“Hey Dad, do you have an online bank account?”
We discuss how FDIC insured online banks present a better opportunity to grow your money versus the brick and mortar banks. In this high rate environment, Annual Percentage Yield (APY) plays an important role in the growth of your money.
“Hey Dad, do interest rates on my savings ever go down?”
Understanding the impact that interest rates have on your money is important. Whether you are saving or borrowing, you need to know if it means more interest earned or more interest paid. We explain.
“Hey Dad, why do people accept low APR on their savings account?”
Your loyalty to your bank could be costing you hundreds or even thousands of dollars. If your bank is not raising their savings rates to be competitive with High Yield Savings Accounts, switch banks. We discuss the importance of knowing you rate.
“Hey Dad, is my money safe in a bank savings account?”
We discuss the limits of FDIC insurance at banks. We want you to know that your money is safe. We show you how to get $1,000,000 worth of FDIC insurance at a single bank. Walk through our examples with us.
“Hey Dad, do banks have more than one savings account option?”
Know what the Annual Percentage Yield (APY) is on your accounts. Verify that you are getting the highest possible APY that you can get at your bank. Don’t settle for a low APY on your savings account. Be willing to move your money for better returns, if you have to.
“Hey Dad, my friend wants to know is their money safe in a Credit Union?”
Savings accounts at Credit Unions are safe as long as they have National Credit Union Administration (NCUA) insurance. The blog demonstrates that like FDIC, NCUA covers accounts up to $250,000 per depositor.
“Hey Dad, how many money accounts should I have?”
It is important to diversify the types of financial accounts that you have, as they serve different purposes. The minimum number of accounts you should have is 4. See on this blog the 4 accounts you need and the additional accounts that you should probably have too.