The Motley Fool

MAY 12, 2024

CDs are basically risk-free Assuming you're opening them with FDIC-insured banks (or NCUA-insured credit unions), CDs are a risk-free way to grow your money over time. Standard FDIC limits protect up to $250,000 of your cash in a deposit account like a CD. This means that if your bank goes under, you won't lose your money.

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Investing Banks Accounting Funds 246

The Motley Fool

APRIL 27, 2024

Using business banking products is an excellent way to keep your personal finances and business financial matters separate for better organization. You may wonder how to choose affordable business banking solutions for your freelance services. A bank account may be advertised as free, but hidden fees could exist.

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Banks Financing Finance Accounting 130

The Motley Fool

MAY 18, 2024

Image source: Getty Images The way we cover CDs here at The Motley Fool Ascent, you could be forgiven for assuming that these special timed savings accounts are perfect for everyone. Namely, when you open one, you deposit a set amount of money for a set period. This is due to how CDs work. Why use it?

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Banks Exchange-Traded Funds Accounting Taxes 240

The Motley Fool

OCTOBER 6, 2023

Image source: Getty Images If you're someone who hides from their bank statement each month, you've taken a big step just by opening this article. Try to understand what you are scared of Think about what is stopping you from opening your bank statement -- it might be fear, worry, a lack of confidence, or something else.

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Banks Accounting Taxes Debt 246

The Motley Fool

APRIL 28, 2024

Image source: The Motley Fool/Upsplash Most people keep their money in banks because they want to grow their wealth over time. This is certainly possible, especially with the best savings account and certificate of deposit (CD) rates hanging around 5.00% right now. You also have to consider how much you're paying in bank fees.

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Banks Accounting Funds Returns 130

The Motley Fool

SEPTEMBER 5, 2023

Image source: Getty Images You need money in a checking account so you can pay your bills on an ongoing basis. And you need money in a savings account for emergency expenses, such as when your roof springs a leak or your car gives you trouble. But what if you pass away and there's money left in your bank account?

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Banks Accounting Legal Assets 246

The Motley Fool

MAY 27, 2024

Knowing that I have cash in the bank that can help me tackle a car repair or medical bill without resorting to putting it on a credit card is a good feeling. If you park your emergency cash in a big-bank savings account, you might earn only 0.01% APY (and watch the value of your money be eroded, thanks to inflation).

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Banks Accounting Funds Taxes 244

The Motley Fool

APRIL 23, 2024

Image source: The Motley Fool/Upsplash One of the most appealing reasons for keeping money in the bank as opposed to in a safe inside your house is that you can earn interest on bank account funds. But there are other accounts whose APYs are little more than a marketing gimmick. This isn't a problem with online banks.

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Banks Accounting Taxes Funds 130

The Motley Fool

OCTOBER 22, 2023

Image source: Getty Images Brick-and-mortar banks aren't the only financial institutions available. If you're looking to open a new bank account , online banks are another option to explore. You might also enjoy some additional perks when banking with an online bank.

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Banks Fee Structure Financial Institutions Accounting 130

The Motley Fool

OCTOBER 28, 2023

While sharing a joint bank account works for many couples, it's not an ideal solution for all. Even if you've been with your partner for a long time or are married, there can be benefits to maintaining some or all of your bank accounts individually. Here are a few reasons NOT to share a bank account with your partner.

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Banks Accounting Financing Finance 246

The Motley Fool

APRIL 11, 2024

One of those choices is whether to open a separate bank account for your company or whether you should just deposit the money you make into your own personal account. For most people, opening a separate account almost always makes sense. And that means it needs its own bank account.

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Banks Accounting Liabilities Taxes 130

The Motley Fool

DECEMBER 22, 2023

But might I suggest that you add "evaluate my bank accounts" to that list? 2024 is going to be a great year to join an online bank, specifically. Online banks exist entirely in cyberspace, which means you can save money on bank fees (these banks have fewer overhead costs) and enjoy the perks of 21st century technology.

