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https://cbomo.com Your Affiliate Online Money Opportunities Fri, 19 May 2023 18:04:52 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.4 8 Islands Americans Can Visit Without a Passport https://cbomo.com/8-islands-americans-can-visit-without-a-passport/ https://cbomo.com/8-islands-americans-can-visit-without-a-passport/#respond Fri, 19 May 2023 18:04:52 +0000 https://cbomo.com/8-islands-americans-can-visit-without-a-passport/ [ad_1]

This article originally appeared on Business Insider.

Many Americans plan to travel abroad this summer — as long as they can get their passports renewed in time.

Surging demand for international travel has helped fuel a US passport backlog of up to 13 weeks, and the wait could get even worse in the coming months. But for the last-minute jet-setters, that doesn’t mean you’re stuck spending summer vacation at home.

United States citizens can travel to several US territories beyond the 50 states without a passport, including the Commonwealth of the Northern Mariana Islands, Puerto Rico, and U.S. Virgin Islands, according to the US government.

That’s not the case for other US territories and freely associated states such as American Samoa, Guam (decided on a case-by-case basis), The Federated States of Micronesia, The Republic of the Marshall Islands, and The Republic of Palau.

See photos of eight tropical islands Americans can travel to without getting their passport stamped:

1. Puerto Rico

The main island of Puerto Rico. Alejandro Granadillo/Anadolu Agency via Getty Images via BI

2. Vieques, Puerto Rico

Sun Bay Beach in Esperanza, Vieques, Puerto Rico. Per Breiehagen/Getty Images via BI

3. Saipan, Northern Mariana Islands

Tourists walk down sunset beach in Saipan Island, the largest island in the Northern Mariana Islands. Taro Hama @ e-kamakura/Getty Images via BI

4. Tinian, Northern Mariana Islands

Taga Beach is an idyllic cove below the cliff lines and is one of the top attractions in Tinian, Northern Mariana Islands. raksybH/Getty Images via BI

5. Rota, Northern Mariana Islands

The west coast of Rota Island near Song Song Village. CampPhoto/Getty Images via BI

6. St. Croix, US Virgin Islands

The harbor of Saint Croix, US Virgin Islands. NAPA74/Getty Images via BI

7. St. John, US Virgin Islands

Cruz Bay in St. John, US Virgin Islands. Cdwheatley/Getty Images via BI

8. St. Thomas, US Virgin Islands

Charlotte Amalie Overlook on Saint Thomas, US Virgin Islands. Oliver W. Ottley III/Getty Images via BI

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]]> https://cbomo.com/8-islands-americans-can-visit-without-a-passport/feed/ 0 Post Pandemic, 41% Of Americans Are Embracing Hybrid Working https://cbomo.com/post-pandemic-41-americans-embracing-124700589-html/ https://cbomo.com/post-pandemic-41-americans-embracing-124700589-html/#respond Fri, 19 May 2023 13:44:07 +0000 https://cbomo.com/post-pandemic-41-americans-embracing-124700589-html/ [ad_1]

During the pandemic, US employers embraced the new––and necessary––normal of working from home. But in the past year, the situation has begun changing rapidly. Major employers like Disney and Amazon have been moving employees back into the office for a few days a week––while over at Twitter, last November Elon Musk scrapped its work from home policy.

As for what the wider landscape looks like in the US, a recent study from Pew Research Center shows that while the number of solely remote workers is dropping, hybrid working is becoming increasingly attractive.

Three years on from the pandemic, the report finds that around 14 percent of all employed adults aged over 18 in the US––about 22 million people––are currently working from home all the time.

Of course, not every job has hybrid or remote potential, and the majority of US workers (61 percent) don’t have jobs with that option open to them. Before the pandemic in 2020, just 7 percent of US workers with remote-possible jobs were working at home all the time.

Today, just over a third of them (35 percent) are still working from home all the time. That percentage has been dropping––in January 2022, it stood at 43 percent, while in October 2020 it was 55 percent.

Going hybrid

As Cydney H Dupree pointed out in this op-ed for The Hill, remote work can benefit specific groupings of employees in particular, such as Black employees. Meanwhile, it can also benefit the environment, as Dr John Williams noted late last year.

But there are reasons why people might want to return to the office: for example, in-person socialization and interaction, which can help with mentorship and career development.

Perhaps this is why we’re seeing the figures for hybrid working go in the opposite direction to remote work, as people find a balance between remote and office. Pew’s study found that of those with applicable jobs, 41 percent of people are working in a hybrid way. This figure has jumped from 35 percent in January 2022.

Regarding the benefits, 71 percent of people who work from home all, most or some of the time say it helps them balance their work and personal lives. Just over half (56 percent) of people in that situation say it helps them get their work done and meet their deadlines.

Pushing back

As companies begin to enforce return-to-office mandates, some employees are pushing back. Gleb Tsipursky writes in Entrepreneur that one effect is empowered labor unions, particularly in the wake of recent mass layoffs at major tech companies.

He details how YouTube Music contractors in Texas went on strike protesting a return-to-office announcement––most of them had always worked remotely as they were hired during the pandemic.

Meanwhile, after Disney’s return-to-office mandate was introduced, more than 2,300 employees signed a petition against the plan.

Flexibility

Data from Future Forum shows that workers who have flexibility regarding location report 4 percent higher productivity scores than workers in the office full-time.

