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Here are four bank accounts you can open to earn 5.00% or more on your savings. UFB Direct Preferred Savings - 5.02% APYUFB Direct is an online division of Axos Bank with a competitive high-yield savings account. CDs do not have monthly service fees like other types of bank accounts. Crescent Bank CD - 5.15% APYCrescent Bank has a 1-year CD paying 5.15% APY, and 18-month and 2-year terms paying 5.10% APY. Individual bank accounts are federally insured for up to $250,000, and joint bank accounts are insured for up to $500,000.

Share certificates and certificates of deposit are similar, though they're offered by different financial institutions. Share certificates are issued by credit unions, while certificates of deposit are issued by banks. Generally, the longer the term of a share certificate or certificate of deposit, the higher the interest rate you'll receive. The main difference between share certificates and certificates of deposit is that share certificates are issued by credit unions, while certificates of deposit are issued by banks. If you are interested in another savings accounts, consider these options:High-yield savings account.

☆ Analysis: Heroes or villains: Short sellers' role in the U.S. bank crisis
▼ + stars: | 2023-04-09 | by ( Lawrence Delevingne | ) www.reuters.com time to read: +7 min

How much short sellers contributed to the downward spiral reprises the debate about whether so-called shorts are market watchdogs or opportunistic investors who profit from others’ misery. In the case of the banking crisis, a review of data and interviews with short sellers and their critics show, the answer may be both. Some high profile short sellers were later celebrated as making prophetic calls about the U.S. housing market. Even so, interviews and public postings show at least some short sellers had placed bets against regional banks well before the crisis hit. SHORT POSITIONSSuch early short sellers, however, were in the small minority.

☆ Bank deposits edge up after record outflows, Fed data shows
▼ + stars: | 2023-04-07 | by ( Dan Burns | ) www.reuters.com time to read: +3 min

Federal Reserve data released on Friday showed deposits at all commercial banks rose to $17.35 trillion in the week ended March 29, on a nonseasonally adjusted basis, from a downwardly revised $17.31 trillion a week earlier. It was the first increase since the start of March and marked an end, for the moment, to a record flight of deposits triggered by the collapses of Silicon Valley Bank and Signature Bank toward the middle of last month. The second and third largest bank failures in U.S. history forced federal regulators to guarantee all deposits at both institutions and prompted the Fed to take emergency actions to restore confidence in the banking system. Deposits rose at both the largest 25 banks by assets and at small and mid-sized banks as well. The Fed said banks had offloaded that amount of assets in each of the two latest weeks, most of it coming in the form of Treasuries and mortgage-backed securities.

☆ 3 ways to make your money work harder during uncertain times
▼ + stars: | 2023-04-07 | by ( Sponsor Post | Created Insider Studios With Bask Bank | ) www.businessinsider.com time to read: +8 min

For example, Bask Bank — an FDIC-insured institution backed by Texas Capital Bank* — offers three account types with unique returns that outperform the national average. Besides their low initial deposit requirement, "Our CDs offer customers the ability to lock in your preferred interest rate," Gray said. Bask Bank offers CDs in term lengths of 6, 12, 18, and 24 months with APYs of up to 4.70% ***. "Buying a last-minute ticket can be really expensive, but often you can save money by using miles," Gray said. Bask Interest Savings Accounts Rates effective as of Friday, March 17, 2023:*** The Annual Percentage Yield is effective as of Monday, March 20, 2023.

Priority One Credit Union has 12-month and 24-month special certificates; you may be able to earn up to 7.00% APY. The main distinction between these accounts is that share certificates are issued by credit unions, and CDs are offered by banks. If you aren't eligible for Priority One Credit Union certificates or want to consider other options, there are other financial institutions with competitive CD rates right now. In order to open a Priority One Credit Union certificate, you have to qualify for membership first. Federal share insurance is important because it guarantees that money in your account is safe even if a credit union fails.

☆ Germany warns EU over tampering with schemes for struggling banks
▼ + stars: | 2023-04-05 | by ( Huw Jones | ) www.reuters.com time to read: +3 min

The EU's executive European Commission is due on April 18 to set out draft reforms to rules for handling stricken banks. The schemes link banks in a national network, allowing a struggling lender to get financial aid from the scheme's other members, forming part of a country's protections for bank depositors. CARVE OUTLindner said the commission's current plans would introduce a "number of new and significant restrictions" on IPS schemes by treating them like deposit guarantee schemes. A "clear and precise carve-out for IPS from newly introduced restrictions would be the easiest and cleanest way" to respect last year's agreement not to tamper with IPS, Lindner said. A report for the European Parliament last year said IPS represents a central and substantial component of depositor protections in Germany.

