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Added on the 11/10/2020 12:37:24 - Copyright : Wochit
Put bluntly, the interest rates most brick-and-mortar banks are offering on savings account are absolute rubbish. So it makes sense to move your savings to a high-yield, online savings account. But before you jump ship, do your research about four important matters. According to Business Insider, don't just pay attention to the interest rate. That can be misleading. Check for all fees, restrictions, and features. Also, determine if the bank will limit how much money you can transfer out each day. Finally, to make life simpler, make sure the bank can do free, automated transfers to external accounts. Happy saving!
The recent storming of the US Capitol seems to be hitting President Donald Trump not only politically, but financially as well. CNN reports a growing number of businesses suddenly want very little to do with Trump after he incited a mob of his supporters to attack the Capitol. Twitter and Facebook banned Trump indefinitely, and Stripe is no longer processing credit card payments for his campaign. Shopify stopped operating online stores for the Trump Organization and the campaign and the PGA is pulling a major golf tournament from a Trump resort. It's also unclear which, if any, banks will want to loan money to the Trump Organization.
Business Insider personal finance contributor Alexis Rhiannon opened her Roth IRA in her 20s and has managed to max it out every year. That is, she's maxed it out every year ever since she began using a strategy she calls 'squirreling.' To meet any annual savings goal, like an IRA contribution--or anything else--just divide the full amount by 52 weeks or 365 days. Then, set up an automatic transfer from your checking account for that amount to go into your IRA, or any other account you can't access easily. After all, the annual ROTH-IRA contribution max for 2020 is $6K if you're under 50, or $7K if you're over fifty. That means you need to save $116 or $135 a week, or $16.44 or $19.18 a day. If that's too ambitious, you can always lower the amount, but you can still make great headway.