Schedule flexibility can lead to even more benefits––workers with fully flexible schedules report 29 percent higher productivity than workers who have no flexibility, and they also say that they have 53 percent greater ability to focus.

If you’re looking to move into a hybrid or remote role, there are plenty of options out there. Here are three roles currently hiring, with more to find on the The Hill Job Board.

.NET Solutions Architect, Red Cross, Washington

The American Red Cross is seeking a .NET Solutions Architect who could work 100% from home anywhere in the US, they’d just have to keep to an East Coast schedule. The humanitarian organization is looking for an experienced .Net Architect who would take a leading role in the overall architecture and technical ownership of an internal gift management platform. Find the full details here.

Senior Manager, Tax, Paypal, New York

Payments company PayPal is seeking a senior manager of US International Tax to join its Global Income Tax Compliance and Reporting Team. The location is flexible, and fully remote/virtual will be considered. The role would involve being responsible for US international tax compliance and reporting; being responsible for calculating the US tax cost on foreign operations for quarterly effective tax rate purposes for CFCs; and training and mentoring direct reports. Read the full job spec and requirements here.

Senior Cloud Security Engineer, VP, GreenSky, Atlanta

This remote role at GreenSky, a Goldman Sachs company, would include designing/creating and executing security controls and defenses to prevent insider threat or external attacks. The ideal hire could work in a multi-cloud environment and be able to engage directly with software developers. Find out more about this role and the required skills and qualifications here.

For more remote and hybrid roles like these right across the country, check out The Hill Jobs Board

For the latest news, weather, sports, and streaming video, head to The Hill.

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]]> https://cbomo.com/post-pandemic-41-americans-embracing-124700589-html/feed/ 0 Americans are making a savings mistake, leaving money on the table https://cbomo.com/apiclick-aspxreffexrssaidtid645256b81fe3412699afe5464dcf4f06urlhttps%3a%2f%2fwww-koat-com%2farticle%2famericans-high-yield-savings-17916023%2f43779824c6385469871339551894mkten-us/ https://cbomo.com/apiclick-aspxreffexrssaidtid645256b81fe3412699afe5464dcf4f06urlhttps%3a%2f%2fwww-koat-com%2farticle%2famericans-high-yield-savings-17916023%2f43779824c6385469871339551894mkten-us/#respond Wed, 03 May 2023 12:42:33 +0000 https://cbomo.com/apiclick-aspxreffexrssaidtid645256b81fe3412699afe5464dcf4f06urlhttps%3a%2f%2fwww-koat-com%2farticle%2famericans-high-yield-savings-17916023%2f43779824c6385469871339551894mkten-us/ [ad_1]

