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☆ Homeowners are tapping into home equity to get cash
▼ + stars: | 2023-08-16 | by ( Anna Bahney | ) edition.cnn.com time to read: +5 min

That means homeowners are now collectively sitting on nearly $30 trillion in home equity, according to the St. Louis Federal Reserve. Other reasons that borrowers gave for taking out a HELOC or home equity loan included debt consolidation and emergency cash management. Hidden source of valueA homeowner’s equity in their home can be a tremendous source of wealth. A homeowner’s equity will fluctuate over time as they make payments on their mortgage and real estate market dynamics impact the current value of the home. Mortgage balances stay high because of home equity loansNationally, mortgage balances remain near record highs as some people turn to home equity loans, rather than HELOCs, according to a quarterly report from TransUnion.

Persons: ”, Marina Walsh, ” Walsh, HELOC originations, Joe Mellman, Freddie Mac, Mellman Organizations: DC CNN, Louis Federal Reserve, Equity Lines of, Mortgage, Association, TransUnion, “, refinances Locations: Washington, originations, U.S

A joint bank account allows two or more people to own a bank account. While you can open a joint bank account with anyone, usually, joint bank accounts are opened by couples or family members. One type of joint bank account that you may be familiar with is a kid's bank account. Joint bank accounts are federally insured for a greater amount than individual bank accounts. Deciding between a joint bank account or an individual bank account will boil down to how you use the account and your goals.

Persons: what's, You'll Organizations: Service, FDIC, Social Locations: Wall, Silicon

☆ What the highest interest rates in 16 years mean for you
▼ + stars: | 2023-08-10 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +7 min

Bank prime loan rates, the interest rates banks charge creditworthy customers, are typically about 3 percentage points higher than the Fed funds rate. In the short term, the Fed funds rate also affects Treasury yields, or the interest rate the government pays on its debt obligations. These yields influence how much consumers pay on real estate and equipment, as they set a baseline for other interest rates. Ninety-day CD rates track almost identically to the Fed funds rate, meaning these CDs have paid higher interest rates as the Fed hikes rates. Large corporations also are directly affected by higher interest rates, as the cost of borrowing money also follows the Fed funds rate.

Persons: Michelle Bowman, stabler, WalletHub Organizations: Service, Fed, Federal Reserve, Federal, Market, Bank, Treasury Locations: Wall, Silicon

Pros Check mark icon A check mark. Accounts pay high interest rates Check mark icon A check mark. Open accounts you might not be able access outside of Raisin Check mark icon A check mark. Competitive interest rate on select CD terms Check mark icon A check mark. Accounts pay high interest rates Check mark icon A check mark.

Persons: Banks, Sallie Mae, Mae, you'll, Laura Grace Tarpley, Penny Hoarder, Laura Grace, ltarpley Organizations: Credit Union, Union, Federal Credit Union, Federal, Pacific Western Bank, Western Bank, Mint, FDIC, Chevron, Mae Bank, Reading Chevron, American Consumer Council, National Bank of America, Bank of America, Credit, Technology Credit, Landmark Credit Union, Alpena Alcona, Finance, National, Real, Insider Locations: Alpena Alcona, Michigan, NCUA, NY, East Lansing, Grand Rapids, Traverse, Alpena

Here are four important steps to take to determine just how much money you'll need to save:1. Calculate how much you'll need to save during retirementUnderstanding what you expect retirement to look like will help determine how much you'll need in order to fund that lifestyle. In retirement, your savings will cover many of the same expenses that you had prior to retirement. This rule states that retirees can withdraw up to 4% of their retirement savings in year one of retirement. So, if you have $2,000,000 in retirement savings, you would withdraw $80,000 that first year.

