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☆ This bank just boosted its 1-year CD yield to more than 5%, even as traders await Fed rate cuts
▼ + stars: | 2024-07-02 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +2 min

Marcus' yield hike places it in an exclusive group of financial institutions continuing to offer rates in the 5% range on deposits. Citizens Access and Capital One Financial each offer a 1-year CD that yields 5%, while Sallie Mae offers a 5.15% APY. Bread Financial is at the top of the heap, with an APY of 5.25% on a 1-year CD. Indeed, LendingClub recently slashed its 1-year CD APY to 4.2%, reflecting a cut of 95 basis points, Caintic found. For instance, investors may forfeit some interest if they "break" their CD ahead of maturity, which makes these funds less liquid compared to money market funds.

Persons: Marcus, Goldman Sachs, BTIG, Sallie Mae, Vincent Caintic, LendingClub, Caintic Organizations: Reserve, BTIG Locations: LendingClub

☆ Step into the daily lives of Canyon Coffee's cofounders. Here's how they balance business, family, and finances.
▼ + stars: | 2024-06-28 | by ( Sponsor Post | Sponsored Apple Card | ) www.businessinsider.com time to read: +10 min

4 You can choose to direct Daily Cash to a Savings account or to an Apple Cash card. By opening a Savings account, Apple Card Owners and Co-Owners are affirmatively electing to have all future Daily Cash automatically deposited into their respective Savings account. Daily Cash may not be divided between Apple Cash Card and Savings accounts. To access and use all Apple Card features and products available only to Apple Card users, you must add Apple Card to Wallet on an iPhone or iPad that supports and has the latest version of iOS or iPadOS. If you reside in the U.S. territories, please call Goldman Sachs at 877-255-5923 with questions about Apple Card.

Persons: Wojtalewicz, Ally Walsh, Casey, Ally, Casey Wojtalewicz, she'll, they're, Daily Cash, Cash, Goldman Sachs Organizations: Apple, Apple Card, Coffee, Savings, Daily, Insider Studios, Goldman Sachs Bank, Salt Lake City Branch, FDIC, Green Dot Bank, Branch, Member FDIC, Apple Cash Card, Minor Outlying Locations: Los Angeles, Echo Park, LA, Salt Lake City, Daily, Salt Lake, American Samoa, Guam, Northern Mariana Islands, United States, U.S

☆ 5 money management tips to ensure your funds keep growing
▼ + stars: | 2024-06-28 | by ( Sponsor Post | Sponsored Apple Card | ) www.businessinsider.com time to read: +7 min

Opening a high-yield savings account can be a game-changerWhile 68% of Americans have a standard savings account, according to Forbes, fewer take advantage of high-yield accounts that offer better returns. Although you can choose to receive a physical titanium Apple Card, it's also automatically built into Apple Wallet on iPhone. 3 To access Savings, Apple Card Owners and Co-Owners must open a Savings account. To access and use all Apple Card features and products available only to Apple Card users, you must add Apple Card to Wallet on an iPhone or iPad that supports and has the latest version of iOS or iPadOS. If you reside in the U.S. territories, please call Goldman Sachs at 877-255-5923 with questions about Apple Card.

Persons: it's, Cash, Goldman Sachs Organizations: Economic, Forbes, Apple, Apple Pay, Insider Studios, Apple Card, Savings, Goldman Sachs Bank, Branch, Member FDIC, Daily, Apple Cash Card, Minor Outlying, Merchant, Nike Locations: Salt Lake, American Samoa, Guam, Northern Mariana Islands, United States, U.S

☆ I grew up in poverty, but I'm doing 3 things to build my wealth and fight inflation
▼ + stars: | 2024-06-14 | by ( Taryn Williams | ) www.businessinsider.com time to read: +4 min

To fight inflation, I'm earning more money with side hustles and diversifying my investments. Even though I'm making more money now, I'm not spending more money. As someone who grew up without financial stability, I've been motivated to create a safety net for myself. These accounts typically accrue far more interest than traditional savings accounts, helping savings keep pace with inflation. It's easier to stay ahead of inflation when I'm not buying more than I need and when I'm using resources like coupons to my advantage.