PHNjcmlwdCB0eXBlPSJ0ZXh0L2phdmFzY3JpcHQiIHNyYz0iaHR0cHM6Ly9zdGF0aWMubXlmaW5hbmNlLmNvbS93aWRnZXQvbXlGaW5hbmNlX3ZpZXdwb3J0X2RldGVjdGlvbi5qcyIgLz48c2NyaXB0IGFzeW5jIHR5cGU9InRleHQvamF2YXNjcmlwdCI+bXlmaVdhdGNoV2lkZ2V0KCdteWZpV2lkZ2V0XzAnKTs8L3NjcmlwdD4=Lauren Williamson is the Financial and Home Services Editor for the Hearst E-Commerce team. She previously served as Senior Editor at Chicago magazine, where she led coverage of real estate and business, and before that reported on regulatory law and financial reform for a magazine geared toward in-house attorneys. You can reach her at lauren.williamson@hearst.com.Hearst Television participates in various affiliate marketing programs, which means we may get paid commissions on editorially chosen products purchased through our links to retailer sites. This may influence which products we write about and where those products appear on the site, but it does not affect our recommendations or advice, which are grounded in research.Mobile app users, click here for the best viewing experience.If you’re like most people, you opened a savings account when you started bringing home regular paychecks, when you started building an emergency fund, or perhaps when you began saving toward some larger goals, like a down payment on a house. But when’s the last time you checked in on how much interest that account earned you each year?Whether it’s inertia, fear of making a mistake, or something else, the vast majority of people leave their money put once they’ve checked “open a savings account” off their to-do list. But that inaction can have huge long-term consequences for your savings.Only one in five Americans currently have money in a high-yield savings account, according to a recent survey by Bankrate. That means a whopping four out of five are leaving money on the table when their savings could be growing at a much greater rate.By Bankrate’s definition, a high-yield savings account is one with an APY greater than 3%. (APY stands for annual percentage yield, which is how much interest the account earns in a year, factoring in compound interest.)Breaking down the numbers further, Bankrate found that 14% of people earn between 3-3.99% APY on their savings, while only 7% of savers earn upwards of 4%. More than half of people, meanwhile, are earning less than 1% interest on their savings — which, on a $1,000 deposit, would be enough at the end of the year to buy themselves a sandwich, maybe.A few years ago, a 4% APY on a savings account would have been unheard of. But thanks to the proliferation of online banks, as well as increased competition among all banks for your business, not to mention the Federal Reserve’s series of aggressive rate hikes, there are now numerous options for maximizing your savings.While moving your money around to different accounts might sound scary, it’s easier than you might think — and a high-yield savings account is one of the safest ways to grow your nest egg. With interest rates the highest they’ve been in years, right now is the perfect time to shop around and make sure your hard-earned cash is working just as hard for you in the bank.How a high-yield savings account worksFor all intents and purposes, a high-yield savings account works the same way as a traditional savings account. You deposit money, the bank keeps it safe, and you can withdraw it when you need it. In the meantime, interest will help it grow.The primary difference is the rate at which your money will grow. The average interest rate on savings accounts for the week of April 19 is 0.24%, according to Bankrate’s weekly survey. Let’s imagine you have $10,000. If you put that in an average savings account and leave it untouched for one year, you’ll end up earning $24 in interest. Now let’s try it with a high-yield savings account. That same $10,000 deposit would earn $412 in interest over a year — money you didn’t have to do anything to earn, other than to move it one time into a better-yielding savings account. There are a few reasons why rates on high-yield savings accounts are skyrocketing. High-yield savings accounts are usually offered by online banks, which don’t have the overhead of brick-and-mortar banks. More generally, deposits at banks have dropped at a record pace this year, leaving financial institutions competing more aggressively than ever for your business. (Banks use the money you deposit to fund loans, and the interest they earn on those loans is where they make most of their money.)Online banks offer some additional advantages beyond better interest rates. They may have lower (or no) minimum balance requirements and fewer, if any, monthly maintenance fees. Money you deposit in an online bank is as safe as it is at a traditional bank, as long as the institution is backed by the Federal Deposit Insurance Corp. The FDIC insures your money up to $250,000 per depositor. (The National Credit Union Administration provides the same protection for credit unions.)On the flip side, your money may be slightly harder to access since online banks don’t typically have any physical locations, nor do they have a wide network of ATMs. However, you can offset some of the inconvenience by maintaining a checking and/or savings account at a traditional bank as well. CDs are also earning excellent interest right nowIf you’re able to leave a portion of your money untouched for a while, certificates of deposit (better known as CDs) are also a fantastic choice at the moment. Interest rates on the highest-yielding CDs are topping out above 5%, the best they’ve been since the mid-2000s. An additional benefit: When you open a CD, you’re locking in the same interest rate for the entire term, which means you’ll continue earning 5% interest even if the market shifts. This could become a con if interest rates continue to rise, but many experts believe that CD rates have peaked. Others recommend a CD ladder — when you open a series of CDs with different maturity dates — to help mitigate some of that risk. (As for the risk of losing money? CDs are just as safe as savings accounts since they’re also FDIC or NCUA insured.)Historically, CDs with longer terms have tended to have the best interest rates. However, these days, savers are getting the best rates on 1-year CDs, which offer a happy medium between CDs that only guarantee a rate for a few months and ones that seal away your money for as long as five years.In most cases, it makes sense to deposit your money in a mix of savings accounts and CDs so that you have some liquid savings, either for an emergency or a shorter-term savings goal, as well as money that’s earning higher interest and helping you reach longer-term goals. Will interest rates on savings accounts keep going up in 2023?The Fed has hiked the federal funds rate nine times since March 2022. Aimed at taming a red hot cycle of inflation, it’s been one of the most aggressive campaigns in Fed history — and it’s been a primary driver of rising interest rates for consumer financial services. The federal funds rate is the target interest rate on money that banks borrow from each other. When it goes up, banks tend to increase interest rates on savings accounts, so there’s a smaller gap between the two. The benchmark borrowing rate now sits at 4.75%-5%. The Federal Reserve is expected to hike interest rates just one more time in this go-around before pausing the campaign. Fed Chair Jerome Powell hinted in March during remarks after the last rate hike that a policy shift could be forthcoming, as tightening credit conditions and shakiness in the banking system following the collapse of Silicon Valley Bank cooled the economy. We’ll find out for sure on May 3 during the next meeting of the Federal Open Market Committee. A quarter point hike, which is what many analysts predict, would bring the benchmark borrowing rate to 5%-5.25%.If this ends up being the final rate hike of this cycle, then interest rates on savings accounts and CDs have likely peaked, though it’s hard to say for sure considering banks are still eager to stanch the outflow of deposits.What it does mean for sure: It’s important to take advantage of the highest interest rates in recent memory now. The sooner you move your money into a high-yield savings account or top-yielding CD, the more time your money will have to grow.Editorial Disclosure: All articles are prepared by editorial staff and contributors. Opinions expressed therein are solely those of the editorial team and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in this article is accurate as of the date of the publish. Check the lender’s website for the most current information.This article was originally published on SFGate.com and reviewed by Lauren Williamson, who serves as Financial and Home Services Editor for the Hearst E-Commerce team. Email her at lauren.williamson@hearst.com.

Lauren Williamson is the Financial and Home Services Editor for the Hearst E-Commerce team. She previously served as Senior Editor at Chicago magazine, where she led coverage of real estate and business, and before that reported on regulatory law and financial reform for a magazine geared toward in-house attorneys. You can reach her at lauren.williamson@hearst.com.

Hearst Television participates in various affiliate marketing programs, which means we may get paid commissions on editorially chosen products purchased through our links to retailer sites. This may influence which products we write about and where those products appear on the site, but it does not affect our recommendations or advice, which are grounded in research.

Mobile app users, click here for the best viewing experience.

If you’re like most people, you opened a savings account when you started bringing home regular paychecks, when you started building an emergency fund, or perhaps when you began saving toward some larger goals, like a down payment on a house. But when’s the last time you checked in on how much interest that account earned you each year?