Persons: you'll, it'll, Jim Ludwick, They're, Roth, Ludwick, Tolen Teigen, Everyone's, Charles Schwab Organizations: Service, Gallup, Utilities Insurance, Inc, Fidelity, Social Security, IRA, Roth IRA, Consulting, Security Locations: Wall, Silicon, Chevron

See our picks for the best personal loans for bad credit >>Steps to get a loan with bad credit1. Get your most recent credit scoreIt's one thing to suspect you have bad credit, and another to know exactly how bad it is. Consider a credit unionCredit unions are a great option for those looking to get a loan with bad credit. Where to get a personal loan with bad creditYou can get a personal loan with bad credit from many banks, credit unions, and online lenders. How to get a loan with bad credit FAQsIs there really a way to get a loan with bad credit?

Persons: It's, it's, We've, Jamie Young, Young, Priyanka Prakash, Prakash, Nathalie Noisette, Experian, Holly Johnson, Johnson, Banks, Josh Goodwin, Eric Rosenberg, you'll Organizations: Service, you'll, Credit, Companies, Business, Goodwin Mortgage Group, National Credit Union Administration, Chevron Locations: Wall, Silicon

Alpena Alcona Area Credit Union is offering a 7-month CD special paying over 7% APY. Alpena Alcona Area Credit Union, a financial institution with branches in Michigan, has 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. Start saving today »How to get 7.19% APY on a CDTo open a CD at Alpena Alcona Area Credit Union, you must qualify for membership. 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, Pacific Western Bank Crescent Bank, Barclays Locations: Alpena Alcona, Michigan, Alpena, Ossineke, Posen, Lincoln, Rogers City, Atlanta, Oscoda, Tawas City

"So why not be in a situation where you're just much more ready in case you...need to access this discount window?" An analysis of Fed data by Reuters, though, shows a lot still needs to be done to meet that goal. All told, about 3,800 banks borrowed from the discount window during the 11-year period detailed in the central bank data. The biggest banks also stepped up to borrow so as to reduce discount window stigma. Minneapolis Fed President Neel Kashkari said small banks should think of the discount window as a backup.

Persons: Brittany Hosea, Jerome Powell, I’ve, Lorie Logan, Banks, Goldman Sachs, Huberto Ennis, Michelle Bowman, Brad Tidwell, SVB, Austan Goolsbee, Richmond Fed's Ennis, Neel Kashkari, Ann Saphir, Michael S, Andrea Ricci Organizations: Bank, REUTERS, Federal Reserve, Reuters, Dallas, U.S, Fed, Reuters Graphics Reuters, Richmond Fed, National Credit Union Association, Chicago Fed, Federal Home Loan Bank, Minneapolis, Home Loan Bank, Thomson Locations: Santa Clara , California, U.S, Silicon, Washington, While California, Texas, Logan's, New Mexico, Louisiana, Henderson , Texas

☆ The Biden administration is giving entrepreneurs a chance at loans up to $5 million to help launch and grow businesses
▼ + stars: | 2023-08-01 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +6 min

These efforts are meant to close capital access gaps for minority and rural small business owners. SBA loans, typically made by banks and other financial institutions, help entrepreneurs start and grow their small businesses. Fewer very small businesses have recently gotten loans, while startups have historically been viewed as risky by banks. Additionally, Black- and Hispanic-owned small businesses have a harder time securing credit than white-owned small businesses. Three nonbank lenders will be licensed to make SBA loans above $350,000, which some industry experts believe could make riskier loans.

Persons: Biden, Guzman, Han Nguyen Organizations: Business Administration, Service, Small, Administration, SBA, Entrepreneurs, Wall Street, Business Lending Company, Wall Street Journal Locations: Wall, Silicon

At Lewis Clark Credit Union, you can earn 7.23% APY if you qualify to open an 11-month certificate, and 6.43% APY on a 19-month term. There's a new market leader for the highest CD rate — Lewis Clark Credit Union. Lewis Clark Credit Union is offering an 11-month certificate special paying 7.23% APY. The credit union defines new money as funds that haven't yet been deposited into a Lewis Clark Credit Union account as of July 25, 2023. How to get 7.23% APY on a CDTo get a CD special, you must become a member of Lewis Clark Credit Union.

