(StatePoint) While there’s no doubt that putting money aside with each paycheck is an essential component to a healthy financial future, it’s important to keep in mind that not all savings accounts are going to give you the same pay back or benefits.It’s estimated that American consumers are missing out on over $50 billion dollars of interest they could be earning every year. The average interest rate on savings accounts is 0.08 percent, according to the FDIC, with many of the largest financial institutions paying as little as 0.01 percent.But did you know that the top online banks have interest rates 20 times higher than the national average, according to rates published by the FDIC? Because they have no physical branches, they are often able to pass on that savings to customers through consistently competitive rates.“A traditional bank savings account is certainly a safe vessel in which to deposit money, but it won’t necessarily help that money … [Read more...] about Could Saving With An Online Bank Help Your Money Grow Faster?
Make your money grow
Finding money to save for all of your future financial needs is a challenge for nearly everyone. But once you start out on the path toward financial security, there are a number of things you can do to make sure that your savings grow as quickly as possible. In particular, the following three strategies are easy to do, but they can make a big difference in your finances over time. 1. Don't settle for no-interest savings Over the past several years, many savers have gotten used to getting next to nothing in interest on their savings. Banks routinely set rates on interest-bearing accounts at 0.01%, and that crushed savers who relied on those interest payments for income to pay current bills. Some people turned to longer-term investments in order to get the income they needed. As it turned out, investing in dividend stocks, long-maturity bonds, and real estate investment trusts back in the late 2000s following the financial crisis turned out to be a profitable move, but it's likely that … [Read more...] about 3 Simple Ways to Make Your Savings Grow
David Boyle for The Spinoff Last year, Kiwis paid about $340 million in KiwiSaver fees, but who knows if it was a good deal? David Boyle from The Commission For Financial Capability says changes to our annual statements should make it easier to understand what we are paying for. When your KiwiSaver annual statement lands in your letterbox, or inbox, you'll notice something different this year - and it's a change I hope will encourage all of us to pay a little more attention to our KiwiSavers. How KiwiSaver fee changes could affect you Could April's KiwiSaver changes see fees slashed? KiwiSaver: How to get an extra $521 from the Govt For the first time the fees we pay our KiwiSaver fund manager will be shown in dollar figures, when in the past we may have seen it as a percentage. This could come as a shock - many people have no idea how much they've been paying in fees each year. For example, if you have $10,000 in your account you might have seen your fund manager's fee expressed as … [Read more...] about Are you getting your money’s worth from your KiwiSaver fees?
We're getting pretty inventive when it comes to cutting back and making ends meet, a survey reveals. With many people feeling the squeeze from the rising cost of living, looking for ways to save cash can really help and the poll shows Carphone Warehouse quizzed more than 5000 people about the lengths they go to in a bid to save. Almost three-quarters admitted they like to keep thrifty tips Making the most of reward cards (65%) Building up loyalty points can help you save money at your favourite stores. Coupon collecting (54%) Keeping your coupons organised will reduce the chances of you forgetting when you make a shopping trip. Taking a packed lunch into work (53%) A good way to make tasty savings. Taking your own bags to the supermarket (70%) A great way to save forking out, as well as doing your bit for recycling. Wearing extra clothes instead of turning on the heating (47%) With the energy bills continuing to rise, this can make a difference, especially as the weather gets … [Read more...] about 21 budget hacks that will make your money go further in 2018
COLEEN Nolan took aim at her divorce lawyers on today’s Loose Women and claimed they want her to stop being friendly with her husband Ray Fensome. The singer made the comments during a discussion about divorce with her co-stars Andrea McLean, Jane Moore and Denise Van Outen. Coleen revealed she’d split from Ray earlier this year after spending three years trying to save their marriage. When asked about her experience of the process, 53-year-old Coleen explained: “I think people who say divorce is easy haven’t been divorced. “It’s really difficult. I’ve spent the past three years working on it. I don’t want to stay with someone because the divorce is hard. “I don’t think they [our solicitors] like the fact me and Ray are getting on so well. “The more we row the more money they get. It’s really annoying me and Ray at the moment.” Coleen went on to say she felt free since their split and admitted she was … [Read more...] about Loose Women’s Coleen Nolan blasts her divorce lawyers and claims they want her to ROW with husband Ray Fensome to make more money