interest Archives - Page 4 of 1396

Apache is functioning normally

October 30, 2024 by Brett Tams

“Dining with other frugal foodies means that you’ll be on the same page about ordering with price in mind,” she says, “taking away the sticker shock of a bill that’s more than what you expected.”

If you’re eating out with friends who have pricier tastes, Stansbury says to be upfront about what you want—and can afford—to spend. Ordering separately, if necessary, is one of the key tips for eating out on the cheap.

3. Go online for savings

One of the easiest ways to save money dining out on a budget is to look for coupons or discounts online. To find discounts in your area, Anderson recommends checking out sites that partner with local restaurants to offer deals.

In addition to featuring local restaurant specials, these sites may run sales or offer additional savings for email subscribers. For example, you might receive an email that includes extra savings of 20% or $30 off restaurant promotions. She also suggests sites that sell discounted gift certificates to restaurants.

Even if how to eat out on a budget is top-of-mind, be selective about how often you look for deals. Krampf recommends only searching for coupons or promotions after you’ve decided that you’re going out.

“Constantly looking at deal emails will just tempt you to go out and spend money when you weren’t planning on it,” she says.

4. Get rewarded for dining out

To round out the list of tips for eating out on a budget, consider how you pay for your meals. Picking up the tab with a cashback rewards debit card tied to a rewards checking account can put cash back in your pocket. Think of it as a discount on dinner. If you’re using a cashback rewards card and another discount, that amplifies the savings.

If you’re going out to dinner with a group, Anderson has a savvy tip for increasing your cashback earnings. “Let them give you cash and pay for the entire meal with your debit card,” she says. “You’ll get cash back for everyone’s dinner, not just yours.”

Just remember that if you’re looking for tips for eating out on the cheap and go the cashback rewards route with a credit card, consider charging only what you can afford to pay in full each month. Otherwise, anything you saved on dinner might be nibbled away by interest charges.

If you don’t have a cashback rewards card, Stansbury suggests looking for apps that give cash back at many restaurants. You link your debit or credit card to the app, dine at partner restaurants, and earn cash back automatically. She also suggests looking into programs that provide exclusive discounts at top-rated restaurants.

Be open to new possibilities for eating out on a budget

If you’re hankering for filet mignon but have a cheeseburger budget, don’t be afraid to broaden your dining horizons.

“Remember that the best restaurants are not necessarily the most expensive ones,” Stansbury says. “You can have incredible (and incredibly cheap) meals at mom and pop or hole-in-the-wall restaurants.”

Casting the net a little wider could satisfy your appetite without straining your budget.

Earn cash back¹ with every delicious purchase when you use Discover® Cashback Debit.

Articles may contain information from third parties. The inclusion of such information does not imply an affiliation with the bank or bank sponsorship, endorsement, or verification regarding the third party or information.

¹ Earn 1% cash back on up to $3,000 in debit card purchases each month. See Deposit Account Agreement for details on transaction eligibility, limitations and terms.

Source: discover.com

Apache is functioning normally

October 30, 2024 by Brett Tams

Automatic payments from your bank account can be a convenient way to pay your bills and subscription charges on time. But the day may come when you need to know how to stop automatic payments on a debit card. This could involve changing your account settings, revoking authorization, or contacting your bank.

Canceling your automatic payments with certain vendors and financial institutions can occasionally be a hassle. And sometimes, if you’re not paying attention, months can go by without you realizing that recurring fees are still being deducted from your account.

Here, you’ll learn four effective ways to stop automatic payments when the time comes to do so.

Key Points

• Automatic payments can be convenient for managing bills, but they may lead to unintended charges and difficulty in cancellation if not monitored closely.

• Users can typically stop automatic payments by adjusting settings in their online accounts, often found in the billing section.

• Revocation of payment authorization may require direct contact with the service provider, sometimes necessitating a specific form to be filled out and sent back.

• Contacting the bank directly can facilitate stopping automatic payments, with some banks requiring a formal letter or providing a revocation form.

• Regularly checking bank accounts is essential to confirm that automatic payments have been successfully canceled and to identify any unauthorized charges.

4 Ways to Stop Automatic Payments

If you’re someone who tends to forget to pay bills in a timely manner, automatic payments attached to your debit card can be a financial lifesaver.

Automatic transfers or ACHs (automatic clearing house) can transfer money from your checking account on a specific date to a business, without any checks being written or credit card interest charges being incurred. This method can be used to cover a myriad of life’s expenses, including the cost of a gym membership, cell phone bills, and your favorite streaming services.

But there are some downsides to automatic payments being applied via your debit card. Maybe you accidentally signed up for recurring payments? Perhaps that monthly shipment of protein shakes was initially exciting, but now you’re sick of drinking strawberry-flavored liquids for lunch. Nobody wants to get stuck paying for something they don’t want.

If you want to keep autopay withdrawals from happening, you’ll need to know how to stop recurring debit card payments. Failure to do so can result in a drain on your bank account, and your sanity.

Federal law grants you the right to cancel an automatic debit card payment, or stop ACH payments, even if you previously permitted them. There are generally no fees or penalties for canceling an automatic payment preference.

Here are 4 tips on how to cancel an automatic payment.

1. Turning Off Automatic Payments in Your Account

These days, most utility companies and vendors invite you to automate your finances. When you create an online account, they will encourage you to sign up for automatic payments. This makes it more likely that they will receive your money in a timely fashion and it may allow them to cut down on monthly billing efforts. It also can make it easier for you to stop an automatic payment.

Your automatic payments can usually be set up and terminated simply by switching an option in your settings. Sign in with your username and password and select “opt out of automatic payments” in your personal account. This action is typically performed in the “billing and payment” section in the site menu. If you need help, a customer service representative can often guide you via online chat or over the phone.

