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Pros Check mark icon A check mark. Competitive APY Check mark icon A check mark. Reimburses up to $10/month in out-of-network ATM fees Check mark icon A check mark. Pros Check mark icon A check mark. Ally High Yield CD 4.5 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4.5 out of 5 Stars Annual Percentage Yield (APY) 2.00% to 4.25% Minimum Deposit Amount $0 View Full Details Learn moreAlly High Yield CD 4.5 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4.5 out of 5 Stars Annual Percentage Yield (APY) 2.00% to 4.25% Minimum Deposit Amount $0 View Full Details Learn more On Ally Bank's secure site.

Learn more A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4.25 out of 5 Stars Editor's Rating A tooltip OUR EDITOR'S RATINGS ARE PRIMARILY BASED ON 3 THINGS: SIMPLICITY, AFFORDABILITY, AND VALUE. Learn more A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4 out of 5 Stars Editor's Rating A tooltip OUR EDITOR'S RATINGS ARE PRIMARILY BASED ON 3 THINGS: SIMPLICITY, AFFORDABILITY, AND VALUE. Learn more A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4.25 out of 5 Stars Editor's Rating A tooltip OUR EDITOR'S RATINGS ARE PRIMARILY BASED ON 3 THINGS: SIMPLICITY, AFFORDABILITY, AND VALUE. Learn more A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 3.75 out of 5 Stars Editor's Rating A tooltip OUR EDITOR'S RATINGS ARE PRIMARILY BASED ON 3 THINGS: SIMPLICITY, AFFORDABILITY, AND VALUE. Pros Check mark icon A check mark.

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During the pandemic, mortgage rates plummeted below 3%, flooding the real estate market with homebuyers trying to snag a good rate. "Mortgage rates have trended down in the past couple of months," he says. So... [for] someone waiting for a 3% or 4% mortgage rate, it's not going to happen." For example, Rocket Mortgage is currently offering a mortgage rate buydown program called Inflation Buster. Evaluate whether you're buying for the right reasons and determine if you and your budget are ready for this important milestone.

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A savings account can be a safe place to store savings and grow it over time. You earn some interest on your savingsA savings account is a type of interest-earning bank account. If you open a regular savings account or high-yield savings account, the savings accounts will likely have a variable APY. Children can't open a savings account on their own, but parents can open a joint savings account and help them manage it until they turn 18. First, you'll want to figure out which type of savings account you would like to open: a traditional savings account, high-yield savings account, money market account, certificates of deposit, cash management account, or specialty savings account.

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When the Federal Reserve cut interest rates, I moved my savings into CDs and corporate bonds. At the time, I kept my emergency savings in a high-yield savings account, with some additional savings in a regular savings account. Pretty soon, my high-yield account stopped seeming so "high-yield," with interest rates dropping from 2.50% to 0.50% over the course of the year. I employed a laddering strategy, spreading my money over a number of CDs with different interest rates and terms. Because of this, I decided to move all of my emergency savings back into my high-yield savings account, so it's all in one place and is more easily accessible.

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☆ After the Fed’s latest move, how come you’re still not getting a higher rate on your bank savings?
▼ + stars: | 2023-02-01 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +10 min

So how come you’re not getting a higher rate on your bank savings? 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. For the week ending January 26, the 30-year fixed rate mortgage averaged 6.13%, well above where it was a year earlier, at 3.55%. So, if you’re close to buying a home or refinancing one, lock in the lowest fixed rate available to you. The variable rate on a home equity line of credit or a fixed rate on a home equity loan will rise because their formulas are directly tied to the Fed’s rates.

Get a jump on starting an emergency fund and earning extra income by having a financial plan. When you don't have an emergency fund, one job loss or medical issue could totally upend your life. This will take time and effort to accomplish, but the peace of mind and confidence that an emergency fund gives you will be well worth it. This can often lead to disaster when something breaks down and needs total replacement, which can lead to spending money you are not prepared to spend. When handling your money and thinking about the future, being proactive rather than reactive can save you money and help you be more financially secure.

