The Motley Fool

JANUARY 22, 2024

Image source: Getty Images What if the CEO of your big bank stepped out of a corporate jet, walked up to you on the street wearing expensive shoes and an immaculately tailored suit, and demanded that you write him a check for hundreds of dollars? Would it feel good to hand over hundreds of dollars to your bank for nothing?

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The Motley Fool

FEBRUARY 8, 2024

Image source: Getty Images There are four primary types of FDIC-insured bank accounts where you can store money. Checking accounts Checking accounts are meant for money you're going to be using for everyday living. Depending on your bank, you may incur fees if you use an out-of-network ATM. Here's what you need to know.

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The Motley Fool

MARCH 9, 2024

Image source: Getty Images If you've ever been on the receiving end of poor customer service, you know all too well how frustrating it can be. In fact, bad customer service is generally considered a good reason to leave your bank. In fact, bad customer service is generally considered a good reason to leave your bank.

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Banks Accounting Legal Debt 130

The Motley Fool

APRIL 19, 2024

This means not leaving your card lying around for others to find and not writing your PIN anywhere where someone could stumble across it. Not checking your balance regularly Checking your balance regularly is crucial to avoiding financial mishaps. But they're not quite the same as the cash they're intended to replace.

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The Motley Fool

MARCH 7, 2024

Here's how you can do the same. Since I keep this cash in a high-yield savings account, I've been earning interest while my savings sit in the bank. I would have earned nothing if I had kept my emergency savings in my checking account. The APY is the percentage you'll earn in a year by keeping your money in a bank account.

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Banks Accounting Debt Financing 242

The Motley Fool

APRIL 21, 2024

On the other hand, it can be a little more difficult to visualize how much your money can grow over longer periods of time, especially if you're not familiar with the mathematics of compound interest. And that's not to mention that some banks have no minimum deposit requirements, while others might require as much as $2,500 to open a CD.

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Banks Accounting Returns Investing 246

The Motley Fool

SEPTEMBER 9, 2023

Image source: Getty Images If you've been tuned into the personal finance space lately (perhaps by reading The Ascent?), you've no doubt heard a lot of buzz about online-only banks. These are banks that exist only in cyberspace rather than as brick-and-mortar buildings in your town.

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The Motley Fool

FEBRUARY 17, 2024

Bank of America (NYSE: BAC) is Berkshire's second-largest position, with the Oracle of Omaha's conglomerate owning a 13.1% Despite this vote of confidence, the bank stock has only increased by 14% in the last five years (as of Feb. Does this mean now is the right time to buy Bank of America stock? BofA set aside $1.4

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The Motley Fool

MAY 28, 2024

Image source: The Motley Fool/Upsplash I write a lot about bank accounts here at The Ascent. In fact, I have a big bank savings account that pays only 0.01% on my saved cash. I also opened my savings account and linked it to the checking account. This doesn't mean I have no other savings, though.

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The Motley Fool

FEBRUARY 12, 2024

Image source: Getty Images It's your money sitting in the bank , but have you ever wondered if someone might be watching what you do with those funds? There are eyes on your bank account and, more specifically, folks looking out for signs of illegal activity. That decision is totally up to the bank. If so, the answer is yes.

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Banks Financial Institutions Accounting Taxes 239

The Motley Fool

JULY 26, 2023

In fact, you can actually use Costco to save on a banking essential. Here's how Costco can help make banking cheaper Costco can help reduce the cost of your banking because you can actually order checks through the wholesale club. Harland Clarke provides free standard delivery for checks ordered by Costco members.

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The Motley Fool

MAY 4, 2024

This is understandable because APY is a key factor in how much you take home from the account. No maintenance fees Bank maintenance fees are monthly charges you pay to own the account. No maintenance fees Bank maintenance fees are monthly charges you pay to own the account. But it's not the only thing that matters.

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The Motley Fool

MAY 28, 2024

Savings account research from The Motley Fool Ascent from last year found that just 31% of Americans have an account paying an (annual percentage yield) APY of 4.00% or higher. And since the APYs banks offer tend to be influenced by the federal funds rate, we're already seeing savings accounts rates start to fall. in June 2022.

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Banks Accounting Funds Stock Market 130

The Motley Fool

MAY 30, 2024

It's not as if you're actively writing your 401(k) a check at the end of the month, after you've paid your bills. Instead, that account gets funded before your paycheck even hits your bank account. If you already have a 401(k), you may be curious to know how your balance compares to the average. Rowe Price. million.

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The Motley Fool

MAY 17, 2024

Let's take a look at how much money you could earn as interest on a $5,000 savings balance, as well as the features to target if you need a new place to keep your cash safe and growing. My savings account with a big national bank pays just 0.01% APY, while my savings account with an online-only bank is currently paying an APY of 4.20%.

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The Motley Fool

SEPTEMBER 9, 2023

Experts recommend saving at least three to six months' worth of expenses for your emergency fund (to figure out how much you should save, have a look at our emergency fund calculator ). Depending on how deep you are in banking and the personal finance space, you might be unfamiliar with money market accounts.

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The Motley Fool

MAY 23, 2024

Savers have more options for how to earn a return on their cash, whether it's certificates of deposit (CDs) or high-yield savings accounts. Money market accounts work in a similar way and are FDIC-insured like a typical bank account. But many everyday savers might not know about money market accounts or understand how they work.

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The Motley Fool

AUGUST 26, 2023

Image source: Getty Images The first type of financial account you ever opened was likely a checking account or a savings account with a bank or credit union. A checking account is where you receive the money you're paid by your employer, and you can turn around and pay bills from it.

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Accounting Banks Financing Finance 130

The Motley Fool

MAY 2, 2024

Image source: Getty Images There are a lot of checking accounts vying for your business these days. This competition is great for you because it means banks have to offer more to attract new business, but it can also make it tough to know which accounts deserve to hold your cash.

