You’ve heard of home equity lines of credit (HELOCs) and home equity loans, which let you borrow against the value of your home, getting ready cash for renovations, debt consolidation or anything else. But jumping through the income-qualification hoops that characterize much home-based financing may be difficult for borrowers with…
Key takeaways The NCUA (National Credit Union Administration) insures credit union deposits up to $250,000 per depositor, per institution, per ownership category. NCUA insurance provides the same protection as FDIC insurance at banks. Both are backed by the full faith and credit of the U.S. government. Joint accounts receive $250,000…
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…
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Hispanolistic/GettyImages; Illustration by Hunter Newton/Bankrate Key takeaways Offered by many financial institutions, online bill pay is typically a free, secure service that enables consumers to make various types of payments electronically. Payments made via online bill pay can be made using a website or an…
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A 401(k) loan does not appear on your credit report because it isn’t considered a loan from a third-party lender. When you borrow from your 401(k), you’re borrowing your own money. As such, it isn’t subject to credit checks or reporting requirements. That said, missing payments or defaulting on the…
Leaving the workforce changes many aspects of your 401(k), and once you retire you will have to make a number of important decisions about your retirement nest egg. If you have $1.1 million in a 401(k), you can choose to leave your retirement savings in the account, roll it over…
martin-dm/ E+/ Getty Images Travel reward credit cards and 0 percent introductory APRs on purchases and balance transfers don’t often co-exist. Having travel rewards and 0 percent APR are incredible perks on their own, but when you combine the two, you have a credit card with potential for substantial savings…
You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict editorial policy, so you can trust that…
Photography by Getty Images; Illustration by Bankrate Key takeaways A home equity loan allows you to borrow a lump sum against your home’s equity, usually at a fixed interest rate that’s lower than other forms of consumer debt. The amount you can borrow with a home equity loan is based…
Key Takeaways: You don’t need to borrow more money to get out of debt. Alternatives like budgeting, prioritizing debts, negotiating with creditors, and seeking nonprofit credit counseling can be more effective. Household debt reached $18.59 trillion in Q3 2025making structured, sustainable repayment strategies more important than ever. Two powerful payoff…
Key takeaways A home equity loan can be a good option to consolidate debt, as it usually carries lower interest rates and longer terms than other financing options. Advantages of using home equity loans or HELOCs to pay off debts include having fewer bills to pay and lower monthly payments…
Key takeaways CDs earning 4% APY provide guaranteed returns with FDIC insurance up to $250,000 — making them one of the safest investments available. A $10,000 CD at 4% APY earns $400 in one year, while a 5-year CD at 4% APY generates $2,166 in total interest. CD laddering spreads…
Key takeaways The issuing bank often cashes checks for non-customers for $5-$8 — your cheapest option if you have a government ID. Walmart charges flat fees of $4-$8 to cash most checks, making it more affordable than check-cashing stores that charge up to 10%. Check-cashing stores are the most expensive…
Prapass Pulsub/Getty Images Key takeaways You can check your bank account balance via your bank’s mobile app, online bank website, ATM, over the phone, via your bank statement or through an in-branch visit. Mobile apps check your balance in under 10 seconds and offer real-time alerts. Desktop banking provides detailed…
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