Finance

Here’s my monthly survey of the best interest rates on cash as of December 2025, roughly sorted from shortest to longest maturities. Banks and brokerages love taking advantage of idle cash, and you can often earning more money while keeping the same level of safety by moving to another FDIC-insured bank or NCUA-insured credit union. Check out my Ultimate Rate-Chaser Calculator to see how much extra interest you could earn from switching. Rates listed are available to everyone nationwide. Rates checked as of 12/5/2025.

TL;DR: Savings account interest rates have dropped slightly overall, moving with Fed rates. You can still get 4.6% and 4.5% APY if you accept some hoops/restrictions, but most are a little under 4% now. Short-term T-Bill rates have fallen, now ~3.7%. Top 5-year CD rates are ~4.25% APY, while 5-year Treasury rate is ~3.7%.

High-yield savings accounts*
Since the huge megabanks still pay essentially no interest, everyone should at least have a separate, no-fee online savings account to piggy-back onto your existing checking account. The interest rates on savings accounts can drop at any time, so I list the top rates as well as competitive rates from banks with a history of competitive rates and solid user experience. Some banks will bait you with a temporary top rate and then lower the rates in the hopes that you are too lazy to leave.

• The top saving rate at the moment: Pibank at 4.60% APY (no min), but they have some weird restrictions; like you can only use wire/Plaid to deposit and wire transfers to withdraw funds?! Hyperion Bank has a 4.50% APY money market account ($10,000 minimum, new money) with a 6-month rate guarantee. CIT Platinum Savings is now at 3.75% APY with $5,000+ balance and is offering an up to $300 deposit bonus which increases your effective APY for a while. There are many banks in between.
• SoFi Bank is at 3.60% APY + up to 4.30% APY for 6 months + $325 new account bonus with qualifying direct deposit. You must maintain a direct deposit of any amount (even $1) each month for the higher APY. SoFi has historically competitive rates and full banking features.
• Here is a limited survey of high-yield savings accounts. They aren’t the top rates, but a group that have historically kept it relatively competitive such that I like to track their history. This month they start at 3.30% APY on up.

Short-term guaranteed rates (1 year and under)
A common question is what to do with a big pile of cash that you’re waiting to deploy shortly (plan to buy a house soon, just sold your house, just sold your business, legal settlement, inheritance). My usual advice is to keep things simple and take your time. If not a savings account, then put it in a flexible short-term CD under the FDIC limits until you have a plan.

• No Penalty CDs offer a fixed interest rate that can never go down, but you can still take out your money (once) without any fees if you want to use it elsewhere. Marcus has a 13-month No Penalty CD at 3.95% APY ($500 minimum deposit). Farmer’s Insurance FCU has a 9-month No Penalty CD at 4.00% APY ($1,000 minimum deposit). USALLIANCE Financial CU has a 11-month No Penalty CD at 3.90% APY ($500 minimum deposit).
• USALLIANCE Financial CU has a 12-month certificate at 4.18% APY ($500 min). Early withdrawal penalty is 180 days of interest. Anyone can join this credit union via partner organization American Consumer Council (try promo codes “consumer”, “abnb”, or “USFFCU” to join for free).

Money market mutual funds
Many brokerage firms that pay out very little interest on their default cash sweep funds (and keep the difference for themselves). Note: Money market mutual funds are highly-regulated, but ultimately not FDIC-insured, so I would still stick with highly reputable firms.

• Vanguard Federal Money Market Fund (VMFXX) is the default sweep option for Vanguard brokerage accounts, which has a 7-day SEC yield of 3.89% (changes daily, but also works out to a compound yield of 3.96%, which is better for comparing against APY). Odds are this is much higher than your own broker’s default cash sweep interest rate.
• Vanguard Treasury Money Market Fund (VUSXX) is an alternative money market fund which you must manually purchase, but the interest will be mostly (100% for 2024 tax year) exempt from state and local income taxes because it comes from qualifying US government obligations. Current 7-day SEC yield of 3.88% (compound yield of 3.95%).

Treasury Bills and Ultra-short Treasury ETFs
Another option is to buy individual Treasury bills which come in a variety of maturities from 4-weeks to 52-weeks and are fully backed by the US government. You can also invest in ETFs that hold a rotating basket of short-term Treasury Bills for you, while charging a small management fee for doing so. T-bill interest is exempt from state and local income taxes, which can make a significant difference in your effective yield.

