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☆ Where to Move Your Savings Now That the Fed Has Raised Rates Even Higher
▼ + stars: | 2023-07-26 | by ( Steve Garmhausen | ) www.wsj.com time to read: +5 min

But rates on savings accounts and certificates of deposit could start to fall before long—so it might make sense to lock in today’s rates soon. That means that it could become a lot harder to find savings accounts and certificates of deposit paying the most attractive rates. “I think we’ve already broken past the peak,” says Sander Read, a financial advisor in Winter Park, Fla.Where are interest rates headed next? What do higher rates mean for savings accounts and CDs? The reason: Banks that need to raise more cash to make loans are more likely to dangle higher interest rates to get it.

Persons: Steve Garmhausen, ”, Sander Read, Keith Larkin, Ken Tumin, “ Organizations: Fed, Federal Deposit Insurance Corp, Bank, Treasury Locations: Winter Park, Fla, San Francisco, Bank

☆ How Regional Banks Got Healthy Again
▼ + stars: | 2023-07-26 | by ( Emily Flitter | More About Emily Flitter | ) www.nytimes.com time to read: +1 min

After depositor runs led to the collapse of Silicon Valley Bank and Signature Bank this spring, investors and onlookers wondered how similarly sized institutions would fare. Would they have to merge with bigger banks? Then, when a third lender, First Republic Bank, flirted with destruction for weeks before being bought by JPMorgan Chase in May, it was hard to see how depositors would ever feel comfortable trusting midsize banks again. Quarterly earnings reports released this month detailing midsize banks’ performance from April through June have shown that their balance sheets look healthier than they did last quarter, with higher-quality loans and more money set aside to cover surprise losses. The KBW Nasdaq Regional Banking Index, a proxy for the industry, is rebounding after plunging 35 percent during the crisis.

Persons: depositor Organizations: Silicon Valley Bank, Signature Bank, First Republic Bank, JPMorgan Chase, Nasdaq, Banking Locations: Silicon

Compare Puerto Rico Federal Credit Union accounts Puerto Rico Federal Credit Union Regular Actions AccountPuerto Rico Federal Credit Union Easy Access Checking AccountPuerto Rico Federal Credit Union Share Certificate Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Puerto Rico Federal Credit Union Regular Actions Account Start saving Puerto Rico Federal Credit Union, NCUA insured. Puerto Rico Federal Credit Union FAQsWhere are Puerto Rico Federal Credit Union branches located? How Puerto Rico Federal Credit Union ComparesPuerto Rico Federal Credit Union vs. Caribe Credit UnionCaribe Credit Union is a Hispanic American-led credit union in Puerto Rico. Puerto Rico Federal Credit Union vs. VAPR Federal Credit UnionVAPR Federal Credit Union is a Hispanic American-led credit union in Puerto Rico.

Alpena Alcona Area Credit Union has a 7-month CD special paying over 7% APY. To open a CD at Alpena Alcona Area Credit Union, you must qualify for membership. Alpena Alcona Area Credit Union, a financial institution located in Michigan, is offering a 7-month CD special paying 7.19% APY. If you aren't familiar with this credit union, note that Alpena Alcona Federal Credit Union is federally insured by the NCUA. Alpena Alcona Area Credit Union has ten branches in Michigan (Alpena, Ossineke, Posen, Lincoln, Rogers City, Atlanta, Oscoda, Tawas City, and Cheboygan).

Persons: Ally Organizations: Union, Credit Union, Alpena, Alpena Alcona Federal Credit Union, Barclays Locations: Alpena Alcona, Michigan, Alpena, Ossineke, Posen, Lincoln, Rogers City, Atlanta, Oscoda, Tawas City

☆ Best 1-Year CD Rates
▼ + stars: | 2023-07-18 | by ( Martha C. White | ) www.wsj.com time to read: +7 min

Best 1-year CD ratesToday’s market for one-year CDs is big and very competitive—good news for yield-seekers. To help you find the best yields you can get today, here are some one-year CDs with the highest APYs currently on the market. These picks reflect the best available one-year CD rates as aggregated by DepositAccounts, com, which tracks roughly 275,000 rates at more than 11,000 banks and credit unions, and Buy Side from WSJ’s own research. Increased competition for your dollars today means that the best one-year CD rates come very close to tracking the movement of the Fed’s benchmark federal-funds rate, says DepositAccounts.com founder Ken Tumin. We concentrated on rates available across the U.S., although you might find a great one-year CD rate at a local community bank or credit union near you.

