Tag

Savings Accounts

All articles tagged with #savings accounts

fact-check16 days ago•52 min saved

Trump Accounts for Kids: The Truth Behind the 'Free Money' Ad

A 2025 law seeds $1,000 to launch Trump Accounts for babies born 2025–2028, with accounts opening around July 4 and sign-up via IRS Form 4547. Parents can contribute up to $5,000 per year (employers up to $2,500), and a philanthropic gift program (e.g., Michael Dell’s pledge) adds funds. Older children can have accounts but won’t receive seed money. Growth depends on stock-market performance, inflation, and additional deposits, so the seed money alone is unlikely to cover college costs or a down payment. The ad’s “free money” claim oversimplifies many eligibility rules and future uncertainties.

via PolitiFact|

#fact-check #government-program #politics

economy17 days ago•4 min saved

Trump Accounts: Government Seed Money for Kids or a Market-Driven Gamble?

A Super Bowl ad from Invest America promotes 'Trump Accounts,' government seed money for children born in 2025–2028 with a $1,000 initial deposit and up to $5,000 in annual contributions; accounts track stock market growth and can include employer contributions, with the program launching around July 2025. Experts warn the seed money alone is unlikely to cover college or a down payment, and results depend heavily on market performance.

via Tampa Bay Times|

#2025-2028-births #economy #government-seed-money

finance4 months ago•4 min saved

Top CD Strategies Before the Fed Rate Cut

With the Federal Reserve expected to cut rates next week, now is a good time to lock in high-yield CDs, such as OMB Bank's 4.36% APY for a 3-month term, to secure a guaranteed return before rates fall further.

via CNBC|

#apy #cd-rates #fed-rate-cut

law-and-finance6 months ago•4 min saved

Capital One 360 Savings Account Settlement Reaches $425M

Capital One has agreed to pay $425 million to settle a lawsuit claiming it failed to raise interest rates on its 360 Savings accounts despite raising rates on other accounts, benefiting account holders from September 2019 to June 2025. The settlement includes cash payments and additional interest payments for eligible account holders, with a claim deadline of October 2, 2025, and a final hearing scheduled for November 6, 2025.

via Class Action Lawsuits|

#capital-one #class-action-settlement #financial-lawsuit

politics7 months ago•0 min saved

Treasury Secretary Warns Trump Baby Accounts May Privatize Social Security

Treasury Secretary Scott Bessent criticizes the newborn savings accounts created under Trump's tax law, claiming they serve as a 'back door' to privatize Social Security by allowing tax-deferred investments for newborns, with contributions up to $5,000 annually until age 18.

via The Washington Post|

#politics #privatization #savings-accounts

housing8 months ago•8 min saved

Debate Over Time Limits for Federal Rental Assistance

The article discusses the debate over implementing time limits on federal rental assistance, highlighting a successful Delaware program that combines work requirements, savings accounts, and support services to help recipients transition to independence, while noting that evidence on the effectiveness of time limits is mixed and some programs have found them counterproductive.

via NPR|

#federal-rental-aid #housing #housing-subsidy

finance1 year ago•2 min saved

Today's Top Savings and CD Rates: Maximize Your Returns

Savings account interest rates are currently high due to past Federal Reserve rate hikes, but recent rate cuts suggest they may soon decline. The national average rate is 0.43%, but some accounts, like Everbank, offer up to 4.75% APY. It's advisable to secure a high-yield savings account now to benefit from these rates before they potentially decrease.

via Yahoo Finance|

#federal-reserve #finance #high-yield-savings

finance1 year ago•2 min saved

Maximize Your Savings with Top Rates Up to 5.50% APY

Savings account interest rates are currently high due to past Federal Reserve rate hikes, but recent rate cuts suggest they may soon decline. The national average savings rate is 0.43%, but some accounts offer up to 4.75% APY, such as Everbank, with no minimum deposit. It's advisable to open a high-yield savings account now to benefit from these rates before they potentially decrease.

