Why is it so hard to save money?" asks the narrator of a new Bank of America TV ad. "This is America. We save everything. We saved the bald eagle, the redwoods." Cue images of said eagle, said trees, and also dollar bills and a girl pouring change out of a glass jar. The ad marks a change in the way banks sell themselves. During the recent housing bubble, banks urged their clients to spend, spend, spend - through home-equity loans or other forms of credit. With spending out of fashion today, those same banks are pushing savings accounts, CDs, and retirement plans.
As the stock market goes through stomach-turning ups and downs, Sen. Barack Obama is accusing Sen. John McCain of wanting to "gamble with Social Security," a charge the Republican presidential nominee rejects as fear mongering.
New York Private Bank & Trust, the holding company of Emigrant Bancorp, Inc., unveiled a new online savings account Monday that the company claims will provide the highest interest rate in the country.
There was something odd about the commercial, but it took me a little while to put my finger on it. This not-too-young, not-too-old, not-too-hip hipster with sideburns is talking about his credit-card company. Seems it has a new Web site that helps him plan how he'll pay off his balance - someday.
Americans don't understand debt, which may be one reason that they have too much of it, according to a survey released Tuesday.
Question: I'm 23 and make $50,000 a year. I put 8% into a 401(k) with a 4% match and $1,800 a year into a Roth IRA, but I would like to start saving to buy a house. I currently have $10,000 in an online savings account that earns 5% interest. Are stocks too risky for money I want to spend in the next couple years? Will bonds make more than 5% a year?
Among the many promises being made by the 2008 candidates for president, fixing Social Security is getting increasing play on the campaign stump.
Britain will guarantee the security of personal savings accounts at all banks up to $70,000 (£35,000), the government said Monday, matching the security extended to Northern Rock customers during last month's run on deposits.
Democratic presidential candidate Joe Biden released a plan Wednesday to protect Americans' retirement savings and even help children begin to sock away money.
Income gains outpaced increases in spending in June, according to a government report Tuesday, which also showed a key inflation reading coming in lower than expected.
Why is it so hard to save money?" asks the narrator of a new Bank of America TV ad. "This is America. We save everything. We saved the bald eagle, the redwoods." Cue images of said eagle, said trees, and also dollar bills and a girl pouring change out of a glass jar. The ad marks a change in the way banks sell themselves. During the recent housing bubble, banks urged their clients to spend, spend, spend - through home-equity loans or other forms of credit. With spending out of fashion today, those same banks are pushing savings accounts, CDs, and retirement plans.
As the stock market goes through stomach-turning ups and downs, Sen. Barack Obama is accusing Sen. John McCain of wanting to "gamble with Social Security," a charge the Republican presidential nominee rejects as fear mongering.
New York Private Bank & Trust, the holding company of Emigrant Bancorp, Inc., unveiled a new online savings account Monday that the company claims will provide the highest interest rate in the country.
There was something odd about the commercial, but it took me a little while to put my finger on it. This not-too-young, not-too-old, not-too-hip hipster with sideburns is talking about his credit-card company. Seems it has a new Web site that helps him plan how he'll pay off his balance - someday.
Americans don't understand debt, which may be one reason that they have too much of it, according to a survey released Tuesday.
Question: I'm 23 and make $50,000 a year. I put 8% into a 401(k) with a 4% match and $1,800 a year into a Roth IRA, but I would like to start saving to buy a house. I currently have $10,000 in an online savings account that earns 5% interest. Are stocks too risky for money I want to spend in the next couple years? Will bonds make more than 5% a year?
Among the many promises being made by the 2008 candidates for president, fixing Social Security is getting increasing play on the campaign stump.
Britain will guarantee the security of personal savings accounts at all banks up to $70,000 (£35,000), the government said Monday, matching the security extended to Northern Rock customers during last month's run on deposits.
Democratic presidential candidate Joe Biden released a plan Wednesday to protect Americans' retirement savings and even help children begin to sock away money.
Income gains outpaced increases in spending in June, according to a government report Tuesday, which also showed a key inflation reading coming in lower than expected.
Question: I'm 24 years old and have about $65,000 in an Internet savings account and about $25,000 in mutual funds. Do you think I should dump everything I have in savings into mutual funds for maximum growth? -Nick, New York
Emigrant Savings Bank, owner of online bank Emigrant Direct, announced Thursday the launch of a Spanish-language bank to deepen its push into the online Hispanic market.
