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☆ What's so great about Australia's retirement plan — and what it means for America
▼ + stars: | 2024-04-16 | by ( Allie Kelly | ) www.businessinsider.com time to read: +8 min

Australia's superannuation system mandates employer-funded retirement contributions. Meanwhile, the US retirement system has become anxiety-inducing for many, as older adults struggle to make ends meet. AdvertisementAustralian retirement system puts saving responsibility on employers, not employeesAmerica's current retirement infrastructure includes two major categories: defined contribution plans and Social Security. This differs from the American system, where retirees' money is often held between a 401(k), other accounts, and outside investments. Still, Reilly cautioned that applying Australia's retirement system to the US could negatively affect employee wages.

Persons: —, Sen, Bernie Sanders, Catherine Reilly, Reilly, Larry Fink, Fink Organizations: Service, Challenger Limited, Money, TIAA Institute, Georgetown University's Center for Retirement, Social Security, BlackRock, Employers, Pew Charitable Trust Locations: Australia, America, California, Colorado

☆ Some of the rules that protect wealthy savers' bank deposits just changed. Here's what to know
▼ + stars: | 2024-04-09 | by ( Lorie Konish | ) www.cnbc.com time to read: +2 min

The Federal Insurance Deposit Corporation, or FDIC, implemented new requirements for deposit insurance for trust accounts starting April 1. FDIC insurance generally covers $250,000 per depositor, per bank, in each account ownership category. How FDIC coverage of trust accounts has changedUnder the new rules, trust deposits are now limited to $1.25 million in FDIC coverage per trust owner per insured depository institution. Each beneficiary of the trust may have a $250,000 insurance limit for up to five beneficiaries. However, if there are more than five beneficiaries, the FDIC coverage limit for the trust account remains $1.25 million.

Persons: Jamie Grill, Ken Tumin, Tumin, — Organizations: Federal Insurance Deposit Corporation, FDIC

☆ What's up with Trump and Chubb? Insurance giant balks at underwriting fraud-case bond days after blowback from E. Jean Carroll bond
▼ + stars: | 2024-03-18 | by ( Laura Italiano | ) www.businessinsider.com time to read: +5 min

Ten days ago, Chubb underwrote Trump's $92 million bond for his E. Jean Carroll defamation appeal. But Chubb declined to handle the far higher appeal bond Trump now needs in his NY civil fraud case. The insurance giant had faced blowback after agreeing to the Carroll bond. Chubb's "no, thanks" comes just five days after the company's CEO, Evan Greenberg, sent a letter to brokers, clients, and investors addressing widespread criticism over the Carroll bond. The Carroll bond was underwritten by Chubb subsidiary Federal Insurance Company.

Persons: Chubb, Trump's, Jean Carroll, Trump, Carroll, —, Donald Trump's E, Evan Greenberg, Greenberg, Nick Newton, Newton, Neil Pederson, Pedersen, it's, Letitia James, James, Alan Garten Organizations: Service, GOP, Trump, Insurance, Business, Chubb, Insurance Company, National Association, Bond, Sons, New York, Trump Organization Locations: New York, York, AssuredPartners, Manhattan

Three days after Donald J. Trump posted a $91.6 million bond in the defamation case he lost recently to the writer E. Jean Carroll, her lawyer on Monday suggested she was considering filing yet another defamation lawsuit against the former president. The lawyer raised the prospect of a new lawsuit after Mr. Trump in recent days repeatedly lashed out at Ms. Carroll, using the same kind of disparaging language that led to the huge judgment against him in January. “The statute of limitations for defamation in most jurisdictions is between one and three years,” Roberta A. Kaplan, Ms. Carroll’s lawyer, said in a statement Monday morning. “As we said after the last jury verdict, we continue to monitor every statement that Donald Trump makes about our client.”In a separate court filing, Ms. Kaplan told the federal judge overseeing the case that she and Mr. Trump’s lawyers had reached an agreement on the details of his proposed $91.6 million bond. The bond — provided by Federal Insurance Company, an arm of the insurance giant Chubb — will prevent Ms. Carroll from collecting her multi-million-dollar judgment while Mr. Trump appeals the defamation verdict.

