MoneyRates Blog
Would You Buy a Jumbo CD from a Mexican Bank?
By Andrew Freiburghouse | Money-Rates Columnist
Mexico’s richest man, one of the richest men in the world, Carlos “Slim” Helu, was on CNBC the other day claiming that Mexico’s banks and overall financial system are in excellent shape, especially when compared to the still troubled state of many American banks.
Meanwhile, three of the four biggest banks in the world are headquartered [...]
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Bank Rates Need Rethinking with New Inflation Numbers
By Richard Barrington | Money-Rates Columnist
As expected, October’s inflation number represents something of a turning point for the inflation environment. Depositors now need to watch closely to see how savings account rates, money market rates, and CD rates respond.
The Consumer Price Index (CPI) for October of 2009 increased by 0.3%. That’s a fairly normal monthly increase for inflation, but it is [...]
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Savings Accounts, CDs, and Millionaires
By Andrew Freiburghouse | Money-Rates Columnist
Investopedia has a nice piece up right now about how to save a million dollars. Tips include:
– Stop spending on useless stuff.
– If you deserve a raise, make sure you get it.
– Don’t overpay your income taxes.
Money-Rates provides readers with the ability to quickly find the best CD rates, best savings account rates, best money [...]
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Bank Rate Watchers Should Keep An Eye On This Week’s Inflation Number
By Richard Barrington | Money-Rates Columnist
The Consumer Price Index for October will be released this Wednesday, and it could mark the beginning of the end for the spate of deflation the U.S. has experienced for much of the past year. For bank rate watchers, wondering when savings account interest rates and CD rates will start to rise, inflation remains a [...]
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Will Big Banks Really Be Broken Up Into Bits and Pieces?
By Andrew Freiburghouse | Money-Rates Columnist
Not sure if you’ve been following the latest bank hearings–there have been so many of them over the past year, who could begrudge you for missing out–but these bank hearings may be bigger than most.
The Senate is dicussing what to do about the “too big to fail” big banks and too big other companies that [...]
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Market Recipe Bad for Bank Rates — For Now
By Richard Barrington | Money-Rates Columnist
The mix of factors now prevailing in the financial markets is almost the perfect recipe to challenge anyone depending on CD rates, savings account rates, or money market rates. In other words, it may be the perfect poison for bank rates. Fortunately, markets eventually tend to find antidotes to their own ills.
First the poison, then [...]
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Home Sales Rise, So May CD Rates
By Andrew Freiburghouse | Money-Rates Columnist
The fact that home sales rose in 45 out of 50 states in the third quarter may, eventually, mean that interest rates on CDs, savings accounts, and money market accounts are headed higher.
The connection between higher home sales and higher deposit rates is far from a taut equation, but think about it for a second:
Who–and, perhaps [...]
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Raising Bank Rates May Depend on a Pick-Up in Lending Activity
By Richard Barrington | Money-Rates Columnist
As the economic recovery gets haltingly underway, one of the things depositors should keep an eager eye on is lending volume. It’s not that those depositors are necessarily looking to borrow money themselves, but a pick-up in the lending business may be a key in pushing bank rates higher.
You name it — CD rates, savings [...]
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Fannie Mae Tax Credit Debate Indicative of Tangled Web
By Andrew Freiburghouse | Money-Rates Columnist
In one of the more interesting bank stories of the new century, investment bank Goldman Sachs and renowned investor Warren Buffett want to buy $3 billion worth of federal tax credits from Fannie Mae, the government-owned mortgage finance company.
Government regulators are unsure of the fairness of such a deal because the tax credits would reduce [...]
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Bank Reform Debate Continues Even as Recovery Continues
By Richard Barrington | Money-Rates Columnist
It’s not surprising that former Fed Chairman Paul Volcker has voiced the opinion that banking reform must include the break-up of large institutions, including the separation of commercial and investment banking operations. However, having John S. Reed’s voice join the same chorus is really reason for pause.
Paul Volcker’s regime as Fed Chairman was strikingly different from that of [...]