Once you’ve turned off your automatic payment feature, it might be wise to document the event. Take a picture of a confirmation message and note the date.

Get up to $300 when you bank with SoFi.

No account or overdraft fees. No minimum balance.

Up to 4.30% APY on savings balances.

Up to 2-day-early paycheck.

Up to $2M of additional
FDIC insurance.

2. Revoking Authorization from Companies

If you can’t turn off your autopay option through an online account, you may have to contact the company directly and revoke the automatic payment authorization. Some vendors will email or mail you what’s known as a “Revoke Authorization” form.

Once you’ve received the Revocation of Authorization form, fill it out, and keep a copy for yourself before emailing or mailing it back. That way, if the automatic payment charges continue, you’ll have evidence of cancellation to show to your banking institution.

3. Calling Your Bank or Credit Union

Another way to stop automatic payments from your debit card is to contact your bank directly. They may ask you to pen a letter to formally revoke authorization, stating that the company and dollar amount is no longer allowed to be electronically debited from your checking account.

Your bank may also have a Revoking Authorization form you can fill out online or in person. Once the form has been processed, any further attempt by the company to withdraw funds can be dealt with by your bank.

4. Issuing a Stop Payment Order

Instead of filing a form to revoke authorization, you could issue a stop payment order. A stop payment order gives your bank or credit union permission to block a company or vendor from taking money from your account. This process could be done over the phone, in an email, or in person. Some banks may charge a fee for this service.

Keeping an Eye On Your Bank Account

It is possible, even after taking actions to cancel your automatic payments, that you may still see funds being withdrawn from your bank account. While this is frustrating, you may have to contact the vendor or your bank a second time. It’s a good idea to frequently check your bank account to be sure the automatic payments have stopped. Regular check-ins can be part of managing your checking account in a big-picture way too.

Dealing with Unauthorized Automatic Payments

Paying attention to your bank account can also help keep your online accounts safe. Your bank may even alert you to fraudulent charges — automatic payments being made without your consent for things you never signed up for.

Should You Consider Closing a Bank Account?

It’s good to know how to cancel all automatic payments that seem suspicious. One surefire way to avoid recurring fraudulent charges is to close your bank account completely. But this is a drastic measure that could cost you more time and fees.

Instead, contact your bank or credit union. In many cases, they will credit you for the false debit, block the vendor from making future attempts, and suggest further security measures.

Recommended: How to Switch Banks

Should You Cancel Your Debit Card?

If a company keeps making erroneous or unauthorized automatic payments, one way to put a stop to it is to cancel your debit card and receive a new one. In the cases of fraudulent charges by an unknown vendor, your bank will strongly suggest this in order to protect you.

Knowing When to Give Bank Authorization

In order to effectively stop an automatic payment before it happens, be sure and issue the Revoke Authorization form or stop payment order at least three business days before the automatic payment is due, to give your bank time to process the request.

Remember, stopping an automatic payment doesn’t mean you don’t owe money for products received or services rendered. You’ll have to cancel the service agreement completely, or be on top of paying what you owe by the due date through online payments, mailing a check, or other arrangements.]

The Takeaway

Automatic payments from your checking account are a simple and popular way to pay what you owe on time. They can help you avoid late fees and a trip to the mailbox. If you have an online account, you can discontinue an auto payment with only a few clicks. In most cases contacting the company or vendor directly can also get the job done, or you can ask your bank for help. No one can force you to continue automatic payments against your will, and the control of your bank account is in your hands.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 4.30% APY on SoFi Checking and Savings.

FAQ

How much does it cost to stop an automatic payment?

There are typically no fees when you stop an automatic payment option in your online account or if you do so by contacting a vendor directly. However, a bank might charge a processing fee for issuing a stop payment request.

What happens if you close a bank account with automatic payments?

If you close a bank account, companies and vendors will no longer be able to automatically deduct monthly payments tied to that account. You will have to make other arrangements to pay what you owe or discontinue any service agreements.

Will getting a new debit card stop recurring payments?

Yes. A new debit card comes with a new number. You will have to contact companies with your new card information to continue automatic payments.

Photo credit: iStock/vorDa
SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2024 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.

The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

SoFi members with direct deposit activity can earn 4.30% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. SoFi members with direct deposit are eligible for other SoFi Plus benefits.

As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 4.30% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.30% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.

Interest rates are variable and subject to change at any time. These rates are current as of 10/8/2024. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

SOBK0223001

Source: sofi.com

Apache is functioning normally

October 30, 2024 by Brett Tams

They say the kitchen is the heart of the home. So it’s not surprising that a kitchen remodel is one of the most expensive home refreshes you can do—and it can be one of the best projects for generating an eventual return on investment, per Investopedia.

Bankrate reports that remodeling your kitchen can cost as much as six figures, and even when remodeling on a budget, you can expect to spend a minimum of $14,000. That’s a huge range to navigate, and many homeowners dreaming of a new kitchen may wonder how they can effectively budget for one.

Elizabeth H., an Atlanta homeowner, spent years saving up to make over her home and recently completed a series of renovations—including a kitchen remodel. “It was a pretty massive thing,” she says. “But now that it’s over, it’s fantastic.”

As a result of her experience, Elizabeth can offer some insight into how to plan for a budget kitchen remodel—from doing lots of research to preparing for the unexpected. She also has some surprising tips for cutting costs.

Establish your priorities

When creating her kitchen remodel budget, Elizabeth thought long and hard about what updates would have the most impact aesthetically and practically.