Online banking pioneer ING Direct helped transform the banking industry through its high-yield savings accounts, sparking a wave of copycats competing to attract tech-savvy consumers eager for a higher return.
Americans once again spent everything they made and then some last year, pushing the personal savings rate to the lowest level since the Great Depression.
HSBC Direct raised the annual yield on its online savings account by nearly one percentage point to 6 percent Monday, the latest move by an online bank to attract customers as competition heats up for deposits.
Don't call us the Grinch for bringing this up with Christmas right around the corner, but Americans are spending more than they're earning, and some critics say the economy is at risk because of this.
Question: My wife and I have saved an emergency fund of $30,000, or about six months' worth of living expenses. We also have about $150,000 in student loans from law school, $50,000 of which are private loans with a 7.87% interest rate.
Considering the mess that Social Security and Medicare are in, the federal government is probably the last place you'd look for insights about retirement planning.
Legend has it Albert Einstein called compound interest the greatest mathematical discovery of all time -- or something to that effect.
We all know the health-care system is a $2 trillion dinosaur of the way-old economy. So where's the opportunity in that? Everywhere. But forget about trying to drag doctors, insurers, and hospitals...
1. Diagnose the Challenge
When tech entrepreneur Todd Lash's son, Simon, was born seven years ago with developmental problems, he and his wife, Tracy Joe, faced a barrage of never-ending medical bills.
For parents of high school kids, the end of summer may bring a merciful end to tense discussions about weeknight curfews and the family car. But beware. Tussles over lunch money and school clothes ...
The miracle of compound interest, combined with an early start to saving, can help achieve greater financial comfort in retirement. Look at the following two examples:
Just two months after Citigroup jumped into Internet banking, the company's high-yield online savings account is rocking, Citigroup CEO Charles Prince said Thursday.
Q. I want to open savings accounts for my daughter, age 9, and my son, 7. But the high fees on low-balance accounts mean they're likely to end up losing money. Is there a solution?
The President talked about health savings accounts as a way to make health care more affordable in his State of the Union address yesterday.
The spend-to-save phenomenon is gaining more steam as EmigrantDirect becomes the latest bank to introduce a credit card that allows consumers to sock away a few extra dollars into a savings account with every purchase.
If you've managed to stash away some cash this year, congratulations -- the hard work's over. But managing your savings is one extra step that will make your effort even more worthwhile.
I contribute the max to my 401(k) and my wife and I both max out our IRAs. But the company my wife will start working for in January offers no retirement account of any type until she has been with the firm for three years.
Shortly after the Sept. 11 terrorist attacks, Carmen Kelley was worried.
It's a lesson most children learn from their parents: a penny saved is a penny earned. Now banks are shaking up that notion by telling consumers that a dollar spent could lead to a penny saved.
It seems that everywhere you turn, Internet banks are trying to woo you with the promise of higher returns on your savings.
Now that interest rates are finally above water, this is a golden opportunity to make some dough on your dollars.
The savings of U.S. consumers are:
Democratic members of Congress introduced a retirement security plan Tuesday that promises to foster savings among middle- and working-class individuals.
You can blame many factors for our dismal savings rate--less than 1% of our disposable household income--but one is simple American optimism. Even if we don't save enough for retirement right now, ...
It's a simple savings philosophy, but Mike Rogalski hopes that discipline and "paying yourself first" will put him at millionaire status by the time he reaches his early 40s.
Saving money can be as easy as collecting your spare change for sorting, and as smart as maximizing your 401(k) match for the free money. Here are more smart saving tips.
President Bush said Tuesday the "economy is strong," but he urged members of Congress to reform Social Security and pass his energy bill.
You read the papers and are well aware that the Federal Reserve has raised interest rates six times in the past year. So why is your bank still paying you a piddling 0.5% on your savings? No good r...
American households are running on empty, spending virtually all the money they have, or more, and putting nothing in the bank. But the economy is hooked on shoppers who give everything they've got at the cash register.
NEW YORK (CNN/Money) - In the State of the Union address Wednesday evening, President Bush answered some important questions about his plans for Social Security reform and the creation of individual investment accounts. Many issues remain unclear, however.
NEW YORK (CNN/Money) - Social Security reform will be a focal point of President Bush's State of the Union address Wednesday.
NEW YORK (CNN/Money) - In the first solo news conference of his second term, President Bush on Wednesday said he's "open to good ideas" from lawmakers about Social Security reform.
