Tax Credit For The Elderly Or Disabled: Are You Eligible for This Tax Credit?

Are you eligible for the Senior Tax Credit for the Elderly and Disabled? Read more to learn the two sets of criteria needed to qualify for this credit. 

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Angler Phishing 101: How to Not Fall Victim to Identity Thieves on Social Media

A new scam called "angler phishing" targets social media users by impersonating customer support accounts. Follow these steps to protect yourself.

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Best Bank CD Rates of 2019

Netflix, Hulu or Amazon Prime: Here’s What You Need to Know Before Deciding

10 of the Best Checking Accounts Around — and Why You Should Switch

New Parents: 11 Tips to Help You Manage Your Money After Your First Kid

There’s a Bank Account for Every Stage in Life. Here’s How to Find Yours

What do you want out of your bank? Really?

The 21-year-old working her way through college has different needs from the 33-year-old whose career is taking off — or the 40-something who’s really settling in financially.

Luckily, it’s 2019, and banking is a whole new ballgame. A bank isn’t just a bank anymore. There’s a bank out there to fit every lifestyle, financial situation and age. These are a few of our favorites — we bet we can find one that’s perfect for you.

Earn 31 Times Interest on Your Money

There’s no law that requires you to bank the old-fashioned way — at a brick-and-mortar bank with a low interest rate on your savings.

It’s time to move your money into the 21st century. An iOS app called Varo Money combines traditional banking tools with modern technology to help its customers become financially healthy.

Here’s the best part: Pair your Bank Account with a Varo Savings Account where you’ll earn 2.12% annual percentage yield with the opportunity to earn up to 2.80% APY on up to $50,000 in savings. To qualify for the 2.80% rate, you’ll need to have payroll or government direct deposits of $1,000 or more and authorize at least five purchases with your Varo debit card each month.* That’s 31 times — repeat, 31 times — the average savings account, based on a 0.09% average reported by the FDIC.

Varo goes easy on the fees, too. As long as you use one of its 55,000 ATMs across the world, you’ll never pay fees.

Additionally, you’ll pay no monthly service fees, no minimum balance fees, no foreign transaction fees and no cash replacement fees. You’ll just pay any fees charged by out-of-network ATMs and cash deposit fees if you deposit cash in-store through Green Dot.

Perfect for: You’re in your 30s or 40s. Your career is moving along nicely. You’re probably not living paycheck to paycheck, and now you want your money to work for you. You want it to be earning interest and getting you closer to that nicer car, first house or dream vacation.

*Varo disclosure: APY is accurate as of January 29, 2019. This rate is variable and may change. No minimum balance required to open account. Balance in savings must be at least $0.01 to earn interest. Deposits are FDIC insured to at least $250,000 through The Bancorp Bank; Member FDIC.

Have Your Soup, but No Fees for You!

Nothing ruins your banking experience like getting pegged repeatedly with fees.

To put it simply, online accounts are easier to use than the traditional banks. They’re cheaper and more accessible.

One of our favorite companies, Aspiration, works on a pay-what-is-fair model. You choose to set a monthly tip, up to $10 or as low as $0, and you can change it anytime.

You won’t get hit with overdraft fees, either. Instead of forking over $30 a month for an overdraft accident, you actually have a chance to earn money on the balance of your account.

Want more? Fine. You got it.

ATM fees, be gone!

With Aspiration, you’ll face no ATM fees — domestic or international. ATMs in-network are free, and Aspiration will reimburse you the fees for out-of-network ATMs monthly.

Yup. It’s that simple to start living a fee-free life, thanks to Aspiration.

Perfect For: The 20-something crowd. Hey, whether you’re working your way through college or putting in your time at that first big boy/girl job, you can’t afford to have a bank that nickels and dimes you to death with unnecessary fees.

Make Payday Come to You

Want to get a jump on payday? Let Chime be your secret weapon.

Unlike most financial institutions, this online bank account doesn’t wait until your pay date to give you access to your money. As soon as it receives notification of a direct deposit from your employer, it immediately posts those funds to your account.

That means you’ll get your paycheck early — like Samuel Demeny, who recently switched to Chime. He uses direct deposit. His company technically pays everyone on Fridays, but Chime gets him access to that cash two days earlier than his co-workers.

“The fact that I’m paid on Wednesday versus Friday… helps me budget before the weekend even starts,” Demeny told The Penny Hoarder.

Not everyone is guaranteed the two-day head start Demeny has. That depends on your employer and its financial institution. We talked to another Chime account holder, Lee Best, who gets his paycheck one day ahead of his co-workers — on Wednesday instead of Thursday.

Who doesn’t want to get paid early?

Opening an account with Chime is free and only takes about five minutes.

Perfect For: The early-20-something who is living paycheck to paycheck. Do you get paid on the 15th but your rent and phone bills are also due that day? Chime can help you out by making your paycheck available a little ahead of time.

Cash In With Big-Time Sign-up Bonuses

If a bank wants your business, what’s in it for you? How about a little love up front? A sign-up bonus is a great way for a bank to get your business and an even better way for you to earn some extra money.

Chase gets it.

Visit this Chase Total Checking® page* to apply online, or enter your email address to get a unique coupon to take with you to open your account at any Chase branch.

This coupon expires on May 1, 2019, so you’ll need to complete the application before then.

• Get a $200 bonus when you open a new Chase Total Checking® account and set up direct deposit.
• Get a $150 bonus when you open a new Chase Savings℠ account, deposit a total of $10,000 or more in new money within 20 days, and maintain a $10,000 balance for 90 days. You’re not required to open the savings account to earn the $200 Chase checking bonus.
• This offer is available in Arizona, California, Colorado, Connecticut, Florida, Georgia, Idaho, Illinois, Indiana, Kentucky, Louisiana, Michigan, New Jersey, Nevada, New York, Ohio, Oklahoma, Oregon, Texas, Utah, Washington, Wisconsin and West Virginia.

Perfect for: Those of you who are in your 40s and starting to get ahead. You may have built up a little nest egg or emergency savings. Hey, we get it. Not everyone has $10,000 sitting around right now. But you will, someday. You will.

Get Paid Ahead of the Game

Life doesn’t always wait for payday.

Your car breaks down. You have a sudden dentist bill (don’t ask). Your toilet… ew! Don’t talk about it. Just get it fixed. Fast!

When you can’t wait for payday, wouldn’t it be nice if your bank would give you a little advance?

MoneyLion does just that. If you sign up for a free MoneyLion Core membership, you’ll get a zero-fee checking account — no minimum balance, monthly service or overdraft fees. And sure, it’s an all-digital bank, but you’ll have free access to more than 55,000 IRL ATMs.

When you set up direct deposit, you can tap into up to $250 of your paycheck before payday with 0% interest.