Persons: Martha C, Banks, Ken Tumin, Tumin, “, ” Tumin, you’re, ”, Kathy Carey, Baird Organizations: Federal Reserve, FDIC, National Credit Union Administration Locations: U.S

Pros Check mark icon A check mark. Competitive APY Check mark icon A check mark. High interest rate Check mark icon A check mark. High interest rate Check mark icon A check mark. Earn a higher interest rate if you set up direct deposit Check mark icon A check mark.

Persons: you've Organizations: Milli, FDIC, Bank of, Federal Reserve, Federal, Chevron, Reading Chevron, Western Alliance, Mint, Mobile, National Bank of, Synchrony Bank, SoFi Bank, Green Locations: Bank of Omaha, National Bank of Omaha

☆ YOUR MONEY How to get high rates to work for you
▼ + stars: | 2023-07-17 | by ( Chris Taylor | ) www.reuters.com time to read: +4 min

July 17 (Reuters) - There is no doubt that higher interest rates are hard on a many people – especially if you are taking out a loan on a home or a car, or are struggling to catch up with credit-card debt. But for some, steep interest rates are not actually bad news. In fact, 38% of people say they have benefited from higher interest rates during the past year, according to a new survey from Allianz Life Insurance. “That’s the dichotomy: Higher interest rates are both crushing some people and benefiting others at the same time,” says Kelly LaVigne, vice president of Consumer Insights for Allianz Life. That means if you have some savings set aside, it is time to think about how to flip this negative of higher interest rates into a positive.

Persons: “, ”, Kelly LaVigne, Amy Arnott, Morningstar, Arnott, Rowe, Baird, Jeremy Keil, Keil, George Gagliardi, Lauren Young, Aurora Ellis Organizations: Allianz Life Insurance, Consumer, Allianz Life, U.S . Federal Reserve, Morningstar, FDIC, Bills, CIT Bank, BMO Alto, Citizens, Financial, Thomson Locations: New Berlin , Wisconsin, Toronto, Lexington , Massachusetts

Pros Check mark icon A check mark. Open accounts you might not be able access outside of Raisin Check mark icon A check mark. High interest rate Check mark icon A check mark. High interest rate Check mark icon A check mark. Earn a higher interest rate if you set up direct deposit Check mark icon A check mark.

Persons: Milli Organizations: First National Bank of, Federal Reserve, Federal, Milli, FDIC, Western Alliance, Mint, Chevron, Mobile, National Bank of, Synchrony Bank, SoFi Bank, Green, Reading Chevron Locations: First National Bank of Omaha, National Bank of Omaha

☆ The high yield on this 1-year CD just got even hotter
▼ + stars: | 2023-07-11 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +2 min

Bread raised the annual percentage yield on its 1-year certificate of deposit to 5.35%, an increase of 10 basis points. That bump higher makes it the 1-year CD with the highest yield among banks under Stephens' coverage, according to a Monday report from the firm. Consider that a 2-year CD at Bread has an APY of 5%, while a 5-year CD yields 4.25%. "The past two weeks have been relatively quiet for online bank rate moves, and we wonder if this is holiday-related or if the online bank demand for deposits has slowed," said Vincent Caintic, an analyst at Stephens. He added that another driver behind the deceleration in deposit rate increases could be a slowdown of loan growth among online banks.

Persons: Bread, Stephens, you'll, Vincent Caintic, — CNBC's Michael Bloom Organizations: First Internet Bank of Indiana, Federal Deposit Insurance

See Insider's best bank account bonuses>>How to get a U.S. Bank Business Checking account bonusHere are the steps you need to take to qualify for a Business Checking account bonus at U.S. Bank. You can open the U.S. Bank Silver Business Checking Package, U.S. Bank Gold Business Checking Package, or U.S. Bank Platinum Business Checking Package. Enroll in U.S. Bank business online banking or the U.S. Bank Mobile AppWithin 60 days of opening your Business Checking account, you also must enroll in U.S. Bank business online banking or the U.S. Bank Mobile App. Other business checking accounts to considerIf you're not eligible for the promotional offer or want to consider other business checking accounts, check out our best free business checking accounts guide. What to know about U.S. Bank Business Checking accountsU.S. Bank has three types of small Business Checking accounts: U.S. Bank Silver Business Checking Package, U.S. Bank Gold Business Checking Package, and U.S. Bank Platinum Business Checking Package.

