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☆ Apple and fintechs like Robinhood chase yield-hungry depositors as Fed rate hikes continue
▼ + stars: | 2023-05-05 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +9 min

Last month, the iPhone maker launched its Apple Card savings account with a generous 4.15% APY in partnership with Wall Street giant Goldman Sachs . "It's really a trade-off for consumers, between safety or the appearance of safety, and yield," Laplanche told CNBC. Still, the emerging group of high-yield savings products are much more mainstream than what the crypto platforms were promoting. SoFi launched its high-yield savings account in February of last year. In its annual SEC filing, the company said that offering checking and high-yield savings accounts provided "more daily interactions with our members."

☆ Problems are mounting in the economy, big companies say, and another Fed rate hike may be one too many
▼ + stars: | 2023-05-03 | by ( Eric Rosenbaum | ) www.cnbc.com time to read: +8 min

While that's good for them, it also means "we're definitely moving towards a slowdown," one CFO said. "They are trying to fight a problem but there's evidence around the U.S. that says the economy is slowing. One concern voiced by CFOs is that the top end of the consumer market has been masking deeper problems in the economy, with companies tracking a rise in credit delinquencies, and that is now starting to spread. But inside major corporations, executives say they see signs of mounting trouble for the economy and as another interest rate hike looms, it may be time for the Fed to stop. While traders are betting on rate cuts before year-end, the CNBC Fed Survey shows a belief from economists and money managers that the Fed will hold rates higher for eight months.

☆ Pornhub blocks access in Utah over age verification law
▼ + stars: | 2023-05-02 | by ( Brian Fung | ) edition.cnn.com time to read: +4 min

CNN —Some of the internet’s biggest adult websites, including Pornhub, are now blocking access to Utah users over a new age verification law that takes effect on Wednesday. Pornhub and other adult sites controlled by its parent, MindGeek, began blocking visitors with Utah-based IP addresses this week. Pornhub, which says it receives 130 million visitors a day, is still available in Louisiana despite the age verification law. But it is unclear whether that system is currently equipped to perform online age verification. MindGeek also owns a separate age verification company known as AgeID, which is currently in use in Germany, though it does not currently operate in the United States.

☆ What every consumer should know about bank failures
▼ + stars: | 2023-05-01 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +4 min

New York CNN —Let’s be frank: If you have a US bank account, hearing about bank failures in the past couple of months hasn’t felt great. Here’s what you need to know to keep things in perspective despite the recent closures of First Republic, Silicon Valley Bank and Signature Bank. How do I know my money is safe? How can I know if my bank will fail? The FDIC will issue information within a day or so of taking over a failed bank to let the bank’s customers know what steps if any they need to take and when.

If a bank fails, insured deposits will be moved to another FDIC-insured bank or paid out. Checking accounts, savings accounts, money market accounts, and certificates of deposit are examples of FDIC-insured bank accounts. Single bank accounts and joint bank accounts are examples of different ownership categories. If you want to keep more money in the bank than the FDIC will insure, you could open another bank account at a separate bank. Aside from First Republic, Silicon Valley Bank, and Signature Bank, the last bank failure happened in October 2020, when Alamena State Bank in Kansas was shut down.

☆ Americans are saving far less than normal in 2023. Here's why
▼ + stars: | 2023-04-27 | by ( Carlos Waters | In Carloswaters | ) www.cnbc.com time to read: +1 min

The U.S. personal savings rate remains below its historical average, according to the U.S. Bureau of Economic Analysis. The seasonally adjusted annual rate of personal saving was 4.6% in February. That's well below the average annual rate of more than 8%, according to the data, which traces back to 1959. Collectively, Americans have trillions in excess savings compared with expectations leading up to the pandemic, according to Federal Reserve economists. Watch the video above to learn about how the personal savings rate affects you and the wider economy.

☆ Lawmakers reintroduce SAFE Banking Act, a bill the cannabis industry hails as a lifeline
▼ + stars: | 2023-04-27 | by ( Stefan Sykes | ) www.cnbc.com time to read: +3 min

Aaron Smith, chief executive officer of the National Cannabis Industry Association, speaks during a news conference on the Safe Banking Act outside the US Capitol in Washington, D.C., US, on Wednesday, Sept. 14, 2022. A group of bipartisan lawmakers reintroduced the Secure and Fair Enforcement (SAFE) Banking Act in the House and Senate on Wednesday, after the legislation designed to free up banking services for the cannabis industry stalled in last year's Congress. "For the first time, we have a path for SAFE Banking to move through the Senate Banking Committee and get a vote on the floor of the Senate," Merkley said in a statement. The bipartisan nature of the SAFE Banking Act's reintroduction appeared to boost hopes of more relief to come in the industry. It is past time that Congress addresses the irrational, unfair, and unsafe prohibition of basic banking services to state-legal cannabis businesses," said Blumenauer, founder and co-chair of the Congressional Cannabis Caucus.

