The Motley Fool

JUNE 19, 2024

I even have favorite investment accounts, ones that can make me -- and you -- a millionaire. Here's a look at my favorite account for me and perhaps you as well -- and another favorite that's suitable for most folks. Another good thing about 401(k) accounts is their hefty contribution limits. Both offer excellent tax advantages.

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The Motley Fool

SEPTEMBER 6, 2024

Image source: The Motley Fool/Unsplash High-yield savings account interest rates climbed from a low of about 0.30% during the pandemic to a whopping 5.00% APY as the government fought to ease inflation. I think we have just a few more weeks before savings account interest rates start to fall. Here's what that means for you.

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The Motley Fool

MAY 20, 2024

And while you might earn a totally respectable amount of interest in a high-yield savings account , why shouldn't you chase the highest rate possible on your money? But a higher interest rate isn't the only benefit CDs offer over savings accounts. But remember, the interest rate on a savings account can change over time.

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The Motley Fool

APRIL 1, 2024

Image source: The Motley Fool/Upsplash It's widely recommended to invest with retirement accounts because of their tax benefits. With traditional 401(k)s and individual retirement accounts (IRAs) , your contributions are tax-deductible in the year you make them. That's certainly a good reason to use these accounts.

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The Motley Fool

AUGUST 13, 2024

If you're retired or moving toward retirement, these tips can help you know what you're looking for and avoid some of the most common scams aimed at separating you from your 401(k), individual retirement account (IRA), or other savings. Once they have your username or password, they will try to use it to get into your retirement account.

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The Motley Fool

MAY 5, 2024

While the IRS is trying to make it easier for many individual taxpayers to file their own taxes faster, cheaper, and even for free, small business owners often need an accountant. If you're starting a business or ramping up your side hustle into a full-time income, you might want to start thinking about hiring an accountant.

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The Motley Fool

FEBRUARY 26, 2024

Unless you pay for a family plan meant to be shared, there may be restrictions on how you use and share your account with others. Hulu recently alerted users that it would crack down on account sharing. More : Our picks for the best credit cards Subscribers will also be responsible for any account usage outside of their household.

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The Motley Fool

AUGUST 6, 2024

of Americans were "banked," meaning that at least one household member had at least one account at a proper bank. That's great for households everywhere, but with so many banked Americans now, the next natural question to ask is just how many accounts you need and why. But there are many legitimate reasons to have multiple accounts.

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The Motley Fool

MAY 31, 2024

But consistently saving and investing in a tax-advantaged retirement account like a 401(k) or IRA can set you up to be able to spend much more later in life. Here's how much the average retiree has in their retirement accounts The Fed's survey of consumer finances asks for details on all sorts of retirement accounts.

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The Motley Fool

MAY 10, 2024

Keep reading for more details about how much money you should keep in the bank -- as well as a few great bank account options to keep your cash safe and at the ready. Building up a year's worth (or potentially more) of a cash cushion to protect that retirement account balance you worked so hard to build makes good sense.

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The Motley Fool

AUGUST 20, 2024

The report tells how victims of these scams face huge tax bills after having their bank or brokerage firm accounts cleaned out. He said two fraudulent charges had already been made to Richie's bank account. This scammer tricked Richie into wiring money from his bank accounts to "keep his assets safe."

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The Motley Fool

APRIL 16, 2024

Image source: Getty Images Identity theft and hacked accounts aren't just credit card issues. They can happen with bank accounts, too. Here's what you need to do the second you realize someone has stolen money from your checking or savings account. The key word here is "usually."

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The Motley Fool

MARCH 14, 2024

Image source: The Motley Fool/Upsplash Perhaps no deposit account has had such a massive resurgence over the last year as certificates of deposit (CDs). In fact, for some people, a money market account might be the better option. Many of today's best money market accounts have APYs that are on par with the best CDs. Here's why.

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The Motley Fool

JANUARY 1, 2024

One of the first things you'll need to do is decide which retirement account(s) you want to use. This is free money your employer gives you for contributing to your retirement account. for every dollar you put into your retirement account, up to a certain percentage of your income. Save up for this in a savings account instead.

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The Motley Fool

JULY 9, 2024

Image source: Getty Images It's your money, and generally, you have the right to withdraw as much -- or as little -- as you desire from your bank account. You find one that needs tons of work to become roadworthy, but you're smitten and willing to pull $12,000 from your savings account to make it yours.

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The Motley Fool

AUGUST 26, 2024

Fed interest rate cuts have been long-awaited and much-debated -- but what does this really mean for your savings account ? What a 25 basis point rate cut will do to savings accounts Bank savings account APYs are not fixed. For example, instead of 5.31% APY that you can get with the best bank savings account (as of Aug.

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The Motley Fool

JULY 7, 2024

Image source: The Motley Fool/Upsplash If you have a lot of money in a high-yield savings account, you've likely been earning pretty great rates lately. Some accounts are paying APYs upwards of 5.00%, which is a really competitive rate for money in an FDIC-insured account that you can't lose. Here's why.

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The Motley Fool

MARCH 10, 2024

Image source: Getty Images Many Americans use checking accounts to manage their money. When things are going well for you financially, you could find yourself with more and more money sitting in your checking account. It's exciting to see a big balance when you log into your bank account. You could do that about once a month.

