Business Wealthfront, one of the largest digital wealth management firms known as "robo-advisers", said on Thursday it is expanding its suite of financial products by introducing a cash account with a rate on deposits of 2.24 percent, significantly higher than the average U.S. rate. 15 Feb 2019 12:20AM Bookmark NEW YORK: Wealthfront, one of the largest digital wealth management firms known as "robo-advisers", said on Thursday it is expanding its suite of financial products by introducing a cash account with a rate on deposits of 2.24 percent, significantly higher than the average U.S. rate.The accounts will be launched through partnerships with several banks, including East West Bank and New York Community Bank, and will be protected by the Federal Deposit Insurance Corporation (FDIC) for up to US$1 million, the company said.Average rates at insured U.S. depository institutions, including mainstream banks, are 0.06 percent for checking and 0.09 percent for savings, according … [Read more...] about ‘Robo-adviser’ Wealthfront launches cash account
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caption It can be just as smart to spend $50 as it is to save it. source Gleb Leeonov/Strelka Institute/Flickr You have $50 to spare – what should you do with it? Some people may think $50 is pocket change, but it can turn into a lot more if you put it to smart use. You should put it in an emergency fund, deduct it from your paycheck, spend it on investment apps, or invest it in personal-finance resources, such as books, according to the experts. Some money is better than no money. If you can afford to spare $50, don’t treat it like loose change. While it may not seem like a lot, it can go a long way if used wisely. So should you save it or spend it? Turns out, both are good options, according to experts. Here, they share the smartest things you can do with $50. 1. Tuck it away for a rainy day Rich Ramassini, certified financial planner (CFP) and director of strategy and sales performance at PNC Investments, recommends … [Read more...] about 4 smart things to do with an extra $50, according to financial planners
You might not know it by its name, but surely you've noticed snaking queues at cash deposit machines on a particular day around Chinese New Year. This date is called Li Chun (立春), and depositing cash has become quite a Singaporean tradition in the past few years. According to some fengshui master or other, Li Chun is supposedly an auspicious day for you to deposit money in your bank account. If you're wondering when, where and why Li Chun 2019 is all about, here's a dummies' guide. (Read all the way to the bottom for advice on how you can ACTUALLY make money with your money for Li Chun!) Now wait just a minute, what in the blazes is Li Chun (立春)? For the benefit of anyone who isn't Chinese, is Chinese but studied in ACS, or is simply a potato, I'll briefly explain Li Chun (Chinese: 立春) in this section. Li Chun is a date on the Chinese calendar that signifies the beginning of spring. This date often falls around Chinese New Year, although the … [Read more...] about ‘Huat’ are the best times to deposit money on ‘auspicious’ Li Chun this year?
caption Having more cash in the bank isn’t how you build wealth. source Andrew Boyers/Reuters Cash in the bank is a good thing – up to a certain point. Banks insure only up to $250,000 in an account, so if you have more than that, your money is at risk. If you have too much in a low-interest bank account, your money isn’t working for you. You can get much higher returns if you invest instead. You need only a certain amount of cash readily available in a savings or checking account: between three and 12 months’ worth of income for emergency expenses, and a cash cushion to cover irregular one-time expenses. You can also have enough for your short to mid-term goals (like a vacation). Want to hear some scary financial statistics? Seventy-eight percent of American workers today say they live paycheck to paycheck. Only 39% of Americans … [Read more...] about I’m a financial planner — here are the best pieces of advice I can give you about what to do with your cash
caption The right time to open a savings account is now. source Strelka Institute/Flickr Financial planners say if you don’t have a savings account, don’t wait: Now is the right time to open one. Make sure your account is federally insured – typically savings accounts are insured up to $250,000. Look out for interest rates and fees when opening a savings account for the first time. You don’t need a large income or consistent work to open a savings account, all you need is some pocket change and the motivation to save. Whether you are opening up a savings account for the first time or not sure if you chose the right bank to hold your money, there are important factors to look into. We spoke to financial planners about the the right time to open a savings account and how to save according to your budget and income. When should I open a savings account? If … [Read more...] about The best time to start saving money is the same, no matter what you’re planning to buy