via Yahoo Finance|

#federal-reserve #finance #high-yield-savings

finance1 year ago•2 min saved

November 2024: Savings and CD Rates Offer Up to 5.50% APY

Despite recent Federal Reserve rate cuts, high-yield savings accounts still offer competitive interest rates, with some reaching up to 4.55% APY. While the national average for savings accounts is 0.43%, online banks and credit unions provide better rates due to lower overhead costs and not-for-profit structures. These accounts are ideal for short-term savings goals, offering safety and liquidity, though they may not match the returns of market investments for long-term goals.

via Yahoo Finance|

#federal-reserve #finance #high-yield

finance1 year ago•3 min saved

Maximize Your Savings with Top Rates Up to 5.10% APY

Following the Federal Reserve's recent rate cuts, savings interest rates are beginning to decline, making it crucial to secure high-yield savings accounts that offer better returns than traditional ones. As of November 27, 2024, Everbank offers the highest rate at 4.75% APY with no minimum deposit. High-yield accounts are ideal for short-term savings goals due to their accessibility and FDIC insurance, despite not matching stock market returns for long-term growth.

via Yahoo Finance|

#federal-reserve #finance #financial-planning

finance1 year ago•3 min saved

"Finding the Best Savings Interest Rates: Your Ultimate Guide"

Online-only personal savings accounts offer the highest interest rates, beating traditional accounts and even one-year CDs, while credit union checking accounts have significantly higher rates and lower fees compared to regional banks. Credit unions also offer the best CD rates across all maturities, while business accounts are the most expensive and offer the lowest rates. Overall, electronic statements are recommended to save money, and students can benefit from checking accounts with the lowest fees.

via USA TODAY|

#cd-rates #checking-accounts #credit-unions

finance2 years ago•6 min saved

"Federal Reserve's Inaction Amid Banking Interest Rate Manipulation"

Online-centric banks like UFB, Capital One Financial, and CIT Bank are accused of deceiving customers by advertising competitive rates while paying longtime customers lower ones on high-yield savings accounts. The article suggests the need for a genuine savings bank that pays interest at the Fed funds rate minus a small cut to the bank taking the deposits, and criticizes the FDIC and Fed for not addressing the issue of banks speculating with interest rate bets on deposits. The author proposes the creation of a 100 percent safekeeping bank that only parks money at the Fed, in T-Bills, or in time-matched treasuries, and criticizes the Fed for refusing to grant FDIC to a bank operating on the safest possible policies while failing to monitor massive speculation on other banks.

via Mish Talk|

#banking #fdic #federal-reserve

finance2 years ago•3 min saved

"Financial Strain: The Reality of Americans' Savings and Emergency Expenses"

A GOBankingRates survey reveals that nearly half of Americans have $500 or less in their savings accounts, leaving them vulnerable to unexpected expenses. The lack of cash in both savings and checking accounts suggests that many are living paycheck to paycheck, emphasizing the importance of having an emergency fund. Financial planners recommend saving three to six months' worth of expenses, and it's advised to start small if necessary. Stashing the emergency fund in a high-yield savings account can help it grow over time, despite only 9.8% of respondents currently having one.

via CNBC|

#emergency-fund #finance #financial-planning

finance2 years ago•5 min saved

"Seizing the Opportunity: High-Yield CD Rates Still Available"

Financial adviser Jeremy Keil is struggling to convince clients to lock into long-term CD rates at 5% as economic indicators point to a drop in interest rates. Despite the potential for rates to decrease, investors are still pouring money into fixed-income products, with CDs offering the highest rates for longer terms. Experts advise considering early withdrawal penalties, promotional rates, and laddering strategies when investing in CDs to navigate potential rate fluctuations.

via MarketWatch|

#cd #finance #financial-planning

finance-and-economy2 years ago•3 min saved

"2024 Interest Rate Trends: What to Expect for Mortgages, Refinancing, and Loans"

Expert predictions suggest that interest rates for various consumer loans will likely decrease in 2024 as the Federal Reserve aims for a "soft landing" to bring inflation down to its 2% target. Credit card rates are expected to fall just below 20%, mortgage rates are predicted to decline to 5.75%, auto loan rates may edge down to 7%, and high-yield savings rates are anticipated to stay over 4%. These changes reflect a modest easing of borrowing costs following significant rate increases since early 2022, offering some relief to consumers in a persistently high interest rate environment.

via CNBC|

#federal-reserve #finance-and-economy #inflation