With inflation high and interest rates on the rise, parking your money in CDs is a big risk. Generally speaking, the longer you leave your money in the bank, the higher interest rate you will receive. Other options — like utilizing mutual funds or even common stocks — can provide higher returns than a certificate of deposit. Better alternatives existAs a financial planner, I always recommend exploring all available options before investing your money. Instead of locking up your money in a CD, consider other methods that produce higher returns and carry less risk.

That's when personal loans can really shine as a valuable financial tool. These loans come with all sorts of different terms and conditions, which can stick even the shrewdest shopper with unnecessary fees and interest payments. Select a lender that doesn't charge origination or application feesSome — but not all — personal loan lenders may charge fees for submitting an application and originating the loan. It involves replacing your current loan with a new one that carries a lower interest rate, saving you money on your interest payments. Bottom lineKnowing how to save money on a personal loan can help you get the most from this flexible financial tool.

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Pros Check mark icon A check mark. Pros Check mark icon A check mark. High interest rate Check mark icon A check mark. Virtual debit card, physical debit card, and access to Apple Pay, Google Pay, Samsung Pay Check mark icon A check mark. Check writing included Check mark icon A check mark.

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Pros Check mark icon A check mark. Competitive APY Check mark icon A check mark. Pros Check mark icon A check mark. Pros Check mark icon A check mark. High interest rate Check mark icon A check mark.

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If you're worried about market volatility, financial planner Alex Alba recommends moving your money out of the stock market. Put one to five years worth of expenses in a CD or high-yield savings account instead. The remaining amount can be split up in these three places, if you're worried about a recession that could cause big swings in the stock market. High-yield savings accountAlba's next recommendation is to move some of your retirement nest egg into a high-yield savings account. However, money kept in high-yield savings accounts isn't going to decrease in value the same way that money in the stock market might during volatile periods.

When it comes to choosing a savings strategy, there is no one-size-fits-all solution. I often revisit and readjust my savings strategy in response to larger economic factors, and I did that a lot during the COVID-19 pandemic. At the time, I kept my emergency savings in a high-yield savings account, with some additional savings in a regular savings account. When reevaluating your own savings strategy, it's important to consider your risk appetite and time horizon. Reevaluating your savings strategy regularly is an important part of maintaining your financial health over time.

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☆ Here are 5 things to know about filing a tax return this year
▼ + stars: | 2023-01-27 | by ( Greg Iacurci | ) www.cnbc.com time to read: +3 min

Filing — and tax help — may be freeCertain taxpayers can leverage free (and often little-used) resources when filing a return. The IRS Free File program offers free, guided tax preparation online. You can use last year's tax return to get a sense of what forms you may need. (Aside from tax forms, be sure to have receipts handy for relevant tax deductions and credits.) To avoid delays, file an electronic, error-free tax return with direct deposit for payments.

☆ Unemployment is lasting longer for more Americans—here are 3 ways to boost your savings
▼ + stars: | 2023-01-27 | by ( Kamaron Mcnair | ) www.cnbc.com time to read: +3 min

Layoffs and extended periods of unemployment are a few of the many reasons you might have to use your emergency fund. Use these tips to beef up your emergency fund, whether you're just getting started or looking to add extra cushioning. Ideally, you'll be able to routinely put money toward both your emergency fund and retirement savings, but if you have to pick one, prioritize emergency savings first. Your emergency savings, on the other hand, should be readily available, such as in a high-yield savings account. Plus, when you're young, you have time to catch up on your retirement savings.

☆ 3 strategies to help give your finances a much-needed reboot this year, according to a financial expert
▼ + stars: | 2023-01-26 | by ( Christine Mui | Jason Stauffer | ) www.cnbc.com time to read: +10 min

Welcome back to Money Made Easy, where we focus on simple ways to manage your finances and save money. Plus, qualified borrowers can apply for up to $100,000, and this lender doesn't charge an origination fee, early payoff fee, or late fee. For short-term financial goals, high-yield savings accounts can help you grow your money by earning a much better return than a traditional savings account. Automating your transfers to a savings account can help this process, making it easier and helping you know that you're continuously growing your account. Find the best savings account for you: Help your money grow by finding the savings account that offers the best rates and features for you.

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