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Saving

Getting Paid for Changing Your Flights

by Flexo

I’ve heard stories about people receiving various perks from airlines in return for giving up their seats on overcrowded flights. I never attempted this myself, but now I know there is a method to perk offerings, I may try to work the system if I find myself on a tight flight. Here are the tricks ... Continue reading this article…

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After Graduation: Choices, Plans and Risks, Part 3

by Flexo

David Bach, the author of The Automatic Millionaire and The Automatic Millionaire Homeowner (the latter of which I reviewed earlier this year), also writes a column on Yahoo Finance. Recently he presented five tips for college graduates just beginning their path to financial security. This follows Part 1 and Part 2. Here is the fourth ... Continue reading this article…

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Does This Number Impress You?

by Flexo

$400,000. Do you consider someone with a net worth of $400,000 rich? Well-off? Comfortable? Would you set a lifetime goal for yourself at $400,000? Actually, a net worth of $400,000 sets you well above the median net worth in this country, and in the world, to say the least. But these statistics don’t matter… what ... Continue reading this article…

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Increasing My Savings, An Experiment, and Extra Income

by Flexo

I initiated a new recurring bank account transfer from my Wachovia checking account (my basic operating account) to my ING Direct savings account. As I can’t schedule a daily recurring transfer of $5, I added a weekly $35 transfer. Hopefully this will force me to tighten up my spending a little bit and provide me ... Continue reading this article…

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Several Banks Increase Their Savings Rates

by Flexo

In the last few weeks, several banks increased the interest offered on their savings accounts. On Friday, I updated the chart. Feel free to let me know if you hear of any updates before I get to them. There were increases to CitiBank, GMAC, Emigrant Direct, and Capital One. More details are here.

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Money Stats for Twentysomethings

by Flexo

A feature on MSN Money looks at finances of people in their twenties. The feature includes statistics such as median net worth, median income, percentage owning homes, etc. with which you can compare yourself if you happen to be in this particular demographic. At age 29, I was doing well compared to these averages, but ... Continue reading this article…

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Get More From Your Money

by Flexo

There have been some changes for high-yield “internet” savings accounts, typically unavailable directly in a brick-and-mortar bank and only available through online applications. Presidential Bank is now leading the pack with a 4.87 percent APY for the first $35,000 of your balance. Unfortunately, this account requires a minimum balance of $5,000. CitiBank eSavings is not far ... Continue reading this article…

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Online Savings Accounts in the New York Times

by Flexo

The New York Times catches on to what bloggers have been talking about for years: online savings accounts earn more interest and are overall much better than the paltry traditional savings account. ING Direct led the newest initiatives in the United States in 2000, when it introduced the Orange account, and until recently it had ... Continue reading this article…

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GMAC Online Savings Account

by Flexo

Flatbeer asked me: GMAC raised the interest rate to 4.75 percent ($500 min). I checked the general FAQ and you can now download account info into Quicken & Money. With electronic transfers, downloadable account info, checks, AND a VISA check card, I would think that most people would choose this option for an online money market ... Continue reading this article…

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Raising Interest Rates

by Flexo

Everyone is affected by raising interest rates, but different people are affected in different ways. CNN Money describes how a typical American (homeowner, spender, etc.) is affected by interest rates. Interest rates are simply the cost of borrowing money; the prices paid by institutions trickle down to the consumer. So if you’re in the market ... Continue reading this article…

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ING Direct Raises Rate

by Flexo

ING Direct is now offering 4.0 percent APY on their savings account. The table of high checking and savings account rates has been updated, and ING is still on the bottom.

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Emigrant Direct Interest Rate Moves Up

by Flexo

Here’s a quick note to mention that Emigrant Direct increased the interst rate offered on its no-minimum savings account to 4.5 percent annual yield. More rates are listed here. I don’t participate in extreme rate-hunting. My savings is split between Emigrant Direct and ING Direct, who have both been slow in competing with HSBC Direct and ... Continue reading this article…

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Capital One Interest Rate Now 4.25%

by Flexo

The banks keep raising the interest rates for their online savings accounts. Joey wrote in to inform me that “Capital One is up to 4.25 percent (annual percentage yield) in their high-yield savings account.” This bank has Joey’s favorite web interface. I’ve updated the list of online savings account interest rates.

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HOWTO Deal With Winning the Lottery

by Flexo

Are you more likely to play the major lottery when the jackpot is more than $250 million? If you happen to play, and if you’re really lucky, there’s a chance, however slim, you might win it all. Let’s say you just realized you’re taking home the grand prize and you’re the only winner. Now what? ... Continue reading this article…

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Online Savings Account Rate Updates

by Flexo

Some banks have raised their interest rates for their online saving accounts, including GMAC and UFB Direct. The details outlining the latest rates are here.

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5% APY on 12-Month CDs!

by Flexo

If that title gets you excited, you’ll be happy to know that more and more banks are offering 5 percent interest yield (or higher) on certificates of deposit (CD). CDs are a little less liquid than a straight savings account, which means there may be a penalty if you withdraw your money before that 12 month ... Continue reading this article…

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Don’t Buy Stuff You Cannot Afford

by Flexo

That’s the advice of the decade, isn’t it? Well, it’s also a pretty funny Saturday Night Live skit with Steve Martin. The skit’s a parody of those book infomercials for financial products we see all the time. Looking a little deeper, it’s also a slight commentary on the marketing of common sense. Well, I saw ... Continue reading this article…

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Where Should Teens Stash Their Cash?

by Flexo

Andrea Coombs at Marketwatch doles out the advice for teenagers in a new article, answering the question of where teens should keep the money they earn. Not surprisingly, the advice is eerily similar to the advice an older person might receive: Create an emergency fund in a high-yield savings account first, then fund a Roth ... Continue reading this article…

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Jay Leno’s “Funny”

by Flexo

According to Jay Leno last night (or maybe it’s a rerun, I have no idea), Allstate has announced the two most difficult things for people to do: quit smoking and save for retirement. Jay’s solution: don’t quit smoking and you won’t have to worry about making it to retirement. Seriously, quitting smoking will save lots ... Continue reading this article…

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PayPal Lowers Money Market Fund Rate

by Flexo

There is a lot of talk on the internets about online savings accounts raising their interest rates for customers; here’s something a little different. PayPal has been offering for a while a pretty high interest rate — over 4.25 percent — on money held in their money market fund. Unlike money market accounts and savings accounts, ... Continue reading this article…

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