Looking to get into cryptocurrency but not sure where to start? Here’s what you need to know about how to invest in Bitcoin.
Source: moneycrashers.com
How to Invest in Bitcoin: A Guide to Getting Started
Category: Apartment Communities
Money Market Account or Checking Account: Which Is Best For You?
If you’re looking for a new bank account that allows you to easily store as well as access your cash, you might be thinking about opening a money market account or checking account. But how do you know which to choose? Decisions, decisions. Both types of accounts have unique advantages, depending on your savings and spending goals.
âThink about how you will be using the money within the account,” says Jill Emanuel, lead financial coach at Fiscal Fitness. “Is this money for daily, weekly or monthly use? Or is it money that will not be needed regularly?”
You’ll probably need a little more to go on before answering the question, “How do I decide between a money market account or checking account?” No worries. Our roundup delves into the features of both types of accounts to help you determine which one could be right for your financial plans, or if there’s room for both in your money mix.
Get easy access to your funds with a checking account
In simple terms, a checking account allows you to write checks and make purchases with a debit card from the money you deposit into the account. That debit card can also be used to withdraw cash from the account via an ATM.
When deciding between a money market account or checking account, Emanuel says most people use a checking account for the primary management of their monthly income (i.e., where a portion of your paycheck is deposited) and daily expenses (often small and frequent transactions). âA checking account makes the most sense as the account where the majority of your transactions occur,” she adds. This is because a checking account typically comes with an unlimited number of transactionsâwhether you’re withdrawing cash from an ATM, transferring money to a savings account or swiping your debit card.
While a checking account is a good home base for your finances and a go-to if you need to easily and quickly access your funds, this account type typically earns little to no interest. Spoiler: This is one key difference when you compare a money market account vs. a checking account.
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âIf you plan to use your account for monthly bill payments and day-to-day transactions, you would be better suited with a checking account, as these support daily and frequent use.â
Grow your balance with a money market account
When you’re comparing a money market account vs. a checking account, think of a money market account as a savings vehicle that allows you to earn interest on the balance you keep in the account.
“A money market account is an interest-bearing bank account that typically has a higher interest rate than a checking account,” says Bola Sokunbi, certified financial education instructor and founder of Clever Girl Finance.
With some money market accounts, you can even earn more interest with a higher balance. Thanks to its interest-earning potential, a money market account can be the way to go if you’re looking for an account to help you reach your savings goals and priorities.
If you’re deciding between a money market account or checking account, you may think that a money market account seems like a typical savings account with your ability to earn, but it also has some features similar to a checking account. With a money market account, for example, you can withdraw cash from an ATM and use a debit card or checks to access money from the account. There are no limits on ATM withdrawals or official checks mailed to you.
Before you decide to use this account for your regular bills and your morning caffeine habit, know that federal law limits certain types of withdrawals and transfers from money market accounts to a combined total of six per calendar month per account. If you go over these limitations on more than an occasional basis, your financial institution may choose to close the account.
Don’t need regular access to your funds and want your money to grow until you do need it? Then the benefits of a money market account could be for you.
Deciding between a money market account or checking account
Still debating money market account or checking account? Here are some financial scenarios to help you determine which account may best suit your current needs and goals:
Go with a checking account if…
- You want to keep your funds liquid. If you’re thinking money market account or checking account, know that a checking account is built for very regular access to your funds. âIf you plan to use your account for monthly bill payments and day-to-day transactions, you would be better suited with a checking account, as these support daily and frequent use,” Sokunbi says. Think rent, cable, utilities, groceries, gas, maybe that morning caffeine craving. You get the idea.
- You want to earn rewards for your spending. When you’re comparing money market account vs. checking account, consider that with some checking accountsâlike Discover Cashback Debitâyou can earn cash back for your debit card purchases. The best part is you are earning cash back as you keep up with your regular expensesâno hoops to jump through or extra account activity needed. Then put that cashback toward fun things like date night, lunch at your favorite spot or a savings fund dedicated to something special.
