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

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

JULY 25, 2024

So if you're sitting on a savings account balance of $25,000, you're clearly in far better financial shape than the typical U.S. But is $25,000 an appropriate amount of money to have in a savings account? While savings accounts are paying generously today, the interest rates available now are not the norm.

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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

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

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

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

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

JULY 23, 2024

Image source: Upsplash/The Motley Fool It's a pretty good time to have money in a savings account. The Federal Reserve's numerous federal funds rate hikes that took place in 2022 and 2023 have led to some of the most attractive savings account rates we've ever seen. And the amount of money you could lose over time might shock you.

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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

JULY 25, 2024

I've decided to stick to my savings account for these key reasons. The tradeoff is that you can't pull out money whenever you want like you can with a savings account. Or, I may decide to open a new bank account for a bank bonus. If it's important for you, too, then a savings account is a better way to go.

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The Motley Fool

JULY 22, 2024

Even so, for the most part, you'll be able to earn more interest with a CD than with a regular savings account. But are CDs really better than savings accounts? With a savings account, for example, you could start out earning a 4.60% APY on your money. With a savings account, there's no restriction on removing your money.

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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

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

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

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

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 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

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

JULY 24, 2024

If the central bank does cut interest rates soon, is now a good time to open a CD or savings account? Here's the thing: whether or not the Fed cuts interest rates, you might be losing hundreds of dollars right now -- by keeping your cash in the wrong bank's savings account. The national average savings account isn't much better.

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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

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

JULY 1, 2024

Image source: Getty Images If you have $10,000 or more to deposit at your bank, you're probably eager to get it into your account where the funds will be safe and accessible. Before you head down to your local branch, though, there are a few key points you need to know when you have a very large deposit to make. Here are four of them.

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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 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

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

JULY 24, 2024

Image source: The Motley Fool/Unsplash A lot of people I know are pretty happy about the interest they're earning from their savings accounts today. Many high-yield savings accounts are paying APYs upward of 4.00%. So you may want to move some money out of your savings account and explore that alternative.

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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

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

JULY 15, 2024

That's why it's vital to know what bank accounts are best suited to your needs when you don't have a set income. Here are the four accounts you need to open ASAP. Business checking One key account for freelancers is a business checking account. That's why an envelope savings account is key.

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The Motley Fool

JULY 10, 2024

Image source: The Motley Fool/Upsplash Savings accounts are a basic way to keep your money safe, and pretty much everyone can benefit from having at least one. Savings accounts are a great place for your emergency fund and any money you might need for a big purchase or goal in the next couple of years. There's a way to find out.

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The Motley Fool

MAY 5, 2024

Should you open a CD, buy stocks, or put it in a retirement savings account like an IRA? All of these questions can feel paralyzing, which can lead people to make one big mistake: leaving their cash in a zero-interest bank account. Let's look at a few reasons why opening one of the best savings accounts can improve your life.

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The Motley Fool

JUNE 20, 2024

Basically, it requires banks to file a report if you deposit or withdraw $10,000 or more in cash into your bank account. If you don't deposit $10,000 into your account either all at once or over a short period, then you aren't going to trigger reporting requirements or risk a Suspicious Activity Report.

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The Motley Fool

JULY 7, 2024

Image source: Getty Images A savings account is a savings account, right? There can be big differences between the account you open with a big national bank (usually a traditional savings account) and a high-yield savings account. My big bank savings account is… fine. Actually, no. in May 2024.

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The Motley Fool

JULY 7, 2024

That's where the big debate between certificates of deposit (CDs) and money market accounts (MMAs) comes into play. While CDs have long been a go-to for guaranteed yield, money market accounts offer a flexible twist to the savings game. Many money market accounts come with the ability to write checks directly from the account.

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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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The Motley Fool

JULY 17, 2024

Whether you're interested in certificates of deposit, money market accounts, or high-yield savings accounts (HYSA), banks and credit unions have sweetened their APYs. Let's take a look at how much you can expect to earn on $5,000 in a few different savings account options. How about a high-yield savings account instead?

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