10 scary savings mistakes and how to avoid making them
Don’t let the fear of saving leave you in the dark. Avoid these 10 savings mistakes.
Managing your personal finances need not be an arduous, daunting or taboo task (it’s easier than you think in this era of digital finance) – just take it step by step.
— Marc Wojno
Marc Wojno is a seasoned and accomplished finance editor and writer with more than two decades of experience editing and writing across a variety of news platforms including newswires, newsletters, magazines and online news sites. Marc has worked for such nationally recognized media organizations as The Kiplinger Washington Editors (publishers of Kiplinger’s Personal Finance magazine), U.S. News & World Report and Dow Jones. Before joining Bankrate, Marc was Senior Editor at CNET Money and Senior Editor of Finance for ZDNet, both Red Ventures companies, where he wrote and edited news articles and features on a variety of topics including banking, blockchain, credit cards, cryptocurrency, fintech, home equity, investing and taxes.
Marc has been featured as a personal finance expert in numerous local print, radio and television outlets throughout the country, including in such major markets as New York City, Chicago, San Francisco and Washington, D.C. He received both his BA in radio and television communication and computer science, and his MBA in international business and information systems, from The George Washington University. He’s also a member and former Board of Governor of The National Press Club.
Outside the realms of journalism and finance in the digital world, Marc enjoys solace in the analog, keeping all things past and present alive and well. A passionate film and music aficionado, Marc can be found around town enjoying live concerts and plays, spinning vinyl, threading reel-to-reel tapes, shooting film with his 16mm Bolex and hosting pub quizzes at the Press Club.
Managing your personal finances need not be an arduous, daunting or taboo task (it’s easier than you think in this era of digital finance) – just take it step by step.
— Marc Wojno
Don’t let the fear of saving leave you in the dark. Avoid these 10 savings mistakes.
Consumers move to interest-bearing accounts; banks increase funds for brokered CDs.
Bank of America offers two kinds of CD account types: featured CDs and fixed term CDs. Featured CDs offer a higher APY, but require a higher balance. Fixed term CDs offer lower APYs but have a lower minimum deposit requirement.
Citibank offers several types of CDs with a large range of terms to choose from. Some of those CDs offer competitive yields.
Truist Bank, the financial-services giant born out of the merger of SunTrust and BB&T, offers two CDs with competitive yields.
Wells Fargo offers special and standard rate CDs. The special rates require you to deposit at least $5,000. The standard rates require you to deposit $2,500. You can also earn bonus rates on these CDs if you link a Wells Fargo Prime Checking or Portfolio Account.
Here are three reasons why an online-only bank can improve your banking experience.
Known for its excellent customer service, USAA offers a low APY on its basic savings account. It's much less than what you can find at top-yielding banks. The account doesn't charge monthly fees or require a minimum balance.
TD Bank offers savings accounts with tiered interest rates. However, even with the best rate available, you can find other banks offering higher yields.
Bank of America has offered plenty of savings account bonuses in the past, but currently has limited options available for new account holders.