsider.com/category/paypal">payments giant PayPal</a> said it <a href="https://www.businessinsider.com/paypal-to-acquire-shopping-rewards-platform-honey-4-billion-2019-11">plans to buy Honey,</a> a startup that makes browser shopping add-ons for its customers, for $4 billion, which would be PayPal's biggest buy ever. </p><h2>Innovation in solving B2B problems </h2><p>"I think most of the companies that are taking market share in payments are actually what we would think of as software companies, not really payments companies at all," Harris told Business Insider.</p><p>"They're solving all sorts of problems for their B2B customers, and then integrating payments into that. That's the most dynamic part of payments right now," Harris said.</p><p>In general, B2B payments have been relatively slow to digitize, especially compared with transfers that happen between consumers. On the legacy player side, <a href="https://www.businessinsider.com/mastercard-blockchain-b2b-technology-showcase-2019-9">Mastercard recently launched a Mastercard Track service</a> that looks to simplify and digitize business-to-business payments.</p><p>Then, there are companies that enable those software companies to process payments payments, Harris said.</p><p>"I think the first company to really capitalize on that fully has been Stripe, embedding their payments functionality with developers and all sorts of different software companies," said Harris.</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Reuters/Albert Gea</span></p><p class="caption">Patrick Collison, CEO of Stripe, which was valued at $35 billion in September.</p></div><p></p></div></div></p><p>To be sure, only offering payments could limit a company's growth, and makes it hard to establish what some call a "moat," or, differentiating services and products that keep the competition at bay.</p><p>The likes of <a href="https://www.businessinsider.com/stripe-capital-small-business-loans-2019-9">Stripe</a> and <a href="https://www.businessinsider.com/square-capital-expanding-into-flexible-loan-products-2016-3">Square</a> have built strong customer bases by facilitating online and in-person payments. Though both have launched additional products, like loans for small businesses, payroll services, and fraud monitoring.</p><p>"There aren't a lot of companies who are content with doing only one thing these days," said Harris.</p><p>Small business lender Kabbage, for one, <a href="https://www.businessinsider.com/kabbage-launching-payments-platform-execs-explain-combining-lending-with-payments-2019-10">just added payments</a> on top of their existing credit offerings. </p><p><em><strong>Read more</strong>: <a href="https://www.businessinsider.com/kabbage-launching-payments-platform-execs-explain-combining-lending-with-payments-2019-10">SoftBank-backed small-business lending startup Kabbage is moving into payments. Its execs explain why combining the 2 services makes sense.</a></em></p><p>"The vast majority of payments acceptance companies over time have sought to be as horizontal as possible," Harris said. Horizontal payments companies - meaning industry-agnostic - tended to serve more than one industry, but didn't offer much more than transaction processing.</p><p>"I think they're actually kind of in trouble as a result of that, because customers of any stripe, as it were, used to buy payments acceptance services from someone who showed up at the door," said Harris. </p><p>In the past, payments were just a commodity, and providers competed on fees and rates. Today, there are software companies offering payments as part of a larger suite of services, which makes it hard for a payments-only company to compete.</p><p>"Imagine a florist who runs their business on florist software, and is managing their inventory and their purchasing of roses and their payroll and their staffing, and then that software also offers payments. The next time that person comes to the door, they're not going to switch," Harris said.</p><p>Harris started his career at Bain before leaving to start his own venture firm, Village Ventures, in 2000. He returned to BCV, the venture arm of Boston-based Bain Capital,  as a partner in 2012. </p><h2><strong>Moving money will still be a 'magic trick' </strong></h2><p>"We do live in a world where anything touched by technology is getting cheaper," Harris said. However, he said, payments processing giants like Visa and Mastercard set rates on things like interchange fees (fees that merchants are charged when customers use credit cards to pay)<strong>,</strong> and they have little incentive to lower them.</p><p>Legislators have put some pressure on the payments processing value chain. As part of the 2010 Dodd-Frank Wall Street reform law, the Durbin Amendment limits the fees charged to retailers for debit card processing.</p><p>Still, Harris sees stickiness to the cost of moving money.</p><p>"It's kind of a magic trick. It's not the money movement that's expensive," said Harris. "It's the fact that you walk into a store, they don't know you, and you walk out with $100 worth of things."</p><p>"That little plastic rectangle or phone enables a retailer to have full confidence that they're going to get paid. I think that's a valuable function," said Harris.