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☆ Plan to buy a home in the next year or two? Here are 5 steps to take now to get your finances ready
▼ + stars: | 2024-04-04 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +7 min

Mortgage lenders will consider lots of different metrics and circumstances when assessing your creditworthiness. Check your credit reports and credit scoresTwo other factors lenders will consider are your credit history and credit score. Kill the credit card debtA key way to improve your credit score is to reduce your credit card debt. “The minute they pull your credit score, it is going to [reflect] what is on my credit card that day,” MBA’s Seiler said. “Because there are many variables that affect an individual consumer’s credit score, we can’t say a specific number of months,” FICO’s Zeibert said.

Persons: ”, Avi Adler, Sara Zuckerman, Margaret Poe, Poe, you’ll, Eddie Seiler, Joe Zeibert, You’re, ” Adler, MBA’s Seiler, ” FICO’s Zeibert, “, ” Seiler, Zuckerman, Adler, ” Zuckerman Organizations: New, New York CNN, Long & Foster, Consumer Financial, Bureau, Mortgage, Association Locations: New York, annualcreditreport.com, TransUnion

The Apple Card Savings account still pays a higher APY than the average savings account. Apple has dropped the interest rate on its Apple Card Savings account for the first time in 2024. The Apple Card Savings account is available for Apple Card users in the U.S. You can set it up and manage it through the Apple Card in the Wallet app on iPhones. How the Apple Card Savings account worksThe Apple Card Savings account doesn't require a minimum opening deposit. While the interest rate on the Apple Card Savings Account has dropped for the first time in 2024, it still pays a significantly higher rate than a traditional savings account.

Persons: Apple, —, Cash, Jennifer Bailey, Daily Cash, Goldman Sachs Organizations: Apple, Savings, Service, Apple Card Savings, Apple Card, Daily, FDIC, Federal Deposit Insurance Corporation Locations: U.S

RobinhoodI decided to ask a few of my friends what investing platform they use. Since my cash is already sitting in savings accounts and CDs through the bank, I decided to check out its self-directed investing platform, Ally Invest. I decided on Ally InvestAfter spending some time testing out each platform, I decided that Ally Invest was perfect for my current needs. It allowed me to easily transfer money between my other accounts with the bank into my investment account. Plus, I was able to diversify my portfolio by investing in different securities, from mutual funds to ETFs.

Persons: Charles Schwab, Robinhood, Ally, Invest Organizations: Ally, Invest

Setting a down payment goalBefore you can set a down payment goal, you first need to figure out how much you'll need for a lender to approve you for a mortgage. Determining the size of down payment neededThe minimum size of your down payment will depend on the loan program you use. Exploring down payment assistance programsDown payment assistance programs can help cover part or all of your down payment. But if you can save up a down payment of at least 20% of the home's purchase price, you'll avoid paying PMI (private mortgage insurance), which can reduce your monthly payment. To save for a down payment, create (and stick to) a budget, reduce unnecessary expenses, increase your income through side jobs, automate your savings, and explore down payment assistance programs.

Persons: You'll, you'll, windfalls, Windfalls Organizations: Netflix, Spotify, Federal Deposit Insurance Corp, PMI Locations: homebuyers, Chevron

☆ Most Americans are missing out on 'free money' by not saving in a high-yield account. A financial planner explains 3 factors to consider when choosing and what to do if interest rates fall.
▼ + stars: | 2024-03-27 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +7 min

This type of account offers a higher interest rate than a traditional savings account. That's assuming you have it sitting in a traditional savings account earning little to no interest rather than in a high-yield account earning 5%. If that money is not in a high-yield savings account, that's $2,500 a year that you're giving up." If the Federal Reserve does start cutting interest rates, which is expected to happen in 2024, high-yield savings account rates will also drop. Of course, you'll still earn much more in a high-yield account than you would in a traditional savings account, noted Weiss.