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Get 1% cashback on Debit from Discover. 1% cashback on up to $3000 in debit card purchases every month. Limitations apply. Excludes Money market accounts.Discover Bank,Member FDIC.Learn More
- You want to deposit and withdraw without the stress of a balance requirement. If you do your research when comparing money market accounts vs. checking accounts, you’ll find that some checking accounts don’t require a minimum balance (or much of one). However, you may be required to maintain a minimum balance (and potentially a higher one) with a money market account in order to avoid a fee. If you’re accessing your money frequently and need to make large withdrawals, a checking account with no minimum balance requirement is a convenient option.
Go with a money market account if…
- You want to earn interest. âIf your money is just sitting there, it should be earning money,” Emanuel says of the money market account or checking account question. âI spoke with a woman recently who told me she’d had around $50,000 sitting in her checking account for at least the last 10 years, if not longer. If that money had been in a money market account for the same period of time, she would have earned thousands of dollars on it. Instead she earned nothing,” Emanuel says.
- You want to put short-term savings in a different account. If you have some short-term savings goals in mind (way to go!), you may benefit from keeping your savings separate from your more transactional checking account so you don’t dip into them for a different purpose. That whole out of sight, out of mind thing. âA money market account is the perfect place for money that will be accessed less frequently, such as an emergency fund [a.k.a. rainy day fund], a vacation fund or a place to park money after you’ve received an inheritance or proceeds from selling a home,” Emanuel says.
- You need an account to fund your overdraft protection. If you’re comparing money market account vs. checking account, consider that a money market account could also cross over to support spending goals. One way is in the form of overdraft protection. If you enroll in overdraft protection for your checking account, for example, you could designate that funds be pulled from your money market account to cover a balance shortfall.
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âA money market account is the perfect place for money that will be accessed less frequently, such as an emergency fund [a.k.a. rainy day fund], a vacation fund or a place to park money after you’ve received an inheritance or proceeds from selling a home.â
Using both accounts to achieve your financial goals
Speaking of crossover. Both spending and saving are vying for your attention, right? Consider leveraging both types of accounts if you have needs from the checking and money market account lists above.
“Personally, I use my checking account for bill payments, my day-to-day spending, writing checks and for any automatic debits I have each month,” Sokunbi says. She’s added a money market account to the mix “because of the higher interest rateâto store my savings for short-term goals, for investing or for money I’ll be needing soon,” she explains. Maybe it’s not about deciding between a money market account or a checking account, but getting the best of both worlds.
Before opening a money market account or checking account, do your research and compare your options to see which bank offers the best package of low or no fees and customer service, in addition to what you need from an interest and access to cash perspective.
The post Money Market Account or Checking Account: Which Is Best For You? appeared first on Discover Bank – Banking Topics Blog.
Source: discover.com
6 Free Online Checking Accounts: No Opening Deposit Required
These six free online checking accounts donât require an initial deposit, and they offer plenty of other benefits, too.
Source: crediful.com
Advantages And Disadvantages of Money Market Accounts
Saving money in a place like a money market account can assure that the money will be there safely when you need it. A money market account is an alternative to savings account, and usually pays more interest rate than a savings account.
See, Money Market Vs. Savings Accounts: What’s The Difference.
Overall, money market accounts are worth it, especially if you’re saving for a short-term goal. However, like any investments, there are some disadvantages to money market accounts.
In this article we will address three main things: what is a money market account and what are the advantages and disadvantages of money market accounts.
| *TOP CIT BANK PROMOTIONS* | ||
|---|---|---|
| PROMOTIONAL LINK | OFFER | REVIEW |
| CIT Bank Money Market | 1.00% APY | Review |
| CIT Bank Savings Builder | 0.95% APY | Review |
| CIT Bank CDs | 0.75% APY 1 Year CD Term | Review |
| CIT Bank No Penalty CD | 0.75% APY | Review |
What is a money market account?
Before we get to the advantages and disadvantages of money market accounts, it’s best to define what a money market account is.
A money market account is an interest bearing account that you can open at a bank or credit union. It is more like a savings account, though there are some key differences.
Money Market Accounts Advantages and Disadvantages.
Advantages
Let us consider the advantages of money market accounts.
