Savings Accounts

October 22, 2024For self-employed individuals, managing healthcare costs can be challenging without the benefits of employer-sponsored insurance. One way to alleviate some of the financial burden is by opening a health savings account (HSA). An HSA allows self-employed individuals with high-deductible health plans (HDHPs) to save pre-tax money for medical expenses. Since self-employed people are responsible for… read more…

October 22, 2024A health savings account (HSA) can be a useful way to cover medical expenses with pre-tax dollars. And knowing which treatments count as qualified medical expenses will help you maximize your savings. One common question that account holders have is whether an HSA can be used for a massage. While HSAs cover many healthcare services,… read more…

October 17, 2024Health savings accounts provide a tax-advantaged way for individuals with high-deductible health plans (HDHPs) to save and pay for medical expenses. They offer a sizable degree of flexibility along with near-unmatched tax benefits. These pluses have made them a popular choice for people looking to manage healthcare costs both now and in the future. However,… read more…

August 14, 2024There’s a lot of cachet to the Swiss bank account. For generations, banking in cities like Zurich and Geneva has come with an air of mystery. This is a nation that fiercely safeguards financial privacy and, as a result, a place where the world’s rich and powerful do their banking. This created a wealthy financial… read more…

July 26, 2024Certificates of deposit (CDs) and high-yield savings accounts are two popular options for savers looking to earn more interest on their money. Both offer higher returns compared to traditional savings accounts, but they come with different features and benefits. Understanding the distinctions between these two financial products can help you decide which one fits your… read more…

June 27, 2024A traditional savings account works as a straightforward financial tool offered by banks and credit unions. They are designed to help individuals save money by earning interest over time. When you deposit money into a savings account, the bank uses these funds for loans and other investments, in return paying you interest as an incentive.… read more…

June 27, 2024Yes, savings accounts have their own routing numbers, but they aren’t based on the account itself. Rather, it comes from the bank or financial institution, each of which have their own. Routing numbers identify banks, which is why they are essential for facilitating electronic transactions. In fact, these are used in tandem with your checking… read more…

August 23, 2023Online 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…

August 17, 2023Managing 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…

May 2, 2023There 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…

February 8, 2023Some 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…

October 26, 2022Money market accounts and high-yield savings accounts are broadly similar. Each is a depository account that pays higher interest than a standard savings account, but which also comes with some restrictions on how you can use your money. With a… read more…

October 20, 2022Closing a savings account can have a negative effect on your credit if the account has a negative balance when closed. Credit bureaus don’t consider savings and checking activity, including account closings, when compiling credit scores. But if you don’t… read more…

October 20, 2022When you have money in the bank, there are many different ways to withdraw money to make purchases. One of the most convenient options is using a debit card at checkout. However, not all bank accounts offer debit cards. Most… read more…

October 19, 2022There are two questions about safety when it comes to opening a high-yield savings account: First, what is the risk that your bank will fail? Second, if your bank does fail, what is the risk to your savings?The answer is… read more…

October 19, 2022Depositing money to a savings account can help you prepare for rainy days. You could also grow your money if you’re earning compound interest on your balance. One thing to consider when comparing savings accounts is how frequently interest compounds.… read more…

October 11, 2022Standard savings accounts typically come with monthly maintenance fees and excessive withdrawal fees. While some banks charge these fees to hold your money, others waive these fees entirely. Savings account fees are the opposite of what most people want. After… read more…

October 11, 2022For the past few decades, most banks’ savings accounts provided uninspiring interest rates. However, fierce competition among banks and rising interest rates have produced a vast selection of high-yield savings accounts for customers. With exponentially annual percentage yields (APY) than… read more…

October 6, 2022Credit unions can be a good place to keep some of your money if you’re hoping to avoid high fees that can be associated with traditional banks. Opening a share account or share savings account is often a prerequisite to… read more…

October 4, 2022Saving money can be a great financial habit to develop but that’s not always easy if you’re a spender by nature. Opening a prize-linked savings account is something you might consider if you need a little extra motivation to save.… read more…

September 23, 2022There’s good news for folks who want to park their money in cash amid market volatility: The best savings rates are now up to 5.00%. That’s more than twice what they were just a year ago. And those rates may… read more…

September 22, 2022Vacations can put a dent in your family’s budget. Between airfare, accommodations, activities, food and souvenirs, the costs really add up. Rather than go into debt to pay for the trip, a better approach is to create a vacation savings… read more…

September 16, 2022Opening a savings account does not impact your credit score because you aren’t borrowing money and the activity in your savings account isn’t reported to a credit agency. Most financial institutions will run a soft credit inquiry when you open… read more…

September 14, 2022Savings accounts can help you to set aside money for short and long-term financial goals. One of the biggest questions you might have when deciding where to save centers on how much interest you can earn. Knowing how to calculate… read more…

September 14, 2022Planning a wedding can be exciting but it can also turn up the pressure on your budget. Opening a wedding savings account is something you might consider if you’d like to set aside money for the big day. Choosing the… read more…