Perfect for: Anyone in your 20s or early 30s. Even if you’re doing OK, you may not have emergency savings stashed away yet. It’s OK. You’ll work on it. In the meantime, wouldn’t it be nice to have a bank that has your back in a pinch?

*Checking offer is not available to existing Chase checking customers, those with fiduciary accounts, or those whose accounts have been closed within 90 days or closed with a negative balance. To receive the $200 checking bonus: 1) Open a new Chase Total Checking account, which is subject to approval; 2) Deposit $25 or more at account opening; AND 3) Have your direct deposit made to this account within 60 days of account opening.  Your direct deposit needs to be an electronic deposit of your paycheck, pension or government benefits (such as Social Security) from your employer or the government. After you have completed all the above requirements, we’ll deposit the bonus in your new account within 10 business days. You can only receive one new checking account-related bonus per calendar year. Bonus is considered interest and will be reported on IRS Form 1099-INT.

Account Closing: If your checking account is closed within six months after opening, we will deduct the bonus amount at closing.

Editorial Disclosure

This content is not provided by the bank advertiser. Opinions expressed here are author’s alone, not those of the bank advertiser. This site may be compensated through the bank advertiser Affiliate Pro.

Tyler Omoth is a senior writer at The Penny Hoarder who loves soaking up the sun and finding creative ways to help others. He likes banks that have cookies, but that means something different for online banks. Catch him on Twitter at @Tyomoth.

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.

The Penny Hoarder Promise: We provide accurate, reliable information. Here’s why you can trust us and how we make money.

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5 Ways to Deal With Debt Collectors if You’re Afraid to Pick Up the Phone

The Best WordPress Themes for Blogs

There are more than 30 million bloggers in the United States alone. So how can you make your blog stand out from the millions of other blogs? You need to find an appealing WordPress theme.

Obviously, your blog isn’t competing with every other blog on the planet. But, the competition is still fierce, even in niche categories.

You may be an outstanding writer, but you’ll still struggle to get readers if your content isn’t visually appealing. In fact, 38% of people stop engaging with sites with unattractive layouts. That means nearly four out of every ten visitors won’t even read your blog if your website has design flaws.

The best WordPress themes for blogs are also optimized for search engines. That’s right, adding a theme to your WordPress blog can improve your visibility and organic reach.

My 10 Favorite Blog Themes for WordPress

There are thousands of WordPress blog themes on the market, which can be extremely overwhelming. How can you possibly know which one is the best for your website?

For starters, you need to make sure that the theme matches your content and appeals to your audience. I’ve done my research and narrowed down the top ten WordPress themes for blogs in 2019. This guide can serve as a reference to help you pick the best theme for your blog.

1. Newspaper

Newspaper is a paid WordPress theme. You can add this theme to your blog for $59. Now I know what some of you are thinking, With so many free WordPress themes available, why should I pay for one?

In my opinion, this theme is well worth the price.

The design is professional and modern. I’ll admit, the name of this theme is a bit misleading since it’s extremely versatile. While it is a popular choice for magazine and newspaper sites, this theme can also be customized to fit a review website or blog. It doesn’t matter which category or niche you’re in; this theme can meet your needs.

The versatility and easy customization both make Newspaper one of my favorite options. It has a drag and drop editor so you can easily change more than 100 different elements on the page.

I’d recommend starting with one of the sleek pre-built templates and then making any changes you see fit. You don’t have to be tech savvy or know how to code to do this, which makes this theme a solid choice for literally anyone.

You’ll also have tons of options for customizing the header and footer of your blog. The theme lets you implement a grid design to highlight specific pages, categories, and tags. It’s easy for you to stay organized on the backend, while your website visitors can navigate seamlessly on the frontend.

Newspaper has fast page loading speeds and is AMP ready. In addition to being extremely responsive, it’s compatible with Woocommerce and Google AdSense. The Newspaper WordPress theme is mobile friendly and applies SEO best practices as well.

It’s one of the most versatile WordPress themes you’ll find, and I’d recommend it for any blog.

2. CheerUp

CheerUp is another versatile WordPress blogging theme. While it can be used for nearly any blog, it’s designed for bloggers who are a bit more tech-savvy, as opposed to the average WordPress user.

This theme is made to work in unison with the custom sets of tools, widgets, and plugins that webmasters use to enhance their WordPress site. So if your blog is using lots of add-ons, this is definitely a top option for you.

CheerUp comes with 12 different designs. While that may not seem like much at first glance, these 12 designs come with more than 1,000 layout variations. This helps ensure that your blog is unique among the other websites using the same theme.

The pre-built designs are made to appeal to specific audiences. Some popular categories include:

• Fitness
• Parenting
• Fashion
• Travel
• Beauty
• Lifestyle

Once you select and customize a design, you’ll also be able to choose unique styles for your posts. For example, you could have a full-width text or magazine-style text. Add a cover image to the top of your blog, or omit that option. The choice is completely up to you.

CheerUp can be integrated with social media networks. This will encourage social sharing for your blog posts.

This theme is also AMP supported, optimized for search engines, has fast loading times, and is highly responsive. You can purchase CheerUp for $59.

3. Kale

As the name implies, the Kale WordPress theme is designed for food bloggers. Unlike the other options we’ve looked at so far, this is a free template.

If you’re a blogger in this niche category, you know how difficult it can be to stand out from your competition. This theme can give you an edge since it eliminates clutter on your blog, while still showcasing your images.

While this theme is intended for all things related to food, cooking, and recipes, it’s versatile enough to be applied to blogs in the fashion industry — particularly because both niches are so photocentric.

There are tons of layouts, sidebar options, multi-level menus, and color overlay options for banners and sliders. And all YouTube videos are automatically responsive with Kale. That’s an extremely important feature if you’re a food blogger who includes video demonstrations embedded in your posts.

It’s very easy to install the theme and get started in minutes. Kale has WooCommerce integration as well, for those of you who are selling in addition to blogging.

4. Stockholm

Modern. Clean. Trendy. All of these words come to mind when I think about the Stockholm WordPress theme.

As a blogger, you need to make sure it’s easy for your website visitors to access your content, navigate on the page, and engage with your writing. The Stockholm theme can help you accomplish all of these things.

It’s so versatile that it’s a top choice for blogs in every category. Start with one of the simple but elegant designs and customize it to meet your specific needs. You’ll be able to do this without any coding or design knowledge.

This theme will enhance your entire website, going far beyond your blog. It has specific layouts designed for ecommerce shops, restaurants, and architecture. So if your blog falls into one of these three categories, I’d definitely recommend looking into this option.

Stockholm can be purchased for $59.