Persons: Donald J, Trump, Jean Carroll, Carroll, ” Roberta A, Kaplan, Donald Trump, Chubb Organizations: Federal Insurance Company

☆ Out of options, Trump will pay $500M cash bond to appeal his NY fraud case, experts predict. Not paying will hurt even more.
▼ + stars: | 2024-03-09 | by ( Laura Italiano | Jacob Shamsian | ) www.businessinsider.com time to read: +10 min

Trump must stow $500M cash in a bank to cover the appeal bond for his NY fraud case, experts say. His next appeal bond will cost him far more. By posting another appeal bond. Similar to the more familiar jail bond, an appeal bond is a promise of payment that's backed by collateral, meaning cash or property. The premium on a half-billion-dollar appeal bond could run anywhere from $250,000 to north of one million dollars, just to purchase the bond, experts guestimated.

Persons: Trump, —, Donald Trump, Jean Carroll, Letitia James —, Sheriff, Eric Snyder, Snyder, Arthur Engoron, Wilk Auslander, He's, Julie Alleyne, Carroll, Chubb, Evan G, Greenberg, Neil Pedersen, Pedersen, Alleyne, Cash, Jeff Bezos, Elon Musk, Christopher Kise, — Chubb, Letitia James, James, Roy Rochlin, Justin Sullivan Organizations: stow, Service, Trump, New York, New, NRA, Fox, Wilk, Fidelity Association of America, Federal Insurance Company, Chubb Group, Sons, Forbes, Bloomberg, ABC, Midtown, Financial, Getty Locations: NY, Manhattan, New York, New York City, Americas, Midtown Manhattan, New Yorkers

☆ Donald Trump posts $92 million bond just 3 days before he'd be forced to fork the actual cash over to E. Jean Carroll
▼ + stars: | 2024-03-08 | by ( Jacob Shamsian | Laura Italiano | ) www.businessinsider.com time to read: +3 min

Read previewFormer President Donald Trump has posted a bond that will stop E. Jean Carroll from being able to collect $83.3 million from a defamation judgment against him. Trump agreed to the terms of the bond with the Federal Insurance Co. on Tuesday, according to documents filed in court Friday. Trump would have shopped around for the lowest premium, and there may have been more than one carrier competing for his business, Pedersen said. Mandatory costs and interest raise the bond by a standardized 111% above the original judgment in federal cases, Pedersen said. Trump has already put the $5 million in damages he owes in that case into a court-controlled account as he pursues appeals.

Persons: —, Donald Trump, Jean Carroll, Trump, Chubb —, Chubb, Neil Pedersen, Pedersen, Lewis Kaplan, Kaplan, They're, Carroll Organizations: Service, Trump, Business, Federal Insurance Co, Sons, New Locations: Manhattan, New York

And yet, an antiviral treatment proven to lessen the chances of severe outcomes is going underused. The drug, Paxlovid, is lauded by experts as a powerful tool that can prevent hospitalization and death from COVID-19. One Centers for Disease Control and Prevention study found that Paxlovid can decrease hospitalization risks among adults by 51%. The study by Harvard researchers found that Paxlovid was disproportionately given to Medicare patients with lower risk of severe infection. “There are very few medications and very few patients whose potential medication interaction with Paxlovid is so severe that they’re better off not taking Paxlovid,” he said.

Persons: they’ve, ”, Amesh, Paxlovid, Kurt Proctor, Celise Ballow, Ballow, “ I’m, I’m, … I’m, ” Ballow, ’ ”, Sarah George, Michael Barnett, Robert Wood Johnson Organizations: Johns Hopkins University, Disease Control, Pfizer, National Community Pharmacists Association, St, Louis University, Harvard, Associated Press Health, Science Department, Robert Wood Johnson Foundation, AP Locations: COVID, U.S, Junction , Utah, Paxlovid, Harvard

For some people with COVID-19, antiviral pills that can be taken at home can lessen the chances of winding up in the hospital. Here’s how to get the pills in the U.S.:— Take an at-home COVID-19 test and contact your health care provider. Photos You Should See View All 45 Images— Use a test-to-treat site, where pharmacists can check if you have COVID-19, write the prescription and give you the pills all in one stop. Find a test-to-treat site at treatments.hhs.gov. Paxlovid is the most commonly prescribed antiviral pill for COVID-19.

