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☆ Money market funds yielding more than 5% won’t last. Where to deploy idle cash instead
▼ + stars: | 2024-05-09 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +5 min

Money market funds' siren song has become a little louder: With the timing of Federal Reserve rate cuts shaky, yields on cash are still hot – for now. Here's how to decide where and when to redeploy some of your idle cash into fixed income. Taxes are also a key consideration as you build out your fixed income sleeve. Interest income from Treasurys, meanwhile, is subject to federal income tax but exempt from state and local taxes. A gradual entry toward fixed income You don't have to build out your fixed income allocation in one day.

Persons: Rob Williams, Charles Schwab, Ashton Lawrence, Lawrence, Williams Organizations: Mariner Wealth Advisors, Mutual Locations: Greenville , South Carolina, Treasurys, New York , New Jersey, California

☆ Fidelity whistleblower alleges he was fired for raising red flags over pressure to sell pricey investments
▼ + stars: | 2024-05-07 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +5 min

Read previewA former Fidelity financial advisor has accused the brokerage of unlawfully firing him after filing a whistleblower complaint. Fidelity ranked branch managers by the number of client assets in more expensive investments such as stock-managed accounts, Maeker said. Financial advisors who did not score highly were awarded little to no stock or threatened to be fired, Meaker said. This race to zero has led to more pressure on high-fee products, as Maeker's branch manager told him. In turn, financial advisors were pushed to sell more Tier 3 investments by awarding 10 times the amount of compensation for Tier 3 investments versus Tier 1.

Persons: —, Michael Maeker, Maeker, Meaker, FINRA Organizations: Service, Fidelity, Department of Labor, Business, Financial Industry Regulatory Authority, Treasury, Northern, Northern District of, Securities and Exchange Commission, SEC, Reuters Locations: Dallas, Northern District, Northern District of Texas

For Love & Money is a weekly Business Insider column answering relationship and money questions. This week, a recently widowed reader isn't sure what changes to make to their financial plan. Write to For Love & Money using this Google form. Since my wife's death, I have found myself single for the first time in 48 years, and I'm looking at a very large income tax liability in 2024 and after. Write to For Love & Money using this Google form .

Persons: —, I'm, I've, Justin Rush, Rush, you'd, you've, it's, doesn't Organizations: Service, Security, Rush

☆ Interest rates are staying high—how to make them work in your favor
▼ + stars: | 2024-05-03 | by ( Gabriel Cortés | ) www.cnbc.com time to read: +2 min

If you were hoping interest rates might come down this spring, you're likely going to have to wait a little bit longer. After more than a decade of near-zero interest rates, savers are now in an environment where they're being rewarded for keeping deposits in the bank. And with interest rates staying at their decades-long high for longer, savers have an extended window to take advantage of everything banks are offering. "We did a study recently and found that very few people are earning even 4% on their savings," Rossman says. Now is a great time to shop around for the most favorable terms and lock in those interest rates while they're here, Rossman says.

Persons: That's, Ted Rossman, Rossman Organizations: U.S . Federal Reserve, Federal Deposit Insurance Corporation Locations: U.S

☆ Americans were paid an additional $235 billion in interest in 2023, thanks to the Fed
▼ + stars: | 2024-05-01 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +7 min

High-yield savings accountsThe average interest rate on regular bank savings accounts is roughly 0.5% but can run as low as 0.01% at the biggest banks. By contrast, the average on high-yield savings accounts is well over 4%, according to DepositAccounts.com. If you leave it parked in a regular savings account at 0.5%, you’ll get $50 in interest for a year. As with any savings account, banks can lower the rate they offer — also known as the APY — at any time. Money market accounts and money market fundsAlthough money market deposit accounts and money market mutual funds are both generating yields competitive with the best high-yield savings accounts, there are important differences.

Persons: —, It’s, ”, Greg McBride, you’ll, McBride, “, ” McBride, Ben Bakkum, Collin Martin, Martin Organizations: New, New York CNN, Federal Reserve, Federal Deposit Insurance Corporation, FDIC, National Credit Union Share Insurance, Securities Investor Protection Corporation, Treasury, Fed, Schwab Center, Financial Research Locations: New York, Schwab.com, United States

☆ 'It's a good time to lock in,' expert says. What to know to get the best rates on your cash now
▼ + stars: | 2024-04-30 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

Higher interest rates may be here to stay for a while longer, thanks to persistent inflation. That's good news for cash savers, who have the best opportunity to earn returns on their money in 15 years. To secure today's high rates, individuals may turn to CDs, Treasury bills and Treasury Inflation-Protected Securities, or TIPs. Series I bonds — a U.S. government savings bond aimed at providing inflation protection — will pay 4.28% for the next six months, the Treasury Department announced Tuesday. Yet 67% of Americans are earning interest rates below that threshold, according to a recent Bankrate survey.

