Key Takeaways A mistake at the bank might require a simple phone call to your local teller or involve a visit to the branch to speak to someone. It’s important to keep notes if resolving the issue will take multiple steps. If you’ve experienced fraudulent charges, it’s important to notify the bank as quickly as…
Key Takeaways APY stands for annual percentage yield, which provides a full picture of how much interest you can earn on savings over one year. APY includes compound interest, or “interest on interest.” Interest might be compounded daily, monthly or quarterly. The APY and the interest rate are two key figures to know when storing…
Key Takeaways If you’ve had a bad history with a bank account, you’ll typically be reported on ChexSystems, which is a database financial institutions use to measure a customer’s risk. Second-chance checking accounts allow those who have been denied a traditional account to open a specialized one to help them build a strong financial foundation….
Key Takeaways The median savings account balance for all families in the U.S. was $8,000 in 2022. Generally, higher-income earners and older individuals save more than younger ones. Some experts suggest three to six months’ living expenses as a goal. Are you curious how your savings stack up to other Americans? According to the Federal…
Key Takeaways: Banks and credit unions typically offer bank accounts geared toward children under 18. Some financial institutions offer attractive interest rates on kids’ savings accounts. A bank account for kids might require an initial deposit of $25 to $100. A savings account for youngsters can introduce them to the idea of putting money away…
Key Takeaways Up to $250,000 in combined total balances should be insured at most banks and credit unions. Your homeowner’s or renter’s insurance probably doesn’t cover loss of cash from theft, fire or flood. It’s important to do your part to protect your money and be vigilant against debit card fraud and other scams. Living…
Key Takeaways: An estimated 5.9 million households in 2021 had no checking or savings accounts with a traditional bank or credit union. People with no bank account may face costly fees, limited savings opportunities, and a risk of theft or loss of cash. Bank On is a national platform that connects consumers to affordable bank…
Key Takeaways PenFed and Navy Federal are credit unions that show their appreciation to those with a military affiliation by offering strong benefits. Navy Federal Credit Union is only open to those associated with the military; whereas, PenFed Credit Union is open to everyone. Compare factors when choosing between the two credit unions, like branch…
Key Takeaways: The IRS treats interest earned on money in a savings account as taxable income. Your financial institution issues a 1099 form if you earned at least $10 in interest in the previous tax year. Some of the accounts that may generate taxable interest are traditional savings accounts, high-yield savings accounts, checking accounts and…
Key Takeaways Savers can still snag interest rates above 5.00%. The average national interest rate for savings is 0.45%. Interest rates for savings accounts might drop in 2024. Thanks to a spike in interest rates the past few years, Americans have become more savvy when it comes to finding attractive rates. But what is a…