Whether it’s inertia, fear of making a mistake, or something else, the vast majority of people leave their money put once they’ve checked “open a savings account” off their to-do list. But that inaction can have huge long-term consequences for your savings.

Only one in five Americans currently have money in a high-yield savings account, according to a recent survey by Bankrate. That means a whopping four out of five are leaving money on the table when their savings could be growing at a much greater rate.

By Bankrate’s definition, a high-yield savings account is one with an APY greater than 3%. (APY stands for annual percentage yield, which is how much interest the account earns in a year, factoring in compound interest.)

Breaking down the numbers further, Bankrate found that 14% of people earn between 3-3.99% APY on their savings, while only 7% of savers earn upwards of 4%. More than half of people, meanwhile, are earning less than 1% interest on their savings — which, on a $1,000 deposit, would be enough at the end of the year to buy themselves a sandwich, maybe.

A few years ago, a 4% APY on a savings account would have been unheard of. But thanks to the proliferation of online banks, as well as increased competition among all banks for your business, not to mention the Federal Reserve’s series of aggressive rate hikes, there are now numerous options for maximizing your savings.

While moving your money around to different accounts might sound scary, it’s easier than you might think — and a high-yield savings account is one of the safest ways to grow your nest egg. With interest rates the highest they’ve been in years, right now is the perfect time to shop around and make sure your hard-earned cash is working just as hard for you in the bank.

For all intents and purposes, a high-yield savings account works the same way as a traditional savings account. You deposit money, the bank keeps it safe, and you can withdraw it when you need it. In the meantime, interest will help it grow.

The primary difference is the rate at which your money will grow. The average interest rate on savings accounts for the week of April 19 is 0.24%, according to Bankrate’s weekly survey. Let’s imagine you have $10,000. If you put that in an average savings account and leave it untouched for one year, you’ll end up earning $24 in interest.

Now let’s try it with a high-yield savings account. That same $10,000 deposit would earn $412 in interest over a year — money you didn’t have to do anything to earn, other than to move it one time into a better-yielding savings account.

There are a few reasons why rates on high-yield savings accounts are skyrocketing. High-yield savings accounts are usually offered by online banks, which don’t have the overhead of brick-and-mortar banks. More generally, deposits at banks have dropped at a record pace this year, leaving financial institutions competing more aggressively than ever for your business. (Banks use the money you deposit to fund loans, and the interest they earn on those loans is where they make most of their money.)

Online banks offer some additional advantages beyond better interest rates. They may have lower (or no) minimum balance requirements and fewer, if any, monthly maintenance fees. Money you deposit in an online bank is as safe as it is at a traditional bank, as long as the institution is backed by the Federal Deposit Insurance Corp. The FDIC insures your money up to $250,000 per depositor. (The National Credit Union Administration provides the same protection for credit unions.)

On the flip side, your money may be slightly harder to access since online banks don’t typically have any physical locations, nor do they have a wide network of ATMs. However, you can offset some of the inconvenience by maintaining a checking and/or savings account at a traditional bank as well.

If you’re able to leave a portion of your money untouched for a while, certificates of deposit (better known as CDs) are also a fantastic choice at the moment. Interest rates on the highest-yielding CDs are topping out above 5%, the best they’ve been since the mid-2000s.

An additional benefit: When you open a CD, you’re locking in the same interest rate for the entire term, which means you’ll continue earning 5% interest even if the market shifts. This could become a con if interest rates continue to rise, but many experts believe that CD rates have peaked. Others recommend a CD ladder — when you open a series of CDs with different maturity dates — to help mitigate some of that risk. (As for the risk of losing money? CDs are just as safe as savings accounts since they’re also FDIC or NCUA insured.)

Historically, CDs with longer terms have tended to have the best interest rates. However, these days, savers are getting the best rates on 1-year CDs, which offer a happy medium between CDs that only guarantee a rate for a few months and ones that seal away your money for as long as five years.

In most cases, it makes sense to deposit your money in a mix of savings accounts and CDs so that you have some liquid savings, either for an emergency or a shorter-term savings goal, as well as money that’s earning higher interest and helping you reach longer-term goals.

The Fed has hiked the federal funds rate nine times since March 2022. Aimed at taming a red hot cycle of inflation, it’s been one of the most aggressive campaigns in Fed history — and it’s been a primary driver of rising interest rates for consumer financial services.

The federal funds rate is the target interest rate on money that banks borrow from each other. When it goes up, banks tend to increase interest rates on savings accounts, so there’s a smaller gap between the two. The benchmark borrowing rate now sits at 4.75%-5%.

The Federal Reserve is expected to hike interest rates just one more time in this go-around before pausing the campaign. Fed Chair Jerome Powell hinted in March during remarks after the last rate hike that a policy shift could be forthcoming, as tightening credit conditions and shakiness in the banking system following the collapse of Silicon Valley Bank cooled the economy.

We’ll find out for sure on May 3 during the next meeting of the Federal Open Market Committee. A quarter point hike, which is what many analysts predict, would bring the benchmark borrowing rate to 5%-5.25%.

If this ends up being the final rate hike of this cycle, then interest rates on savings accounts and CDs have likely peaked, though it’s hard to say for sure considering banks are still eager to stanch the outflow of deposits.

What it does mean for sure: It’s important to take advantage of the highest interest rates in recent memory now. The sooner you move your money into a high-yield savings account or top-yielding CD, the more time your money will have to grow.