Interest rate: The main benefit of a money market account is that the interest rate is much higher than that of a regular savings account. For example, CIT bank offers a money market account with 1.00% APY. Whereas the interest rate for a typical savings account is anywhere around 0.10%. MMAs interest rates are similar to those of certificate of deposits. The main difference, however, with a CD you earn a fixed interest for a fixed amount of time. And CD rates are higher than MMAs. And a penalty may apply if you withdraw your money early.
FDIC Insured. One of the benefits of money market accounts is that they are FDIC insured. Your money is secured by the federal government of up to $250,000. If you have more money than that, then you will need to open another account so all of your money can be protected.
To recap, money market accounts are FDIC insured, they offer higher interest rates than savings accounts, and they permit check writing privileges. Despite these many advantages, money markets also have disadvantages.
What are the disadvantages of a money market account?
Minimum balance: Most money market accounts require a minimum deposit account of $1,000. Although, that’s not a big amount, it may not be feasible for a young saver. Plus, a penalty will apply if your balance falls below the minimum requirement.
Limited check writing: While MMAs offer check writing privileges, there is a limit. With a money market account, you can only write six checks per month against your balance, which can be a disadvantage if you pay a lot of bills every month. So, money market accounts are a disadvantage for those who need to write more than six checks per month.
Account fees: Another disadvantage of money market accounts is the fee. If you donât maintain the required minimum balance, a fee will apply. So, maintaining the minimum balance is important because any fee will eat out your interest or earnings.
Taxes: Taxes are another disadvantage of money market accounts. You will pay taxes on whatever interest you earn in a MMA.
Inflation: just like taxes and account fees can reduce your interest, inflation can do the same thing. Let’s suppose you generate a 3% return on your money market account per year, and the inflation is 4%. That can impact your total return significantly.
Best Money Market Accounts
CIT Bank Money Market Account
The CIT Bank money market account is one of the best ones out there. Currently, the money market account offers a 1.0% APY.
This is very competitive comparing to other MMAs. Moreover, CIT Bankâs MMA has a required account minimum of only $100.
Open a CIT Bank Money Market Account.
Bottom line:
While money market accounts offer several benefits, there are disadvantages as well. The main disadvantages are that the minimum balance can be high for a young investor. Moreover, taxes and account fees can eat away whatever interest you might earn.
Related:
- 7 Best Short-Term Bonds to Buy in 2020
- Vanguard CD Rates: How Much Can You Earn
- Grow Your Money: Mutual Funds & CDs
Speak with the Right Financial Advisor
- If you have questions about your finances, you can talk to a financial advisor who can review your finances and help you reach your goals (whether it is making more money, paying off debt, investing, buying a house, planning for retirement, saving, etc).
- Find one who meets your needs with SmartAssetâs free financial advisor matching service. You answer a few questions and they match you with up to three financial advisors in your area. So, if you want help developing a plan to reach your financial goals, get started now.
| *TOP CIT BANK PROMOTIONS* | ||
|---|---|---|
| PROMOTIONAL LINK | OFFER | REVIEW |
| CIT Bank Money Market | 1.00% APY | Review |
| CIT Bank Savings Builder | 0.95% APY | Review |
| CIT Bank CDs | 0.75% APY 1 Year CD Term | Review |
| CIT Bank No Penalty CD | 0.75% APY | Review |
The post Advantages And Disadvantages of Money Market Accounts appeared first on GrowthRapidly.
Source: growthrapidly.com
Best Free Business Checking Accounts of November 2020 | The Simple Dollar
With few fees and low account minimums, you can find the best free business checking account for you with these top picks.
Source: thesimpledollar.com
The 8 Most Eye-Opening Money Attractions in the U.S.
Make your next vacation money-themed, and check out these eight amazing attractions across the U.S.
Source: wisebread.com
100 Birthday Freebies ~~ Celebrate WIth Free Stuff in 2021!
Be sure to check out our Swagbucks review for how to get the most out of Swagbucks.
Receive a free cupcake (make that a bakerâs dozen if youâre a Red Velvet tier member) for your birthday when you join Sprinkles Perks.
