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☆ Explainer: What are credit default swaps and why are they causing trouble for Europe's banks?
▼ + stars: | 2023-03-28 | by ( Amanda Cooper | ) www.reuters.com time to read: +6 min

LONDON, March 28 (Reuters) - Turbulence in Europe's banks following the implosion of 167-year-old Credit Suisse (CSGN.S) and runs on regional banks in the U.S. has focused attention on the role played by credit default swaps in all the turmoil. The moves followed a surge in the cost of insuring Deutsche Bank's debt against default via credit default swaps (CDS) to a more than four-year high last week. Credit default swaps are derivatives that offer insurance against the risk of a bond issuer - such as a company, a bank or a sovereign government - not paying their creditors. The CDS market is worth around $3.8 trillion, according to the International Swaps and Derivatives Association. The CDS market is small relative to equities, foreign exchange or the global bond markets, where there are more than $120 trillion bonds outstanding.

☆ Savers find a silver lining during banks’ tumult — Rates on CDs are going up, Morgan Stanley says
▼ + stars: | 2023-03-16 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +2 min

That's because banks are boosting the rates they're paying on CDs, according to a Thursday report from Morgan Stanley. The average highest rate banks paid on a CD rose by eight basis points to 4.08% over the first two weeks of March, according to Morgan Stanley analyst Betsy Graseck. "This should push deposit rates higher even after the Fed pauses." Ally Bank and Synchrony Financial, for instance, are offering 5% on CDs going beyond 36 months, according to Morgan Stanley. See below for Morgan Stanley's list of top short-term CD rates as of March 15.

☆ 3 ways to easily check if your bank account is FDIC insured
▼ + stars: | 2023-03-14 | by ( Jason Stauffer | Elizabeth Gravier | ) www.cnbc.com time to read: +7 min

Nearly all banks are insured by the FDIC, which protects your deposits up to $250,000 (per person, bank, and account type). CNBC Select explains how to check if your bank is an FDIC member, as well as what you need to know about the types of bank accounts the FDIC protects. 3 ways to check if your bank is FDIC insuredThe FDIC makes it easy to check if your bank is insured. Check online You can easily discover if your bank is FDIC insured using the BankFind Suite tool. Marcus by Goldman Sachs High Yield Online Savings Learn More Goldman Sachs Bank USA is a Member FDIC.

To help you get started, CNBC Select rounded up a list of the best mortgage lenders first-time homebuyers should consider. Types of loans offered: The most common kinds of mortgage loans include conventional loans, FHA loans and VA loans. The most common kinds of mortgage loans include conventional loans, FHA loans and VA loans. Fees: Common fees associated with mortgage applications include origination fees, application fees, underwriting fees, processing fees and administrative fees. Common fees associated with mortgage applications include origination fees, application fees, underwriting fees, processing fees and administrative fees.

☆ The CD Market Is Doing Something Strange—and It Could Have a Big Impact on Your Money
▼ + stars: | 2023-03-14 | by ( ) www.wsj.com time to read: +8 min

CD rates have been rising rapidly over the past year, thanks to the Federal Reserve’s efforts to fight inflation. And there’s potentially a bigger issue at play: Regardless of where you stick your cash, interest rates’ odd behavior suggests the economy may be out of whack. CD rates have climbed dramatically since the Federal Reserve embarked on its campaign to fight inflation, which peaked at nearly 10% late last year. But the Fed faces a conundrum: Hiking interest rates to fight inflation also slows economic growth. Short term rates remain high, while longer term rates—reflecting grim economic prospects in years to come—fall off.

☆ Is the money in your bank account safe? Here's what to know if you're worried about your deposits
▼ + stars: | 2023-03-13 | by ( Jason Stauffer | Elizabeth Gravier | ) www.cnbc.com time to read: +5 min

But a checking account and savings account won't necessarily be in different categories. However, if you had a joint savings account, then the savings account balance would fall under a different category. As you're shopping around for a deposit account, you can find out if a bank is insured with the FDIC's BankFind tool. It's also a good idea to open checking accounts or savings accounts with no monthly maintenance fees and the highest interest rate you can find. Below are a few of the best deposit accounts with FDIC insurance, according to CNBC Select's rankings:Ally Interest Checking Account Learn More Ally Bank is a Member FDIC.

☆ Banks are sweetening the interest rates on their CDs. Here’s what you should know before you jump in
▼ + stars: | 2023-03-12 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +4 min

Bank CDs are among the fixed-income investments that are enjoying a surge in popularity as the Federal Reserve raises interest rates. Lately, CDs from online banks are seeing higher rates on 1-year instruments. Another key benefit of bank CDs: At a time when Silicon Valley Bank's failure highlighted the safety of bank deposits, it's worth noting that bank CDs are protected by the Federal Deposit Insurance Corp. See below for the latest rates on 1-year CDs from online banks as of March 10, according to the firm. When rates fall, you can rely on longer-dated CDs that have already locked in the higher yield.

