Bank Deals Blog: Deposits Education and Strategies

Certificates of deposit (CDs)...

After yesterday’s Fed rate cut (the third since July), I’m afraid savers should expect more rate cuts on their online savings accounts. As those rates fall, high-yield reward checking accounts are looking more attractive as an alternative for your liquid funds. There are still options to earn 2.40% on savings accounts, but as those rates fall, the 3%+ rates currently available on reward checking accounts will become more appealing.

Below is a table of reward checking accounts that currently earn at least 3.00% APY on balances of at least $25k....

Pensions used to be a common feature of company benefit plans. After a long career, retirees would enjoy a steady paycheck month after month as a reward for their work.

Annuities are a more modern approach to the same end result. They are an investment product that offers the security of guaranteed income in your retirement years.

Twine is a fintech platform provided by John Hancock, a financial services firm that dates back to 1862. But just because a firm has a long history doesn’t mean it necessarily offers the best product.

Twine offers a cash management account with a low APY, slow transfers and relatively high management fees if you open an additional taxable investing account. Its cash management account is administered by a clearinghouse rather than a bank, making the reliability of Federal Deposit Insurance Corp. (FDIC)...

Rize has not yet officially launched, though the fintech platform is expected to offer savings and investment accounts.

Despite a high interest rate and — at first glance — a seemingly fairly priced product, there are some questions you should ask yourself before considering Rize, including whether the cash you keep in your Rize account is safe.

It’s important to note: There are online reviews of Rize from 2018 and 2019 that would indicate Rize’s products have been previously available or are still...