- How to Set Up Savings Accounts for Grandchildren
If you’re the proud grandparent of a new baby in the family, the thought of preparing for their financial future may have occurred. In between moments of joy, your mind may have been several steps down the road, thinking about… read more…
- Can You Write Checks From a Savings Account?
Many investors use savings accounts to earn interest on money that they don’t need right away. However, sometimes they want to use their money to make a payment. Unfortunately, you cannot write checks from a savings account. Here’s what you… read more…
- Can You Direct Deposit Into a Savings Account?
Direct deposit is a convenient way to receive paychecks, tax refunds and other payments. But can you direct deposit into a savings account or do you have to use a checking account? Banks often allow you to schedule direct deposit… read more…
- How to Open a Savings Account for a Child
Do you remember when you outgrew your piggy bank? It could have been because of a glut of birthday money or the unwieldy wad of cash after a summer of mowing lawns. No matter the case, children quickly grow to… read more…
- What Is an Online Savings Account?
Online banks, which offer online checking and savings accounts, have become increasingly popular among many consumers. As their name suggests, these are bank accounts that you access and operate entirely online, often making the banking process easier. The bank has… read more…
- Are Online Savings Accounts FDIC-Insured?
Online savings accounts can offer a convenient place to keep your money while potentially earning a great rate. Compared to traditional banks, online banks tend to have lower overhead costs. That enables them to pass savings on to their customers… read more…
- How Much Money to Keep in a Savings Account
How much money should I keep in my savings account? This is a valid question to ask if you’re interested in making the most of your money. Savings accounts can offer liquidity, so you have convenient access to your money. And… read more…
- Bonds vs. Savings Accounts
Should you invest money or save it? It’s an important question to ask if you’re trying to grow wealth. Investing can offer the potential for higher returns, but it can also mean taking more risks. Saving money tends to be… read more…
- Savings Account vs. Roth IRA
When creating a plan for saving, one of the most important things to decide is where to keep your money. Savings accounts are one option; a Roth individual retirement account is another. Whether it makes sense to open a savings… read more…
- Are Savings Accounts Worth It?
Savings accounts are safe places to store cash you may need on short notice. You can open one at nearly any bank or credit union, often entirely online and with only a small or even no initial deposit. These accounts… read more…
- How to Avoid Tax on a Savings Account
If you keep money in a regular savings account you will generally owe federal income taxes on the interest that is earned. You’ll pay taxes at your regular rate the year interest is earned, whether or not you withdraw from… read more…
- When Will Savings Interest Rates Go Up?
As the Federal Reserve has raised its target federal funds borrowing rate during 2022, interest rates paid to savings account depositors have lagged behind. However, since the Fed’s 0.75% increase to a target rate of 1.5% to 1.75% at its… read more…
- Health Savings Account (HSA) Providers to Consider
One of the best ways to save for future medical costs is to invest in a health savings account (HSA). It provides you with some great tax breaks while also helping you save for future healthcare expenses. These investments could prove vital amid daunting healthcare costs you may face as you get older. You can… read more…
- What Is the Average Interest Rate for Savings Accounts?
When shopping around for the savings accounts for you, it’s important to know what you want from it. It’s also important to learn how your options stack up against the competition. For instance, are you currently earning below the average… read more…
- How to Open a Savings Account in 4 Steps
Maintaining a healthy savings habit is critical to financial wellness. Unfortunately, many Americans lack basic emergency funds. One easy way to build one is by opening a savings account. The best savings accounts will offer high-interest rates, zero monthly service… read more…
- How Does Interest Work on a Savings Account?
Most of us know that a savings account is a smart place to store money. Savings accounts have higher interest rates than checking accounts and, as such, help us earn more without sacrificing liquidity. And although they yield lower returns… read more…
- HSA vs. HRA: What’s the Difference and Which One Should You Get?
As Americans pay more for healthcare, many seek new ways to save in case of emergencies. Some may not even know they have access to health savings accounts (HSAs) and health reimbursement accounts (HRAs), which can be two ways to… read more…
- HSA vs. FSA – Which One Should You Get?
Health savings accounts (HSA) and flexible spending accounts (FSA) both help people save for future medical expenses. These accounts also offer distinct tax benefits. But when deciding which one is really best for you, it’s important put them side by… read more…
- HSA Maximum Contribution for 2024
Each year, the IRS sets maximum contribution limits for health savings accounts (HSAs). For 2023, this limit increased slightly from 2022 due to changes in cost of living as was determined by the IRS. There are certain circumstances under which… read more…
- HSA Rollovers: A Step-By-Step Guide
Considering moving your health savings account (HSA) funds from one provider to another? Luckily for you, the HSA rollover process isn’t as difficult as you may think. The IRS allows you to fund a new HSA account from another HSA… read more…
- What Is a Health Savings Account (HSA) and Who Should Get One?
A health savings account (HSA) allows you to invest for future medical expenses, while enjoying special tax breaks. Your contributions reduce your taxable income and your money grows tax free. Your withdrawals are also tax-free as long as you use… read more…
- HSA vs. PPO – All You Need to Know
If you’re shopping around for health insurance, you’re probably getting sick from the alphabet soup of plan names you’re taking in. What is an HSA? What about HDHP? Pondering the HSA vs. PPO decision alone may be giving you a… read more…
- Money Market Account vs. Savings Account
Having a savings account is incredibly important to your financial health. It keeps your money safe and grows your savings according to set interest rates. Typically, you can have a savings account alongside your checking account for automatic transfers and overdraft protection. But there’s also another type of account that works like a hybrid of… read more…
- What Is the Average Money Market Account Rate?
Money market accounts offer a unique way to save and spend your money. They act as a mix of a savings account and a checking account. This means you can earn interest on your money market account balance and easily access… read more…
- What Is a Savings Account?
When it comes to financial health, it isn’t just about making more and more money. No matter how much money you’re making, you need to be saving a significant chunk of your funds. This comes in handy in case of… read more…