Persons: Lewis, Lewis Clark, It's, Ally Organizations: Lewis Clark Credit Union, Union, Pacific Western Bank Crescent Bank, Barclays, FDIC Locations: Lewiston , Idaho, Orofino , Idaho, Clarkston , Washington, Alpena Alcona, Michigan, Washington, Idaho, Clearwater , Idaho, Latah, Nez Perce

The Credit Card Competition Act was reintroduced last month in both the House and the Senate, after not being brought up for a vote in either chamber during the previous Congress. Retailers in support of the legislation argue credit card processing costs are hurting consumers by driving up the cost of business, and, in turn, the price shoppers pay at checkout. On the other side of the fight, major credit card processing networks like Visa , Mastercard , Discover and Capital One say the bill will actually hurt consumers by diminishing popular credit card rewards programs and lessening fraud protections. Visa and Mastercard account for 80% of all credit card volume, according to data from the Nilson Report, a publication tracking the global payment industry. On average, U.S. credit card swipe fees account for 2.24% of a transaction, according to the Merchants Payments Coalition.

Persons: Doug Kantor, Sen, Dick Durbin, He's, Nilson, Durbin, Harley Finkelstein, Finkelstein Organizations: Visa Inc, Mastercard Inc, Visa, Mastercard, Kroger, Walmart, Discover, Merchants Payments Coalition, CNBC, Main, Electronic Payments Coalition Locations: Tiskilwa , Illinois, U.S, Washington, Shopify, Target, America

☆ Opinion | A Smart Way to Turn Gambling Into a Virtue
▼ + stars: | 2023-07-28 | by ( Peter Coy | ) www.nytimes.com time to read: +2 min

Initially proposed to cope with debt from the Nine Years’ War (1689-97), the Million Adventure offered 100,000 tickets at £10 each. The Million Adventure was also a saving program, in that it paid ticket holders a £1 per year until 1710, or a 6.15 percent annual return. Harold Wilson, then the shadow chancellor of the Exchequer, called Premium Bonds a “squalid raffle,” but the British people rushed to buy them. Today about one in three Britons owns Premium Bonds. It has taken longer for prize-linked savings to catch on in the United States, but it’s happening.

Persons: we’re, Benjamin Franklin, Murphy, Harold Wilson, Truist’s Organizations: American Gaming Association, Sports, Britons, Bonds, InTouch Credit Union of, Yotta Technologies Locations: U.S, United Kingdom, British, Denmark, Ireland, New Zealand, Sweden, United States, InTouch Credit Union of Plano , Texas

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

☆ Canada financial regulator proposes new capital guidelines for crypto assets
▼ + stars: | 2023-07-26 | by ( ) www.reuters.com time to read: +1 min

July 26 (Reuters) - Canada's financial regulator on Wednesday proposed changes to its capital and liquidity approach to crypto-assets, citing a risky environment and in response to international banking standards. The Office of the Superintendent of Financial Institutions (OSFI)said guidelines were for federally regulated deposit-taking institutions, that includes banks and credit unions, and another for insurers, on the regulatory capital treatment of crypto-asset exposures. OSFI's Superintendent Peter Routledge said banks and insurers need clarity on how to treat crypto-asset exposures when it comes to capital and liquidity and the regulator looks to provide clarity through the new guidelines. The two draft guidelines will be open for public consultation until Sept. 20 and is expected to come into effect in early 2025. The new guidelines will replace the interim advisory on the regulatory treatment of crypto-asset exposures, published in August 2022, OSFI said.