Persons: —, Brent Weiss, Weiss, That's, Ally Bank, you'll, it's, Ally, SoFi, Marcus, you've, they're Organizations: Service, Business, CNBC, Ally Bank, Ally, Federal Reserve

☆ These 3 tax rules weren't a big deal last year—now they could cost you thousands, experts say
▼ + stars: | 2024-03-26 | by ( Ryan Ermey | ) www.cnbc.com time to read: +4 min

Some forms that may not have been on your radar last year could drastically raise or lower your bill for tax year 2023, experts say. Here are three tax documents you may have forgotten about last year that could be important this tax season. 1099-INT for savings accountsYou always owed federal income tax on interest from savings accounts. Even if you forgot to report a chunk of your interest income, "the main story is not to panic. For 2023, you may receive a Form 1099-MISC or 1099-B from the financial institution you use to trade crypto.

Persons: Ed deHaan, you've, Mark Jaeger, Jaeger, Matt Metras Organizations: Stanford Graduate School of Business, Federal Reserve, IRS, MDM Financial Services, CNBC Locations: TaxAct

☆ Employees are building 'F-you funds' before quitting their jobs. Here's what it means and how to build one.
▼ + stars: | 2024-03-23 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +6 min

Souffrant set out to save enough so they could cover one year's worth of expenses between Woody's salary and her savings. How to build your own 'F you fund' in 2 stepsAnyone can start an "F you fund" like Soufrrant and Shah did to create more options for themselves. Souffrant kept hers in a high-yield savings account. That way, the money was still accessible but earning more interest than it would if it was sitting in a traditional savings account. If your number is $200 per month, have that amount lifted from your checking account and deposited into your "F you account" each month.

Persons: Jamila Souffrant, Souffrant, Nischa Shah, Nischa Shah Nischa Shah, it's, Shah, Woody Organizations: Business, America, Investment

☆ How to make high interest rates work for your hard-earned savings
▼ + stars: | 2024-03-20 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +9 min

However, that won’t happen if you just let it sit in a traditional checking or savings account that yields next to nothing. High-yield online savings accountsThe average annual percentage yield on bank savings accounts was just 0.52% as of March 13, according to Bankrate. As with any bank savings rate, high-yield savings account rates can change overnight, and the bank may not alert you when it lowers it. But don’t confuse money market accounts with money market mutual funds, which invest in short-term, low-risk debt instruments. Unlike money market deposit accounts, money market mutual funds are not insured by the FDIC.

Persons: ”, Ted Rossman, ” Rossman, Ken Tumin, Schwab, you’d, Tumin, Doug Ornstein, Andy Smith, Ornstein, doesn’t, ” Smith Organizations: New York CNN, Bankrate, JPMorgan Chase, Bank of America, Fidelity, TIAA Wealth Management, FDIC, Securities Investor Protection Corp, Edelman, AAA Locations: New York, Wells Fargo, United States

☆ The Fed hasn't touched interest rates since July, but they're still moving. What that looks like for credit cards, mortgages and savings accounts
▼ + stars: | 2024-03-20 | by ( Gabriel Cortés | ) www.cnbc.com time to read: +4 min

It's one of the silver linings to the current rate environment, said Ted Rossman, chief credit card analyst at Bankrate. Credit cardsThe flip side to the positive environment for savers is the expensive credit card market: Consumers carrying balances on their cards face historically high rates. "The Fed is not going to come to your rescue on credit card rates," Rossman said. The Fed is not going to come to your rescue on credit card rates. Mortgage ratesWhile savings and credit card rates are very sensitive to maneuvers from the Federal Reserve, the area that might see the most movement is housing.

Persons: Ted Rossman, There's, Rossman, they've, they'd, Bankrate Rossman Organizations: Hinterhaus, Getty, U.S . Federal Deposit Insurance Corp, Federal Reserve

☆ The average tax refund is over $3,000. Here are 7 ways to put it to good use
▼ + stars: | 2024-03-15 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +7 min

New York CNN —The average federal tax refund is more than $3,000, according to the latest data from the IRS. … They don’t understand how much interest they’re paying,” Russ said. Create or add to an emergency fundYou can use your refund to start or bolster an emergency fund. If you have high-rate debt and you’re lacking emergency savings, Russ suggested you might use a portion of your refund to attack your debt and the other portion to create an emergency fund. If you need the money within three years, you might consider putting your refund in certificates of deposits and US Treasury bonds.