5. Jevelin

I like this option because it’s versatile enough for blogs in so many different industries. Some popular categories offered on the Jevelin WordPress theme are:

• Education
• Food & Drink
• Portofolio
• Fitness
• Photography
• Events
• Medical
• Finance
• Beauty

The theme can be installed to your blog with just one click. It’s easy to customize as well. Once you pick a pre-built layout, you can adjust every element on the page. Jevelin lets you do this without having to do any coding. It’s quick, easy, responsive, and shows you live previews of your changes in real time.

I also like the different layout options that are specific for blogs. Some of the best ones include:

• Masonry
• Creative
• Grid

Adding one of these layouts to your blog will definitely make it more visually appealing. Nobody will navigate to your pages and think that they look boring.

This is another paid theme. It costs $59.

6. Editorial

The Editorial WordPress theme has a magazine style layout, which is great for bloggers who want to showcase their content with featured images. This format also makes it easier for you to prioritize your best work.

With Editorial, you’ll have access to a live editing feature to easily move sections around and see all of your changes in real time.

For those of you who have tons of blog content but don’t know how to organize it, consider this theme. It’s great because your readers won’t feel overwhelmed when they visit your website.

This theme also has plenty of widgets that allow for added customization. You don’t have to be a tech wizard to figure all of it out either.

Another great benefit of Editorial is that it’s free with free support.

7. GoBlog

The GoBlog theme is perfect for bloggers who want to take a simple, minimalist approach to their website design.

I like this theme because it supports eight different post formats.

• Gallery
• Standard
• Quote
• Video
• Image
• Link
• Status
• Audio

It’s extremely easy for you to embed audio and video content into your posts. This will ultimately help you run a successful video blog.

GoBlog is highly responsive on both desktop and mobile devices. You can also add sliders below the headers, which are perfect for text introductions. With a simple theme like GoBlog, you can prioritize your content without having too many complex distractions.

You can purchase the GoBlog theme for $54.

8. Flat

Flat is a trendy WordPress theme. If you want your blog to be bold, modern, and colorful, consider this option. You should also educate yourself on the top trending website color schemes.

This theme uses Javascript, HTML5, and CSS3 to ensure that all interaction and engagement on is fully responsive and beautiful. You can add different effects for transitions as users scroll through your content. Some of those include:

• Fade-ins
• Slide-ins
• Drop-ins
• Fly-ins
• Progress bars
• Animated circles

Flat also comes with extra shortcodes and options for custom post types. The best part of this theme is arguably the drag-and-drop builder. It makes it easy for anyone, regardless of their technical or design ability, to customize the content blocks. The drag-and-drop builder can be used on the front end of your website, so you can see exactly what your visitors will see.

Another reason why this theme is great for bloggers is because it’s optimized for search engines. You’ll also have access to Google Fonts for styling options on each page.

Unlike other themes that aren’t updated frequently, Flat guarantees that it will always work with the latest WordPress versions. Updates are made automatically, without having to make any additional installations.

Pricing for Flat starts at $59. There is also a developer option for $69. For those of you who are currently using another WordPress theme, Flat will give you 50% off of your purchase for switching to them. It’s an enticing offer to consider.

9. WPVoyager

WPVoyager is another $59 theme, but specifically made for travel blogs. That’s because the theme is fully integrated with Google Maps so your content can be displayed in a map view, as shown with the screenshot above.

This is a unique approach to organizing blog posts on your website. Visitors can browse for blogs simply by navigating on the map to points of interest.

It’s the perfect solution for travel bloggers who take lots of photos during their adventures as well. The map feature does much more than just show your visitors the location that you’re blogging about. Let me give you an example.

The screenshot above is pretty straightforward. The title of the post is “5 Reasons You Need to Visit Budapest,” with Budapest marked on the map. But when you click on the post, take a look at how the map changes.

Now there are five points marked within the city. If you click on each one, a photo pops up with a brief description. As you scroll down the page and navigate away from the map, the blog is shown in a more traditional format.

The possibilities with this theme are nearly endless for travel bloggers and photography bloggers. If I were in this niche, I would definitely use this theme on my WordPress site.

10. Vixen Blog

The Vixen Blog theme is simple, elegant, and beautiful. This design has a deliberate feminine touch. You can create a visually appealing blog with this WordPress theme, even if you don’t have any experience with design. It’s fully responsive on both the frontend and backend.

Vixen Blog is optimized for search engines, made for readability, and has a compatible Instagram feed feature. So it’s easy for you to integrate your blog with your social media strategy.

Pricing for this theme starts at $34. There is also an extended license for $2,200. This is made for developers who can then sell those licenses to their clients.

Conclusion

What’s the best WordPress theme for blogs? With thousands of options to consider, it’s tough to name just one. There isn’t a one size fits all blog theme. Your blog is unique, so it’s important for you to find a theme that fits your style and needs.

Some of these themes appeal to certain niches, such as travel, photography, or food blogs. Other options are bold, modern, and trendy, while some themes take a more minimalist approach. There are paid themes, free WordPress themes for blogs, and licenses made for developers as well.

Whenever I write a review like this, I try to include something for everyone so no matter what category you fall into, you’ll be able to find a them you like in this guide.

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Flood Insurance Only Works With the Right Type of Water Damage: What You Need to Know

Flood insurance may comfort you when the water’s rising, but it may not cover all of your losses.

Flooding became an issue for my wife and me on New Year’s Day 2017, when we came home to find our basement coated in roughly an inch and a half of standing, bitterly cold water. An emergency call to a plumber led to double the normal maintenance fee, but helped us discover that the float on our house’s drainage pump was no longer working.

Our house isn’t in a flood plain and is nowhere near a river, but it does sit on a flat lot comprised largely of clay and requires a drainage pump to keep excess water away from the foundation. This instance didn’t cost us any furnishings or appliances and was easily cleaned with a portable sump pump and some wet-dry vacuums, but it did get us thinking about flood insurance.

Two months after our basement flooded, the folks at insuranceQuotes released the results of a survey it commissioned, asking homeowners for their thoughts on insurance coverage. According to that survey, 56 percent of homeowners believed that a standard homeowners policy covered flood damage. Among younger homeowners, aged 18 to 36, a full two-thirds (67 percent) believed that to be true.

It isn’t.

“And floods can happen at any time in any place,” Stephanie Moffett, spokeswoman for the Federal Emergency Management Association, said at the time. “It’s the No. 1 costliest disaster in the United States.”

We were fortunate, as five inches of water in a 1,000 square-foot home can do more than $11,000 in damage. But federal disaster assistance won’t pay for flood damage unless the home is in a disaster area declared by the president. Even then, FEMA says, much of that assistance comes in the form of loans that need to be paid back… with interest.

However, back in 1968, Congress created the National Flood Insurance Program to not only manage flood plains and identify flooding hazard zones, but to insure homeowners from most flooding events. Roughly 25% of all flood claims occur in low- to moderate-risk areas, with people in those areas receiving a third of federal disaster relief related to flooding.