☆ How FDIC dropped the ball and picked up the tab
▼ + stars: | 2023-04-04 | by ( John Foley | ) www.reuters.com time to read: +7 min

NEW YORK, April 4 (Reuters Breakingviews) - Bank watchdogs don’t have a crystal ball when it comes to spotting bank runs. The FDIC is one of several agencies that watches over American banks, but it’s the one that picks up the tab when a lender fails. Gruenberg, on the FDIC board since 2005, did not support the rapid phased prototyping data project, fretting that it amounted to outsourcing supervision, according to people familiar with the situation. For all but the biggest banks, the FDIC continues to rely on quarterly snapshots known as “call reports,” and the findings of its on-the-ground inspectors. Reuters GraphicsThe death of the 2020 project – and the fact it didn’t start years sooner – reflect deeper challenges at the FDIC.

Below, you'll find our top picks for the best banks for avoiding ATM fees. The best banks for avoiding bank ATM fees have free regional or national ATM networks, so you won't be charged for using an ATM. The Best Banks for Avoiding ATM FeesLendingClub Bank: Best online bank for avoiding domestic ATM feesConnexus Credit Union: Best credit union for avoiding domestic ATM feesChase: Best national bank for avoiding domestic ATM feesCharles Schwab: Best institution for avoiding international ATM feesTD Bank: Best regional bank for avoiding domestic ATM feesBetterment: Best online banking platform for avoiding domestic ATM feesWe've included brick-and-mortar banks, online banks, credit unions, and online banking platforms, so you can choose from a variety of options. Unlimited refunds on out-of-network ATM fees Check mark icon A check mark. You could also refer to the schedules of fees document to review ATM fees and ATM withdrawal limits."

☆ With a recession looming, it's an important time to have an emergency savings account, finance expert Suze Orman says
▼ + stars: | 2023-03-30 | by ( Lorie Konish | ) www.cnbc.com time to read: +5 min

watch now"There has never been a time that as much as right here and right now in the recent past that an emergency savings account is vital, absolutely vital," Orman said. In 2020, she co-founded SecureSave, a company working with employers to provide emergency savings accounts to employees. "If you go back through my entire history of almost 40 years now, I've been [saying] emergency savings, emergency savings, emergency savings," Orman said. How your emergency fund deposits are insuredAn important part of emergency savings is easy access, which means most people are looking at some kind of high-yield savings account. Generally, deposit accounts are eligible for $250,000 coverage for the sum of accounts at an institution in this category, which includes checking accounts, savings accounts, certificates of deposit or money market deposit accounts.

☆ Fed's Powell discussed FDIC limits with House Republicans -lawmaker
▼ + stars: | 2023-03-29 | by ( Richard Cowan | ) www.reuters.com time to read: +1 min

WASHINGTON, March 29 (Reuters) - U.S. Federal Reserve Chair Jerome Powell told Republican lawmakers that Congress should re-evaluate limits on the size of federally insured bank deposits, U.S. Representative Kevin Hern said on Wednesday. "We talked about that but he said it was the role for Congress to really evaluate. Thought it was a great topic to bring up," Hern said after Powell spoke to a closed-door meeting of the Republican Study Committee. On another topic, Hern said Powell told Republicans that he believed supply chain inflation had mostly been mitigated. Reporting by Richard Cowan; Editing by Scott Malone and Josie KaoOur Standards: The Thomson Reuters Trust Principles.

☆ Morning Bid: Bank calm, rates firm, Alibaba steals show
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +4 min

A semblance of calm has returned to world markets in the final week of the first quarter as the banking storm abates and the spotlight switched to a share-boosting six-way revamp of Chinese e-commerce giant Alibaba. Investors cheered the surprise move from Alibaba (9988.HK) as a sign Beijing's corporate crackdown may be nearing an end, sending shares of the Jack Ma-founded firm and peers soaring. The surprise move seeks to take advantage of Ermotti's experience rebuilding the bank after the global financial crisis 15 years ago. Broader stock markets were higher across the board, with Wall St futures up almost 1% ahead of the open. Futures markets now show a 50-50 chance of one more Fed rate hike in this cycle in May and half a point of easing by yearend.