Persons: you’re, ”, Eric Bronnenkant, Keyana Russ, ” Russ, Russ, Bronnenkant, Roth, Bronnenkant, Charles Schwab, ” Bronnenkant Organizations: New, New York CNN, Ponds Financial, Invest, Roth IRA, Treasury Locations: New York, Ponds

According to financial coach Hillary Seiler, you still need to spend less than you earn, even if that requires adjusting your budget. To make it from paycheck to paycheck, many are finding themselves spending more money and carrying credit card debt. "People never want to hear this one piece of advice, but it's important to spend less than you earn in any economic environment, but especially now." AdvertisementHere are three ways to start spending less than you earn:1. Review and adjust your spending habitsLook at how you spend your money. "You can earn more interest on your money now, and that will help it grow much quicker."

Persons: Hillary Seiler, Hilary Seiler, Seiler, doesn't Organizations: Business

☆ CD and Savings Rates Today: Earn More From Your Savings
▼ + stars: | 2024-03-13 | by ( Business Insider | ) www.businessinsider.com time to read: +6 min

With rates rapidly changing, how can you feel confident that you're getting the best savings account or best CD? See more savings account bonuses »Leading Checking & Savings Combo Account BonusSoFi Checking and SavingsEarn up to $300 with qualifying direct deposit for eligible customers (offer expires 06/30/24). High-Yield Savings AccountsThe best high-yield savings accounts provide the security of a savings account with the added bonus of a high APY. A savings account often limits the number of monthly transfers, while a checking account doesn't. 2-Year CDsThe best 2-year CD rates will be slightly lower than 1-year and no-penalty CD rates.

Persons: Banks, —, Cash, we've Organizations: Cash Locations: —

Read previewAbout a year ago, I signed up for an American Express checking account. I canceled my American Express Rewards checking account just a year after opening. It came as a shock to me that it wasn't available with an Amex checking account and defeated a large purpose of opening this account. It was hard to deposit and transfer moneyAmerican Express makes it incredibly difficult to fund the Amex Rewards checking account. The APY wasn't competitiveBecause of its limited functionality, I ended up using my Amex Rewards checking account as a sort of savings account.

Persons: —, Bill Organizations: Service, Business, American, Express, American Express, Capital

☆ Inexpensive ways to access emergency funds
▼ + stars: | 2024-03-11 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +7 min

And while surveys indicate that there are plenty of people in just such a situation, there are some inexpensive and safe ways to access emergency funds. putting it on a credit card but paying that bill in full when it comes due). An earlier survey by Bankrate, meanwhile, found that two-thirds of US adults worried they don’t have enough emergency savings to cover them if they lost their primary source of income. Her bills were piling up and she had already accrued high credit card balances from her years in school. To make the next emergency expense less stressful and costly, you can build emergency savings with small amounts consistently over time.

Persons: Bankrate.com, Bankrate, Noah Damsky, ”, Marcel Miu, ” Miu, Daisy Martini, she’d, Rodney Williams, Martini, “, Damsky, Linda Grizely Organizations: New, New York CNN, Federal Reserve, Marina Wealth Advisors, New York City’s Department of Education, Financial Locations: New York, New

☆ CD and Savings Rates Today: Grow Your Savings
▼ + stars: | 2024-03-10 | by ( Business Insider | ) www.businessinsider.com time to read: +6 min

Persons: Banks, —, Cash, we've Organizations: Cash Locations: —

☆ CD and Savings Rates Today: Maximize Your Returns
▼ + stars: | 2024-03-08 | by ( Business Insider | ) www.businessinsider.com time to read: +6 min

Persons: Banks, —, Cash, we've Organizations: Cash Locations: —

Many people leave too much money in their high-yield savings account instead of investing it. Most experts recommend keeping at least three to six months of expenses in a dedicated savings account as an emergency fund. Ideally, these funds are kept in a high-yield savings account that earns enough interest to keep up with inflation and then some. The fact is, interest rates for savings accounts and CDs fluctuate based on market conditions. Get Exclusive Savings with Raisin: Open one of the best savings accounts with a no-fee Raisin account in minutes and spread your savings across an exclusive network of over 30 FDIC-insured banks and NCUA-insured credit unions.