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Banks Accounting Taxes Debt 130

The Motley Fool

NOVEMBER 27, 2023

Image source: Getty Images Banks have come a long way -- gone are the days when you had to choose from only the banks in your city, and if the accounts they offered weren't quite up to par, you were stuck. If you've been with the same bank for a while and are becoming frustrated with it, you can switch.

Banks 130

Banks Accounting Debt Funds 130

The Motley Fool

JANUARY 17, 2024

As soon as I realized I'd be stuck setting up transfers if I wanted to join a gym, I knew what I had to do: I opened a new checking account. I never give out information for my main account Any other considerations aside, I never, ever give the information for my primary bank accounts to any merchant. Here's why.

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Banks Accounting Debt Returns 130

The Motley Fool

DECEMBER 28, 2023

Image source: Getty Images Banks come in all shapes and sizes. One of the biggest divides in the banking world is between online and brick-and-mortar banks. This has worked out well for my finances, and I've been especially pleased with one feature of my online bank in particular.

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Banks Taxes Accounting Debt 130

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.

Banks 130

Banks Accounting Debt Financing 130

The Motley Fool

DECEMBER 4, 2023

Image source: Getty Images Opening a new bank account has never been easier. You can set up a bank account online , from the comfort of your own home -- without even putting on shoes! But I understand the inertia of adult life, and how easy it is to just leave your money with the bank you've always used.

Banks 130

Banks Accounting Debt Funds 130

The Motley Fool

MAY 28, 2024

One bright spot in this development is the fact that certificates of deposit (CDs) , money market, and savings accounts are all paying higher rates than we've seen in a long time. If you've been dragging your feet on opening a high-yield savings account (HYSA), now is a great time to do it. Here's why. year over year.

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Accounting Banks Taxes Financing 130

The Motley Fool

APRIL 7, 2024

Image source: Getty Images Losing track of an old bank account might sound laughable: Who just forgets about a bunch of their own money? Perhaps a relative opened a bank account for you as a child and you never knew about it. Ask if it has any accounts in your name or the name of the person you're looking for.

Banks 130

Banks Accounting Legal Funds 130

The Motley Fool

MAY 28, 2024

Image source: The Motley Fool/Upsplash I write a lot about bank accounts here at The Ascent. You might expect that I settle for nothing less than the highest annual percentage yields (APYs) across all my accounts -- but you'd be wrong. In fact, I have a big bank savings account that pays only 0.01% on my saved cash.

Accounting 130

Accounting Banks Financing Finance 130

The Motley Fool

SEPTEMBER 25, 2023

Image source: Getty Images Even just in my lifetime, the advances that technology has brought to banking and personal finance are absolutely staggering. When I got my first-ever bank account as a teenager, I had to visit a bank branch and sit down with a representative to open my account.

Banks 130

Banks Accounting Debt Financing 130

The Motley Fool

MAY 27, 2024

But opening a bank account is a bit different. With a bank account, you're not asking to borrow money -- you're asking to put money you already have into a specific place. But earlier this year, I tried opening a CD at an online bank and got denied. I was interested in opening a $10,000 CD.

Banks 130

Banks Accounting Debt Capital 130

The Motley Fool

AUGUST 20, 2023

Image source: Getty Images The same forces that tipped Silicon Valley Bank into bankruptcy are out for blood. If he's right, consumer deposits could be at risk of disappearing -- especially deposits at small, regional banks. Specifically, O'Leary thinks regional banks will suffer from holding real estate loans. It's possible.

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Banks Collateral Accounting Debt 244

The Motley Fool

MARCH 9, 2024

Image source: The Motley Fool/Upsplash It's fair to say that 2023 was an interesting year from a banking standpoint. Not only were savings accounts paying generously, but rates on certificates of deposit (CDs) soared at several points during the year following the Federal Reserve's numerous interest rate hikes.

Banks 130

Banks Accounting Debt Funds 130

The Motley Fool

SEPTEMBER 4, 2023

Image source: Getty Images These days, many Americans are opting to do their banking online. If your bank has a user-friendly app, you can do things like pay bills or move money from checking to your savings account with ease. Easy access to ATMs Online banks generally give customers access to a network of ATMs.

