Key takeaways CD early withdrawal penalties typically cost 60 to 365 days of interest, with longer terms carrying steeper penalties. Breaking a CD early may be worth it if you need funds to avoid high-interest debt, make a major down payment, or lock in significantly higher rates. CD early withdrawal…
Key takeaways The Federal Reserve’s decisions significantly impact the economy, influencing borrowing costs for consumers, the job market and inflation. The Fed’s monetary policy has shifted significantly over the years, from combating high inflation in the 1980s to dealing with recessions and financial crises in the 2000s and 2010s. The…
Key takeaways The Federal Reserve sets interest rates for banks to borrow from each other, which in turn sets interest rates for business loans and lines of credit. The Fed’s rate sets the pace for borrowing costs, making it easier or harder for businesses to get approved for loans. The…
Key takeaways Your credit card APR can go up if the prime rate changes, you paid your credit card bill late, your intro APR offer ended or your credit score dropped. If your APR increases, you can work on paying down your balance or transfer your balance to a card…
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The nation’s 75 million Social Security recipients will receive a 2.8% cost of living adjustment (COLA) increase in their benefits…
Historically Black colleges and universities are on the frontlines of the One Big Beautiful Bill Act’s new limits on parent…
The big new fees JPMorgan Chase is planning to charge some financial technology companies may well trickle down to consumers,…
With artificial intelligence beginning to eat away at many white-collar entry-level jobs, and the unemployment rate for recent college graduates…
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Key takeaways There are several ways to finance home renovations, including renovation mortgages, home equity loans and personal loans. Borrowing makes the most sense when repairs are urgent or when improvements will increase your home’s value. Compare loan options carefully, considering interest rates, fees and…
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2. Coaching and Tutoring Take stock of your areas of expertise – maybe you speak a second language or solving math equations comes…
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OBSERVATIONS FROM THE FINTECH SNARK TANKBankers wants to discuss AI strategy. They’re excited about chatbots, machine learning models, generative AI tools, and AI…
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Luis Alvarez/Getty Images Key takeaways Zelle is an easy tool for sending money between friends or different bank accounts, but transfers are subject to daily and monthly limitations. Depending on the issuing bank, daily limits for Zelle transactions range from $500 or less to $10,000 or more. Aggregate monthly transfer…
Image by MementoJpeg/GettyImages; Illustration by Hunter Newton/Bankrate Key takeaways Money market accounts combine features of checking and savings accounts — you earn interest like a savings account but get check-writing and debit card access like a checking account (not all MMAs offer these features). High-yield savings accounts typically offer rates…
Image by GettyImages, Illustrated by Bankrate Key Takeaways APY (Annual Percentage Yield) shows how much interest your savings account or CD will earn in one year, including the effect of compound interest. The best savings accounts currently pay around 4.20% APY, while average savings accounts pay just 0.61% APY—that’s over…
Milan Markovic/GettyImages Key takeaways High-yield savings accounts pay around 4.20% APY, compared to just 0.61% at traditional banks — that’s over six times more interest on your money. Prioritize accounts with competitive APYs, FDIC insurance, and no monthly maintenance fees to maximize your earnings. Look for essential digital features like…
Key takeaways CD rates are beginning to fall as the Federal Reserve shifts toward rate cuts. Locking in competitive yields now or laddering your CDs can protect against lower future rates. Savers should also consider high-yield savings or money market accounts for more flexibility and liquidity. Certificates of deposit (CDs)…
Key takeaways Joint checking accounts let two people manage shared expenses with equal access to funds — ideal for couples, parents with teens, or adult children helping aging parents. The best joint checking accounts offer no monthly fees, competitive APYs and features like overdraft protection and mobile banking tools. Before…
Key takeaways FDIC insurance covers up to $250,000 per depositor, per bank, per ownership category — meaning a single person can protect far more than $250,000 by using different account types at the same institution. If you have $300,000 in one account, only $250,000 is protected — the remaining $50,000…
MoMo Productions/Getty Images; Illustration by Austin Courregé/Bankrate You don’t have to look far to find predictions for the future of interest rates. While it’s wise to keep an eye on whether experts believe that rates are poised to rise or fall — the movements can play a big role in…
Key takeaways The best consolidation loans allow you to save money on interest, pay off debt more quickly and replace multiple debts with one new loan and payment. There are many options to consolidate debt, including balance transfer credit cards, home equity loans, debt consolidation loans and peer-to-peer loans. The…
Key takeaways Emergency loans for bad credit tend to have higher interest rates and fees than traditional loans. Payday alternative loans and credit card cash advances are emergency loan options available to most borrowers — even with imperfect credit. Payday and title loans are also options, but these are much…
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