☆ Premarket stocks: How big of a problem is greedflation?
▼ + stars: | 2023-03-29 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +9 min

“Executives at SVB and Signature [Bank] took wild risks and must be held accountable for exploding their banks,” Warren said. Republican Senators say the Fed’s focus on climate change led to banking turmoilRepublican Senators repeatedly insinuated on Tuesday that the recent US banking turmoil came as a result of the Federal Reserve’s focus on climate change. In his opening statement, Republican Sen. Tim Scott of South Carolina, the ranking member of the banking committee, called the Fed’s focus on climate change a waste of time. It’s what our supervisors do all the time.”In an interview with Montana Public Radio in 2014, Daines said that “the jury’s still out” on whether climate change is real. The public reasonably expects supervisors to require that banks understand, and appropriately manage, their material risks, including the financial risks of climate change.”

☆ What to expect from the Senate hearings on recent bank failures
▼ + stars: | 2023-03-28 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +4 min

New York CNN —Silicon Valley Bank’s liquidity crisis and subsequent downfall sent waves of panic through the financial system in early March, setting off a chain reaction of chaos with which regional banks are still grappling. On Wednesday, the House Financial Services Committee will continue with their own line of questioning. Sen. Brown has called for the executives of Silicon Valley Bank to be held accountable for the bank’s failure. “Our banking system is sound and resilient, with strong capital and liquidity,” Barr said. The failures of SVB and Signature Bank, he wrote, “demonstrate the implications that banks with assets over $100 billion can have for financial stability.

March 29 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever. An interest rate decision in Thailand and Australian inflation top a light Asian calendar on Wednesday, with broader risk appetite likely to be tempered by a further rebound in U.S. bond yields. But this relief is running up what looks like a renewed spike higher in bond yields and borrowing costs, which is dampening risk appetite. One curiosity is the dollar, weakening again on Tuesday despite the rise in U.S. bond yields. Indeed it mostly struggled to catch a safe-haven bid when the banking stresses were most acute and is now struggling even when U.S. yields are rising.

LAS VEGAS, March 28 (Reuters) - Mid-sized U.S. lenders are getting creative as they try to hang onto customer deposits after two bank failures rattled consumers and spurred a $119 billion exodus from small institutions in recent weeks. Industry executives discussed strategies to bolster trust in their institutions at an annual meeting of the Consumer Bankers Association conference on Monday in Las Vegas. Paying higher rates on deposits is the most common way to make them stick, executives said. Despite the recent flight in deposits to large banks, one banker at a mid-sized bank said they were confident the lender could survive the recent exodus. Reporting by Tatiana Bautzer and Nupur Anand in Las Vegas; Editing by Lananh Nguyen and Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

☆ Premarket stocks: Banking chaos could break the strong job market
▼ + stars: | 2023-03-28 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

New York CNN —The job market has remained strong even as the Federal Reserve has spent a full year attempting to cool off the economy by raising interest rates. But economists think that the recent banking turmoil may be what finally raises unemployment. Even with those big job cuts, the labor market in the United States remains white hot. Since the pandemic, regional banks “have provided a vast majority of lending to small firms, underwriting local small business formation,” said Philip Wool, an analyst with asset manager Rayliant. AI will likely lead to job loss, they wrote, but technological innovation that initially displaces workers has historically created employment growth over long haul.

WASHINGTON, March 28 (Reuters) - Lawmakers are expected to put top U.S. bank regulators on the defensive over the unexpected failures of regional lenders Silicon Valley Bank and Signature Bank when they testify before Congress on Tuesday. Regulators have vowed to review their rules and procedures after the twin failures while insisting the overall system remains sound. Tuesday's hearing at the Senate Banking Committee will give lawmakers the chance to press watchdogs on what went wrong on their watch, and push preferred policy prescriptions. They just didn't," said Sen. Tim Scott of South Carolina, the top Republican on the Senate Banking Committee, at a banking industry conference last week. Some Democrats, including major bank critic Senator Elizabeth Warren of Massachusetts, have also argued a 2018 bank deregulation law is to blame.

☆ This is not another banking crisis, analysts say — it's 'sentiment contagion' instead
▼ + stars: | 2023-03-28 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

"It was more of a 'sentiment contagion' rather than the true systemic contagion we saw during the global financial crisis. Vanguard economists believe that the damage has been largely contained, thanks to the quick action of federal agencies and other banks," Devereux said. The bank launched a huge restructuring effort in 2019 and has since posted 10 straight quarters of profit. "We've seen a lot of stuff breaking and haven't really been paying attention because it's been outside of regulated capital. For the core, the big cap banks in Europe, I think we're looking at a completely different picture and I wouldn't be concerned."

