- 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…
- Are Certificates of Deposit (CDs) FDIC-Insured?
Certificates of deposit (CDs) offer a great, more structured way to save. CDs have specific time terms that typically vary from a few months to a decade. After you make your initial deposit, you can’t access your funds until the… read more…
- Who Should Open a Savings Account?
A savings account is the most basic sort of bank account. And it is appropriate for almost anyone interested in being smart about managing their money. If you are trying to accumulate funds to reach a short- or long-range goal… read more…
- What Is a Returned Check Fee?
Writing checks may not be something you do often. But if you do write a check, it’s important to make sure you have enough money in your bank account to cover it. If you don’t, your bank might charge a… read more…
- What Is a Third-Party Check?
If someone writes a check to you, you could write that check over to someone else instead of cashing it or depositing it into your bank. At that point, it becomes a third-party check. Third-party checks can allow you to… read more…
- Can You Lose Money in a Money Market Account?
Money market accounts combine the benefits of both savings and checking accounts with the potential for higher interest yields. While the Federal Deposit Insurance Corporation or the National Credit Union Administration insures your money market account, bank fees and penalties… read more…
- Savings Account Transfer Limit
Some banks limit how often you can transfer money out of a savings account. Exceeding the allowed quota of transfers via ATM, electronic bill payment or other methods could result in being charged a fee, having your savings account changed… read more…
- Current Balance vs. Available Balance
Whenever you’re budgeting out your money, it’s important to understand how much money you have at any given time, but not all bank balances are equal. Making a mistake between your current and available balance, for example, could cause you… read more…
- Cashier’s Check vs. Money Order
There are a few options when you need a secure way of paying for something. Sure, cash is king, but not everyone feels safe carrying a thick wad around. Cashier’s checks and money orders are two of the more secure… read more…