“I thought about which things I use the most and which would have the biggest impact,” she explains. For example, when her friends and family come over, they tend to gather around the kitchen island. “I thought, I definitely don’t want to skimp on the island because that’s going to be a focal point for me on a day-to-day basis and when my friends come over, whereas with the flooring I can choose something more modest.”

Elizabeth opted to focus more of her budget on the areas of her kitchen that would help her enjoy the space and cut back on things that didn’t matter to her as much. Once she settled on her priorities, she could plan her budget more strategically.

Tip: Cabinets are typically the priciest part of a kitchen renovation, accounting for roughly 30% of the total job, according to the same Bankrate study. Shopping around for a style that fits both your taste and your budget could be time well spent.

Set your budget

Elizabeth heavily researched what a remodel would cost her—even factoring in expenses unrelated to labor costs and materials. For example, when renovating a kitchen on a budget, she recommends earmarking funds for dining out, takeout, and any other solutions you need to pursue while your kitchen is out of commission. “You need a pizza fund,” she jokes.

You may also need to budget for alternate housing. Elizabeth rented a short-term apartment to live in while her home was uninhabitable. Once she had a realistic budget that took into account these extra costs, she spent a few years saving up to reach that goal.

Staying focused and being patient enough to reach her goal helped her avoid financial stress when it came time to start the work. While looking for new appliances and cabinets as soon as you start daydreaming about your project can be tempting, you also want to be realistic. “Save first, shop later,” Elizabeth suggests.

Tip: If you’re saving for a renovation, stash your funds in a money market account or online savings account. You’ll earn interest and grow your savings faster.

Expect the unexpected

The tricky thing about redoing a kitchen on a budget is predicting how much the final cost will be.

“Whatever you think your budget will be, go over by a good bit,” Elizabeth warns. “A lot of people say plan for 25% extra, but I think the older your home is, the more of a buffer you need. Once they start opening up walls, they may find more issues that need repairing.”

A budget kitchen remodel typically comes with unexpected hurdles, and Elizabeth recommends being prepared for surprises so they don’t shock you. This mindset also applies to how long a kitchen remodel will take, not just how much it will cost. “You just have to roll with it,” she says. “I think whatever timeline they give you up front, it’s important to recognize they’re probably not going to stick to it.”

The bottom line is that there will always be surprises and hiccups. “No matter how much you plan or how much you prepare, no matter how organized you are or what research you do, there will still be things that vary,” Elizabeth says. “Having really good construction partners you can trust is the best way to navigate the process overall.”

Once you’ve figured out your kitchen renovation budget, start growing your savings to pay for it with confidence. A Discover® Online Savings Account offers competitive yields with no monthly fees.

Articles may contain information from third parties. The inclusion of such information does not imply an affiliation with the bank or bank sponsorship, endorsement, or verification regarding the third party or information.

Source: discover.com

Apache is functioning normally

October 30, 2024 by Brett Tams

If you’ve been saving money in a certificate of deposit (CD), great job! CDs can be a safe and smart way to see your money grow, especially when interest rates are high. But CDs don’t lock your money away forever—and that’s a good thing. When your CD reaches its maturity date, you’ll need to decide what to do next with the money you’ve invested.

Do CDs automatically renew? In many cases, yes. However, you generally have to choose one of three options when CDs mature. You can:

Renew the full amount of the CD for the same term.
Renew the CD but change the amount of money invested and/or its term length.
Close the CD and withdraw the money.

Considerations before and at CD maturity

Your money goals

What are you saving for? Is it a short-term goal, like a vacation or a down payment on a car? Or a longer-term goal, like retirement or your child’s college fund? If you need the money sooner rather than later, you might want to renew the CD for a shorter term or close it. If your goal is further in the future, renewing for a longer term could help you earn more interest.

Your timeline for needing access to the funds

CDs are best for money you know you won’t need immediately, since most have early withdrawal penalties. If there’s a chance you’ll need the money before the CD matures, consider a shorter-term CD or a different type of account like a money market.

With Discover® non-individual retirement account (IRA) CDs, you can opt to have your interest paid out monthly to give you some access to funds during the CD’s lifetime.¹ You can also change your interest payment settings at any time.

Tip: Build a CD ladder for more flexibility: If you’re attracted to the higher interest rates CDs offer but prefer being able to access some of your money periodically, a CD ladder strategy might help.

To build a ladder, you split your money among two or more CDs with different maturity dates. For example, you could open 1-year, 2-year, and 3-year CDs at the same time. When each CD matures, you can withdraw the money if it’s needed or renew the CD to continue earning interest. This gives you the option to access some of your money periodically while keeping the rest saved at higher interest rates.

How CDs compare to other savings options

CDs typically offer fixed interest rates—unlike the variable rates offered by most traditional savings, checking, and money market accounts. In exchange for this fixed rate, you agree to leave your money in the CD for the full term.

Savings and money market accounts allow you to withdraw money at any time, but their interest rates are not guaranteed. However, CDs may offer a higher interest rate than these other types of accounts. Consider comparing rates across different types of savings products, and keep in mind that different CD terms may have different rates.

It’s also worth comparing CDs to other investment options like stocks or bonds. With CDs, you know exactly how much interest you’ll earn, and your principal is protected up to Federal Deposit Insurance Corporation (FDIC) limits.

Earn guaranteed returns with a fixed-rate CD

Discover Bank, Member FDIC

Investments like stocks have the potential for higher returns but a greater risk of losing money. Diversification across asset classes is often a smart decision—but the right way to allocate your savings and investments will depend on your risk tolerance and time horizon.

With these considerations in mind, determine what works best for you. Keep in mind that the renewal policies below are specific to Discover non-IRA CDs. Other banks might handle renewals differently, so check your bank’s specific policies.