☆ Adjustable-rate mortgages are growing in popularity, but they come with some big risks
▼ + stars: | 2023-03-11 | by ( Jason Stauffer | Elizabeth Gravier | ) www.cnbc.com time to read: +9 min

Adjustable-rate mortgages (ARMs) tend to become more popular as rates rise and borrowers look for ways to save on interest. When mortgage rates hit historic lows in 2021, ARM loans accounted for less than 2% of mortgage applications. Here's how ARM loans work and what you need to pay attention to if you're considering an adjustable-rate mortgage. How ARMs workAn adjustable-rate mortgage comes with a low introductory interest rate for a set period and after the teaser rate expires, the loan's interest rate changes as mortgage rates shift. Qualifications: The low introductory interest rate of ARM loans doesn't make them easier to qualify for.

Silicon Valley Bank was shut down by regulators on Friday. The news has made startup founders worried that they won't be able to pay their employees next week. Startup founders still reeling from Silicon Valley Bank's implosion have something new to stress about: whether they'll be able to access enough money to cut employee paychecks next week. "Lots of startups are missing payroll in 2-4 weeks if a) Silicon Valley Bank doesn't have the deposits b) SVB doesn't get sold or c) SVB isn't rescued." "If you're a startup founder dealing with this, I'm here to help any way I can," Ayush Sharma, founder and CEO of payroll and compliance startup Warp, tweeted.

On average, this is how long it takes a homeowner to make up for mortgage interest and closing costs. Then, there are closing costs to consider. You aren't expecting to pay the capital gain tax, but there are still closing costs to consider. If $441,000 is your listing price, you can expect to pay 10% of it in closing costs — or $44,100. How to avoid selling too earlyIf you've done the math and found that you'll lose money if you sell the house, consider the alternatives.

☆ What's a mortgage rate buydown? 3 things you need to know to avoid 'lighting money on fire'
▼ + stars: | 2023-03-05 | by ( Jason Stauffer | Elizabeth Gravier | ) www.cnbc.com time to read: +11 min

How does a mortgage rate buydown work? The terms are sometimes used interchangeably, so it's important to understand how your individual mortgage lender is defining the buydown. When you pay for discount or mortgage points, you permanently lower your mortgage's interest rate (as opposed to buydowns which only temporarily lower the rate). So it may make less sense for these types of borrowers to pay for a lower rate. You'll want to pay attention to your mortgage's closing costs because the fees you pay can wipeout the potential savings from securing a lower mortgage rate.

High-yield savings accounts reward you with higher interest rates than traditional savings accounts and allow your money to grow faster thanks to compound interest — which lets you earn interest on interest. While rates can fluctuate over time, high-yield savings accounts generally offer APYs over 10 times greater than the national average on savings accounts. To determine which high-yield savings accounts are the best overall, CNBC Select analyzed and compared dozens of savings accounts offered by online and brick-and-mortar banks, including large credit unions. (See our methodology for more information on how we choose the best high-yield savings accounts.) Our methodologyTo determine which high-yield savings accounts offer the best return on your money, CNBC Select analyzed dozens of U.S. savings accounts offered by online and brick-and-mortar banks, including large credit unions.

While rates can fluctuate over time, high-yield savings accounts generally offer APYs over 10 times greater than the national average on savings accounts. To determine which high-yield savings accounts are the best overall, CNBC Select analyzed and compared dozens of savings accounts offered by online and brick-and-mortar banks, including large credit unions. (See our methodology for more information on how we choose the best high-yield savings accounts.) Find the best savings account for you: Help your money grow by finding the savings account that offers the best rates and features for you. Our methodologyTo determine which high-yield savings accounts offer the best return on your money, CNBC Select analyzed dozens of U.S. savings accounts offered by online and brick-and-mortar banks, including large credit unions.

☆ Ukraine's economy stabilizes after shock of war
▼ + stars: | 2023-02-27 | by ( Olena Harmash | ) www.reuters.com time to read: +9 min

The economy shrank by a third last year, the largest fall since Ukraine's independence from the Soviet Union in 1991. ArcelorMittal Kryvyi Rih, Ukraine's largest steel mill, said its production was currently at about 25% of pre-war levels amid electricity blackouts. Ukraine's central bank predicts GDP will grow by 0.3% this year, while the economy ministry forecasts 3.2% growth. The agreement saved Ukraine's agriculture, which accounted for about 12% of GDP and some 40% of overall exports before the war. The steel sector, a key pillar of the economy, is among the hardest hit.

If you're ready to begin your home shopping journey, make sure you get a mortgage pre-approval first. A mortgage pre-approval letter is an essential step in the homebuying process. Below, CNBC Select breaks down how a mortgage pre-approval works and when you want to get one. What is mortgage pre-approval? Bottom lineA mortgage pre-approval can help you gauge how much mortgage you can afford and position yourself as a serious homebuyer.

