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Saving

Emigrant Direct Interest Rate Moves Up

by Luke Landes

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 Luke Landes

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 Luke Landes

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 Luke Landes

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 Luke Landes

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 Luke Landes

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 Luke Landes

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 Luke Landes

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 Luke Landes

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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Saving is Anti-American

by Luke Landes

A survey released by ACNielsen today has determined again that Americans are the world’s worst savers (among developed countries). Nearly a quarter (22 percent) of Americans have no money left once they’ve paid for their essential living expenses and spent their discretionary dollars. That puts the United States at the top of a list of ... Continue reading this article…

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Happy New Year!

by Luke Landes

Have a great new year! Thanks to all the readers who made 2005 a successful year for Consumerism Commentary. I’ve gained a lot of knowledge through the blog, which is my definition of success. Just to see where I’m coming from, here is my first post, which included a net worth update and here’s the ... Continue reading this article…

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American Express One

by Luke Landes

Editor’s Note: Thank you for your interest, this offer expired and is no longer available. American Express is offering a relatively new (well, a few months old) credit card called One. As you spend, 1 percent of each purchase is automatically deposited into a savings account that’s currently earning 3.5 percent APY. It’s not a horrible interest ... Continue reading this article…

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HSBC Follows Fed, Raises Interest Rate

by Luke Landes

HSBC Online Banking now offers an interest rate providing a 4.25 annual percentage yield. There’s a $25 bonus as well! Take a look at the latest checking and savings rates for more information. Speaking of bonuses, I have one ING Direct $25 bonus left. ING Direct is currently offering only 3.75 percent APY and to obtain ... Continue reading this article…

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New Jersey Nest Eggs Incubating

by Luke Landes

A.G. Edwards has compiled results from a survey and has developed a “Nest Egg Index.” The statistics measured include participation in retirement plans, debt levels, home ownership — all major contributors to net worth. I found some items within the results personally interesting: My home state of New Jersey tops the index [cnn] of states, ... Continue reading this article…

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Bank of America’s Keep The Change

by Luke Landes

Some time ago, Bank of America introduced a new program for its checking account, savings account, and debit card holders called Keep The Change. A friend of mine asked me to write about this program quite some time ago, and I said I would do so. I try to keep my word. The premise is ... Continue reading this article…

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Reading Materials

by Luke Landes

Here are some articles worth the look. * Jeff Brown from the Philadelphia Inquirer calls for an end to quarterly guidance. * Four ways to simplify your life and save from MSN Money. * Just when you thought real estate in New York City was getting a little pricey, now you have to worry about ... Continue reading this article…

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Review of The Number by Lee Eisenberg, Part 1

by Luke Landes

Over the next week or so, I’ll be taking an in-depth look at a book to be released next year entitled The Number, written by Lee Eisenberg. Before I get to the book, let me explain how the book came into my possession. At the end of October, I blogged about Lee’s article in New ... Continue reading this article…

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ING Direct – Now It’s For Real

by Luke Landes

This just in: ING Direct has increased the APY offered on its savings account from 3.4 to 3.5 percent. You can find more savings account rates here. My monthly review will be coming tomorrow or later this weekend. Subscribe to my RSS feed with your favorite reader to make sure you don’t miss it!

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Update: ING Direct’s Saving Rate Drops?

by Luke Landes

When I chcked my accounts late last night, it appeared that ING Direct had lowered the interest rate offered on its online savings account to 3.0 percent (APY). I’m not sure what’s going on, but every page on ING Direct’s website, including the Fash animation, had the lower rate quoted, and this is after previously looking ... Continue reading this article…

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Ask The Expert: Company Match

by Luke Landes

Walter Updegrave is the staff expert at CNN Money, and he fields questions from those who write in to his column called, as one might guess, Ask The Expert. The latest question comes from a twenty-four year old: My 401(k) plan will actually give me the 50 percent match on as much as 15 percent ... Continue reading this article…

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