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Sallie Mae Bank Savings Account Opening Review

by Flexo

At the beginning of March, the banking arm of Sallie Mae, a publicly-traded corporation whose main business is student loans, began offering high-yield savings accounts. As I’ve mentioned before, “high-yield” is currently a joke; just a few years ago, you could deposit cash in high-yield savings accounts and count on slightly beating inflation. It is ... Continue reading this article…

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E*TRADE Bank Moving Customers to Discover Bank

by Flexo

A number of E*TRADE Bank customers have written to Consumerism Commentary to inform me of this recent news. E*TRADE is planning to move its banking customers to Discover Bank. I have a savings account at E*TRADE but I have not yet received any communication from the bank. Thanks to E*TRADE’s fast external ACH transfers, the ... Continue reading this article…

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Variety of Savings Accounts: Where I Keep My Cash

by Flexo

In a perfect word, I wouldn’t spread my money among more than one or two savings accounts. There is value in simplifying personal finances and I try to take that approach where possible. Forces are working against me, however, keeping my finances more complicated than they would be otherwise. Occasionally I review and evaluate banking ... Continue reading this article…

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Alternatives to High-Yield Savings Accounts

by Flexo

I am not surprised that my recent suggestion to start the decade off right by opening a high-yield savings account received a lukewarm reception. With rates between 1 percent and 2 percent APY right now, these savings are looking somewhat pathetic. Savings accounts are not designed to be investments. They will not provide the growth potential that ... Continue reading this article…

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Start the Decade Off Right: Open a High-Yield Savings Account

by Flexo

It’s a new year and a new decade. I expect the next ten years will fly by and 2020 will be here before I know it. Thinking about how fast the future is barreling towards the present is inspiring me to start making real changes in my life, and if there is an opportunity to ... Continue reading this article…

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Your Flexible Spending Account: 10 Qualifying Purchases

by Flexo

Flexible Savings Accounts (FSAs) are often offered by companies to help their employees save money by setting aside income from paychecks to pay for health-related expenses without being taxed. For many Flexible Savings Account holders, the deadline for using the funds set aside is the end of the calendar year. Medical FSAs usually provide the ... Continue reading this article…

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ING Direct Offering $121 Bonus for New Checking Accounts

by Flexo

Here’s a Black Friday sale I can appreciate. ING Direct is offering a $121 bonus for opening an Electronic Orange checking account today, Friday, November 27, 2009. This is a one-day only sale. According to ING Direct, consumers pay $121 in overdraft fees, on average, each year. Rather than charging overdraft fees, the Electric Orange ... Continue reading this article…

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Ally Bank Increases Interest Rate to 1.64% APY

by Flexo

While most banks are still lowering their interest rates, Ally Bank increased its rate today, November 13, 2009, to 1.64 percent APY. Although the rate is up, it is only 0.09 percentage points higher than the rate of 1.55 percent last month, the lowest rate from Ally Bank or GMAC Bank since I started watching interest rates ... Continue reading this article…

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