Persons: Paxlovid, Robert Wood Johnson Organizations: National Institutes of Health’s, Pfizer, Associated Press Health, Science Department, Robert Wood Johnson Foundation, AP Locations: U.S, treatments.hhs.gov

Financial Partners Credit Union is paying 6.50% APY (Annual Percentage Yield) on an 8-month CD special. Financial Partners Credit Union is offering an 8-month CD special paying 6.50% APY for new members. How to get 6.50% APY on a CDThe Financial Partner Credit Union 8-month CD special is only available to new members. Financial Partners Credit Union FAQsWho owns Financial Partners Credit Union? Up to $250,000 per depositor, per account ownership category is insured in a Financial Partners Credit Union bank account.

Persons: There's Organizations: Financial Partners Credit Union, Partner, Financial Partners, Union, FDIC, Chevron, Financial Partners Credit Union FDIC, Partners Credit Union Locations: California, Los Angeles County, Orange County, Riverside County, San Diego County, San Francisco, Alameda , California, Chevron

☆ What to Know About Home Care Services
▼ + stars: | 2023-12-02 | by ( Reed Abelson | More About Reed Abelson | ) www.nytimes.com time to read: +1 min

And most middle-class people will have to pay for home care themselves if they will need it for the long haul. After a fall or surgery, some older people will need short-term care at home from a nurse or therapist to help them recover. Medicare, the federal insurance program for those 65 and over, typically pays for this kind of home health care. They need a home health aide or personal care assistant, who may not have much, if any, medical training. A wide range of services are available, whether it’s light housekeeping or hiring a private-duty nurse.

Persons: Monica Moreno Organizations: Medicare, Alzheimer’s Association

You can keep your Apple Savings Account until we know what happens next or switch to another high-yield savings account. How the end of this partnership impacts Apple Savings Account usersIf Apple and Goldman Sachs part ways, Apple would need to partner with a new financial institution to continue to offer the Apple Savings Account. You might prefer an alternative high-yield savings account if you need to take money out of your savings account often. The Apple Savings Account only lets you transfer money through Apple Cash or an external bank account, which could take a few business days. The best high-yield savings accounts pay significantly more than standard savings accounts, and some pay more than the Apple Savings Account.

Persons: Apple, Goldman Sachs, Apple Cash Organizations: Apple, Wall Street, Apple Savings

Advantages to opening multiple savings accountsOne benefit of opening multiple savings accounts is that you can save money for specific goals. Traditional savings accounts at a brick-and-mortar bank typically offer lower savings account interest rates than high-yield savings accounts at online banks. Disadvantages to opening multiple savings accountsOpening up multiple savings accounts also comes with several potential disadvantages. Tips for managing multiple savings accountsIf you decide to open multiple savings accounts, here are some tips for managing them:Keep track of your accounts. Multiple savings accounts: FAQsIs it OK to have multiple savings accounts?

Persons: Mike Landsberg, Homrich, it's, Jaime Eckels, Plante, Roth IRAs, Eckels, who's, Landsberg, Banks, Get Organizations: CPA, CFP, CPWA, Homrich Berg Wealth Management, Financial, FDIC, SEC, Bank Locations: Landsberg, Chevron

☆ Verdict reached in Sam Bankman-Fried fraud trial
▼ + stars: | 2023-11-02 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

New York CNN —Sam Bankman-Fried was found guilty on Thursday for his role in the collapse of crypto exchange FTX. Bankman-Fried looked sunken as the verdict was read out. Bankman-Fried was found guilty of stealing billions of dollars from accounts belonging to customers of his once-high-flying crypto exchange FTX. During his trial, Bankman-Fried said he learned in 2020 that FTX customer funds were held by Alameda but he did not take action to safeguard them. But, unlike bank customers, FTX depositors had no federal insurance fund to compensate them when the cash dried up.

