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How to Find a HighYield Savings AccountHello, everyone. I’m sure you’ve heard of high yield savings accounts before. Do you know what they are and how actually to find one? If you’ve been asking yourself these questions, then I have the answers that you have been looking for.

What is a high yield savings account?

A high yield savings account is a deposit account made available through a brick and mortar or online bank. It pays a higher interest rate than a traditional saving account.

Online

Many people choose to look online when they are considering a high-yield savings account. Bankrate is a great place to search online. On this site, you can research various online banks and compare the interest rates. It makes locating the best rate quick and easy to do. This should be a step that you take seriously. A small difference in the rate of interest that you earn can make a difference in the amount of money your cash will earn for you over a period of time. A small boost in the interest rates can dramatically increase the amount of money that you will make.

FDIC Insured

There are other things that you will want to consider when looking for a high yield interest account. One thing to consider is whether or not the bank is FDIC insured. You may not know it, but most online banks are insured. If you happen to find one that is not secured, keep searching. Having an account that is FDIC insured will add more security to your money.

What is the minimum?

Something else that you should consider is the minimum amount of money that you will need to open the account. Some banks let you start with a small deposit, while others can be in the hundreds. The higher the interest rate, the higher the deposit amount will be in most cases.

Customer service

Customer service is also important. Online chats are helpful to a pint, but it’s nice to be able to talk to someone on the phone if you have questions about the account. Many online banks have a customer service number that offers customer support from a human.

Account types

You will have the opportunity to open two different types of accounts. The two options are regular saving accounts or opening a CD. Each option has its pros and cons. You will have much more liquidity with a regular savings account. For the most part, you can get your money almost any time, you want it. It won’t earn that much interest, though. If you decide to go with a CD option, make sure that you choose one that you will be able to leave alone for the whole term. Taking your money out of it can be costly.

Spending a few minutes of time researching accounts online will help you find one that is worth it. You can find a high yielding interest account if you are patient.

Do you have a high-interest savings account? If so, how did you find it?

 

dollar-163473_1280Hello, everyone. There have been multiple money challenges out there. One of them, the 52-week money challenge has gained a lot of popularity during the last couple of years. The 52-week money challenge works for some people, while others start off strong and fall off to the wayside. I recently stumbled along and found another challenge that seems kind of interesting. It’s called the 365-day money challenge.

Pay Yourself First

The concept of the challenge is pretty simple. There are 365 days in the year. Each day before you go out, you need to pay yourself first. That is vital. Paying yourself first means that you don’t have to worry about that later.

The second important point is that until paying yourself first becomes a habit; it needs to be extremely easy to do. It takes 21 days to form a habit, so it’s important to make saving as easy as possible for those first three weeks.

How Does the Challenge Work?

Each morning when you get up, you need to pay yourself some amount before you do anything. The payment can be anywhere between a penny to $3.65. Once you’ve made that payment to yourself, you “x” out the box on your chart. The next payment the following morning can be any of the remaining amounts on the diagram. You do this each and every morning for the entire year. When you are done, you will have saved $667.95. Even better, you will have started the habit of paying yourself first which will be an asset for the rest of your life.

There are a couple of necessary steps that go along with the challenge. After printing out the challenge sheet, you need to place it somewhere where you will see it every morning. The bathroom or your room is fine. It needs to be visible so that it’s in your face each morning.

The second thing is that you need to make the payment each morning physically. You need to go to your purse or wallet and place the amount you decide to pay yourself that day into a jar that is specifically for this challenge. That payment is significant. It will benefit you in the future.

There are two advantages to this challenge over the 52-week money challenge for those who struggled to get their finances in order. The first is that you’re starting with small amounts that anyone, no matter what their current financial situation can participate in. If all you can do is pay the minimum amount each day for the first month, you’re only out of $4.65 for three days. There should be nothing holding you back.