• You can build your own T-Bill ladder at TreasuryDirect.gov or via a brokerage account with a bond desk like Vanguard and Fidelity. Here are the current Treasury Bill rates. As of 12/5/25, a new 4-week T-Bill had the equivalent of 3.72% annualized interest and a 52-week T-Bill had the equivalent of 3.61% annualized interest.
• The iShares 0-3 Month Treasury Bond ETF (SGOV) has a 3.85% 30-day SEC yield (0.09% expense ratio) and effective duration of 0.10 years. SPDR Bloomberg Barclays 1-3 Month T-Bill ETF (BIL) has a 3.71% 30-day SEC yield (0.136% expense ratio) and effective duration of 0.15 years. The new Vanguard 0-3 Month Treasury Bill ETF (VBIL) has a 3.89% 30-day SEC yield (0.07% expense ratio) and effective duration of 0.10 years.

US Savings Bonds
Series I Savings Bonds offer rates that are linked to inflation and backed by the US government. You must hold them for at least a year. If you redeem them within 5 years there is a penalty of the last 3 months of interest. The annual purchase limit for electronic I bonds is $10,000 per Social Security Number, available online at TreasuryDirect.gov.

• “I Bonds” bought between November 2025 and April 2026 will earn a 4.03% rate for the first six months. The rate of the subsequent 6-month period will be based on inflation again. More on Savings Bonds here.
• In mid-April 2026, the CPI will be announced and you will have a short period where you will have a very close estimate of the rate for the next 12 months. I will post another update at that time.

Rewards checking accounts
These unique checking accounts pay above-average interest rates, but with unique risks. You have to jump through certain hoops which usually involve 10+ debit card purchases each cycle, a certain number of ACH/direct deposits, and/or a certain number of logins per month. If you make a mistake (or they judge that you did) you risk earning zero interest for that month. Some folks don’t mind the extra work and attention required, while others would rather not bother. Rates can also drop suddenly, leaving a “bait-and-switch” feeling.

• OnPath Federal Credit Union (my review) pays 6.00% APY on up to $10,000 if you make 15 debit card purchases, opt into online statements, and login to online or mobile banking once per statement cycle. Anyone can join this credit union via $5 membership fee to join partner organization. You can also get a $150 Visa Reward card when you open a new account and make qualifying transactions.
• Genisys Credit Union pays 6.75% APY on up to $7,500 if you make 10 debit card purchases of $5+ each per statement cycle, and opt into online statements. Anyone can join this credit union via $5 membership fee to join partner organization.
• Oklahoma Central Credit Union pays 6.00% APY on up to $10,000 if you make 15 debit card purchases (non-ATM) per statement cycle. Anyone can join this credit union if they are “affiliated with another credit union”.
• La Capitol Federal Credit Union pays 5.75% APY on up to $10,000 if you make 15 debit card purchases of at least $5 each per statement cycle. Anyone can join this credit union via partner organization, Louisiana Association for Personal Financial Achievement ($20).
• First Southern Bank pays 5.50% APY on up to $25,000 if you make at least 15 debit card purchases, 1 ACH credit or payment transaction, and enroll in online statements.
• Credit Union of New Jersey pays 6.00% APY on up to $25,000 if you make 12 debit card purchases, opt into online statements, and make at least 1 direct deposit, online bill payment, or automatic payment (ACH) per statement cycle. Anyone can join this credit union via $5 membership fee to join partner organization.
• Andrews Federal Credit Union pays 5.50% APY (down from 6%) on up to $25,000 if you make 15 debit card purchases, opt into online statements, and make at least 1 direct deposit or ACH transaction per statement cycle. Anyone can join this credit union via partner organization.
• Find a locally-restricted rewards checking account at DepositAccounts.

Certificates of deposit (greater than 1 year)
CDs offer higher rates, but come with an early withdrawal penalty. By finding a bank CD with a reasonable early withdrawal penalty, you can enjoy higher rates but maintain access in a true emergency. Alternatively, consider building a CD ladder of different maturity lengths (ex. 1/2/3/4/5-years) such that you have access to part of the ladder each year, but your blended interest rate is higher than a savings account. When one CD matures, use that money to buy another 5-year CD to keep the ladder going. Some CDs also offer “add-ons” where you can deposit more funds if rates drop.

