Questions tagged [savings]

a generic tag related to accumulating cash or bank deposit savings.

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7
votes
3answers
2k views

Why have U.S. bank interest rates been so low for the past few years?

I have some savings accounts in different banks and they all give 1.00% interest or less, and in many cases it is something ridiculous like $0.05 Would anyone be able to explain why this is happening?...
7
votes
3answers
634 views

Where can I invest for the Short Term and protect against Inflation?

I am looking to open some short term savings accounts (Emergency fund, Car fund, etc) that I want to have liquidable, but I may not necessarily touch at all from month to month. I am very worried ...
7
votes
2answers
315 views

How should I save money if the real interest rate (after inflation) is negative?

How should I save money if the real interest rate (after inflation) is negative?
7
votes
2answers
417 views

Is there a bank product similar to a savings account which lowers compounded mortgage interest?

This is complete hearsay, but someone told me there exists a specific type of "savings account" where the funds deposited count towards a mortgage when interest is calculated. For instance, if a ...
7
votes
6answers
9k views

I have $12k in a Chase checking account, but want to start earning interest/saving/investing/etc to make more money. What should I do?

Basically I'm tired of money just sitting there doing nothing. Is it wise to open a savings account with my bank (Chase)? Should I take it elsewhere? Should I get into stocks? Do I even have enough? ...
7
votes
1answer
281 views

Can I still claim my Hong Kong-based MPF pension if I move elsewhere?

I am 60 year old and I will not be living in hong kong in the future, would I still be able to claim back my mpf?
7
votes
3answers
632 views

€1000 left over at the month, is this a good plan?

I recently had a change in financial situation as well as lifestyle and I redid my budget, I now stand to have €1000 - €1200 left over at the end of every month and I'd like some advice. I'm a twenty ...
7
votes
5answers
813 views

How to correct interest rate for inflation?

I'm looking for someone to double check my math and who can tell me if I have correctly accounted for inflation. Say you hypothetically invest $100 with 7% rate and 2% inflation. You would end up ...
7
votes
3answers
1k views

Strategies for saving and investing in multiple foreign currencies

My wife and I are both expatriates and our financial situation is complicated by having accounts in different currencies. A frequent topic between the two of us which accounts are the best for keeping ...
7
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2answers
142 views

What to consider when starting a savings account for my children?

I want to start saving some money regularly for when my children turn 18. What options are available to me and what are some things I need to consider when choosing the right approach?
7
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2answers
324 views

What would be a good middle term investment (2-5 years), before buying a house

First of all, a bit of context. My wife and I earn roughly 4400€/month. We are two years into a 15 year mortgage for a flat, at a very low interest rate (150k€ @ ~ 1%), we reimburse about 1000€/month....
6
votes
7answers
431 views

Debit cards as bad as credit cards?

I have been saving for some time now with the aim of building up enough money to begin investment. But the problem is I keep withdrawing money with my debit card whenever i want to buy something. ...
6
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2answers
3k views

If Checking Account's and Saving Account's interest rates are the same, what is the point of having a Savings Account? [duplicate]

In this question I am using Wells Fargo as an example. https://www.wellsfargo.com/savings-cds/consumer-account-rates/ You will see that the interest rate for a checking account is the same as for a ...
6
votes
3answers
410 views

UK: ISA or regular savings account?

I am not a very savvy investor, am new to ISAs and was wondering: where would be the best place to put £10,000 right now (March 2014)? ISAs have tax benefits, but in general don't seem to beat ...
6
votes
4answers
877 views

Is it possible to get a 3% yield that is FDIC insured or super low risk?

I just graduated from college and i am already planning my retirement. I know about 401k and i have that figured out already but in terms of money sitting in my bank account post retirement, assuming ...
6
votes
5answers
775 views

What should my finances look like at 18?

So, I'm 18, making 50k+ a year. Living at home for now, and thankfully that's not costing me anything. Not going back to school next year, and I have no loans to pay off. Right now, I kinda suck at ...
6
votes
3answers
1k views

Best starting options to invest for retirement without a 401k

I'm trying to avoid asking a duplicate question, but I feel my situation is more specific than general beginner's saving or investing. I am a university student with a part time job that does not ...
6
votes
4answers
26k views

What is the best safe way to earn most interest of 100k savings?

