Cornerstone Bank offers Certificates of Deposit with a minimum of $500 to open. Rates differ depending on the length of time from deposit to maturity. Formed in 2017, Cornerstone Bank is the marriage of two historical community banks into one. SpencerBANK and Southbridge Savings Banks have served the citizens of Central Massachusetts since 1871 and 1848, respectively. With a home base in Worcester, Massachusetts, the operations of the bank extend to 13 branches. Cornerstone Bank…
CFCU (Community Federal Credit Union) reports that members have access to Lucky Savers Certificates as well as Certificates with a $500, $25,000, or $100,000 minimum to open. Lucky Savers can deposit a minimum of $25 with a 0.80% APY after 12 months. CD rates increase over time, with funds compounding monthly. CFCU Logo Membership is limited to any individual who resides, works, attends religious observations, or attends school in Tompkins, Cortland, Cayuga, Ontario, or Seneca…
Redstone Bank reports that they offer shared, jumbo and members-only and members-only plus rates for both certificate of deposit types as well. Non-bank members can expect Redstone CD bank rates a .10% rate for a 6-month jumbo certificate in 2019, according to their website while a member receives a .36% rate for the same type of CD. Membership is based on employment or membership to certain companies and local churches. For a 36-month regular share…
The bank you choose makes just as much of an impact on you as the car you drive, the phone you use, or the insurance you depend on. The banking industry may seem different on the surface, but the reality is that many customers make the decision of what bank to choose based on factors other than just financial health or even interest rates. 26 percent of consumers would never choose a bank without reading…
A person’s age plays a significant role in their willingness to utilize the convenience of banking online. Weekly trips to the bank were part of the normal routine throughout the working years for many older people and the thought of accessing a bank account through a computer is simply beyond comprehension. The fact remains, long lines in a brick and mortar banking institution have been replaced with a wide variety of online banking services. Society has…
A credit card is not more than a small piece of plastic but it has the power to transform your life. It is the key to a better lifestyle and higher standard of living albeit at a cost. You can spend more than you earn and keep paying off the amount with the passage of time. All in all, it seems like the best possible deal you would find. But this is not the case.…
New research from the Principal Financial Well-Being Index shows that the economy is the greatest source of stress for Americans, followed by their personal finances, job and health. According to the 52 percent of retirees and 42 percent of workers, the cause of a high stress level is the economy, while according to the rest 30 percent of retirees and 34 percent of workers, personal finances is the cause of the stress. On the recent…
Are you ready for the next move in the war on consumers? Banks are preparing to institute debit card fees in response to the caps that are about to go into effect. Tomorrow marks the day when a cap on debit card fees charged merchants will go into effect. Banks stand to lose billions in fees – even though the modified rules aren’t as limiting as those originally proposed. Banks have been moving to increase…
Many of us have come to rely on debit cards. They are convenient methods of payment, working like credit cards — and accepted where credit cards are used. You can swipe your debit card quickly and easily, without worrying about paying interest; your money comes right out of your checking. And now, banks are betting on the fact that you will want to keep the convenience of debit cards. Wells Fargo is test out monthly…
One of the items that has been in the financial news a lot lately is the effort to come to an agreement on caps to swipe fees on debit cards. While originally proposed at 12 cents, the new swipe fee announcement puts the fee at a base rate of 21 cents, with the ability to tack on a little extra for fraud protection. These new rules could already be heralding the end of free checking…
No doubt, you are aware that Fair Isaac, the company that markets the FICO score, is a leader in consumer profiling. After all, the company offers numerous scores, from a special mortgage score to an “expansion” score meant to help those without traditional credit loans be evaluated by the way they make utility payments and rent payments. Now, though, FICO is getting into the bank deposit business, by marketing a score designed to evaluate your…
Many of us assume that when we want to open a bank account, it’s a simple matter. After all, we aren’t borrowing anything; we should be able to open a deposit account with minimal fuss. While many financial institutions will let you open a deposit account with the identification information required by law, and by answering a few questions, others will add another step: Looking at your ChexSystems report. What is ChexSystems? ChexSystems is an…
There has been a lot of hand wringing lately by banks. Regulations are in effect, and soon, a debit fee interchange cap will be instituted. Big banks, which have been enjoying big profits since many of them repaid their TARP obligations, are complaining about lost revenues. And, in order to recover some of the money they say they are losing as a result of regulations and caps, they are starting look for ways to raise…
Many people automatically assume that interest is a bad thing. This is because many of us encounter interest in negative settings: We are often paying it on loans. Credit card interest seems like Exhibit A when it comes to decrying interest. However, interest isn’t all bad. In fact, interest can be your friend. The key is to earn it, rather than pay it. Earning Interest You can actually get on the good side of interest…
One of the growing trends right now is rewards checking. You can go in to a brick and mortar bank and find rewards checking accounts, or you can find rewards checking offerings online. Rewards checking can be a great banking tool, if you use it properly. Rewards Debit Card The most common feature of rewards checking is the debit card. Many of these checking accounts come with a debit card that can help you earn…
One of the things you have to watch out for when you are opening new bank accounts is the fine print associated with bank deals and cash bonuses. These ploys are used to get you to open an account, and they can provide you with competitive yields and cash bonuses, but you do have to be aware of some of the catches that might come these opportunities. Temporarily High Interest Yields Like some credit cards…
As you decide on a bank or credit union, it is a good idea to consider your options and thoroughly vet your choices. You want to make sure that your bank will provide you good service, as well as provide you with the financial products and services that you need. It is also worth noting that the era of having all of your banking in one place is over. Electronic banking via the Internet has…
One of the ways that you can get a little more of a yield on your cash is to make use of money market products. However, it is important to understand the difference between the different money market options you have. The two main options that many people have to choose from when it comes to money market are: Money Market Bank Account Money Market Mutual Fund Both types of money market products rely on…
Welcome to first ever Carnival of Banking and Money Management a weekly collection of the best in banking and management. If you are interested in hosting please don’t hesitate. Lauren Dzuris presents Top Money Mistakes Made by Young Parents | FindMyCarSeat.com an article on the common money mistakes new parents make. Alexander Green presents What You Should Know About Capital Gains Tax And Your Property an article about Capital Gains Tax And how to save…
One of the basic rules of personal finance is to make sure you have an emergency fund. An emergency fund is a short-term savings account that provides you with access to money when you need to cover unexpected expenses. It can be a wise idea to have two different emergency funds: One for short-term costs, such as car repairs, and one for long-term problems, such as unemployment. Your short-term emergency fund can find a good…
