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 [...]
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 [...]
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 [...]
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 [...]
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 [...]