What is the best safe way to earn most interest of 100k savings? What is the safest way I can maximize my interest income on 100k savings? I want as little risk as possible
6
votes
5answers
2k views

For the first time in my life, I'm going to be making real money…what should I do with it?

So I'm a college junior taking on my first actual paying internship this summer. I'll be making between $3000-$5000 a month. I know NOTHING about investing money, or what I should do with money ...
6
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5answers
2k views

Why doesn't the U.S. government pay interest on tax withholding returned via a refund?

When the US government pays you your tax refund, it doesn't include any sort of interest payment for what is essentially a loan to the government. Why doesn't the government pay interest?
6
votes
2answers
987 views

What's a good option for passive income for a college student?

I'm entering my senior year of college, and will have very minimal, if any, debt upon graduation. From self employment and internships I've saved up a decent amount of money over the past several ...
6
votes
5answers
2k views

Can I make my savings keep in check with or beat inflation over a long time period via index funds?

Context: €13000 banked on a 1% savings account. €1700 banked on a payment account. €1450 monthly income (after taxes). ~€400 monthly costs, and probably another €200-400 in incidental expenditures (...
6
votes
1answer
8k views

How many weeks of living expenses does the average American have savings for?

I've heard that an average American has only enough savings to cover 3 weeks worth of living expenses. (I think it was on some radio show.) Is it true? If so, does anyone have the source?
6
votes
3answers
450 views

Saving/investing instead of paying off 0.01% interest student loan. Am I missing something?

I have a rather large amount of student loans, around 40k euro. The rate is set for 5 year time periods. I have to pay 0.01% interest over them until 2020. Historically, it has rarely been higher than ...
6
votes
1answer
5k views

Can I get cashback for buying gift cards on Amazon?

I have an Amazon Prime Rewards Visa Signature Card that gets me 5% cashback on purchases made through Amazon. Is it possible to reap that reward on gift card purchases?
6
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8answers
862 views

Methods of generating additional income on top of full-time job

I am a resident of Europe. I currently work a full time job, which pays around 1.5k euro monthly. I have under 1k in savings. I just finished my 1st year of Computer Science in college. I am aiming ...
6
votes
2answers
246 views

Should I take contributions out of my Roth IRA to live off of?

My current contract is ending, with no future job immediately lined up. I have a few thousand dollars in my checking/savings accounts, and a significant amount of cash in my Roth IRA. I have no debt. ...
6
votes
2answers
100 views

Is there a site that compares IRAs by different companies?

I'm planning on opening a Roth IRA in the very near immediate future (by this year's end, if not sooner). Is there a place I can go to see the different pros/cons of IRAs offered by different ...
6
votes
2answers
364 views

Should I try to hedge my emergency savings against currency and political concerns?

I'm planning to save 15% of my income for emergencies. I live in Ukraine and I am concerned that the local currency may not be stable long-term. I'm also worried about the possibility of banks closing....
6
votes
3answers
5k views

What's up with this weird Wells Fargo account nickname policy?

This question is super random, but I have a savings account that I want to throw 10% of my money in per month for savings. I wanted to nickname it "Tithing", and Wells Fargo gave me this error: What'...
6
votes
5answers
2k views

Less than a year at my first job out of college, what do I save for first?

I have heard that 6 months of basic living expenses (about $11,000 usd for me) is a good idea to keep around in case of an emergency. Does this mean that All of my savings every month ($800 every ...
6
votes
2answers
407 views

With the likelihood of disability, should I save for retirement?

My brother recently qualified for disability pay at 34 years old for blindness. He and I both have the same degenerative disease. I'm three years younger than he is and will most likely require ...
6
votes
1answer
306 views

Which is more advantageous: Lifetime ISA or SIPP?

I should preface that I am a self employed sole trader in my early twenties, and a basic rate taxpayer averaging somewhere between £28-32,000 per annum. The variation not only arises due to the nature ...
6
votes
1answer
238 views

Are savings accounts in the USA considered dormant if their only activity is accumulating interest?

