One of the good things about getting older is that you find a myriad of deals and discounts aimed toward seniors and often people several years younger than the typical retirement age. Even your bank might have something for you.Some banks offer special “senior checking” accounts that can come with attractive perks. But these accounts also can have drawbacks that should make you think twice. Here’s how to decide if a senior checking account is worth it for you.What is a senior checking account?Checking accounts for seniors are similar to regular checking accounts, though typically it’s easier to avoid annoying fees. You might qualify for senior checking as early as age 50 or 55. The accounts can offer a multitude of benefits, including:Waived account maintenance feesInterest on your depositsNo overdraft feesFree checksDiscounted or free safe deposit boxesFree personalized financial adviceDiscounts on movie ticketsThese perks might be very appealing to you, … [Read more...] about Should you get a senior checking account?
High yield online checking account
Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. We may receive a small commission from our partners, but our reporting and recommendations are always independent and objective. Two years ago, I opened a high-yield savings account at Ally and directed a fixed amount of every paycheck into it. I’ve found that the account is a great place to send my automatic contributions, which financial planners say is one of the best and easiest ways to build long-term wealth. I liked that Ally’s online savings accounts have no ATM access and a limit on monthly transactions. Coupled with having my checking account at a different bank, those “limitations” not only kept me from dipping into my savings too often, but helped me double my balance last year. And when I recently asked a handful of certified financial planners for their favourite high-yield savings account, I wasn’t too surprised that most of … [Read more...] about We asked financial planners for their favourite high-yield savings account, and almost everyone said the same thing
Tanza Loudenback, provided by Published 2:55 pm CDT, Wednesday, March 27, 2019 Getty Images Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. We may receive a small commission from our partners, but our reporting and recommendations are always independent and objective. Business Insider asked financial planners for their favorite high-yield savings account. Most of them said the one at Ally, an online bank. Ally's high-yield savings account has no minimum balance or monthly fees, and it's offering a 2.2% annual percentage yield. A high-yield savings account is a good place to keep money you may need to access soon, like an emergency fund. Ally recently ranked second in J.D. Power's "Direct Banking Satisfaction Study" and last year was named the best online bank by Kiplinger. Two years ago, I opened a high-yield savings account at Ally and directed a fixed amount of every paycheck into it. I've found … [Read more...] about We asked financial planners for their favorite high-yield savings account, and almost everyone said the same thing
Elizabeth Aldrich, provided by Published 9:34 am CST, Friday, March 8, 2019 Vanni Bassetti/Getty Images Forty percent of Americans say they don't have enough money saved up to cover even the smallest emergency expenses. Without an emergency savings fund, unexpected expenses could cause people to go into debt and spend hundreds on interest fees. I use a high-yield online savings account for my emergency fund, so it's constantly growing until I need it. What would you do if your car broke down tomorrow and the mechanic told you it'd cost $1,500 to get it up and running again? Or worse, what would happen if you got laid off tomorrow? How long would you be able to pay rent while unemployed? If you don't have a good answer to these hypotheticals, at least 40% of Americans are right there with you. In a survey done by the Federal Reserve Board last year, four in 10 Americans said they wouldn't have the money to cover a $400 emergency without borrowing or selling something. … [Read more...] about I moved my emergency fund to a high-yield online savings account, and after earning 20x more interest I’d tell anyone to do the same
If you’re saving money over a long period of time, you probably want to use a high-yield savings account rather than a checking account. High-yield savings accounts pay out a small amount of interest, which compounds over time, making your money grow slowly but steadily. Traditional checking accounts pay no interest, so no matter how long you leave it, you’ll only have the money you deposited. If you’re looking to save some cash, you have a few options. Investing holds the most potential for high returns, but also the most risk. That’s why it’s generally recommended for money you won’t need in the next five years: If the stock market takes a dip and your portfolio dips with it, you’ll have some time to recover. In the short term, however, two easy options are checking accounts and savings accounts. Traditional checking accounts are straightforward – perhaps you have paychecks direct-deposited there, you write checks from that … [Read more...] about Here’s exactly how much more you’ll save in a high-yield savings account versus a checking account