Persons: —, Lawrence, Regina McCann Hess, Hess, Jeff Rose, Will, Shinobu Hindert Organizations: Service, Nasdaq, Vanguard, Fidelity

☆ CD and Savings Rates Today: Earn More Savings
▼ + stars: | 2024-03-03 | by ( Business Insider | ) www.businessinsider.com time to read: +7 min

With rates rapidly changing, how can you feel confident that you're getting the best savings account or best CD? See more savings account bonuses »Leading Checking & Savings Combo Account BonusSofi Checking and SavingsEarn up to a $300 bonus with qualifying direct deposits for eligible customers. High-Yield Savings AccountsThe best high-yield savings accounts provide the security of a savings account with the added bonus of a high APY. A savings account often limits the number of monthly transfers, while a checking account doesn't. 2-Year CDsThe best 2-year CD rates will be slightly lower than 1-year and no-penalty CD rates.

Persons: Banks, —, Cash, we've Organizations: Bank, Cash Locations: —

☆ CD and Savings Rates Today: Check Out the Latest Offers
▼ + stars: | 2024-03-02 | by ( Business Insider | ) www.businessinsider.com time to read: +7 min

With rates rapidly changing, how can you feel confident that you're getting the best savings account or best CD? See more savings account bonuses »Leading Checking & Savings Combo Account BonusSofi Checking and SavingsEarn up to a $300 bonus with qualifying direct deposits for eligible customers. High-Yield Savings AccountsThe best high-yield savings accounts provide the security of a savings account with the added bonus of a high APY. 2-Year CDsThe best 2-year CD rates will be slightly lower than 1-year and no-penalty CD rates. Products in this post: BrioDirect High-Yield Savings Account, Customers Bank High Yield Savings Account, UFB Secure Savings, CIT Bank Platinum Savings, TotalDirectBank 6 Month CD, Popular Bank CD, Valley Direct 3 Year Variable CD, BMO Alto 5 Year High Yield CD, CIBC Agility Online Savings Account, SoFi Checking and Savings, Mission Valley Bank 3 Month No Penalty CD

Persons: Banks, —, Cash, we've Organizations: Bank, Cash, Products, Secure Savings, CIT Bank, Savings, Popular, BMO, CIBC, Mission Valley Bank Locations: —

☆ Unemployment benefits, emergency savings. Here's how to get by without a paycheck after a job loss
▼ + stars: | 2024-02-26 | by ( Annie Nova | ) www.cnbc.com time to read: +3 min

"Job loss is extremely traumatic, but it is important to remember that it is not the end of the world," said Michele Evermore, a senior fellow at The Century Foundation. The average weekly benefit ranges greatly between states, Evermore said. Job loss is extremely traumatic. Michele Evermore a senior fellow at The Century FoundationWhether or not the package affects your unemployment benefits depends on your state's rules, Evermore said. Strategize which savings to tap, in what orderHopefully you have an emergency savings fund to draw from, Curtis said.

Persons: Michele Evermore, Evermore, you've, Carolyn McClanahan, McClanahan, Curtis Organizations: Google, Microsoft, Paramount, CNBC, The Century Foundation, The Century, Employment Security Department, Planning Partners, CNBC's Locations: New York, Washington, Jacksonville , Florida

☆ CD and Savings Rates Today: No Penalty CDs at 5.36%
▼ + stars: | 2024-02-26 | by ( Business Insider | ) www.businessinsider.com time to read: +7 min

With rates rapidly changing, how can you feel confident that you're getting the best savings account or best CD? See more savings account bonuses »Leading Checking & Savings Combo Account BonusSofi Checking and SavingsEarn up to a $300 bonus with qualifying direct deposits for eligible customers. High-Yield Savings AccountsThe best high-yield savings accounts provide the security of a savings account with the added bonus of a high APY. 2-Year CDsThe best 2-year CD rates will be slightly lower than 1-year and no-penalty CD rates. Products in this post: BrioDirect High-Yield Savings Account, Customers Bank High Yield Savings Account, UFB Secure Savings, CIT Bank Platinum Savings, TotalDirectBank 6 Month CD, Popular Bank CD, Valley Direct 3 Year Variable CD, BMO Alto 5 Year High Yield CD, CIBC Agility Online Savings Account, SoFi Checking and Savings, Mission Valley Bank 3 Month No Penalty CD