Persons: you've Organizations: . Bank, U.S . Bank, Bank, U.S . Bank Mobile, Axos, Mastercard, Citizens Bank, U.S, Bank Payment Solutions Merchant, Our U.S . Bank Locations: Arizona , Arkansas , California , Colorado , Idaho , Illinois , Indiana , Iowa , Kansas , Kentucky, Minnesota , Missouri, Montana , Nebraska , Nevada , New Mexico, North Carolina , North Dakota , Ohio , Oregon, South Dakota , Tennessee , Utah, Washington , Wisconsin, Wyoming, U.S, East Coast, Midwest, Our

☆ Premarket stocks: Why it might be time to get optimistic about the market
▼ + stars: | 2023-06-26 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

US stocks, meanwhile, have managed to pull up from their recent bear market into bull territory. Still, there’s good reason for investors to be optimistic, says Indrani De, head of global investment research at FTSE Russell. That makes sense, since tech and energy stocks have largely been driving markets upward over the last few weeks. For instance, leading venture capital firm Sequoia Capital held just more than $1 billion at SVB, according to the FDIC document. The FDIC document shows that Circle held $3.3 billion at SVB, a figure that the stablecoin company previously disclosed.

Persons: New York CNN —, Indrani De, Bell, De, froth, Matt Egan, SVB, Zhipin Organizations: CNN Business, Bell, New York CNN, FTSE Russell, Energy, Communications Services, Technology, Tech, Consumer Staples, FDIC, Bloomberg, Silicon Valley Bank, Bloomberg News, Sequoia Capital, PayPal, Google, Apple, Internet Locations: New York, Russia, disinflation, Silicon, Beijing

☆ FDIC accidentally reveals details about Silicon Valley Bank’s biggest customers
▼ + stars: | 2023-06-23 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

New York CNN Business —The FDIC mistakenly revealed to Bloomberg News details on the biggest customers at Silicon Valley Bank, the failed bank whose depositors were rescued through emergency action by regulators. According to Bloomberg, that document was accidentally released unredacted by the FDIC in response to a Freedom of Information Act request. For instance, leading venture capital firm Sequoia Capital, held just more than $1 billion at SVB, according to the FDIC document. The FDIC document indicates the Chinese firm held about $903 million at SVB. The FDIC, charged with insuring deposits at banks, apparently did not intend to release the details on SVB’s biggest customers.

Persons: SVB, Zhipin, Dennis Kelleher, ” Kelleher, Mike Pence, ” Organizations: New York CNN Business —, Bloomberg, Silicon Valley Bank, Bloomberg News, FDIC, Sequoia Capital, PayPal, Google, Apple, Sequoia, CNN, Better Markets, Internet, Better, Main Street Locations: Silicon, Beijing

☆ How to get better returns on your cash now
▼ + stars: | 2023-06-21 | by ( Chris Taylor | ) www.reuters.com time to read: +5 min

NEW YORK, June 21 (Reuters) - You might assume that with U.S. interest rates at new highs, Americans are getting terrific returns on savings. MONEY MARKET FUNDSIn brokerage accounts there is a default or "sweep" account, where cash is kept before you make other investments. The two highest yields at the moment for government money market funds, according to data trackers iMoneyNet: UBS Liquid Assets Government Fund at 5.07%, and Vanguard Treasury Money Market Fund at 5.06%. An important note about terminology: Money market funds are distinct from money market accounts. “All of these are very appealing, and we are recommending people reassess their cash and emergency fund savings.

Persons: ”, Greg McBride, ” McBride, James Gambaccini, Gambaccini, –, Sallie Mae, Brandon Opre, Chris Taylor, Lauren Young, Matthew Lewis Organizations: YORK, Federal Reserve, BMO, TIAA Bank, Treasury Bills, U.S ., Barclays, UBS Liquid Assets Government, Vanguard Treasury Money Market, Thomson Locations: www.TreasuryDirect.gov, Reston , Virginia, Huntersville , North Carolina, New York

Money market funds Assets in retail money market funds grew to $1.99 trillion, according to the latest data from the Investment Company Institute . Further, even as money market funds offer relative safety, they can still face some risk. Don't confuse money market funds with money market accounts. Though money market accounts – which are offered by banks – are protected by the Federal Deposit Insurance Corporation, up to $250,000, money market funds are not. Certificates of deposit and high-yield savings accounts Liquidity should be a big factor for investors eyeing bank products like CDs and high-yield savings accounts.