Persons: Peter Routledge, OSFI, Nivedita Balu, Marguerita Choy Organizations: Thomson Locations: Toronto

Compare La Joya Area Federal Credit Union accounts La Joya Area Federal Credit Union Regular Share Savings AccountLa Joya Area Federal Credit Union Checking AccountLa Joya Area Federal Credit Union Share CertificateLa Joya Area Federal Credit Union Money Market Account Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. About La Joya Area Federal Credit UnionLa Joya Area Federal Credit Union is a Hispanic American-led institution with two branches in La Joya, Texas. La Joya Federal Credit Union FAQsWhere are La Joya Federal Credit Union locations? How La Joya Area Federal Credit Union ComparesLa Joya Area Federal Credit Union vs. Lone Star National BankYour choice between these two financial institutions may depend on whether you prioritize opening an account at a credit union or bank. La Joya Area Federal Credit Union vs. Rally Credit UnionRally Credit Union is another Hispanic American-led credit union in Texas.

Persons: We'll, La Joya Organizations: Federal Credit Union, Federal Credit, Federal, Market, La, Joya, La Joya , TX, Chevron, Stripes, Stripes Stores, Federal Credit Union La Joya, Apple, Google, BBB, Joya Federal Credit, La Joya, La Joya Federal Credit Union, Joy Federal Credit Union, Gulf, Gulf Coast Federal Credit Union, Finance, Lone Star National Bank, Lone Star National Bank . Lone Star National, Rally Credit, Rally Credit Union, Navy Army Community Credit Union Locations: La Joya, Hidalgo County , Texas, American, Joya, Chevron, La Joya ,, La Joya , Texas, Hidalgo County, Wells Fargo, Joya Federal, La Joya Federal, Palmview , Texas, Gulf Coast, Texas

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

Municipal Credit Union Personal Loan DetailsMunicipal Credit Union offers personal loans for a variety of purposes. See our picks for the best debt consolidation loans »Municipal Credit Union Personal Loan Pros and ConsPros Cons Excellent rates. Municipal Credit Union TrustworthinessMunicipal Credit Union has an A+ rating from the Better Business Bureau, a nonprofit organization focused on consumer protection and trust. Municipal Credit Union Personal Loans CompetitorsMunicipal Credit Union Personal Loans vs. First Tech Personal LoansFirst Tech Personal Loan and Municipal Credit Union have similar minimums. Municipal Credit Union Personal Loans vs. Navy Federal Personal LoansYou can get the smallest loan amount with Navy Federal Credit Union Personal Loan, as the credit union offers loans as small as $250Navy Federal has more stringent membership requirements than Municipal Credit Union, as you only qualify if you are an active military member, veteran, or employee or retiree of the Department of Defense.

Persons: You'll, you'll, Formally, Municipal Credit Union hasn't Organizations: Municipal Credit, Credit, Municipal Credit Union, New, Loan, Municipal, Chevron, Union, Better Business Bureau, BBB, First Tech, Financial, Navy, Navy Federal Credit, Federal, Department of Defense Locations: New York, New York City, York, Oregon

☆ Federal Reserve officially launches new FedNow instant-payments service
▼ + stars: | 2023-07-20 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

The Federal Reserve launched its FedNow instant-payments service Thursday, following several years of developing a system officials say will allow the faster flow of cash for businesses and individuals. "The Federal Reserve built the FedNow Service to help make everyday payments over the coming years faster and more convenient," Fed Chair Jerome Powell said. The American Bankers Association said it welcomes the FedNow developments, noting that the central bank joins the Clearing House, which put its payments service online in 2017, as two major providers in the space. There are still some outstanding questions about FedNow, such as whether banks will charge for the service. As FedNow goes online, Fed officials are studying the implementation of a central bank digital currency, with some saying they think FedNow could mitigate the need for a CBDC.

Persons: Jerome Powell, Wells, Rob Nichols, FedNow Organizations: Federal Reserve, Service, JPMorgan Chase, American Bankers Association, ABA Locations: U.S, Wells Fargo

The service will compete with private sector real-time payments systems, including The Clearing House's RTP network, and was initially opposed by big banks who said it was redundant. Unlike peer-to-peer payments services like Venmo or PayPal, which act as intermediaries between banks, payments made via FedNow will settle directly in central bank accounts. The Fed also operates a real-time payments system called FedWire, but that's reserved for large-scale, mostly corporate payments and is only operational during business hours. While the new FedNow system is for everyone, it's likely to benefit consumers and small businesses the most, analysts have said. But Fed officials have downplayed those concerns, arguing that banks have tools available to mitigate a wave of outflows.

