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Banking


  • Best Lower Risk Investments for the Average Saver (3 comments)

    Lower risk investments are becoming more popular now that interest rates seem fixed at historic lows. Remember the thrill of bringing your savings account book to the bank when you were a kid? They would stamp it and — ta-daaaa — you had more money than when you walked in. Fast forward to today. Most of us don’t get that giddy feeling after making a deposit with the so-low-it’s-not-even-worth-it interest earned on traditional bank deposit…

  • Review: Goldman Sachs Bank (8 comments)

    Switching banks can be a giant pain, something to schedule in between taxes and a root canal. That’s why some of us stick with a bank long after the relationship has stopped working in our favor. In an effort to help you explore and compare banking options, we’ll be presenting unbiased reviews in this space as often as we can. You can be part of the conversation, too: Do you love your bank? Hate it?…

  • Elder Financial Abuse: Signs, Symptoms and Preventive Measures (12 comments)
    This article is by GRS contributor Chris Kissell.

    It’s a form of abuse that often unfolds in silence. Its victims are often reluctant to report it. And it is likely to become even more commonplace as our society ages. What is financial elder abuse? Financial exploitation of elders occurs whenever someone dishonestly hijacks the resources of an older adult for personal gain, such as: Belongings Assets Benefits Other resources Exploiters target seniors because the…

  • 5 things banks do for you that’s really important (9 comments)
    This article is by staff writer William Cowie.

    [This is Part II of a two-part series on how banks affect our everyday lives. Part I was Money matters: How money works.] “The bank” has been a standard villain in the movies since the earliest days. In fact, it wouldn’t be the holidays without Jimmy Stewart reminding us how wonderful life could be without Mr. Potter, the banker villain. But where would we be without…

  • Money matters: How money works (Part I) (12 comments)
    This article is by staff writer William Cowie.

    [This is Part I of a two-part series on banking — what it does, and can do, for you. Part II is 5 things banks do for you that’s really important.] What is money? Seriously, answer the question: What do you say is money? Everyone thinks they have a basic idea what money is, but no two people will come up with the same definition. And chances…

  • 5 things that undermine automating your finances (21 comments)
    This article is by staff writer Lisa Aberle.

    Ever feel like your finances are managing you instead of you managing your finances? Late fees pile up, interest charges multiply, and as soon as you find your 401(k) participation paperwork, you’ll fill it out and start participating. If you felt stressed reading that last sentence, you can understand why people choose to automate their finances. The fewer decisions you have to make in a day,…

  • 5 ways to keep your financial information safer from hackers (19 comments)

    Hey, do you mind if I try to guess one of your passwords? No? Okay, how about “123456” or “password”? Maybe “Max123” or “Bella2011”? Although I hope no Get Rich Slowly readers are using any of these passwords currently, “123456” and “password” are among the most common passwords chosen. And “Max” and “Bella”? Those are some of the most popular pet names; and since pet names are commonly used too — Well … I am…

  • Revisiting the credit union vs. bank debate: Which is better? (24 comments)
    This article is by editor Linda Vergon.

    Judging from the comments in Kristin Wong’s article “Credit unions vs. banks: Things to consider“ back in January 2014, there was a lot of interest – and a fair amount of skepticism – in what credit unions have to offer. The sentiments went in a lot of different directions. People were quick to point out that interest rates on deposits at credit unions were usually much higher…

  • Best tips for managing money as an expat (14 comments)
    This article is by staff writer Ryan Takach.

    Have you ever considered taking an overseas assignment? Getting to see the world — while earning a steady paycheck and gaining valuable work experience — is a dream for many adventurous workers. Accepting an expatriate assignment was also one of the best career decisions I ever made — but it required some serious financial preparation and thought. If you are pursuing an expat assignment, hopefully you…

  • How to dispute credit card charges (13 comments)
    This article is by staff writer Holly Johnson.

    According to a 2013 Nilson report, credit and debit card fraud were the cause of over $11.2 billion in losses in 2012. And if you think that sounds bad, just wait; it’s expected to get much worse. As USA Today reported last year, hackers and scammers have turned stealing credit card numbers into an art form. By focusing on major retailers such as P.F. Chang’s, Target, and…

  • 30 Days to Better Finances (23 comments)

    Learning to manage your finances isn’t something most people would put at the very top of their “most fun thing to do” list, but we all know that we ignore money and budgets at our peril. Having a strong handle on what money is going in and what money is going out is an essential first step. But you don’t have to be overwhelmed. By setting aside between five and 30 minutes each day, you…

  • 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…

  • Best CD Rates | Certificate of Deposit Rates (34 comments)

