Last week I wondered in a comment to a post on The Simple Dollar about what the FDIC insurance claims process is really like when a bank fails. If a bank fails, do you get paid right away, or do you have to wait until everything is sorted out? For how long? How do you […]
A Baby Step for Simplifying My Finances
I closed my ING and HSBC online savings accounts at the end of 2006. Why? Because I want to simplify my finances, which is one of my goals for 2007. I want to simplify my finances so that I get to focus on the bigger picture rather than being bogged down by the nitty gritty […]
Interest Rate: APY and APR
When the bank pays you interest on a savings account, it quotes the interest rate in APY — Annual Percentage Yield. When the bank charges you interest on a loan (car loan, credit card, mortgage, etc.), it quotes the interest in APR — Annual Percentage Rate. So, if you have a savings account that the […]