Get a BOGO breakfast, brunch or lunch for your birthday as a member of the Sun EClub.
Subscribe to Club Cinnabon to get a free iced coffee on your birthday and a free order of BonBites for signing up.
100 Places to Get Birthday Freebies
Members of the MyPerkins Club receive a free Magnificent Seven meal on their birthdays. The meal includes two eggs, any way you like, plus two smoked bacon strips and three buttermilk pancakes. Plus youâll get a 20% off coupon for signing up. You will also be able to add your children ages 12 and under so they can get birthday rewards, too.
A&W All American Food
Become a Flathead and receive a free dessert for your birthday. Youâll also get a free Tijuana Trio when you sign up.
ABC Liquor
Sign up for Club Baja to get a âspecial offerâ on your birthday.
AMC Theatres
Get a free meal on your birthday when you join the bdâs Rewards eClub, plus get a coupon just for signing up.
Anthropologie
Get a free root beer float on your birthday by joining the Mug Club.
Applebeeâs
Enjoy a free sundae on your birthday when you sign up for MyCulverâs. Youâll also get a BOGO value basket when you sign up.
Arbyâs
So get busy now and enjoy the free birthday stuff as it rolls in on your big day.
Au Bon Pain
Join the Nothing Bundt Cakes eClub and get a free Bundtlet on your birthday.
Auntie Anneâs
My Best Buy members get a âbirthday gift.â
Aveda
Opt into the Birthday Club when you subscribe to Old Navyâs emails to get a âfree birthday gift.â
Baja Fresh
Sign up for the Pita Pit Rewards Club and receive a free pita on your birthday.
bareMinerals
Join the Chipotle rewards program to get free chips and guacamole on your birthday when you make a purchase of or more. When you sign up and make your first purchase, youâll also get free chips and a choice of guacamole, queso blanco or salsa.
Baskin Robbins
When you become a BFF Club member, youâll receive a free birthday sundae.
Banana Republic
Hooray! Itâs your birthday!
bdâs Mongolian Grill
Famously You Rewards members get a birthday cash reward.
Benihanaâs
Join the Prime Club to get a free steak dinner on your first birthday as a member.
Best Buy
Members of the Kohlâs Rewards program get a âspecial birthday gift.â
Big Boy
Sign up for Firehouse Rewards for a free medium sub on your birthday or in the six days that follow it.
BJâs Brewhouse
Register for the Chefâs Table, and youâll get a birthday certificate.
Black Angus Steakhouse
Sign up for the Zax Club and get a free Big Zax Snak on your birthday, plus a free sandwich meal for signing up.
Bojanglesâ
Youâll receive a free pasta after signing up, as well as a birthday gift for joining the eClub.
Brueggerâs Bagels
Joining the I Love Big Boy email club gets you a free meal on your birthday.
Buca di Beppo
As a member of the Anthro Loyalty program, you will get a âspecial treat to celebrate your birthday.â
Buffalo Wild Wings
Get a complimentary dessert on your birthday by signing up for the eClub. Youâll get a free dessert or appetizer when you sign up.
Carvel
Sign up for Blazinâ Rewards to get free birthday wings during your birth month.
Chevys Fresh Mex
Join the eClub, and get off the purchase of two entrees, plus two free slices of pie, the choice of a free âMarieâs Magnificent Sixâ or a free slice of pie with the purchase of an entree on your birthday. Youâll also get a special dine-in offer for signing up. The company also sends special offers for your wedding anniversary and allows you to add family members so they can get birthday rewards.
Chick-fil-A
Enjoy a âbirthday surpriseâ when you sign up for the My Red Lobster Rewards program.
Chiliâs
Krispy Kreme Rewards members receive a free Original Glazed Dozen. Youâll also get a free doughnut when you sign up.
Chipotle
Be sure to join Habit Burger Grillâs CharClub to enjoy a free Charburger on your birthday.
Cinnabon
Sign up for TCBY emails, and receive your first 3 ounces free on your birthday.
Cold Stone Creamery
Sign up for ABC Liquor Access to get a âbirthday gift.â
Columbia
Join the POP! (Perfectly Organized Perks) program to get a birthday gift.