• United Fidelity Bank has a 5-year certificate at 4.25% APY ($1,000 minimum), 4-year at 4.20% APY, 3-year at 4.20% APY, 2-year at 4.25% APY, and 1.5-year at 4.15% APY. Early withdrawal penalties are not disclosed clearly online.
• Mountain America Credit Union (MACU) has a 5-year certificate at 4.00% APY ($500 minimum), 4-year at 4.00% APY, 3-year at 4.05% APY, 2-year at 4.20% APY, and 1-year at 3.85% APY. Early withdrawal penalty for the 4-year and 5-year is 365 days of interest. Anyone can join this credit union via partner organization American Consumer Council (use promo code “consumer” when joining).
• You can buy certificates of deposit via the bond desks of Vanguard and Fidelity. You may need an account to see the rates. These “brokered CDs” offer FDIC insurance and easy laddering, but they don’t come with predictable early withdrawal penalties. Right now, I see a 5-year non-callable brokered CD at 3.90% APY (callable: no, call protection: yes). Be warned that both Vanguard and Fidelity will list higher rates from callable CDs, which importantly means they can (and will!) call back your CD if rates drop significantly later.

Longer-term Instruments
I’d use these with caution due to increased interest rate risk (tbh, I don’t use them at all), but I still track them to see the rest of the current yield curve.

• Willing to lock up your money for 10 years? You can buy long-term certificates of deposit via the bond desks of Vanguard and Fidelity. These “brokered CDs” offer FDIC insurance, but they don’t come with predictable early withdrawal penalties. You might find something that pays more than your other brokerage cash and Treasury options. Right now, I see a 10-year CDs at 4.00% (non-callable) vs. 4.13% for a 10-year Treasury. Watch out for higher rates from callable CDs where they can call your CD back if interest rates drop.

All rates were checked as of 12/5/25.

* I no longer recommend fintech companies due to the possibility of significant loss due to poor recordkeeping and the lack of government protection in such scenarios. The point of cash is absolute safety of principal.

Photo by Giorgio Trovato on Unsplash

Update 12/4/25 (by me). Shares sold; final profit of $890.54. My limit order was triggered yesterday and my shares were sold, closing out my position and finishing this deal. Here are my personal results, you may have done better or worse:

• Bought 99 shares of LEN @$122.29 (11/14) for $12,107.
• Tendered all 99 shares, exchanged for 409.53 shares of MRP (11/20 deadline).
• Received 409 MRP shares and $15.88 cash for the partial share (12/1).
• Sold 409 shares of MRP @$31.74 for $12,981.66 (12/3).

Net profit was $890.54. Total time between purchase and sale was 19 calendar days, working out to an internal rate of return (IRR) of 290.98%. (At 5% APY, my interest over 23 days on $12,107 would have been about $32.) I usually try to buy within a week of the tender deadline, and sell within a week of receiving the final shares, and it takes roughly a week to exchange so the total time is usually less than three weeks. The absolute ROI is 891/12107 = 7.4%.

Update 11/29/25 (by me). Check for exchanged shares. The final results have been released. My new MRP shares showed up after market close of Friday 11/28 in my Fidelity account, and probably in other brokerage accounts around this time as well. See original post below for past details, although the opportunity has passed.

The final exchange ratio was 1 share LEN to 4.1367 shares of MRP. The deal was oversubscribed, with a final proration factor of ~8.6% of shares tendered. However, those with “odd lots” of 99 shares or less were not subject to proration.

If treated as a short-term workout, your profit will depend on both your entry and exit price. This tender was drawn out due to the government shutdown, so your entry price could have varied widely, as low as around $115 per share. Mine wasn’t all that great at $122.29 x 99 shares = $12,107.

You would have gotten 409.53 shares of MRP, so 409 shares of MRP and a bit of cash later. At the Friday 11/28 close price of $30.46, 409 shares would be worth ~$12,458 for a rough profit of about ~$350 plus any fractional share payout later.