Persons: Sam Bankman, Fried, Joe Bankman, Barbara Fried, Bernie Madoff’s, FTX, Tom Brady, Gisele Bundchen, Gary Wang, Nishad Singh, Wang, Singh Organizations: New, New York CNN, Alameda Research, Bankman, Miami, Chief Locations: New York, Alameda, FTX, Bahamas

☆ Social Security may affect workers differently in 2024. Here are 3 key things to keep in mind
▼ + stars: | 2023-10-21 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

But there are several thresholds workers should keep in mind, based on new numbers for 2024 that were recently announced by the Social Security Administration. If you're a worker who hopes to eventually be eligible for retirement benefits, or you're working and also receiving retirement benefits, here's what you need to know. Up to $168,600 in earnings will be taxed for Social Security in 2024The maximum taxable earnings for Social Security will rise to $168,600 in 2024, up from $160,200 in 2023. The remaining 6.2% is for Social Security and only applies to the taxable maximum, or $168,600 for next year. watch nowApproximately 6% of workers who pay Social Security taxes have earnings above the taxable maximum every year, according to the Social Security Administration.

Persons: Joe Elsasser, Elsasser Organizations: Social, Social Security Administration, Social Security, Workers, Federal Insurance, Medicare, Finance

(New money means any funds that aren't currently in a BMO bank account or were in a BMO account in the last 14 days.) More BMO checking account bonusesIf you don't qualify for the BMO Relationship Check Account bonus, the bank has more personal checking account bonuses available until December 8, 2023. BMO Smart Money Checking and the BMO Smart Advantage Checking Account both offer a $400 checking account bonus, and the requirements for earning the bonus are the same. High bank account bonuses at other banksIf you'd like to consider more options, the following national banks also have high bank account bonuses. Products in this post: BMO Relationship Checking, BMO Relationship Plus Money Market Account, BMO Smart Money Checking, BMO Smart Advantage Checking Account, Chase Secure Banking℠, Chase Private Client Checking℠, Citigold® Checking Account, Citi Priority, Huntington Bank Platinum Perks Checking, U.S. Bank Smartly® Checking, U.S. Bank Standard Savings Account

Persons: hasn't, you've, aren't, Chase, You'll Organizations: BMO, FDIC, Chase Secure Banking, Chase, Citibank, Citi, Huntington Bank, New Huntington Bank, U.S . Bank, Residents, U.S, Bank, Bank Standard Savings, Products, Secure Banking, Savings

☆ Savings Account and CD Rates Today | Savings Rates vs CD Rates
▼ + stars: | 2023-09-18 | by ( Business Insider | ) www.businessinsider.com time to read: +21 min

Persons: Banks, you'd, —, Cash, we've Organizations: FDIC, CIT Bank, Savings, First, Citizens Bank & Trust Company, Federal Deposit Insurance Corporation, Bank & Trust Company, Connect, Barclays, Barclays Bank, Apple, Western Alliance Bank, Mint Western Alliance Bank, Start, Cash, Products, Technology Credit, Pelican State Credit Union, Federal Credit Union, of Commerce Federal Credit Union, Newtek Locations: Axos, —

☆ Savings Account and CD Rates Today | More Banks Add 5% Rates
▼ + stars: | 2023-09-15 | by ( Business Insider | ) www.businessinsider.com time to read: +21 min

Persons: Banks, you'd, —, Cash, we've Organizations: FDIC, CIT Bank, Savings, First, Citizens Bank & Trust Company, Federal Deposit Insurance Corporation, Bank & Trust Company, Connect, Barclays, Barclays Bank, Apple, Western Alliance Bank, Mint Western Alliance Bank, Start, Cash, Products, Technology Credit, USALLIANCE, Pelican State Credit Union, Federal Credit Union, of Commerce Federal Credit Union, Newtek Locations: Axos, —

