With inflation soaring and everyday expenses becoming increasingly unaffordable, saving is more of a challenge than ever for many Americans. However, while times are undeniably tough, there are things you can do to help you save as much as possible and get the most competitive return on the funds you do have. Here are our top 12 tips for boosting savings during these challenging times.
If you spend more money than you have in your checking account, you’ll wind up with a negative balance. Your bank will then need to cover the costs, and you’ll have to pay an overdraft fee. Luckily, many financial institutions offer overdraft protection. This protection enables you to avoid fees whenever your checking account balance is negative.
A savings account is a type of bank account that allows you to store your money in a safe place and earn interest. The rules and interest rates vary from bank to bank. Some savings accounts require a minimum balance, while others don’t have any requirements. The average APY, or annual percentage yield, for savings accounts is currently around 0.10%. Top online banks promise APYs as high as 2.25%.
While the 2008 financial crisis has deteriorated Americans’ trust in banks to a record low, COVID-19 may actually be a turning point for the good.
So, you’ve decided to open an account with an online bank? Online banks offer many benefits over regular banks, including more convenience, lower fees, and no waiting in lines.
Millions of Americans are set to receive a stimulus check of up to $1,200 in the wake of COVID-19. Find out who’s eligible, for how much, and the best way to manage your relief money.
A CD, or certificate of deposit, is a savings product offered by banks and credit unions, which pays a fixed rate of interest for a set period of time. To make CDs more appealing, CD rates are typically higher than savings accounts rates. CDs with longer terms (the amount of time you lock your money away) typically carry higher interest rates. So how can you make sure to get the best CD rates?
An LLC—or Limited Liability Company—is a legal entity that protects business owners’ personal assets from liability related to their business. It’s a critical structure to make sure that your business and personal finances are separate. This is especially true if you’re a sole proprietor or someone who owns an unincorporated business on your own.
Find out how digital banking is disrupting the scene in major ways and how you can take advantage of no or low-fee financial products in 2021.
Until recently, using online banking services was an alternative to going to your good old brick-and-mortar bank. But nowadays, digital banking is the only way to go.
The bank branch as we know it could soon become a relic of the recent past, like the telephone box and Rolodex. That’s because people in their twenties and mid-thirties are embracing digital banking more quickly than their older counterparts.
If you're looking to save your money, you should consider using a Certificate of Deposit, or CD account. CDs are increasingly popular and for good reason. They are savings funds that promise a higher, fixed rate of interest, in exchange for locking your money away for specific amounts of time. Here’s everything you need to know about choosing a CD.
Whether it’s grocery shopping, getting a mortgage, or managing your money—doing things online is more convenient. Most major banks let you do some things with online banking or even mobile banking, but they generally still require you to turn up in person to open an account.
The stock market is up 13% year-to-date, house prices are high, and your friend is telling you to buy Bitcoin. With so many ways to invest money, is a savings account worth considering? We run the ruler over the pros and cons of opening an online savings account.
We began 2020 in a fairly healthy economy—stock market prices were high and unemployment rates were low. The COVID-19 crisis derailed financial security for millions of millennials and Gen Zers in a short span of time.
Surveys over the years have consistently shown that most Americans prefer to stick with their existing bank even when they know they are being charged too much.
Having your own bank account is a must when you become a student. You might have a part-time job with paychecks coming in, tuition bills to pay, or any number of other money-related responsibilities. But maintaining a bank account can be expensive and include monthly fees that are hard to manage on a student income.
Money market accounts are savings deposit accounts that are offered by many different banks, credit unions, and other financial institutions. They are a popular option if you want to make the most of your savings, offering savers a way to enjoy higher interest rates without giving up on easy access to funds.
According to a recent survey, most Americans stated that online banking helped them manage their finances during the pandemic. Will this trend lead to a digital revolution?
So, you’re setting up a new business, and there are plenty of exciting decisions to make. What should you name your company? How many employees should you hire? Do you need a website? Although questions relating to your business checking account may not be as exciting, choosing the right banking product could play a vital role in ensuring your day-to-day operations run as smoothly as possible.
Whether you’re just entering the workforce or getting ready to retire, it’s important to have a rainy day fund where you can sock away some of your hard-earned cash. A high yield savings account may be just what you need to help you store money thanks to its combination of liquidity, return on investment, and cost.
Second chance bank accounts are checking accounts that you may be able to open even if you’ve consistently been denied when trying to open checking accounts at major banks. In this guide, we’ll explain how second chance banking works and review the 3 best second chance bank accounts you can apply for today.
In recent years smartphones have become the gateway to everything from ordering take-out to finding a date, so it’s hardly a surprise that more and more of us are turning to mobile apps to manage our finances. Below, we’ll take an in-depth look at the pros and cons of mobile banking before exploring our top picks for banking apps.
We gathered four leading personal finance professionals to discuss the state of the economy, how it affects American households and what you can do to keep your head above water during this high tide.
Certificates of Deposit (CDs) and Money Market Accounts (MMAs) can be excellent options for those looking to earn more interest on their savings. However, in order to know which product is right for you, it’s important to learn about the pros and cons of each, as well as any possible strings it may come attached to.