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Banking


  • New developments in online banking security (13 comments)

    This article is by staff writer William Cowie. Most banks (especially the larger ones) have been regarded as pretty safe, for all intents and purposes, since the middle of the previous century. But since banks started maintaining our balances in secure data centers at various locations (instead of holding our savings in safes and vaults in their local branches), a bank’s records of what is yours and mine become increasingly visible to people within the…

  • Ask the Readers: When was the last time you went to the bank? (98 comments)

    This article is by editor Linda Vergon. It used to be part of everyone’s existence, like going to the grocery store once a week. You’d stand in a teller’s line and hope everyone in front of you had uncomplicated transactions. Then you’d hand over your cash and the teller would stamp your passbook to record your deposit. It all felt very solid and respectable, even sort of fun knowing you were adding to your savings….

  • Best CD Rates | Certificate of Deposit Rates (14 comments)

    Current Certificate of Deposit Rates A certificate of deposit (CD) is considered a time deposit because it is not a liquid asset that can be accessed on demand. Instead, the amounts deposited into a CD are expected to remain untouched for a specific period of time. (In general, the longer the term, the higher the interest rate for a CD.) Historically, interest rates for CDs have been higher than for high-yield online savings accounts, and…

  • Which online high-yield money market & high-interest savings account is best? (20 comments)

    Savings Account Rates An online savings account is a helpful tool in your financial life. When you want to set up an emergency fund or other savings account for short-term liquidity, an online savings account usually offers higher interest rates than many brick-and-mortar banks.  In addition, many consumers think online banking is much more convenient. Even though rates are low right now, they will eventually rise as the economy recovers. An online savings account, money…

  • Credit unions vs. banks: Things to consider (90 comments)

    This article is by staff writer Kristin Wong. One of my money resolutions for 2014 is to switch banks. I’ve been a long-time customer of a big bank that, in recent years, has stood out among headlines that reveal sneaky and unethical business practices. That’s not the only reason I’m switching, but it does help me want to change. In addition to looking at other banks, I’ve also been researching credit unions. Some people think…

  • Ask the Readers: Best Banks of 2013 — Do you agree with Money magazine? (33 comments)

    Banking is something Get Rich Slowly readers take very seriously. While it can seem like a 0.85 percent to 0.90 percent APY isn’t anything to get excited over, that’s more than 4x the current national average of 0.18 percent APY (according to the MoneyRates Index, a sampling of 100 banks that includes the top 50 retail banks by total deposits and 50 smaller banks). Also if you’re putting your savings with a large bank in…

  • Top 10 High Interest CDs that can double your interest income (15 comments)

    This guest post is by Richard Barrington, CFA, senior financial analyst for MoneyRates.com. The latest cruel trick played on savers is that while mortgage rates have started to rise, bank deposit rates haven’t budged. If you want higher interest rates on your deposits, you’re going to have to do something about it yourself. According to the FDIC, five-year CD rates (certificates of deposit or CDs) are currently averaging just 0.75 percent nationally. Fortunately though, not…

  • 6 financial products that made the nice list (and 6 that didn’t) (38 comments)

    How great would it be if you could get a better return on your savings? What if you could get a rate 300 times higher? Of course that’d be great! Who doesn’t want more money? But if you just opened a money market account with the local big bank branch, or you signed up for a credit card to get the free T-shirt, you might be leaving money on the table or paying sky-high fees….

  • Drawing the line with poor customer service (72 comments)

    Last year, I wrote a breakup letter to Chase Bank. It was pretty ugly. I’ll save you the heartbreaking details, but trust me, they had it coming. Closing the account was another nightmare. They wouldn’t let me break up with them! They told me I couldn’t close the account because my signature on the request form did not match the signature they had on file. An understandable concern, but I’d been signing my name as…