Editorial Disclosure: All articles are prepared by editorial staff and contributors. Opinions expressed therein are solely those of the editorial team and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in this article is accurate as of the date of the publish. Check the lender’s website for the most current information.

This article was originally published on SFGate.com and reviewed by Lauren Williamson, who serves as Financial and Home Services Editor for the Hearst E-Commerce team. Email her at lauren.williamson@hearst.com.

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]]> https://cbomo.com/apiclick-aspxreffexrssaidtid645256b81fe3412699afe5464dcf4f06urlhttps%3a%2f%2fwww-koat-com%2farticle%2famericans-high-yield-savings-17916023%2f43779824c6385469871339551894mkten-us/feed/ 0 Spring reflections and older Americans month | News, Sports, Jobs https://cbomo.com/spring-reflections-and-older-americans-month/ https://cbomo.com/spring-reflections-and-older-americans-month/#respond Mon, 01 May 2023 08:44:01 +0000 https://cbomo.com/spring-reflections-and-older-americans-month/ [ad_1]

Since starting my work at Copper Country Senior Meals two years ago, I have come to better appreciate the aging process and the complexities involved in living independently at home.

Through conversations and friendships that have developed, and as I watch my parents move into their 80s, I have a direct view of the behind the scene struggles our elderly face daily.

For instance, as seniors lose their spouse, siblings, and friends, social isolation becomes the norm. As memory and cognition fade, cooking becomes difficult or lacking altogether. As eyesight and hearing diminish and reflexes slow, driving becomes challenging. As fall turns to winter and the ground goes from ice to snow, a single misstep can shorten one’s life as the body heals and recovers, sometimes unsuccessfully.

The World Health Organization states that by 2030, 1 in 6 people will be over age 60. This statistic represents similar numbers to our area where 1 in 7 people in Houghton County are over 65 years of age and 1 in 6 in Keweenaw County. Further complicating the ability to live at home alone is the fact that 6 in 10 people live with chronic diseases like heart disease, diabetes, and cancer.

Each of these statistics reinforces the importance of the work we do at Copper Country Senior Meals. Through our home-delivered meal program, staff provide a daily check-in and are sometimes the only socialization a senior has that day or week. Staff also provide a nutritious hot meal and for some seniors, this meal is the only one they eat all day. These daily check-ins and meal deliveries are a critical service that helps area seniors live at home longer.

But Senior Meals struggles each year. We struggle financially to meet increasing food and fuel costs. We struggle to reach all of the seniors needing our services and often turn seniors away who desperately need our support.

Our lack of financial capacity to reach all areas in Houghton and Keweenaw Counties is truly heartbreaking, particularly in a rural area where seniors have no other option. Seniors who don’t receive our services struggle to live at home and many are forced to move into assisted living or nursing homes.

These moves are stressful, and expensive for our healthcare systems while also putting a strain on already stretched medical resources.

So how do we address our financial struggles and become better known in the community? Recently, I and others have been connecting with other Meals on Wheels organizations throughout the United States. On a recent spring break trip to Texas, I met with the San Antonio Meals on Wheels organization and saw how philanthropy and donor support enables that organization to serve 3,000 meals a day to seniors in 9 counties. I saw how subtle home improvements like fans, heaters, and microwaves help seniors live more comfortably at home.

Separate conversations with the Sheboygan, WI Meals on Wheels organization highlight the importance of working with local growers to obtain fresh produce donations.

Over the next few years, Senior Meals will be going through some significant changes as we make operational adjustments to produce more meals, reach more seniors, and increase donor support.

We will be increasing our fundraising efforts and expanding our community partnerships, specifically to better understand the links between food, social connections, and dementia. We will be exploring the health advantages and cost savings of providing medically tailored meals.

We are also partnering with the Portage Health Foundation to be part of a community wellness campus. Such a campus would benefit seniors with increased socialization, exercise opportunities, and even cooking classes.

The future is exciting as we look to better serve our seniors and expand our reach. I’m optimistic that Senior Meals will become a household name throughout the Copper Country and a leader in how we, as a community, care for our seniors.

Please consider being part of this journey and supporting us by donating and subscribing to our monthly e-newsletter. We would love to hear from you and work together to create a vision that supports all seniors in living at home with dignity.

Kathleen Harter, Executive Director, Copper Country Senior Meals

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Source link ]]> https://cbomo.com/spring-reflections-and-older-americans-month/feed/ 0 Americans could be earning billions more in interest. Here’s how. https://cbomo.com/apiclick-aspxreffexrssaidtid63fcf1f57ce54d15a51ab39d4062338burlhttps%3a%2f%2fwww-kcra-com%2farticle%2ffed-rate-hike-online-bank-interest-rates%2f42939207c1751433753382765907mkten-us/ https://cbomo.com/apiclick-aspxreffexrssaidtid63fcf1f57ce54d15a51ab39d4062338burlhttps%3a%2f%2fwww-kcra-com%2farticle%2ffed-rate-hike-online-bank-interest-rates%2f42939207c1751433753382765907mkten-us/#respond Mon, 27 Feb 2023 18:09:58 +0000 https://cbomo.com/apiclick-aspxreffexrssaidtid63fcf1f57ce54d15a51ab39d4062338burlhttps%3a%2f%2fwww-kcra-com%2farticle%2ffed-rate-hike-online-bank-interest-rates%2f42939207c1751433753382765907mkten-us/ [ad_1]

Americans could be earning billions more in interest. Here’s how.

