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Savers Are Watching Interest Rates Again as the Fed Changes Direction

For people who spent the last few years hunting for the best savings account or certificate of deposit, interest rates are suddenly worth watching closely...

Saving Advice · Oct 3

Parents With Nothing Saved Inherit $340,000 — Their Adult Child Wants Control of the Money

Imagine your parents have reached retirement age with virtually nothing saved when an unexpected inheritance of $340,000 suddenly lands in their laps. Instead of feeling...

Saving Advice · Oct 1

What Happens to Unclaimed Money in an Old Bank Account?

Money sitting in an old bank account does not simply disappear because the owner stopped checking the balance. If an account remains inactive long enough, the bank may classify it as dormant and eventually transfer the funds to the state under unclaimed-property laws. The exact timeline varies by state and…

The Free Financial Advisor · Sep 22

Your Savings Account Rate Could Change After September 16—How Fast Can Your Bank Cut It?

If you’ve been enjoying a better return on your savings, September 16 is a date worth watching. The Federal Reserve is holding its September policy...

Saving Advice · Sep 15

Federal Regulators Double Bank Asset Threshold for 18-Month Examination Cycle to $6 Billion

Some community banks may now go six additional months between regularly scheduled federal on-site examinations after regulators doubled the asset threshold for institutions eligible for an extended examination cycle.

The Free Financial Advisor · Sep 14

What Actually Happens to the Money in Your Bank Account When You Die?

When someone dies, the money sitting in a checking or savings account does not simply disappear, and the bank does not automatically hand it to the family member who seems most likely to inherit it. What happens next depends heavily on how the account gets titled, whether the owner named…

The Free Financial Advisor · Sep 14

Are You Being Underpaid on Your Savings? The Latest FDIC Numbers Give You a Benchmark

A savings account can look perfectly respectable until its interest rate gets compared with what other banks pay. The FDIC’s latest national average puts the typical savings account at just 0.38%, while competitive high-yield savings accounts currently offer rates around 4% or more.

The Free Financial Advisor · Sep 13

You Have $30,000 in Savings and $15,000 in Debt. What Should You Do With the Money?

Finding yourself with $30,000 in savings and $15,000 in debt creates a strangely luxurious money problem: there is enough cash to make a serious dent in the debt, but wiping out the balance could leave the savings cushion looking awfully skinny.

The Free Financial Advisor · Sep 11

The Average Money Market Rate Is Only 0.63%—Here’s Why September Is a Good Time to Check Your Account

A money market account paying 0.63% might sound like a perfectly respectable place to park cash until the math gets involved. At that rate, $10,000 earns roughly $63 over a year before taxes, assuming the balance stays put and the rate remains unchanged. The national average for money market deposit…

The Free Financial Advisor · Sep 10

The FDIC Says the Average Savings Account Pays Just 0.38%—How Does Yours Compare?

You may know exactly how much money is sitting in your savings account, but here’s another number worth checking: the interest rate it’s earning. According...

Saving Advice · Sep 9