Persons: I'm, —, I've Organizations: Service Locations: South America

☆ What the Fed’s interest rate decision means for your savings
▼ + stars: | 2024-06-12 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +7 min

Online high-yield savings accountsThe best bang for your savings can still be had in online high-yield savings accounts at FDIC-insured banks, which yield way more than today’s 0.58% overall average savings rate. As of June 11, the average online savings account rate was 4.40%, according to DepositAccounts.com. If you leave it parked in a regular savings account at 0.5%, you’ll get $50 in interest for a year. As with any savings account, banks can lower the rate they offer — also known as the APY — at any time. Money market accounts and money market fundsMoney market deposit accounts and money market mutual funds are generating yields competitive with the best high-yield savings accounts.

Persons: ’, ”, Greg McBride, ” McBride, you’ll, —, McBride, “, Collin Martin, Martin Organizations: New, New York CNN, Federal Reserve, National Credit Union Share Insurance, Securities Investor Protection Corporation, Treasury, Fed, Schwab Center, Financial Research Locations: New York, Schwab.com, United States

☆ I have enough saved for a down payment, but I don't see any reason to stop renting
▼ + stars: | 2024-06-10 | by ( Annie Midori Atherton | ) www.businessinsider.com time to read: +6 min

I have enough money for a 20% down payment, but I'd have to make too many compromises to own a home. I wish homeownership were easier, but renting isn't holding me back from succeeding financially. AdvertisementIn the US, the path to financial success seems set in stone: Get a degree, get a steady job, and buy a house. Despite the deeply ingrained cultural norm of glorifying homeownership, I've decided not to feel bad about renting. It's not right that gainfully employed people can't afford to buy a house in many cities anymore.

Persons: —, I'm, Seattle —, homeownership, I've, Zillow, It's, gainfully, There's, I'd, it's Organizations: Service, Cash Locations: Seattle, Washington

☆ I find it impossible to save money. A financial therapist helped me see the 3 reasons I can't stop spending.
▼ + stars: | 2024-06-07 | by ( Julia Pugachevsky | ) www.businessinsider.com time to read: +6 min

I booked a session with Amanda Clayman, a financial therapist who hosts Fresh Produce Media's Audible series "Emotional Investment." Our appointment resembled a typical therapy session: I filled out an intake form beforehand, answering questions about my earliest experiences with money. AdvertisementThe session made me realize where most of my money is going, and what I can do to curb the spending. I'm overwhelmed by budget spreadsheetsAfter interviewing Clayman for a story on budgeting, I was inspired to start a budgeting spreadsheet. "When you communicate a new intention and ask for support, it's also creating a permission structure for that other person to change," Clayman said.

Persons: —, I've, Amanda Clayman, I'd, Clayman, Will, she's, it's, It's, she'll Organizations: Service, Business Locations: New York City, America

☆ Don't be so quick to take money advice from TikTok — here's why
▼ + stars: | 2024-06-02 | by ( Jessica Dickler | ) www.cnbc.com time to read: +3 min

Before passing on a movie or dinner date, consider that turning down those invitations can "lead to frustration and emotional distress," he said. watch nowThere may be better ways to cut back, Hoffman advised, without sacrificing time with the people close to you. This seems like a good idea "with a relatively low ceiling," according to Matt Schulz, chief credit analyst at LendingTree. In this case, if you had $5,000 in a high-yield savings account earning 5%, you would have made roughly $250 in interest in a year. 'Cash stuffing' also forfeits interestAnother envelope method, called "cash stuffing," advocates for dividing up your spending money into envelopes representing your monthly expenses, such as groceries and gas, to stay on budget and out of debt.

Persons: Paul Hoffman, Hoffman, you'll, Matt Schulz, Bankrate.com Organizations: Getty, Federal Reserve, FDIC

☆ I got engaged with a $57 Etsy ring. My fiancé and I both make 6 figures, but we're planning strategically to save $20K for our wedding.
▼ + stars: | 2024-05-31 | by ( Viviana Vazquez | ) www.businessinsider.com time to read: +9 min

Our wedding budgetWe have a wedding budget of $20,000, with a guest list of around 120 people. Some of my family members won't be able to travel to Mexico, so we plan to invite them to dinner after our City Hall civil wedding. Some of my family members won't be able to travel to Mexico, so we plan to invite them to dinner after our City Hall civil wedding. We plan to help subsidize five rooms for 10 family members by contributing $1,000 per room, or half the cost. We plan to help subsidize five rooms for 10 family members by contributing $1,000 per room, or half the cost.

