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☆ Get paid for doing nothing: What you should know about cash sweep accounts
▼ + stars: | 2023-05-19 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +4 min

Doing nothing pays these days — at least that's the case if you're talking about cash that's sitting in your brokerage account. Consider Fidelity Investments is offering a 2.6% APY on its cash management account, but LPL Financial pays 0.45% on its insured cash account for clients with $300,000 to $500,000 in household value. First, examine your goals for the money before you shop around for cash sweep rates. Finally, if you do pile cash into your sweep account, think about the tax implications of doing so. Some firms offer different options for investing your cash sweep account, including a municipal money market fund for investors who reside in high-tax states.

Compare TD Bank and Wells Fargo TD BankWells Fargo Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Read our review Read Our Review A looong arrow, pointing rightTD Bank vs. Wells Fargo Savings Account ComparisonsThe TD Simple Savings Account and Wells Fargo Way2Save® Savings Account are each bank's standard low-fee savings account. Wells Fargo has a $525 cash bonus for new customers who open any qualifying Wells Fargo savings account by June 27, 2023 (CDs are not eligible, nor are savings accounts through Wells Fargo Private Banking). Winner: TD Bank TD Bank CDs might catch your eye if you're searching for CD variety or special types of CDs. Wells Fargo vs. TD Bank: Frequently Asked QuestionsIs Wells Fargo better, or TD Bank?

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.

Compare Bank of America and Wells Fargo Bank of AmericaWells Fargo Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. See the best bank account bonuses right now>>Winner: Wells Fargo The Wells Fargo Everyday Checking Account has a lower opening deposit requirement and makes it easier to waive the monthly service fee. Winner: Wells Fargo If you're eligible for the Wells Fargo savings bonus, this bank is the clear winner. Winner: Bank of America If looking for a variety of term options or a low minimum opening deposit, Bank of America easily tops Wells Fargo. Bank of America and Wells Fargo: Frequently Asked QuestionsIs Bank of America better or Wells Fargo?

☆ Revolut's US CEO outlined the threat Apple's new high-yield savings account poses to neobanks
▼ + stars: | 2023-05-17 | by ( Paige Hagy | ) www.businessinsider.com time to read: +3 min

The CEO of at least one digital bank is keeping an eye on Apple's new high-yield savings account. The Big Tech giant launched a savings account with a 4.15% annual percentage yield (APY) through its partnership with Goldman Sachs on April 17. In its first four days of launch, it brought in nearly $1 billion in deposits, according to reporting by Forbes. The savings account is only available to people who have Apple Card — Apple's credit card — but the account has no minimum deposit or balance requirement. Apple's savings account beats this average by tenfold.

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.

☆ The 5 hardest lessons I learned about passive income before I became a 6-figure entrepreneur
▼ + stars: | 2023-05-17 | by ( Jen Glantz | ) www.businessinsider.com time to read: +7 min

Here are the five things nobody tells you about passive income that you should know before you start. I read about people who were making seven figures a year selling online courses or six figures a year dropshipping. Some passive-income streams require a pre-existing foundationOne of my most profitable sources of passive income comes from affiliate links. Before I expanded into those income streams, I decided to start with one that complimented my existing skillset. Think about the skills you have and then research passive-income streams that can tie into those existing skills.

Our experts choose the best products and services to help make smart decisions with your money (here's how). As a child, my grandmother used to give my sister and me a quarter when she came to visit. That rebuke unconsciously taught me I shouldn't ask for money, and it held me back for years. My mother, utterly mortified, sent me to my room with the stern admonishment that asking for money was not polite. I found it was as difficult to accept money as it was to ask for it, especially if it happened to be a gift.

☆ US credit card debt stands at a record of nearly $1 trillion. 5 moves to pay down your balance
▼ + stars: | 2023-05-15 | by ( Jessica Dickler | ) www.cnbc.com time to read: +3 min

While balances are higher, nearly half of credit card holders carry credit card debt from month to month, according to a separate Bankrate report. Here's what experts recommend:Five ways to tackle high-interest credit card debt1. Snag a 0% balance transfer credit card. Cards offering up to 21 months with no interest on transferred balances are one of the best weapons Americans have in the battle against credit card debt, Schulz said. Ask for a lower credit card rate.