Container Store
As a member of the ExtraCare Beauty Club, youâll get âbirthday gifts with beauty surprises,â as well as 10% off for joining.
Culverâs
These restaurants and retailers will provide you with free treats for your birthday. Be sure to sign up in advance.
CVS Pharmacy
Register for the Red Robin Royalty Program, and get a free birthday burger.
Del Taco
Sign up for MyHop and get free pancakes on your birthday. Youâll also get free pancakes on the anniversary of your sign-up.
Dennyâs
Most of these places require you to sign up for their email list or join their rewards club at least seven days before your birthday.
Designer Shoe Warehouse (DSW)
Get 10 free boneless birthday wings when you sign up for Hootclub. Youâll also get off your first purchase of or more when you sign up.
Dippinâ Dots
When you sign up to receive Banana Republicâs emails, you can opt to also get a âbirthday gift.â
Dunkinâ Donuts
As a birthday reward, âyouâll receive a Swag Up for a 55 SB credit when you redeem your next gift card.â
Edible Arrangements
Members of the eClub get a free entree on their birthday, as well as a free appetizer for signing up.
Einstein Bros. Bagels
Sign up for the Friends and Benefits loyalty program to get âbirthday gifts.â
Famous Daveâs
Receive a birthday gift when you sign up for JCPenney Rewards. If you are not a JCPenney credit card member, you must have earned points within the last 21 months.
Famous Footwear
As a member of So Connected, youâll get a choice of a free burger or a free garden bar entree on your birthday. Youâll also get a free appetizer for signing up.
Firehouse Subs
Get a free birthday sub when you sign up for the email club.
First Watch
Join Fudgie Fanatics to receive a free treat for your birthday. You can get a small soft serve birthday cone, take off any cake (except for a small square) or take off any sheet cake.
Friendlyâs
Members of the Brueggerâs Bagels eClub will enjoy a âfree treatâ on their birthday, as well as a free bagel and cream cheese just for signing up.
Godiva
Members of Club Fondue will get a âbirthday voucher.â
Habit Burger Grill
As a member of the Godiva Rewards Club, youâll get a free birthday chocolate offer every year.
Harkins Theatres
Sign up for the email club, and get off when you spend at least . Youâll also get a free appetizer when you sign up.
Hard Rock
Get free Dippinâ Dots for your birthday when you join the Dot Crazy! Email Club.
Hooters
Join Chick-fil-A One to get a âbirthday reward.â
Houlihanâs Restaurant and Bar
Get a BOGO coupon for your birthday by signing up for the My Cold Stone Club. Youâll also get a BOGO coupon just for signing up!
IHOP
Source: thepennyhoarder.com
This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.
J. Crew Factory
If youâre a Raving Fan eClub member, you can enjoy a regular-size premium shake for your birthday, plus youâll get two free grilled chicken tacos when you sign up.
JCPenney
Sign up for Redbox Perks and receive a free birthday rental (it must be used within 60 days). Youâll also get a free one-night rental for signing up (that offer is valid for two weeks).
Jersey Mikeâs Subs
Download the Uniqlo app to get a birthday coupon during your birthday month.
Kendra Scott
Join the Uno Insiderâs Club, and receive a free dessert on your birthday, as well as a free appetizer with an entree purchase when you join.
Kohlâs
Beauty Insiders are eligible to choose a free makeup or skin care gift for their birthday.
Krispy Kreme
Download the Tropical Smoothie Cafe app to be eligible for a birthday reward. What you get depends on your loyalty tier, but it ranges from a reward to a free menu item.
Longhorn Steakhouse
Become a member of the Slice Society to get a birthday surprise. Youâll also get a free New York slice when you buy a beverage after signing up.
Marie Callenderâs
Get a free dessert for your birthday when you join My Chiliâs Rewards Club, plus get free chips and salsa or a non-alcoholic beverage with every visit!
Moeâs Southwest Grill
Create an account, join the Birthday Club, and get a free scoop of ice cream on your birthday.
