Key takeaways The Federal Open Market Committee (FOMC) sets the benchmark rate, which impacts the rates auto lenders set. When the federal funds rate fluctuates, so will the cost to finance a vehicle. The Fed increased the benchmark rate 11 times between 2022 and 2023 and cut it three times…
Bloomberg Creative/Getty Images Key takeaways The federal funds rate impacts how expensive it is for lenders to loan money, so consumer loan rates typically change when the federal funds rate changes. During the Federal Open Market Committee’s December meeting, the regulatory body announced it would drop the target rate by…
Ariel Skelley / Getty Images Key takeaways Interest rates on federal student loans are set on July 1 each year for loans disbursed from July 1 to June 30 of the following year. Borrowers with existing federal student loans will not see any changes when the Fed lowers interest rates.…
Even the most carefully planned budget can develop small leaks over time. Subscriptions renew automatically, outdated service plans linger, and everyday habits slowly chip away at your financial progress. While these expenses might seem minor on their own, together they can quietly drain hundreds of dollars from your budget each…
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Last year, on the day before Tax Day, my mom was scheduled to fly into Philadelphia International Airport to stay…
The nation’s 75 million Social Security recipients will receive a 2.8% cost of living adjustment (COLA) increase in their benefits…
With Republicans ending the Grad Plus program, private lenders are eyeing billions in new business, while some students could be…
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Most people are used to seeing sales tax on a receipt, but not every purchase includes it. When it doesn’t, you may still owe tax on that purchase through what’s called a use tax. This comes up most often with online shopping, out-of-state purchases and…
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Get to Work – As Much as You Can Did you know almost half of Canada’s post-secondary students take on student loan debt?…
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For fintech startups, the first five years of the decade have been a roller-coaster ride. At the outset, companies were awash in easy…
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The Federal Reserve is widely expected to cut interest rates again at its October meeting, bringing its key borrowing rate down to a level last seen in late 2022. Don’t count on it to cure all of your financial woes. Like a line of falling dominos, lower rates from the…
Key takeaways To qualify for a home equity loan or line of credit, you’ll typically need to maintain at least 20 percent equity in your home (including both your existing mortgage and the new equity loan or line of credit). Some lenders allow 15 percent. You’ll also need a solid…
Key takeaways A bump-up CD allows you to increase your interest rate one or more times during the CD’s term if rates rise, typically on 2-3 year terms. Bump-up CDs typically start with APYs that are 0.10-0.25 percentage points lower than traditional CDs of the same term, according to Bankrate…
Key takeaways Monthly maintenance fees for non-interest checking accounts average $5.47, costing you over $65 annually, according to Bankrate’s 2025 Checking Account Survey. You can avoid these fees through direct deposit, maintaining minimum balances or switching to a fee-free checking account. According to Bankrate data, 47 percent of non-interest checking…
Images by Getty Images; Illustration by Issiah Davis/Bankrate Key takeaways Refinancing your mortgage typically costs between 2 percent and 6 percent of the new loan amount. These closing costs can include fees for origination, a home appraisal and more. You can save on the cost of refinancing by boosting your…
Key takeaways Most checks clear within 2 business days, though some banks may hold funds for up to 7 days depending on the check amount and type. The first $225 of any check deposit must be available by the next business day, as required by federal law. Government checks, cashier’s…
Images by GettyImages; Illustration by Hunter Newton/Bankrate Key takeaways An adjustable-rate mortgage (ARM) is a mortgage whose interest rate resets at periodic intervals. ARMs have low fixed interest rates at their onset, but often become more costly after the rate starts fluctuating. ARMs tend to work best for those who…
Most of us have lent money to a friend or family member or paid a group bill with the expectation of being paid back. Unfortunately, these situations don’t always go smoothly and often result in lost money or hurt feelings — sometimes both. About seven in 10 U.S. adults (70…
As millions of Americans head home for the holidays, Bankrate’s latest survey finds that there’s one dinner topic that will likely generate more heartburn than the typical conversation taboos about politics or religion: it’s money. The national opinion poll found that about 3 in 5 U.S. adults (61 percent) said…
Key takeaways Three percent down mortgages are exactly what they sound like — they require only a 3 percent down payment. The lower down payment can make it easier to afford a home, but it will mean higher mortgage payments. These mortgages are often part of a program, and borrowers…
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