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Banks Legal Accounting Debt 130

The Motley Fool

NOVEMBER 22, 2023

Similarly, if you're someone who's always used a physical bank, you might struggle to open a checking account online. Data from the FDIC reveals that around 23% of consumers used online banking as their primary method of accessing their accounts as of 2019. It's simple.

Banks 130

Banks Accounting Taxes Debt 130

The Motley Fool

NOVEMBER 24, 2023

The one silver lining, though, is that higher interest rates are benefitting people with money in savings accounts and CDs. Without a crystal ball, we can't predict what's in store for banking with certainty. That could result in lower interest rates for savers with money in the bank. But here are a few probable scenarios.

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Banks Accounting Debt Funds 130

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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Banks Accounting Financial Services Debt 130

The Motley Fool

JULY 12, 2023

Image source: Getty Images Bank of America customers may qualify for quick money. The Consumer Financial Protection Bureau (CFPB) has charged the bank with defrauding customers. As of today, Bank of America owes $250 million in total. Are you a Bank of America customer? get your money back. get your money back.

Banks 246

Banks Accounting Funds Debt 246

The Motley Fool

JANUARY 18, 2024

Image source: Getty Images Online banks are often a better choice for your bank accounts. Because they don't have physical locations, they can keep costs down and often provide better interest rates and charge fewer fees than banks with physical branches do.

Banks 130

Banks Financial Institutions Accounting Debt 130

The Motley Fool

MAY 28, 2024

This number doesn't directly influence bank account APYs, but the two tend to move in concert. So here's why opening a CD sooner rather than later is a good idea, if doing so is on your radar -- and why a CD may not be a great fit for you. with no rate cuts yet. Going, going -- gone? Is a CD a good idea for you?

Banks 130

Banks Accounting Financing Finance 130

The Motley Fool

JULY 13, 2023

Image source: Getty Images I'll admit, when the Federal Reserve began raising rates, and online-only banks started raising their savings account APYs in turn, I became very curious about the benefit I might see from moving my money to one of those accounts. So I decided to make a change. Notably, your emergency fund.

Banks 244

Banks Accounting Funds Debt 244

The Motley Fool

APRIL 21, 2024

But here's what you can expect if you open a 5-year CD in the current interest rate environment. 5-year CD interest rates in April 2024 While CD rates are generally at their highest level in years, it's important to realize that they can vary significantly from bank to bank. Don't worry, I won't turn this into a math lesson.

Banks 246

Banks Accounting Returns Investing 246

The Motley Fool

SEPTEMBER 21, 2023

Image source: Getty Images Earlier in 2023, a few big-name bank failures made major news in the world of personal finance. And it's easy to see why -- the thought of your bank going under and your hard-earned cash going bye bye with it is scary. But if you've got your money in an FDIC-insured bank, you can breathe a little easier.

Banks 130

Banks Accounting Debt Financing 130

The Motley Fool

MAY 6, 2024

Image source: Upsplash/The Motley Fool Savings accounts are great for money you want to earmark for emergency expenses and near-term goals, like saving for a car, vacation, or house. While in the past, 5-year CDs had generally lackluster returns, today's rate environment has made these deposit accounts far more lucrative.

Banks 245

Banks Accounting Taxes Returns 245

The Motley Fool

MAY 9, 2024

Image source: Getty Images Many people keep their savings in a bank account that earns interest. Doing this allows them to be prepared for future expenses and earn extra money while their money sits in the bank. Savings account rates can change I keep my emergency fund in a high-yield savings account to earn more interest.

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Accounting Banks Financing Finance 244

The Motley Fool

NOVEMBER 22, 2023

Image source: Getty Images Thanks to multiple successive rate hikes by the Federal Reserve last year and this year, it is a great time to have cash in the bank. A higher federal funds rate doesn't directly mean higher rates on savings accounts, money market accounts, and certificates of deposit. Well, let me tell you.

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Accounting Banks Financial Institutions Debt 246