    Identifying the best CD rates It is important to think through how best to use a certificate of deposit in your overall financial plan, but it starts with understanding your goals and how a CD can help you reach them. Interest rates change constantly, so having up-to-date rate information is critical to identifying the best CD rates and terms to make the most of your investment. We have made the whole process easier in a…

  • Which online high-yield savings account & money market account is best? (31 comments)

    Saving money is essential to building your net worth. Savings accounts and money market accounts are meant to hold your liquid assets, or funds that you expect to use within a year. You may think, “If you’ve seen one high-yield savings account, you’ve seen them all” – but, actually, higher interest rates and certain features can make one account a better choice than another. Online high-yield savings account and money market account rates As online…

  • Credit unions vs. banks: Things to consider (100 comments)

    One of my money resolutions 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. So, it has got me thinking bank vs. credit union? Some people think credit unions aren’t terribly convenient — maybe they don’t have online banking, or maybe…

  • Ask the Readers: Best Banks of 2013 — Do you agree with Money magazine? (34 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….

  • Why Most of Us Won’t Change Banks (73 comments)

    This post is from staff writer Sarah Gilbert. Did you ever look at a bank’s website and think to yourself, “Why would they give you free bill pay when they charge for everything else?” Even with the super-restrictive accounts that limit ATM deposits and withdrawals; put holds on most of your checks; and demand monthly fees or regular savings transfers; bill pay is usually offered free. It’s surely not an inexpensive process from the bank’s…

  • Why Pay Debit Card Fees? Changing Banks, or Not (167 comments)

    This post is from staff writer Sarah Gilbert. Bank of America will soon be charging $5 per month for consumers who use its debit cards to access the money in their accounts. This fee, to be charged whether you use your debit card once or several dozen times, is a direct response (a kind of “up yours,” if you ask me) to the recent limits on what banks can charge merchants for debit transactions, and…

  • Ask the Readers: The Best Online Bank for Service and Security? (148 comments)

    It’s been a while since I’ve written about the best online bank accounts. Usually when I cover online banks, I’m focused on their interest rates, such as in this constantly-updated list of which online high-yield savings accounts are best. But interest rates have been low for nearly three years now, and there’s not much difference between earning 1.11% on your savings at one bank and 1.09% at another. In an environment like this, how do…

  • What Does It Take to Make You Switch Banks? (170 comments)

    This article is by staff writer Adam Baker, whose own blog featured the hit post 42 Ways to Radically Simplify Your Financial Life. When I was 14 years old, I opened my very first checking account at Bank One. That’s where my Dad banked and so that’s where he drove me when I asked to open an account. Over the years, I continued to give them my business. By 16, I had opened another checking…

  • How to Choose the Right Bank Account (53 comments)

    On my first day of college, I chose a checking account because the bank was handing out free Frisbees. This was my only bank account for nearly 20 years. Eventually I opened a savings account at the local credit union. Then I discovered the benefits of a high-yield savings account. Last autumn I opened my first certificate of deposit. And just a few months ago, I started a money market account. Why so many accounts?…

  • The Credit Crisis — Visualized (36 comments)

    Over at Vimeo, Jonathan Jarvis has created a ten-minute film that offers an overview of the credit crisis. If you’ve been struggling to understand what went wrong with the American economy, this will give you some of the basics: The Crisis of Credit Visualized from Jonathan Jarvis on Vimeo. If you’d like more information, I encourage you to carve out time to listen to two radio broadcasts, both from NPR’s This American Life: “The Giant…

  • Making the Most of Your Checking Account (104 comments)

    In the past, we’ve discussed the best online high-yield savings account, covered the basics of certificates of deposit, and even explored the beauty of Roth IRAs. But we’ve never talked about checking accounts. Many people believe checking accounts are the dinosaurs of the banking world. They’re not extinct yet. In the past few weeks, I’ve received two questions about them: “Where can I get the best rate on a checking account?” “How much should I…

  • Stale Checks: How Long Can Someone Wait to Deposit a Check? (90 comments)

        While running errands this afternoon, I stopped by the bank to deposit a check. All of the tellers were occupied with difficult clients. (I’m old-fashioned and go inside to make deposits for my business finances.) While I waited, I eavesdropped on the nearest conversation. A woman was frustrated because she’d just opened a checking account a few weeks ago, and now it was overdrawn. She couldn’t understand. “I don’t see how that’s possible,”…

  • How to Open Multiple Accounts at ING (now Capital One 360) (102 comments)

    One of my favorite saving techniques is the use of targeted accounts. If I want to save for something big — like a Mini Cooper, for example — I’ll open a new savings account specifically for this purpose. I first learned about this method from Robert Pagliarini’s The Six-Day Financial Makeover: Traditionally, most people invested for various vague goals and lumped all of their savings together in a single investment account. That’s pretty boring. It’s…