Interest rates on savings accounts are rising — but online banks are offering the best rates of all.

Jean Folger is writer specializing in real estate and personal finance. She has written for Investopedia, The Motley Fool, Business Insider, and more. She is also the co-founder of PowerZone Trading, a company that has provided software, consulting, and strategy development services to active traders and investors since 2004. Her goal is to help people make better financial decisions, so they have more money and time to spend on the things that matter most.Hearst Television participates in various affiliate marketing programs, which means we may get paid commissions on editorially chosen products purchased through our links to retailer sites. This may influence which products we write about and where those products appear on the site, but it does not affect our recommendations or advice, which are grounded in research.Mobile app users, click here for the best viewing experience.Interest rates have skyrocketed since the Federal Reserve began aggressively raising rates in 2022 to slow inflation. While that’s bad news for homebuyers, it’s been a welcome change for savers who were earning just 0.14% a year ago for 12-month CDs — about $0.12 a month on a $1,000 balance. And yet Americans missed out on $42 billion that they could have earned in interest payments during the third quarter of 2022, according to a recent analysis in the Wall Street Journal. That’s because they’re keeping their money in traditional savings accounts instead of high-yield savings accounts, which might offer interest rates up to 4%.Of course, the question on many savers’ minds is: Will savings interest rates and CD rates continue to go up in 2023? The Fed is expected to hike interest rates at least a couple of more times this year, which will continue nudging interest rates on savings accounts higher, too. That’s why it’s more important than ever to make sure your savings is in the best possible place — and it’s easier to move money into a new account than you might think. Here’s a look at the best rates today, the different places to stash your cash, and tips on making the switch.PHNwYW4+PC9zcGFuPjxzY3JpcHQgYXN5bmM9InRydWUiIHNyYz0iaHR0cHM6Ly9zdGF0aWMubXlmaW5hbmNlLmNvbS93aWRnZXQvbXlGaW5hbmNlLmpzIj48L3NjcmlwdD48ZGl2IGNsYXNzPSJteUZpbmFuY2Utd2lkZ2V0IiBkYXRhLWFkLWlkPSJjYjdiMTc1Yy03YjU2LTRmY2QtODVjZS1kYjcxNjJmZDhmM2UiIGRhdGEtY2FtcGFpZ249ImhlYXJzdHR2LXNhdmluZ3MtbXVsdGkiIGRhdGEtc3ViLWlkPSJodHRwOi8vd3d3LmtjcmEuY29tL2FydGljbGUvZmVkLXJhdGUtaGlrZS1vbmxpbmUtYmFuay1pbnRlcmVzdC1yYXRlcy80MjkzOTIwNyI+PC9kaXY+Types of savings accountsA checking account might be the first stop for your paycheck — it’s a handy place to keep the money you need for monthly bills and daily purchases. However, stashing too much money there isn’t a good idea, for two reasons:The money is easy to access, so you might be tempted to spend it (and blow your budget).Checking accounts don’t pay much (if any) interest, so they won’t help you build wealth.That’s why you need to park money you won’t spend right away — like an emergency fund or down payment — in a savings account (Although, most savings accounts will let you make up to six withdrawals a month with no penalty, so you’re not totally locking away your money.) Banks and other financial institutions offer several types of savings accounts. Your best option depends on when and how you want to access your money, and the return you’re after. Here are the pros and cons of four popular options.Traditional savings accountsThese accounts are available at regular banks and credit unions and are good for people who prefer in-person banking.Pros:It’s easy to open an account at your local bank or credit union (and possibly online).You can earn a small amount of interest.You can get in-person help or deposit cash at your local branch.Cons:The interest rates are low compared to other savings options.Monthly maintenance fees may apply, which can negate your interest earnings.Extra withdrawals may incur a fee.High-yield savings accountsHigh-yield savings accounts are available at online banks and credit unions and are a good option if you want to minimize fees while earning a more competitive rate.Pros:You can earn much higher interest rates than traditional savings accounts pay.The initial minimum deposit requirements are generally low.You’re less likely to owe monthly maintenance fees.Cons:There are few (if any) options for in-person banking.Transfers between accounts can take several days.You might not have account access via an ATM card.Money market accountsThese accounts combine the best features of savings and checking accounts — you earn interest and access your cash using a debit card or check — so they’re a smart choice if you want more ways to access your money.Pros:The interest rates may be higher than in traditional savings accounts.You can tap funds using a debit card, ATM card, or check.You can open an account at a traditional or online bank.Cons:You might need a higher initial deposit to avoid monthly fees.The interest rates might be tiered, so you’d need a larger balance to get