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☆ My younger sister asked me for money advice. Here are 5 answers I gave to improve her financial life
▼ + stars: | 2023-04-02 | by ( Annie Nova | ) www.cnbc.com time to read: +5 min

This cash should be in a high-yield savings account, offer higher-than-average returns, experts say. You can find an online savings account offering an interest rate of 3% or more, for example, while the typical savings account rate is around 0.4%. Make sure the savings account you choose is insured by the Federal Deposit Insurance Corp., which means up to $250,000 of your deposit is protected from loss. Where should I invest money? To get a better understanding of your spending, experts recommend looking back at your purchases over the past couple of months.

☆ Try this 30-day money challenge to get smarter and be more successful with your money
▼ + stars: | 2023-04-01 | by ( Emmie Martin | ) www.cnbc.com time to read: +14 min

Day 2: Find an accountability buddyYour financial goals don't mean much if you don't stick to them. This ratio represents how much of your available credit you're using at any given time. Take a look at your credit card statements for the past 12 months. There are a number of ways to check your score for $0, starting with your credit card issuer or bank, many of which offer free services to their clients. Day 16: Update your income with your credit card companyIf you've received a raise or promotion since opening your credit card, consider reporting your increased income to your lender.

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."

Most people only need two bank accounts financial planner Brannon Lambert told HerMoney: A checking account and a savings account. You'll earn more interest with a high-yield savings account than a traditional savings account. See Insider's best high-yield savings accounts right now>>How many bank accounts should I have? Most people just need one checking account and one savings account, Lambert said. The sheer number of bank accounts you have doesn't hurt your credit.

☆ 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.

☆ How the Fed’s latest rate increase will affect your bank savings
▼ + stars: | 2023-03-27 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +3 min

“Returns on savings accounts and CDs are the best in 15 years,” said Greg McBride, chief financial analyst for Bankrate.com. But online high-yield savings accounts now offer rates as high as 5%, well above the 0.23% national savings account average, according to Bankrate. “You’re leaving a lot of money on the table if you don’t go to an online bank,” McBride said. You can still get the current 6.89% rate on the I Bond if you purchase it before the end of April. “In other words, I Bonds are not a replacement for your savings account,” McBride said.

The bottom line: The Ally High Yield Savings Account is a strong high-yield savings account with a competitive interest rate and solid savings tools. Ally High Yield Savings Account Learn more On Ally's site. Compare Today's Savings RatesHow Ally WorksAlly is an online bank with several strong accounts, including its high-yield savings account. We've compared the Ally High Yield Savings Account with savings accounts at two other online banks: Discover and Marcus by Goldman Sachs. See how Ally compares Ally High Yield Savings AccountDiscover Online Savings AccountMarcus by Goldman Sachs High Yield Online Savings Account Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

No-penalty CD vs. savings account: At a glanceIf you're deciding between a no-penalty CD and a savings account, there are two distinctions you'll want to pay close attention to: the interest rate and when you can deposit or withdraw money. Savings accounts generally offer more flexibility for deposits and withdrawals than a no-penalty CD. If you decide to open a no-penalty CD, you'll also want to pay attention to the CD maturity date. Savings accounts allow more accessibility to your money than a no-penalty CD since you can deposit money into a savings account at any time. You'll likely prefer a savings account over a no-penalty CD if you want more accessibility to your money.

☆ A key indicator says a recession is guaranteed in 2023 — and Bill Ackman, Nouriel Roubini, and others are warning of trouble ahead
▼ + stars: | 2023-03-24 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

From the central bank's latest rate hike to new developments in the ongoing bank crisis, a lot has happened in my absence. And all the while, Jerome Powell's favorite bond-market indicator is quietly telling us that a recession is all but guaranteed this year. Talk of basis points, yield spreads, and other market jargon is obscuring the key message here: Markets think a recession is guaranteed in 2023. How much credence as a recession signal do you give the bond market indicator? He said the current bank crisis isn't a redux of that era, or even of 2008.

☆ A 28-year-old who says he puts away 100% of his salary and lives off of side-hustle income breaks down how he saves — and why he keeps most of his savings accessible in a high-yield account
▼ + stars: | 2023-03-23 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +5 min

He puts most of his savings in a high-yield account so it's highly accessible. "I'm 100% financially free for what my current lifestyle is from all the rental income that I get," the 28-year-old real estate investor told Insider. Recently, he started dipping his toe into the short-term vacation rental market. Since he's actively looking to buy more real estate, he likes to keep his savings highly accessible, which is why he chooses to put the majority of his money in a high-yield savings account. Some high-yield accounts are offering rates as high as 5.02% (UFB Preferred Savings), 4.45% (Bask Bank Interest Savings Account), and 4.35% (Primis Savings Account and MySavingsDirect Savings Account).