Best interest rates for savings accountsUFB Preferred Savings 4 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4 out of 5 Stars Annual Percentage Yield (APY) 4.55% (as of 02/22/2023) Minimum Deposit Amount $0 View Full Details Learn moreUFB Preferred Savings 4 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4 out of 5 Stars Annual Percentage Yield (APY) 4.55% (as of 02/22/2023) Minimum Deposit Amount $0 View Full Details Learn more on UFB's site. Best interest rates for CDsCFG Bank CD 4 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4 out of 5 Stars Annual Percentage Yield (APY) 4.50% to 5.15% Minimum Deposit Amount $500 View Full Details Learn moreCFG Bank CD 4 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4 out of 5 Stars Annual Percentage Yield (APY) 4.50% to 5.15% Minimum Deposit Amount $500 View Full Details Learn more On CFG's website. Alliant Certificate 4 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4 out of 5 Stars Annual Percentage Yield (APY) 4.25% to 5.00% Minimum Deposit Amount $1,000 View Full Details Learn moreAlliant Certificate 4 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4 out of 5 Stars Annual Percentage Yield (APY) 4.25% to 5.00% Minimum Deposit Amount $1,000 View Full Details Learn more Alliant Credit Union, NCUA insured. Primis Premium Checking 4.5 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4.5 out of 5 Stars Annual Percentage Yield (APY) 4.35% Minimum Deposit Amount $1 Fees no monthly service fees View Full Details Learn morePrimis Premium Checking 4.5 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4.5 out of 5 Stars Annual Percentage Yield (APY) 4.35% Minimum Deposit Amount $1 Fees no monthly service fees View Full Details Learn more Primis Bank, FDIC Insured. Capital One 360 Performance Savings 4.5 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4.5 out of 5 Stars Annual Percentage Yield (APY) 3.40% (as of 02/02/23) Minimum Deposit Amount $0 View Full Details Learn moreCapital One 360 Performance Savings 4.5 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4.5 out of 5 Stars Annual Percentage Yield (APY) 3.40% (as of 02/02/23) Minimum Deposit Amount $0 View Full Details Learn more On Capital One's site.

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Pros Check mark icon A check mark. Check writing included Check mark icon A check mark. Pros Check mark icon A check mark. Pros Check mark icon A check mark. High APY Check mark icon A check mark.

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Pros Check mark icon A check mark. Pros Check mark icon A check mark. High interest rate Check mark icon A check mark. Pros Check mark icon A check mark. High APY Check mark icon A check mark.

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Pros Check mark icon A check mark. High APY Check mark icon A check mark. No monthly service fee Check mark icon A check mark. Virtual debit card, physical debit card, and access to Apple Pay, Google Pay, Samsung Pay Check mark icon A check mark. Pros Check mark icon A check mark.

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☆ Second jobs, moving in with family, investing: What we can learn from how millennials save for a down payment
▼ + stars: | 2023-02-08 | by ( Elizabeth Gravier | Jason Stauffer | ) www.cnbc.com time to read: +9 min

Plus, we give advice on where to stash your down payment cash and options for making a small down payment. Investing your down payment savings and neglecting your bills can backfire Growing your down payment savings by investing may seem like a good idea since annual returns can be much higher than you would earn in a bank account. Bask Bank Interest Savings Account Learn More Bask Bank and BankDirect are divisions of Texas Capital Bank, Member FDIC. Keep in mind that the APY on a savings account is variable, meaning it can change at any moment. Take advantage while rates are high and open a high-yield savings account or CD.

Pros Check mark icon A check mark. Competitive APY Check mark icon A check mark. Reimburses up to $10/month in out-of-network ATM fees Check mark icon A check mark. Pros Check mark icon A check mark. Ally High Yield CD 4.5 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4.5 out of 5 Stars Annual Percentage Yield (APY) 2.00% to 4.25% Minimum Deposit Amount $0 View Full Details Learn moreAlly High Yield CD 4.5 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4.5 out of 5 Stars Annual Percentage Yield (APY) 2.00% to 4.25% Minimum Deposit Amount $0 View Full Details Learn more On Ally Bank's secure site.

In comparison, the Vio Bank Online High-Yield Savings Account is a much more straightforward savings account. The Ally High Yield Savings Account currently pays a higher interest rate than the Vio Bank Online High-Yield Savings Account. Pros Check mark icon A check mark. High APY Check mark icon A check mark. Ally High Yield CD 4.5 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4.5 out of 5 Stars Annual Percentage Yield (APY) 2.00% to 4.25% Minimum Deposit Amount $0 View Full Details Learn moreAlly High Yield CD 4.5 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4.5 out of 5 Stars Annual Percentage Yield (APY) 2.00% to 4.25% Minimum Deposit Amount $0 View Full Details Learn more On Ally Bank's secure site.

Pros Check mark icon A check mark. No monthly service fee Check mark icon A check mark. No foreign transaction fee Check mark icon A check mark. Pros Check mark icon A check mark. Read our review Read Our Review A looong arrow, pointing rightAlly High Yield CD 4.5 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4.5 out of 5 Stars Annual Percentage Yield (APY) 2.00% to 4.25% Minimum Deposit Amount $0 View Full Details Learn moreAlly High Yield CD 4.5 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4.5 out of 5 Stars Annual Percentage Yield (APY) 2.00% to 4.25% Minimum Deposit Amount $0 View Full Details Learn more On Ally Bank's secure site.

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