It’s the cost of flood insurance that gives some folks pause. Though FEMA notes that flood insurance premiums start at only $119 a year, that’s dependent on a number of factors. The average annual premium is closer to $700, but in states including Connecticut, Vermont, and Rhode Island, the average is double that amount. Meanwhile, the maximum coverage for residential buildings is $250,000 on the structure and $100,000 for contents.

If your home is worth more than those payout limits, you may have to dip into privately funded excess flood insurance. Even if your home is at the $250,000 limit for structural flood damage, a mortgage lender might require you to take out more if you live in an area that’s known for flooding.

If you’re in a low-risk “B” zone or lower, that supplemental coverage might run you about $400 extra a year. However, if you’re in an “A” zone or a more-endangered “V” zone right near water, the annual bill can fluctuate between $3,000 and $14,000.

That said, excess flood insurance also comes with loss-of-use protection that kicks in if you have to pay to live somewhere else while your home is being fixed. It also tends to lack the deductibles of federal flood insurance policies, which can stretch as high as $10,000, depending on how much of a discount you want upfront. The downside to those excess insurance policies is that they aren’t beholden to the same guidelines as federal policies, and aren’t required to cover the same damages.

There are other downsides, too. Both private and NFIP policies will kick in only if there is flooding on two or more neighboring properties or on two or more acres. Also, cosmetic damages caused by our basement flooding wouldn’t have been covered under flood insurance, because it doesn’t cover non-essential items in areas below ground level on all sides, such as carpeting, flooring, or furniture.

Finally, any mud damage that results from flooding has to fit a specific (and oddly dessert-based) definition to be covered: According to FEMA, “a mudflow is a river of liquid mud similar in consistency to a milkshake. Mudslides, on the other hand, are more solid and more closely resemble a cake.” Only the former is covered by a federal flood insurance policy, which makes it a tough lesson to learn on the fly if your house survived Western wildfires, only to be hit by a mudslide a few months later.

“Don’t confuse mudflows with mudslides, as there are distinct differences,” notes the Insurance Information Institute. “Mudslides occur when a mass of earth or rock moves downhill, propelled by gravity. They typically don’t contain enough liquid to seep into your home, and they aren’t eligible for flood insurance coverage. In fact, mudslides are not covered by any policy.”

If you live on a grade and mudslides are a concern, there is a way to get covered without convincing an insurer that mudslides and wildfires are linked and should both be covered under the same insurance. The III notes that an “earth movement” rider may cover both the structure and your valuables in the event of a rare occurrence like an earthquake, volcano eruption, or landslide. Those riders are often known as “Difference in Conditions” policies and offer all-in-one coverage for landslides, mudflows, earthquakes, and floods.

The cost will vary based on the the value of the home, its location, and the history of such cataclysmic conditions, but insuranceQuotes notes that such policies typically aren’t cheap. If those disasters are genuine concerns in your area, you may still want to look into it.

However, if you’re like us and just get spooked by occasional water in your basement, just know that items like a furnace will typically be covered by your home’s structural policy, while appliances like your washer and dryer and other various items you have stored down there will be covered under contents coverage. If you’re still worried, either invest in some regular maintenance for your drainage system, or shop around for a submersible sump pump. Leave the flood insurance to those dealing with actual flooding.

Read more: 

• How to Get the Best Flood Insurance
• Five Home Improvements Worth a Discount on Your Homeowners Insurance
• The Best Home Insurance Companies

The post Flood Insurance Only Works With the Right Type of Water Damage: What You Need to Know appeared first on The Simple Dollar.

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How This Man Turned a Love of Specialty Coffee Into a $10K/Year Side Hustle

Vizio, Samsung and More: Do These 8 Companies Owe You Money?

Even if you don’t have the luck of the Irish with you, you could be eligible for some class-action settlement gold.

You could really clean up with offerings involving shampoo, soap and washing machines. Other settlements include a misleading beer and a falsely marketed food product. And of course, there’s that nosy TV that’s watching you watch TV.

See if you qualify to collect some green from any of these class-action settlements.

Vizio Smart TV Viewer Spying

Vizio Inc. has reached a $17-million class-action settlement with the owners of smart TVs who alleged the company collected, stored and shared their viewing habits without their knowledge or consent.

Eligible class members are Vizio smart TV owners who connected their TVs to the internet between Feb. 1, 2014 and Feb. 6, 2017.

Several class-action lawsuits were filed against Vizio, which was accused of violating consumer privacy laws by failing to disclose to TV owners that Vizio would track their viewing habits and share the results with third parties to create targeted advertising plans.

Each class member who files a valid and timely claim is expected to receive between $13 and $31.

The settlement requires Vizio to delete the stored viewing data it collected during the class period and the company must provide an option for TV owners to accept or decline the option of whether Vizio is allowed to see what the TV owners are seeing.

Click here for more information and to file a claim by the April 29, 2019 deadline.

Sexy Hair Sulfate-Free Shampoo and Conditioner

Certain Sexy Hair Concepts products were allegedly falsely promoted as being sulfate-free, leading to a $2.33-million class-action settlement.

Class members include customers who bought the following Sexy Hair shampoos and conditioners since Nov 19, 2012:

• Big Sexy Hair Extra Volumizing Shampoo (1.7 oz., 10.1 oz., 33.8 oz., 128 oz.)
• Big Sexy Hair Volumizing Shampoo & Conditioner (1.7 oz., 10.1 oz., 33.8 oz., 128 oz.)
• Curly Sexy Hair Curl Defining Shampoo & Conditioner (1.7 oz., 10.1 oz., 33.8 oz., 128 oz.)
• Healthy Sexy Hair Soy Moisturizing Shampoo & Conditioner (1.7 oz., 10.1 oz., 33.8 oz., 128 oz.)
• Smooth Sexy Hair Smoothing Shampoo & Conditioner (1.7 oz., 10.1 oz., 33.8 oz.)
• Blonde Sexy Hair Bombshell Blonde Shampoo & Conditioner (1.7 oz., 10.1 oz., 33.8 oz)
• Blond Sexy Hair Bright Blonde Shampoo (1.7 oz., 10.1 oz., 33.8 oz.)
• Vibrant Sexy Hair Color Lock Shampoo & Conditioner (1.7 oz., 10.1 oz., 33.8 oz)

Class members can receive $6 per product. Without proof of purchase, consumers can receive a maximum of $12. Those with receipts can receive $6 per product for all of the above-mentioned products they purchased.

The deadline to submit a claim is March 20, 2019. For more details, visit our sulfate-free website by clicking here.

Samsung Top-Load Washing Machine

A class-action settlement has been reached with Samsung regarding more than 30 models of top-loading washing machines that could lose their lids during a wash cycle.

In some cases, the Samsung washing machines allegedly exploded and were under recall in 2016. On some models, the drain pumps could detach or break.