Nothing Bundt Cakes
You need to spend to join Avedaâs loyalty rewards program, but youâll receive a birthday gift valued at , as well as double points for your next Aveda purchase.
Old Navy
Join the Famous Nation and get a free dessert with a value of up to .00 for your birthday.
Olive Garden
Join the Planet Smoothie Club and receive a free smoothie for your birthday.
On the Border
Get a free Italian ice on your birthday when you download Ritaâs Ice App.
Pandora
Sign up for the email club and youâll get a free appetizer or a sidekick of ribs on your birthday.
Pei Wei
When you sign up for Factory First, youâll get an extra 20% off and free shipping on your birthday. Youâll also get an extra 15% off your first purchase after signing up.
Perkins
Join Premier Rewards Plus and get a free Pizookie for your birthday. Whatâs that? Itâs a big, warm cookie smothered in ice cream⦠yum. Whatâs even better is you donât have to wait for your birthday â youâll also get a free Pizookie just for signing up.
Pinkberry
Join Club Cantina and get free queso on your birthday, and just for signing up.
Pita Pit
Sign up for the email club, and get a free dessert on your birthday.
Pizza Hut
Sign up for a Pinkcard or download the app, and receive a free yogurt on your birthday.
Planet Smoothie
Make sure youâre a member of the Waffle House Regulars Club to receive a free waffle on your birthday. Youâll also get free hashbrowns when you sign up.
Redbox
Join the Eclub, and get a free coffee and pastry on your birthday. Youâll also get a travel mug and daily discounts on coffee just for signing up.
Red Lobster
Sign up for My Wei Rewards and choose from these birthday freebies: crab wontons, traditional edamame, vegetable spring rolls or pork egg roll. The reward will automatically appear in your app seven days prior to your birthday.
Red Robin
Sign up for Hard Rock Rewards to get an âannual birthday offerâ from the cafe and shops.
Ritaâs
Email club members get a free birthday entree, plus off just for joining.
Romanoâs Macaroni Grill
Join the Wiener Loversâ Club, and get a free coupon each year on your birthday, plus a free chili dog for joining.
Ruby Tuesday
Join the free DSW VIP Club to get a birthday reward. Youâll also get on your birthday if you spend 0 annually as a VIP Gold member, and youâll get if you spend 0 annually as a VIP Elite member.
Sephora
Sign up for Arbyâs emails and get a free milkshake and curly fries on your birthday when you buy any sandwich. Youâll also get a free small fries and small soft drink when you sign up.
Sbarro
Join the Warehouse Club, and get a free meal on your birthday, plus a free appetizer with an entree purchase for becoming a member of the club.
Sonnyâs BBQ
Download the Pretzel Perks app, and get a free pretzel on your birthday.
Sprinkles
Join the YOMO Club, and get free yogurt on your birthday.
Starbucks
As a member of the Longhorn Steakhouseâs eClub, youâll get âspecial offers and couponsâ on your birthday. Youâll also get a free appetizer when you sign up.
Subway
Sign up for the Subway MyWay Rewards program and the sandwich-making company will give you âsomething specialâ on your birthday.
Swagbucks
Get a free egg sandwich with a purchase on your birthday when you join the Shmear Society â not totally free, but hey, youâll need something to help wash that sandwich down. Youâll have 14 days to claim your reward.
TCBY
As an Ultamate Rewards member, youâll get an offer for extra bonus points on all purchases during your birthday month.
Texas Roadhouse
Sign up for Rockinâ Rewards and get a coupon for a free birthday burrito, plus a free cup of queso just for signing up.
The Melting Pot
Kendra Scott offers a 50% birthday discount on one fashion jewelry or color bar item. It also offers a 25% discount on fine jewelry, sterling silver jewelry or gold vermeil jewelry. You can also get 25% off a home goods item. Find out more information here.
The Spaghetti Warehouse
Sign up for My Harkins Rewards and receive a birthday coupon to use at the concessions.
Tijuana Flats
Challenge yourself to score as many birthday freebies as possible and make the celebration â and savings â last all month!