☆ What to do with your money now that the Fed just raised rates for the ninth time
▼ + stars: | 2023-03-22 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +9 min

“But the average credit card rate is now at a record high above 20%, auto loan rates are at a 12-year high and mortgage rates are still north of 6.5%. But online high-yield savings accounts now offer rates as high as 5%, well above the 0.23% national savings account average, according to Bankrate. Another high-yield savings optionGiven today’s still-high rates of inflation, Series I savings bonds may be attractive because they’re designed to preserve the buying power of your money. Your credit card debt: Minimize the biteIf you’re carrying credit card debt, expect to see a hike in the rate you pay within a few statements. “Credit card rates are at record highs and still rising.

Popular passive income ideas include online courses, as well as renting out property, tools, and equipment to others. Even though the goal is passive income, there may be a bit of active work required at the start. However, many passive income ideas may require a significant upfront investment of time and labor to generate profits later. See Insider's picks for the best budgeting apps >>With the hundreds of possible passive income streams available, which ones are the best for 2023? Bonds and bond fundsInvesting with bonds or bond funds can be another way of generating passive income.

Financial planner Nicole Morong says buying a house isn't the best decision for six types of people. But financial planner Nicole Morong at Peterkin Financial says buying a house isn't the best financial move for everyone, and most people who feel pressured to do so can't actually afford it. See Insider's picks for the best mortgage lenders for first-time buyers >>"Affordability is more than whether or not you can pay the monthly mortgage," Morong says. If you do, Morong says you're probably better off renting than owning a home. You don't have an emergency savings fundAn emergency savings fund is three to six months worth of living expenses, typically kept in a high-yield savings account so that it's easily accessible in case of an emergency.

☆ 3 ways to easily check if your bank account is FDIC insured
▼ + stars: | 2023-03-14 | by ( Jason Stauffer | Elizabeth Gravier | ) www.cnbc.com time to read: +7 min

Nearly all banks are insured by the FDIC, which protects your deposits up to $250,000 (per person, bank, and account type). CNBC Select explains how to check if your bank is an FDIC member, as well as what you need to know about the types of bank accounts the FDIC protects. 3 ways to check if your bank is FDIC insuredThe FDIC makes it easy to check if your bank is insured. Check online You can easily discover if your bank is FDIC insured using the BankFind Suite tool. Marcus by Goldman Sachs High Yield Online Savings Learn More Goldman Sachs Bank USA is a Member FDIC.

☆ Is the money in your bank account safe? Here's what to know if you're worried about your deposits
▼ + stars: | 2023-03-13 | by ( Jason Stauffer | Elizabeth Gravier | ) www.cnbc.com time to read: +5 min

But a checking account and savings account won't necessarily be in different categories. However, if you had a joint savings account, then the savings account balance would fall under a different category. As you're shopping around for a deposit account, you can find out if a bank is insured with the FDIC's BankFind tool. It's also a good idea to open checking accounts or savings accounts with no monthly maintenance fees and the highest interest rate you can find. Below are a few of the best deposit accounts with FDIC insurance, according to CNBC Select's rankings:Ally Interest Checking Account Learn More Ally Bank is a Member FDIC.

☆ Individual Investors Pile Into Cash, Chasing Higher Returns
▼ + stars: | 2023-03-13 | by ( Hardika Singh | ) www.wsj.com time to read: 1 min

Andrew Hipple recently started trimming his stockholdings after learning from finance influencers on TikTok that cash and cashlike funds are providing the highest yields in more than a decade. Mr. Hipple, a 27-year-old accountant in Lancaster, Pa., said he has shifted money into a stable-value fund and a high-yield savings account to guard against potential losses in the stock market.

☆ Two big Silicon Valley banks failed when the easy money ran out - and that could be just the start.
▼ + stars: | 2023-03-13 | by ( Hallam Bullock | ) www.businessinsider.com time to read: +7 min

Before we jump into the newsletter, the Silicon Valley Bank saga is continuing to unfold, so let's quickly break down the latest. "No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer," policymakers added. The fall of SVB and Signature bank means the Fed's aggressive interest-rate hiking regime has now taken sizable casualties. A $15 billion venture capital firm had warned its startups of Silicon Valley Bank's red flags months ago. Greenoaks Capital Partners told clients in an email back in November that SVB, as well as other firms, could see problems in a high-interest-rate environment, Bloomberg reported.

