Moneywise on June 16th, 2008
For the week of June 15, 2008 we are seeing HSBC (NYSE: HBC), FNBO Direct offer the strongest savings account offers out there. Because of its credibility and backing, HSBC may be the choice for many of you. Both HSBC and FNBO Direct are offering 3.5% APY. Capital One (NYSE: COF) is also offering 3.5% interest rate for a standard savings account, but you need to invest a minimum of $10,000.
As a reminder some of the reasons you may want to put money into savings accounts include: most institutions are insured against the loss of your money (only tiniest of risk); you earn a rate of return on your money; easy to manage and understand; easy to set-up.
Moneywise on June 13th, 2008
The tightening in the credit markets has not stayed away from the student loan market. One way you can avoid traditional lenders as a prospective borrower is to give peer-to-peer lending a shot. Two main sites have tried to take advantage of the troubles at traditional student loan lender: Prosper and Virgin Money. These sites help facilitate peer-to-peer lending among friends and family, or with the general public. According to Virgin Money, the typical negotiated rate is around 4-5%, which is pretty darn good and much lower than you may pay at some private lenders, without a lot of the hassle. Prosper advertises loans as low as 7.68% on its homepage. If you’re feeling a little adventurous, in a bind, or just want to stick it to Sallie Mae (NYSE: SLM), you may want to considering giving these sites a shot.
Moneywise on June 13th, 2008
The current offering from the Charles Schwab Visa offers a compelling mix of low interest rates, appealing teaser rates, and rewards. One of the main drivers of high interest rate cards is seemingly attractive ‘points’ programs. This almost always never pays off. There are, however, some credit cards that offer both low annual percentage rates on credit card purchases and a decent rewards program. One of these right now is the Charles Schwab Visa. The card currently has a low variable 7.9% interest rate on purchases. It’s introductory teaser rate is only 1.9% and includes both balance transfers and cash advances. The rewards are offered at 1 point for every $1 spent on the card. Also, of course, like all of the ‘best offers’ from credit cards, there is no annual fee. Take a look at their homepage, do your homework, and decide if this card is right for you. A person carrying a $2,500 balance for the next year could save over $200 by switching from a 12% credit card to the Schwab Visa.
Charles Schwab Credit Card site.