☆ Timing the market isn't easy during a debt-ceiling showdown. Investors should stick to this strategy instead.
▼ + stars: | 2023-05-13 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

Traders on the floor of the New York Stock Exchange (NYSE) Spencer Platt/Getty ImagesMark Hamrick is senior economic analyst for Bankrate. Phil Rosen: How should investors be positioning themselves as the debt-ceiling fiasco drags on, and a potential default nears? If making a play around the debt ceiling is a no-go in your view, what should investors opt for instead? Homeowners are "quiet quitting" as low inventory and high mortgage rates keep a key market participant sidelined. That has a dual impact: each owner that postpones looking for a new house also marks one less seller on the market.

☆ Your brokerage is paying more for your idle cash. These firms are boosting rates, BofA says
▼ + stars: | 2023-05-12 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +2 min

Select brokerage firms are boosting the rates they pay on idle cash just sitting in retail investors' accounts. Vanguard recently boosted its cash sweep rate to 3.5% from 3.25%, Bank of America found, while Fidelity Investments is now offering a 2.6% rate on cash . LPL raised its cash sweep rate as much as 60 basis points for its wealthiest clients, BofA found. Subscribers to Robinhood Gold , a service that gives clients access to market research, offers a 4.65% interest rate on cash. Clients who don't participate in Robinhood Gold are eligible for a 1.5% rate on their idle cash.

☆ Travel costs fell in April's inflation reading. The dip may be short-lived, experts warn
▼ + stars: | 2023-05-11 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

Typical trip costs increased by 9% in the first quarter of 2023, according to the NerdWallet Travel Price Index, which includes prices for flights, hotels, car rentals and dining out. When expressed in dollar terms, travelers would have paid an extra $180 per person for a $2,000 trip, NerdWallet found. "As has been the case ever since the onset of the pandemic, travel prices have been volatile," said Sally French, a travel expert at NerdWallet. "I think you're going to enjoy it a little bit more," Griscavage said of off-season travel to popular cities. Use your rewardsMany people built up frequent flier miles during the pandemic by using their credit cards that carry travel rewards benefits, Josephs said.

☆ Palantir dumps $50 million gold investment less than two years after buying precious metal
▼ + stars: | 2023-05-10 | by ( Ari Levy | ) www.cnbc.com time to read: +3 min

In August 2021, data analytics software vendor Palantir bought over $50 million worth of 100-ounce gold bars. Less than two years later, Palantir said goodbye to the precious metal. "During the three months ended March 31, 2023, the Company sold all of its gold bars for total proceeds of $51.1 million," Palantir said in its first-quarter financial filing Tuesday. At the time of Palantir's investment in gold, the market was in a much different spot. Palantir shares soared 23% on Tuesday after the company reported earnings and revenue that topped analysts' estimates.

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.

☆ Chime: 2023 CNBC Disruptor 50
▼ + stars: | 2023-05-09 | by ( Cnbc.Com Staff | ) www.cnbc.com time to read: +2 min

Several years of success for fintechs resulted in a significant disruption of the traditional banking industry and significant responses from big players in the space. Chime, which was valued at $1.5 billion in 2019, reached a valuation of $25 billion in 2021. The company became profitable on an EBITDA basis during the pandemic, co-founder and CEO Chris Britt told CNBC in September 2020. Chime was among the companies expected to have pursued an IPO by now, but it has been waiting out a frozen market for new offerings. In November, Chime laid off 12% of its workforce, or about 160 people, in a move that Britt said would help the company thrive "regardless of market conditions."

I didn't start saving seriously until I turned 30, but now I'm highly motivated to retire wealthy. I'm trying to keep my credit card debt and spending to a minimum so my net worth can keep growing. Not only am I working hard now to save for retirement, but I'm obsessed with figuring out ways to retire early as a multi-millionaire. I also un-linked my credit card from my favorite online stores so I can't take advantage of any quick-buy purchases. This has drastically changed my financial mindset and has allowed me to be more strategic with how I spend cash on a daily and monthly basis.

☆ Summer travel: How to save during a busy, expensive season
▼ + stars: | 2023-05-07 | by ( Greg Iacurci | ) www.cnbc.com time to read: +1 min

Alexander Spatari | Moment | Getty ImagesThe following is an excerpt from "This week, your wallet," a weekly audio show on Twitter produced by CNBC's Personal Finance team. Here are some insights and ways to save on your trip, shared during a recent conversation with Griscavage, CNBC airline reporter Leslie Josephs and CNBC associate personal finance editor Ken Kiesnoski about summer travel. To that point, airline officials have indicated in company earnings reports that they expect a "monster summer," Josephs said. Use your rewardsMany people built up frequent flier miles during the pandemic by using their credit cards that carry travel rewards benefits, Josephs said. Now is a good time to use — and not hoard — those benefits, especially since it's expensive to buy a flight in cash.

