Best Savings Account News

How To Detect Counterfeit Currency - US Secret Service

2008-07-23T14:26:00.000-07:00

In light of incidents of counterfeit currency described here, you may wish to familiarize yourself with the United States' Secret Service's tips for spotting Counterfeit Currency.

Compare a suspect note with a genuine note of the same denomination and series, paying attention to the quality of printing and paper characteristics. Look for differences, not similarities.

Note: Click image for full size view

Bank Accused of Distributing Counterfeit Money

2008-07-23T14:19:00.001-07:00

After withdrawing cash from a Wachovia bank and attempting, it's said, to deposit the same in a Bank of America, the customer was told they were in possession of counterfeit currency.

They indicated they brought the money directly from one bank to the next and blame the counterfeit currency on the bank from which the withdrawal was made.

Wachovia, of course, blames the customer.

Read more at Loca6news.com, Orlando FL.

Bank Runs Resemble The 1930's

2008-07-23T06:38:00.000-07:00

Today's "Bank Runs" resemble the US in the 1930's.

Depositors, frightened that their money will not be "there", rush to transfer their funds to cash - despite years of indoctrination that their money is "safe" as long as their account is FDIC insured and under $100,000 per account.

But in the midst of a nationwide credit crunch, there is still the fear that even "safe" money will be unavailable or only made available in inefficient quantities for the transaction of business or paying of bills. If people fear falling behind on their mortgage already just because rising fuel prices have strained their budget to the limit, there's no margin for error in paying bills in a timely fashion.

People want to eat on time and they don't want to be thrown out of their home because a Federal Regulator tells them "as soon as we figure out what's going on in a few weeks you'll get your money - but don't worry, it's SAFE!"

That's why for the first time in over a generation, we're seeing bank runs that resemble the 1930's.

Experts suggest that to avoid these problems, depositors should transfer their accounts at the first hint of problems... not after the problem has become front page news. This usually means consulting lists of under capitalized banks and requires more effort than individuals apply to their financial lives. Here is such a list of risky banks in Georgia but finding one for your particular community may be challenging, though worthwhile if you wind up avoiding trouble due to a "Bank Run".

The Best Savings Account May Not Require Internet Access

2007-07-26T13:58:00.000-07:00

UK Banks apparently were saving the best deals for internet only bank customers and ignoring those most likely to save: pensioners who may not want or be able to access internet banking accounts.

Their pleas have been heard...
From ThisIsMoney.co.uk

Pensioners can earn more than 5.8% before tax from next week on their saving in the High Street and still have easy access to their money.

Nationwide will increase the rate on its Monthly Income 60+ account to 4.57% after 20% savings tax (5.71% before tax) from August 1. Interest is paid out each month, giving an annual equivalent rate of 4.49% (5.86%).

Skipton's rate goes up to 4.68% (5.85%) on July 31, a rise of 0.5% following the 0.25% rise in base rate to 5.75% earlier this month.

Money Mail campaigned for better deals in the High Street for pensioners. Banks and building societies kept their top rates for internet customers, ignoring the need of those pensioners who wanted a branch-based account with a passbook.

Within weeks Nationwide, the largest building society, launched its Monthly Income 60+, joining the ranks of building societies offering special accounts.

Best Savings Accounts Protect From Overdrafts

2007-07-26T07:37:00.000-07:00

As noted before, the best savings account for you may be the one that let's you have overdraft protection.

One reader contacted us to say that after following up with her bank, she could do the following:

1. Pay $35 per overdrawn check OR
2. Pay $10 for a transfer from her savings account in the event of an over draft

She noted that the bank requires a that transfers be in $100 increments. A $1 overdraft requires a $100 transfer. That still saves $25 after the $10 transfer fee.

The sad thing is that this service could be offered automatically and promoted better by the banks. This customer had to inquire.

As do you!

So check out your savings account options now to see if you can save money by savings account transfers in the event of an overdraft. That may be your best strategy for saving money in the event you're over drawn.

Northwest Bank Launches HSAGeorgia Health Savings Account

2007-07-24T17:58:00.000-07:00

What HSA or "Health Savings Account" is your best health savings account?

If the HSA is offered in an "inseparable" package with the medical insurance provider doing the "stop gap policy" they may pay you less than competitive interest to protect their profits.

A stand alone HSA savings vehicle may give you better results.

Of course the only way to know is to shop around to see what's best for your Health Savings Account.

Here's a good resource for that.