Persons: JPMorgan Chase, FedNow, Anu Somani, it's, ”, Carl Slabicki, Lance Noggle, Hannah Lang, Michelle Price, Andrea Ricci Organizations: U.S . Federal, European Union, JPMorgan, Bank of New York Mellon, US Bancorp, RTP, U.S . Bank, PayPal, Fed, Mellon’s Treasury Services, “, Independent Community Bankers of, Thomson Locations: United Kingdom, India, Brazil, FedNow, Independent Community Bankers of America, Silicon, Washington

☆ FedNow: A new instant payment system may be coming to a bank near you
▼ + stars: | 2023-07-20 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +6 min

“The Federal Reserve built the FedNow Service to help make everyday payments over the coming years faster and more convenient,” said Fed Chair Jerome Powell. FedNow instant payments won’t benefit you, however, if:You don’t have a bank or credit union accountYour financial institution is not part of the FedNow network. If your bank or credit union is among them, it may take some time before they start offering instant payments and deposits for customers using FedNow. And some initially may only offer to receive FedNow payments for their customers, but not send them. And in this first phase of use, the FedNow Service will only be available to process domestic payments between US depository institutions.

Persons: ”, Jerome Powell, “, it’s, Wells Organizations: New, New York CNN, Federal Reserve, Service, FedNow Service, …, Fiscal Service, JPMorgan Chase, Community Bank Locations: New York, Treasury’s, Wells Fargo

Our experts answer readers' personal loan questions and write unbiased product reviews (here's how we assess personal loans). The easiest personal loans to get are ones with low or flexible credit score requirements. Quick tip: A secured personal loan is even easier to qualify for than a traditional personal loan . There are more places than ever to get personal loans, but there isn't a one-size-fits-all personal loan source for everyone. Because of their lax credit score requirements, these lenders are often the easiest overall sources of personal loans.

Persons: you've, you'll, Michael Pugh, Banks, Pugh Organizations: Service, Federal Savings Bank, Chevron Locations: Wall, Silicon, Plenty, Chevron

☆ 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

May enroll in U.S. Bank Smart Rewards if you meet certain requirements Cons Dash icon A dash. Savings Account 3.75 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Annual Percentage Yield (APY) 0.03% Minimum Deposit Amount $25 Fees $1 Start savingSantander® Bank, N.A. Savings Account 3.75 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Annual Percentage Yield (APY) 0.03% Minimum Deposit Amount $25 Fees $1 View Full Details Start saving On Santander Bank's site. Low APY Dash icon A dash. $5 maintenance fee per quarter if you don't have at least $5 in your account Dash icon A dash.

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☆ Where to invest $10,000 right now if you want to generate the most income, without a ton of risk
▼ + stars: | 2023-07-12 | by ( Michelle Fox | ) www.cnbc.com time to read: +6 min

Meanwhile, preferred securities can see yields around 7%. The Fed's rate hikes also sweetened yields on money market funds and certificates of deposit . Yet what is the best avenue for someone who is looking to generate the most income on a $10,000 investment — without taking on a lot of risk? The ICE BofA Fixed Rate Preferred Securities index, which tracks the performance of fixed-rate preferred securities, has a yield to maturity of 7.1%. "Right now you can't do better … than just owning short- to intermediate term high-grade fixed income," he said.

Persons: There's, Tom Graff, Mitch Goldberg, Goldberg, laddering, you'll, Ian Weinburg, Weinberg, Tim Ghriskey, Snyder, haven't, Ghriskey, Bonds, he'd, Graff Organizations: Treasury, Federal Reserve, Federal, CNBC Pro, Family Wealth, Pension Management, Ingalls, ICE, Securities, Citigroup, XIII, Index, SEC Locations: Baltimore, Melville , N.Y, Woodbury , N.Y, New York, Treasurys, preferreds

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