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Savings Accounts

All articles tagged with #savings accounts

politics10 days ago•2 min saved

Trump Unveils Family Savings Accounts with $1,000 Per Newborn

The White House is launching 'Trump Accounts,' a government-backed savings program opening on July 4. It offers $1,000 for newborns born in 2025–2028; children born 2016–2024 could qualify for $250 in certain ZIP codes via a $6.25 billion pledge from Michael Dell for the first 25 million sign-ups. Families can contribute up to $5,000 per year per child. Critics are skeptical, officials suggest prioritizing Roth IRAs and 401(k)s, and the piece notes that Treasury figures claim more than 6 million kids have already signed up.

via 5 EYEWITNESS NEWS|

#family-finances #government-incentives #newborns

politics1 month ago•4 min saved

First Lady Unveils Groundbreaking Savings Vehicle for Foster Youth

First Lady Melania Trump announced the Fostering the Future Accounts, the United States’ first dedicated savings and investment vehicle for foster youth, aimed at asset ownership and long-term wealth building when they reach adulthood. Treasury guidance now allows state child welfare agencies to open accounts for children in foster care, with 23 governors pledging to participate and calls for nationwide funding from leaders and businesses to support all 50 states, under the One Big Beautiful Bill Act.

via The White House (.gov)|

#asset-ownership #foster-care #fostering-the-future

policy1 month ago•3 min saved

Melania Trump Unveils Nationwide Fostering the Future Savings Accounts for Foster Youth

First Lady Melania Trump announced the Fostering the Future Accounts, a Treasury-backed savings/investment program that lets states open Trump Accounts for eligible foster children as part of the broader Fostering the Future initiative. With over 400,000 foster youths in the U.S. and thousands aging out each year, the program aims to provide a dedicated, tax-deferred savings vehicle; 23 governors have pledged to set up accounts. Trump Accounts (Section 530A) will include a one-time $1,000 Treasury deposit for qualifying children born 2025–2028, and states serving as guardians can open accounts on behalf of eligible kids. The rollout is planned for July 4.

via CNBC|

#foster-care #fostering-the-future #policy

business2 months ago•2 min saved

Capital One Set to Pay $425 Million to Eligible Savings Customers

A judge approved a $425 million settlement in a Capital One case over interest-rate practices between two savings accounts. Eligible customers who held a 360 Savings account at any time from Sept. 18, 2019, to June 16, 2025, will receive cash without filing a claim; payments depend on how much extra interest they would have earned if their account had paid the higher 360 Performance Savings rate. The total fund is first reduced to cover legal and administrative costs, with the remainder distributed among eligible account holders. Payments are expected around July 21; electronic payments were optional (chosen before March 30). If the payout exceeds $5 and the customer did not elect electronic payment, they’ll receive a check; amounts under $5 go only to electronic-payees. Capital One denies wrongdoing.

via CBS News|

#360-savings #business #capital-one

fact-check5 months ago•52 min saved

Trump Accounts for Kids: The Truth Behind the 'Free Money' Ad

A 2025 law seeds $1,000 to launch Trump Accounts for babies born 2025–2028, with accounts opening around July 4 and sign-up via IRS Form 4547. Parents can contribute up to $5,000 per year (employers up to $2,500), and a philanthropic gift program (e.g., Michael Dell’s pledge) adds funds. Older children can have accounts but won’t receive seed money. Growth depends on stock-market performance, inflation, and additional deposits, so the seed money alone is unlikely to cover college costs or a down payment. The ad’s “free money” claim oversimplifies many eligibility rules and future uncertainties.

via PolitiFact|

#fact-check #government-program #politics

economy5 months ago•4 min saved

Trump Accounts: Government Seed Money for Kids or a Market-Driven Gamble?

