- Using a Vacation Savings Account for Your Next Trip
Vacations can put a dent in your family’s budget. Between airfare, accommodations, activities, food and souvenirs, the costs really add up. Rather than go into debt to pay for the trip, a better approach is to create a vacation savings… read more…
- SoFi vs. Chime: Which Is the Right Choice for You?
SoFi and Chime are two popular financial technology (fintech) companies. Both offer online banks, with depository accounts and some lending products, and neither has a brick and mortar presence. This means that customers of SoFi and Chime bank entirely through… read more…
- Does 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 Money Market Accounts Worth It?
Money market accounts are hybrid financial products that offer some of the advantages of a checking and a savings account. Specifically, money market accounts pay you an interest rate based on the money you hold on deposit, like a savings… read more…
- How Do Limited Purpose FSAs Work?
With a limited purpose flexible spending account (LPFSA) you can pay for dental and vision care expenses using pretax dollars. LPFSAs are usually paired with health savings accounts (HSAs), which require belonging to a high-deductible health plan. Like HSAs, LPFSAs… read more…
- How to Calculate Interest on Savings Accounts
Savings accounts can help you to set aside money for short and long-term financial goals. One of the biggest questions you might have when deciding where to save centers on how much interest you can earn. Knowing how to calculate… read more…
- What Is a Wedding Savings Account?
Planning a wedding can be exciting but it can also turn up the pressure on your budget. Opening a wedding savings account is something you might consider if you’d like to set aside money for the big day. Choosing the… read more…
- How to Set Up Savings Accounts for Grandchildren
If you’re the proud grandparent of a new baby in the family, the thought of preparing for their financial future may have occurred. In between moments of joy, your mind may have been several steps down the road, thinking about… read more…
- Can You Write Checks From a Savings Account?
Many investors use savings accounts to earn interest on money that they don’t need right away. However, sometimes they want to use their money to make a payment. Unfortunately, you cannot write checks from a savings account. Here’s what you… read more…
- Can You Direct Deposit Into a Savings Account?
Direct deposit is a convenient way to receive paychecks, tax refunds and other payments. But can you direct deposit into a savings account or do you have to use a checking account? Banks often allow you to schedule direct deposit… read more…
- What Is an Interest Checking Account?
Interest checking accounts, otherwise known as interest-bearing checking accounts, are checking accounts that pay an interest rate on the money held on deposit. There are key similarities and key differences between interest-bearing checking accounts and savings accounts. Here’s what you… read more…
- How to Open a Savings Account for a Child
Do you remember when you outgrew your piggy bank? It could have been because of a glut of birthday money or the unwieldy wad of cash after a summer of mowing lawns. No matter the case, children quickly grow to… read more…
- Which Banks Don’t Charge Fees?
In 2021, Americans spent roughly $305 billion in interest and fees related to financial products like bank accounts, according to the Financial Health Network’s FinHealth Spend Report 2022. While this dropped from the $319 billion spent in 2020, Americans still pay… read more…
- What Is an Online Savings Account?
Online banks, which offer online checking and savings accounts, have become increasingly popular among many consumers. As their name suggests, these are bank accounts that you access and operate entirely online, often making the banking process easier. The bank has… read more…
- Offshore Bank Accounts: What They Are and How to Open
Offshore bank accounts are held outside of your home country and are an option to hold funds in a foreign currency. Offshore bank accounts can make sense in some situations, such as for those who have business in other countries… read more…
- Are Online Savings Accounts FDIC-Insured?
Online savings accounts can offer a convenient place to keep your money while potentially earning a great rate. Compared to traditional banks, online banks tend to have lower overhead costs. That enables them to pass savings on to their customers… read more…
- How Much Money to Keep in a Savings Account
How much money should I keep in my savings account? This is a valid question to ask if you’re interested in making the most of your money. Savings accounts can offer liquidity, so you have convenient access to your money. And… read more…
- How To Choose a Bank
Most people use a bank as the main provider of financial services. Selecting the right bank can have a lot to do with how satisfied you are with the way your money is managed and, ultimately, with how well you… read more…
- Bonds vs. Savings Accounts
Should you invest money or save it? It’s an important question to ask if you’re trying to grow wealth. Investing can offer the potential for higher returns, but it can also mean taking more risks. Saving money tends to be… read more…
- Savings Account vs. Roth IRA
When creating a plan for saving, one of the most important things to decide is where to keep your money. Savings accounts are one option; a Roth individual retirement account is another. Whether it makes sense to open a savings… read more…
- 6 Alternatives to Bank Savings Accounts
Savings accounts are safe, easy to open and highly liquid, making them solid choices for emergency savings or accumulating funds for future purchases. However, they pay such low rates of interest that even modest inflation erodes the purchasing power of… read more…
- Are Savings Accounts Worth It?
Savings accounts are safe places to store cash you may need on short notice. You can open one at nearly any bank or credit union, often entirely online and with only a small or even no initial deposit. These accounts… read more…
- How to Avoid Tax on a Savings Account
If you keep money in a regular savings account you will generally owe federal income taxes on the interest that is earned. You’ll pay taxes at your regular rate the year interest is earned, whether or not you withdraw from… read more…
- What Is a High-Yield Checking Account?
Rising interest rates can make acquiring a loan or a mortgage more challenging, but there are ways to take advantage of them. Many financial institutions offer checking accounts that return better interest rates than traditional checking accounts, provided you meet… read more…
- What Is a Callable Certificate of Deposit (CD)?
If you’re a savvy investor, you’re likely looking for ways to diversify your investment portfolio. Callable certificates of deposit (CD) are a way to invest your money for several years with a guaranteed interest rate in an FDIC-insured account. However,… read more…