</p><p>Many fintechs boast fee transparency and low or no-cost services. However, identity verification and fraud monitoring functions are still vital, and there are costs associated with them.</p><p>"I buy off on the idea that everything should be free over time, but when I start thinking about how that would happen, I get stuck. Money movement is not a neutral activity," said Harris.</p><p>"I don't know the answer to the question, but I worry about it."</p><p><em><strong>Read more:</strong> <a href="https://www.businessinsider.com/payments-companies-make-big-bets-in-2020-deloitte-outlook-2019-10">2020 will likely be about big bets in payments, with processors either doubling down on all-in-one apps or opening up to more partners</a></em></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/what-happens-when-run-marathon-2017-5">4 terrible things that happen to your body when you run a marathon</a></h3>        <div>                    </div>    </div>

A partner at Bain Capital Ventures explains why payments companies need to do more than just move money to survive

<p></p><div class="KonaFilter image-container display-table"><div><div class="image on-image"></div><p></p></div></div><ul class="summary-list"><li><strong>High-yield checking accounts that offer more than 2% APY are becoming more common.</strong></li><li><strong>However, many come with balance or deposit minimums, or require a customer use the bank's bill-pay service or have paychecks deposited directly in order to get the APY.</strong></li><li><strong>High-yield checking accounts can be a great way to earn more interest on your spending money, but read the fine print and research diligently to make sure the account you want fits your lifestyle.</strong></li></ul><p>Life is hard without a checking account. Without it, where would you deposit your paychecks? How would you pay your rent, your bills, your credit card balances? You checking account is the nexus of your entire financial life. The convenience makes them easy sells, so banks don't feel the need to load them with any extra perks.</p><p>Until now.</p><p>Interest rates for checking accounts have been abysmal for decades, but recently, many banks are starting to offer high-yield checking account products - banking options that can actually net a substantial return to those who use them.</p><h2>What is a high-yield checking account?</h2><p>A high-yield checking account is exactly what it sounds like: It's a checking account that has an annual percentage yield (APY) that's much higher than those offered by standard checking accounts, which usually offer no interest at all. That means the APY is at least 2%, but the best of the best offer 3% to 4%. Sometimes, even more.</p><p>Note that a <a href="https://www.businessinsider.com/high-yield-savings-ally-vs-marcus-vs-wealthfront">high-yield savings account</a> is a different product. A high-yield savings account can pay 2% or more in interest, but is intended to be used to save money so it doesn't come with a debit card, you can't take the money out at ATMs, and you're allowed only a minimum number of withdrawals each month.</p><p>Being a special financial product, high-yield checking accounts can come with a lot of strings.</p><h2>Some high-yield checking accounts may have requirements to qualify for the APY</h2><p>"Banks that offer you a high percentage rate return on a checking account expect you to use it like a checking account, not a savings account," says Patricia Russell, a certified financial planner and founder of <a href="https://financemarvel.com">FinanceMarvel</a>. "That means they require you to make a certain amount of transactions each month. In addition, they also require you to make a certain number of specific types of transactions."</p><p>Some of the types of transactions they might require," she continues, "are making a certain number of debit card purchases per month, making a certain amount of credit card purchases per month, using their bill pay service or make some type of recurring payment each month, setting up direct deposits, or signing up for e-statements."</p><p>It's standard to see deposit minimums when opening savings accounts, but with high-yield checking accounts, because of the greater operating costs for the institutions offering them, balance and deposit minimums are just as common. Not keeping the minimum balance in your high APY checking account could incur fees or lead to the loss of the high APY. Pay attention to the terms and conditions of your account.</p><p>Another common practice is for banks to offer a high APY for a checking account, but only up to a certain amount. You may be diligent about keeping $5,000 in your checking account at all times, but the bank may only be paying a high APY on the first $1,000, while the remaining amount draws interest at a standard - and much lower - rate</p><h2>Does the account come with fees?