Option 1: Renew the full amount of the CD for the same term

If you do nothing when your CD matures, Discover will automatically renew it for you after a 9-day grace period. The new CD will have the same term as the old one. So if your CD was for 1 year, the new one will also be for a 1-year term.

The interest rate on the new CD will reflect Discover’s current rate for that term on the day the CD matures. This rate might be higher or lower than the rate you had before. If you want to simply renew the CD for the same amount of money and length of time, you don’t have to actively do anything.

However, if you’d like provide instructions online or via the mobile app, you can do so starting 30 days before the maturity date and your CD will be renewed on the maturity date. Please note that if you contact Discover via phone or through the Secure Message Center to renew your CD for the same amount and term, the agent will simply allow the CD to auto-renew as scheduled.

Remember, the new interest rate is not locked in until the maturity date of the CD you had previously, even if you give instructions before that time. Your new rate will reflect what’s available on the day the CD matures for your selected term.

Option 2: Renew the CD but change the amount of money invested and/or its term length

You can choose to renew your CD but make changes by updating the amount of money you put in and/or the length of the new term. For example, you could add more money to the CD to help it grow faster. Or you could select a different term that offers a higher interest rate.

To update your CD terms, you can provide Discover with instructions starting 30 days before the CD’s maturity date. You also can make changes during a grace period of up to 9 days after the maturity date. If you give instructions before the CD matures, Discover will make the changes on the maturity date, and the CD maturity grace period will no longer apply.

To set renewal instructions for your CD on the Discover mobile app:

Log in and select your CD.
Tap View Account Details at the bottom.
Select Maturity Instructions, then Modify and Renew.
Follow the steps to make changes.

To set your renewal instructions online:

Log in to the Discover banking website and select your CD.
Click Account Settings, then Edit next to Maturity Instructions.
Follow the steps to make changes.

You can also add or receive funds online via an internal transfer (between Discover accounts) or an ACH transfer from a linked external account. If you want to add to or take money from the CD by check or wire transfer, contact Discover by phone or secure message.

Option 3: Close the CD and withdraw the money

When your CD matures, you can choose to close it and withdraw all of the funds.

In order to cash out a CD at maturity, contact Discover by phone or secure message. Tell us that you want to close your CD and specify how you want to withdraw the money. There are several options for how to withdraw money from a CD account. You can transfer it to another eligible Discover deposit account or linked external account. You can also get your money sent to you by check or wire transfer.

Penalty for early CD withdrawal

Can you close a CD early? Technically, yes. But if you close a CD before its maturity date, you’ll probably pay a penalty. So it’s best to wait until the CD matures to close it—unless you really need the money sooner.

Tip: If you close your Discover CD before its maturity date, you may face an early withdrawal penalty. Discover’s CD early withdrawal penalty structure is as follows (see the account agreement for more details)²:

For CDs with terms of less than 1 year: 3 months’ simple interest
For CDs with terms of 1 year to less than 4 years: 6 months’ simple interest
For CDs with terms of 4 years to less than 5 years: 9 months’ simple interest
For CDs with terms of 5 years to less than 7 years: 18 months’ simple interest
For CDs with terms of 7 years to 10 years: 24 months’ simple interest

Why choose Discover for your CDs?

Discover is a great place to open CDs for a few reasons:

We offer a wide range of CD terms to choose from, including IRA CDs. This means you can find a CD that fits your money goals and timeline.
We have competitive interest rates on our CDs. Having a better interest rate helps your money grow faster.
We keep your money safe. Discover CDs are FDIC-insured up to $250,000 per depositor, per deposit ownership category.
There are no fees to open a Discover CD.³

Remember, you worked hard to save this money! Make sure it keeps working hard for you. With a Discover CD, you’ve got a safe place for your money to grow until you need it.

Ready to open a new CD or renew an existing one? Visit Discover’s website or log into your account to get started today.

¹ This interest arrangement is specific to Non-IRA CDs. If the interest payment has already posted to the account, there are no penalties if interest funds are withdrawn.

² Beginning on the 8th day after your CD is opened and funded—and for the next 22 calendar days—we will deduct each day’s simple interest on the issue amount withdrawn from the funding date to the date of withdrawal. Thereafter, the Early Withdrawal Penalty will be calculated as described above. See the account agreement for more details.

³ A penalty may be charged for early withdrawal from a CD.

There is no minimum deposit required to open a Discover CD. You have 45 days after opening the CD to fund the account.

The APY will be determined and fixed for entire IRA CD term once account is opened and correctly completed documentation and funding is received. We will send you written confirmation of the interest rate, APY and maturity date of your IRA CD after it is opened or funded. Applies to personal accounts only. A penalty may be charged for early withdrawal. No minimum deposit required to open an account. The account must be funded within 60 days of account opening. Consult a financial advisor or tax professional for guidance.

Articles may contain information from third parties. The inclusion of such information does not imply an affiliation with the bank or bank sponsorship, endorsement, or verification regarding the third party or information.

The information provided herein is for informational purposes only and is not intended to be construed as professional advice. Nothing contained in this article shall give rise to, or be construed to give rise to, any obligation or liability whatsoever on the part of Discover Bank or its affiliates.

Source: discover.com

Apache is functioning normally

October 29, 2024 by Brett Tams

There’s a lot to consider when blending your life with your partner. Whether you’re moving in together or officially tying the knot, some of the most important decisions are around how—or if—to combine your finances.

One important topic: Should you open a joint savings account?

A joint savings account can be a great way to work together on your financial goals—but there’s a lot to know before making the leap. Read on to learn more about opening a joint savings account with your partner.

What is a joint bank account?

A joint bank account is shared by two or more individuals. It can be a joint savings account or a joint checking account.