I know a checking account gets a warning of dormancy after one year of idleness. But a savings account accumulates interest. Is that interest considered activity that keeps it from becoming dormant? ...
6
votes
1answer
229 views

In Germany: can i live in a Betriebstaette to circumvent payment of the Rundfrunkbeitrag

While for a flat a person has to pay 17 sth. € per month, while for a Betriebstätte with one person working a company only has to pay 5.99 €. As the company doesn't have to pay anything at all if the ...
6
votes
2answers
416 views

What pension options are there for a 22 year old graduate in the UK?

Following graduation last July, I've managed to save quite a significant amount of 'emergency wonga', for those rainy days or, more likely, the catastrophic end to my job. Anyway, now that I have a ...
6
votes
3answers
1k views

How can I cash out my prepaid cell phone?

As a very frugal person, I have a prepaid phone plan that costs $100 a year. For the past two years, I've spent roughly $50 of that each year. As long as I renew the plan with another $100 every year, ...
6
votes
1answer
66 views

Can a monetary settlement be placed into an account that provides gradual access to the funds?

I want to place a lump sum into an account that will give the account holder gradual access to it so they won't immediately spend the lump sum on frivolous large purchases (or at least not until later)...
6
votes
2answers
387 views

Lower risk short-term investment during periods of low interest rates

I've been reading about the basics of personal finance and most resources suggest investments based on benefits that don't seem to exist when interest rates are as low as they are. For instance: I've ...
6
votes
2answers
541 views

Where to park $50k for 2 years (taxable)?

Where can I put $50k for 2 years while I'm in school and transitioning back to full-time employment? I eventually want to purchase a house, but I'm not sure where I'm going yet. I'm a full-time grad ...
6
votes
2answers
1k views

Where to save money in preparation of buying second house?

We just purchased a house last year with 20% down payment on a 30yr fixed mortgage. Everything finally settle down (remodeling, new furniture etc.) and we're on track of saving again. We don't have ...
6
votes
1answer
199 views

What is the best option for recent employee setting up a pension (UK)?

I have been a sole trader for a while and recently been employed full time, as part of the deal I have been promised an employer contribution pension but it is up to me to decide what to do. What are ...
5
votes
13answers
650 views

What are the best tips for saving money as a university student? [closed]

What are the best tips for saving money as a university student? I will be attending university this coming semester and am planning on maintaining a sustainable financial situation right now, but ...
5
votes
6answers
2k views

What is the most effective saving money method? [closed]

Sometimes people realize that their salary suddenly disappears before the end of the month. What are some tips on how can I save my money, or how can I increase my income besides my full-time job?
5
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5answers
2k views

Should we pay down our HELOC or pay extra towards our mortgage?

We have a mortgage at $207K at 5%, a HELOC balance of $7500 at 3.25% and a credit card balance of $3300 at 13.9% APR. In savings we have $116K and in a mutual fund we have $21K My plan was to take ...
5
votes
7answers
1k views

How much should I save each month so I can retire early, in my Third World country?

I live in a 3rd-world country. I earn $500/month. How much percentage of my income should I save each month, if I plan for early retirement? Currently I am saving 30% of my income. Is there any ...
5
votes
4answers
3k views

First Job, should I save or invest?

I just got my first real job and I'm wondering how much I should start saving. Is there a good percentage to start at based on personal experiences? And is it better to save my money or invest in a ...
5
votes
5answers
3k views

Moving back to India in a few years. Should I keep my savings account in the U.S. or in India?

My savings account in the U.S. says that it gives me an interest rate of 0.01% and it comes with a lot of restrictions (like limiting the number of transactions per month etc.), and checking account ...
5
votes
3answers
592 views

Is there a rule of thumb for how much to save into your pension for retirement?

Pension sites often quote "Use our pension calculator to estimate the amount of pension income you could get when you retire. This will help you decide how much you need to save to get the retirement ...
5
votes
3answers
1k views

Is a High-Yield Savings Account with 1.25% APY too good to be true?

Okay, Sallie Mae is advertising a savings account with 1.25% APY. That seems incredibly high for a savings account, especially right now. It seems like a too good to be true type thing. Is there a ...