However, the actual price at which I will sell MRP is unknown. I don’t know how the market will open on Monday. I will note that 778,625 shares of LEN were tendered by odd-lot holders, which would now be about 3.2 million shares of MRP. Now, the 90-day average daily trading volume for MRP stock is only ~2 million shares. So if you think that all the odd-lot holders will want to sell, that might put some pressure on the stock for a while. I expect to watch things for a bit, but sell within a couple of weeks. Might put in a limit order.

If you did not hedge this bet (and thus losing some of the edge), then it is/was just a bet with a positive edge that you can still lose money on. Imagine you had to be “in the market” for a couple of weeks, but with a 6% buffer. If the market goes down worse than 6% during that time, you lose some money. Otherwise, you are ahead. For some, that is still too much risk. For others, it’s a gamble with an edge and they’ll take it using a appropriately sized portion of their bankroll. Personally, I would take that bet repeatedly. There’s a lot to be learned about investing with this little experiment. Again, please consider all the risks outlined in the original guest post below.

Update 11/14/25 (by me). Things moving forward. Things appear to have settled down, as this exchange offer had to be extended a few times due to the government shutdown (which includes the SEC). As it stands now, the expiration date is 12:00 midnight ET on November 21, 2025. Each broker will have their own cutoff time to participate in the offer, my Fidelity account shows a cutoff date of 11/20/2025 7:00 PM ET (although I’d call in before market close that day). I had to call in to tender my shares this time.

Lennar’s motivation to complete this exchange appears to remain strong, so my expectation is that it will go through. I make this update now because it means you still have time to do your own research (see risks explained in the guest post below), decide whether to buy 99 shares, and tender those shares. The site Envisionreports.com/lennarexchange remains a good place to see the updated live stats on this offer.

Original post 10/17/25:

From time to time, I participate in certain stock exchange offers which include a special provision for smaller investors, called “odd lot tenders”. You can find more background information on these short-term “arbitrage” plays in the last two offers that I joined: Cummins/Atmus Filtration and Johnson & Johnson/Kenvue.

Recently, Lennar (primarily a homebuilder) announced such an exchange offer as they try to complete their spinoff of Millrose Properties (an REIT, primarily a land bank). This time, Rich Howe of StockSpinoffInvesting.com – who has a lot more experience with these deals than me – has generously agreed to share his summary and analysis of the deal. Please enjoy the following guest post:

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Buy Lennar – Exchange Offer – Special Situation

October 15, 2025
LEN: $122.21
Market Cap: $30BN
Recommendation: Buy 99 shares of LEN, Exchange for shares of MRP
Expected Profit: $772 / 6.4%

Summary

Lennar (LEN) announced an exchange offer on October 10, 2025 whereby investors can exchange their LEN shares for shares of Millrose Properties (MRP), Lennar’s land bank spin-off. To incentivize the exchange, LEN investors will receive $106.43 of value in MRP shares for every $100 of value in LEN shares. I expect the exchange offer to be oversubscribed. However, there is an odd lot provision such that any LEN shareholders with 99 shares or less (odd lot provision) will not be prorated. Thus, there is an opportunity to buy 99 shares of LEN and exchange them for shares of MRP. This should result in a profit of ~6.4% / ~$757 (at current prices) in less than a month. The profit is not guaranteed (of course!) but is low risk, in my opinion. To participate in this exchange offer, you must contact your broker (you may be able to participate in the exchange offer online). It will not happen automatically.

Deadline: The exchange offer will expire on November 7, 2025. So this is time sensitive. Brokers typically require investors to give them notice about the exchange well before the official deadline. Schwab’s deadline will likely be November 5, 2025, but it would be prudent to buy on November 3, 2025 at the latest as it takes two days for shares to settle. I’m planning to buy 99 shares of LEN shares on or before November 3rd and then immediately call Schwab and ask to participate in the exchange offer. Other brokers (Fidelity, Interactive Brokers, etc.) have their own internal deadlines which are typically after the Schwab deadline.

Additional Details

Lennar (LEN) spun-off ~80% of Millrose Properties (MRP), its land bank, in February 2025.

It retained ~20% of the business.

On October 10, 2025, Lennar formally announced that it would spin off its remaining ~20% stake in Millrose Properties via an exchange offer.

I’ve highlighted key terms but you can visit the transaction’s live website with additional details.

For every $100 shares of LEN that you own, you will receive $106.38 of MRP shares.

