- How a CD Loan Works
In volatile markets, certificates of deposit (CDs) stand as a beacon of stability and opportunity through their unique blend of security and growth potential. However, surprise expenses can come up, leaving you wishing you could withdraw your funds before the term expires. Fortunately, CD loans are available at some banks and credit unions, allowing you… read more…
- Are You Missing Out on This Simple Growth Strategy for Your Cash?
It’s been some time since certificates of deposit, or CDs, were a good investment, but that’s changing in the current market. Today’s higher interest rate environment has made CDs not just viable, but for the first time in years, a potentially strong near-term investment. While average interest rates on 5-year CDs have climbed to just… read more…
- What Is a Zero Balance Account?
Banking offers many options for your business needs. One such offer is a zero balance account, which offers businesses an effective way to optimize cash management, improve liquidity, reduce borrowing costs and streamline financial operations. Here’s a breakdown of the advantages and disadvantages. A financial advisor can help you create a financial plan for your… read more…
- Average Minimum Balances for Online Savings Accounts
Online savings accounts offer some attractive features including minimum balance requirements that are generally lower than traditional savings accounts. In fact, the typical online savings account has no minimum balance at all, compared to minimum balances of hundreds of dollars required by many financial institutions with physical branches. Online savings accounts may not be right… read more…
- How Much Money Should I Keep in My Checking Account?
Almost everyone has a checking account, but the amount of money people keep in their checking accounts varies widely. Checking account balances tend to vary with income, age and other factors. Deciding how much money to keep in your personal checking account requires looking at more than your paycheck and birth certificate, however. Here’s what… read more…
- How to Open a Compounding Interest Account
Managing your finances, especially as pertains to planning for retirement can be a daunting task, but simplifying it typically starts with grasping the concepts of compound interest. Compound interest, when used strategically, can significantly contribute to your progress toward financial health and long-term wealth creation. You can build your compound interest in a number of… read more…
- FDIC vs. NCUA: Where Is Your Money Safest?
Both the Federal Deposit Insurance Corporation (FDIC) and the National Credit Union Administration (NCUA) insure financial institutions with the backing of the government. But while the FDIC provides insurance for bank deposits, the NCUA insures credit union deposits. Here are the key differences. If you want to maximize your savings, a financial advisor can help… read more…
- CD Calculator
Use SmartAsset’s CD calculator to see how much your CD can earn based on your deposit size, the length of the term, its interest rate and how often it compounds. CD Calculator – Calculate your CD’s Ending Balance CD Calculator – Calculate Your CD’s Ending Balance Initial Deposit: i $ Interest Rate: i % Years… read more…
- How to Create an Automatic Savings Strategy
If you’re thinking about securing your financial future, some of the latest banking technology is your friend. Automatic savings helps you consistently set aside money without lifting a finger. You can automate your savings and maximize your retirement fund through specific strategies and apps. Here’s what to know. For help creating the right automatic savings… read more…
- Is My Money Safe in the Bank?
In recent months the FDIC has managed two of the largest bank failures in U.S. history. The collapse of Silicon Valley Bank (SVB) and Signature Bank happened shockingly fast. And First Republic wasn’t far behind. Consumers have plenty of questions, as… read more…
- Which Savings Account Will Earn You the Most Money?
There are many types of savings accounts. Money market accounts can earn higher interest rates than traditional savings accounts. But CDs can often earn even higher rates. However, there are pros and cons to each type of account that goes… read more…
- Some Banks Are Offering Sign-Up Bonuses to New Clients, But These Perks May Expire Soon
Some banks are offering bonus cash to consumers who open new accounts. These promotions trail the high-profile failure of several banks in March and the Federal Reserve’s recent rate increases. New banking promotions may provide valuable incentives to new depositors.… read more…
- Will CD Rates Continue to Go Up in 2023?
The Federal Reserve hiked interest rates seven times in 2022 in an attempt to combat inflation, a fight that has proved daunting. Continuing its hawkish stance in 2023, the Fed raised rates at the first two Federal Open Market Committee (FOMC)… read more…
- How Does Neobanking Work?
Neobanks offer internet banking services and are created by partnerships between financial tech firms and banks to offer federally insured bank accounts. Do you find yourself wondering what a neobank is and whether it’s a good option for you? We’ll… read more…
- Understanding How Your Bank Manages Risk
When you open a checking account or a savings account, you might not be too concerned about the possibility of losing money. After all, bank failures are largely a rarity and when one does occur, the FDIC is there to… read more…
- Are Online Banks Safe?
Bank failures and economic turbulence have made bank depositors nervous – but what about banks where you can’t visit a branch or speak to a teller? Can you withdraw your money when needed and protect yourself from risks? While the… read more…
- What Is a Debit Card?
A debit card is a physical payment card that is used to electronically access the money you have in your bank account to make purchases or transfer money. Debit cards can be used at point-of-sale terminals or online to transfer… read more…
- Do Checking Accounts Earn Interest?
Checking accounts are generally intended for short-term deposits and expenses. But some offer interest rates on account balances. When checking accounts offer interest, the rates are generally on the low end. But if you prefer to eke out as much… read more…
- Differences Between Checking vs. Savings Accounts
Checking and savings accounts are the two most common financial products. Most Americans use one or both of them. Essentially, a checking account is used to manage your spending money on a day-to-day basis. A savings account, meanwhile, is used… read more…
- What Is Regulation E?
If you have a bank account, there are certain federal rules in place that are designed to protect your money. Regulation E is one of the most important. This federal regulation governs electronic fund transfers between bank accounts. If your… read more…
- What Is a Dormant Bank Account?
Using multiple bank accounts can be a good way to separate funds for different financial goals. However, if you forget about one of those accounts it could end up falling dormant. A dormant bank account is an account that registers… read more…
- This Move Lets You Insure $1.5 Million or More at a Single Bank
Following the recent bank collapses there’s good reason to be concerned about how much of your money is and isn’t insured. The bad news: Just because an account is held by a bank doesn’t automatically mean it’s insured. The good… read more…
- Is a Checking Account Considered an Asset?
Assets might sound like a fancy word, and they may seem like something only rich people have. But the truth is almost everyone has a few assets to their name. Let’s take a look at what assets are, whether checking… read more…
- How Many Bank Accounts You Should Have
Knowing how to bank effectively is a big part of being financially responsible. Different banks can have advantages over others. Employing different banking techniques can improve how you budget your money. One of those techniques is having multiple bank accounts. So,… read more…
- Are Money Market Accounts Safe?
When banking failures occur, depositors naturally become worried about their money. They also tend to question whether to withdraw cash from their accounts or leave it where it is. And as depositors look for a safe place to house their… read more…