The investing information provided on this page is for educational purposes only. NerdWallet, Inc. does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks, securities or other investments.Jump to a specific neobank or category:Neobanks are financial technology — or fintech — companies that typically offer banking accounts through mobile apps and desktops with eye-catching features like low-cost credit or cash-back rewards. Some neobanks offer high-yield savings accounts, loans, credit cards or investing products, too.Neobanks operate without branches and, since they lack bank charters, they partner with banks to provide accounts…

FedNow is a new instant-payment service backed by the Federal Reserve. It gives financial institutions the ability to let customers make payments that can be sent any time and received within seconds, with funds immediately available for use. FedNow is not replacing PayPal and other apps, such as Venmo, Cash App and Zelle. Still, the service’s availability will depend on whether your bank opts in.Here’s a breakdown of what FedNow is and how it works.What is FedNow?FedNow is the Federal Reserve’s new instant payment service that enables customers at participating banks and credit unions to send and receive money within…

The Federal Reserve lowered the federal funds rate by 50 basis points, or one-half of a percentage point, on Sept. 18. This decrease is the first rate drop since March 2020, and the Fed rate’s current range of 4.75% to 5.00% is still high compared to what it was for most of the past two decades[0]Board of Governors of the Federal Reserve System. FRED Graph. Accessed Sep 18, 2024..When is the next Fed meeting?The Federal Open Market Committee’s next meeting is Nov. 6-7, 2024. This is the next scheduled time that the FOMC could modify the federal funds rate.This rate,…

Additional information about bank bonuses: checking account bonuses, bank sign-up bonuses and moreWhat does the Fed rate announcement mean for bank account bonuses?In September, the Federal Reserve announced it would lower the federal funds rate (the rate which commercial banks use to borrow and lend money to one another). The Fed last changed the rate in July 2023, which was the fourth change that year and an increase. The Fed also increased the rate seven times in 2022. The changes haven’t directly affected bank bonuses, but it could still be a good time to open a new bank account in…

The investing information provided on this page is for educational purposes only. NerdWallet, Inc. does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks, securities or other investments.Federal Reserve officials completed a two-day meeting on September 18 and announced a federal funds rate decrease of 50 basis points.[0] This is the first decrease in more than four years. The target range is now between 4.75% and 5.00%. Previously, the target was 5.25% to 5.50%. With the recent announcement, savers are likely to see slight dips in savings rates.Will high-yield savings…

Our Nerds say:“When choosing a savings account, a high rate isn’t the only thing you’ll want to consider. You’ll want to see whether there are any monthly fees or withdrawal limits. “It’s also important to pick an account that meets your overall banking needs. If you want your checking and savings accounts to be at the same bank, for example, you’ll want to go with an institution that offers both checking and high-yield savings.”- Margarette Burnette, NerdWallet banking writerBest high-yield savings accounts: full list of editorial picksWhen selecting the best high-yield savings accounts, NerdWallet uses multiple data points, including monthly…