Since this exchange represents an attractive return in a short period of time, I expect the offering to be oversubscribed (similar to previous exchange offers that I’ve covered).

However, there is an odd lot provision such that if you own fewer than 100 shares, you will not prorated.

Here is the exchange offer filing and a website which tracks the exchange offer indicative exchange ratio.

This offering is very similar to the many other split off/exchange offers that we’ve participated in.

Examples:

• CMI/ATMU Exchange – Unhedged trade worked well.
• JNJ/KVUE Exchange – Unhedged trade worked well (Iag shouldn’t have held onto KVUE shares).
• LLY/ELAN Exchange – Unhedged trade worked well.
• DHR/NVST Exchange – Unhedged trade worked well.
• ECL/CHX Exchange – Unhedged trade worked well.
• DD/IFF Exchange – Unhedged trade worked well.
• MMM/NEOG Exchange – Unhedged trade did not work.

How to Execute the Trade

LEN is currently trading at $122.21 per share.
MRP is currently trading at $31.96.
Here’s how the math works at current price levels.

Step 1
Buy 99 shares of LEN for $122.21 per share. Total cost of $12,099.

Step 2
Per the exchange offer, shareholders who elect to exchange their LEN shares will receive MRP shares at a 6% discount or at a price of $30.04 ($31.96 x (1-6%)). The MRP price hasn’t been finalized yet. But I’m using the current price plus the discount as I think that’s the best way to approximate what the actual price will be. The actual price will be determined by a formula laid out here.

$12,099 / $30.04 = 402.72 shares of MRP

402.72 shares of LEN / 99 shares of MRP = 4.07. 4.07 is lower than the max exchange ratio of 4.1367. If the ratio were higher than 4.1367, the number of MRP shares would be maxed out at 409 (4.1367 * 99).

Step 3
Sell MRP shares that are received once the exchange goes through. It usually takes Schwab about a week to process the exchange offer. I expect to receive my MRP shares by November 14, 2025 or shortly thereafter.

At current prices, the trade is expected to generate a profit of $772.

In terms of timing, the exchange offer expires on November 7, 2025 (unless LEN changes it), and so I recommend that you buy LEN shares no later than November 3rd to ensure you make the deadline (it takes two trading days for your purchase to settle and brokers internal deadlines are usually 2 days prior to the official company deadline). After you purchase shares, call your broker and ask them to tender your shares. This is important. Your participation in the exchange isn’t automatic.

I created a spreadsheet to track the profitability of this trade. Here is a screenshot of it:

You can access the spreadsheet here: LEN / MRP Exchange Offer Spreadsheet
(to edit, make a copy of the spreadsheet and plug in your own assumptions)

Thoughts on Millrose Properties?

Millrose was created when Lennar contributed ~$5.5 billion in undeveloped, partially developed, and some fully developed land assets, along with up to $1 billion in cash, to Millrose. Millrose operates as an independent entity, acquiring and developing land to deliver finished homesites under land option contracts. At the time of the spin-off, it only served Lennar but it plans to engage with other homebuilders as well.
Lennar pays Millrose option fees for the right to buy land on Millrose’s balance sheet.

This strategic move is part of Lennar’s ongoing shift toward an asset-light operating model, aiming to reduce financial risk and enhance returns by minimizing direct land ownership.

I’m happy to own Millrose Properties at a 6% discount, but don’t want to own the stock for the long term as I believe its ability to grow and generate upside is limited given Lennar’s right to purchase its land.

What are the risks?

LEN Sells Off
If you buy LEN, and it sells off prior to the exchange, you could lose money. I’m not particularly worried about this risk, as investors will likely continue to bid LEN shares up to take advantage of the share exchange.

A major sell off could happen if some random negative news hits LEN (for instance negative news in a lawsuit). This is unlikely but did happen during the MMM/NEOG exchange offer. JNJ also had a negative court ruling during its exchange offer, but the exchange was still profitable.

If LEN does sell off, it would have to sell off by ~6.4% for you to lose money. To minimize risk, you could also short out the MRP exposure.

