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If you are tired of the extremely low savings interest rate (APY) offered by traditional brick-and-mortar banks, please click here for the best offers on our site that pay up to 11X the national average, to help you grow your hard-earned savings or to begin saving for any purpose.
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Our research shows that both CD rates and High-Yield Savings APYs are trending down. Act today to benefit from the current high rates.
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We post on our site articles on credit card and banking related topics including offers for new small business owners, so please check back as often as possible, and send us your comments/thoughts on credit card related topics that are of interest to you. We strive to identify the best credit cards, loans and banking offers for all.
Lets get started on understanding what the economic trends are indicating, on growing your savings (or taking your savings further, faster) with high-yield accounts offering APY of 5% and more, learning about the best credit cards (particularly for beginners, business owners, students, cash rewards seekers, and new US residents). Review and apply for personal loans (available for any purpose and for all credit scores with just one application), and read about strategies to build (or re-build) your credit.
Pulse check on the US economy
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US Inflation Rate (as of October 31, 2024): 2.60% (Sep ’24 rate was 2.44%)
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US Unemployment Rate: 4.10% (as of October 31, 2024)
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US Index of Consumer Sentiment: 73.00 (up from 68.90 (Sep’ 24))
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The University of Michigan provides the US Index of Consumer Sentiment (ICS), which monitors the sentiment of US consumers through surveys conducted on randomly selected households. This index helps gauge consumer attitudes regarding personal finances, business conditions, and other subjects. Over time, the index has shown a trend of decreased confidence among consumers during economic downturns and heightened confidence during periods of economic expansion.
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Average Credit Card APR (accounts with balances accessed interest): 23.37% (as of Aug ’24)
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Prime Rate: 7.75%
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New Car Loans: 60 months – Average 8.40% APR (Aug ’24)
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New Car Loans: 72 months – Average 8.76% APR (Aug ’24)
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Personal Loans: 24 months – Average 12.33% APR (Aug ’24)
Source: federalreserve.gov, ycharts.com
Fed just cut interest rates
As the Federal Reserve cut interest rates in November by a quarter of a percentage point, borrowing money will become cheaper, but the days of earning high returns on savings accounts might be ending. A handful of online High Yield Saving Accounts and CDs are still offering top rates:
Open in minutes with $5,000 to get the highest rate!
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Credit and Cents – Inflation Watch
In October, the Consumer Price Index (CPI) showed a 4.9% increase in shelter, and a 4.1% increase in Airfare. The data shown below is not seasonally adjusted.
Major Categories - 12 Mo Percentage Change October 2024 - Consumer Price Index (CPI)
Changes in other notable categories: Motor Vehicle Insurance – 14%, Medical Care Services – 3.8%,
Rent of Primary Residence – 4.6%, Gas – (12.2%), Food at Home – 1.1%, Food Away from Home – 3.8%, Apparel – 0.3%, New Vehicles – (1.3%), Used Cars & Trucks – (3.4%), Airline Fare – 4.1%
Source: U.S. Bureau of Labor Statistics
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Test Your Financial Knowledge: Dive into our short Quiz Challenge!
Q1: What impact does the Federal Reserve’s decision to maintain interest rates have on borrowers and savers?
a) Borrowers may see stability in their current borrowing costs, while savers may need to explore alternative avenues for maximizing their savings.
b) Borrowers may experience increased borrowing costs, while savers enjoy higher interest rates.
c) Borrowers may face higher interest rates, while savers experience reduced earnings on their deposits.
d) The Federal Reserve’s decision to keep interest rates steady affects both borrowers and savers. Borrowers may see stability in their current borrowing costs, while savers may need to explore alternative avenues for maximizing their savings.
Q2: What are the benefits of high-yield savings accounts compared to traditional savings accounts?
a) High-yield savings accounts typically offer higher interest rates than traditional savings accounts, allowing savers to earn more on their deposits. This can help individuals grow their savings faster and stay ahead of inflation.
b) Traditional savings accounts offer higher interest rates than high-yield savings accounts.
c) High-yield savings accounts have higher fees and lower interest rates than traditional savings accounts.
d) There are no significant differences between high-yield savings accounts and traditional savings accounts.
Q3: What factors should individuals consider when choosing a high-yield savings account?
a) Only consider the interest rate offered by the bank.
b) The reputation of the financial institution is irrelevant.
c) When selecting a high-yield savings account, individuals should consider factors such as interest rates, fees, minimum balance requirements, and the reputation of the financial institution. Additionally, online banks often offer competitive rates and convenient account management features.
d) Interest rates are the only factor to consider when choosing a high-yield savings account.
Q4: How do certificates of deposit (CDs) differ from high-yield savings accounts?
a) CDs and high-yield savings accounts offer the same interest rates.
b) CDs typically offer fixed interest rates and require a specific term commitment, ranging from a few months to several years. In contrast, high-yield savings accounts provide more flexibility for withdrawals but may offer variable interest rates.
c) CDs offer higher interest rates than high-yield savings accounts.
d) High-yield savings accounts require a term commitment, while CDs provide flexibility for withdrawals.
Q5: What are some potential risks and opportunities for investors in the current global economic climate?
a) There are no risks or opportunities for investors in the current global economic climate.
b) Investors only face risks in local economies, not the global economy.
c) In the current global economic climate, investors face risks such as market volatility, geopolitical uncertainties, and policy changes that could impact asset prices and investment returns.
d) Investors are guaranteed high returns in the current global economic climate.
Scroll below for answers
When to use Buy Now Pay Later option?
Buy Now Pay Later (BNPL) offers became a popular way to pay for purchases during the Covid time period. Many retailers began offering BNPL option during checkout, by which you could break up your total purchase and pay a smaller amount at the time of purchase, instead of the full balance. The pay-in-four plan with zero interest became the most popular BNPL option.
However, important point to note is that because of its convenience, it’s easy to overspend with BNPL. If you’re struggling to pay your bills, or have high amounts of debt which is lowering your credit score, steer clear of buy now, pay later – particularly for nonessential purchases.
Experts recommend using BNPL only for necessary expenses, like a microwave or mattress for your apartment or a laptop for school. Though BNPL can be a simple and low-cost way to pay for your purchases, you’re still taking on debt, and will need to be able pay down the debt in a timely manner without getting into a financial distress.
When shopping, let’s be smart shoppers, making every dollar count.
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Stay safe from online scammers:
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Be wary of false urgency where someone tries to convince you that you must act now to provide your credit card or personal information.
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Order Confirmation Scams where unexpected calls/texts/emails about an unauthorized purchase are sent asking you to act urgently to confirm or cancel the purchase.
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Tech Support Scams where scammers create fake websites claiming to provide tech support for your computer/laptop.
Credit and Cents visitors – please scroll below for money saving offers from our affiliate partners:
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Check out the free Quarterly Newsletter from Credit and Cents:
“Making More Cents” Newsletter, Q3′ 2024 issue (October 2024)
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Answers to the Financial Quiz Challenge!
1. d, 2. a, 3. c, 4. b, 5. c
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