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Archive for July, 2013

Department helps to develop local IT skills

Posted by Levi Dynon On Jan - 31 - 2019

The Information Systems Division (ISD) of the Department of Economic Development is seeking two trainee IT (Information Technology) staff as part of its commitment to developing increased IT skills on the Island.

The Minister for Economic Development John Shimmin MHK said:

“The Isle of Man has a world-class Information and Communication Technology (ICT) infrastructure and related businesses including e-gaming and software development which offer substantial growth opportunities.”

“One of the key challenges the sector faces is in recruiting skilled staff. Several businesses are struggling to find sufficient skilled IT staff; this is the case across Europe.

Tags: Skills

Age Partnership publish ‘best buy’ annuity rate at 6.28%

Posted by Levi Dynon On Jan - 27 - 2019

Age Partnership could help you get a better annuity rate compared to other providers in the market.

The Financial Times and Daily Mail have recently released their ‘Best Buy’ rate for an annuity quote.*

Based on a 65 year old man, The Financial Times has published an annuity rate at 5.84%. The

1.00% APY Best money market rate with Citizens State Bank of Florida

Posted by Jesse Shand On Jan - 26 - 2019

Citizens State Bank is pushing for their money market account which has a very competitive interest rates. This money market deal is tiered and it has the following current interest rates:

  • 0.50% APY can be earned on balances of $2,500 to $14,999.99
  • 1.00% APY can be earned on balances of $15,000 and above

You can take advantage of this best money market rates opening an account. It requires a minimum deposit of $100 to open, but you need to maintain an average daily balance of $2,500 or more to earn interest. As what is shown above, the higher your deposit is the higher interest rate you can earn.

The interest of this money in the bank deal is compounded daily and paid monthly.

Use inherited savings bond for school, avoid tax hit?

Posted by Jorja Marion On Jan - 26 - 2019

Dear Dr. Don,
This is a bad news, good news situation that I’m asking about. I just received several Series EE and Series I savings bonds. I am the so-called payable-on-death beneficiary on the bonds. My mom, who purchased the bonds, recently passed away. Can I cash them in and use them for my daughter’s college fund without getting hit with a big tax bill? I think my mom would be happy to see the money being put to such good use.

Thanks,

Dear Sherri,
Put another way, you want to know, as the payable-on-death beneficiary, if you can use the federal education tax exclusion to cash in the savings bonds to pay for your daughter’s college costs. The beneficiary angle puts an interesting wrinkle on the question, so I worked with the customer service specialists at the U.S.

Living Trusts: Financial Advantage or Fiduciary Nightmare? Four Things to Consider

Posted by Jesse Shand On Jan - 20 - 2019

The main benefit of living trusts is the avoidance of probate.  Not only are probate records open to the public, an AARP survey finds it takes an average of 18 months to distribute an estate that must go through probate. Additionally, around 5% of the estate could be taken for probate administrative costs (including court fees). Living trusts help ensure a smooth transition of assets, since no court supervision is required. They don’t save you anything while you’re alive—they are often a bit more complicated to set up and cost more money to initiate—but they can save your beneficiaries countless headaches, days and months of waiting, and potentially a fair amount of money. 

Here’s how it works:

In a revocable living trust, you fund your trust with most or all of your assets. You can nam