From PRWeb

Northwest Bank announced today they have launched HSAGeorgia.com, adding more educational materials to their already successful Health Savings Account program.

"Since more and more of our customers are switching to the new consumer directed health plans, we know it is essential to offer an educational website where they will find answers to their questions as well as tips on using Health Savings Accounts to their fullest advantage," Scott Smith President of Northwest Bank announced today. "Working with HSA Clearing Corp, our new website, HSAGeorgia.com, has been designed with up-to-date answers to people's questions about HSAs and also with the specifics about our HSA program."

Legislation enabling the tax-advantaged Health Savings Accounts was included with the Medicare Act of 2003, and contribution amounts were recently expanded with passage of the "Tax Relief and Health Care Act of 2006". The new law allows individuals with HSA-qualified health insurance policies to contribute up to $5,650 for family coverage and $2,850 for those with self-only coverage for 2007. For 2008 these numbers increase to $5,800 and $2,900 respectively. HSA account holders age 55 and older may make an additional "catch-up" contribution of $800 for 2007.

"We are pleased to have Northwest Bank join our growing team of financial institutions across the country offering HSAs", said Roy Ramthun Senior VP of HSA Clearing Corp. "Northwest Bank is providing an affordable, independent Health Savings Account for their customers, no matter which insurance carrier they choose or where they live."

For individuals or insurance agents looking for more information on Northwest Bank's Health Savings Account program, visit www.hsageorgia.com or call Teena Harris at 706-965-3000.

HSA Clearing Corp is the nationwide leader in setting up banks and credit unions to offer Health Savings Accounts/HSAs with their turnkey HSA setup program, allowing the HSA monies to be deposited locally to better benefit communities. For more information on their cost- effective HSA program, contact HSA Clearing Corp at 262-348-1300, or visit www.HSAClearing.com.

The Certificate of Deposit Account Registry Service

2007-07-24T06:34:00.000-07:00

The Certificate of Deposit Account Registry Service lets you get FDIC insurance for more than $100,000 in deposits by dividing the money into separate CD's of $100,000 that are all insured.

This may be the best savings account option for bank customers who were tired of having to deal with multiple banks so that all of their deposits would be insured.

From Minyanville.com

Here’s how CDARS works:

* You make deposits through a single member bank.

* Your funds are divided into CDs of less than $100,000 each to ensure that principal and interest receive full FDIC insurance coverage.

* The CDs are issued to member banks in the Promontory Interfinancial Network.

* When funds are sent out of one bank, an equal amount is sent to the originating bank from other members of the network. This keeps the entire amount of the deposit in the community of origin while assuring full FDIC coverage.

* A bank making CDARS transactions can select its own interest rate and therefore doesn’t have to pay an artificially high national brokered rate to attract new funds.

* The smart customer therefore shops around for the best rate.

* The customer deals with one bank, receives one monthly statement and earns a single interest rate.

In general, local or regional banks offer the CDARS program while major banks such as JP Morgan Chase (JPM), Wells Fargo (WFC) and Wachovia (WB) do not. The CDARS program is available through 1,650 banks in all 50 states and the District of Columbia – think Apple Bank for Savings, Security First Bank of North Dakota or Alaska First Bank & Trust.

The American Bankers Association has endorsed the product, saying “CDARS allows banks to offer customers security as well as the convenience of one-stop shopping. It’s good for banks, depositors and the economy.”

Recent 3 Year CD Rates From Major Institutions

2007-07-24T06:05:00.000-07:00

From BankRate.com

Institution - Date - Rate - APY*- Minimum Deposit

E-LOAN - 7/23 - 5.32 - 5.46 - 10000

Discover Bank - 7/23 - 5.17 - 5.30 - 2500

Third Federal
Savings and Loan - 7/23- 4.92 - 5.00 - 0

MetLife Bank, NA - 7/20 - 5.21 - 5.35 - 25000

*Annual Percentage Yield

Hedge Fund Blues For Your Mutual Fund Account

2007-07-23T06:18:00.000-07:00

It used to be that mutual funds were considered "pedestrian", a way for unsophisticated small investors who couldn't diversify otherwise to enter the equity markets and speculate on potential gains.

Now, however, the mutual fund market has become a place for Hedge fund operators to speculate and, potentially, trash your portfolio if you have a particular kind of fund - a closed end mutual fund.

Read more at the Boston Business Journal.

