As featured in The Wall Street Journal, Money Magazine, and more!

Banking

How to Create the Ultimate Certificate of Deposit (CD) Ladder

by Luke Landes

If you are disappointed with the low interest yields offered by even the highest-yield savings and money market accounts, but you don’t want to tie your short-term cash in a riskier investment, consider certificates of deposit (CDs). CDs, however, generally carry penalties if you withdraw your cash before they mature. In other words, you invest ... Continue reading this article…

13 comments Read the full article →

EverBank Money Market Account Review

by Luke Landes

A little while ago, I noted the interest rates offered by EverBank and decided to open the Yield Pledge Money Market Account to take advantage of the generous “bonus” interest offered in the first three months of holding an account. The account opening process, beginning on July 8th and two weeks later on July 23rd, ... Continue reading this article…

53 comments Read the full article →

Still Waiting for EverBank to Open My Account

by Luke Landes

Last I checked, this is the twenty-first century. In the last few years, I have developed certain expectations for the banks I deal with, particularly those that offer online banking. On July 8, I signed up for an account with EverBank, a money market account offering a high bonus interest rate for the first three ... Continue reading this article…

8 comments Read the full article →

California IOUs: Buying, Selling, and Inherent Value

by Luke Landes

The state of California is in poor fiscal shape. Without an agreed-upon budget, the state has resorted to sending people and businesses IOUs rather than the money owed. California has distributed $335 million in the form of these documents. The IOUs look like checks with “Registered Warrant” printed in the top corner, carry an interest ... Continue reading this article…

3 comments Read the full article →

SmartyPig Should Be Compared With CDs, Not Savings Accounts

by Luke Landes

I enjoyed Tom Dziubek’s discussion with Jon Gaskell, the CEO of SmartyPig, in the latest episode of the Consumerism Commentary Podcast. If you have a chance, listen to the part discussion in which they discuss SmartyPig’s interest rates. Tom asked how SmartyPig can continually offer high interest rates. Jon Gaskell intimated that SmartyPig’s restrictions and ... Continue reading this article…

5 comments Read the full article →

EverBank’s Confusing Array of Interest Rates

by Luke Landes

I plan to open up an account with EverBank within the next week to take this bank for a test drive. I like what I see of EverBank’s interest rates, but I have to admit the structure is not as simple as I like to see. As of October 23, 2009 the savings product, “Yield ... Continue reading this article…

0 comments Read the full article →

U.S. Will Likely Drop Case Against Swiss Bank Accounts

by Luke Landes

In February, I wrote that the United States was suing Swiss bank UBS in order to get the offshore institution to release the names of the wealthiest 19,000 of the 52,000 American bank account owners. These depositors have managed to evade paying United States income taxes on the interest earned within these foreign accounts. The ... Continue reading this article…

2 comments Read the full article →

New ING Direct $25 Bonus Links Available

by Luke Landes

It has been awhile, but I now have a new set of $25 bonus referral links available for new customers of the ING Direct online savings account. ING Direct is currently, as of June 16, 2009, offering an interest rate yielding 1.5 percent APY on this savings account. Here is how this works. If you open ... Continue reading this article…

6 comments Read the full article →

FDIC Steps In to Keep Ally Bank’s Interest Rates Lower

by Luke Landes

The American Bankers Association (ABA) has not been happy with Ally Bank. A few weeks ago, the organization on behalf of its member banks sent a letter to the Federal Deposit Insurance Corporation complaining about Ally’s interest rates. With Ally planning to receive bailout funds through its enrollment in the government’s Treasury Liquidity Guarantee Program ... Continue reading this article…

6 comments Read the full article →

Forbes Gets it Wrong About “Online-Only” Bank Accounts

by Luke Landes

This morning an article appeared on Forbes.com with suggestions and warnings about online-only accounts. I have to disagree with an important statement by the author of the article, Asher Hawkins. Hawkins is offering misguided information regarding the number of withdrawal transactions a customer is allowed to make from an account designated as a ” savings” ... Continue reading this article…