the best rates.You might have limited check-writing capabilities.Certificates of deposit (CDs)CDs are available at traditional and online banks and are ideal for people who want competitive rates and are OK with stashing their cash for a while.Pros:You can earn above-average interest rates to grow your money.Online banks may offer lower initial deposit requirements.There aren’t usually any account maintenance fees.Cons:Early withdrawals typically trigger a penalty.Traditional banks offer lower rates than online options.You could miss out on future interest rate hikes.The best savings account interest rates todayThe national average rate on savings accounts and CDs continues to rise — and you can find above-average rates if you shop around. That’s especially true if you’re willing to shop at online banks, which generally offer better rates than their brick-and-mortar counterparts.According to Bankrate, the best savings account interest rates as of Feb. 16 are as high as 4%, with no minimum balance required. Meanwhile, you could earn up to 4.60% (with no minimum balance) with the best CD rates.PHNwYW4+PC9zcGFuPjxzY3JpcHQgYXN5bmM9InRydWUiIHNyYz0iaHR0cHM6Ly9zdGF0aWMubXlmaW5hbmNlLmNvbS93aWRnZXQvbXlGaW5hbmNlLmpzIj48L3NjcmlwdD48ZGl2IGNsYXNzPSJteUZpbmFuY2Utd2lkZ2V0IiBkYXRhLWFkLWlkPSIwN2ZiOTg4My0yNzgwLTQ3MjItYmIzZi1mMjBhZWEwYWM1ZWEiIGRhdGEtY2FtcGFpZ249ImhlYXJzdHR2LWNkLW11bHRpIiBkYXRhLXN1Yi1pZD0iaHR0cDovL3d3dy5rY3JhLmNvbS9hcnRpY2xlL2ZlZC1yYXRlLWhpa2Utb25saW5lLWJhbmstaW50ZXJlc3QtcmF0ZXMvNDI5MzkyMDciPjwvZGl2Pg==Signs it might be time to switch banksIt’s hard to find a perfect bank that offers all the features you want. Still, it may be time to move on if your bank is letting you down. Here are five signs it might be time to find a new bank.You want higher interest rates. The interest rates banks pay vary widely — by bank, account type, and balance. If your cash could work harder for you somewhere else, it might be time to switch banks. Keep in mind that interest rates are expected to drop later this year, so now may be an especially good time to lock in a higher rate.Your bank charges too many fees. Some banks charge a long list of fees for ATM withdrawals, monthly maintenance, overdrafts, insufficient funds, excess transactions, and even paper statements. If your bank charges excessive fees, you can do better elsewhere.You want modern technology. Smaller banks and credit unions aren’t known for their digital capabilities. It might be time for a change if you prefer the convenience of online banking and a modern, user-friendly interface.You want better options. Most banks offer the usual suspects: checking and savings accounts, CDs, money markets, car loans, and mortgages. But if your credit could be better, you might have difficulty qualifying for your bank’s best loan rates and terms. Finding a bank that’s more willing to work with your financial situation might be worth the effort. You want different customer service. Poor customer service is frustrating, whether it’s due to staffing issues or something else. Likewise, it can be challenging if your bank’s customer service isn’t available when you are. If your bank is lacking in the customer service department, it might be a good time to switch.How to open a savings accountA savings account should be a safe place to park and grow your money. The best savings account for you will align with your savings timeline, how you want to access your funds, and how you want to do business (in person or online). Once you establish your goals and preferences, decide which account type will work best. Then, shop around and compare banks, paying attention to the following:How you access the account (brick-and-mortar, online, mobile app)Initial and ongoing account minimumsWithdrawal limitsAccount fees, charges, and penaltiesCustomer service (when and how it’s available)Interest ratesUltimately, the goal is to find a bank that offers the best combination of the features you want with an interest rate you can be happy about. With online banks offering the highest interest rates seen in years, there’s a good chance that a little bit of shopping around could help your money work a lot harder for you. PHNwYW4+PC9zcGFuPjxzY3JpcHQgYXN5bmM9InRydWUiIHNyYz0iaHR0cHM6Ly9zdGF0aWMubXlmaW5hbmNlLmNvbS93aWRnZXQvbXlGaW5hbmNlLmpzIj48L3NjcmlwdD48ZGl2IGNsYXNzPSJteUZpbmFuY2Utd2lkZ2V0IiBkYXRhLWFkLWlkPSJjYjdiMTc1Yy03YjU2LTRmY2QtODVjZS1kYjcxNjJmZDhmM2UiIGRhdGEtY2FtcGFpZ249ImhlYXJzdHR2LXNhdmluZ3MtbXVsdGkiIGRhdGEtc3ViLWlkPSJodHRwOi8vd3d3LmtjcmEuY29tL2FydGljbGUvZmVkLXJhdGUtaGlrZS1vbmxpbmUtYmFuay1pbnRlcmVzdC1yYXRlcy80MjkzOTIwNyI+PC9kaXY+Editorial Disclosure: All articles are prepared by editorial staff and contributors. Opinions expressed therein are solely those of the editorial team and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in this article is accurate as of the date of the publish. Check the lender’s website for the most current information.This article was originally published on SFGate.com and reviewed by Lauren Williamson, who serves as Financial and Home Services Editor for the Hearst E-Commerce team. Email her at lauren.williamson@hearst.com.