The second main advantage is the challenge is done daily. It requires you to think about saving every day. Even though the amount that needs to be saved isn’t that much, the process of thinking about it will cross your mind each morning as you pay yourself. By the end of the 365 days, paying yourself and saving money each day will be a natural part of your day. When you are only thinking about saving once a week, it can turn into a situation where saving money is only thought about at the last minute at the end of the week, and the process never gets instilled as a habit.

 

finance-586405_1280For years I had a savings account at one of the major banks. In the beginning, everything was fine. They provided great service, and they even had excellent products. I even took the time to sign-up for my first credit card with them. The longer I stayed with that bank, the more that things started to change. The banking relationship no longer felt right. I ended up closing the savings account a couple of years after opening it. In this post, I went to share with you why I did that.

When I first opened my savings account, there were not any fees with it. It was pretty much a regular account. All I had to do was make sure that the account stayed positive. That’s what I did. About two years after I opened the account, the bank started adding new rules to it. The first thing that changed was that I had to have a certain amount of money in the account. If I didn’t, I would be charged a monthly fee. Second, I would be charged a fee if I made more than three withdraws per month from the ATM.  Since this wasn’t my main account at the time, I figured that I’d keep it open and see if I could follow the new rules. After six months in, I had been charged a few fees because some unexpected expenses came up. I realized that it was worth the fees to have this account, so I closed soon after.

Something else that turned me off from the bank was the persistent selling. I worked in a bank a few years after this, so I understand that every bank has goals that they need to meet. That’s how the tellers and the managers get bonuses, but as a customer, I didn’t need to be bothered every time I’m in the branch. It got to a point where a teller was asking me if I wanted to open a checking account with them every time I went in a branch. I’m pretty sure that if I wanted to open a checking account with them that I would have done so when I opened the savings. I was also getting asked to sign up for another credit card. After a while, you get tired of hearing them every time you go into a branch. It made my decision to leave that bank very easy. Unfortunately, I still have my credit card with them because it has a balance on it. I haven’t been inside a branch in over a year because I don’t want to be bombarded with questions.

Another reason that I left the bank is that I wanted to feel like a valued customer again. At the bank, I felt like another number. They just wanted to sell me crap so that they could reach their sales goals. I wasn’t having that. I think that banks should show you that they care for you by making sure that you’re accommodated instead of trying just to sell you stuff.

Since I’ve left the bank, I’ve opened up a few more accounts at the credit union. The difference in service is night and day. I don’t have to worry about people trying to sell products to me every time I’m in a branch. I also don’t have to worry about unwarranted fees either.

Do you use a bank?

Emergency FundMany people in this country live check to check. If an emergency were to happen, there is a high chance that they won’t be able to afford. This is where having an emergency fund comes into play. Its sole purpose to be a safety net for you. That money should be used for emergencies only.

Many financial experts state that a beginner’s emergency fund should start with at least $1000 in it. Sometimes people will look at that number and wonder how they are supposed to save that amount when they are living check to check. It’s not easy, but it can be attained. People are busy with their day to day activities, but saving $1000 for an emergency fund must become a priority. Below are three things you can do to help you save for your emergency fund.

The first way that you can save money for an emergency fund is by getting a part time job. Some people may not make enough at their full-time job, so this is why they need to find a part-time job even if it’s temporary. Your primary focus should be saving $1000 as quick as possible. People may think that they don’t have the time to work a part-time job. They are wrong. Many people work a part-time job for a few hours every weeknight. You can also work Saturday’s and Sunday’s as well. Remember, you don’t have to work the part-time job forever. You just want to work it until you have enough money in your emergency fund.

The second way that you can save money for an emergency fund is to have a particular amount of money automatically deducted from your paycheck each pay period. Any little amount helps. Even saving $10 per month is better than not saving anything at all. The point is to start saving! You may have to change your budget around depending on how much money you make, but it will be worth it. Once you start saving, you can gradually increase the amount from $10.

The last way to save money for an emergency fund faster is to learn a side hustle. Side hustles can be done before or after you go to work. There is no shortage of side hustles. A few things that you can do is become a freelancer, sell things on eBay, create a shop on Etsy, or mystery shop. I’ve been side hustling for years. I’ve used that money for my emergency fund and to pay off my debt.

