If you have some money in a savings account (or your mattress) and you think it could be doing more elsewhere. You have options. Read on to see if these high-risk options for saving are right for you.
Whether it’s getting laid off at work or a pricey car repair, there comes a time when we’re all a little short on money. If only there was a way to avoid such a situation, right? Actually, there is! It’s called an automatic savings plan.
If financial problems plague your past, you may have a difficult time finding a bank that will open an account for you.
If you’re anything like me, you can relate to the confusion that hit me when I came across an article detailing the reasons to have multiple savings accounts.
The Federal Deposit Insurance Corporation (FDIC) is a government agency charged with “preserving and promoting consumer confidence” in financial institutions.
The Fed Funds Rate and its Effect on Mortgage Interest Rates: Mystery Revealed. The Fed Funds Rate. Mysterious as it is shifty. To most of us it’s a term we hear often but aren’t sure exactly how it relates to our wallets. So when we hear about the Federal Reserve changing the Fed Funds Rate, what does that mean? Are credit card rates going down? Should we flood the retail stores with credit card charges? Or are mortgage rates plunging? Should we buy a home(and fast)? Here we’ll shed some much needed light on this shadow jumper of sorts, by giving you the basic info you need to take the mystery out of the Fed Funds Rate. What is the Fed Funds Rate? The Fed funds rate is the rate at which banks loan money to each other. (Yeah, and..?) I know. We promised light… not a Bic in a black hole. I’m getting there. What do changes in the Fed Funds Rate affect? The big answer? Short-term rates. But let’s expand on that. Credit Card Interest Rates. Chances are you have a card with an interest rate that’s tied to prime. Prime is simply three percentage points greater than the Fed funds rate (If the Fed Funds rate is 4.25, the Prime Rate would be 4.25% + 3.00% = 7.25%), so a lower Fed Funds Rate would make the interest rate on your credit card decrease. Savings Accounts, Money Market Accounts, CDs. The Fed Funds Rate is directly related to…
Americans’ confidence in banks remains low says guest columnist Barbara Marquand from Money-Rates