Articles
Selected category: Savings
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New FDIC Rules for Trust Accounts Begin Today
The FDIC has implemented new coverage rules that take effect today and only affect trusts accounts that have over $250,000 deposited at a single bank. FDIC rules had previously permitted a single trust account (such as a payable on death... Read →
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Interest Rates Are Headed Down Later in 2024, But Your Savings Account Interest Rate Should Not Have Fallen Yet
At the Fed’s March 2024 meeting Jerome Powell reaffirmed that the Fed is not cutting interest rates until it has further information and continued to guide towards three quarter-point cuts in the Fed Funds rate before the end of... Read →
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The Federal Reserve End March 2024 Meeting Again Holds Interest Rates at 5.25-5.50% Target
The Federal Reserve ended its March meeting leaving interest rates at their current target. The members unanimously indicated that they anticipate three quarter-point rate cuts before the end of 2024. Given that January and February... Read →
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Federal Reserve Maintains Rates at 5.25% to 5.50% Target, Refuses to Guide When It May Cut
The Fed ended its January 2024 FOMC meeting by declining to specify when it may begin lowering the Fed Funds target rate.
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Do US Treasury Bonds Serve a Purpose For Depositors?
With the recent and pronounced move in the Treasury curve, there has been a lot of discussion in the mainstream financial media suggesting that depositors look to US Treasury bonds. The simple reality is that short-term US Treasury bonds... Read →
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Federal Reserve Holds At 5.25% to 5.50% Target and Says Inflation has Eased
Today's Fed announcement and Chairman Jerome Powell’s press conference marked the Fed’s first acknowledgement that inflation is more contained. After having been on hold for four of the last five meetings, the Federal... Read →
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CapitalOne Sued for Deception Over 360 Savings Rate versus 360 Performance Savings Rate
A lawsuit has been filed by customers of CapitalOne Bank alleging that the bank engaged in deceptive tactics with its 360 Savings customer base in 2022 and 2023. The plaintiffs assert that when CapitalOne began offering the 360 Performance... Read →
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Federal Reserve Holds Fed Funds at a 5.25% to 5.50% Target; Still May Not Be Done
The Federal Reserve Open Markets Committee has concluded its October 31 - November 1 meeting, and it voted unanimously to hold interest rate unchanged at 5.25% to 5.50%. The Fed's statement indicates that, while this is its second... Read →
Jerome Powell's Speech at Economic Club of New York Indicated Fed May Not Be Done
Jerome Powell gave an interesting speech in front of the Economic Club of New York earlier today. I think that there are at least three main takeaways from this speech that depositors need to consider. First, the Fed may not be done... Read →
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Fed Concludes September 2023 Meeting By Holding Target Fed Funds Rate at 5.25 to 5.50%, As Expected
The Federal Reserve concluded its September 2023 meeting today, holding the Fed Funds rate at its current 5.25% to 5.50% target. The target rate remains at a 22 year high. Fed Chair Jerome Powell did not declare victory in the war on... Read →
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Inflation Be Damned, Lower Interest Rates May Be on the Way in 2024
The Fed has moved vigorously to try to reign in inflation in 2022 and 2023. After 15 years of low interest rates that have fueled dramatic US economic growth, Chairman Powell and the Fed have acted aggressively to move the Fed funds target... Read →
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3 Novel Approaches to Earning Over 5% on Your Deposit Accounts
It isn’t hard to earn 5% on savings today. There are tons of online banks with savings and money market offers at or over that level. You can also find local banks and credit unions that are equally competitive. Compare online... Read →
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Federal Reserve Raises Fed Funds Rate to A 5.25% to 5.50% Target
The Federal Reserve has raised the Fed Funds target rate to 5.25% to 5.50% after a much anticipated quarter point raise. This is the highest Fed target rate in 22 years. The Federal Reserve had paused following its June meeting, but... Read →
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Federal Reserve Ends June 2023 Meeting With a Pause At 5 to 5.25%; Likely to Continue Raising
Today's FOMC statement says that the Fed is holding its target Fed Funds rate at 5% to 5.25%. The decision was unanimous among voting members. While today's action marks the first Federal Reserve meeting in this cycle to end... Read →
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