The way you're saving and investing money should change as you get close to retirement. Here's what I think you should be doing with your money right now if retirement is on your horizon. Even if you're getting close to retirement, don't panic — it's never too late to make a plan. Increase your savingsIf you're nearing retirement and haven't been able to save enough already, it's a smart move to start increasing your retirement savings contributions now. But there's no one-size-fits-all retirement savings strategy.

☆ An investing expert who says 'cash is king' right now explains how investors should stockpile so they're ready to jump on new opportunities following the economic downturn
▼ + stars: | 2023-03-10 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +5 min

Investing expert Lauren Simmons recommends avoiding the stock market right now. Today's financial climate is unusual: the stock market continues to be volatile and inflation has been out of control. Those "less conservative vehicles" currently include the stock market, she noted: "The stock market is still very volatile. Rather than investing in the stock market right now, she advises stockpiling cash. (The savings account interest rates offered at major banks like Chase, Bank of America, and Wells Fargo are around 0.01%.)

Pay down your credit card balancesIf you already have credit card debt, paying it off should become a priority. With credit card interest rates continuing to reach new heights, you don't want to get stuck with credit card debt if a recession hits. The credit utilization ratio, or how much of your available credit you're using, is the second most important credit factor after payment history. For that reason, it's best to get rid of credit card debt as soon as possible. You might also want to consider a 0% APR credit card (like the ones below) if you're anticipating big expenses.

☆ Biden wants to kill junk fees — here's what could change and how you can minimize fees right now
▼ + stars: | 2023-03-08 | by ( Jason Stauffer | Elizabeth Gravier | ) www.cnbc.com time to read: +9 min

But you don't have to wait for the government to take action to reduce your exposure to junk fees. Comparison shop (as well as you can) Ferreting out junk fees can be tricky and different products and services have their own red flags. The CFPB wants to limit credit card late fees and the Biden Administration is pushing for Congress to pass the Junk Fee Prevention Act, which addresses four types of junk fees. Credit card late fees The CFPB has proposed a new rule to limit credit card late fees to $8. While it doesn't come with a welcome bonus or a 0% intro APR period, it also doesn't charge any fees — including late fees.

I've set aside a specific fund for splurges so I can get myself nice things without going overboard. Since stockpiling puts a dent in my immediate budget, I'll follow it up with no-spend months to stay on track. As someone who likes to stick to a strict budget, I've found gift cards to be helpful tools in achieving this goal. Editor's Rating 4.36/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Editor's Rating 4.34/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Editor's Rating 3.9/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Learn more On Public's website Learn more On Wealthfront's website Learn more On Acorns' website5. By allowing myself a judgment-free splurge from money set aside for that purpose, I can stay on budget while still enjoying the fruits of my labor.

However, if you open an add-on CD, you'll be able to make deposits at any time. The main perk of an add-on CD is that it's the only type of CD that lets you add money while the account is open. Add-on CD vs. regular CDYou can use the chart below to understand the similarities and differences between add-on CDs and regular bank CDs. Add-on CDs allow you to add money at any time. Add-On CDs: Frequently asked questionsCan you add money to a CD?

Below, CNBC Select breaks down what you need to know if choosing between high-yield savings accounts, CDs and treasury bills. High-yield savings accounts let you earn a higher interest rate on your balance compared to what you'd earn through traditional savings accounts. The Marcus by Goldman Sachs High Yield Online Savings Account is one savings account option that doesn't charge any excessive withdrawal fees. Like high-yield savings accounts, certificate of deposit accounts (CDs) allow you to deposit money into an account to earn interest on your balance. How to choose between a high-yield savings account, a CD and treasury billsUltimately, deciding between a high-yield savings account, a CD and treasury bills will come down to what the money will be used for.

We'll use our tax refund to pay off some debt and consider closing unneeded credit cards. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy PolicyAs a low-income family with multiple children, my husband Ian and I qualify for the child tax credit and earned income tax credit, and we usually have a sizable tax refund every year. From the end of the tax year until we file, typically in February, my husband and I are in an ongoing conversation about our tax refund and how we want to use it. 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 Editor's Rating 4.6/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Editor's Rating 4.5/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Learn more On TurboTax's website Learn more On Tax Slayer's website Learn more On H&R Block's website1. When we get our 2022 tax refund, the first thing we'll do is pay off our credit cards so we can start with a clean slate.

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