Persons: What's, Greg McBride, McBride Organizations: Securities, Treasury Department, Finance Locations: U.S

California Coast Credit Union is currently offering a 5-month CD with a rate of 9.50% annual percentage yield (APY). For a limited time, the California Coast Credit Union is offering 9.50% APY on its 5-month "Celebration Certificate" CD in honor of its 95th anniversary. While some credit unions offer membership to anyone in the nation, California Coast Credit Union isn't one of them. You also can't have previously opened a Celebration Certificate CD, as it's limited to one per social security number. You can't withdraw your money early or add any additional money to the CD after you've funded it.

Persons: it's, you'll Organizations: California Coast Credit Union, San Diego Riverside Orange, San Diego Riverside Orange Los Angeles Ventura Locations: California, Southern California, San Diego Riverside Orange Los, San Diego Riverside Orange Los Angeles Ventura Imperial San Bernardino

☆ Here are 5 sectors of the market that are working and the stocks that stand out in each
▼ + stars: | 2024-04-28 | by ( Jim Cramer | ) www.cnbc.com time to read: +10 min

Federal Reserve Chairman Jerome Powell met with the press after the March Federal Open Market Committee (FOMC) meeting, which was pretty fraught. Data centers If there is the whiff of a data center or anything in one, the stock goes higher. It's why Meta stock is a buy a tad lower as stocks tend to revisit those kinds of declines. I worry about Club stock Stanley Black & Decker for this reason, but the dividend will keep it propped up for now. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.

Persons: what's, Jerome Powell, Powell, Powell isn't, Voltaire, Vertiv, Eaton, Meta, It's, jetsam, Darius Adamczyk, Vimal, Stanley Black, Decker, Azek, Morgan Stanley, Wells, Charlie Scharf, Wells Fargo, Chipotle, that's, Johnson, Jensen Huang, Jim Cramer's, Jim Cramer, Jim, Scott Mlyn Organizations: Federal, Market, Broadcom, Google, Microsoft, Nvidia, Travel American Express, Raytheon, GE Aerospace, Royal, AAR, Honeywell, Southwest Airlines, Housing, Stanley, JPMorgan, Procter, Gamble, Colgate, Merck, Bristol, Myers, PepsiCo, Energy, Coterra Energy, Diamondback, drillers, CNBC Locations: California, Royal Caribbean, Delta, Devon

☆ Taylor Swift’s ‘Tortured Poets Department’ makes gigantic debut at No. 1 with her career-best first-week sales
▼ + stars: | 2024-04-28 | by ( Alli Rosenbloom | ) edition.cnn.com time to read: +3 min

CNN —Taylor Swift’s latest album “The Tortured Poets Department” is indeed the blockbuster that many expected it to become. I’m completely floored by the love you’ve shown this album,” Swift said in an Instagram post. 1 albums on the Billboard 200 albums chart among female recording artists. In 2015, Adele’s “25” sold a staggering 3.482 million album units. When the Billboard Hot 100 songs chart is released on Monday, Swift stands to break even more records.

Persons: CNN — Taylor, Department ”, ” Swift, ”, Jay, Swift, “, Adele’s, Drake Organizations: CNN, Department, Billboard, Beatles, Drake’s, Apple, Spotify, Amazon Music Locations: U.S

Now that you've had a few days to listen to The Tortured Poets Department: The Anthology, you might be looking for more ways to interact with Taylor Swift's latest album. Swifties (and Swift herself) have come to the rescue with lots of TTPD-related merch and accessories, both official and fan-made. Tickets to the Eras Tour and the full collection of exclusive The Tortured Poets Department vinyl and CDs are on every Taylor Swift fan's wish list, but if you're searching for additional gift ideas, there's a wealth of content out there. These are great gifts to buy for a Swiftie (or for a Swiftie to buy themself). From new friendship bracelets to an old typewriter, check out the best The Tortured Poets Department merch and accessories below.