Persons: Jamie Hopkins, Hopkins, Don Grant, Jordan Benold, Lehman, Danika Waddell, BancShares, Waddell Organizations: Federal, Carson Group, Sabre, Investment Company Institute, Investors, –, Lehman Brothers, Federal Deposit Insurance Corporation, Xena, BMO, Ally Financial, CIT Bank, Synchrony, Ally, Capital

☆ Millionaires support raising Federal Deposit Insurance Corp. limits. They may be overlooking ways to access more coverage on deposits now
▼ + stars: | 2023-06-12 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

Currently, the Federal Deposit Insurance Corp. insures $250,000 per depositor for each ownership category for deposits held at an insured bank. That year, the standard maximum deposit insurance amount was temporarily raised to $250,000, from $100,000. How future deposit insurance may changeThe FDIC in May released a report that outlined three options for the future of the deposit insurance system. This may include an increased, yet also "finite," deposit insurance limit, the FDIC's report states. A third choice, targeted coverage, would provide different levels of deposit insurance coverage for different types of accounts, with higher coverage for business payment accounts.

Persons: Lauren Justice, First Republic —, Martin Gruenberg, Gruenberg, Ted Jenkin, Atlanta . Jenkin, Jenkin Organizations: Bank, Bloomberg, Getty, Valley Bank, Signature Bank, CNBC, Millionaire Survey, Federal Deposit Insurance Corp, First, Committee, Silicon Locations: Beverly Hills , California, First Republic, Atlanta .

Deutsche swapped billions of euros in securities for cash and government bonds, the sources told Reuters, which count towards its liquidity coverage ratio (LCR). This is meant to determine the extent of a bank's access to ready cash to fund outflows such as depositor withdrawals. The trades caught the attention of European Central Bank (ECB) supervisors, who questioned Germany's largest lender about them during routine exchanges, the sources said. Even without the trades, Deutsche would have far exceeded a 100% LCR regulatory requirement and overshot its own target, the sources said, adding that its liquidity is not a concern. Deutsche's trades helped it raise its LCR to 143% at March 31, its first-quarter earnings report published in April showed.

☆ US banks rethink social media as a threat, not a marketing tool
▼ + stars: | 2023-05-18 | by ( Nupur Anand | ) www.reuters.com time to read: +5 min

Greg Becker, the former CEO of Silicon Valley Bank, blamed social media as an "unprecedented" factor in the lender's demise. The former CEO of First Republic Bank, Michael Roffler, also blamed social media for its collapse two months later. Bank executives and directors have ordered their companies to add social media into risk-management programs, according to regional bank executives who declined to be identified because the discussions are private. "NIP IT IN THE BUD"Banks are also contacting customers who complain on social media to address their issues quickly. The Financial Stability Board, an international body, is also investigating the role of social media in recent market turmoil, a source said.

Step, a mobile banking platform geared toward teen customers, announced Wednesday that users may now earn 5.00% annually on savings balances of up to $250,000. View Full Details Start banking Step, FDIC Insured AccountStep - Banking for Teens Start banking Step, FDIC Insured Account Details Rewards Earn rewards by using a Step Visa Card at qualifying merchants — restaurants, clothing stores, gas stations, and more. Annual Fee $0 Recommended Credit No Credit Regular Annual Percentage Rate (APR) None Editor's Rating 4.2 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4.2 out of 5 Stars Pros & Cons Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Other savings account optionsIf you do not qualify to earn 5.00% at Step or want to consider other options, here are some accounts from our best savings account guide that you might like:Alliant Kids Savings Account: This is listed as our top pick for kids. Once a child turns 13, they'll be able to open a teen checking account; the Alliant Kids Savings Account can remain as their savings account.

First Security Bank and Trust Company accounts First Security Bank and Trust Company Savings AccountFirst Security Bank and Trust Company Free Checking AccountFirst Security Bank and Trust Company CDFirst Security Bank and Trust Company Money Market Account Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. About First Security Bank and Trust CompanyFirst Security Bank and Trust Company is a Black-owned bank with one branch in Oklahoma City, OK. First Security Bank and Trust Company FAQSWhat is First Security Bank and Trust Company? Methodology: How We Reviewed First Security Bank and Trust CompanyFor our First Security Bank and Trust Company review, we rated bank products and services using our bank account methodology. How First Security Bank and Trust Company ComparesFirst Security Bank and Trust Company is the only Black-owned bank in Oklahoma.