A key Senate Republican is questioning President Bush's plans to overhaul Social Security, amounting to perhaps the most public GOP skepticism to date of the White House effort.
A key Senate Republican Sunday questioned both the president's proposal and strategy to reform Social Security, amounting to perhaps the most public GOP skepticism to date of the White House effort.
The Federal Reserve is set to meet Tuesday and most experts agree another quarter point rate hike is in the cards.
Democratic presidential nominee John Kerry seized on a report Sunday that President Bush would seek to quickly privatize Social Security in a second term.
President Bush and Sen. John Kerry debated for a third time Wednesday night. Here are the highlights, with the candidate who was asked the question listed first. Issues are not in chronological order.
On a postcard summer afternoon before the GOP rolled into New York for its national convention, Pete Peterson was in his Park Avenue office, wearing a pin-striped suit and a perfect Hamptons tan, a...
Western Europe's first retail bank built around Islamic law, or Sharia, has opened for business in London.
The Fed raised rates yet again.
When he accepts his party's nomination for a second term this week, President Bush likely will promise to give individuals greater control of their savings, retirement and health-care benefits, shrink the federal budget deficit and make recent tax cuts permanent.
Hidden in the new Medicare bill is a gift for people under 65 who want to cut their health insurance bills. It's called the health savings account, or HSA. And many experts, including John C. Goodm...
Financial markets hold their breath whenever Alan Greenspan speaks, parsing his words to guess when interest rates might start rising. They certainly won't stay at 1% for much longer, and probably ...
Never count George Bush out. When he hits a roadblock, he will often overcome it with sheer persistence. No, we don't mean the capture of Saddam Hussein. We're talking about privatizing Social Secu...
1 Make the 2001 and 2003 tax cuts permanent. The President's tax cuts reduced marginal income tax rates, raised the child tax credit and reduced the tax on most dividends, among other moves. The cu...
We'll go out on a limb and make the following assumption: It has been a while since you took stock of your financial well-being. We understand. Closing your eyes to how badly your various brokerage...
For parents saving for their children's college education, the past few years have delivered a harsh lesson in economics. Even as the bear market has laid waste to portfolios--the typical age-based...
Could the plight of the retirement investor get any worse? The once vaunted 401(k) has disappointed the millions of participants who've watched their retirement dreams shrink right along with their...
(O)n or about December 2001, the 401(k) dream died. After Enron employees saw their company-stock-laden retirement funds fall to pieces, even those of us with less go-go 401(k) investments woke up...
My husband insists on not using our savings account to pay off our $14,000 credit card bill because he doesn't like the idea of not having any savings. I feel we should pay off the credit card and start to build the savings account again.
You can't pick up the newspaper these days without seeing some pundit chastising us for not saving enough. And based on the U.S. government's official figures you could easily get the impression th...
Jerry Shay, president of KME America, is on the front lines of small business' fight against rising medical costs. Over the past three years he has watched the health insurance premiums at his 11-p...
You may have heard that Albert Einstein called compound interest "the most powerful force in the universe." The line pops up in George W. Bush's Social Security reform proposal, in think-tank posit...
Just Moments after President Clinton presented his Social Security reform plan during his State of the Union address, Republican Congresswoman Jennifer Dunn of Washington went on camera to deliver ...
For some time the Japanese, who have amassed an eye-popping $10.6 trillion in savings, have had to put up with paltry returns. Standard passbook savings accounts pay a stunning 0.1%. (Yes, the deci...
THIS MONTH: --Getting help with your debts --The best rates for CDs, loans
THIS MONTH:
Remember when you got a toaster for opening a checking account at your neighborhood bank? Well, things have changed: Today when you open an account at the typical bank you get toasted. Since 1985, ...
Our parents' generation didn't worry about instructing their children in the ABCs of investing. They seemed content to stash their money in low-yielding savings accounts and a handful of blue-chip ...
Tax-cut fever is gripping Washington. But once again it appears that Congress is about to hand out vote-getting goodies that will only worsen the troubles that the tax code already inflicts on the ...
CHART: NOT AVAILABLE CREDIT: 100 Highest Yields, Money Fund Report, Morningstar, Veribanc, Salomon Bros. CAPTION: THE BEST SAVINGS YIELDS IN THE U.S.
