Savings Account Rates, Uncategorized

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4 ways to jump start your savings

Category: Savings Account Rates, Uncategorized- fhuff- 8:35 am/ August 23, 2011

Do you find it difficult to build a savings. You are not alone. Many people have trouble finding money in their budget to put away for a rainy day. Here are four things you may not have considered to find the cash to jump start your savings.

  1. Raise your deductible on home, auto and other insurance policies. Raising the deductible means you’ll pay more out of pocket if you ever file a claim, but you’ll lower your monthly premium. Use the money saved to start a savings account.
  2. Sale sports equipment and musical instruments you no longer use. If you have kids, it’s likely you’ve spent money on activities they no longer participate in. Place an ad online or in the newspaper, or check with local consignment shops and thrift stores to see which items you can unload.
  3. Do manual labor. If you’ve got an arsenal of lawn equipment and other tools, post flyers around town and let your neighbors know you are available for hire. Put most of your earnings into your savings account.
  4. Recycle. Don’t limit yourself to cans and bottles. Recycling or selling old electronics, cell phones or ink cartridges could pay. Wisebread has an overview of some sites that accept these type of recyclables.

Think of other solutions you may have overlooked to find the cash you need to build a savings.

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Ascencia Bank CD rates

Category: Uncategorized- fhuff- 9:53 am/ May 30, 2011

Ascencia Bank has a 1-year certificate of deposit with a 1.22 percent annual percentage yield (APY). The CD rate is current as of May 30, 2011. The bank offers other CD rates and terms, including:

  • 1.04 percent APY for 6 months
  • 1.49 percent APY for 2 years
  • 1.45 percent APY for 2.5 years
  • 1.5 percent APY for 3 years
  • 2.38 percent for 5 years

The Louisville-based bank requires a minimum deposit of $500 to open a certificate of deposit. The maximum that can be deposited in a certificate of deposit is $97,000. Other details of the CD offer include:

  • 24-hour online access to CD accounts
  • Interest is compounded monthly
  • Bank can limit the number of CDs an individual can open
  • Interest rate is guaranteed for 20 days from the date of application
  • No withdrawals for first 90 days account is open
  • Insured by the Federal Deposit Insurance Corp. (FDIC)

Withdrawing funds early results in penalties. The penalty for early withdrawal from CDs with a term of 12 months or less is 91 days interest on the amount withdrawn. The penalty for terms greater than 12 months is 182 days interest on the amount withdrawn.

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3 Mistakes people make with their savings

Category: News and Notes, Uncategorized- fhuff- 9:58 am/ December 15, 2010

Do you talk a good game about building a savings but never really do anything about it? If so, you are not alone. Many people claim they want to build wealth but are unwilling to do the things necessary to achieve that goal. Here are three common mistakes people make that hurt their chances of building a nest egg.

  1. Not doing your homework. Building wealth takes time and a commitment. It’s important to research the various options available for opening a savings account, money market, or certificate of deposit so that you can choose the right account. Use a savings calculator to figure out how much you need to regularly contribute to accounts in order to reach your goals in a specific time frame.
  2. Ignoring existing savings accounts. So maybe you went through the trouble of opening some type of savings and haven’t made a deposit since. Review your account statements regularly so that you are aware of any fees or changes to the account.
  3. Cancelling out any interest earned on savings with credit card debt. Having a lot of high-interest debt is going to work against your long-term goals to build a nest egg. Pay off as much of your debt as possible so that you can put the money that goes toward those payments into your savings account.

Saving money takes hard work and a real desire to plan for future financial needs. Taking steps now to change your financial habits can help put your wealth-building plan in action.

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November Retail Sales Rise

Category: News and Notes, Uncategorized- fhuff- 4:24 pm/ December 11, 2009

Retail sales rose 1.3% in November, which may indicate that the U.S. economy is recovering better than expected, according to data from the Commerce Department.

Other financial news included a report from the University of Michigan and Reuters indicating that their consumer sentiment index rose in early December to the highest level since September.

The financial news caused some economists to upgrade their forecasts for growth during the fourth quarter, according to MarketWatch.

Sales gains were spread throughout the various sectors, and only furniture and clothing sales fell during the month. Many retailers are hoping to see sales improve this holiday season as compared to last year.

“Consumers are tapping into savings and beginning to spend. With the U.S. and global economy turning up, hours and incomes will continue to rise, supporting further gains in consumer spending,” John Herrmann, chief economist at Herrmann Forecasting in Summit, N.J., told Bloomberg.

Although some economists are hopeful about an economic recover, challenges remain. Many consumers worried about the credit crunch continue to sock away money in savings rather than spend.  Also, the U.S. unemployment rate is at 10%, and many employed workers still believe that they could become a victim of downsizing.

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Quantum National Bank

Category: Uncategorized- fhuff- 3:03 pm/

Residents of Georgia can get a  Quantum National Bank Hi-Rate Money Market with a rate of 1.7% annual percentage yield (APY) on deposits of $100,000 and up.  Other money market rates are available for smaller balances. Details of the money market deals include:

  • Minimum opening deposit of $100
  • Simple interest paid monthly
  • Money market rates can change at any time
  • Fees could reduce earnings on the money market
  • Check writing available

To avoid paying a $12 monthly fee on money markets, accounts must have a minimum average daily balance of $1,500. You also are charged a $10 excessive withdrawal fee if you make more than six external withdrawals per statement cycle. The bank does not limit the number of automatic loan payments, ATM, or in-person withdrawals.

There are some limits on the number of daily transactions with ATM cash cards and debit cards. You can withdraw up to $400 through ATMs in any one day. Also, you can purchase $1,500 worth of goods and services each day through the bank’s point of sale service.

Quantum offers a free bill pay service and pre-authorized deposits can be set up for money market accounts. You also can access account information online or by phone.

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