Persons: you've, Taylor Swift's, Swift, Taylor Swift, we've Organizations: Poets Department, Department, Business

☆ Big banks are touting sweet CD yields in excess of 5%. Where you can find them
▼ + stars: | 2024-04-22 | by ( Michelle Fox | ) www.cnbc.com time to read: +4 min

"From our experience, the brokered CD market is more competitive," said Richard Carter, vice president of fixed income products and services at Fidelity. Like traditional CDs, brokered CDs are offered in different maturities. For instance, JPMorgan's one-year CD, with its 5.4% yield, can be called as early as Oct. 30, according to Fidelity's website. With a brokered CD, you'll have to sell it on the secondary market — and you may lose some of your principal. Depending on your time frame, you may consider a one-year ladder with CD maturities three months apart, a two-year ladder with CD maturities six months apart, or a five-year ladder, with maturities one year apart, he said.

Persons: Goldman Sachs, Morgan Stanley, Schwab, Richard Carter, Carter, you'll, there's, Morgan, Greg McBride, It's, McBride, staggers maturities Organizations: JPMorgan, Fidelity Investments, Bank of America, Fidelity, Vanguard, Federal Deposit Insurance Corp, Morgan Stanley Private Bank and Bank of America Locations: U.S

☆ At 31 songs, Taylor Swift's new album is way too long. Is the streaming era to blame?
▼ + stars: | 2024-04-19 | by ( Callie Ahlgrim | ) www.businessinsider.com time to read: +5 min

Taylor Swift released "The Tortured Poets Department: The Anthology" on Friday. AdvertisementTaylor Swift's album release days should be days of celebration. "In the past 3 hours she has released more songs than Lorde has in the past decade," one listener observed on X. Indeed, "The Tortured Poets Department" is Swift's eighth album (including rerecords) in less than four years. Of course, Swift is far from the only artist who's released a bloated project, and these days, the streaming era is largely to blame.

Persons: Taylor Swift, Swift, it's, —, Taylor, I'd, Lorde, That's, Clara Bow, I've, haven't, Rihanna, there's, who's, they've, Swifties Organizations: Poets Department, Service, Department, Spotify, DJ

☆ No matter how well Taylor Swift's 'The Tortured Poets Department' does, it won't be how she makes most of her money this year
▼ + stars: | 2024-04-19 | by ( Madeline Berg | ) www.businessinsider.com time to read: +5 min

Taylor Swift's new album "The Tortured Poets Department" is almost guaranteed to be a bestseller. But no matter how well it does, it won't be the way Swift earns most of her money this year. In fact, the remaining leg of her Eras tour will add much more to Swift's billion-dollar fortune. Swift's Eras Tour brought in more than $1 billion in ticket sales last year over its 66 dates. Swift's cut is unknown, but based on industry standards, she will surely earn nine figures in 2024 from ticket sales.

Persons: Taylor, Swift, —, Taylor Swift, Clayton Durant, Tatiana Cirisano, Durant, Cirisano, Luminate Organizations: Department, Service, Spotify, Bloomberg, Management, NYU Steinhardt's Music Business, Billboard, Napster, Apple Locations: Paris

☆ Lion Cafe: A classical music cafe in the middle of Tokyo’s busy Shibuya area
▼ + stars: | 2024-04-17 | by ( Maggie Hiufu Wong | ) edition.cnn.com time to read: +4 min

CNN —Walking into the Lion Cafe, in Tokyo’s Shibuya district, the first thing one notices is the seating. “Meikyoku kissa is a place that plays classical music, where customers can listen to music, have a drink and relax,” says Naoya Yamadera, the current manager of the Lion Cafe. The cafe has more than 10,000 classical music CDs and records. Many people are not familiar with classical music, so I’d like them to get used to it in places like here,” says Yamadara. For more on the Lion Cafe, watch the video at the top of this story.

Persons: ”, Naoya Yamadera, Yanosuke, John S Lander, Yamadera, they’ve, “ Organizations: CNN, Lion Locations: Tokyo’s Shibuya, Tokyo, America, Europe, Japan

I like putting money in CDs, and one option that will help long-term with taxes is a SEP IRA CD. I started moving money between high-yield savings accounts, CDs, and other passive income-earning investments like REITs and dividend stocks. Interest and earnings from savings accounts, CDs, and other investments are considered taxable income. Instead, after paying my taxes, I reassess how much money of interest income I actually made and decide how to use the cash then. However, unlike a regular CD, CDs in your retirement fund have contribution limits set by the IRS.