In any event, it’s best not to become agitated. If you’re the original owner of the machine, you could receive a full refund of the purchase price of the washer and up to $400, plus other benefits.

There are five tiers of awards under the terms of the settlement:

• The Enhanced Minimum Recall Rebate for customers who received a rebate as part of the recall. These class members can receive a percentage of the difference between the rebate amount and an estimated purchase price of the washing machine.
  
• The Recall Repair Additional Benefit is for class members who received a repair under the recall. These customers can receive a cash rebate between $25 and $85 toward the purchase of another Samsung appliance.
  
• Top Separation Relief is for customers who experienced the lid separating from their Samsung washing machine. These class members may receive a full refund of the purchase price of the washer and up to $400 reimbursement for particular expenses.
  
• The Recall Repair Commitment is available to class members who choose to have their Samsung washing machine repaired under the recall. These customers can receive the repair from a Samsung Authorized Service Provider within 14 days of the request. Alternatively, class members can receive a $50 cash-equivalent card if the repair cannot be completed or does not resolve the issue.
  
• Drain Pump Failure Relief is available to class members whose Samsung washing machines experienced a drain pump failure. These customers may be able to receive a repair or reimbursement for their drain pump and up to $400 reimbursement of certain expenses resulting from the drain pump failure.

Claim forms must be submitted by Aug. 6, 2019. Click here for more details and for the list of affected Samsung washers.

Asahi Beer “Made in Japan”

You could receive up to $10 from an Asahi Beer class-action settlement.

Two men filed the class-action lawsuit alleging Asahi Beer falsely led consumers to believe the beer was made in Japan, due to packaging that included Japanese words and symbols. Asahi Beer is actually brewed in Canada.

Class members include consumers across the United States (including territories and U.S. military facilities) who bought Asahi Beer for personal use between April 5, 2013 and Dec. 20, 2018.

In addition, California residents who bought Asahi Beer for household use during the same timeframe are also included as California settlement class members.

Class members are eligible to receive 10 cents per big bottle of Asahi Beer; 50 cents per six-pack of Asahi Beer bottles or cans; $1 per 12-pack of Asahi Beer cans; and $2 per 24-pack of Asahi Beer cans.

Although receipts are not required to submit with the claim form, the settlement administrator might request further information about the class member’s Asahi Beer purchase and has the right to do so.

To submit a claim by the May 3, 2019 deadline, click here.

FedEx Kiosk Receipts

FedEx Office and Print Services has agreed to a class-action settlement regarding allegations the company violated federal law by printing more than the last five digits of a card number on receipts at self-serve kiosks.

Eligible class members are those who paid with a debit or credit card at a FedEx Office Self-Service Express Pay kiosk between Jan. 21, 2017 and Aug. 23, 2017 and received a receipt that contained the first two and last four digits of the card number.

Such a receipt violates the Fair and Accurate Credit Transaction Act (FACTA) that prohibits anything other than the last five digits of a credit card or debit card from showing on computer-generated receipts.

Class members who are able to provide a copy of their FedEx Office receipt displaying the first two and last four digits of their payment card will receive a $25 store value card. Those who file a claim form without a receipt will receive a $10 store value card.

Click here to see you don’t have to overnight your claim form, but time IS running out to submit a claim by the March 8, 2019 deadline.

Canada Dry Ginger Ale “Made from Real Ginger”

Canada Dry Ginger Ale has agreed to an $11.2-million settlement over allegations the soda does not contain real ginger as advertised.

If you purchased Canada Dry Ginger Ale between Jan. 1, 2013 and Dec. 19, 2018 in any U.S. state (except California), you could get cash from this class-action settlement.

California residents are also included in the Canada Dry Ginger Ale class action settlement as long as they purchased the beverage between Dec. 28, 2012 and June 26, 2018.

Canada Dry’s parent company Dr. Pepper Snapple Group allegedly tried to cash in on the fact that ginger root is promoted as a natural stomach settling treatment.

The class-action lawsuits allege the soda is made of carbonated water, high fructose corn syrup, citric acid, preservatives and chemical flavoring, all of which provide none of the benefits of ginger.

Canada Dry Ginger Ale’s label claimed “Made from Real Ginger,” which plaintiffs challenged in court.

Non-California consumers who purchased Canada Dry Ginger Ale between Jan. 1, 2013 and Dec. 19, 2018 are considered class members.

In addition, California residents who bought Canada Dry Ginger Ale between Dec. 28, 2012 and June 26, 2018 can also file a claim.

Class members may fall into one of two tiers. Tier 1 claims can recover 40¢ per unit, up to $5.20 per household. Tier 2 claims can recover 40¢ per unit, up to $40 per household. Proof of purchase is required with Tier 2 claims.

For more information and to file a claim before this offer loses its fizz on the March 19, 2019 deadline, click here.

CareFirst Breastfeeding Support

Mothers who breastfeed may be eligible to receive a portion of a $3.6-million class-action settlement with CareFirst Inc.

CareFirst and other related companies allegedly violated the Affordable Care Act when the company denied coverage for lactation and breastfeeding support benefits.

Class members include those who were enrolled in certain health plans through CareFirst Inc., Group Hospitalization and Medical Services Inc., CareFirst of Maryland Inc., or CareFirst BlueChoice Inc. and did not receive coverage for Comprehensive Breastfeeding Support and Counseling Services that they received between Aug. 1, 2012 and Aug. 31, 2018.

Two potential awards are available as follows:

CLS Settlement Payment: Compensation for out-of-pocket copayments, out-of-pocket coinsurance, and out-of-pocket expenses applied to a deductible.

Balance Bill Settlement Payment: 25% of the difference between the amount paid to an out-of-network provider and any reimbursement.

Click here for more information and to file a claim by the July 8, 2019 deadline.

Metagenics Medical Food

A class-action lawsuit alleged products by Metaganics were falsely advertised as able to treat diseases and medical conditions, which led to a $1.3 million settlement.

If you’ve purchased Metagenics products labeled “Medical Food” since Nov. 9, 2011, you could receive cash from this settlement.

Metagenics is a worldwide nutrigenomics and lifestyle medicine company that sells 17 different types of “Medical Foods” for more than $150 per container.

Class members include U.S. residents who bought UltraMeal Plus, UltraMeal Plus 360, UltraGlycemX, UltraClear and other Metagenics products labeled as “Medical Food” since Nov. 9, 2011.

Class members can submit claims for up to five products without proof of purchase. For more than five products, class members must provide receipts or other proof of purchase.

The potential award will depend upon the number of valid claims submitted by the April 26, 2019 deadline. Click here for details.  

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Financial Outpatient Care: When Parents Financially Support Their Children Into Their 30s (and Beyond)

Over the weekend, the New York Times published The New 30-Something: Have you or haven’t you cut the financial cord with your family?, an amazing article by Hannah Seligson on the phenomenon of children relying financially on their parents into their 30s or later.

