Financial Fellow

Written by J.P. Wicklein
     Ever checked out the interest rate on a CD or savings account and seen two different numbers?  Interest rates on deposits are often reported two ways:  The annual percentage rate (APR) and the annual percentage yield (APY).  So, what’s the difference? 
     The APR is the interest rate on your deposit.  [...]

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Written by J.P. Wicklein

     Ally Bank (formerly GMAC bank) recently launched a 9-month CD with an APY of 2.50%. Two and a half percent on a 9 month CD is one of the best rates you’ll find. The kicker is that the Ally CD is penalty-free. Ally (short for Allied) Bank will not charge you any fees for withdrawing the funds early. The lack of an early withdrawal penalty makes the CD the same as an online savings account - with a 2.50% APY. You’d be hard pressed to find an online savings account that offers an APY greater than 2.50%. Here are the details on Ally Bank’s offer:

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Written by J.P. Wicklein

Interest rates on savings accounts have been steadily declining for quite some time. Over the last month, though, rates have leveled off a bit. Here’s a look at the best online savings account interest rates:

* Note: Minimum opening balance required to receive APY.

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Written by J.P. Wicklein

Here’s the latest batch of five interesting and useful financial articles I’ve come across lately:

1. My Money Blog relayed a story last week about Zecco’s April Fool’s Day joke. What would you do if your online stock broker accidentally updated your account with millions of dollars in buying power – on April 1st?

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Written by J.P. Wicklein

     Every now and again I feel the need to climb on my soap box and tell people how it is. Today is one of those days. I love my country but, our nation and fellow citizens do some things that really upset me. With that in mind, here’s what I hate about America:

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Written by J.P. Wicklein

In light of my article on Tips to Profit from Residential Real Estate I thought it would be interesting to present an article on why you should rent your home instead of buying it. Here are some other financial tidbits I came across this week:

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Written by J.P. Wicklein

     Last week I wrote an article comparing high interest online savings banks.  Since then, a few online banks dropped their interest rates (see table).  Falling interest rates are nothing new. The interest rate on my ING Direct savings account has been on a steady decline for the last 2+ years. It’s gone from an APY of 4.50% all the way down to 1.85%. The last two months alone have seen the APY drop almost 1.00% over the course of four rate adjustments.

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Written by J.P. Wicklein

     Several years ago I decided to shift my savings account from my local, brick-and-mortar bank to an online bank. I did so to take advantage of the higher interest rates paid by online banks. Since they don’t have the overhead associated with their brink-and-mortar competitors, many online banks will offer customers a higher interest rate. Here’s a closer look at the three, major online banks:

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………………..Written by J.P. Wicklein…………………………………..Photo by Waffler

…..Throughout the course of my adult life I’ve made smart financial decisions. On occasion, though, I’ve made some mistakes. With that in mind here are my biggest financial blunders:

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