- How to Set Up Automatic Bank Transfers
One way to streamline your financial routine is by setting up automatic bank transfers. This feature allows you to schedule regular transfers between your accounts or to pay bills automatically, so that you don’t miss payments or fall behind on savings goals. Whether you’re looking to automate monthly bill payments, transfer funds to a savings… read more…
- What Is the Reserve Ratio?
The reserve ratio is a regulation set by central banks that determines the minimum amount of reserves a commercial bank must hold, relative to its deposits. This requirement ensures that banks have enough liquidity to meet their obligations, safeguarding the financial system against potential crises. The reserve ratio is also a powerful regulatory tool. By… read more…
- What Are Reserve Requirements and Why Do They Matter?
Reserve requirements are set by central banks and dictate the minimum amount of reserves that a financial institution must hold against its deposit liabilities. Essentially, they help ensure that banks have enough liquidity to meet customer withdrawals and other obligations. By controlling the amount of money that banks can lend, reserve requirements influence interest rates… read more…
- How to Open an HSA If You’re Self-Employed
For 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…
- Can You Use Your HSA for a Massage?
A 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…
- Health Savings Account (HSA) Rules and Requirements
Health 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…
- How Liquid Are Certificates of Deposit (CDs)?
Unlike a traditional savings account that lets you access funds at any time, certificates of deposit (CDs) require you to lock in your money for a predetermined period from a few months to several years. This commitment often results in higher interest rates than what conventional savings accounts pay. But, if you withdraw before the… read more…
- What Is a Liquid Certificate of Deposit (CD)?
Unlike traditional CDs, which require you to lock in your money for a fixed term, a liquid CD offers the flexibility to withdraw funds without incurring penalties. This type of CD can be an attractive choice for savers who seek the security of a CD but also value the ability to access their money when… read more…
- TD Bank Ordered to Pay Out $7.76 Million to Customers: Are You One of Them?
The Consumer Financial Protection Bureau (CFPB) has issued a $28 million fine against TD Bank, including $7.76 million in restitution to its customers. According to the bureau, for years TD Bank has issued inaccurate or fraudulent information about its customers to credit reporting companies. This has harmed those customers’ credit scores, which can cause a… read more…
- Certificates of Deposit (CDs) vs. IRAs: What’s the Difference?
Two popular savings options are certificates of deposit (CDs) and individual retirement accounts (IRAs). While both are designed to help individuals grow their money, they serve different purposes and offer unique advantages. If you’re deciding between a CD and an IRA, it’s important to understand how each works and what role they can play in… read more…
- How Does a CD Account Work?
A certificate of deposit (CD) account is a popular savings tool offered by banks and credit unions that require you to lock your money away for a set period of time in exchange for a fixed interest rate. It’s important to understand how a CD account works, the different types of CDs available and the… read more…
- How to Withdraw Your Money From a CD Account
Withdrawing money from a certificate of deposit (CD) account can be a bit more complicated than withdrawing from a regular savings account, especially if you are considering accessing funds before the CD matures. CDs are designed to hold your money for a set period, and withdrawing early often comes with penalties. Whether your CD has… read more…
- How Employer Contributions Work for HSAs
Health savings accounts (HSAs) are a tax-advantaged way to save for medical expenses. Employer contributions to a health savings account are often part of this benefits package, which helps employees cover healthcare costs. If a health savings account has employer contributions, those funds are not counted as taxable income, providing a significant boost to employee… read more…
- Pros and Cons of High-Yield Savings Accounts
High-yield savings accounts are a popular choice for individuals looking to earn more interest on their savings when compared with traditional savings accounts. But while interest rates are often significantly higher than the national average, these accounts also come with specific conditions and limitations. A financial advisor could help you decide whether this type of… read more…
- Is It Worth Opening a Swiss Bank Account?
There’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…
- CDs vs. High-Yield Savings Accounts: Which Should I Get?
Certificates 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…
- Types of Certificates of Deposit (CDs)
Certificates of deposit (CDs) offer a range of options for savers looking to secure their funds while earning interest. The primary types of CDs include traditional CDs, which provide a fixed interest rate for a specified term, and jumbo CDs, which require a larger initial deposit but often offer higher interest rates. Other variations, such… read more…
- Can You Donate CDs to Charity?
Certificates of deposit (CDs) can indeed be donated to charity, offering a unique and impactful way to support your favorite causes. Donating CDs to charity not only provides financial benefits to the organization but can also offer tax advantages for the donor. By transferring ownership of a CD, the charity can cash it out upon… read more…
- How Does a Traditional Savings Account Work?
A 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…
- Do Savings Accounts Have Their Own Routing Numbers?
Yes, 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…
- How Long Is a Check Good For?
Checks are typically valid for up to six months from the issue date, although this can vary based on the type of check and the policies of the bank that issued it. Knowing how long a check is good for is essential to avoid the complications of expired or stale-dated checks. That’s why it’s recommended… read more…
- What Is the National Credit Union Administration (NCUA)?
The National Credit Union Administration (NCUA) is an independent federal agency responsible for regulating and supervising federal credit unions. It aims to ensure the stability and safety of these financial institutions, protecting the interests of their members. By providing insurance for deposits, much like the Federal Deposit Insurance Commission (FDIC) does for banks, the NCUA… read more…
- Types of Banks Used By the Ultra High Net Worth
For the ultra high net worth, managing and growing their wealth requires specialized banking services that go beyond the offerings of traditional retail banks. With investable assets of at least $30 million, these individuals have complex financial needs that demand personalized attention, dedicated relationship managers and access to a wide range of sophisticated investment opportunities.… read more…
- Differences of a Cashier’s Check vs. Certified Check
A cashier’s check, backed by the issuing bank’s own funds, provides an ironclad guarantee that the payment will be honored, making it a go-to choice for transactions requiring absolute certainty. On the other hand, a certified check offers a slightly different form of security; the bank verifies the payer’s available funds and earmarks them specifically… read more…
- Pros and Cons of a Money Market Account
Money market accounts (MMAs) offer a unique blend of features that may appeal to savers looking for higher interest rates, liquidity and security. However, understanding the full spectrum of advantages and disadvantages associated with these accounts is important when evaluating different savings vehicles. Whether you’re considering a money market account for its higher interest rates,… read more…