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Reverse Mortgage Scammers Being Driven Out of the Industry
By Andrew Freiburghouse | Money-Rates Columnist
Like cockroaches scattering when you turn on the lights, reverse mortgage scammers are running scared.
This migration is partly due to laws and lawmakers intent on preventing reverse mortgage scams, and perhaps more largely based on the ready availability of honest, comprehensive reverse mortgage information on the Internet.
Reverse Mortgage Protective Measures
The most popular form of reverse [...]
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Bank Rates At Risk When Stock Market Falters
By Richard Barrington | Money-Rates Columnist
It was more tricks than treats for the stock market as the month of October wound down, but if bank depositors think the stock market’s woes don’t concern them, they may also be in for an unpleasant surprise.
The Dow Jones Industrial Average had four days with losses of a hundred points or more in the [...]
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Will New Bank Regulations Protect Your Savings Account? If So, How?
By Andrew Freiburghouse | Money-Rates Columnist
Treasury Secretary Timothy Geithner testified before Congress this morning on the topic of new bank regulations being discussed by the Democrat-controlled Congress, led by Barney Frank of Massachussetts.
Conservative investors who are seeking to protect retirement savings are understandably interested in the outcomes of these discussions. When you have spent your life saving money in savings [...]
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“Too Big To Fail” Legislative Talk Has Disturbing Overtones
By Richard Barrington | Money-Rates Columnist
Just about everybody except bank executives with a vested interest agrees that some legislative changes need to be made in the wake of last year’s banking crisis. However, legislating in the wake of a crisis is not without risk — sometimes an overreaction can exacerbate a crisis.
In a subtle way, one has to look no farther [...]
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CD Laddering Can Spice Up Your Investing Life
By Andrew Freiburghouse | Money-Rates Columnist
According to Money-Rates’ list of the best CD rates available today, a 6 month CD at 1.5 percent interest is a good deal. At the one year mark, anything near 2 percent is a good deal. Conservative investors who vividly remember CD returns of 3-5 percent are understandably questioning how good of a deal today’s [...]
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Do You Have a Plan for Your Savings Rate?
By Richard Barrington | Money-Rates Columnist
When a recent poll by MoneyRates.com and GetRichSlowly.org showed that 52% of respondents felt their retirement savings were not on track, it wasn’t a complete surprise. This has been a challenging environment. A weak job market has caused many household incomes to take a hit. The stock market has been little help to investors for [...]
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Bank Pay at Bailed-Out Banks Slashed by Half
By Andrew Freiburghouse | Money-Rates Columnist
Pay for top executives at bailed-out banks and financial institutions, including Bank of America, Citigroup, and GMAC, has been cut in half by the Treasury’s compensation regulator, Kenneth Feinberg.
Banks that have already paid back bail-out funds, including JPMorgan and Goldman Sachs, will not be affected by the Treasury’s orders.
Headline Not the Whole Story Here
How to [...]
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A Delicate Balance: Regulation, Stability, and Bank Rates
By Richard Barrington | Money-Rates Columnist
It’s understandable that last year’s banking crisis should spark a renewed drive for financial regulation. It’s unfortunate that the legislative responses so far seem to be barking up the wrong tree.
As promised (or threatened, depending on how you look at it) Senator Christopher Dodd introduced legislation designed to limit banks’ ability to charge overdraft fees. [...]
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Savers Appear to Be Getting a Little Bit Angry
By Andrew Freiburghouse | Money-Rates Columnist
Looking for the best rates on CDs, money market accounts, and savings accounts used to be pretty fun. Now, for many savers, it’s downright frustrating.
Bank rates on deposit accounts, that is, are frustratingly low. And now, with the specter of inflation rising, savers are starting to get a little bit angry.
Inflation Good for Debt
Who are savers [...]
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Will Bank Rates Have to Respond to Dollar Weakness?
By Richard Barrington | Money-Rates Columnist
Surges in the prices of oil and gold recently are symptomatic of a looming problem: the weakness of the U.S. dollar.
Oil and gold are both traded in dollar terms, so when their prices are rising, it may not be entirely a sign of demand for those commodities. Instead, it can be a function of a [...]
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