The Do-It-Yourself IRA Best Savings Account News

2007-07-21T19:11:00.000-07:00

Martha Hamilton writes in the Washington Post about the "Do It Yourself" IRA.

The article talks about "self-directed IRA's" and specifically mentions how one investor - frustrated by trying to pick mutual funds - decided to invest in something he knew: real estate through his IRA.

Of course IRA's are long term investments and by investing in something with risks like real estate means a self-directed IRA can be a good long term vehicle but probably isn't a good "savings account" per se.

They're best for people who already have an investment track record in a particular niche. Not just for people who want to "experiment".

Self-directed IRAs are best for hands-on investors who intimately know the industries in which they place their retirement accounts. Although their numbers are growing, self-directed IRAs represent only about 1.5 to 2 percent of the $5.7 trillion IRA market, yet that still amounts to "several tens of billions of dollars," said Hugh Bromma, chief executive of Entrust Group, which has about 500,000 clients and accounts for about $2.7 billion of the self-directed IRA market.

Your Best Savings Account May Actually Lower Your Loan Interest

2007-07-20T17:17:00.000-07:00

On factor to consider relating to what is your "best savings" account may be how the account lowers your total loan interest.

As discussed by Australia's Herald Sun, and may work for you if you have a lender who offers savings vehicles.

They are called offset accounts. They give the bank more money to lend to others, protect their exposure since your savings account or certificate of deposit is more liquid than home equity and so may lower your debt interest rate. At the same time, you likely will not get the best savings rate on the money in this account.

Offset accounts are great strategies to reduce your. Offset accounts into which you put your salary and surplus cash link your home loan to a savings or transaction account.

The balance in the savings account is then used to offset the home loan balance, thus reducing interest costs. As interest is calculated daily on a home loan, the benefit to borrowers accrues as soon as there is cash in the transaction account.

Using a credit card to pay for expenses allows you to keep your money in the offset account for any interest-free period given by the card.

There are tax benefits to an offset account. Tax is not paid on interest credited to your savings account because the interest is not actually being earned, but it instead offsets the home loan interest.

These accounts are ideal for people who don't want to pay off their home loan so they can use the money, but who want to reduce their interest bill.

Searching for Yield - Best Savings Account News

2007-07-20T15:16:00.000-07:00

From 17KGET.com

Q: How do I go about finding the best CD rates? -- C.M., by e-mail

A: The two major Web sites that provide yield information are www.bankrate.com and www.banxquote.com. In early July, Banxquote was showing that the best yield on a one-year bank CD was 5.50 percent, while the national average was only 3.73 percent.

The difference is a big incentive to do some real comparison shopping when looking for yield investments. When you drill down to look for yields on bankrate.com, for instance, you'll find that the Internet-based banks tend to offer the high yields, while the big brick-and-mortar banks are offering yields that can be half, or less.

You should also compare CD yields with yields on comparable Treasury obligations and U.S. Savings Bonds. The Bloomberg Web site, www.bloomberg.com, shows that a six-month Treasury bill was priced to yield 5 percent. That's well over the national average yield on bank CDs.

You can learn about Savings Bond yields (and Treasury obligations) at www.savingsbonds.gov. Currently, EE Savings Bonds are yielding 3.40 percent. Purchase is easy, can be done in small amounts and interest is tax-deferred -- but the 3.4 percent yield won't induce many people to move cash out of their money market mutual funds.

Fidelity Government Money Market Fund (ticker: SPAXX) recently had an effective seven-day yield of 5.08 percent, while Fidelity U.S. Government Reserves (ticker: FDLXX) was yielding 5.14 percent. Its most conservative money market fund, Fidelity U.S. Treasury Money Market Fund (ticker: FDLXX), was yielding 4.61 percent.

If you are interested in another route to tax-deferral, try www.annuityadvantage.com. It provides yield information on single premium-deferred annuities, including those structured like CDs.

Identity Theft Protection from Lifelock

2007-07-20T12:50:00.001-07:00

The Federal Trade Commission considers identity theft to be a major issue in our society these days. Scamsters recruit unwitting victims from throughout the nation to receive forged checks with your name and cash them before the theft is discovered. And did you know the federal government doesn't step in until there's $100,000 involved? Amazing.

So it's time to protect ourselves from identity theft.

Even if you can prove your identity has been stolen, unless you have protection in place, you'll still be nagged, threatened, and cajoled into paying up for somebody else's crimes and it's YOU who will be affected.

Here's a true story:

My name is Earl Laurie
and this is my story.