A Super Bowl ad from Invest America promotes 'Trump Accounts,' government seed money for children born in 2025–2028 with a $1,000 initial deposit and up to $5,000 in annual contributions; accounts track stock market growth and can include employer contributions, with the program launching around July 2025. Experts warn the seed money alone is unlikely to cover college or a down payment, and results depend heavily on market performance.

via Tampa Bay Times|

#2025-2028-births #economy #government-seed-money

finance8 months ago•4 min saved

Top CD Strategies Before the Fed Rate Cut

With the Federal Reserve expected to cut rates next week, now is a good time to lock in high-yield CDs, such as OMB Bank's 4.36% APY for a 3-month term, to secure a guaranteed return before rates fall further.

via CNBC|

#apy #cd-rates #fed-rate-cut

law-and-finance11 months ago•4 min saved

Capital One 360 Savings Account Settlement Reaches $425M

Capital One has agreed to pay $425 million to settle a lawsuit claiming it failed to raise interest rates on its 360 Savings accounts despite raising rates on other accounts, benefiting account holders from September 2019 to June 2025. The settlement includes cash payments and additional interest payments for eligible account holders, with a claim deadline of October 2, 2025, and a final hearing scheduled for November 6, 2025.

via Class Action Lawsuits|

#capital-one #class-action-settlement #financial-lawsuit

politics11 months ago•0 min saved

Treasury Secretary Warns Trump Baby Accounts May Privatize Social Security

Treasury Secretary Scott Bessent criticizes the newborn savings accounts created under Trump's tax law, claiming they serve as a 'back door' to privatize Social Security by allowing tax-deferred investments for newborns, with contributions up to $5,000 annually until age 18.

via The Washington Post|

#politics #privatization #savings-accounts

housing1 year ago•8 min saved

Debate Over Time Limits for Federal Rental Assistance

The article discusses the debate over implementing time limits on federal rental assistance, highlighting a successful Delaware program that combines work requirements, savings accounts, and support services to help recipients transition to independence, while noting that evidence on the effectiveness of time limits is mixed and some programs have found them counterproductive.

via NPR|

#federal-rental-aid #housing #housing-subsidy

finance1 year ago•2 min saved

Today's Top Savings and CD Rates: Maximize Your Returns

Savings account interest rates are currently high due to past Federal Reserve rate hikes, but recent rate cuts suggest they may soon decline. The national average rate is 0.43%, but some accounts, like Everbank, offer up to 4.75% APY. It's advisable to secure a high-yield savings account now to benefit from these rates before they potentially decrease.

via Yahoo Finance|

#federal-reserve #finance #high-yield-savings

finance1 year ago•2 min saved

Maximize Your Savings with Top Rates Up to 5.50% APY

Savings account interest rates are currently high due to past Federal Reserve rate hikes, but recent rate cuts suggest they may soon decline. The national average savings rate is 0.43%, but some accounts offer up to 4.75% APY, such as Everbank, with no minimum deposit. It's advisable to open a high-yield savings account now to benefit from these rates before they potentially decrease.

via Yahoo Finance|

#federal-reserve #finance #high-yield-savings

finance1 year ago•2 min saved

November 2024: Savings and CD Rates Offer Up to 5.50% APY

Despite recent Federal Reserve rate cuts, high-yield savings accounts still offer competitive interest rates, with some reaching up to 4.55% APY. While the national average for savings accounts is 0.43%, online banks and credit unions provide better rates due to lower overhead costs and not-for-profit structures. These accounts are ideal for short-term savings goals, offering safety and liquidity, though they may not match the returns of market investments for long-term goals.

via Yahoo Finance|

#federal-reserve #finance #high-yield

finance1 year ago•3 min saved

Maximize Your Savings with Top Rates Up to 5.10% APY

Following the Federal Reserve's recent rate cuts, savings interest rates are beginning to decline, making it crucial to secure high-yield savings accounts that offer better returns than traditional ones. As of November 27, 2024, Everbank offers the highest rate at 4.75% APY with no minimum deposit. High-yield accounts are ideal for short-term savings goals due to their accessibility and FDIC insurance, despite not matching stock market returns for long-term growth.

via Yahoo Finance|

#federal-reserve #finance #financial-planning

finance2 years ago•3 min saved

"Finding the Best Savings Interest Rates: Your Ultimate Guide"

Online-only personal savings accounts offer the highest interest rates, beating traditional accounts and even one-year CDs, while credit union checking accounts have significantly higher rates and lower fees compared to regional banks. Credit unions also offer the best CD rates across all maturities, while business accounts are the most expensive and offer the lowest rates. Overall, electronic statements are recommended to save money, and students can benefit from checking accounts with the lowest fees.

via USA TODAY|

#cd-rates #checking-accounts #credit-unions