This phenomenon is sometimes called “financial outpatient care,” and it was notably given that title in the book The Millionaire Next Door by Thomas Stanley and William Danko.

The article opens with this:

It’s the financial riddle of the 30-something years. How does anyone, even those with a stable, upwardly mobile job, let alone a family, afford to live in places like New York City, Los Angeles, Boston, Chicago, San Francisco or Washington, D. C.?

The answer: Many are bankrolled, to varying degrees, by their parents.

Hold the eye roll and exasperation about millennials and their failure to launch or the gushing of financial resentment for a moment, and consider the unforgiving economics of trying to make it in this country today. Wages have stagnated, while real estate, medical and child care costs have skyrocketed. As one economic analysis concluded recently: “For Americans under the age of 40, the 21st century has resembled one long recession.”

I want to focus on that last quote for a moment.

For Americans under the age of 40, the 21st century has resembled one long recession.

As someone at the (very) upper end of that age range, I’ll say that this sentence is frightfully true. This isn’t to say that no person under the age of 40 has found success – that’s absolutely not true, and I’d include myself in the “successful” ones. However, for a lot of people my age and younger, financial success has been hard to come by for many of the reasons stated above.

Stagnant wages.

Skyrocketing real estate costs.

Skyrocketing medical insurance costs and medical costs.

Skyrocketing child care costs.

It’s a mess of difficult issues, all jumbled together.

(I don’t even want to imagine what the financial landscape is going to look like for my own kids a decade from now when they’re really entering the workforce.)

This isn’t just a small problem, either:

More than half (53 percent) of Americans ages 21 to 37 have received some form of financial assistance from a parent, guardian or family member since turning 21, according to a 2018 report by Country Financial, a financial services firm in Bloomington, Ill. This may include paying bills for a cellphone (41 percent), groceries and gas (32 percent), rent (40 percent) or health insurance (32 percent).

Then there are the free services. Ms. Palmer, who is 39 and lives near Washington, D.C., said that the free 20 to 25 hours of child care she receives every month from her parents contributed to her family’s decision to have a third child (Dylan Palmer Davé arrived on Feb. 9). If she were to pay a babysitter, Ms. Palmer estimates it would add up to around $6,000 a year.

On average, each millennial parent receives $11,011 per year in combined financial support and unpaid labor, the 2017 TD Ameritrade Millennial Parents Survey found, for an annual total of $253 billion in America.

That assistance is crucial for many, according to the study. A quarter of millennial parents receive hourly support from their parents, in the form of child care or household help, and 18 percent of those receiving financial support say they couldn’t afford their current lifestyle without it.

The key quote that stands out in this section is this: “On average, each millennial parent receives $11,011 per year in combined financial support and unpaid labor” coming from parents and other family members.

At first glance, that’s a lot of money and it seems like a huge benefit to millennials. The reality is a bit of a different story. First of all, such money usually serves to make up the ground lost by stagnant wages buttressed against escalating housing, medical, and child care costs. If average wages have gone up only 3% per year since 1970 while housing, medical, and child care costs have gone up 8% per year since 1970 and other costs have gone up 5% a year since 1970, then the reality is that a newly minted college graduate – and even one into their thirties or forties – might struggle to afford even the basics while their parents, at the same job back in the 1980s, might have found it easy to make ends meet. That’s where this kind of parental “financial outpatient care” comes into play – it makes up for that dramatic change in cost of living without a dramatic change in income.

It goes on:

While it’s true that families with means have always helped their children (discreetly or not), what’s different today is that as the economy has more extreme gyrations and wages flatten, family wealth plays an outsize role in helping people get ahead, said Chuck Collins, a scion of the Oscar Mayer food corporation and the author of “Born on Third Base: A One Percenter Makes the Case for Tackling Inequality, Bringing Wealth Home, and Committing to the Common Good.”

Those who do not have parental assistance in their 30s, however, continue to be at a disadvantage. “They are grappling with paying off student-loan debt, their savings might not be as strong because of that, and many are taking care of other family members,” said Iimay Ho, 32, the executive director at Resource Generation, an organization that works with people ages 18 to 35 with wealth or class privilege to engage on issues of inequality.

To me, this is the area from which I find a lot of financial pain right now: younger people – my age and younger – who are trying to make ends meet as their parents did at a similar age, but without any of that financial outpatient care. They’re trying to thrive with a budget where the basic costs are much higher than they were for their parents while their income hasn’t gone up proportionately.

Sarah and I were extremely lucky in that neither one of us needed to receive any sort of financial outpatient care of any kind after college (I didn’t even receive much during college). We were able to jump into jobs that had income levels that were at least as good as what our parents had when they were our age (with inflation included) and, after a few big financial missteps early, we were able to capitalize on a lot of hard work and get ourselves in a good financial position. This only occurred due to a mix of a ton of luck and a lot of hard work. Without either, we would have struggled mightily and probably needed some “financial outpatient care.”

Here’s a specific story that highlights this problem:

Those who do receive parental assistance often do not fit neatly into the stereotype of lazy, entitled millennial. Susan Alvarez, 32, makes over $75,000 as the associate executive director at the Y.M.C.A. of San Diego County. “That is a really decent salary, but it’s still not enough to cover a condo,” she said.

So last year Ms. Alvarez’s parents surprised her with a $50,000 cash gift to help with a down payment on a $435,000 condo three blocks from the beach in San Diego. “I grew up middle-class, and my parents immigrated from Cuba,” she said. “They saw that I’ve worked hard but also that I had the bad luck to graduate into the 2008 recession. I didn’t get a job that paid well enough and had benefits until I was 23, which meant I missed out on almost two years of earning.”

This person makes $75,000 a year and can’t afford a condo because the housing prices near where her family lives are so high that she can’t afford to buy. The only way she was able to buy a condo in her 30s anywhere near her family was with help from her parents, and this is a person in her 30s with a $75,000 job.

This isn’t a financial mismanagement issue, either. Sure, she may have been able to do it on her own living with extreme frugality, but the reality is that housing in her area costs many multiples of her salary, which means that the mortgage payments are going to be crushing. Furthermore, in such a housing market, even rent is crushing, so it’s hard to save up that down payment.

This isn’t just her story, either:

Evidence suggests that purchasing a home, a life event that many hope to reach in their 30s and one of the primary ways people build wealth, is essentially out of reach in most major cities unless your family has generated a good deal of wealth. (Nationally, homeownership rates are falling for millennials, and only two in 10 have a mortgage or home loan.)

Very few people under the age of 40 can afford their own home. If you know someone who can, they’re either living in a very low cost of living area, they’re extremely lucky, or they’re receiving a lot of financial help from their parents – and it’s probably a combination of more than one of those factors.

