Financing a College Education with a HELOC
Giving a child a quality college education to equip them for a professional career has long been considered an integral element in the American dream.
American Express Debuts It’s Online Personal Savings & CDs Accounts
On June 1st American Express launched their first range of deposit holding products that don't involve signing up for a credit card. Coming out of the gate with a High-Yield Savings account and an assortment of CDs ranging in terms from 3 to 60 months, American Express is seeing to it that their rates were competitive. With a 2.00% APY for their savings, they are neck and neck with other competitive banks such as Ally at 2.05% APY.
Introducing our Failed Bank List of 2009
Announcing our ongoing commitment to keep track of failed banks. Some banks are larger than others, but even the small ones still have an impact on their communities. We will provide the list along with some brief notes about the acquiring bank. One special feature of our list, is a map of failed banks per state. Here is a screenshot of banks that have failed per state.
GMAC Bank becomes Ally Bank
This morning the Wall Street Journal broke the news that today, Friday, May 15, 2009 GMAC LLC will rename itself to Ally Bank. In becoming a bank holding company back in December, GMAC has taken the opportunity to differentiate themselves in the market by starting fresh - much needed in the banking industry itself.
6 Signs That the Economy May Be On the Road to Recovery
Some definite signs that the economy may finally be coming around after its trek into the dismal depths of recession are beginning to show. Certainly, the symptoms are still hazy at best but everything's got to start from somewhere and perhaps this is where the path to recovery starts.
Stress Test Results Out: Big Banks Need $75 Billion More
Federal regulators finally confirmed Thursday (May 7) what has long been the subject of intense speculation and what was earlier leaked out by industry sources: some of the country's biggest banks need more capital. Bank of America, leads the pack, needing an additional $33.5 billion followed by Wells Fargo $13.7 billion, GMAC LLC $11.5 billion, Citigroup Inc. $5.5 billion and Morgan Stanley $1.8 billion. All in all, 10 banks among the 19 banks tested were told by the Federal Reserve to increase capitalization.
Banks Are Catching the Twitter Bug
Sure, you've heard about Twitter. You've most likely heard about famous celebrities all a-twittering, blogs and websites having their own Twitter following, and you're probably a big fan of Twitter yourself. Practically everyone has jumped on the bandwagon of this year's social networking phenomenon called Twitter. But…banks on Twitter?
Bernanke: After-Effects of the Economic Crisis will be Long-Lasting
Despite the Federal Reserve's forecast that the economy will even out by the end of 2009 and most likely start its recovery by 2010, Fed Reserve Chairman said that the US economic crisis will have a long-term impact on consumer wealth, home prices, and credit scores. According to him, "The damage from this turn in the credit cycle – in terms of lost wealth, lost homes, and credit scores – is likely to be long-lasting."
Types of CDs
Most of us are familiar with the traditional Certificate of Deposit (CD). It is a deposit product that earns a fixed interest rate higher than the savings account for a fixed period of time. CD's are usually availed of by clients who have no immediate plans for their cash and want to enjoy a higher yield for their money in a safe and FDIC-backed investment vehicle. Other than the traditional CD however, do you know that there are also other types of CDs? These non-traditional CDs offer flexible options for depositors who may be looking to explore other CD alternatives. Here are some of the most commonly offered and used non-traditional CDs:
CD vs. Money Market Accounts
If you've got some extra money scattered on various accounts, it is difficult to resist the temptation to use it for a vacation, a new car, or home renovation. But let’s say you were able to do all that and decided to save your money instead. Now, comes the misleadingly-simplistic question, where do you stash it? There are two basic options: the certificate of deposit (CD) and the money market account.
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White House Task Force to Improve Jobs, Student Loans & Retirement for the Middle Class