Joint accounts function just like typical bank accounts. The primary difference is that both account holders (you and your partner) have full access to the account and have equal ownership of the funds.

If you’re considering a joint account, you might first want to learn more about what to consider before combining finances with your partner.

How does a joint savings account work?

With a shared savings account, both account holders have equal power over the account. That means you and your partner can both deposit and withdraw funds. And you’ll both be able to see all account activity.

With a joint account, there is no difference between the funds you or your partner contribute—they all go into one shared pool of funds. Both account holders can withdraw or spend from the pool, even if they weren’t the contributor.

Pros and cons of a joint savings account for couples

As with all financial decisions, there are potential pros and cons you’ll want to consider. One major advantage of joint accounts is that they may actually strengthen your relationship, according to a recent study, “Common Cents: Bank Account Structure and Couples’ Relationship Dynamics,” by Jenny Olson, Ph.D., an assistant professor of marketing at Indiana University.

“Couples with joint accounts were significantly better off than couples with separate accounts,” says Olson. “While relationship quality tends to decline over time, on average, we found that couples randomly assigned to merge their finances were buffered against that decline.”

Call it a sunny day fund—online savings with no monthly fees

Discover Bank, Member FDIC

Benefits of a joint bank account

“A joint bank account is associated with greater financial goal alignment,” says Olson. “It promotes a more communal view of your marriage. You’re accessing the same pool of shared resources, so you need to work together when managing those resources. You tend to be more on the same page.”

Here are just a few other notable advantages of a joint account:

Convenience: One of the biggest perks of a joint account is having a shared pool of assets, which can streamline how you save and spend as a couple—no more worrying about paying each other back or keeping track of who contributes what.
Openness: With a shared account, you and your partner have a new window into the other’s financial situation and decision making. This transparency can help promote honest and open conversations about finances. “It facilitates communication and transparency, two benefits we know are good for marriage,” says Olson.
Helps you work on shared goals: A critical part of a relationship is sharing common goals, whether that’s traveling the world or saving for a house. No matter your objectives, a joint account can help you align your short- and long-term financial goals.
More savings: A shared account can help increase your saving power by combining your assets. And if you have an interest-bearing joint account, you can take advantage of the power of compound interest and earn even more over time, thanks to a typically higher balance.

Potential disadvantages of a joint bank account

While there are plenty of good reasons for opening a joint savings account, there are also potential pitfalls you’ll need to understand and consider:

Possibly too much transparency: When you open a joint savings account, you’ll sacrifice a level of financial privacy that you would have had with a solo savings account.
All contributions are subject to creditors: If your partner is having financial troubles, your contributions to the shared account could be used by creditors to pay off any debts.
A breakup could be even more messy: Ending a relationship can be complicated, but intertwined finances can make things even more messy. Remember that if you split, your partner might be entitled to their share of the balance in your joint account.
Money may be harder to track: Keeping track of the exact amount of money going in or out of a joint account can be tricky if more than one person is making transactions. Therefore, effective communication is vital to keep accurate tabs on your balance and to avoid issues with spending and tracking expenses.

Considering all the factors before pooling your assets into a joint savings account is essential. You need to assess and understand your and your partner’s financial situations, your shared goals, and the state of your relationship.

“We’re not saying a joint bank account is the only option or best option for all couples,” says Olson. “There are important nuances. There are going to be some situations where choosing an account structure warrants a conversation. Take a step back and talk to your partner about what will be best for you and your unique financial circumstances.”

Still weighing your options? Learn more about the pros and cons of opening a joint account.

FAQs about joint savings accounts for couples

Question: Are joint savings accounts insured by the Federal Deposit Insurance Corporation (FDIC)?

Answer: Yes, joint savings accounts are FDIC-insured bank accounts, if the bank is FDIC-insured. Each account holder is insured up to $250,000 per depositor, per account ownership category, which means you and your partner will be insured for a total of $500,000 per account category, assuming you maintain joint ownership of the account. (If a couple has joint ownership of, for example, a money market account and a CD at the same institution, each deposit type may be insured up to $500,000, per the FDIC, for total coverage of $1,000,000.)

Question: Can you open a joint savings account if you’re not married?

Answer: Yes, you can open a joint savings account regardless of your legal marital status. However, taxes on a joint account can get complicated for unmarried couples. Married couples can file together, but unmarried partners will need to file separately and might need to consult with a professional come tax time.

Question: Are joint savings accounts a good idea?

Answer: There’s no simple answer, but joint bank accounts have significant benefits. Check out the section below or speak with a financial advisor, if appropriate, to help determine whether a joint account is appropriate for your situation.

Question: Who owns the money in a joint account?

Answer: In most situations, all of the money in a shared account belongs to all account holders equally. In other words, if you have a joint savings account with your partner, you both own all its funds, regardless of your individual contributions.

Question: What happens to a joint account if one account holder dies?

Answer: Typically, the surviving account holder becomes the sole owner of all the funds in a joint account. This is called automatic rights of survivorship. Per the FDIC, the account holder will continue receiving FDIC coverage for joint ownership up to $500,000 until six months after the death, providing time to distribute the funds to other insured accounts as needed. After the six-month period, the surviving account holder will only be insured up to $250,000 for that account.

Ready to get started? Learn more about how to open an online savings account.

Is a joint savings account right for you?

When it comes to financial decisions, nothing is one size fits all. So how do you decide whether a joint bank account is the right move for you and your partner? Here are some signs a shared savings account may benefit both of you.

You live together and want to put money away for household expenses, like rent payments or home repairs.
You are saving for shared goals, like retirement, travel, or a child’s college fund.
You communicate openly and honestly about your spending and saving habits.
You understand each other’s financial background, and neither of you has unaddressed debts or other issues that might negatively affect a shared account.
You already have a joint checking account and are looking for more ways to organize your financial life.