Persons: —, Xavi, We've, Vazquez, Viviana Vazquez, maxing, Robert Dula, we'd, I'm, San Miguel de Allende, Viviana Vazquez Viviana Vazquez, Jane Zhang Organizations: Service, Baruch College, Business, City Hall, City Locations: New York City, Mexico, Atlanta, New Orleans, Vazquez, Nola, Cancún, New York, San Miguel, janezhang@businessinsider.com

☆ Creating an income-producing portfolio
▼ + stars: | 2024-05-20 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +7 min

A lot goes into creating and managing an income-producing portfolio that works for you. Knowing your expenses will give you a good sense of the income you’ll need. Ways to generate incomeTake the income you think you’ll need and subtract from that the income you expect. For example, if you need $65,000 a year but will only bring in $40,000, you’ll need to generate the other $25,000. • For money you’ll need in three to five years, use short-term corporate bonds as well as longer-term CDs.

Persons: it’s, Will, David Seufer, you’ll, Marguerita Cheng, ”, David Edmisten, Edmisten, Cheng, ” Seufer, “, ” Edmisten, Seufer, they’re, ” Cheng Organizations: New, New York CNN, Gravitas, Social Security, Blue, ” Capital, Social Locations: New York

Some of the best CD rates that I've found this year include 4% to 5% APY. Since my CD ladder is set up with a mix of short-term and long-term CDs, once the short-term CDs mature, I replace them with long-term CDs instead of short-term ones. As the short-term CDs mature and are reinvested in long-term CDs, the original long-term CDs will become closer to maturing. That means I can potentially reinvest the cash from a short-term CD into a longer term one that offers a higher APY. Right now, I don't have the funds to invest all of my cash into long-term CDs.

Persons: —, I've, I'd, I'm Organizations: Service, Business

I always tell my financial planning clients to keep an emergency fund — but I don't keep cash on hand. We recommend keeping that money in a highly liquid vehicle, like a high-yield savings account or money market account. Your priority for your emergency fund should be access and safety, not returns. I have a much more intricate understanding of market risk and the impact of market downturns. The rule I refuse to break: Save (at least) 25% of gross incomeI urge my financial planning clients to prioritize their savings and investments.

Persons: —, We've, It's, what's, doesn't Organizations: Service

☆ You just heard your college-bound child is getting less aid than you hoped. Now what?
▼ + stars: | 2024-05-10 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +8 min

New York CNN —The good news is your child got into college and is preparing to enroll this fall. The bad news is that you’ve just learned the aid package your child’s school is offering is much smaller than you’d hoped. Over four years of college, students can take out a total of up to $27,000. “That’s cash-flow friendly while your child is in college,” Walker said. Also, Bogardus suggests checking to see if your state offers a tuition aid plan or subsidized loan rates for educational expenses.

Persons: you’ve, sobering, ”, Beth Walker, “, ” Walker, they’ve, Joseph Bogardus, it’s, Bogardus, Skip, Walker, you’ll Organizations: New, New York CNN, College Board, Center for College Planning Solutions, College, ”, Stafford, PLUS Locations: New York, New England, Stafford

☆ An ex-Google employee shares the 3-part strategy he used to prepare for layoffs and achieve financial independence
▼ + stars: | 2024-05-08 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +7 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewAfter eight years at Google, Shao Chun Chen was laid off on February 14, 2024. "A big part of your identity is where you work," Chen, who was leading a sales team at the time, told Business Insider. He says he focused on three things throughout his 20s and 30s to grow his investment portfolio and achieve financial independence. He about tripled his salary at Google and worked his way up to making six-figures, according to employment verification letters viewed by BI.

Persons: —, Shao Chun Chen, Chen, He'd, Merrill Lynch, It's, you've, WIMUT THAMMAKESORN Chen, you'll, it's, Chen wouldn't, he's, Shao Chun Chen Chen Organizations: Service, Google, Business, BI, National University of Singapore, NFL, NUS, BMW Locations: Singapore

☆ Americans were paid an additional $235 billion in interest in 2023, thanks to the Fed
▼ + stars: | 2024-05-01 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +7 min

High-yield savings accountsThe average interest rate on regular bank savings accounts is roughly 0.5% but can run as low as 0.01% at the biggest banks. By contrast, the average on high-yield savings accounts is well over 4%, according to DepositAccounts.com. If you leave it parked in a regular savings account at 0.5%, you’ll get $50 in interest for a year. As with any savings account, banks can lower the rate they offer — also known as the APY — at any time. Money market accounts and money market fundsAlthough money market deposit accounts and money market mutual funds are both generating yields competitive with the best high-yield savings accounts, there are important differences.