St. Louis Community Credit Union Regular Savings Account Learn more St. Louis Community Credit Union, NCUA insured. How St. Louis Community Credit Union Accounts Compare St. Louis Community Credit Union Regular Savings AccountSt. Louis Community Credit Union Interest (Gold) Checking AccountSt. Louis Community Credit Union Money Market AccountSt. Louis Community Credit Union Share Certificate Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. St. Louis Community Credit Union Interest (Gold) Checking Account Learn more St. Louis Community Credit Union, NCUA insured. St. Louis Community Credit Union Money Market Account Learn more St. Louis Community Credit Union, NCUA insured. St. Louis Community Credit Union vs. First Community Credit UnionYou'll prefer St. Louis Community if you want to support a Black-owned institution.

☆ There are limited options to fix the banking crisis, but one is gaining support
▼ + stars: | 2023-05-04 | by ( Jeff Cox | ) www.cnbc.com time to read: +4 min

Ackman didn't provide specifics on how he thinks a deposit guarantee program would work, but he said one is essential to restore investor confidence in regional banks. That has put pressure on midsize banks, and the S & P Regional Bank ETF has fallen 40% year to date. Short sellers have ganged up on some regional banks on the prospect that even those that are rescued or merged will see stock holders wiped out. "Renewed stress among regional bank stocks after market close may cause [Washington, D.C.] to reconsider priorities," Mayo said in a client note. "Unfortunately, there is a significant disconnect between the renewed pressure on regional banks and DC's posture," Mills said in a note.

Pros Check mark icon A check mark. Competitive APY Check mark icon A check mark. Easy to save for various goals Check mark icon A check mark. Pros Check mark icon A check mark. Competitive APY Check mark icon A check mark.

☆ Americans haven't been this worried about their bank deposits since the 2008 financial crisis
▼ + stars: | 2023-05-04 | by ( Christina Cheddar Berk | ) www.cnbc.com time to read: +1 min

Recent events may be chipping away at confidence in the U.S. financial system, according to the findings of a Gallup survey. Nearly half of the 1,013 adults polled said they were "very worried" (19%) or "moderately worried" (29%) about the safety of the money they had tucked away in a bank or other financial institution, Gallup said. The level of concern expressed in the poll is similar to the findings that Gallup found shortly after the collapse of Lehman Brothers in September, 2008. Still, a December 2008 reading had shown sentiment had already improved from those worst levels as steps were taken to ease the impact of the financial crisis. When the poll was conducted from April 3-25 this year, Signature Bank and Silicon Valley Bank had already failed.

☆ The Fed May Be Done Raising Rates. Here’s What It Means for CDs and Savings Accounts
▼ + stars: | 2023-05-03 | by ( ) www.wsj.com time to read: +5 min

So, if you don’t need immediate access to your savings, it may make sense to lock in current interest rates with a CD. And while the pace of price increases remains well above the Fed’s preferred level of 2%, the central bank fears that raising interest rates any more could tip the fragile economy into recession. The likely explanation is that banks expect interest rates to decrease and don’t want to be locked into paying higher rates for extended periods of time. It’s true that if CD rates are, say, 3% a couple of years from now, then a 4.5% yield will look very good. And because falling interest rates tend to drive up bond prices, that’s what they’d likely do.

☆ 'Self-fulfilling prophecy is a risk' in regional bank crisis, Evercore ISI says
▼ + stars: | 2023-05-03 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

Regional bank stocks have fallen sharply this week after the failure and sale of First Republic, with the SPDR S & P Regional Banking ETF (KRE) tumbling 8.9% in just two days, on Monday and Tuesday. KRE 5D mountain Regional bank stocks have fallen after First Republic's failure. But even if the immediate concerns have been put to rest, now the falling bank stocks could create a new round of issues, according to Evercore ISI. ... regional banks' troubles are earnings issues for most, rather than liquidity issues," Pancari said. He added that "select regionals appear oversold," highlighting Fifth Third Bancorp as one of Evercore ISI's favorite mid-sized banks.

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