's Archive

You’ve probably seen banks advertising various promotions for opening a checking account and wondered if it was worth it? Depending upon the type of promotion offered and the strings attached some of these promotions are definitely worth a look. Generally, checking account promotions involve some sort of giveaway: cash, points, airline miles or electronics such as iPods. [...]

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One common question regarding deposit accounts and interest rates is whether or not you have to pay taxes on interest from CDs, savings, and checking accounts. The short answer is yes. If you earn interest on a deposit account, you normally have to pay taxes. However, it helps to know a little more about the [...]

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As more and more banks are opening online branches, often with better CD rates, savings rates, and checking rates, and lower fees. It might be time to ask yourself whether it makes sense to switch partially or completely over to an online bank. What are the Advantages of an Internet Only Online Bank? Typically, online [...]

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Interested in what the new credit card laws mean for you? Here’s a quick rundown of some of the changes we’ve seen in the recent credit card legislation changes and how it can benefit you: Banks can’t raise interest rates on existing credit card balances unless a promotional rate ends, you’ve been late with a [...]

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Many banks offer “free” checking accounts. Saving money on monthly maintenance fees is a good thing, but signing up for these accounts usually comes with some conditions. Some of the requirements you  may need to meet to qualify for “free checking” include: Minimum balance requirements must be met to avoid monthly charges Making too many [...]

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Can a bank take money from your checking/savings account to pay off your loans? An Atlanta couple were surprised to have their Wells Fargo checking account emptied by the bank in order to pay back a student loan. The bank deducted $4,059.82 from the checking account, which was originally a Wachovia account, to put toward  the $10,000 [...]

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5 Tax Season “Gotchas” for the American Borrower to Beware Gotcha #1: Watch out for Refund Anticipation Loans offered by tax preparers that promise filers immediate access to their projected refund, the effective interest rate can be 50% to as much as 500% Gotcha #2: Don’t pay your taxes by credit card; it can add [...]

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Medical expenses are a major concern for many of us today. With the rising cost of healthcare coverage, more and more employers are cutting costs by providing insurance plans with high deductibles or eliminating healthcare coverage altogether. Whether you are covered by your employer or you choose to purchase your own coverage, a high-deductible health plan [...]

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Savings Account vs CD You’re sitting on some cash and you’re wondering whether to put it in a CD or savings account. Given the current rate environment, there are some advantages and disadvantages to each option. Should I put my money in a certificates of deposit? Before you decide on a savings or CD, you’re [...]

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A spousal IRA allows contributions to be made to into an account on their spouses behalf. They were created to allow stay at home parents to put away money for retirement even if they don’t earn any income. Normally you’re allowed to contribute $5,000 or 100% of your income to your IRA. However if you’re [...]

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