Persons: —, It’s, ”, Greg McBride, you’ll, McBride, “, ” McBride, Ben Bakkum, Collin Martin, Martin Organizations: New, New York CNN, Federal Reserve, Federal Deposit Insurance Corporation, FDIC, National Credit Union Share Insurance, Securities Investor Protection Corporation, Treasury, Fed, Schwab Center, Financial Research Locations: New York, Schwab.com, United States

☆ 28-year-old with net worth over $500,000: 5 money mistakes to avoid in that 'weird time after college'
▼ + stars: | 2024-05-01 | by ( Mike Winters | ) www.cnbc.com time to read: +4 min

Not using a high-yield savings accountHigh-yield savings accounts are a no-brainer for Allocca, who says that there's "no advantage to a traditional savings account." High-yield savings accounts are typically offered by online banks or credit unions, and usually come with higher interest rates than traditional savings accounts offered by big banks. Currently, you can find high-yield savings rates over 5%, compared with the 0.58% average for savings accounts as a whole. One trade-off is that smaller banks or credit unions might take longer to process a withdrawal from a high-yield savings account. "I like to call high-yield savings accounts 'inconvenient savings,' because they are still accessible, but totally separate and disconnected from your checking account," she says.

Persons: Michela Allocca, —, Allocca Organizations: CNBC

☆ 'It's a good time to lock in,' expert says. What to know to get the best rates on your cash now
▼ + stars: | 2024-04-30 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

Higher interest rates may be here to stay for a while longer, thanks to persistent inflation. That's good news for cash savers, who have the best opportunity to earn returns on their money in 15 years. To secure today's high rates, individuals may turn to CDs, Treasury bills and Treasury Inflation-Protected Securities, or TIPs. Series I bonds — a U.S. government savings bond aimed at providing inflation protection — will pay 4.28% for the next six months, the Treasury Department announced Tuesday. Yet 67% of Americans are earning interest rates below that threshold, according to a recent Bankrate survey.

Persons: What's, Greg McBride, McBride Organizations: Securities, Treasury Department, Finance Locations: U.S

☆ What this NFL Draft pick plans to do with his new money—from mutual funds and a Roth IRA to Air Jordan 1 sneakers
▼ + stars: | 2024-04-27 | by ( Tom Huddleston Jr. | ) www.cnbc.com time to read: +3 min

Fiske, 24, was drafted by the Los Angeles Rams in the second round of the 2024 NFL Draft on Friday evening. "I had never been around that much money," Fiske told MarketWatch last month. Together, they've discussed "how my financial life is going to change" upon signing an NFL contract, Fiske noted. "I'm putting money into mutual funds, index funds, high-yield savings accounts and maybe exploring new investment opportunities, too," he said, adding: "I also have a Roth IRA ... But that doesn't mean he won't splurge on a fun purchase: He's an avowed fan of Nike's Air Jordan 1 sneakers, for example.

Persons: Braden Fiske, —, Fiske, you've, they've, Roth, he's Organizations: Los Angeles Rams, Florida State University, FSU, NFL, Roth IRA, Air, Honda Accord, CNBC

☆ Don't believe these money misconceptions: 3 things to know that can help improve your finances
▼ + stars: | 2024-04-25 | by ( Sharon Epperson | In Sharoneppersoncnbc | ) www.cnbc.com time to read: +4 min

Part of the problem: People continue to believe common misconceptions about managing and investing their money. When it comes to your retirement savings, target-date funds can be another smart option. Young couple managing finance and investment online, analyzing stock market trades with mobile app on laptop and smartphone. "People feel like, I can get a higher return with no risk … but basically, a higher return is always a reward for higher risk." There's almost no risk to money in federally insured deposit accounts, unlike investments that are subject to the daily changes in the stock, which can result in much higher risk.

Persons: Witthaya, Annamaria Lusardi, Paul Yakoboski, Young, Lusardi, There's Organizations: TIAA, Global Financial, Stanford Institute for Economic Policy Research, TIAA Institute, Target, CNBC, Financial Wellness, Board Locations: U.S

☆ Gen Zers can't always afford to have fun. Here's how I budget my $80,000 salary to save for a house and still enjoy my 20s.
▼ + stars: | 2024-04-19 | by ( Charissa Cheong | ) www.businessinsider.com time to read: +6 min

It's not necessarily that I'm spending less money, but I'm way more intentional about how I spend it. But my generation has to choose between these things; having fun in your 20s is harder now. Sandke said she wants to enjoy her 20s and she builds fun activities into her budget. My savings also go toward fun things I'm looking forward to in the near future. I want to look back on my 20s and feel I was responsible with my money and had fun.

