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Sep 27, 2024 | 
bottomlineinc.com | Ken Tumin |Robert Michelin
Just the thought of moving your money to a new financial institution can be daunting—but it doesn’t have to be, says banking expert Ken Tumin. Just follow these seven steps…Determine the benefits and kinds of services that you want, and make sure the institution you are considering meets these criteria.
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Sep 16, 2024 | 
bottomlineinc.com | Ken Tumin |Robert Michelin
With interest rates at their highest in decades, it’s been easy for savers to safely earn interest on their money with annual percentage yields (APYs) over 5%. But this September, the Federal Reserve is widely expected to cut its benchmark short-term interest rate for the first time since March 2020 in an effort to avoid an economic slowdown. Banking expert Ken Tumin now expects a series of gradual rate cuts to the 4.25%-to-4.5% range over the next six months to a year.
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Aug 21, 2024 | 
depositaccounts.com | Ken Tumin
BlogJuly Fed Meeting: Rates Stay Steady, but Cuts Could Come as Soon as SeptemberWritten by Ken Tumin | Edited by Ali Cybulski | Published August 2, 2024The Federal Open Market Committee (FOMC) held the federal funds rate steady at 5.25% to 5.50% for the eighth straight time at the end of its two-day policy meeting July 31. The benchmark rate has remained in that target range — at its highest level in more than two decades — since July 2023.
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Aug 15, 2024 | 
depositaccounts.com | Ken Tumin
Written by Ken Tumin | Edited by Ali Cybulski | Published on 6/14/2024The Federal Open Market Committee (FOMC) held the federal funds rate steady at 5.25% to 5.50% for the seventh straight time at the end of its two-day policy meeting on June 12. The benchmark rate has remained in that target range since July 2023. This means that as savers will likely continue to benefit, borrowers won’t find it any less expensive to buy a home or car.
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Jul 15, 2024 | 
bottomlineinc.com | Ken Tumin |Robert Michelin
We all know about checking and savings accounts, but you may not be aware of a third type of account. A money-market savings account combines features of checking and savings accounts but earns higher interest and still allows you access to your money.
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Jun 14, 2024 | 
depositaccounts.com | Ken Tumin
Written by Ken Tumin | Edited by Ali Cybulski | Published on 6/14/2024The Federal Open Market Committee (FOMC) held the federal funds rate steady at 5.25% to 5.50% for the seventh straight time at the end of its two-day policy meeting on June 12. The benchmark rate has remained in that target range — the highest in more than two decades — since July 2023. This means that as savers will likely continue to benefit, borrowers won’t find it any less expensive to buy a home or car.
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Jun 5, 2024 | 
depositaccounts.com | Ken Tumin
Written by Ken Tumin | Edited by Ali Cybulski | Published on 6/5/2024Many banks have made opening an account online quick and easy. You can often do everything on your computer or mobile device, skipping a branch visit or mailing forms. The ease of opening a bank account online has limits, however, because all financial institutions are required to verify the identity of each customer with specific information and documentation.
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Apr 24, 2024 | 
depositaccounts.com | Ken Tumin
Written by Ken Tumin | Edited by Ali Cybulski | Published on 4/24/2024The failures of five banks in 2023 marked an infamous milestone: These collapsed banks held nearly $549 billion in combined assets, the largest total in a single year. The recent failures are reminders of the importance of federal deposit insurance. It protects bank or credit union customers if an insured institution fails and comes automatically with any deposit account opened at a federally insured bank or credit union.
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Mar 15, 2024 | 
depositaccounts.com | Ken Tumin
Deal Summary: 10-month CD (5.75% APY) and 15-month CD (5.50% APY), $1k minimum opening deposit. Availability: Greater St. Louis metropolitan area. For a limited time, M1 Bank is offering two CDs with market-leading rates: 10-month (5.75% APY) and 15-month (5.50% APY). The minimum opening deposit is $1k, with no stated balance cap.
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Mar 12, 2024 | 
depositaccounts.com | Ken Tumin
Deal Summary: 12-month CD Special, 5.64% APY, $10k minimum opening deposit. Availability: Six Dallas metro area counties and Tahoe City, California. For a limited time, Citizens National Bank of Texas (CNB Texas) is offering a 12-month CD Special with a market-leading 5.64% APY. The 12-month CD Special requires a $10k minimum opening deposit, with no stated balance cap. There is no specified end-date on the CNB Texas website and CSR was not aware of an end-date.