An emergency fund will give a piece of mind. Last year I had a minor accident, and my car windshield cracked. If I didn’t have an emergency fund, I would have had to use my credit card which is something that I’m glad I didn’t have to do. I was able to withdraw the money that I needed to get the windshield fix without any hesitation. I didn’t stress over the situation at all. Having an emergency fund allowed that to happen. What are you waiting for? It’s time for you to start saving for yours today.

Do you have an emergency fund?

Capital One and Amazon have launched a new voice activated banking application that can be used with Amazon’s Echo device and the Alexa personal assistant program. Now, Capital One customers can use their voice to get information and conduct transactions with their checking accounts, credit cards and other financial products. Capital One customers can try out the new application by downloading the Alexa app on their phone, enabling the program and signing in with their online banking credentials.

voice Activated Banking Features

There are a number of features built into the voice activated banking application that Capital One customers may be interested in. Using the program, customers can hear a list of the most recent transactions in their Capital One checking account, find the balance of their saving account, ask when their next credit card payment is due, and pay their credit card bill using a pre-linked payment method. More features are expected to be added in the future.

Security

Amazon and Capital One said they have made the security of the application a very high priority. Access to the account is protected in several different ways. First of all, when you enable the Capital One program, Capital One asks you to sign into your Capital One accounts using their encrypted authentication process. The bank says it won’t share your banking login with Amazon.

You can also create a 4-digit “Personal key” that has to be verified out loud in order to hear transaction information or perform a transaction. Before you can access your account information, you’ll be prompted to recite your personal key by Alexa. Capital One will also perform local security checks to protect account access.

Compatible Devices

The Capital One voice activated banking application will work on the Amazon Echo, FireTV, or the new Amazon Tap and Echo Dot. The first orders for the portable, battery-powered Amazon Tap smart speaker are expected to ship out by the end of March. The same goes for the Amazon Echo Dot, a puck-like mini-Echo.

Capital One is the first company to provide banking information through Amazon Echo. This may lead to Capital One becoming a go-to payment method on Alexa-equipped devices. Becoming the “lead card” for Alexa-based transactions could be very lucrative to Capital One once the devices become a platform for buying a variety of goods and services.

Amazon’s Echo has emerged as a hot-selling hit gadget and is being called the standard-bearer for an entirely new computing paradigm. Amazon’s team worked on the project for years under the watchful eye of Amazon CEO Jeff Bezos, who held the team to extremely high standards. During the device’s development, the team did thousands of internal tests and weekly data analysis with speech scientists. The result was a device that is widely considered to be the next big technology platform.

Sometimes, it can feel like your bank doesn’t care about you any more. At the beginning, when you first opened your account, they were all smiles and went out of their way to accommodate you. But now it may see like you are just another of the hundreds of people who have an account with them.

You might be starting to get tired of the lack of options available to you, the high cost of services or the fees that get charged to your account for the slightest slip-up. At that point, it may be time to switch bank account for a better deal.

There may be other banks out there that are going to treat you better than your current one is. You won’t know that until you start to do some looking and try to find out what is being offered. But if you are unhappy with your current bank, it could be time to search somewhere else for what you need.

If you signed up for a bank account out of desperation or because no other options were available to you, then you may not be getting the best rates, benefits or services that banks have to offer. You may have stayed with your bank for a few years because you don’t have anywhere else to take your banking, due to your age, your credit history or some other factor. But now that you have experienced your bank and you are unsatisfied with what they are offering, you need to consider your options.

The biggest benefit you will likely enjoy from switching accounts is better rates. That could mean lower interest rates on loans, better interest rates on saving accounts and lower fees for overdraft charges or late payments. With better rates usually comes better service.

The improved service could mean more of a grace period when you go into overdraft or it could mean that you receive more understanding from the bank when you tell them you will be late on a payment. If your bank isn’t listening to you and isn’t being reasonable, it is definitely time to try something else. There are lots of options out there for you, and you don’t have to stick with one bank for the rest of your life out of a sense of misguided loyalty.