Persons: Banks, —, Cash, we've Organizations: Bank, Cash, Products, Secure Savings, CIT Bank, Savings, Popular, BMO, CIBC, Mission Valley Bank Locations: —

☆ 3 lessons Gen Zers say they've learned from 'loud budgeting'
▼ + stars: | 2024-02-25 | by ( Allie Kelly | ) www.businessinsider.com time to read: +6 min

The "loud budgeting" trend taking over social media encourages people to be more vocal about saving and spending habits. Loud budgeting is the opposite of "quiet luxury," Battle said, the financial trend that previously favored high-end clothing and understated displays of wealth. AdvertisementThe loud budgeting trend comes as Gen Zers enter the workforce when the cost of living has become more expensive. Loud budgeting is about everyday people, Battle said, and saving money can be "stylish." AdvertisementFifty-six percent of Gen Zers surveyed said potentially missing out on events with friends and family can be a downside of loud budgeting.

Persons: —, Lukas Battle, Gen Zers, Zers, Steph, Den, she's, Emma, Roth Organizations: Service, Business, Bureau of Labor Statistics

☆ CD and Savings Rates Today: National Savings Rates at 5.36%
▼ + stars: | 2024-02-25 | by ( Business Insider | ) www.businessinsider.com time to read: +7 min

With rates rapidly changing, how can you feel confident that you're getting the best savings account or best CD? See more savings account bonuses »Leading Checking & Savings Combo Account BonusSofi Checking and SavingsEarn up to a $300 bonus with qualifying direct deposits for eligible customers. High-Yield Savings AccountsThe best high-yield savings accounts provide the security of a savings account with the added bonus of a high APY. 2-Year CDsThe best 2-year CD rates will be slightly lower than 1-year and no-penalty CD rates. Products in this post: BrioDirect High-Yield Savings Account, Customers Bank High Yield Savings Account, UFB Secure Savings, CIT Bank Platinum Savings, TotalDirectBank 6 Month CD, Popular Bank CD, Valley Direct 3 Year Variable CD, BMO Alto 5 Year High Yield CD, CIBC Agility Online Savings Account, SoFi Checking and Savings, Mission Valley Bank 3 Month No Penalty CD

Persons: Banks, —, Cash, we've Organizations: Bank, Cash, Products, Secure Savings, CIT Bank, Savings, Popular, BMO, CIBC, Mission Valley Bank Locations: —

☆ 28-year-old with a net worth over $500,000 shares 5 signs you're better with money than you think
▼ + stars: | 2024-02-25 | by ( Mike Winters | ) www.cnbc.com time to read: +4 min

But a lot of people who feel helpless are probably doing better than they think they are, says the 28-year-old former financial analyst, who has a personal net worth of more than $500,000. To help people feel "less hopeless," the author of "Break Your Budget" recently shared several signs you're doing better financially than you think you are on TikTok. Here are five signs that you're on track with your personal finances, according to Allocca. Allocca suggests putting the money in a high-yield savings account to maximize the interest you earn on those funds. This includes high earners who still live paycheck to paycheck because they aren't tracking their expenses.

Persons: Michela Allocca, Allocca, they're Organizations: CNBC, Financial Locations: Allocca, U.S

☆ I'm a HENRY financial planner who makes $125,000. Here's how I manage my money — and the mistakes I see others making.
▼ + stars: | 2024-02-22 | by ( Jamie Killin | ) www.businessinsider.com time to read: +4 min

This as-told-to essay is based on a conversation with Georgia Lord, a 27-year-old certified financial planner and HENRY in New York City. I have a few financial goalsOne of my financial goals is to save up for the professional designations available in my field since they can be expensive. To reach my savings goals, I automate at least 20% of my paycheck every two weeks and deposit it in a high-yield savings account. For example, some stock market returns might've been 3% last year, but some high-yield savings accounts have a return of 4.5%. That's just as important as putting $100 into the stock market every week.

Persons: HENRY, Georgia Lord, I've, That's, Ally, CapitalOne360, There's, might've, Roth, We're Organizations: Morningstar, Business, Roth IRA, — Locations: Georgia, New York City, Brisbane, Australia, New York

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