Another year, another search for the best savings account! That's right: It was almost exactly a year ago today that I was hunting for an online savings account so I polled you, the Get Rich Slowly readers.
Last year, Ally Bank was the clear winner. More GRS readers had their money there than anywhere else. But folks also liked Discover Bank, Synchrony Bank, and several others.
This year, it's my girlfriend who is trying to find a better bank. Kim is perfectly happy with Ally -- in fact, she's a vocal crusader for Ally, which I find amusing -- but at the same time, she's curious if she can find a better interest rate somewhere else.
Checking accounts are notorious for just sitting there and doing nothing for you except holding onto your cash until you need to pay a bill. But there are accounts out there that do pay interest - albeit minuscule - and offer other benefits and enticements! We've done the research for you.
Several things to look for in a checking account:
Most personal finance experts agree: The first thing you should do — after meeting basic needs — is to establish an emergency fund.
Life is full of unexpected surprises, many of which cost money — a thief smashes the windshield of your car, your son gets sick, your water heater overflows. When people live paycheck to paycheck without any savings, they’re at the mercy of these small crises. Sometimes a tiny problem becomes a huge one because the victim wasn't prepared for possible trouble.
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 Saving Account and Money Market Account Rates
As online banking has evolved, consumers can find a high yield and still hope to get the mobile and digital banking convenience they need. They're free to compare interest rates and account features in search of the best online high-yield savings account for their liquid assets.
Small business owners have unique needs when it comes to their checking accounts. Here is a simple guide to understanding what features you need when it comes to small business checking accounts and exactly what you don't.
The first step is to think about what you will need the account for. Paying lots of vendors by check daily? Make sure you don't get locked into an account with per-check fees. Unsure if you even want one? It's tempting as a sole proprietor to keep it simple, but most experts advise that even the smallest business keep lanes between personal and business money. Separate accounts is the first step toward doing that. It also makes paying your taxes a lot easier.
Here's what you should expect as a minimum level of service from a bank that wants your (small) business:<
Many people have heard of CDs -- certificates of deposit. But not many will say the same for market linked CDs, also known as equity CDs or market or indexed CDs.
Though they've been around since the 1980s, renewed interest in market-linked CDs is a product of our current interest rate environment.
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 accounts like savings accounts, money markets and certificates of deposit.
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? Which bank or credit union should we review next? Let us know in the comments or reach us directly at [email protected].
The name Goldman Sachs isn't usually associated with everyday banking for the 99%, but that may be changing. GE Capital is now Goldman Sachs Bank, also known as GS Bank or GSB. Here's what you need to know:
What is Goldman Sachs Bank?
It is a new consumer online banking initiative from the long-established investment banking behemoth Goldman Sachs & Co. Having acquired the online banking platform of GE Capital, along with that bank's $16 billion in deposits, GSB makes this offer to potential customers: Deposit your money in an FDIC-insured online savings account or certificate of deposit at GS Bank and appreciate the perks of no minimum deposit and no transaction fees.
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:
[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.