Another benefit you may enjoy is a greater range of banking options. If your bank doesn’t allow you to open the kind of savings account you like or doesn’t give you ways to invest your money and use your money effectively, then you may need to go elsewhere. Maybe you like to travel, and your bank doesn’t let you check your account balance online or it doesn’t allow you to use your card outside of the UK without charging exorbitant fees. Not every bank is like that, and if you do some searching, you may find a better bank for you.

Switching out your bank for another one isn’t something you should take lightly, but if you aren’t being treated right and your bank isn’t allowing you to do what you need to do with your money, then you ought to consider switching your account.

Many people think that because they are living from paycheck to paycheck, they are too poor to save money for a rainy day. If all of your money is spent before you receive your paycheck, thinking about the future seems less important than concerns about your daily needs. Fortunately, there are many methods you can use to save when you don’t make a lot of money. Here are seven of the best ways to save money when poor.

Save Change

Saving change is one of the most common saving methods for those with lower incomes. Make a habit of paying with purchases with whole dollars and don’t spend your change. Find a place where you can store the change when you get home each day. When your saving vessel is full, deposit the amount saved into a savings account.

Enroll In Automatic Roundup Program

Several bank programs allow you to save money automatically by rounding up the transactions from your debit card and depositing the difference into a savings account. The Acorns app deposits the money into an investment fund and invests in the account owner’s prechosen stocks.

Keep $5 Bills

A variation of the saving change technique is to save every $5 bill you receive. The amount is so low that you won’t really miss it. After a few months, deposit all of the $5 bills you saved into a savings account and start over.

Put Away $1 Daily

A dollar a day doesn’t seem like a large amount, but putting a dollar away each day gives you $365 after a year has passed. That amount of money comes in handy when you have an unexpected expense.

Reduce Expenses And Save Difference

Most of us have expenses that we can cut without disrupting our quality of life. Some stop buying coffee on the way in to work. Others get rid of their cable packages and rely on free TV and library rentals for their entertainment. Review your budget to see what expenses you can reduce or eliminate and put the difference in your savings account.

Research Government Programs

Programs to help the needy may be available to you if your income is low enough. Programs such a food stamps, WIC, reduced income housing, free school lunches, Medicaid and Medicare, may be enough help to free up more of your income to pay off debt and save for the future.

Around $5 trillion of Americans’ cash is currently held in money market accounts, representing almost half of all bank deposits in the U.S. These accounts are often offered alongside conventional savings accounts, leading many to question which one is better for parking their savings. The answer depends on several factors.

Money market accounts are basically savings accounts with minor variations. The biggest difference is that a money market account is a hybrid of a checking account and a savings account, which makes it more attractive to some than just pure savings accounts. Money market accounts are federally insured, like savings and checking accounts, so you don’t have to worry about losing your balance if the bank fails.

A money market account is also a better choice for those who want to be able to make transactions with the account without penalty. The total number of transactions you can make with a money market account is limited by the Federal Reserve to up to 6 transactions a month. Banks typically limit check writing from the account to about 3 checks a month.

If you do not expect to make this many transactions each month, you may be better off choosing a savings vehicle with a higher interest rate. If you feel that the number of transactions allowed is not enough, you should look for a checking account that pays interest on deposits. If you continuously move money more than 6 times out of a money market account, the bank is required by the Federal Reserve to move you into a checking account.

Money market accounts are generally better than savings accounts for those that are interested in parking their money for a long time so it can earn the most interest. Money market accounts pay a “money market” rate of interest to attract deposits rather than a capped savings rate like most savings accounts. The amount of interest paid out by a money market account varies from bank to bank, so review the relevant information for the offerings of several different banks before making your decision.

It is important to remember that a money market account may not be the highest-paying deposit product offered at a particular bank. Some banks are beginning to pay more interest on savings account deposits than money market accounts. Review all of the options available to determine which products have the best interest rates.