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The Motley Fool

APRIL 17, 2024

Image source: The Motley Fool/Upsplash It is a good thing to have money in a savings account. If you have short-term goals and will need to access your money soon, a savings account can also be a good place for it, since you won't risk losing any of it. Here's what could happen if you end up with an overfunded savings account.

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The Motley Fool

JULY 7, 2024

Image source: The Motley Fool/Unsplash High-yield savings accounts combine flexibility with high interest rates to help you grow your savings. Today's high-rate environment has lifted savings account rates to two-decade highs, with the best accounts currently paying 5.36%.

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The Motley Fool

APRIL 29, 2024

Image source: Getty Images Checking accounts are designed for managing money. Paying your bills, transferring money to savings and retirement accounts -- things like that. And there are also those who see a large balance in their checking accounts as a form of financial security. Does anyone still use those?

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The Motley Fool

AUGUST 28, 2024

That means no one living in the household has a checking account or savings account at a bank or credit union. Lower-income households were more likely to be unbanked, and this could be because they feel they don't have enough money to warrant opening a bank account. Which account should you choose?

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The Motley Fool

MAY 9, 2024

Image source: Getty Images Many people keep their savings in a bank account that earns interest. With savings accounts paying up to 5%, is there any benefit to keeping your extra money in a CD instead of a savings account? I also use a high-yield savings account so I can easily access my money when needed.

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The Motley Fool

APRIL 25, 2024

But sometimes, it doesn't pay to keep money in a savings account. With that in mind, here are some reasons to take money out of your savings account and put it elsewhere. You don't need it for a year or two The nice thing about keeping your money in a savings account is that you can access it at any time without worry.

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The Motley Fool

AUGUST 9, 2024

Image source: Upsplash/The Motley Fool A checking account is likely the cornerstone of your finances -- you receive your paychecks there and use the account to funnel money elsewhere (such as a savings account or investment account). This is when you spend more money than you have in the account.

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The Motley Fool

AUGUST 17, 2024

Having multiple financial accounts is always a solid idea, and it's important to consider how much money you should be keeping in each of them. Let's say you have $10,000 in your checking account right now. That's the first point to consider if you're wondering whether $10,000 is too much to keep in your checking account.

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The Motley Fool

APRIL 24, 2024

Fixed vs. variable interest I'm moving money out of a high-yield savings account because it has a variable interest rate and into certificate of deposits (CDs) because they have a fixed rate. High-interest savings accounts almost always carry a variable interest rate. Earning money for doing nothing is one of my secret fantasies.

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The Motley Fool

APRIL 7, 2024

Image source: The Motley Fool/Upsplash If you invest your money in a taxable brokerage account , you'll get complete flexibility with it. You can contribute as much to your account as you want each year, and you can cash out investments whenever you choose without risking a penalty. The same holds true for a traditional 401(k) plan.

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The Motley Fool

MARCH 27, 2024

By opening these accounts for your kids early on, you're not just saving for their financial future , but potentially unlocking the door to millionaire status. So, let's dive into the types of accounts that can make a huge difference. UTMA account A Uniform Transfers to Minors Act (UTMA) account is another fantastic tool.

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The Motley Fool

MAY 16, 2024

Image source: The Motley Fool/Upsplash After years of near-zero interest rates on bank savings accounts, Americans are getting more savvy with their cash. According to FDIC data, the national average savings account is paying only 0.46% interest as of April 15, 2024. Opening a money market account can be a great move for your savings.

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The Motley Fool

JUNE 5, 2024

Image source: The Motley Fool/Upsplash It's good to have a healthy amount of money in your savings account. Believe it or not, some people leave too much money in their savings account. You'll earn plenty of interest -- if you're using a high-yield savings account Let's start with the good news.

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The Motley Fool

NOVEMBER 25, 2023

Considering the amount of money involved, you might wonder if an investment account is a good place for your emergency fund. Instead of having that money sitting around in a bank account, you could invest and grow it. Your emergency fund should never go in an investment account. Here's why: Your money will be safe and insured.

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The Motley Fool

MAY 24, 2024

Image source: Getty Images Savings accounts are paying some of the highest interest rates in years, with some banks paying more than 5%. After sitting on the sidelines for far too long, I'm in the process of opening a high-yield savings account to take advantage of generous annual percentage yields (APYs).

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The Motley Fool

AUGUST 29, 2023

Or do you want to jump into having a joint bank account? Both approaches have pros and cons, but recent research suggests that you may be better off with a joint account if you want to maximize your chances for happiness. Why would combining accounts improve your relationship? Here's why. All of this makes a lot of sense.

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The Motley Fool

MAY 17, 2024

From 401(k) plans to 403(b) plans, there is a long list of retirement savings accounts you can potentially tap. If you can, use this one powerful retirement savings account My favorite retirement savings account is a Roth 401(k). But there's one in particular that I believe can be the best option for many people.

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The Motley Fool

JUNE 4, 2024

For example, if you go to your bank and withdraw $12,000 from your checking account , your bank would need to file a CTR. Another example would be if you go to your bank, ask to withdraw over $10,000 from your savings account , and then change your mind. To do that, a bank files a Currency Transaction Report (CTR).

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The Motley Fool

APRIL 7, 2024

Image source: The Motley Fool/Upsplash Bank accounts are one of the safest places to store money. As long as your bank has FDIC insurance , your deposits are insured up to $250,000 per account holder. The account and unpaid balance must be with the same bank for the right to offset to be legal.

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