Tropical Smoothie Cafe
Join the Hut Rewards program to get a âbirthday reward.â
Ulta Beauty
Become an AMC Stubs Insider to get a free large popcorn during your birthday month. If youâre a Premiere or A-List member, youâll also get a free large fountain drink.
Uniqlo
Members of the Greater Rewards program get a âbirthday giftâ in addition to a welcome gift from the sportswear and outdoor gear retailer.
Uno Pizzeria & Grill
Join Edible Rewards and receive a free 12-count chocolate dipped fruit box (valued at .99) during your birthday month. Youâll also get a coupon for signing up (valid for 30 days).
Waffle House
The last thing you should do is pay for stuff. So weâve put together a list of 100 places where you can get birthday freebies, updated for 2021.
Wienerschnitzel
Members of World Market Rewards get a âsurprise offerâ on their birthday, plus a 15% coupon for signing up.
World Market
Members of the Pandora Club get a 15% discount during their birthday month. This offer can only be used one time and is valid on regular-priced jewelry only.
Yogurt Mountain
Get a birthday beverage or food item as a member of Starbucks Rewards.
Zaxbyâs
Sign up for Dennyâs Rewards program online or via the mobile app. Youâll get 20% off your next visit, plus a free stack of buttermilk pancakes on your birthday when you order online at Dennys.com.
Who doesn’t love getting something for nothing? Visit The Penny Hoarder Shop to see what freebies are available.
Get a free Bo-Berry Biscuit with a purchase on your birthday as a member of the Bojanglesâ eClub.
Get a free Big Deal Combo meal on your big day by joining the âQ Crew, plus a coupon just for joining.
How to Pay Federal Estimated Taxes Online to the IRS in 2021
Are you self-employed or a small business owner? You may need to pay estimated taxes to the IRS every quarter. Learn more about how it works in your case.
Source: moneycrashers.com
This is How CDs Workâand How You Can Use Them to Grow Your Savings
If youâve got savings goals on your mind, then you know they come in all sizes and time horizons.
As you consider all of your options for hitting those goalsâfrom savings accounts to stocks and bonds to stuffing your cash under the mattressâcertificates of deposit stand out among the pack thanks to their competitive rates and safety.
âThe reason that people are really drawn to CDs is that you can get a higher return than you would get in either a traditional checking account or traditional savings account,â says Kimberly Palmer, personal finance expert at NerdWallet.
Steady returns, in fact, are among the top benefits of CDs. Plus, Palmer adds that CDs are usually FDIC-insured, typically up to $250,000 for each depositor (or the maximum allowed by law).
With all those benefits in mind, you might still be wondering if a CD is the right fit for your savings strategy. So, what is a certificate of deposit and how does it work?
What is a certificate of deposit?
A certificate of deposit provides a guaranteed rate of return (the interest rate) on your money as long as you agree not to withdraw the funds you deposited (the principal) until after a specified amount of time (the term).
âItâs best for someone who doesnât need their money immediately,â Palmer says. âIn exchange for that longer period of time where your money is inaccessible, you earn a higher return.â
How does a certificate of deposit work?
Before you can start using certificates of deposit to keep your savings growing at a fixed rate, it helps to know how CDs work. Itâs time to familiarize yourself with this one-of-a-kind savings product.
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âThe reason that people are really drawn to CDs is that you can get a higher return than you would get in either a traditional checking account or traditional savings account.â
CD minimum deposit
While you can find savings accounts with no minimum deposit requirement, most banks require a minimum deposit to open a certificate of deposit. As you learn how certificates of deposit work, note that minimum deposits can vary depending on the financial institution, but at Discover itâs $2,500.
CD terms
Once you open a CD, your money grows until it matures at the end of its term. Discover CD terms start at three months, and the longest term available is 10 years.
CD rates
In addition to getting a higher rate than you can on many savings accounts, CD rates are fixed, which means thereâs no risk of the rate going down during the term. (Keep in mind they canât go up, either.) Generally, the longer the CD term, the higher the interest rate you can lock in for your money.
CD early withdrawal penalty
Understanding CD early withdrawal penalties is key to answering the âHow does a certificate of deposit work?â question.
