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Best savings accounts for every age range

Posted by Jorja Marion On Jan - 8 - 2019

Growing up and growing your savings

Depositing money into a savings account is only the first step toward personal finance empowerment. The fees and features of that account are equally important to your saving strategy. As the year begins, you should think about where your savings are and how they might best work for you, no matter what your age.

“Regardless of what age bracket you fall into, make sure your savings account fits your individual needs and that you’re getting the best return on your money,” says Greg McBride, CFA, Bankrate’s senior financial analyst.

Those individual needs can vary as you get older.

Tips For Effective Savings Management

Posted by Jorja Marion On Mar - 18 - 2018

Managing your savings and ensuring that you are saving enough to meet your financial goals can be a significant endeavor that takes up a large amount of your time if done incorrectly.  Luckily, there are some effective savings management tips that can be used to make saving easier and faster for anyone that chooses to use the tips, regardless of ie.  Here are some of the most successful tips used.

Deposit Your Savings Automatically

Having a specific amount of money deposited into your savings account on a regular schedule is one of the best money moves that you can make.  Many employers now allow employees to direct deposit their paycheck in up to three separate accounts to make saving easier and a number of the employees that take advantage of this benefit have their paychecks split between a checking account and a savings account.  Allowing your savings to be direct deposited into your savings account helps you save money regularly without having to think about it or make any effort to aplish it.

Keep Track Of What You Are Spending

Keeping your spending under control is very important to having enough money in your savings account for future needs and emergencies.  You are less likely to spend more than you intend if you keep track of how much you are spending on items.  Tracking your spending will also show you how much you are spending on items and where spending can be reduced or eliminated to have more of your ie available for saving.

Stay Away From The Account

It is important that your savings remain untouched for as long as possible so that the balance will have a chance to grow into a substantial amount.  Your savings should only be accessed for financial emergencies and when savings goals that have been budgeted for have been met.  Leaving your savings alone is one of the best things that you can do to secure your financial future.

 

How to avoid dipping into your savings account

Posted by Jorja Marion On Dec - 18 - 2017

Saving money is not easy, but perhaps more difficult is stopping oneself from diving into those savings.

It’s a constant battle for consumers to save money. According to the Bureau of Economic Analysis, personal saving as a percentage of disposable personal income dipped year over year in September from 5.3 percent in 2010 to 3.6 percent in 2011.

To become a better saver, Bankrate offers a few suggestions on how to avoid dipping into your hard-earned savings.

“I recommend opening a money market account at a bank where you have no other accounts. A small credit union is even better, so you can perhaps earn a better rate,” says Kelley Long, a Chicago CPA and personal finance coach.

She also advises savers not to get an ATM card or sign up for Internet account access.

Today’s Hottest Investment: Savings Bonds?

Posted by Jesse Shand On Jul - 4 - 2017

It may not be the stuff lively cocktail party banter is made of, but the often overlooked savings bond is making a name for itself as one of the best places to park your cash these days. Whats not to love? Savings bonds stand as one of the safest investments you can choose, but currently offer rates that beat out high-interest savings accounts and long-term CDs by a long shot. Series I bonds, in particular, are capturing the attention of risk-averse investors across the U.S.

What is a Series I Bond?

In truth, its not really accurate to call a savings bond an investment, but rather more of a savings instrument. Still, theyre often a smart addition to your portfolio, especially if youre turned off by high-risk investments like stocks.

There are a multitude of bond types, some of which are riskier than others.

Chase Charges Withdrawal Fee on Savings Accounts

Posted by Jesse Shand On May - 1 - 2017

Like Bank of America, Chase also charges a fee when savings account customers haven’t even exceeded six withdrawals in the statement cycle.

In early April, Bank of America fell deeper into the negative spotlight when it was revealed that customers were charged a $3 fee per withdrawal after their third withdrawal. Apparently, Chase also charges a similar preemptive fee on its most basic savings accounts.

According to the Chase SavingsSM account rules and regulations disclosure, customers are charged $3 for their fifth and sixth withdrawals and $12 per withdrawal thereafter.

Under Regulation D, federal rules limits the number of withdrawals and outgoing transfers from savings accounts and money market accounts to six per statement cycle. T