☆ New draft of House stablecoin regulation focuses on state regulators, issuers
▼ + stars: | 2023-04-24 | by ( Christina Wilkie | In | ) www.cnbc.com time to read: +2 min

The new draft bill is half the length of a previous draft and is closely tailored to focus on rules governing the registration and approval process for individual prospective stablecoin issuers. The bill contains many of the features of a version that was negotiated last year, such as the requirement that payment stablecoin issuers be approved and regulated by either a "federal payment stablecoin regulator" or "a registered State qualified payment stablecoin issuer." For example, it softens prior language that required payment stablecoin issuers to honor all requests to redeem stablecoins for cash within "one day" after the request was made. The new language says issuers must "establish procedures for timely redemption of outstanding payment stablecoins." The bill further provides states with more time to investigate and resolve potential noncompliance issues that arise with those states' approved issuers.

☆ These 2 savings accounts have interest rates of about 5%: Here's which one you should choose
▼ + stars: | 2023-04-24 | by ( Mike Winters | ) www.cnbc.com time to read: +2 min

Compared to the average interest rate of 0.6% you get for checking accounts , moving money from your debit account into either one of these savings accounts can be a smart move. HYSAs have higher interest rates compared to regular savings accounts, and the best rates are typically offered by credit unions or smaller online banks. Several online banks currently offer interest rates of about 4.5%, which works out to $450 in annual interest for a balance of $10,000. That's about $400 more than what you could get before interest rates started rising last year. Typically, long-term CDs have slightly higher interest rates than short-term CDs.

MECU bank accounts Municipal Employees Credit Union of Baltimore RealSaver AccountMunicipal Employees Credit Union of Baltimore RewardChecking AccountMunicipal Employees Credit Union of Baltimore Regular Share CertificateMunicipal Employees Credit Union of Baltimore Money Market Account Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Municipal Employees Credit Union of Baltimore RealSaver Account Learn more Municipal Employees Credit Union of Baltimore, NCUA insured. Municipal Employees Credit Union of Baltimore RewardChecking Account Learn more Municipal Employees Credit Union of Baltimore, NCUA insured. Municipal Employees Credit Union of Baltimore Regular Share Certificate Learn more Municipal Employees Credit Union of Baltimore, NCUA insured. Municipal Employees Credit Union of Baltimore Money Market Account Learn more Municipal Employees Credit Union of Baltimore, NCUA insured.

A money market account is an interest-earning bank account. Money market accounts usually have the following features:A variable interest rate: The interest rate of a money market account may fluctuate depending on what the Federal Reserve does. Quick tip: Money market accounts are not to be confused with money market funds, which are a type of low-risk investment. Money market account vs. savings accountMoney market accounts are a type of savings account. There's nothing stopping you from opening both a money market account and a high-yield savings account if you want to.

Our experts answer readers' personal loan questions and write unbiased product reviews (here's how we assess personal loans). Typically, the best personal loans are:Unsecured, ANDFor loan amounts over $1,000, ANDFor repayment terms longer than two yearsHowever, depending on your circumstances and financial needs, you may want to consider a less common type of personal loan. For example, if your application for an unsecured loan is denied, you may still be able to get a secured personal loan. It's not just as simple as picking the loan with the best personal loan rate. If you do decide that a personal loan is your best option, it's important to be patient during the shopping process.

Standard checking accounts pay little interest, and often no interest at all. Currently, some banks have high CD rates; you could earn much more by putting money into an account that pays at least 5.00% APY. We've calculated how much money you'd earn with an account paying 5.00% in comparison to a checking account that doesn't earn interest. Here's how much more you could earn on a CD paying 5.00% APY over a checking accountFor our examples, we're looking at CDs specifically because select financial institutions have CDs paying 5.00% or more right now. For example, if interest is compounded daily, you might have an account that pays 5.00% APY and has an interest rate of 4.88%.

Apple has a new high-yield savings account from Goldman Sachs available for Apple Card users. The Apple Card Savings account pays a higher APY than the average savings account. The Apple Card Savings account is available for Apple Card users in the US. How the Apple Card Savings account worksThe Apple Card Savings account doesn't require a minimum opening deposit. Interest on the Apple Card Savings account is compounded daily and deposited into your account monthly.

Insider asked four CEOs of fintech companies for advice they'd give immigrants who are new to the US. Compared to someone born and raised in the US, immigrants face unique challenges when meeting financial goals. Insider spoke with four CEOs in the fintech industry who are immigrants or children of immigrants. Here are their five tips for immigrants trying to gain financial footing in the US. He also suggests working with a credit union to set up multiple accounts — for example, a checking account for everyday expenses, a savings account for future goals, and another savings account for your emergency savings fund.

