- The Finance Gourmet

Marcus High Interest Savings Account Review

October 11, 2024 by Finance Gourmet

Update: As of January 2024, the current interest rate Marcus accounts is 4.50% Update: As of July 2024, the interest rate on the Marcus High-Yield Savings Account is 4.40%. Update: As of 10/11/24, the interest rate on Goldman Sach’s Marcus High-Yield online savings account is now 4.10% after recent rate cuts by the Fed. High Yield Savings Worth It Again After a few years decades of the Fed running along with near zero interest rates yielding high-yield savings account earning only a few cents more, online high yield savings accounts are back. With interest rates up over 3% for the first time in a long while, watching that monthly interest payment hit is a whole lot more fun now. As someone a little older and with more finance experience the return to 6% mortgages and savings accounts paying at least a few percentage points feels like normal. However, it’s been over 20 years since the Fed Funds rate was this high, so this might all be new to you if you are in your 30s, or younger. While the cost of your borrowing has gone up, whether it’s mortgages, credit cards, auto loans, or personal loans, taking out a loan …

SoFi Banking Scam or Legit – A SoFi Banking Review

May 5, 2022 by Finance Gourmet

Taking another look at what SoFi offers. This time we are all about SoFi Banking reviews. Is SoFi Banking a Scam? SoFi Banking, including SoFi checking and SoFi savings are products of SoFi Bank, which is a member of FDIC. FDIC membership comes with numerous rules and regulations that are actively policed by several federal regulators. So, we can be quite sure that SoFi is not a scam at least in the stealing your money and disappearing sense. In fact, even if SoFi goes bankrupt, FDIC insurance ensures that you won’t lose a penny, up to $250,000 per account. Is SoFi Banking Legit? So, is SoFi Banking legit? Yes, but like many companies the bold face type, and look here hand waving, hides a few catches to SoFi Banking you might want to keep an eye on. Let’s take a review of SoFi banking and see what it offers. First, SoFi banking offers a very good 1.25% interest rate on your checking and savings deposits. That makes SoFi Checking and SoFi Savings worth having because that is the highest interest rate on savings or checking that you will find that applies to the whole balance. (Lots of banks advertise the …

When Will My Savings Interest Rates Go Up?

March 18, 2022 by Finance Gourmet

Waiting for your bank or credit union to raise the interest rate they pay you on your savings or money market accounts? Don’t hold your breath. Better Savings Interest Rates While the Fed kept interest rates at zero, most banks followed suit with their basic interest-bearing accounts, getting as close as their computer software allowed, 0.01% interest or APY if you prefer. A quick search of big bank websites shows mostly the same. Sure, you can grab a little bit more interest on a little bit more money if you meet certain terms and conditions, but the basic savings accounts all look like this. Bank Interest Rate Chase Savings Interest Rate 0.01% US Bank Standard Savings Interest Rate 0.01% FirstBank Regular Savings Interest Rate 0.01% Bank of America Advantage Savings Interest Rate 0.01% USAA Savings Account Interest Rate 0.01% Wells Fargo Way2Save Interest Rate 0.01% According to company’s website as of 3/18/22 You get the idea. Most of these banks have a way to earn more interest if you perform certain steps like setting up direct deposit or keeping a minimum balance, but even then, the rates are nothing to write home about. The best high-yield savings accounts online do …

Best Online Bank Rates

January 21, 2021December 11, 2020 by Finance Gourmet

OK, I get asked all the time about where to get the best rates for a savings account. First off, check your current bank’s offerings for a money market account, which often pays higher interest than a savings account. Money market accounts pay better rates in exchange for restrictions that should be very easy for you to meet. (You can check here for information about kids savings accounts.) With the low interest rates out there today, getting a high interest rate isn’t easy. Even the best high interest account won’t pay more than 1%, unless they limit how much money earns the higher rate. Remember, a higher interest rate won’t mean much for a small amount of savings. The difference in actual dollars between 1% and 1.5% on something like $500 is just $5 per year. That isn’t worth it if it means you end up with even one overdraft charge. Keep a cushion of savings in your local account so you instantly transfer money to your checking account if you need it. The Online Banks Next, if you are purely interested in rates, then online banks are the way to go. There is a catch, but it isn’t what …

Online Bargains Aren’t Always Great Deals Check The Details First

December 15, 2009 by Finance Gourmet

Black Friday has come and gone. Cyber Monday is history. Yet, online shopping continues in full force. Various reports suggest that online shopping has increased dramatically this year, likely due to the increasing usage of broadband connections in the home, and the draw of huge savings secretly located on the Internet if you can just find the right combination of coupon codes, discount websites, and wholesalers online. However, as always, when it comes to personal finance what you don’t know can hurt you. Make sure you understand all of the details regarding online shopping for bargains. Otherwise, you may get burned. Amazon Makes Online Shopping OK Not long ago, online shopping was the exclusive providence of very specific people, typically techies, and ultra-bargain shoppers who linked together in electronic discount finding groups reminiscent of the old coupon clubs. A few appearances on Oprah by folks like "Coupon Mom" helped drive online shopping and deal finding to the forefront of the American consciousness. But, what finally pushed online shopping over the edge from the wary, angst filled, activity it used to be to a common shopping method used by teenagers, little old ladies, and the technological inept alike was the legitimizing …