CHART: NOT AVAILABLE CREDIT: 100 Highest Yields, Morningstar, Money Fund Report, Veribanc, Salomon Bros. CAPTION: THE BEST SAVINGS YIELDS IN THE U.S.
CHART: NOT AVAILABLE CREDIT: 100 Highest Yields; Money Fund Report; Morningstar; Veribanc; Salomon Bros. CAPTION: THE BEST SAVINGS YIELDS IN THE U.S.
CHART: NOT AVAILABLE CREDIT: Veribanc CAPTION: THE BEST SAVINGS YIELDS IN THE U.S.
Men and women often disagree about finances because of differences in the ways they spend and invest. This quiz, prepared with four of our experts, will tell you whether your financial thinking til...
Alan Naisuler had thought his savings were insured. Naisuler, 44, a computer consultant, had $140,488 on deposit at Guaranty-First Trust of Waltham, Mass. About $47,000 was in various accounts in h...
AMERICANS don't save enough, and they don't invest enough in plant and equipment. Say that to almost any economist or politician -- liberal, conservative, progressive, supply-side, or neo-whatsit -...
A POWERFUL NEW FORCE is invading the stock market. After a decade of hiding in bank and money market accounts, individual investors are galloping back to equities, lifting prices to new highs. Wait...
& The Federal Reserve Board's recent efforts to jump-start the economy by driving down interest rates have sent savings yields and some borrowing rates tumbling. That should be a mixed blessing for...
Today the U.S. has the world's highest standard of living, but we will not retain that No. 1 position forever if we become complacent. Left unattended, four worrisome domestic problems -- our low s...
WE HAVE ENTERED the last decade of what Henry Luce, FORTUNE's founder, called ''the American Century.'' Writing in Life 50 years ago, when Britain stood alone against Hitler and the American people...
During much of the 1980s, savers had it easy. To earn yields of 9% or more, all they had to do was put their spare cash in a money-market fund -- almost any would do -- or a bank certificate of dep...
If Americans want to spend less and save more in the '90s, America's bankers are ready to grab a piece of that action. The latest bank marketing innovation is called a forced savings account.
Suddenly saving is in. After dropping to 3.2% of after-tax income in 1987, a low for the past 40 years, the personal savings rate climbed above 5% for all of 1989 and hit 6.1% in November -- the hi...
AMERICA ENTERS the 1990s bristling with opportunity. The spread of pluralistic, democratic capitalism -- a victory for American ideals and policy -- promises a world bound more tightly together, la...
So polarized have Western views of the Japanese become that I'm beginning to think there must be two island nations in the Orient called Japan, with nothing in common except small communities of We...
AS MANAGEMENT SAW IT, the ETA supercomputer was going to make Control Data a serious competitor in the scientific computing field once again. But by last spring the project had absorbed some $350 m...
Lieut. Col. Oliver North had an automatic savings plan that was uniquely his own. Every Friday night for 20 years he emptied the change from his pockets into a metal box that was bolted to his clos...
Like a tap dancer, a saver needs a fixed routine and the discipline to practice it. You will profit by taking your first steps now, even if you set aside only token amounts. The reason: you get the...
According to the ads, one-stop banking is the only way to go. The promise: sign on with the right bank or savings and loan and never again will you have to spend time hunting for the best deal on a...
SINCE AT LEAST the Book of Proverbs -- ''A wise man saves for the future, but a foolish man spends whatever he gets'' -- saving has stood as a test of virtue. America looks to be flunking the test ...
As a child, Dianne Palmieri listened closely when her mother used to tell her, ''Always put money in the bank.'' She has been following that advice ever since. Palmieri, who dropped out of the Univ...
In the 1980s, Americans acquired the image of being the world's biggest wastrels. As the federal deficit was swelling to a record level, so was the money owed by consumers on credit cards and auto ...
Dare we say it? Dare we even think it? Have we beaten the banks? For years we have been nibbled at with sharp little fees for previously free services. For decades we have been alternately insulted...
Americans stand accused of being spendthrifts. Are you, personally, guilty as charged? Use this worksheet to find out. You will discover much of the information you need in year-end brokerage and m...
THE CHRISTMAS PRESENT the Commerce Department gave economists this year, too heavy for a stocking stuffer, was the most comprehensive revision of U.S. income and production data in a decade. Analys...
AT THE BEGINNING of the fourth year of economic expansion, business executives are turning a bit more cautious in their spending plans. Responding to FORTUNE's semiannual survey of the business moo...
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