9 comments Read the full article →

Savings and Checking Account Interest Rate Updates

by Luke Landes

A few banks have lowered interest rates offered for savings and checking accounts in the past few days. Here are a few of the new updates. Ally Bank Savings Account is offering 0.89 percent APY as of November 4, 2011 Ally Bank Money Market is offering 0.89 percent APY as of November 4, 2011 OneUnited UNITY Gold ... Continue reading this article…

6 comments Read the full article →

Bank of America Allowed to Deduct Fees From Social Security Benefits

by Luke Landes

Bank of America 1, Retirees 0. In 2004, Bank of America was ordered to pay $284 million to 1 million customers in a settlement. The bank was charged with using funds from social security or other government benefits in customers’ accounts to cover bounced check fees. The California Supreme Court overturned this ruling yesterday. Federal ... Continue reading this article…

8 comments Read the full article →

Ally Bank Savings Account Review

by Luke Landes

A few years ago, General Motors was having trouble remaining in business, and its subsidiary that provided customers financing for automotive purchases, GMAC, converted to a bank holding company to take advantage of the Troubled Asset Relief Program (TARP), receiving $5 billion from taxpayers through the government. By this time, GMAC Bank, a division of ... Continue reading this article…

84 comments Read the full article →

$100 Bonus For Opening a Chase Checking Account With Coupon Code

by Luke Landes

Chase is offering a $100 bonus if you open a checking account by July 7, 2009. There is no maintenance fee with this checking account as long as you activate a direct deposit or use your debit card for purchases five times each statement period. There is no minimum balance requirement, but an initial deposit ... Continue reading this article…

112 comments Read the full article →

GMAC Bank is Now Ally Bank, FNBO Direct Lowers Interest Rate

by Luke Landes

In an effort to distance itself from the General Motors brand, GMAC Bank is now known as Ally Bank. Click here for the latest interest rate from Ally Bank.

0 comments Read the full article →

Verify Funds on That Check Before You Cash It

by Smithee

While working at Bank of America, I learned a magic phrase that I hadn’t heard before: “verify funds.” When someone writes you a check (I know, it’s 2009, but even I use them sometimes for plumbers or whatnot), you may feel uncomfortable about whether the check author has enough money to cover it. If you’ve ... Continue reading this article…

74 comments Read the full article →

Money Basics: Simple Interest, Compound Interest, APR and APY

by Luke Landes

April is National Financial Literacy Month in the United States. In most cases, schools do not extensively teach financial skills. Teenagers, highly susceptible to messages from the media, often do not have guidance from teachers, who are not trained to teach financial skills, or from parents, many of whom do not model healthy financial behavior. ... Continue reading this article…

4 comments Read the full article →

Money Basics: Savings Accounts

by Luke Landes

April is National Financial Literacy Month in the United States. In most cases, schools do not extensively teach financial skills. Teenagers, highly susceptible to messages from the media, often do not have guidance from teachers, who are not trained to teach financial skills, or from parents, many of whom do not model healthy financial behavior. ... Continue reading this article…

8 comments Read the full article →

Money Basics: Checking Accounts

by Luke Landes

April is National Financial Literacy Month in the United States. In most cases, schools do not extensively teach financial skills. Teenagers, highly susceptible to messages from the media, often do not have guidance from teachers, who are not trained to teach financial skills, or from parents, many of whom do not model healthy financial behavior. ... Continue reading this article…

10 comments Read the full article →

Are You a High-Yield Interest Rate Chaser?

by Luke Landes

Over the last decade, on-line savings accounts have grown into prominence, first with new internet-only banks offering high-yield accounts thanks to their low overhead costs, and followed by old-fashioned brick-and-mortar banks offering on-line accounts to give the newcomers competition. For more than one year, I’ve been tracking and charting interest rate changes for a number ... Continue reading this article…

8 comments Read the full article →
Page 8 of 16« First···678910···Last »