There’s also the continuing weight of student loans:

Jessicah Pierre, 27, a media specialist at the Institute for Policy Studies, a progressive think tank, has felt she is on unequal ground. “A friend was telling me how it wasn’t that hard to purchase a home. She was like, ‘Do this, do that,’” said Ms. Pierre, who lives in the Dorchester section of Boston. “But she wasn’t considering the fact that she graduated without any student-loan debt, came from a two-income household, as opposed to me. I am starting with negative wealth because I have loans to pay off and was raised in a family with only one income.”

Often, even those who have a decent salary are starting off significantly in the hole because of their student loan debt. I was definitely in this situation when I graduated and it took several years to pay it all off.

The thing is, this article only shows a slice of the big picture. There are many people in their 30s and 40s with elderly parents that are offering financial assistance to them in return. There are millennials out there with no familial support whatsoever who are really struggling – stagnant wages plus high housing and medical and other costs plus no family support is an enormous problem. There are people who made financial mistakes early on, as so many of us do, but their financial situation was precarious to begin with so those mistakes haunt them for decades.

There are a few key lessons that I take away from this article and from the whole concept of parents offering “financial outpatient care” for their children.

“Financial Outpatient Care” Is an Inevitable Result of the Times

Articles like this often result in a knee-jerk response from many that “millennials are lazy.” That’s simply not true. Rather, this situation is a product of the times; if you go back to when Boomers or early Gen-Xers were in their 20s and 30s and gave them $50,000 in student loan debt and tripled the cost of housing, they’d have a lot of difficulty making ends meet, too.

Simply put, the entry level salaries for most college graduates, even those in high paying fields, aren’t sufficient to easily overcome the simultaneous challenges of student loans, inflated housing costs, inflated medical costs, and inflated child care costs. The numbers simply don’t work. This isn’t a matter of millennials eating “avocado toast;” it’s a matter of millennials choosing between food and rent and student loan debt repayment.

When there’s a serious problem like this, people are going to work to find a solution. For some, particularly those with tight-knit families with reasonably affluent parents, financial outpatient care is an obvious solution to the problem. That’s just one solution among many. Other solutions include simple ones like having a bunch of roommates or radical ones like living in your car. People are creative. The solutions they come up with for solving the problems they face might seem strange or uncomfortable.

Open Communication Is Vital, As Is Transparency

If a parent is giving an adult child financial support, communication about that support is vital on both ends. The parents in that situation deserve to know how that money is spent, and that doesn’t mean that the child merely demonstrates the most reasonable part of their budget and claims that this is the actual use.

The reality is this: any financial outpatient support is going to damage the parents’ financial future. No matter how secure the parents are, it’s still a constant financial drain for them. They deserve to know why and how that money is being spent.

Simply earmarking that money for some specific responsible use isn’t enough, either. It’s simply masking other expenses. If you’re receiving $500 a month and using it for rent, that means $500 of your own money is suddenly freed up to be used for other things. In truth, financial outpatient care actually represents the most flexible portion of your monthly budget. If you take away that money, what portion of your spending actually gets cut? That’s what money from parents is actually providing.

If you’re uncomfortable showing that incidental spending to your parents, then you’re probably closer to independence than you’re willing to admit and you’re merely protecting some lifestyle inflation that’s paid for by your parents.

If you’re a parent and your child is uncomfortable showing you their full budget, then they’re close to or ready for full financial independence and your money is merely inflating their lifestyle a little, not providing essentials for them.

This is why transparency is so important. It reveals the actual need for financial outpatient care. It provides real points for conversation, rather than just saying “Thanks for the rent money!” when the money isn’t actually going for rent money (which means that such conversation is meaningless). If the recipient of financial outpatient care can’t openly communicate their full financial situation, then the parents can rightfully assume that the child is ready for full independence.

This is because…

“Financial Outpatient Care” Should Be a Runway

If you’re in a situation where you’re providing financial outpatient care to your children, or you’re in a situation where your parents are providing financial outpatient care to you, that assistance should be treated as a runway so that you can eventually fly off into independence. It should not be used to sustain an unsustainable lifestyle.

Yes, that means that if you are receiving financial outpatient care from a parent, you should be living lean and working toward financial independence, not indulging in frivolous expenses. You should be paying off debts. You should be saving rapidly for a down payment. You should be eating cheap meals at home. You shouldn’t be buying expensive electronics. You shouldn’t be going on trips. You shouldn’t be eating at restaurants every night.

Full financial independence from one’s parents (only leaving dependence on one’s salary) is a powerful financial step for both the parents and the children. It relieves the parents of an enormous financial burden, while also freeing the children to make financial choices as they so choose.

If financial outpatient care isn’t a runway and is being used to fund an unsustainable lifestyle, what exactly happens to everyone when that financial support goes away? It’s going to be extremely hard on the children, as their standard of living is going to crash, and that’s likely to be very damaging on the parent-child relationship. On the other hand, if it never goes away, it’s incredibly damaging to the parents, as it likely keeps them working until well into old age.

Treat financial outpatient care as a runway to independence, not as support for an unsustainable lifestyle. That doesn’t mean that the runway can’t be a long one, it just means that if independence isn’t the goal, then it hurts everyone involved.

Parents, Kids Need To Become Independent

Many parents providing financial outpatient care often do so out of a continuing sense of responsibility from childhood or a desire to maintain some sense of “family.” The catch is that one of the final steps in the parenting journey is to let go and allow your children to fly on their own. That should be the goal of any financial support you give them, not to sustain their lifestyle but to set them up for full independence as rapidly as possible.

If you’re worried that this will damage or sever your relationship with your child, then it is the non-financial aspects of the relationship that need to be strengthened. You need to use this time to rebuild a genuine meaningful bond with your children that goes beyond money. That way, the meaningful connection remains after the children become fully independent.

Kids, Parents Need To Be Free, Too

If you’re an adult receiving financial assistance from your parents, then it’s likely that your parents are at least in their forties and probably in their fifties or sixties. They’re probably hoping to retire and enjoy a few years of relaxation before they begin to face the difficult issues of growing old, and the truth is that unless your parents are extremely wealthy, your financial dependence is eating away at those golden years.

Your parents need to be free of this arrangement just as much as you do. You need to simply be able to fly free. They need to be able to enjoy the fruits of their life labors.

Work together on this. Make the hard choices you have to make to put yourself on a track for independence. Be open with your financial situation with them and show how you’re actually using that help to achieve a goal, at which point you won’t need that help any more.

You both deserve that.

Final Thoughts

Financial outpatient care isn’t inherently a bad thing, but for it to be a good thing, it needs to come with a few key ingredients. Transparency. Communication. A strong relationship outside of the financial one. Responsible financial behavior from the recipient. A plan of some kind that leads to full independence.