</h2><p><span style="font-weight: 400;">"[A] major benefit of high-yield checking accounts are that they often come with low to zero monthly fees," says Kimberly Hamilton, Founder of</span><a href="http://www.beworthfinance.com/"> <span style="font-weight: 400;">Beworth Finance LLC</span></a><span style="font-weight: 400;">. "That said, you'll want to check for any other charges that may come up - for example, ATM fees. If one financial institution offers a higher interest rate, but tacks on fees, you may want to reconsider the lower interest rate option after all."</span></p><p>While more and more traditional brick and mortar banks are offering high-yield checking accounts, the majority of them can be found in online banks. Because they don't have any physical locations, there also aren't any in-network ATMs to visit when you need to make cash withdrawals. With ATM fees averaging $2 to $4, this kind of use could add up pretty quick. Carefully look at the terms and conditions of your checking account to see if it waives or refund ATM fees.</p><p>Some banks and credit unions may try to attract new customers by offering high APYs for a limited time, similar to the marketing tactics of 0% intro APR credit card offers. Pay attention to the fine print and don't assume that your high interest rate will last the entire time you hold an account.</p><h2>Where is high-yield checking available?</h2><p>Some of the checking accounts with the best APYs are only offered by small credit unions and banks that have a decidedly small reach in terms of geography. Before you open up an account with one of these banks, carefully consider where you might be in a few years. If there's any chance you might move across country, you'll be forced to change banks, and that's a major hassle. If you live a more nomadic life or tend to travel a lot, a major bank with national reach, or an online bank that operates across the US, might be your best bets.</p><p>However, this might not be a problem for long, even with the small, local banks and credit unions.</p><p>"Many banks have begun shifting their banking operations online as a means to reduce costs of maintaining a physical network of branches," explains Riley Adams, CPA and founder of the <a href="https://youngandtheinvested.com">The Young &amp; The Invested</a>. "This change has resulted in lower efficiency ratios for banks (percentage of revenue represented by costs, lower is better for measuring bank profitability). In fact, online-only banks are best-suited to offer high-interest checking accounts because they face lower costs and must offer higher interest rates to attract customers to use their services."</p><p><em><strong>Considering a high-yield checking account? Take look at these offers from our partners:</strong></em></p><h3>Related coverage from <a href="https://www.businessinsider.com/category/personal-finance-how-to">How to Do Everything: Money</a></h3><ul><li><h3><a href="https://www.businessinsider.com/how-to-open-ally-high-yield-savings-account">How to open an Ally high-yield savings account</a></h3></li><li><h3><a href="https://www.businessinsider.com/how-to-get-a-debit-card-cash-atm">How to get a debit card</a></h3></li><li><h3><a href="https://www.businessinsider.com/how-to-cash-a-money-order-quickly-securely">How to cash a money order</a></h3></li><li><h3><a href="https://www.businessinsider.com/how-to-get-cash-from-a-credit-card-cash-advance">How to get cash from a credit card</a></h3></li></ul><p class="tagline"></p><p style="font-size:14px;"><em>Personal Finance Insider offers tools and calculators to help you make smart decisions with your money. We do not give investment advice or encourage you to buy or sell stocks or other financial products. What you decide to do with your money is up to you. If you take action based on one of the recommendations listed in the calculator, we get a small share of the revenue from our commerce partners.</em></p><div></div><div></div><div></div>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/manuka-honey-new-zealand-why-so-expensive-2019-6">What makes mānuka honey 100 times more expensive than regular honey</a></h3>        <div>                    </div>    </div>

A high-yield checking account can help you earn more on the money you use every day, as long as you know exactly what you're signing up for

<p><div class="KonaFilter image-container display-table float_right click-to-enlarge"><div><div class="image on-image"><a title_source="REUTERS/John Schults " title_caption="Take care of your money so you can focus on fun." class="zoomin" href="https://static-ssl.businessinsider.com/image/5591b4a6ecad04f4045a0a6a-960/dancingparis.jpg"><span class="sprites click-to-enlarge-icon" title="Click to enlarge"></span></a><p class="source"><span>REUTERS/John Schults </span></p><p class="caption">Take care of your money so you can focus on fun.</p></div><p></p></div></div>The ultimate money managers don't necessarily work harder - they work smarter.</p><p>Ramit Sethi, author of "<a href="http://www.amazon.com/Will-Teach-You-To-Rich/dp/0761147489">I Will Teach You To Be Rich</a>," writes that setting up an automatic system for savings and bill-paying "will let you focus on the fun parts of life. No more worrying about whether you paid that bill or if you're going to overdraft again."</p><p>You can do this in two steps:</p><h3>Step 1: Link your accounts together.