Persons: —, Emma Sandke, I've, It's, Sandke, Roth, I'm Organizations: Service, Business, Boston Locations: Boston

I like putting money in CDs, and one option that will help long-term with taxes is a SEP IRA CD. I started moving money between high-yield savings accounts, CDs, and other passive income-earning investments like REITs and dividend stocks. Interest and earnings from savings accounts, CDs, and other investments are considered taxable income. Instead, after paying my taxes, I reassess how much money of interest income I actually made and decide how to use the cash then. However, unlike a regular CD, CDs in your retirement fund have contribution limits set by the IRS.

Persons: — Organizations: Service, IRS

☆ With interest rates expected to be higher for longer, here's what to do with your cash
▼ + stars: | 2024-04-12 | by ( Michelle Fox | ) www.cnbc.com time to read: +5 min

That means those saving cash in money market funds and Treasury bills can expect to see their rates stay higher for longer. The annualized seven-day yield on the Crane 100 list of the 100 largest taxable money funds is currently 5.13%. The appetite for money market funds is evident in the record amount of cash pouring into the products. Last week, there was $6.11 trillion sitting in money market funds, according to the Investment Company Institute , up from $5.87 trillion in mid-December. Then there are moderate risk investors with longer time horizons, which Vanguard surveys show are the majority of investors, he said.

Persons: They've, Peter Crane, Shelly Antoniewicz, Marguerita Cheng, you'll, Cheng, Roth, Barry Glassman, Glassman, he's, Roger Aliaga, Diaz, Vanguard's, Cash, Aliaga Organizations: Federal, Crane, Investment Company Institute, Blue, Global, CNBC, Wealth, Treasury, Vanguard

☆ We're a Gen Z couple making $250,000 combined, but it doesn't feel like we're top 10% earners
▼ + stars: | 2024-04-12 | by ( Jordan Hart | ) www.businessinsider.com time to read: +5 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Together, the New York City-based couple earns about $250,000 annually, with both making six-figure salaries. We're both less than five years into our careers, and while we're considered in the top 10% of earners, it doesn't feel like that at all. Whatever I have left after wedding expenses, I consider my discretionary spending money. My food and travel expenses are typically paid for when I'm working late into the evening, so it saves me a lot of charges.

Persons: —, Sheldon, we're, we'll, I've, Leon Dore —, I'm Organizations: Service, Camry, New, Bureau of Labor Statistics, Business, CorePower Locations: New York City, Central Park, South Africa, Singapore, Paris, Japan

☆ Here's what's wrong with the ‘100 envelope’ method and TikTok’s other viral savings challenges
▼ + stars: | 2024-04-09 | by ( Jessica Dickler | ) www.cnbc.com time to read: +2 min

Between "cash stuffing," the "100 envelope" method or the "no-spend" challenge, there's no shortage of suggestions to better your financial standing. How these savings challenges work'Walk before you run'"I would definitely stress walking before you run," Rossman said. Rossman advises having money regularly transferred from your paycheck to a savings account. After a series of interest rate hikes from the Federal Reserve, some top-yielding online savings account rates are now paying even more than 5%, according to Bankrate.com — well above the rate of inflation. For example, if you have $5,000 in a high-yield savings account earning 5%, you'll make roughly $250 in interest in a year.

Persons: TikTok, Ted Rossman, Rossman, Matt Schulz, Schulz, Bankrate.com Organizations: Federal Reserve, FDIC

☆ I saved $100,000 by 25 thanks to the good financial habits my mom and dad gave me. Here are my top tricks.
▼ + stars: | 2024-04-05 | by ( Aleenah Ansari | ) www.businessinsider.com time to read: +5 min

Money gave me the freedom to leave a toxic job, travel to Europe, and launch my career as a financial advisor. When I set out to save $100,000, I was 22, living in Seattle in 2016 and making $55,000 at my first corporate job. Saving $100,000 was a combination of privilege and hard work. I felt confident I could launch a successful financial education platform and take my financial education business, "Her First $100k," full-time. I wouldn't have hit my $100,000 goal as quickly if I hadn't routinely invested in these accounts.

Persons: Tori Dunlap, Roth, there's Organizations: Service, Business Locations: Seattle, Europe, Costa Rica

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