Category — Banks

Every bank in your area has advertisements and incentives trying to get you to open a bank account at their bank. They promise cash, electronics, gift cards, and many other types of gifts. They offer you free services, special interest rates, and a home town experience. All of those promises are great, but they do not help you decided what kind of account you really need.

Open a Bank Account

Before walking into the bank and getting confused by all the accounts and deals they are going to offer you, think about how you need to work with your money. Are you needing your money in an account which allows you instant access at ATM machines? Are you going to be using online bill payment for your monthly bills? Those two services are most often tied to a checking account. Continue reading →

An online bank account offers many great features and added benefits not found in your traditional home town bank. For every advantage there seems to be an offsetting disadvantage you need to consider.

Online Bank Account

One advantage to the online bank account is the interest rates. Since these banks have lower costs they normally return their higher profits to their clients in the way of higher interest rates on savings accounts. If you are seeking the highest interest rates possible check with some of the online banks to see what they offer in comparison to your current bank. Continue reading →

When you start looking for ways to finance your child’s education, to make home improvements, or other large expenses, one option which always comes up is home equity loans. Are these loans your best friend in times of need, or are they a large burden which will harm you?

Home Equity Loans

First you need to understand exactly what a Home Equity Loan is. You are borrowing money against the equity you own in your home. If you purchased your home with a $200,000 mortgage, and you have made enough payments to cut the remaining balance down to $100,000, you may have $100,000 in equity. This will depend on the current appraised value of your home. The loan company will evaluate your income, your other debts, and determine how much money you can borrow against your $100,000 of equity. Normally home equity loans are lower in cost than other forms of loans, and much lower than credit card debt. However, there is a risk. Continue reading →

The sign in the window of the bank keeps flashing “Free Checking Account”. You see the sign and cannot imagine how anything could be cheaper. The smile on the banker officer’s face as you sign the account contract should tell you one thing. They are going to make a profit from your account, free is not always free.

Free Checking Account

When you walk into any bank to open a new checking account it is tempting to choose their free checking option. Before you get excited and point to the free account take some time to think about which services you really need, and how you use your account. If you do not carefully examine the difference in accounts you could be in for some really unexpected surprises. Continue reading →

Placing your money in a certificate of deposit is a great investment. You will receive a higher interest rate from your bank for making the commitment. The higher interest rate helps your money grow faster, but this is not the only or the best reason why you should be using a CD for your savings.

Certificate of Deposit

Do you have trouble saving money? Most people are good at making a plan to save a certain percentage of their income every week or month. They have the money pulled out and placed into savings for them, and then starts the trouble. They know there is $500 or more in the bank and they start dreaming of ways to use the money. They find this great bargain on a new couch, bedroom dresser, or the LCD television they really want. One hour later the money is gone from the bank and the new television is in the trunk on the way to the house. Continue reading →

Are you running a small business from your home? Maybe you even have an office already. Did you take the time to open a business bank account and separate your business funds from your personal funds?

Business Bank Account

It is surprising how many people start up a business at their kitchen table, the computer desk, or in their garage. They get started by using their personal checking account and then never take the time to separate the two. Having a business bank account will help you separate not only the accounting and funds, but can help you to start separating the risk. Continue reading →

Are you coming up short on money to pay for your college education? Before heading to the bank to apply for bank student loans you need to explore all of your other options.

Bank Student Loans

Bank student loans are a great option when you have exhausted your other means to pay for college, but if you have not explored the other options you will be wasting your money. The first option every student should explore is scholarships. While you may believe it is a waste of time if you are not a top student, you are mistaken. There are scholarships available through churches, businesses, societies, and many types of groups which are based on ambitions, commitments to service, and other criteria. By exploring scholarships you can reduce the amount of money you will be paying back. Continue reading →

Having a bank savings account is one of the best financial moves you can make. You are making a statement to yourself of your intention to save money, and not to continue spending it all. The questions you need to consider is how committed are you, and how much interest can you make?

Bank Savings Account

The normal starting place for most savers is a passbook account. They are the easiest form of savings account. You walk into the bank with your checks and cash, hand them along with your savings account book to the teller and they deposit the money and update your passbook. You know exactly how much money is in the bank because your passbook tells you. The disadvantage of this account is the low interest rates, and the ease of usage. Continue reading →

Grab your local newspaper and take a quick look at the local bank mortgage rates. You will see many banks seeming to be all inline with each other and a few with wildly different rates. Why are the rates so different? Why do you need to shop?

Bank Mortgage Rates

Many people wanting to buy their first home or to refinance their mortgage walk into their own bank, sit down with the loan officer and write up the papers. They are sure their bank is going to give them a fair deal, and they are right. The bank will give them a fair deal for themselves, but it may not be the best deal for you. Continue reading →

A bank credit card is a great tool to help you in making easy purchases, giving you a little extra financial working room, and maybe even a feeling of prestige.  Do you know what you should look for in a credit card before you apply?

Bank Credit Card

Some credit card applications and credit card types require you pay annual membership fees to maintain their card or to even receive one.  These fees can be as low as $10 to sometimes over $100 per year.  Before you fill out an application make sure you know this important detail.  You may be shocked upon receiving a new card to discover you have already rang up a $100 bill for the privilege of getting the card. Continue reading →