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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 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…

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…

The debate over credit unions and banks is heating up ever since the financial crisis of 2008. After the bailout consumer attitude towards traditional banks took a nose-dive. I once held a national bank, one that didn’t do much sub-prime lending: US Bank, but the urge to move to a credit union was strong. [ad#Content 300×250] It seemed everybody I knew was moving to a credit union, disgusted by fees, upset by service and unhappy…

We asked visitors who changed from a traditional bank to credit union. Besides things like customer service, community focus – credit unions provide a lot of features unmatched by traditional banks. Also be sure to check out Credit Unions vs Banks, reasons why people make the switch. Funny you should mention it. I just switched back to a credit union today. The main reasons are: Better rates Better customer service It’s a local company, so more…

An emergency fund is a lump sum of money that should pay for three to twelve months worth of living expenses. The idea behind the emergency fund is that you have easily accessible money in case of an unexpected situation that keeps you from working and earning money; or for expenses that come up you hadn’t planned for. Most people understand the value of having an emergency fund – but it’s not easy to create…

There can be quite a long list when it comes to everything you might want to see in a business bank account. Sure, a gift for opening an account is nice, and a piece of candy with your deposit is sweet, but let’s get down to the important things about a business bank account — the true essentials. Because let’s face it, having the right bank account for your business can save you time, trouble,…

One of the ways that some banks are trying to lure customers is by beefing up their checking account offerings. Rewards checking accounts are becoming more common, including high yield checking accounts that offer a fairly high rate of return. While any return isn’t going to be particularly attractive right now, earning something on your checking account is better than nothing. [ad#Content 300×250] It is important to be careful, though, when you consider high yield…

Overdraft, a Tax on the unwitting poor. Every year, something like this happens. I’m at the gas station I go to load up on 87-octane, but I haven’t logged into my online bank in a while. After the day of hitting the usually Friday fair – book store, coffee shop, Target, and the Mall – I fill up my gas-addicted car no problem. I go home to see the damage I’ve done. WHAT!! Another overdraft…

[ad#Content 300×250] One of the issues you have to contend with when it comes to retirement is inflation. Inflation, at its most basic, is viewed as rising prices. Inflation erodes your buying power, creating a situation in which your dollar does not go as far as it used to. If you consider that inflation has an annual rate, you can see why it would be a problem. If the rate of inflation is 3% annually,…