Persons: — Organizations: Service, IRS

☆ With interest rates expected to be higher for longer, here's what to do with your cash
▼ + stars: | 2024-04-12 | by ( Michelle Fox | ) www.cnbc.com time to read: +5 min

That means those saving cash in money market funds and Treasury bills can expect to see their rates stay higher for longer. The annualized seven-day yield on the Crane 100 list of the 100 largest taxable money funds is currently 5.13%. The appetite for money market funds is evident in the record amount of cash pouring into the products. Last week, there was $6.11 trillion sitting in money market funds, according to the Investment Company Institute , up from $5.87 trillion in mid-December. Then there are moderate risk investors with longer time horizons, which Vanguard surveys show are the majority of investors, he said.

Persons: They've, Peter Crane, Shelly Antoniewicz, Marguerita Cheng, you'll, Cheng, Roth, Barry Glassman, Glassman, he's, Roger Aliaga, Diaz, Vanguard's, Cash, Aliaga Organizations: Federal, Crane, Investment Company Institute, Blue, Global, CNBC, Wealth, Treasury, Vanguard

☆ Higher yielding CDs are coming due. Here’s where savers are redeploying their cash
▼ + stars: | 2024-04-04 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +3 min

Today's higher rates on CDs aren't going to last , however. For investors contending with maturing CDs, that means they're running out of places to stash their idle cash and still generate an attractive yield. "The issue is reinvestment risk," said Michael Carbone, certified financial planner and financial advisor at Eppolito Financial Strategies in Chelmsford, Massachusetts. That's because once the Fed begins cutting rates, fixed income with longer-dated maturities will allow investors to lock in those higher yields. An opportunity to diversify fixed income In addition to adding exposure to longer-dated bonds, advisors have also been diversifying across different classes of fixed income.

Persons: Wells Fargo, Banks, Jerome Powell, Michael Carbone, Catherine Valega, Valega, Carbone, Josh Nelson, he's Organizations: Green Bee, Keystone Financial Services, MBS Locations: Chelmsford , Massachusetts, Winchester , Massachusetts, Loveland , Colorado, BlackRock

☆ Beyoncé fans say songs are missing from vinyl and CD copies of 'Cowboy Carter,' fueling theories of last-minute changes to the album
▼ + stars: | 2024-04-01 | by ( Eve Crosbie | ) www.businessinsider.com time to read: +4 min

Read previewBeyoncé's eighth studio album was released to critical acclaim last week, but fans of the singer have been left disappointed after discovering that their vinyl and CD copies of "Cowboy Carter" are missing some of their favorite tracks. "Cowboy Carter" was released on March 29, 2024. ParkwoodWith an expansive 79-minute runtime, "Cowboy Carter" is Beyoncé's longest album to date. Physical editions of the album bear a different title and artwork than the digital release of "Cowboy Carter." The only mention of "Cowboy Carter" on these copies on a sticker on top of plastic-sealed copies, according to Variety.

Persons: —, Carter, Linda Martell, it's, Mark Savage, Ed Sheeran, Adele, Taylor Swift, Taylor, John Shearer, Swift, Beyoncé's, Miley Cyrus, Beyoncé Organizations: Service, Business, Poet's Department, Beyoncé, Variety Locations: Louisiana

RobinhoodI decided to ask a few of my friends what investing platform they use. Since my cash is already sitting in savings accounts and CDs through the bank, I decided to check out its self-directed investing platform, Ally Invest. I decided on Ally InvestAfter spending some time testing out each platform, I decided that Ally Invest was perfect for my current needs. It allowed me to easily transfer money between my other accounts with the bank into my investment account. Plus, I was able to diversify my portfolio by investing in different securities, from mutual funds to ETFs.

Persons: Charles Schwab, Robinhood, Ally, Invest Organizations: Ally, Invest

Setting a down payment goalBefore you can set a down payment goal, you first need to figure out how much you'll need for a lender to approve you for a mortgage. Determining the size of down payment neededThe minimum size of your down payment will depend on the loan program you use. Exploring down payment assistance programsDown payment assistance programs can help cover part or all of your down payment. But if you can save up a down payment of at least 20% of the home's purchase price, you'll avoid paying PMI (private mortgage insurance), which can reduce your monthly payment. To save for a down payment, create (and stick to) a budget, reduce unnecessary expenses, increase your income through side jobs, automate your savings, and explore down payment assistance programs.