☆ Savings Account and CD Rates Today | More 5% Rates Come to Market
▼ + stars: | 2023-09-14 | by ( Business Insider | ) www.businessinsider.com time to read: +21 min

Persons: Banks, you'd, —, Cash, we've Organizations: FDIC, CIT Bank, Savings, First, Citizens Bank & Trust Company, Federal Deposit Insurance Corporation, Bank & Trust Company, Connect, Barclays, Barclays Bank, Apple, Start, Western Alliance Bank, Mint Western Alliance Bank, Cash, Products, Technology Credit, Pelican State Credit Union, Federal Credit Union, of Commerce Federal Credit Union, Newtek Locations: Axos, —

☆ Savings Account and CD Rates Today | Earn Over 5% on Savings and CDs
▼ + stars: | 2023-09-12 | by ( Business Insider | ) www.businessinsider.com time to read: +21 min

☆ CD and Savings Account Rates Today
▼ + stars: | 2023-09-09 | by ( Business Insider | ) www.businessinsider.com time to read: +21 min

Leading High-Yield Savings Account RatesRemember that high-yield savings account rates are variable, so they will change over time. Fees no monthly service fee Annual Percentage Yield (APY) 5.26% Minimum Deposit Amount $1 Pros Check mark icon A check mark. High-Yield Savings AccountsThe best high-yield savings accounts provide the security of a savings account with the added bonus of a high APY. 2-Year CDsThe best 2-year CD rates will be slightly lower than 1-year and no-penalty CD rates. Products in this post: Technology Credit Union 5 Month No Penalty CD, TotalDirectBank 6 Month CD, TotalDirectBank 1 Year CD, Pelican State Credit Union 2 Year Share Certificate, US Senate Federal Credit Union 3 Year Smart Share Certificate, Department of Commerce Federal Credit Union 5 Year Share CDBetterment Cash Reserve Account, CloudBank 24/7 High Yield Savings Account, UFB High Yield Savings, Milli Savings Account, Newtek Bank Personal High Yield Savings Account

Persons: Banks, you'd, —, Cash, we've Organizations: FDIC, CIT Bank, Savings, First, Citizens Bank & Trust Company, Federal Deposit Insurance Corporation, Bank & Trust Company, Bank, Barclays, Barclays Bank, Apple, Western Alliance Bank, Mint Western Alliance Bank, Start, Cash, Products, Technology Credit, Pelican State Credit Union, Federal Credit Union, of Commerce Federal Credit Union Locations: Axos, —

☆ CD and Savings Account Rates Today | Leading CD and Saving Rates
▼ + stars: | 2023-09-07 | by ( Business Insider | ) www.businessinsider.com time to read: +23 min

Persons: Banks, you'd, —, Cash, we've Organizations: FDIC, CIT Bank, Savings, First, Citizens Bank & Trust Company, Federal Deposit Insurance Corporation, Bank & Trust Company, Bank, Barclays, Barclays Bank, Apple, American Express, Western Alliance Bank, Mint Western Alliance Bank, Start, Cash, Products, Technology Credit, Pelican State Credit Union, Federal Credit Union, of Commerce Federal Credit Union Locations: Axos, —

☆ Would you pay hundreds of dollars for an app your doctor prescribed? Buzzy digital therapeutics could make you healthier — but your insurer probably won't cover them.
▼ + stars: | 2023-09-01 | by ( Natalie Rahhal | ) www.businessinsider.com time to read: +8 min

Apps such as Somryst — known as prescription digital therapeutics — aim to raise the bar for personal healthcare delivered via smartphone. Digital therapeutics show promise for treating IBS and insomniaFunding for digital therapeutics surged by 133% between 2020 and 2021, and the sector's global value is estimated to grow from roughly $7 billion to about $28 billion from now to 2030, Fortune Business Insights reported. In fact, many insurance companies want years of data on real-world use before covering digital therapeutics, Insider previously reported. While there are free nonprescription DTxs available from sources such as the Department of Veterans Affairs, those aren't cleared by the FDA, and privately made prescription digital therapeutics often cost hundreds of dollars. "Digital therapeutics are meant to increase access to care.