</h3><p>Compile a list of all your accounts (checking, savings, credit cards, 401(k), IRA, and any regular bills such as student loans, car payments, or utilities), their URLs, and your login and password information. "Make your life easier by getting all the login information in one place," recommends Sethi.</p><p>Next, log in to each account online, link them together, and allow three to five days for the accounts to verify the links. Sethi explains each link you need to make in <span>"</span>I Will Teach You To Be Rich:<span>"</span></p><ul><li><span style="line-height: 1.5em;">Link your paycheck to your 401(k) (if your company offers one).</span></li><li><span style="line-height: 1.5em;">Link your checking account to your savings account.</span></li><li><span style="line-height: 1.5em;">Link your checking account to your investment account/IRA. </span></li><li><span style="line-height: 1.5em;">Link your credit card to any bills you've been paying (for the bills that can't be paid with a credit card, link them to your checking account).</span></li><li><span style="line-height: 1.5em;">Make sure your credit card accounts are being paid from your checking account.</span></li></ul><p><span style="line-height: 1.5em;">Once your accounts are linked, you can automate your transfers and payments, meaning your money will automatically be sent to your investment accounts, savings accounts, and your creditors.</span></p><h3><span style="line-height: 1.5em;">Step 2: Set up automatic transfers from your checking account.</span></h3><p><span style="line-height: 1.5em;">Go online and set up the exact day you want to make a transfer and/or payment, and the exact amount of money you want to pay or transfer. Pay attention to the dates you're picking, and make sure transfers and payments are happening when you have the money in your account to pay them, based on when your paycheck comes and when your bills are due. If you don't have the cash available, you run the danger of overdrafting your account or missing a bill payment.</span></p><p>To help you get started, Sethi created a graphic in his "<a href="http://www.iwillteachyoutoberich.com/guides/ultimate-guide-to-personal-finance/part-2/">Ultimate Guide to Personal Finance</a>" that shows where to send your money: 10% towards investments, 5% towards savings, and 85% towards fixed costs and guilt-free spending (he breaks this down further in his book: of that last 85%, it's 60% towards fixed costs and 25% towards guilt-free spending money).</p><p>Many workers will be using the below chart for their net income after taxes are withheld from their paycheck, but Sethi notes in his book that since he is self-employed and pays taxes quarterly, he also has a monthly transfer set up into a holding account, "so I can pay my quarterly taxes without feeling like I just lost my shirt." For simplicity, that transfer is not included below.</p><p><div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image on-image"><a title_source="Ramit Sethi" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/558da92469bedd2263daa49b-960/screen shot 2015-06-25 at 3.52.53 pm.png"><span class="sprites click-to-enlarge-icon" title="Click to enlarge"></span></a><p class="source"><span>Ramit Sethi</span></p></div><p></p></div></div></p><p><span style="line-height: 1.5em;">The "savings" bucket includes short-term savings (Christmas gifts or vacation), midterm savings (a wedding), and long-term savings (down payment on a house); the "credit card" bucket includes regular bills or "fixed costs" (rent, utilities, debt, cell phone, groceries) and guilt-free spending (dining out, drinking, movies, clothes, shoes); and the miscellaneous bills are those which can't be paid with a credit card, such as rent or loans.</span></p><p><span style="line-height: 1.5em;">Since everyone's financial situation is different, there are a few caveats to keep in mind.</span></p><p>First, just because you're paying your fixed bills by credit card doesn't mean you can ignore them entirely. Keep on eye on your credit card statements to make sure your bills are being paid, and that you're being charged the correct amount.</p><p>Second, you may not choose to save for retirement in a 401(k) - especially if your employer doesn't match contributions - and you may exceed the <a href="http://www.irs.gov/Retirement-Plans/Amount-of-Roth-IRA-Contributions-That-You-Can-Make-For-2015">income limits for a Roth IRA</a>. There are multiple retirement accounts available for people in different situations, so take a look at a <a href="http://www.businessinsider.com/choose-the-right-retirement-account-2014-5">detailed flowchart to help choose the right retirement account</a>.</p><p>The savings rules, as well, aren't set in stone and depend on what you, personally, are saving for. Amend them to suit your savings goals, including a full <a href="http://www.businessinsider.com/how-much-emergency-savings-do-you-need-2014-8">emergency fund</a>.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/how-lebron-james-spends-money-nba-salary-2015-4">How LeBron James spends his money</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="A1Y2VudDqRdoRbXU6D5a41TZ_JCLE1oQ" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

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