Persons: You'll, you'll, windfalls, Windfalls Organizations: Netflix, Spotify, Federal Deposit Insurance Corp, PMI Locations: homebuyers, Chevron

☆ Most Americans are missing out on 'free money' by not saving in a high-yield account. A financial planner explains 3 factors to consider when choosing and what to do if interest rates fall.
▼ + stars: | 2024-03-27 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +7 min

This type of account offers a higher interest rate than a traditional savings account. That's assuming you have it sitting in a traditional savings account earning little to no interest rather than in a high-yield account earning 5%. If that money is not in a high-yield savings account, that's $2,500 a year that you're giving up." If the Federal Reserve does start cutting interest rates, which is expected to happen in 2024, high-yield savings account rates will also drop. Of course, you'll still earn much more in a high-yield account than you would in a traditional savings account, noted Weiss.

Persons: —, Brent Weiss, Weiss, That's, Ally Bank, you'll, it's, Ally, SoFi, Marcus, you've, they're Organizations: Service, Business, CNBC, Ally Bank, Ally, Federal Reserve

☆ A millennial couple moved into a 97-square-foot micro-apartment in Paris. It's not their forever home, but they've made themselves comfortable.
▼ + stars: | 2024-03-26 | by ( Amanda Goh | ) www.businessinsider.com time to read: +6 min

Thomas Loncq and Himika Masago live in a 97-square-foot micro-apartment in Paris. I also wanted to find something in Paris, and that's how I ended up buying such a small place," Loncq told BI. Nestled under the roofs of Paris' apartment buildings, these micro-dwellings were originally meant to be the private quarters of domestic helpers. The toilet is shared with other occupants on the same floor, Loncq said. "I like to live here because since the space is small, sunlight comes into all parts of the room," Masago said.

Persons: —, Thomas Loncq, Himika Masago, Masago, Himika, Petit, Loncq, Petit Nuage, de, bonnes Organizations: Service, Business, Parisian Urban Planning Agency, futon Locations: Paris, Japan, France, —, Le

☆ The Music That Made Us
▼ + stars: | 2024-03-23 | by ( Melissa Kirsch | ) www.nytimes.com time to read: +1 min

Adam rises from his desk and goes to the next room, where he drags a bin of memories out from under the bed. “Johnny Come Home” is one of those songs that evokes the ’80s so acutely for me that I was already experiencing flashbacks to my own adolescence before Adam began to excavate his. I hear it and I’m returned to my childhood bedroom: the boombox with dual tape players, pink wall-to-wall carpet, a diary with a lock. I hadn’t listened to Fine Young Cannibals in many years, but returning to their self-titled album now, I was curious to see if it would arouse the same emotions (anticipation mixed with melancholy). What happens when we re-encounter them later, when we’ve certainly changed, and perhaps they have too?

Persons: Andrew Haigh’s, Adam, Andrew Scott, Johnny Come, ”, We’re, Johnny, I’m, hadn’t, Fine, we’ve Organizations: Fine Locations: Irish

☆ The Fed kept rates steady, but banks are cutting CD yields. Find good deals here
▼ + stars: | 2024-03-21 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +2 min

The Federal Reserve kept a steady hand on interest rates at its latest meeting, but banks are already dropping yields on certificates of deposit. Astute rate shoppers can still find a few offering rates above 5% however. However, banks are already preparing for the move by becoming a little less generous on what they pay for deposits. "Deposit pricing competition has been decelerating as banks position for the Fed to begin cutting rates at some point in 2024." You may also be able to find attractive yields if you're willing to look for CDs with odd time frames.

Persons: Morgan Stanley, Betsy Graseck, Morgan Stanley's Organizations: Federal Reserve, Fed, Morgan, Bread Financial, American Express, Nasdaq, Dow Jones Industrial

☆ How to make high interest rates work for your hard-earned savings
▼ + stars: | 2024-03-20 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +9 min

However, that won’t happen if you just let it sit in a traditional checking or savings account that yields next to nothing. High-yield online savings accountsThe average annual percentage yield on bank savings accounts was just 0.52% as of March 13, according to Bankrate. As with any bank savings rate, high-yield savings account rates can change overnight, and the bank may not alert you when it lowers it. But don’t confuse money market accounts with money market mutual funds, which invest in short-term, low-risk debt instruments. Unlike money market deposit accounts, money market mutual funds are not insured by the FDIC.

Persons: ”, Ted Rossman, ” Rossman, Ken Tumin, Schwab, you’d, Tumin, Doug Ornstein, Andy Smith, Ornstein, doesn’t, ” Smith Organizations: New York CNN, Bankrate, JPMorgan Chase, Bank of America, Fidelity, TIAA Wealth Management, FDIC, Securities Investor Protection Corp, Edelman, AAA Locations: New York, Wells Fargo, United States

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