How to open a joint savings account

The process of opening a joint savings account for couples is similar to opening a savings account on your own.

If you are opening a new account, you can either visit a branch or apply online. You and your partner will need to complete an application that includes personal information for both account owners.

If you want to add a co-owner to an existing account, you can fill out a joint owner authorization form and submit it by mail, fax, or through your online account.

Are you and your partner ready to start using a joint savings account? The Discover® Online Savings Account might be your perfect match, with a high annual percentage yield and no monthly fees or minimum deposit.

Articles may contain information from third parties. The inclusion of such information does not imply an affiliation with the bank or bank sponsorship, endorsement, or verification regarding the third party or information.

This article is for informational purposes only and is not intended as a substitute for professional advice. For specific advice about your unique circumstances, you may wish to consult a qualified professional, at your expense.

Source: discover.com

Apache is functioning normally

October 29, 2024 by Brett Tams

Renting does not contribute to your wealth in the same way that owning a home can. Although you avoid property maintenance and other homeowner-related expenses, rental payments do not offer any potential for financial return, and you don’t benefit from market appreciation like homeowners do.

Making the Decision: Ownership or Renting?

The choice between renting and owning ultimately depends on your unique goals, financial situation, and lifestyle. Homeownership can be incredibly rewarding if you’re looking for stability, a long-term investment, and a place to call your own. On the other hand, if you prioritize flexibility, lower upfront costs, and a more temporary housing option, renting might suit your lifestyle better.

Whether you choose to buy or rent, knowing the benefits of each option can empower you to make an informed decision that aligns with your financial health and personal aspirations.
Are you looking to enter the real estate market this fall? Give us a call today! One of the experienced agents at Zoocasa will be more than happy to help you through the exciting home-buying process!

Looking for your dream home?

Contact us today to talk to a Realtor in your area

Source: zoocasa.com

Apache is functioning normally

October 29, 2024 by Brett Tams

If you pay your credit card balance in full each month, then your card’s ongoing interest rate (aka its annual percentage rate, or APR) is irrelevant, since you’ll never owe any interest.

But if you tend to carry a balance from month to month, knowing where your interest rate stands is key to saving money, especially if you’re revolving several balances.

Credit card APRs can change periodically based on a variety of factors, such as the general state of the economy and your own creditworthiness, so it’s not always easy to keep up with. (A credit card issuer has the right to change a card’s interest rate on future purchases, but it must generally notify you 45 days in advance.)

But here’s why it’s helpful to be aware of the figure and how to use it to your advantage.

You can use it to recognize better options

Understanding your credit card’s interest rate can help you in spotting better ones. Locate your credit card’s APR on the card’s statement or by logging into the account online or in the app.

For context, the average interest rate for credit card accounts assessed interest charges as of August 2024 was 23.37%, according to data from the Federal Reserve. That kind of interest can get costly in a hurry, although rates will vary widely depending on the type of card.

Rewards credit cards and store credit cards, for instance, tend to have higher interest rates, so they’re ideal only for those who can pay off the balance in full every month, ensuring that interest charges don’t eat into the value of any rewards or perks the card offers.

If your interest rate is significantly higher than average, or simply too high for your liking, you may have a few options, depending on your credit:

Consolidate debt

Consolidation options, such as a balance transfer credit card or a personal loan, can bring down the cost of your debt. The ideal offer for a balance transfer credit card is a 0% intro APR promotion for a lengthy window of time, giving you breathing room to chip away at the debt without incurring interest charges. It’s important to factor in the cost of any balance transfer fee to determine if it will save money compared to the interest charges you’re expected to pay over time. If you have debt across several credit cards, a personal loan can consolidate balances into a single lower-interest fixed payment.

These kinds of options will typically require good credit (typically FICO scores of 690 or higher) to get the most affordable rates. Another option for those with less-than-ideal credit is to see whether you qualify for a debt management plan at a nonprofit credit counseling agency. These plans consolidate eligible debts into a single fixed payment at a lower rate, usually regardless of your credit scores.

“In our latest analysis, the interest rates have gone from an average of 28% down to 7.3%, so that can actually give people the opportunity to handle that,” says Andy Manthei, a former financial counselor and currently a change cultivator through new partnerships and advocacy for marginalized communities at GreenPath, a nonprofit credit counseling agency.

Regardless of which option you choose, avoid adding new purchases to your credit card while you’re paying down debt. Switch to a payment method like cash or debit to make more progress toward your goals.

Negotiate a lower APR

Debt consolidation will save more money on hefty balances that require a long term to pay down. For lower short-term balances that can be paid off relatively quickly, though, consider calling your credit card issuer to see whether negotiating a lower interest rate is possible.

It can help to have an account that is in good standing, and you may have to talk to several people before making progress, but it may be worth it if saves you money. Also consider this option if your credit scores have increased since you last received the card, Manthei says.

Alternately, if a financial hardship might get in the way of making payments, ask your issuer whether it offers a hardship plan. This option could lower your interest rate for a short window, depending on the terms the issuer offers. The types of hardships that might qualify include circumstances beyond your control: a pay cut, unemployment, a serious illness, a family emergency or a natural disaster, among others.

Switch to a card with a lower APR

Once you’ve paid down existing debt, contemplate whether you want to return to spending with credit cards at all. The key is knowing yourself and whether you can manage cards differently the next time around. If you know you’re still likely to carry a balance over time — even though it’s not ideal — explore low-interest credit cards that can prevent your bill from becoming too expensive.

