Is Your Bank Greenwashing? Here’s How to Check

Your bank plays a role in climate change through its lending and other actions. But is your bank making a positive environmental impact? It can be hard to know. Through their messaging, banks sometimes paint a greener picture of their impact on the climate than what their holdings or other factors indicate, a process known … Continued

5 Myths About High-Yield Savings Accounts During COVID-19

Last year’s savings rates of 2% and higher have come and gone, but that doesn’t mean high-yield savings accounts disappeared. “There are high-yield savings accounts out there, but it’s all relative,” says Mike Schenk, chief economist for the Credit Union National Association. When the Federal Reserve cut its benchmark rate to nearly zero in March, … Continued

How to Get Started If You’ve Never Had a Bank Account

Managing your money without a bank account is doable. But it can pose challenges — and the COVID-19 pandemic has only added more. Your economic impact payment might’ve arrived weeks or months after others’ did, in the form of a check or prepaid debit card, because you couldn’t choose the faster delivery option of direct … Continued

6 Do’s and Don’ts When Saving Money During a Crisis

Probably the last thing you want to think about during a crisis is working on healthy financial habits like saving money. But if you’re able to save, you can make your eventual recovery easier. “Every time you put some [money] away, you’re looking out for your future self,” says Saundra Davis, founder and executive director … Continued

Is Chasing the Highest Savings Rate Worth It?

Last year, Peter Hsiao learned about high-yield savings accounts from his friend, and within a week, he had opened one. His rate was above 2%. High-yield savings accounts pay interest rates far higher than the national average of 0.09% annual percentage yield. They’re generally offered by online-focused banks and credit unions. Months later, Hsiao’s bank … Continued

How Banking Apps Can Motivate You to Save

Every time Olivia Robinson shops at Nordstrom, $10 moves from her checking account to savings. She set up this automatic transfer, or “rule,” in the savings app Qapital. The rule “has definitely scaled back my spending at Nordstrom,” says Robinson, 26, a flight attendant and travel blogger based in Seattle. This way of saving money … Continued

Inflation Erodes Your Savings. Here’s How to Shore Them Up

One million dollars might sound like enough to retire with today, but by the time you reach your last day of work, it’ll be worth less than you might think. The reason is inflation, and it impacts how you plan for the future. Here’s a look at what inflation is and how to keep it … Continued

How to Avoid Overdraft Fees

When your checking account drops close to zero, your next debit card purchase can cost you more in fees than you might expect. If your bank covers the transaction and your account dips into the red, you can be charged an overdraft fee — not just once, but several times if you keep making purchases following a … Continued

Can You Afford to Give Up Your Brick-and-Mortar Bank?

There are nearly 90,000 bank branches across the U.S., but when was the last time you visited one? “I haven’t set foot in a bank branch or had a reason to since 2014,” says Jonathan Hasson, a user interface designer in Palo Alto, California. For people like Hasson, banking online and by mobile device has … Continued

How to Cancel a Check

If a personal check gets lost or stolen, or you pay a merchant and decide he’s swindling you, you’re not out of luck. You can try asking your bank or credit union to cancel the check, also known as a stop payment order. Timing may be crucial, so follow these steps as soon as you can. 1. … Continued