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.Certificates of deposit work as a short-term savings vehicle for goals such as upcoming home or car purchases. If you’re near or in retirement, you might wonder if CDs fit there too.For risk-averse folks, CDs can be appealing. Safety is central to them: CDs offer predictable returns, federal deposit insurance and no volatility in value such as in the stock market.“CDs are like…

A regional bank is a bank with assets between $10 billion and $100 billion, according to the Federal Reserve. Based on their assets, regional banks are midsize banks: They’re bigger than community banks but smaller than national banks. Though asset size is how the Federal Reserve defines regional banks, it’s not the only way to earn that designation. Banks with assets greater than $100 billion can also be considered regional banks based on the area they serve — generally, a specific and limited region.What does a regional bank offer?A regional bank typically caters to its local communities and offers many…

What is a bank failure?A bank failure is the closure of a bank by a government regulator generally when the bank loses the ability to pay back debts or return deposits to customers. A failed, or bankrupt, bank will have its assets, such as customer loans and investments for future profit, be worth less than its liabilities, such as customer deposits that the bank owes. When many customers lose confidence in a bank and try to pull out all their money at once, a bank run occurs.The Federal Deposit Insurance Corp., the federal agency that manages failed bank operations, has…

Allpoint is one of several major automated teller machine (ATM) networks that operate throughout the U.S. Banks might choose to work with ATM networks such as Allpoint that have a pre-existing infrastructure that helps customers withdraw cash and doesn’t require banks to set up their own networks. SavingsCash ManagementCDCheckingMoney MarketSoFi Checking and SavingsAPY4.20%SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.20% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated…

Combining finances with a partner can happen at any stage of your relationship, even if you’ve been married to your partner for a long time. It can be a great opportunity for a couple to get on the same page about what they want their financial future to look like, especially when it comes to big considerations such as child care, homeownership and retirement. An academic study published in the Journal of Consumer Research in 2023 found that couples with joint bank accounts experience less financial conflict and greater harmony within their relationships. The study results indicated that couples who…

Hurricane Helene Aftermath Prompts Card, Cash Troubles After Hurricane Helene devastated much of the southeastern U.S., survivors of the wreckage wrought by the storm are grappling with another issue: How to pay for goods and services. Across much of the region, particularly in the hardest hit areas, credit card networks have been disabled in tandem with power and internet outages. Merchants who managed to open their doors were sometimes demanding that customers use cash only because of an inability to process credit or debit card transactions. [Payments Dive] The Buying Power of Your Credit Card Points Is Tanking Inflation is…

Marcus by Goldman Sachs’ Online Savings Account earns a competitive 4.10% APY (annual percentage yield) as of 10/10/2024. This rate is much better than the national average rate of 0.45%, and is among the best savings rates around. Also, there are no monthly fees. The savings account is offered by Goldman Sachs Bank, which is a brand of the financial giant Goldman Sachs. Marcus by Goldman Sachs high-yield savings account: rates and feesMinimum requirement to earn the high rateSavingsCash ManagementCDCheckingMoney MarketSoFi Checking and SavingsAPY4.20%SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period…

Mercury, Yotta, Fold, Juno, Brex, Copper, YieldStreet, and a host of additional firms all provide banking-like services, but none are chartered banks. These firms all require partner banks to provide access to the banking system, and banks are exiting the business of partner banking. Without banking relationships these firms may not be able to continue. Non-bank providers of banking services have grown considerably over the past decade, and venture capital firms have invested substantial sums. Financial technology firms directly interact with customers, and in some instances, it is difficult for customers to understand that they are not directly dealing with…

Sometimes, the mark of a good bank or bank account is that you don’t have to think about it too much: It works the way you need it to and provides the services and rates you want without costing you much, if anything. But it’s a financially healthy practice to periodically assess where and how you keep your funds. Here are five common banking mistakes that you might not realize you’re making.1. Using only a checking accountIf you have a checking account, you should also have a savings account. It’s important to keep those funds separate so you don’t inadvertently…

In the older, less polite trading floors of Wall Street there was an adage that may be paraphrased as money talks, male bovine excrement walks. When the buyside titans of the investment industry like Larry Fink from Blackrock get involved in something, then the money has spoken. Bitcoin Bitcoin and cryptocurrency are not going anywhere. On January 10th, there was a massive change in the institutional attitudes and legal categorization of Bitcoin when the Securities and Exchange Commission (SEC) approved spot bitcoin exchange traded funds (ETFs). The movement of Bitcoin into a traditional investment vehicle facilitates a potentially vast increase…