Some credit card issuers offer pre-qualification options that not only help you determine your odds of approval, but in some cases may even show you your “offer” — including your APR and/or credit limit — before you officially apply, meaning there won’t be any impact on your credit scores unless you decide to accept.

“You could even look at local credit unions or banks … and see what is their range of rates,” Manthei says.

Credit unions require a membership to join based on different criteria like where you live or work, but joining one could be worth the extra steps. Federal law caps the interest rates on most loans and credit cards at federally chartered credit unions. As of this writing, interest rates on those products don’t exceed 18%.

Source: nerdwallet.com

Apache is functioning normally

October 29, 2024 by Brett Tams

From charming southern hospitality, stunning beaches, and rich historical roots, South Carolina draws renters from all over. It’s home to bustling college towns, beautiful coastal escapes, and even thriving tech hubs. But is South Carolina a good palace to live? From palmetto-lined streets to legendary barbecue pits, South Carolina has quirks that both attract and challenge newcomers. Here, we explore ten pros and cons of living in South Carolina to help you get a feel for life in the Palmetto State.

Is South Carolina a good place to live?

Life in South Carolina is laid-back, yet provides scenic coastal living, historical architecture, and growing opportunities. Major cities like Charleston, Columbia, and Greenville have become economic hubs, attracting companies in industries ranging from healthcare to manufacturing and technology. Employers like Boeing, BMW, and Prisma Health are some of the state’s biggest, providing various career opportunities. The capital, Columbia, has a lively college-town vibe thanks to the University of South Carolina, while Charleston is a bustling port and an ever-expanding tech industry.

The state’s cultural scene shines with renowned events like Charleston’s Spoleto Festival USA, and Columbia’s SC State Fair, where the community comes together to celebrate. South Carolinians embrace the outdoors, enjoying everything from hiking through the lush landscapes of Congaree National Park to kayaking along scenic rivers. Beach lovers flock to Myrtle Beach and Hilton Head, while nature enthusiasts find solace in the state’s pristine forests and sprawling parks.

South Carolina overview

Population	5,118,425
Biggest cities in South Carolina	Charleston, Columbia, North Charleston
Average rent in Charleston	$1,468
Average rent in Columbia	$1,057
Average rent in North Charleston	$1,686

1. Pro: Beautiful beaches and mild winters

South Carolina’s coastline is a dream for beach lovers, with stunning sandy stretches like Myrtle Beach, Hilton Head, and Folly Beach. With winters that are mild compared to northern states, coastal life can be enjoyed almost year-round. Whether you prefer lounging on the beach, taking scenic oceanfront bike rides, or gathering with friends around beach bonfires, South Carolina’s beaches are an irresistible part of life here.

Local tip: Folly Beach locals say the best time to visit is in the fall when the crowds have thinned, and you can catch the magical sunsets without the summer rush.

2. Con: High humidity and hot summers

The flip side to those mild winters? Summers can be a real scorcher. With humidity often in the 90% range, the summer season here is long and intense, especially in cities like Columbia and Charleston. If you’re not used to high heat combined with high humidity, you may need some time to adjust.

3. Pro: Southern hospitality and friendly neighbors

Southern hospitality is alive and well in South Carolina, and it’s something newcomers notice right away. Whether you’re moving into an apartment in Charleston or renting a home in Greenville, expect friendly waves, porch chats, and genuine interest from your neighbors. The sense of community here makes it easy to settle in and feel welcomed, as locals take pride in making new residents feel at home.

Insider scoop: As an insider tip, if you want to connect with locals quickly, attend a neighborhood oyster roast or shrimp boil—these gatherings are a South Carolina staple.

4. Con: Limited public transit options

Public transportation isn’t as developed in South Carolina as in some other states, which means a car is a necessity for most people. Outside of Charleston and Columbia, public transit options are sparse. The reliance on driving can be a drawback, especially for those accustomed to using buses, trains, or metro systems.

5. Pro: Affordable cost of living

South Carolina is known for its affordable cost of living, making it an attractive choice for renters. Rent prices are generally reasonable, especially compared to other coastal states. In Columbia, the state’s capital, the average rent for a one-bedroom apartment is around $1,057, while in Greenville, a bustling city with a growing tech scene, it averages closer to $1,477. Charleston, with its historic charm and beach access, tends to be pricier, with one-bedroom rentals averaging around $1,468. Even so, compared to similarly popular cities along the East Coast, Charleston remains affordable.

6. Con: Higher utility bills

While rent and other expenses are generally low, utility costs in South Carolina can be surprisingly high. The hot and humid climate means air conditioning is a must during the warmer months, which can lead to higher energy bills. Some homes also rely on electric heat in the winter, adding to costs. For instance, utilities in Charleston are 20% more than the national average.

7. Pro: Renowned culinary scene, especially BBQ

South Carolina’s food scene is bursting with Southern charm, from mustard-based BBQ to shrimp and grits. Charleston is a foodie’s paradise with world-class restaurants and innovative chefs, while local BBQ joints across the state serve up signature flavors that locals swear by. If you’re a fan of seafood, low-country boils, and hearty Southern comfort food, you’ll feel right at home in the Palmetto State.

Insider scoop: For a true insider experience, head to the tiny town of Hemingway and try Scott’s Bar-B-Que, a legendary spot beloved by locals for its whole-hog, wood-smoked barbecue.

8. Con: Limited variety of international cuisine

While local cuisine is a strong suit, South Carolina may be limited in international food options compared to larger metropolitan areas. Outside of Charleston and Columbia, finding authentic international cuisine, like high-quality sushi or Mediterranean food, can be challenging. Foodies looking for a wide range of global eats may miss having extensive options nearby.