I looked back at the performance of the parent during similar transactions and found that it usually performs well (average: +2.2%; median: +3.8%)

The Exchange Is Canceled or the Odd Lot Provision is Removed
Lennar wants to distribute its ~20% stake in Millrose Properties and this is an efficient way to do so. I don’t expect it to be canceled, but it’s possible.
The odd lot provision could be removed, however, this has never happened for split off transactions (that I’m aware of). Nonetheless, it could happen!

Millrose Properties (MRP) Stock is Weak After the Share Exchange Closes
If the share exchange closes and investors who’ve exchanged their LEN shares for MRP shares make 6.4%, but then MRP shares immediately depreciate by more than 6.4%, this trade will lose money. In other words, this trade can lose money even though the initial math looks favorable.

While this risk is valid, I’m comfortable participating in this trade and believe it represents an attractive risk/reward.

Disclosure
Rich Howe, owner of Stock Spin-off Investing (“SSOI”), doesn’t own LEN shares but plans to buy them. All expressions of opinion are subject to change without notice. This article is provided for informational purposes. We do not warrant the completeness or accuracy of this content. Please do your own due diligence and consult with an investment adviser before buying or selling any stock mentioned on www.stockspinoffinvesting.com.

Chime, one of the largest fintech banking apps, just send out an e-mail confirming that they are again offering “100% Free” tax filing software for both Federal and State returns, including e-file. Available for all new and existing Chime users, this is done in partnership with Column Tax and April, both companies that offer white-label “generic” tax software.

To allay fears of sub-par tax software, they include:

• 100% Accuracy Guarantee: If a user pays an IRS penalty because of a calculation error made by Chime’s tax filing partners april or Column Tax, they will reimburse up to $10,000.
• Max Refund Guarantee: If a member finds they’re eligible for a higher return elsewhere, they will be reimbursed the difference.

One drawback is that you have to do it in-app, which might be cumbersome if you a lot of manual entries. However, they do allow you to scan your last years’ tax return in order to import your data from last year. Chime does not require you to deposit your refund into your Chime Account to qualify for free tax filing.

According to Chime.com/taxes, they support everything up to W-2 income, self-employed, 1099 freelance, gig work income, unemployment income, crypto and/or stock sales, and itemized deductions. I’d say the sweet spot for this app is if your tax situation isn’t overly complex, but maybe you do have some stock transactions or 1099 income so you’d be nudged to upgrade to a higher TurboTax version that costs extra.

If you are thinking of joining as a new customer, you should first open via a $100 referral link which currently offers a $100 bonus after a $200+ direct deposit within 45 days of opening. That’s mine, thanks if you use it. Chime has no minimum balance and no monthly fees.

Crypto exchange OKX is currently offering a 5% deposit bonus on USDG held for 90 days (within a 180-day window) for new and existing customers. This is on top of 5% APY on USDG stablecoin. New customers can get a $150 referral bonus in crypto after depositing and trading $200+ in crypto (30-day hold period). Details below.

Deposit match details. Here are the details on the 5% deposit match starting December 2025. This is a new promotion, separate from the previous 10% deposit match. Existing OKX customers can participate in this new one with new deposits.

• Be sure to “join” the offer before making your deposits, to get the match!
• Get a 5% match for every 1,000 USDG you deposit (buy) and hold for 90 days, up to a max reward of 250 USDG after depositing 5000 USDG (pegged 1:1 = $5,000). On-chain deposits of crypto and direct purchases of crypto via ACH bank transfer, debit card, or Apple Pay and Google Pay also count.
• This works in increments of 1,000. So if you buy/deposit 1,200 USDG, you’ll only get 50 USDG for meeting the 1,000 USDG tier. You can make multiple deposits and it will track them and add them up. See my screenshot of the tracker below.
• Your rewards make take up to 5 minutes to reflect.
• Rewards must be held for 90 days within a 180-day window before you can use, trade, or withdraw them.

Deposit match tiers and available rewards are defined as follows:
$1,000 to $1,999 -> 50 USDG
$2,000 to $2,999 -> 100 USDG
$3,000 to $3,999 -> 150 USDG
$4,000 to $4,999 -> 200 USDG
$5,000 and above -> 250 USDG

In addition, OKX is paying 5% APY on USDG deposits currently. The deposit bonus works out to a payout of 5% over 90 days, or 20% annualized + 5% APY = 25% total annualized return over 90 days. In other words, if I put in $5,000, in 90 days I’ll expect to take out an extra $250 + ~$62 in interest = $312.

