Los Angeles-based lending startup Sunbit has raised $355 million in new debt financing led by JPMorgan Chase, Tokyo-based bank Mizuho and private credit firm Waterfall Asset Management. Sunbit offers consumer loans ranging from $50 to $20,000 for in-person payments at places like car dealerships (for auto repairs), dentist offices and eyewear shops in 47 U.S. states. The new line of credit follows another $310 million debt fundraising Sunbit secured from Citi and Ares earlier this year. Sunbit cofounder and CEO Arad Levertov, 47, says he has targeted U.S. brick-and-mortar sales for a few reasons. They comprise a huge market, reaching…

The intersection of financial services and technology, otherwise known as fintech, has increasingly come under federal scrutiny, especially to the extent new firms have attempted to offer traditional banking services without having a banking license. To better understand the impact of today’s presidential and congressional elections on the fintech industry, Forbes spoke with several policy experts and executives. They identified three major areas that could see changes: the Consumer Financial Protection Bureau (CFPB), the partnerships fintechs have with banks to offer banking services and the CFPB’s new 1033 rule that governs consumers’ control over their banking data. Nearly everyone we…

Donald Trump’s presidential victory and Republicans’ gains in Congress will undoubtedly have implications for the financial technology industry. Forbes spoke with policy experts and executives to discuss four areas that could see big changes: banking regulation, the Consumer Financial Protection Bureau (CFPB), the partnerships fintechs have with banks to offer banking services and the CFPB’s new 1033 rule that governs consumers’ control over their banking data. On the banking regulation front, “We can assume under Trump a typical pro-business, reduced regulatory burden,” says Michele Alt, a cofounder and partner at advisory firm Klaros and former lawyer at the Office of…

NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, banking experience and overdraft fees. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation. The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star. Read the full article here

It has been talked about. Anticipated. And now it’s finally here. On Sept. 18, the Federal Reserve announced a rate cut. This decrease — the first in more than four years — was made in response to cooling market conditions. For savers, it will also mean a gradual dip in savings rates. Here’s what to know, what to consider and how to decide what your next savings moves should be. Know the highest savings ratesThe savings accounts with the highest annual percentage yields currently earn more than 5%. After the Fed announcement, however, we expect to see a dip. That’s…

A new NerdWallet survey finds that nearly 3 in 5 Americans with financial accounts (59%) report having more money saved now than they did 12 months ago. But is that extra money earning the interest it could be?Until recent years, savings account interest rates were so low they almost weren’t worth consideration. But now, the difference in rates between the average brick-and-mortar bank and an online-only bank could make a meaningful difference in your savings account, even as interest rates change throughout the economy. The NerdWallet survey of over 2,000 U.S. adults — among whom 1,996 have financial accounts, referred…

My favorite emails in the past few months have been the ones from my bank, letting me know that my savings annual percentage yield has gone up and that overdraft fees have been canceled. If you haven’t gotten either of those lately, then it might be time to open a new bank account with a different financial institution.You don’t have to abandon your current bank if it’s useful to you. As both a banking nerd and a general consumer, I find it helpful to have accounts at several different institutions: a traditional bank, a credit union and an online bank.Each…

The investing information provided on this page is for educational purposes only. NerdWallet, Inc. does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks, securities or other investments.What is an emergency fund?An emergency fund is a bank account with money set aside to pay for large, unexpected expenses, such as:Unforeseen medical expenses.Home-appliance repair or replacement.Compare top savings accountsFind a high-yield savings account with a great rate. Compare rates side-by-side.Why do I need an emergency fund?Emergency funds create a financial buffer that can keep you afloat in a time of need…

The highest savings interest rates today are around 5% — about 10 times what they were two years ago. The elevated bank yields have been good for savers. But will rates continue to climb? Or is this the year they start to fall? We can’t predict the future with 100% certainty. Or any certainty, really. But by looking at how saving rates are affected by greater economic factors and how they’ve moved historically, we can help you know what the possibilities are so you can make smart money moves. Are rates going up?Rates currently are not going up. The federal…

The investing information provided on this page is for educational purposes only. NerdWallet, Inc. does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks, securities or other investments.Jump to a specific neobank or category:Neobanks are financial technology — or fintech — companies that typically offer banking accounts through mobile apps and desktops with eye-catching features like low-cost credit or cash-back rewards. Some neobanks offer high-yield savings accounts, loans, credit cards or investing products, too.Neobanks operate without branches and, since they lack bank charters, they partner with banks to provide accounts…