Mobile app users, click here for the best viewing experience.

Interest rates have skyrocketed since the Federal Reserve began aggressively raising rates in 2022 to slow inflation. While that’s bad news for homebuyers, it’s been a welcome change for savers who were earning just 0.14% a year ago for 12-month CDs — about $0.12 a month on a $1,000 balance.

And yet Americans missed out on $42 billion that they could have earned in interest payments during the third quarter of 2022, according to a recent analysis in the Wall Street Journal. That’s because they’re keeping their money in traditional savings accounts instead of high-yield savings accounts, which might offer interest rates up to 4%.

Of course, the question on many savers’ minds is: Will savings interest rates and CD rates continue to go up in 2023? The Fed is expected to hike interest rates at least a couple of more times this year, which will continue nudging interest rates on savings accounts higher, too. That’s why it’s more important than ever to make sure your savings is in the best possible place — and it’s easier to move money into a new account than you might think. Here’s a look at the best rates today, the different places to stash your cash, and tips on making the switch.

A checking account might be the first stop for your paycheck — it’s a handy place to keep the money you need for monthly bills and daily purchases. However, stashing too much money there isn’t a good idea, for two reasons:

The money is easy to access, so you might be tempted to spend it (and blow your budget).
Checking accounts don’t pay much (if any) interest, so they won’t help you build wealth.

That’s why you need to park money you won’t spend right away — like an emergency fund or down payment — in a savings account (Although, most savings accounts will let you make up to six withdrawals a month with no penalty, so you’re not totally locking away your money.) Banks and other financial institutions offer several types of savings accounts. Your best option depends on when and how you want to access your money, and the return you’re after. Here are the pros and cons of four popular options.

Traditional savings accounts

These accounts are available at regular banks and credit unions and are good for people who prefer in-person banking.

Pros:

It’s easy to open an account at your local bank or credit union (and possibly online).
You can earn a small amount of interest.
You can get in-person help or deposit cash at your local branch.

Cons:

The interest rates are low compared to other savings options.
Monthly maintenance fees may apply, which can negate your interest earnings.
Extra withdrawals may incur a fee.

High-yield savings accounts

High-yield savings accounts are available at online banks and credit unions and are a good option if you want to minimize fees while earning a more competitive rate.

Pros:

You can earn much higher interest rates than traditional savings accounts pay.
The initial minimum deposit requirements are generally low.
You’re less likely to owe monthly maintenance fees.

Cons:

There are few (if any) options for in-person banking.
Transfers between accounts can take several days.
You might not have account access via an ATM card.

Money market accounts

These accounts combine the best features of savings and checking accounts — you earn interest and access your cash using a debit card or check — so they’re a smart choice if you want more ways to access your money.

Pros:

The interest rates may be higher than in traditional savings accounts.
You can tap funds using a debit card, ATM card, or check.
You can open an account at a traditional or online bank.

Cons:

You might need a higher initial deposit to avoid monthly fees.
The interest rates might be tiered, so you’d need a larger balance to get the best rates.
You might have limited check-writing capabilities.

Certificates of deposit (CDs)

CDs are available at traditional and online banks and are ideal for people who want competitive rates and are OK with stashing their cash for a while.

Pros:

You can earn above-average interest rates to grow your money.
Online banks may offer lower initial deposit requirements.
There aren’t usually any account maintenance fees.

Cons:

Early withdrawals typically trigger a penalty.
Traditional banks offer lower rates than online options.
You could miss out on future interest rate hikes.

The national average rate on savings accounts and CDs continues to rise — and you can find above-average rates if you shop around. That’s especially true if you’re willing to shop at online banks, which generally offer better rates than their brick-and-mortar counterparts.

According to Bankrate, the best savings account interest rates as of Feb. 16 are as high as 4%, with no minimum balance required. Meanwhile, you could earn up to 4.60% (with no minimum balance) with the best CD rates.

It’s hard to find a perfect bank that offers all the features you want. Still, it may be time to move on if your bank is letting you down. Here are five signs it might be time to find a new bank.

You want higher interest rates. The interest rates banks pay vary widely — by bank, account type, and balance. If your cash could work harder for you somewhere else, it might be time to switch banks. Keep in mind that interest rates are expected to drop later this year, so now may be an especially good time to lock in a higher rate.
Your bank charges too many fees. Some banks charge a long list of fees for ATM withdrawals, monthly maintenance, overdrafts, insufficient funds, excess transactions, and even paper statements. If your bank charges excessive fees, you can do better elsewhere.
You want modern technology. Smaller banks and credit unions aren’t known for their digital capabilities. It might be time for a change if you prefer the convenience of online banking and a modern, user-friendly interface.
You want better options. Most banks offer the usual suspects: checking and savings accounts, CDs, money markets, car loans, and mortgages. But if your credit could be better, you might have difficulty qualifying for your bank’s best loan rates and terms. Finding a bank that’s more willing to work with your financial situation might be worth the effort.
You want different customer service. Poor customer service is frustrating, whether it’s due to staffing issues or something else. Likewise, it can be challenging if your bank’s customer service isn’t available when you are. If your bank is lacking in the customer service department, it might be a good time to switch.

A savings account should be a safe place to park and grow your money. The best savings account for you will align with your savings timeline, how you want to access your funds, and how you want to do business (in person or online). Once you establish your goals and preferences, decide which account type will work best. Then, shop around and compare banks, paying attention to the following:

How you access the account (brick-and-mortar, online, mobile app)
Initial and ongoing account minimums
Withdrawal limits
Account fees, charges, and penalties
Customer service (when and how it’s available)
Interest rates

Ultimately, the goal is to find a bank that offers the best combination of the features you want with an interest rate you can be happy about. With online banks offering the highest interest rates seen in years, there’s a good chance that a little bit of shopping around could help your money work a lot harder for you.

This article was originally published on SFGate.com and reviewed by Lauren Williamson, who serves as Financial and Home Services Editor for the Hearst E-Commerce team. Email her at lauren.williamson@hearst.com.

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