If many of those ingredients are missing, financial outpatient care can be a difficult situation for all involved. Don’t let that happen.

If you’re in this situation and it is difficult, swallow a bit of pride or take up a bit of courage and work on repairing the elements that aren’t in place. The place to start is with communication, and that doesn’t mean just talking, it means listening, too.

Good luck.

The post Financial Outpatient Care: When Parents Financially Support Their Children Into Their 30s (and Beyond) appeared first on The Simple Dollar.

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Best Work-at-Home Jobs for Nurses

When I decided to sign up for nursing school, I knew that I wanted to work in a clinical environment. But after working a grueling year in a pediatric unit at a hospital, I started to look for other opportunities. As I began my search for something non-clinical, I was amazed at the host of […]

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Two Isas to help you buy your first home

For now, first-time buyers can open both Help to Buy and Lifetime Isas, but the latter can be used to boost retirement savings instead. We explain the basics, so you can weigh up what works best for you

Since the launch of the Help to Buy (H2B) Isa on 1 December 2015, it has helped 169,980 first-time buyers realise their dream of becoming homeowners. Some 225,618 bonuses have been paid, with an average value of £836, according to official data up to June 2018.

However, if you are thinking of opening an H2B Isa, you will have to act fast. You need to open your Isa by 

30 November 2019 and can keep saving into it until 30 November 2029, but must claim your bonus by 1 December 2030.

How does a Help to Buy Isa work?

The concept is simple: if you are a first-time buyer aged 16 and over, you can put money into an H2B Isa and the government will boost your savings by 25%. For every £200 you save, you will receive a government bonus of £50 up to a maximum of £3,000 on a savings pot of £12,000. The minimum bonus is £400, so you must save at least £1,600. To boost your savings, you can deposit a lump sum of up to £1,200 in the first month after opening this Isa.

However, there are drawbacks: the purchase price of the property cannot be more than £250,000 (or £450,000 in London) and it must be the only property you own. The bonus will only be paid towards completing your property transaction, not towards a deposit.

If you have already paid into a Cash Isa, you will have to transfer it to open an H2B Isa. Savings over £1,200 can be moved into other types of Isa or savings accounts. However, some providers – Nationwide and Virgin Money, for example – allow you to have a ‘split Isa’ to include a Cash and H2B Isa in one wrapper. H2B Isas are available through several banks, building societies and credit unions, with interest rates higher than for other types of savings accounts. At the time of writing, you can get a top rate of 2.8% at Darlington Building Society at one of its 10 branches. Meanwhile, Barclays offers the best open-to-all rate at 2.58%, followed by Buckinghamshire Building Society and Virgin Money, both with rates of 2.5%.

Visit Helptobuy.gov.uk/help-to-buy-isa for more information.

How does a Lifetime Isa work?

Launched in April 2017 and with 166,000 accounts opened in its first year, the Lifetime Isa (Lisa) offers a more generous bonus. It is available to savers aged between 18 and 39 and allows a maximum contribution of £4,000 a year with a government bonus of up to 25%. You can add to your Lisa – and receive the bonus – until you turn 50 when your savings will continue to earn interest or investment returns.

You can hold cash or stocks and shares in your Lisa or have a combination of both, up to the maximum Isa allowance of £20,000 for the 2019/20 tax year.

You can withdraw your money tax-free to put towards a first home worth £450,000 or less or you can access your cash once you are aged 60 or over, or if you become terminally ill. However, if you withdraw your money at any other time, the government will levy a 25% exit penalty – so you could get back less than you paid in.

Another drawback is that first-time buyers cannot access their savings or the bonus until their Lisa has been open for a year.

At the time of writing, there are three cash providers. Newcastle Building Society offers the top cash rate at 1.1% AER, while Skipton Building Society and Nottingham Building Society both offer interest of 1% – though you have to sign up in a branch for Nottingham’s Lisa.

There are more Stocks and Shares Lisa providers with varying fees and annual management charges. These include AJ Bell, Hargreaves Lansdown, Nutmeg and The Share Centre.

If you have an H2B Isa and a Lisa, you can only use the bonus from one of them. You can transfer money from an H2B Isa to a Lisa for free. Move your cash out of the Lisa, and you will pay the 25% penalty. Visit Gov.uk/lifetime-isa for more details.

LIFETIME CASH ISA VERSUS HELP TO BUY ISA

	Annual allowance	Government bonus	Maximum bonus	Wthdrawal penalty	Age restrictions	Maximum property purchase price	Top open-to-all accounts
Help to Buy Isa	£3,400 in first year, £2,400 thereafter	25%	£3,000	None	16 and over	£250,000 or £450,000 in London	Barclays - 2.58%
Lifetime Cash Isa	£4,000	25%	£32,000	25% (up to age 60)	Must be aged 18 to 39 to open	£450,000	Newcastle Building Society - 1.1%

Source: Moneywise, 15 February 2019

Which should you choose?

Tom Adams, head of research at savings site Savings Champion, says: “For first-time buyers, both the H2B Isa and the Lisa offer a generous bonus. You could use the H2B Isa for your first home and keep your Lisa until you are 60 or over and use the bonus from this to supplement your retirement income.

“The Lisa offers a better proposition for some, as the annual allowance is greater and the bonus is added each month, which means that it will benefit from compounded income or growth. In addition, the maximum price of the property that can be bought is £450,000, regardless of where it is. On the face of it, the Lisa is more generous as larger amounts can be deposited and the potential bonus is greater.”

However, recent research from AJ Bell found that one in five respondents don’t understand how the 25% exit fee works.

Tom Selby, senior analyst at A J Bell, told Moneywise: “The exit penalty remains a really unwelcome feature of the Lisa. If the government abolished it, the product would be simpler to understand, more flexible and more attractive to savers.

But he thinks that a Stocks and Shares Lisa has the edge over the H2B Isa.

“With an Investment Lisa, you get your bonus added to your fund monthly so it has the opportunity to grow. The contribution limits are much higher, meaning savers who can afford to can benefit from a much bigger bonus. While many prospective first-time buyers will struggle to save £4,000, whatever they can afford is worthwhile given it is boosted by 25%,” he explains.

Mr Selby says that a workplace pension should be the first port of call for retirement income as this comes with tax relief – which is at least equal to the 25% offered by a Lisa – and a matched employer contribution, but he suggests that the Lisa is a good haven for any extra contributions.

“Basic-rate taxpayers might want to consider a Lisa as the bonus is exactly the same as a pension and 100% of withdrawals are tax-free from age 60 (versus 25% tax-free from a pension at 55).

“Higher- and additional-rate taxpayers will probably be better off in a pension because they get a bigger savings bonus, although a Lisa could be useful for those who are lucky enough to be pushing up against the pensions annual allowance limit,” he says.

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