The young entrepreneur made waves as a teenager by scoring over $2 million in college scholarships, which allowed her to graduate debt-free from Princeton University in 2022. Through brand deals, digital products and private consultations, her business, Growing With Gabby, earned $177,000 in 2022. Gabby Carter, 22, earned $133,000 last year from her corporate job and her business, Growing with Gabby. But throughout high school and during college, she won 35 different scholarship awards totaling over $2 million — enough to graduate debt-free and with over $100,000 in savings. "That made people very curious about how I was able to have scholarship success."

☆ 4 of the best places for cash as the Federal Reserve weighs a pause in interest rate hikes
▼ + stars: | 2023-05-06 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +4 min

Hero Images | Hero Images | Getty ImagesWhether you're building an emergency fund or short-term savings, finding the best place for your cash isn't easy — especially as the Federal Reserve weighs a pause in interest rate hikes. The central bank on Wednesday unveiled another quarter percentage point interest rate increase, with signals that it may be the last. But higher yields are still available for those "willing to shop around," said Greg McBride, chief financial analyst at Bankrate. While the average savings rate is still below 0.5%, some of the top high-yield online savings accounts are paying over 4%, as of May 4. However, CDs are generally less liquid than savings accounts because you may owe a penalty for cashing out before the term ends.

☆ Bitcoin could rally 40% by the end of the year, according to a top blockchain founder
▼ + stars: | 2023-05-06 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

A pile of Bitcoin slugs sit in a box ready to be minted on April 26, 2013 in Sandy, Utah. And bitcoin is front-running this scenario, pointing to a future that is effectively a return to relatively low rates. A big reason why bitcoin has performed so well was that it was just really oversold during the collapse of FTX. In such a scenario, all assets would have a correlation of one with each other, including bitcoin and even gold. Big gold buyers like HSBC and JPMorgan have shunned business with Moscow — leaving billions of dollars worth of gold in need of new landing spots.

☆ 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."

☆ Why the inflows? A 'two-sided equation' for bank ETFs
▼ + stars: | 2023-05-05 | by ( Kevin Schmidt | ) www.cnbc.com time to read: +2 min

"It's a two-sided equation here," Reggie Browne, principal of GTS, told Bob Pisani on CNBC's 'ETF Edge' on Monday. "If you look at the entire suite of regional bank ETFs, they're picking up assets." While regional bank ETFs continue to tumble, the funds still netted more than $105 million in inflows within the past month, according to FactSet. Flows were largely into the SPDR S&P Regional Banking ETF (KRE) , which pulled in $108 million during the same period. The dividend yield on the KRE stands at 3.84%, while the SPDR S&P Bank ETF (KBE) offers 3.59%.

☆ How much money do you need to buy a home in 2023?
▼ + stars: | 2023-05-04 | by ( Ana Connery | ) edition.cnn.com time to read: +9 min

Whether you’re looking to buy your first home or upgrade the one you already have, homebuyers often wonder how much money they really need to buy a home. And these days, the answer is ever more complicated thanks to the high interest rates and inflation. Refinance it with a balance transfer cardToday’s average homebuyerWe may see interest rates fall once rent comes down. The main culprits that everyone points to are inflation and interest rates, but many experts think interest rates have peaked. Home inventory is still low in some areasDespite high interest rates, you might still see multiple offers on one home.

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.

When I traveled by myself in my 20s, I used to stay in hostels and cheap out on flights to save money. Now that I'm older, I've found better strategies to save on travel without cutting corners at every opportunity, like using a high-yield savings account for my travel fund and taking advantage of my credit card's travel insurance. AdvertisementOpen a high interest savings account to save for travelBack when I started traveling over 14 years ago, savings account aren't what they are now. I decided to open a high-yield savings account a few years ago to take advantage of its high interest rate. Use someone else's hotel reservationI've often used the usual discount booking websites like Booking.com and Hotels.com to save money when booking accommodation.

Persons: I've, —, haven't, Roomer Organizations: Service, Chase Locations: Southeast Asia, Malaysia

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