Cash News Credit unions are not-for-profit, member-owned banking cooperatives. Unlike traditional banks, they aim to serve their members rather than maximize shareholder profits. Even so, credit unions need to make money to continue operating. Given their different business model compared to banks, you might wonder how credit unions make money. For the most part, credit […]
Cash News When it comes to retirement savings, most people find their balances to be stress-inducing. A recent study from found that more than half of adults 50 and older were worried they didn’t have enough money to support themselves in retirement. For those looking for relatively “safe” investments, annuities and certificates of deposit (CDs) […]
Cash News Home buyers and sellers, take note: Seller concessions could be a powerful tool for achieving your real estate goals. A seller concession occurs when sellers agree to cover a portion of a buyer’s closing costs. While this might seem like a boon for buyers alone, sellers also stand to gain from this exchange. […]
Cash News If you need access to cash and have gained a significant chunk of equity in your home, you’re in luck: You can use a home equity line of credit (HELOC) to tap your equity and use the money to pay for whatever you want, from home improvements to college courses. However, you must […]
Cash News Online banks offer several advantages over traditional brick-and-mortar banks, especially if you value convenience, competitive rates, and lower fees. If you’re considering switching to an online bank, you may have come across two major players: Jenius Bank and SoFi. Both banks are known for their high-yield savings accounts and low fees. So which […]
Cash News When you take out a home equity line of credit (HELOC), you usually get a variable interest rate. This means your rate could decrease or increase drastically over your repayment period. While the current average rate on new HELOCs is roughly 8.50%, your APR could eventually skyrocket to 18% — the maximum annual […]
Cash News Welcome to This Week on Reddit, our weekly series that answers redditors’ biggest banking questions. Each week, our editors choose an interesting and relevant user question to examine. Read on for our expert analysis. To attract new customers, some banks may sweeten the deal by offering a cash bonus for opening a new […]
Cash News Between March 2022 and July 2023, the Federal Reserve raised its benchmark rate 11 times. As a result, money market account (MMA) interest rates rose sharply. However, the Fed slashed the federal funds rate by 50 basis points in September and other 25 basis points in November. So deposit rates — including money […]
Cash News Mortgage rates have been stagnant this week. According to Freddie Mac, the 30-year fixed mortgage rate dropped by one basis point to 6.78%, and the 15-year fixed mortgage rate is down one basis point to 5.99%. A couple of months ago, many expected mortgage interest rates to fall throughout the end of 2024 […]
Cash News If you’re looking for a secure place to store your savings, a certificate of deposit (CD) may be a great choice. These accounts often provide higher interest rates than traditional checking and savings accounts. However, CD rates can vary widely. Learn more about CD rates today and where to find high-yield CDs with […]