Would you pay to enter a sweepstakes that it’s impossible to lose? Late last year, our representatives in Congress and the President all agreed on something, a bill called the American Savings Promotion Act. It made prize-linked savings accounts, something that serves as a combination lottery and savings vehicle, legal for United States banks. [More]
Are you looking for new ways to trick yourself into building up your savings account? Maybe you found the Four-Dollar Gas Savings Club concept appealing, but aren’t interested because you don’t own a car, or have trouble subtracting from four. Okay. Do you ever make silly impulse purchases? Maybe a different savings plan would work for you. [More]
In January of 1913, a man in Ohio opened up a passbook savings account for his baby daughter with $6.11. And in probably the lengthiest example of customer loyalty, that girl — now a 100-year-old woman — has continued to use that same account ever since.
A lot of people probably made “save more money” one of their New Year’s Resolutions. It’s true, the best day to start saving is right now. Based off of what the average American spends annually, if you set a goal for next January and save $157 a month, you can have all your clothes paid for for the year.
You may have noticed it’s dang hard to get a good rate for saving money right now. Used to be you could get an online savings account with 5%, no problem. Now if you can get in the upper 1% you’re doing pretty good. So what’s the dilly?
Brad is a customer of Fifth Third Bank. He’s annoyed at the bank’s marketing practices. He tells Consumerist that when he transferred a large amount of money from his account with a credit union, Fifth Third decided that he clearly had too much money, and they wanted to help him open a savings account to remedy that situation. Well, that’s not what they said, but close enough.
Sometimes a company verifies that a bank account by making a couple of small deposits in it, then asking you to report back the deposit amounts. Don’t rely on that verification process to block any activity in the meantime, though. That’s what Suzette did with Ally bank, and she ended up with a $35 stop payment fee from her own bank.
If you participate in an automatic savings program like Bank of America‘s Keep the Change service, where debit card purchases are rounded up and the difference is deposited into your savings account, keep an eye on maintenance fees. James says he was hit with a $5 charge last month because he hadn’t met the minimum monthly deposit requirement of $25: “It turns out that I wasn’t even accruing $5 worth of change per month, so I was losing more money due to the maintenance fee than I was saving via Keep the Change!”
Just because the economy is imploding doesn’t mean you should entirely freeze your spending. The Wall Street Journal brings us a list of five things that are well worth their price, even in a recession.
Great idea from reader CumaeanSybil: “One thing I’ve been doing lately: every time I buy something on sale, I take the difference from regular price and put it in savings. It keeps me motivated to seek out sale prices and coupons, because I like seeing that account grow.”
Are you earning at least 4% in your savings account? If NO, do yourself a favor: Open a high-yield online savings account and start adding some serious muscle mass to your savings. Here’s the skinny:
The Fed’s recent quarter-point rate cut could either mean more or less cash in your pocket, depending on what you accounts you own. Here is the breakdown:
The Federal Reserve Board is expected to cut interest rates soon, and you can bet that banks will quickly follow their lead and slash rates on savings accounts and certificates of deposit. By purchasing a CD now, you can lock in favorable rates ahead of the Fed’s September 18 meeting. From the Chicago Tribune:
“Banks usually are really fast to cut rates and slow to raise,” he said.