I had seen a news report about LifeLock. The CEO gave out his social security number on TV! The reporter tried to use it to open new accounts and couldn't. That's when I signed up. Later, I heard from the Navy and the VA that they had lost my private information. Then someone tried to open two credit card accounts under my name. They tried to steal my identity, but LifeLock worked exactly like they said it would.

Protect yourself with LifeLock!

Is A Money Market Your Best Savings Account In Risky Times?

2007-07-20T12:12:00.000-07:00

People buying stock believe the market is going up. They're taking cash out of their reserves to buy.

People feeling the markets are heading for a crash or correction are putting money into cash and cash equivalents.

Rates at 5% or more are coming available.

From CNN.com

With the fed funds rate at 5.25 percent, it's fairly easy to find a high-yield savings account paying 5 percent, according to Peter Crane, president of Crane Data, a firm that tracks money market mutual funds and other cash investments. The fed funds rate is an overnight bank lending rate that influences other rates.

Besides offering a pretty attractive yield, cash is easy to access and offers investors flexibility during times of uncertainty.

Nolte's holding his cash mainly in short-term Treasury bills, but everyday investors looking to beef up their cash reserves will probably want to opt for money market mutual funds or bank savings accounts.

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2007-07-17T16:54:00.000-07:00

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Huntington's High Interest Online Savings Account Offers A 5.20% Annual Percentage Yield* - Best Savings Account News

2007-07-17T07:49:00.000-07:00

From a Press Release

Huntington's High Interest Online Savings Account Offers A 5.20% Annual Percentage Yield*

In addition to a highly competitive APY, the high yield online savings account features:

* $1,000 minimum opening balance
* ATM Card
* No minimum balance fees when your balance is $1,000 or more

*Annual Percentage Yield (APY) is accurate as of the date of publication. Rates may change after account is opened. Fees may reduce earnings. The regular interest rate on balances of $0-$999,999.99 is 5.10% (5.20%APY); and the regular rate on balances of $1,000,000 and up is 3.94% (4.00%APY). Member FDIC.

Note: We're just running this as a press release. Best Savings Account News is a media outlet and not directly affiliated with this savings institution. Advertisements and affiliate links appearing on this site should not be considered an endorsement. Please do your own due diligence as discussed in our terms of service.

Best Overdraft Protection For Your Checking Account - Best Savings Account News

2007-07-17T06:43:00.000-07:00

The best and cheapest overdraft protection for your checking account is a savings account transfer. Here are some options. Be sure to see what options already exist that are connected to your present savings account. Credit unions may offer even better deals and in that regard, be the best savings account and checking account combo to have for overdraft protection. It pays to shop around.

From Motley Fool

For instance, Wells Fargo (NYSE: WFC) offers both types of overdraft protection. With a line of credit, you'll pay a fee based on the particular credit agreement you sign. On the other hand, if you link your checking account to a savings account, the fee is just $10. And if you have a brokerage account as a link, you may not have to pay any fees at all.

Similarly, Citigroup (NYSE: C) and its Citibank subsidiary charge just $5 for savings account transfers, compared to $30 for bounced checks. Bank of America (NYSE: BAC) charges $10 for an overdraft protection transfer, less than its $20 or $35 charges for bad checks.

Flagrant fees
However, overdraft protection isn't always a bargain. Some banks, knowing that overdraft protection saves customers from having to pay returned check fees to their merchants, charge the same amount to cover overdrafts that they charge for bounced checks. Customers often pay these charges gratefully, as it saves them the embarrassment of bouncing a check and prevents any damage to their credit ratings.

Social Lending Finds Success On Facebook - Best Savings Account News

2007-07-16T13:41:00.000-07:00

Some people are finding their best savings account to be the money they lend out through peer to peer lending. To lend wisely though, you're completely dependent on the risk analysis of others. Now Facebook.com has entered into the fray through it's connection with Lending Club, hoping that their users will find lending through their site profitable and their best way to use their savings that would otherwise just sit in an ordinary savings account.

Is UPromise Your Best Savings Account?

2007-07-16T12:24:00.000-07:00

Upromise, of course, is designed to help you save money for your kids education, so perhaps the question should be whether UPromise is your best savings account for that particular purpose.

What caught my eye was the ad below where you save money every time you pump gas. Wow, has that ever gone up!

And the reason most people give for NOT saving money is that they don't have any money left over after shopping. This is a method of forced savings and for many people one definition of the best savings account is going to be "forced savings".

