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Category: Savings Accounts

For Savings You Won’t Need to Draw On for Two Years or More

If you took shop class in high school, you learned the principle of "having the right tool for the job." That principle also applies to money management. Some savings/investing vehicles are suited for certain tasks but not
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When CD Rates Seem Too Good to Be True

An SMI member in Texas recently sent us two newspaper ads for CDs with surprisingly attractive rates. One, from a company called First Fidelity Tax and Insurance, offered a 5.39% APY rate on a 3-month CD. The other,
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Do You Have in Place the One Financial Essential for the New Year?

A question we've heard countless times is "What are the most common mistakes people make when managing their finances?" One of our leading answers: making spending and investment decisions apart from a personalized
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Could You Pass a Personal Financial Stress Test?

For most of us, the Oct. 1 partial shutdown of the federal government started out as just a news story to be followed. But for the roughly 800,000 federal employees furloughed (initially without pay), it was more than
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First Save, Then Invest

Building up savings may seem boring enough already, but when you consider how little interest banks are paying today, saving can be painfully boring. But that doesn't change the fact that having money in reserve is an
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Making Sense of the Annuity Puzzle

In the old days, "defined-benefit" pension plans were common. You could work for a company for 30 years and retire with 60% of your salary, often with inflation increases and lifetime healthcare benefits to boot. Today,
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Liquidity Matters: Will You Have Money to Face an Emergency?

Some people consider their home-equity line of credit (HELOC) or credit cards to be their emergency fund. But when it comes to being prepared for the financial equivalent of a rainy day, there's nothing like personal
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Finding a Better Savings Rate

The money-market fund (MMF), one of the most popular places to keep savings in recent decades, has now fallen out of favor. Such funds are sometimes confused with money-market accounts (MMAs), but they differ from MMAs in
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What if the Bank Breaks? How to Be Sure Your Savings Are Safe

In almost any good-sized city, many of the largest buildings are likely to be bank buildings. Being housed in an impressive edifice sends a not-too-subtle message: "Our bank is solid and successful. We're here to last."
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Why Are So Many People Switching to Credit Unions?

Membership in credit unions is booming. According to the Credit Union National Association (CUNA), more new members were added in the first quarter of this year than in all of 2010. For the first time, credit union assets
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