Big banks in the US are boosting the amount of cash they’re handing to new customers as the fight for deposits intensifies for the first time in years. JPMorgan Chase and Wells Fargo in particular are battling it out to curb deposit flight triggered by the Federal Reserve’s interest rate hikes, reports the Wall Street Journal.

JPMorgan Chase and Wells Fargo Offering $300 Cash As Banks’ Battle for New Deposits Intensifies for First Time in Years: Report

With interest rates sitting at more than two-decade highs and inflation continuing to bear down on consumers, big banks are preparing to face more risks from their lending practices. Suggested Reading. In the second quarter, JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo all raised their provisions for credit...

Banks are bracing for consumers to stop paying off their credit cards

Savings rates have been hot since the early days of 2022. As the Fed steadily raised the federal funds rate 11 times to combat high inflation, borrowing money with a credit card or loan became more expensive. But banks also raised rates on consumer products like savings accounts and certificates of deposit.

Don’t Sleep on This Online Bank. It Has the Highest Savings Account Rate Right Now

PYMNTS

Uninsured deposits have been in the spotlight of the regulatory gaze through the past year and a half. The failure of Silicon Valley Bank and other bouts of financial instability have called attention to these deposits and possible changes to how they’re held at banks. Regulators seem on the...

FDIC Wants Closer Look at $8 Trillion in Uninsured Deposits

Business Insider

Two local credit unions are offering CDs with at least 9% interest before the Fed cuts interest rates. Find out how to qualify for the CD specials.

Some credit unions are offering CDs of 9% APY or more before an anticipated Fed rate cut

Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.

3 Reasons to Open a High-Yield Savings Account in August

The Motley Fool

There's a much more efficient way to grow wealth than with CDs. Read on to learn more.

Forget CDs: Here's How to Grow $1,000 Into $10,000

The best nationwide CD rate of 6.00% APY, offered by Nuvision Credit Union, is advertised as expiring on July 31. With the Fed appearing likely to cut interest rates this fall, we're unlikely to see another 6% CD this year. The next-best CDs currently pay 5.40% to 5.51% on terms...

Less Than a Week Left to Grab This 6% CD Rate With a Guarantee Until 2025

Fox Business

Social Security recipients will receive two checks this month, but it doesn't mean retirees are receiving extra money – it's due to a quirk in the system.

Some Americans to receive rare second Social Security payment in August

CBS News

We may receive commissions from some links to products on this page. Promotions are subject to availability and retailer terms.
  In the face of inflation and elevated borrowing costs, certificates of deposit (CD) accounts have been a smart way for savers to grow their funds — and protect them in a volatile economic climate. This was especially beneficial as inflation hit a decades-high in June 2022 and, later, when the Federal Reserve raised the federal funds rate to its highest level in 22 years. Since those events occurred, however, the economy has improved.Inflation is now approaching the Fed's target...

Is a $5,000 CD deposit still worth it?

New Orleans, LA

Brooklyn, NY

USA TODAY

Credit unions are offering lucrative promotions on CDs to lure customers. You should consider locking in some rates now before the Fed cuts rates.

CD match, raise, or 9% APY! Promos heat up before Fed rate cut. Hurry to get the best rate

NewsNation

Residents in nine U.S. states are still taxed on retirement benefits but how much they pay depends on their income

Social Security benefits are taxed in these US states

Wisconsin State

Detroit, MI

The Independent

 Vice President Kamala Harris pushed back against pro-Palestine protesters in Detroit, her first major hurdle amid an otherwise positive rollout of her presidential campaign. Harris was visiting Detroit as part of a tour with her newly-minted running mate Tim Walz. The two had held a large and raucous outdoor rally in Eau Claire, Wisconsin earlier in the day.But Michigan, which has a large Arab-American population located in Dearborn outside of Detroit, has long been a hotbed of criticism for the Biden administration’s support for Israel in its war against Gaza.  Earlier this year, roughly 13 percent of the...

Kamala Harris slams protesters disrupting Detroit rally: ‘If you want Donald Trump to win, then say that’

The New Republic

Nicknaming President Joe Biden “Sleepy Joe” doesn’t seem to be looking so good for Donald Trump now that he’s the old man in the race.A Morning Consult poll published Monday revealed that voters are suddenly viewing Trump as the decrepit candidate after Biden dropped his campaign. Americans are apparently far more likely to describe Vice President Kamala Harris as healthy, mentally fit, and a strong leader than the 78-year-old Republican presidential nominee.According to the poll, 71 percent of respondents agreed that Harris was “in good health,” while 52 percent said the same about Trump—6 percent fewer than believed the same...

Trump Just Got an Embarrassing Wake-Up Call From a Stunning New Poll

There's a gap between how much people believe they'll need for retirement and how much retirees actually have saved.

This Is the Average 401(k) Balance for Retirees Age 65 and Older

Hendersonville, NC

The US Sun

A FURIOUS Walmart shopper has hit out at the retailer, claiming their checkout process is disorganized and inefficient. The chain's reliance on self-checkout in several stores across the US has been a source of controversy for many. Shoppers have flooded to social media to complain about understaffed stores and long...

‘Just walked out’ fumes Walmart shopper who left cart with $130 of groceries after store had 19 unmanned registers

We may receive commissions from some links to products on this page. Promotions are subject to availability and retailer terms.
  Stowing your savings away in an interest-bearing account has been a lucrative move to make over the last couple of years. The interest rates on these accounts have been quite high, after all, with many high-yield savings accounts and certificate of deposit (CD) accounts offering annual percentage yields (APYs) that far surpassed the inflation rate. That, in turn, resulted in big payoffs for the savers who took advantage of earning interest in a high-rate environment.But the window to capitalize...

12 best CDs to open before rates are cut in September

I took my standard weekly shopping list to Trader Joe's and Walmart to see which grocery chain had the best variety, deals, and experience.

I took the same grocery list to Trader Joe's and Walmart. My money went way further at the bigger chain, and I found cool stuff.

Research from The Senior Citizens League shows that Social Security benefits have lost 20% of their purchasing power since 2010. Social Security benefits may lose buying power again in 2025 because COLAs are based on the CPI-W, which measures inflation based on the spending patterns of workers. Many experts believe...

Social Security's 2025 Cost-of-Living Adjustment (COLA) May Do Something It Hasn't Done Since 2021

We may receive commissions from some links to products on this page. Promotions are subject to availability and retailer terms.
  With the cost of living and inflation elevated, many people use credit cards to cover basic needs. But carrying a balance comes at a price. According to the Federal Reserve, credit card interest rates average nearly 23% right now. If you have $10,000 in outstanding credit card debt with a 23% interest rate, you'll face almost $191 in interest for this statement cycle. Unless you pay off a large chunk of that balance, that interest grows, and next month, you'll...

Need to pay off $10,000 in credit card debt? 3 options you may not have considered

NewsBreak

FDIC Report Reveals Alarming $7.7 Trillion in Uninsured U.S. Bank Deposits

The Federal Deposit Insurance Corporation (FDIC) has unveiled a startling figure that shows Americans are holding a colossal $7.7 trillion in uninsured deposits within their bank...

FDIC Report Reveals Alarming $7.7 Trillion in Uninsured U.S. Bank Deposits

Comments / 0