- What Is Digital Banking?
Digital banking refers to managing your money through a bank via the internet through a website or app. This type of banking access started back in the mid-1990s, with Stanford Federal Credit Union being the first institution to allow online… read more…
- Can I Deposit a Check for Someone Else?
While more people are opting into online banking, it’s possible that you may still need to write or deposit paper checks from time to time. Depositing paper checks to your own bank account can be as simple as handing them… read more…
- When Can You Write a Postdated Check?
When writing out paper checks, there are several key pieces of information to include. Along with the payee’s name and amount, you’ll also need to add the date the check was written. If you’d like the person receiving the check… read more…
- What Should You Do With a Lost Cashier’s Check?
A cashier’s check is a type of official check that’s drawn on the bank’s funds, rather than your own. You might obtain a cashier’s check if you need to pay for something and can’t or don’t want to use another… read more…
- Money Market vs. High-Yield Savings
Money market accounts and high-yield savings accounts are broadly similar. Each is a depository account that pays higher interest than a standard savings account, but which also comes with some restrictions on how you can use your money. With a… read more…
- Joint Savings Account: Banking Guide
A joint savings account is owned by two people, allowing each party to deposit and withdraw funds. Joint savings accounts can simplify things for people who share their finances. But you should also keep some things in mind before opening… read more…
- EFT Payments vs. Bank Wires
Cash may be king, but most transactions are done electronically now. Even gifts, once done by cash or check, are being taken over by electronic transfers. There are multiple types of electronic transfers that may change how quickly you send… read more…
- Can Closing a Savings Account Affect Your Credit Score?
Closing a savings account can have a negative effect on your credit if the account has a negative balance when closed. Credit bureaus don’t consider savings and checking activity, including account closings, when compiling credit scores. But if you don’t… read more…
- Can You Get a Debit Card for a Savings Account?
When you have money in the bank, there are many different ways to withdraw money to make purchases. One of the most convenient options is using a debit card at checkout. However, not all bank accounts offer debit cards. Most… read more…
- Can Opening a Savings Account Affect Your Credit Score?
Opening a savings account does not impact your credit score because you aren’t borrowing money and the activity in your savings account isn’t reported to a credit agency. Most financial institutions will run a soft credit inquiry when you open… read more…
- Are High-Yield Savings Accounts Safe?
There are two questions about safety when it comes to opening a high-yield savings account: First, what is the risk that your bank will fail? Second, if your bank does fail, what is the risk to your savings?The answer is… read more…
- Interest Compounded Daily vs. Monthly
Depositing money to a savings account can help you prepare for rainy days. You could also grow your money if you’re earning compound interest on your balance. One thing to consider when comparing savings accounts is how frequently interest compounds.… read more…
- Pros and Cons of Online Banking
While friendly tellers and pneumatic tubes can make trips to the bank enchanting, banking at brick-and-mortar locations comes at a cost. For decades, online banks have interrupted the status quo of minuscule interest rates and weekly bank visits. Instead, they… read more…
- What Is Retail Banking?
Retail banking involves providing individuals and sometimes small businesses with financial services such as checking and savings accounts, credit cards, auto loans, mortgages, insurance and investments. Retail banks include credit unions and small community banks as well as the retail… read more…
- What Is a Bank Guarantee?
A bank guarantee is a pledge by a bank to assume liability for a sale or contract between a buyer and seller. The buyer applies to the bank, which assesses the buyer’s ability to fulfill the contract and, if approved,… read more…
- Savings Account Fees: How Much Do They Cost?
Standard savings accounts typically come with monthly maintenance fees and excessive withdrawal fees. While some banks charge these fees to hold your money, others waive these fees entirely. Savings account fees are the opposite of what most people want. After… read more…
- How to Pick a High-Yield Savings Account
For the past few decades, most banks’ savings accounts provided uninspiring interest rates. However, fierce competition among banks and rising interest rates have produced a vast selection of high-yield savings accounts for customers. With exponentially annual percentage yields (APY) than… read more…
- Use This Technique to Take Advantage of Rising Interest Rates
Interest rates are heading up, which will be a big relief to savers who’ve been making nearly nothing on bank accounts. To position your money for the best yield as rates continue to rise consider using the CD ladder strategy.… read more…
- Money Market vs. Checking Accounts
Checking accounts offer convenience for managing your money in a single account and getting access to those funds at your discretion. You can use a checking account to pay bills, transfer money to linked accounts or make purchases using a… read more…
- What Is a Share Savings Account?
Credit unions can be a good place to keep some of your money if you’re hoping to avoid high fees that can be associated with traditional banks. Opening a share account or share savings account is often a prerequisite to… read more…
- Merchant Banking: Financial Services
Merchant banking offers specialized financial services to large corporations and high-net-worth individuals. The high-end services available through this type of financial institution aren’t available to the general public. But if you or your company meet the qualifications, you’ll find several… read more…
- What Are Prize-Linked Savings Accounts?
Saving money can be a great financial habit to develop but that’s not always easy if you’re a spender by nature. Opening a prize-linked savings account is something you might consider if you need a little extra motivation to save.… read more…
- How to Avoid Overdraft Fees at Your Bank
Like many other consumers, you probably use a checking account to manage your money and complete everyday transactions. But, too many purchases can exceed the total amount of funds in the account. If purchases exceed the balance, many banks charge… read more…
- Amid Fed Rate Hike, The Best Savings Rates Are Now 5.00%
There’s good news for folks who want to park their money in cash amid market volatility: The best savings rates are now up to 5.00%. That’s more than twice what they were just a year ago. And those rates may… read more…
- How Much Interest Does $250,000 Pay?
Growing your retirement savings is an important goal for most investors. When you reach $250,000 in your account, it helps to understand how much income you can earn from your savings. While many people use the 4% Rule to determine… read more…