The app does a good job of showing you exactly how many days you have left in the hold period. If you see a date that is 180 days out, that refers to the 180-window. You have to meet the tier for 90 days within a 180-day window.

USDG stablecoin is not FDIC-insured. They are supposedly fully backed by US Treasury Bills with monthly audits and regulated by Singapore, but I still plan to withdraw my USDG out into a real bank as soon as the holding period is over.

$150 New customer bonus details. Here are the steps for the $150 bonus for new OKX customers:

• Sign up via referral link. I think they allow either smartphone or browser sign-up, but identity verification may be easier on a smartphone. That’s my referral link, which should auto-populate with the promo code 79795662. Thanks if you use it!
• Complete identity verification (driver’s license and smartphone selfie).
• Deposit $200+ of either cash (link bank account via Plaid) or crypto within 30 days.
• Buy $200 or more of crypto (can be stablecoin like USDG) and hold the assets for at least 30 days within a 90-day period.
• After 90 days, the bonus will be tradable and withdrawable.

You should get confirmation of the bonus shortly after linking a bank account and making the trade. Here’s some app screenshots regarding my bonus, which are pretty clear. I did mine on 10/21/25 and so mine unlocks on 1/19/26. (The bonus used to be $200, but it went down to $50 and is currently $150. Not sure if it will ever go back to $200.)

Please perform your own due diligence on crypto apps. They are not regulated on the same level as bank account or brokerage accounts. I usually don’t like to keep significant funds in there any longer than is required for the bonus to clear, but in this case the reward/risk ratio for 90 days is acceptable to me. Here is the OKX Wikipedia page and they are profiled in the Forbes article “The World’s Most Trustworthy Crypto Exchanges”. (Also see: Kraken and Gemini bonuses.)

Note: OKX does not allow customers to be individuals residing in New York, Texas, American Samoa, Guam, the Northern Mariana Islands, and the US Virgin Islands.

PayPal offers a “Pay Later” option (Pay in 4 and Pay Monthly), which I would normally tell you to avoid at all costs because it’s just consumer debt in yet another package like Klarna and Afterpay, but right now they are offering many people a 20% off promo, worth up to $250 off a $1,250 purchase. You can look for this offer either online at PayPal.com under “Rewards” after logging in, or in your PayPal app. Importantly, you must opt-in and “save” the offer first before making a purchase. This expires very soon, mine says 12/2 at December 2nd 11:59PM PST. Here is a screenshot from my account.

Many major retailers allow you to check out via PayPal, including Target, Best Buy, eBay, Macy’s, B&H.

Indeed, I don’t see why you couldn’t buy $1,250 in gift cards from Best Buy or gift cards from Target, and so on. Many of the gift cards are already discounted.

I was able to buy 3 x $200, 3 x $100, 3 x $75, and 3 x $50, and 3 x $25 in Amazon digital gift cards ($1,125 total) from Best Buy and checking out using PayPal “Pay in 4”. You could also round out the max by buying other assorted gift cards, like Apple. For example, a $200 Macy’s gift card was already discounted to $170 at Best Buy, which 20% off would take off another $40. I was also thinking about Airbnb gift cards at Target, where you also get a $25 bonus gift card with $250 Airbnb gift card purchase, which you could then stack with the PayPal 20% off.

It took about 30 minutes after purchase for the digital gift card codes to arrive. My PayPal rewards also showed up as “Pending” in that timeframe. There was no interest charge or additional fees on this purchase, assuming I make the four payments on time. For example, a $1,000 purchase would have been broken up into four payments of $250.

The terms state that there will only be a soft credit check, so no effect on your credit score. Of course, I expect to pay off this purchase Hat tip to Dansdeals.

20% cash back on one Pay Later purchase with PayPal
Limited time. Terms and exclusions apply.

1. Save the offer below.
2. Buy now, pay later with PayPal at your favorite stores. Subject to availability
3. For a limited time, get 20% cash back on one eligible Pay Later purchase through December 2nd 11:59PM PST

Get 20% on up to max $1,250 spend on a single transaction. Up to 2B points available

When applying for PayPal Pay Later solutions, a soft credit check may be needed, but will not affect your credit score. You must be 18 years old or older when applying for Pay Later.