This also makes you keep the money for a longer term goal... as a college savings account.

Upromise’s mission is to help families realize the dream of college. The Upromise Services division includes our popular Rewards Service, which allows families to automatically save money for college while making everyday purchases at more than 20,000 grocery and drug stores, 14,000 gas stations, 8,000 restaurants, thousands of retail stores and more than 350 online shopping sites. Upromise’s partners include Citi, ExxonMobil Corporation, McDonald’s, JCPenney.com, LandsEnd.com, Sears.com, and hundreds of others the best merchants.

More than seven million parents, grandparents, and family friends have joined Upromise – and our partner contributions today represent the largest private source of college aid in America. Upromise also makes it easy for families to invest in tax-advantaged college savings plans and to use contribution to pay off student loans. The 529 college savings plans are offered through Upromise Investments, Inc (member NASD/SIPC).

Who knows, in certain circumstances this might be your best savings account.

Is Kiva Your Best Savings Account Option?

2007-07-14T21:01:00.000-07:00

Could an account that pays no interest be your best savings account? Don't laugh. It just might be. Consider this option to be a "virtual tin can in the back yard" kind of savings account.

I'm talking about Kiva.org the non profit entity that lets you become a microlender to entrepreneurs in developing countries.

They are a channel so your dollars can be put to work helping an entrepreneur build their business. Typically these are small loans under $2000 that may mean all the difference in the world to someone who'll never have access to a credit card or other source of credit to expand a business.

So how could this be someone's best savings account option?

As I've said elsewhere, the best savings account is one where you'll get your money back. Very very few of these loans default. If you lend a small amount for each entrepreneur, say $25, there's a very small risk.

Also, this may be be your best savings account because you can't touch the money you put in until the whole loan is paid back. There's no temptation to dip into this fund.

Unlike other savings accounts though, this one may give you a particularly good feeling because you got to help someone improve their life.

Now, it's not the best savings account when it comes to getting a return on your money. There's no taxes but your money will lose value due to inflation.

But if you think of it as money you're giving away to help people and then, years later, when you need it in an emergency it becomes available, it might be the best savings account you could ever get because - there's money there!

I hope you'll forgive this tongue in cheek plug for Kiva.org.

I'd rather have $10,000 to put into Kiva.org loas today than $10,000 to put into a 401K at any given moment.

But someday, if I need it, that $10,000 will be there after helping lots of people and being "recycled" many times.

How To Find The Best Savings Account The Scotsman

2007-07-14T19:52:00.001-07:00

This is an older article from 2004 on how to find the best savings account, but it's still worth reading. It's from the Scotsman. Some translation is required because they have some different terms with regard to the best savings account for you. A "notice" account is what you'd call a Certificate of Deposit where you can make withdrawals at any given them.

As this article notes, the best savings account these days don't play by the "old" rules. Shopping around for the best savings account that gives you instant access can give you better results than locking your money away for a long term.

What is the Best Savings Account for you?

2007-07-14T16:18:00.001-07:00

Introduction and Terms of Service

The Best Savings Account for you depends on whether you're constantly taking money out to spend on your daily whims or whether you keep it there for real emergencies.

That means, in some cases, the Best Savings Account might be a tin can buried in the backyard.

For most people though, the Best Savings Account will fall within these parameters:

1. Easy to put money into the savings account.

2. Easy to forget except when you put money into it (not linked to your debit card maybe?)

3. The Best Savings Account will have an interest rate that at least means taxes and inflation don't destroy the value of your money, and

4. The Best Savings Account won't LOSE your money. That normally means an insured account or - for some daring souls - that best savings account will diversify their risk because they just don't believe most accounts pay enough to their liking.

This resource will update the latest news, views, promotions, speculations and gossip about the things pertaining to the Best Savings Account for you.

What you do with that information is completely YOUR responsibility and all users of this site agree to hold this site, it's owner, and writers completely harmless. We promise no returns on your money or of your money to paraphrase Will Rogers and simply want to provide links to information that might interest you. We can't warrant, guarantee, or swear to the truth of what you find when you click through, though we hope it's all true.

Anyone using referencing this site by visiting it automatically recognizes that we are not providing financial, legal, investing, tax or other professional advice. You also agree to get personal professional advice before you act on any financial information you find here or elsewhere.

Best Savings Account News is a media outlet blog for informational purposes and not directly affiliated with any savings institution. Advertisements and affiliate links appearing on this site should not be considered an endorsement or recommendation.