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Posts Tagged With 'Savings'

Deal of the Day: Team One Credit Union Savings Rates at 0.75% APY for HSAs

Health Savings accounts are a great way to help families and individuals pay for lifes medical expenses ??These accounts provide its account holders to pay for qualified medical costs on a pretax basis. In addition to this benefit, unused balances can earn a competitive rate of interest. Members of Team One Credit Union have of the highest savings rates in the nation available to them. Currently, it is offering an interest rate of 0.75% APY through its Health Savings account.

Team One??Credit Union Health Savings??Terms and Conditions

The Health Savings account through Team One Credit Union has an interest rate of 0.75% APY.?? This interest rate is available only on balances in excess of $10,000.

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Best savings accounts for every age range

Growing up and growing your savings

Depositing money into a savings account is only the first step toward personal finance empowerment. The fees and features of that account are equally important to your saving strategy. As the year begins, you should think about where your savings are and how they might best work for you, no matter what your age.

“Regardless of what age bracket you fall into, make sure your savings account fits your individual needs and that you’re getting the best return on your money,” says Greg McBride, CFA, Bankrate’s senior financial analyst.

Those individual needs can vary as you get older.

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Your thoughts on retirement savings, and some additional points from me ???

Last week???s column on retirement savings rates elicited a lot of comments and thoughts from readers so I want to take some time today to both recognize some of the feedback I got and also provide some additional context to some of the ideas I discussed last week.

A number of you wrote in to tell me that the fact that about half of Americans aren???t saving anything for retirement isn???t all that surprising ??? and that it???s largely a result of the current state of our economy.

For example, Keith had the following to say:

???I come from what I think would be described as an average family. I was the third person across all my relatives to go to college and get a degree. My sister followed me, bringing the total to four college degrees across a family of about sixty people. My cousins are all non-degreed blue collar workers.

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Savings inertia for nostalgic nineties and noughties generation

People who grew up in the last two decades are so fascinated by the past, that they fail to put adequate savings in place for their future, Standard Life has claimed.

According to a new report, only 53 per cent of 28 to 40 year olds ??? dubbed as ‘Re-Runners’, are saving for their future, while 69 per cent said they make plans 15 years or less ahead for their finances.

Meanwhile, 50 per cent of ‘Re-Runners’ agreed that their generation is nostalgic because their youth was ‘a great time’ and they are now ‘struggling to meet expectations’.

However, the report has found that four out of five people are realistic when it comes to their pension plans, accepting that they cannot rely solely on their State Pension to support them in retirement.

Interestingly, 29 per cent of people believe fate will play a part in securing their financial future.

Commenting, Damien Barr, social commentator said: “The Re-Run report shows we devote endless time, money and energy extending our youth, and yet by making the past so much a part of the present, we risk making our future riskier still.?? We have to start looking forward as well as back.

“Our parents and grandparents like to appear financially responsible, but actually they are accidental savers.

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Real World Health Savings Accounts Savings Potential – Case Study

Excellus Blue Cross Blue Shield offered high-deductible health plans (HDHP) combined with Health Savings Accounts (HSA) to employees of the Center for Governmental Research (CGR). Five CGR employees signed up for the HDHP-Health Savings Account combination. Here???s an overview of how two of these employees and their families fared throughout the year with their HDHP and Health Savings Account:

Family A using Health Savings Account Plan

Family A uses health care services heavily. During the initial enrollment period from February to October, Family A accumulated 16 office visits (4 of which were visits to specialists), 30 medication prescriptions, 6 laboratory tips, 4 diagnostic imaging uses, and 2 outpatient surgeries. The family???s total healthcare costs amounted to $21,955. However, the family???s share was only $4,758, thanks to the out-of-pocket maximum expense limit associated with their HSA plan.

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