Persons: Charlotte Jee, Jee, Corey McCann, John Torous, Beth Israel, they're, Torous, They're, AspyreRx, Mark Berman, hadn't Organizations: Healthcare, Morning, MIT Technology, National Health Service, Food and Drug Administration, Pear Therapeutics, Harvard Medical, Beth Israel Deaconess Medical, Fortune Business, FDA, Better Therapeutics, Disease Control, Department of Health, Human Services, of Health, Department of Veterans Affairs, Aetna

11 bank accounts paying 5.50% APY or moreOur list includes certificates of deposit and one high-yield savings account. The Betterment Cash Reserve Account account notably offers the best high-yield savings account rate right now. Forbright Bank 1 Year CD - 5.50% APYForbright Bank is an additional financial institution offering 5.50% APY on a 1-year CD. Limelight Bank 1 Year CD - 5.50% APYAnother online bank paying 5.50% APY on a 1-year CD is Limelight Bank, an online division of CCBank. Rising Bank 1 Year CD - 5.50% APYRising Bank, an online-only subsidiary of Midwest BankCentre, has a 1-year CD paying 5.50% APY.

Persons: you'll, Sallie Mae, Raisin Organizations: Connexus, Connexus Credit Union, Connexus Association, Connexus Credit, Dow Credit, Dow Credit Union, Midland Area Community Foundation, Dow, Virgin Islands, Sallie, Sallie Mae Bank, Federal, Federal Credit Union, Signature Federal Credit Union, American Consumer Council, Western Alliance Bank, Cash, Forbright, Limelight, Limelight Bank, CCBank, Popular, Rising, Bank, Products Locations: Florida , Puerto Rico, American Samoa, Guam, Northern Mariana Islands, Virgin, Midwest

Traditional CDs will not allow you to deposit money during a term; you'll have to wait to make additional deposits once a CD reaches maturity. Consider whether CD minimum balance requirements will factor into your CD options. For example, a Popular Direct CD requires at least $10,000, while an Ally or Barclays CD does not require a minimum deposit to open. Look for a CD that has a lesser required amount in order for you to still gain money from having money in a CD," says Dixon. Featured 1-Year CD Rate Pacific Western Bank 1 Year CD Annual Percentage Yield (APY) 5.51% Minimum Deposit Amount $1 Start savingFeatured 1-Year CD Rate Pacific Western Bank 1 Year CD Annual Percentage Yield (APY) 5.51% Minimum Deposit Amount $1 View Full Details Start saving On Raisin's websitePacific Western Bank 1 Year CD Start saving On Raisin's website Featured 1-Year CD Rate Details Annual Percentage Yield (APY) 5.51% Minimum Deposit Amount $1 Pros & Cons Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

Persons: isn't, it's, Elizabeth, Patrina Dixon, Dixon, you'll Organizations: Barclays, Dixon Consulting, Bank, Western Bank, Mint, FDIC, Chevron, Federal Credit Union, Connexus Federal Credit Union, Consumers Federal Credit Union Locations: CFEI, Connexus

☆ The Risks of Storing Money in Apps Like Venmo and Cash App
▼ + stars: | 2023-06-09 | by ( Ann Carrns | ) www.nytimes.com time to read: +1 min

Millions of Americans use mobile payment apps to pay friends, family and retailers, but they may not know that money held in the apps often lacks federal insurance protection. As more people go cashless, apps like Venmo, Cash App and Apple Cash have gained popularity as an easy way to split a dinner tab, buy stuff at yard sales or pay bills. Use of the apps increased during the pandemic, experts say, as people shifted to online shopping and contactless payment methods. Transaction volume on such apps was an estimated $893 billion last year, the bureau said, and is projected to reach $1.6 trillion by 2027. More than three-quarters of the nation’s adults say they have used one of four popular payment apps, according to the Pew Research Center.

Persons: Apple Cash Organizations: Consumer Financial, Apple, Pew Research Center

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