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Accounting Banks Funds 130

The Motley Fool

MAY 18, 2024

In spite of that, recent data from TD Bank finds that 75% of first-time home buyers are optimistic about the current real estate market. In spite of that, recent data from TD Bank finds that 75% of first-time home buyers are optimistic about the current real estate market. More: Check out our picks for the best mortgage lenders 2.

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Banks Accounting Funds 246

The Motley Fool

MAY 22, 2024

In case you haven't noticed, APYs are at 5.00% or higher -- and that means your extra cash in the bank can actually earn money. But that doesn't mean your options are limited just to a typical bank savings account. What are money market funds and how do they work?

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Accounting Mutual Funds Banks Taxes 130

The Motley Fool

JULY 10, 2023

Image source: Getty Images Before my husband and I got married, we actually had both a joint checking account and a joint savings account in our names. We could both put money into it and then either one of us could write checks out of it when it came time to pay the bills.

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Banks Accounting Financing Finance 130

The Motley Fool

MAY 17, 2024

Image source: The Motley Fool/Upsplash Here at The Motley Fool Ascent, we do our very best to cover the money news that impacts your life and finances. However, the Fed has signaled that rate cuts are likely on the way later this year, depending on how inflation moves (as of the most recent CPI report, it was holding steady at 3.5%).

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The Motley Fool

MARCH 14, 2024

For one, they often come with check-writing privileges, which allows you to pay for purchases directly with checks. For one, they often come with check-writing privileges, which allows you to pay for purchases directly with checks. It's not hard to understand why. Here's why. Competitive rates Yes, gasp.

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The Motley Fool

APRIL 8, 2024

Image source: Upsplash/The Motley Fool With so many places to put your money these days, banks are pulling out all the stops to draw in new customers. One way many institutions have chosen to do this is by offering interest on their checking accounts, something historically limited to savings accounts.

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The Motley Fool

SEPTEMBER 12, 2023

Image source: Getty Images Money market accounts are probably one of the most useful banking products you've never heard of before. Though they lack the superior PR of checking and savings accounts , money market accounts offer some of the best features of both banking behemoths. You'll see some pretty solid rates.

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The Motley Fool

MAY 5, 2024

Image source: Getty Images We've come a long way from the days of hurrying to deposit paychecks at our local bank before it closes. So many banking transactions are now just a smartphone and an internet connection away. But modern banking isn't without its challenges. Nearly all savings accounts in the U.S.

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Accounting Banks Funds 130

The Motley Fool

APRIL 30, 2024

Image source: The Motley Fool/Unsplash Certificates of deposit (CDs) aren't as flashy as some other types of bank accounts. They lock your money away for a certain period of time, known as the CD term, so they don't have things like debit card access or check-writing capabilities. Here are three to watch for.

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Banks Accounting Funds 130

The Motley Fool

SEPTEMBER 16, 2023

Here's how many quotes I obtained, along with some insight into why I got so many different loan estimates. Here's how many mortgage quotes I got When I started shopping around to find the perfect mortgage, I made the choice to get five different quotes. This is important because too many inquiries can hurt your credit score.

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The Motley Fool

MAY 30, 2024

It works like this: The lender writes a 97% mortgage with a 3% second mortgage, but it's the same thing as a zero down mortgage. More: Check out our picks for the best mortgage lenders The problem, some people argue, is that once your home isn't worth as much as you paid for it, you'll walk away. I couldn't be happier to see this.

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Banks Stock Market Stock Market 239

The Motley Fool

MAY 30, 2024

In fact, it's possible to find a 1-year CD with an APY of 5.00% or higher as of this writing. If your goal is to max out your interest income, you might be surprised how much you can earn today. If your goal is to max out your interest income, you might be surprised how much you can earn today. Here's the short answer.

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Banks Accounting Investing 130

The Motley Fool

AUGUST 5, 2023

At that point, my only choices were paying in cash or writing a check. Seeing as how I write maybe two checks a year, not shockingly, I didn't have one on me. On the other hand, I check my credit card balances frequently, so I'm more aware of what my spending looks like when I use my cards.

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Banks Accounting Debt Returns 246

The Motley Fool

JANUARY 30, 2024

But here's why you may end up having to write the IRS a check instead. Read more: we researched free tax software and put together a list of the best options here How much interest income did you earn in 2023? Before the Fed's rate hikes, banks were generally paying minimal interest on savings accounts and CDs.

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Taxes Banks Legal Accounting 246

The Motley Fool

FEBRUARY 11, 2024

For example, I had employer-subsidized health insurance coverage, and when I quit that job, I encountered sticker shock when I hopped onto HealthCare.gov to see how much a self-funded marketplace plan would cost me. Luckily, I came up with a solution. So near the end of 2023, I hatched a plan.

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The Motley Fool

APRIL 1, 2024

Image source: The Motley Fool/Unsplash You've likely heard for years about how important it is to have a savings account. Here's how to tell your savings account isn't the best one out there -- and what to do about it. That said, some bank accounts with monthly fees have ways to get said fee waived.

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The Motley Fool

FEBRUARY 5, 2024

The good news is you can write off any business-related expenses to offset some of your profits. And if you paid estimated taxes throughout the year, this will also reduce how much you owe when you file your taxes. Often, we don't notice these earnings because our bank deposits the funds automatically each month.

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The Motley Fool

APRIL 25, 2024

If you're buying a home in that price range, you probably need to finance it with a mortgage -- unless, of course, you happen to just have around $400,000 sitting in your bank account waiting to be spent. As such, lenders tend to do a pretty thorough job of vetting applicants' finances before writing these large loans.

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