☆ How protected is your money in accounts outside of banks?
▼ + stars: | 2023-03-28 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +6 min

Spoiler alert: You likely have at least some protection in all but your crypto accounts. There are several types of deposit accounts you may have at one bank (e.g., individual savings account, joint checking, business account, etc.) NCUA, which is backed by the full faith and credit of the US government, covers accounts up to $250,000, in much the same way the FDIC covers bank accounts. Crypto accountsIf you invest in crypto assets you have no federally guaranteed protections should the company acting as custodian of your assets go under. Even if you’re holding your crypto assets at a firm that is an SEC-registered broker-dealer and it is a member of SIPC, your crypto assets will not receive SIPC protection.

☆ FDIC coverage limits may be raised above $250,000 again. How experts say you can have more of your deposits insured
▼ + stars: | 2023-03-27 | by ( Lorie Konish | ) www.cnbc.com time to read: +3 min

Experts say there are still ways to gain FDIC coverage even if you are over that $250,000 limit. Citizens Bank of Edmond offers additional coverage, with a limit of $150 million per depositor, through IntraFi Network. "If you're able to use IntraFi, then you don't necessarily have to go to another bank to get another $250,000," Castilla said. Jill Castilla CEO of Citizens Bank of EdmondBecause the bank's average deposit is typically $25,000, Citizens Bank of Edmond does not use the amplified coverage often, Castilla said. Add beneficiaries to your accountAnother way of getting more than $250,000 in coverage for your deposits is to add beneficiaries.

☆ Morning Bid: Brittle banks find a berth
▼ + stars: | 2023-03-27 | by ( ) www.reuters.com time to read: +4 min

With few fresh weekend developments on the European bank stock rigor late last week, European bourses and bank stocks found a level too. Deutsche Bank, whose stock lurched lower on Friday amid fears about rising bank funding costs, regained about 3% on Monday. Deposits at small banks fell by $120 billion in the week to March 15, while borrowing jumped $253 billion. Economists polled by Reuters expect the headline year-on-year inflation rate to have cooled to 7.2% from 8.5% in February. * U.S. Treasury auctions 2-year notes* U.S. corporate earnings: CarnivalReuters GraphicsReuters Graphics Reuters GraphicsReuters GraphicsReuters GraphicsBy Mike Dolan, editing by Ed Osmond, <a href="mailto:mike.dolan@thomsonreuters.com" target="_blank">mike.dolan@thomsonreuters.com</a>.

☆ Fed's Barr calls Silicon Valley Bank failure a 'textbook case of mismanagement'
▼ + stars: | 2023-03-27 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

The Federal Reserve's top banking regulator said Monday that the failure of Silicon Valley Bank was due largely to mismanagement, though he noted that regulation and oversight also need to step up. "To begin, SVB's failure is a textbook case of mismanagement," he said. Along with the examination into what happened specifically with the bank, Barr also noted that the probe will examine whether the Fed's testing of risk was adequate. He pointed out that the supervisors identified problems with SVB's liquidity risk management as far back as late-2021. Part of the review also will look at whether more stringent standards would have pushed SVB to have a better handle on its liquidity risk.

☆ SVB failure is a ‘textbook case of mismanagement,’ top Fed regulator tells Congress
▼ + stars: | 2023-03-27 | by ( Matt Egan | ) edition.cnn.com time to read: +3 min

“SVB’s failure is a textbook case of mismanagement,” Barr says in testimony to be delivered before the Senate Banking Committee. “Our banking system is sound and resilient, with strong capital and liquidity,” Barr said. In his testimony, Barr discloses that near the end of 2021, bank supervisors found “deficiencies” in the bank’s liquidity risk management. That resulted in six supervisory findings linked to SVB’s liquidity stress testing, contingency funding and liquidity risk management. Barr said the Fed will weigh whether the applying those tougher rules to SVB would have helped the bank manage the risks that led to its failure.

[1/2] An employee holds the door open at the Silicon Valley Bank branch office in downtown San Francisco, California, U.S., March 13, 2023. Supervision of large banks like SVB, which was the 16th biggest U.S. bank at the time of its failure, is a shared responsibility of bank examiners employed by the regional Fed bank and Fed Board staff in Washington. Fed Chair Jerome Powell said this week he wants to identify "what went wrong here". Bank examiners at San Francisco Fed had flagged escalating problems at the Santa Clara-based bank suggesting issues with its ability to meet short-term cash needs like depositor withdrawals. As San Francisco Fed chair, Mehran headed the search committee that hired Daly for the top job at the bank in 2018.

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