☆ Apple launches its savings account with 4.15% interest rate
▼ + stars: | 2023-04-17 | by ( Ashley Capoot | ) www.cnbc.com time to read: +1 min

Apple on Monday launched its Apple Card savings account with a 4.15% annual percentage yield. It requires no minimum deposit or balance, Apple said, and users can set up an account from the Wallet app on their iPhones. The company said in a press release that all Daily Cash rewards earned through the Apple Card will automatically be deposited to the savings account. CIT Bank offers a savings account with a 4.75% APY when customers deposit a minimum balance of $5,000. Apple Card savings users can manage their accounts through a dashboard that will appear in the Wallet app, where they can track their interest and their account balance or withdraw funds.

☆ When buying a Tesla or other electric vehicle, a green auto loan could make it cheaper
▼ + stars: | 2023-04-16 | by ( Cheryl Winokur Munk | ) www.cnbc.com time to read: +5 min

Beyond financial credits and rebates, many car shoppers don't know they may also be able to get a better deal on a car loan associated with an electric vehicle. These so-called green auto loans aren't necessarily well-advertised, so consumers need to do their homework. There's no difference between green auto loans and other car loans, other than that the borrower might be able to get a discount for purchasing an EV. A standard internal combustion car loan is set in 12-month increments from 24 months to 84 months, with 72 months typical. By contrast, green auto loans could extend the repayment beyond the standard timeframe, at favorable rates, he said.

CD rates are incredible right now, but you should think about your goals and how a CD fits into them. See Insider's list of the best CD rates »Rates vary pretty significantly depending on where you lookFor years, we experienced rock bottom interest rates. 5.00% Minimum Deposit Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. $500 Annual Percentage Yield Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Insider's Featured Savings Accounts UFB Premier SavingsQuontic High Yield Savings AccountCIT Bank Savings Connect Account Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

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.

☆ Smaller Chinese banks cut deposit rates on squeezed margins
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: +3 min

BEIJING, April 11 (Reuters) - Several small and mid-sized banks in China have lowered their deposit interest rates, a move that could help ease costs as loan growth faces more pressure amid rising economic risks. "But the costs of liabilities of banks remain relatively rigid, and net interest margins continue to shrink, which added to their operating pressures," he said. Nicholas Zhu, a banking analyst at Moody's, said smaller banks' pricing changes usually follow larger banks' initiatives with a time lag. In September, China's largest banks lowered deposit rates in their first broad-based move since 2015 to ease margin pressure. Lower deposit rates could also help ease banks' margin pressures at a time when investors have raised their hopes for a cut in lending rates to prop up the economy.

Connexus Credit Union Personal Loan Pros and ConsConnexus Credit Union Personal Loan Pros Low minimum APR. Yes, Connexus Credit Union is a legitimate financial institution insured by the National Credit Union Administration. Connexus Credit Union TrustworthinessConnexus Credit Union has an A+ rating from the Better Business Bureau. Connexus Credit Union CompetitorsSide-by-side snpashot Connexus Credit Union Personal LoanPenFed Credit Union Personal LoanNavy Federal Credit Union Personal Loan Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Connexus Credit Union Personal Loan vs. PenFed Credit Union Personal LoanConnexus's personal loans also have higher minimum and maximum amounts than personal loans from PenFed.

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.

☆ Lending to consumers has dropped as banks move quickly to further tighten credit standards after the failure of SVB, Fed survey says
▼ + stars: | 2023-04-06 | by ( Carla Mozée | ) www.businessinsider.com time to read: +3 min

A Dallas Fed survey in March showed a drop in total loan volume and a tightening of lending standards. Banking outlooks "continued to deteriorate," the regional Fed bank said. The Dallas Fed released its March survey this week. At the same time, a gauge of credit and lending standards indicated lenders such as banks and credit unions further tightened access to funding. Banking outlooks "continued to deteriorate" in March, the Dallas Fed said.

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.

☆ A Federal Tool Could Soon Make It Easier to Compare Credit Cards
▼ + stars: | 2023-03-31 | by ( Ann Carrns | ) www.nytimes.com time to read: +1 min

If a card’s rate depends on the applicant’s credit score — as most do — banks must report the lowest and highest rates charged, as well as the median A.P.R. (Credit scores are three-digit numbers that summarize your credit history; higher is better.) Now, the 25 biggest card issuers have to answer questions about all of their credit cards, not just their most popular offerings. The bureau is seeking more information about each card — asking, for instance, if it is a “secured” credit card, which requires a security deposit to establish a credit limit and is often used by people with limited credit histories or low credit scores. More than a dozen commercial websites already offer credit card comparison tools.

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