9. Pro: Rich history and cultural heritage

For history buffs, South Carolina is full of it. The state played a significant role in the American Revolution and the Civil War, and its historical legacy is preserved in sites like Fort Sumter and Charleston’s historic district. Living here offers endless opportunities to explore museums, cultural festivals, and historical landmarks, making it easy to stay connected with the state’s rich past.

Insider scoop: Try the candlelight walking tour in Charleston, where guides share hidden tales of Revolutionary battles, pirate lore, and local legends as you stroll cobblestone streets at dusk.

10. Con: Occasional hurricanes and tropical storms

Moving to South Carolina means being aware of the hurricane season, which typically runs from June to November. Coastal areas are particularly vulnerable, with Charleston and Hilton Head occasionally impacted by tropical storms and hurricanes. While precautions are standard, renters in coastal regions may face occasional evacuations and should consider flood insurance if they’re near low-lying areas.

Pros and cons of living in South Carolina: Overview

Pros	Cons
Beautiful beaches and mild winters	High humidity and hot summers
Southern hospitality and friendly neighbors	Limited public transit options
Affordable cost of living	Higher utility bills
Renowned culinary scene, especially BBQ	Limited variety of international cuisine
Rich history and cultural heritage	Occasional hurricanes and tropical storms

Source: rent.com

Apache is functioning normally

October 28, 2024 by Brett Tams

Eight million borrowers facing “persistent financial burdens,” such as those brought on by unexpected medical bills, natural disasters or high child care or family caregiving costs, could qualify for federal student loan forgiveness — but it’s not a done deal yet.

The Education Department revealed new details of the financial hardship proposal on Friday, Oct. 25, including eligibility criteria and how borrowers could apply for the relief.

“For far too long, our broken student loan system has made it too hard for borrowers experiencing heartbreaking and financially devastating hardships to access relief, and it’s not right,” U.S. Secretary of Education Miguel Cardona said in a statement.

The hardship proposal is part of President Joe Biden’s student loan forgiveness ‘plan B,’ which currently faces legal challenges. The president introduced ‘plan B’ in June 2023, after the Supreme Court blocked his original up-to-$20,000 student loan forgiveness plan. The Education Department kicked off the rulemaking process in October 2023.

The Education Department aims to finalize the plan in 2025, but lawsuits could impact that rollout. The department will formally publish the proposed regulations in the coming weeks. Once published, the public will have 30 days to comment on regulations.gov.

“While this is yet another lawful avenue to cancel student debt, pushback is anticipated, so it is crucial that we move forward quickly to deliver this much-needed relief,” said Kristin McGuire, executive director of Young Invincibles, a policy organization focused on issues affecting young people, in a statement.

Two pathways to student loan ‘hardship’ forgiveness

If the hardship proposal goes into effect, borrowers would have two main pathways to this student loan forgiveness:

Automatic forgiveness. If the Education Department determines that you have at least an 80% chance of defaulting on your student debt within two years, it may automatically forgive your loans on a one-time basis. Determining hardship factors may include your income, assets, type and amount of student debt and whether you received a need-based Pell Grant to pay for school.
Application-based forgiveness. If you don’t qualify for the automatic one-time forgiveness, you may submit an application that holistically assesses how likely you are to default or experience severe, persistent financial hardship.

Don’t count on hardship forgiveness yet

“I have so little faith in that actual forgiveness program coming to fruition,” says Stanley Tate, a lawyer who specializes in student loans. “Even if you have what you would believe to be a pro-forgiveness president in office, they still would be up against challenges from groups who have the right to challenge these things.”

On Oct. 3, a federal judge in Missouri temporarily blocked Biden’s ‘plan B’ for student loan forgiveness, which includes this hardship proposal. A group of Republican-led states including Missouri, Georgia and Alabama filed the lawsuit in September.

“Our latest lawsuit challenges [the Biden-Harris administration’s] third and weakest attempt to mass-cancel student loans in the dark of night without letting Congress — or the public — know about it,” Missouri Attorney General Andrew Bailey said in a September statement.

Forgiveness and relief options available now

If you’re struggling with student debt right now, consider these existing relief and forgiveness options instead:

Income-driven repayment (IDR) plans. IDR plans cap your monthly federal student loan bills based on your income and family size, to as low as $0. After 20 or 25 years, your remaining debt will be forgiven.
SAVE lawsuit forbearance. The newest federal IDR plan, SAVE, currently has legal challenges. As a result, borrowers enrolled in SAVE have an interest-free payment pause until at least April. If you’re not on SAVE, you can still get this interest-free forbearance if you apply for the plan now. You always have the option to change plans down the line.
Deferment or forbearance. You can temporarily postpone your federal student loan bills by asking your servicer for a deferment or forbearance. Deferments are generally the better option, because interest does not generally accrue — but you must meet specific eligibility criteria. If you have private student loans, ask your lender about ways to temporarily lower or suspend your payments.
Refinancing if you have private student loans. If you have private student loans, your relief options are limited and you don’t have access to federal student loan forgiveness. Refinancing your private student loans to get a lower interest rate can reduce your monthly payments and the amount you pay overall. However, you can only qualify for the lowest advertised rates if you have a strong credit score and finances.

To learn more about your relief options, call your student loan servicer. Your servicer can take a look at your situation and make recommendations. You may also consider reaching out to vetted nonprofit organizations that offer student loan help.

Source: nerdwallet.com

Apache is functioning normally

October 28, 2024 by Brett Tams

In her new role, Herrick will lead JPMorgan’s CRE business, which includes agency lending, community development banking, commercial term lending, and real estate banking. She will report to John Simmons, head of commercial banking. “We are thrilled to announce Michelle as the new head of CRE,” Simmons said in a statement. “Michelle brings a wealth … [Read more…]