You can typically find competitive rates for CDs because your financial institution is counting on having that money for the full term. For that reason, if you pull out any money in your CD before the term ends, you could be hit with a penalty.
The early withdrawal penalty often depends on the length of the CDâs term, and itâs a good idea to check with your bank to understand its specific withdrawal penalties.
Got the gist of what a certificate of deposit is? Now itâs time to put this account to work toward your unique savings goals.
How can you use CDs in your own savings strategy?
Because CDs are offered across a wide range of terms, you have the opportunity to get creative with how you take advantage of them. Whether your savings goals are big or small, long- or short-term, thereâs a CD savings strategy that will work for you.
Using CDs for short-term goals (less than three years)
âCDs are good for short-term or near-term liquidity needs,â says Philip Gibson, an associate professor of finance.
Letâs say you want to have money ready to spend on an engagement ring a year from now. Putting that money into the stock market could be risky, because if there were a market dip, youâd be out of luckâand you wouldnât be the only one disappointed!
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Instead, Gibson says, you can put that money into a 12-month CD and ensure that it will be there a year from now.
How does a certificate of deposit work out to be a better short-term option than cash, you ask? Money within a CD will have grown thanks to the competitive interest rate. Cash, Gibson points out, typically loses value over time due to inflation.
However, CDs arenât ideal for storing cash that you might need at a momentâs notice. Remember: If you pull out your money from a CD before the end of its term, you could be on the hook for an early withdrawal penalty. If quick access is a priority, youâd be better off using a checking account or savings account.
Using CDs for medium-term goals (3-5 years)
CDs can be an effective way to save for medium-term goals, but you need to choose your CD term wisely.
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âYou want to make sure the CD term you choose matches the time horizon of your goal,â Palmer says.
For example, if youâll need that money for a down payment on a home in three years, it would make sense to put your money into a CD with a three-year term. A three-year CD would likely give you a higher return than a one- or two-year CD, and your money will be accessible when you are ready to buy a house.
Palmer adds that because money in CDs is only accessible after they mature at the end of their terms, youâll want to make sure you have three to six months of emergency savings available for unexpected short-term needs before opening a CD with a three- to five-year term.
Using CDs for longer-term goals and retirement
The longer your time horizon for your goals, the more time you have to take advantage of the power of compounding in a CD. Plus, given how certificates of deposit work, longer terms usually have higher interest rates.
If youâre looking even further ahead to retirement, you can open an IRA CD. IRA CDs give you the same reliable growth of regular CDs with the tax advantages of IRAs.
Using a CD ladder to support multiple goals
While the above examples show how CDs work to save for specific financial goals, there is a way to use CDs to continually grow your savings as you reach multiple savings goals with varying time horizons. At the same time, with this strategy you can:
- Keep your funds liquid.
- Take advantage of interest rates if they go up.
- Lock in the higher CD rates associated with longer terms.
Itâs called a CD ladder, and Palmer says this CD strategy is growing in popularity among savvy savers.
With a CD ladder, you donât try to guess exactly when youâll need your funds to be available. Instead, you open multiple CDs with varying maturity dates.
âYou might have one CD that matures in six months, one that matures in a year and then another in 18 months,â Palmer says. âThat means that the terms keep coming due, and you continually have access to your money.â
Every time a new CD matures, you have the option of putting that money toward something you have been saving for, such as a house.
If you arenât ready to use that money when a CD matures, then you simply open a new CD with a longer term than any CDs you currently have. That new CD is added to the âladder,â and your money grows at longer-term rates as older CDs approach maturity.
Once you get into a groove with a CD ladder, you can enjoy all the benefits of CDs without worrying about finding a single CD that perfectly matches up with your financial goals.
Ready to get started with a CD?
Now that you have a handle on what a certificate of deposit is and how CDs can work for you, itâs time to get your savings plan started.
Learn how a Discover Certificate of Deposit can help you reach your savings goals, with flexible terms from three months to 10 years.
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The post This is How CDs Workâand How You Can Use Them to Grow Your Savings appeared first on Discover Bank – Banking Topics Blog.
Source: discover.com
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