I kept my money in a standard savings account for an embarrassingly long time, but switching to high-yield took just 10 mins and I’m so happy I did

Sunday, 24 May 2020, 12:15:00
I put off switching my money into a high-yield savings account for no real reason, and when I finally did it only took 10 minutes. I chose the Capital One 360 Performance Savings for three reasons. The interest rate was relatively high at the time, I qualified for a sign-up bonus, and there were no maintenance fees. See Business Insider’s picks for the best high-yield savings accounts » I kept my emergency fund of $35,000 in a standard savings account for an embarrassingly long time . In fact, I estimate that my mistake cost me over $600 in 2019. I don’t have a great reason for putting off the decision to transfer my savings out of an account that was providing a 0.01% APY. Luckily, I know that I made a mistake and decided to make a change. I finally took the time to transfer my savings into a high yield savings account. It took all of 10 minutes to make the switch, but I am so happy that I did. #div-gpt-ad-1579713650634-0 > div > iframe { width: 100% !important; min-width: 300px; max-width: 595px; } window.googletag = window.googletag || { cmd: [] }; googletag.cmd.push(function () { googletag.defineSlot(‘/1035677/Business_Insider_’, [[1, 1], [300, 139], [595, 139], [300, 250], [595, 250], [300, 360], [595, 360], [300, 475], [595, 475]], ‘div-gpt-ad-1579713650634-0’) .addService(googletag.pubads()); googletag.pubads().enableSingleRequest(); googletag.pubads().setTargeting(‘category’, [“Banking”]).setTargeting(‘subcat’, [“Savings Accounts”]).setTargeting(‘post_id’, []) .setTargeting(‘post_url’, []) .setTargeting(‘keyword’, []) .setTargeting(‘company-product’, []) .setTargeting(‘post_title’, []); googletag.enableServices(); }); googletag.cmd.push(function () { googletag.display(‘div-gpt-ad-1579713650634-0’); }); How I chose my high-yield savings account After taking a closer look at my options, I decided to open an account with Capital One.
— Business Insider

Negative interest rates would make borrowing money cheap and saving money expensive, the reverse of what we have now

Sunday, 24 May 2020, 11:15:00
There’s speculation about the possibility of the Federal Reserve implementing negative interest rates in response to the coronavirus. Negative interest rates would result in lenders paying you when you take out a loan, and you’d pay a fee to keep money in banks. Both of these results would be intended to stimulate the economy. Jerome Powell, chairman of the Federal Reserve, has said negative interest rates aren’t on the table. Coming soon: the Personal Finance Insider email. Sign up here » The Federal Reserve has already cut the federal funds rate twice in 2020 , and there’s debate about whether the agency should lower rates again . Low rates are often a sign of a struggling economy. When rates decrease, people are more likely stimulate the economy by taking out loans and swiping their credit cards. And as the coronavirus pandemic drags on, the US economy is taking a hit . Right now, the federal funds target rate is 0% to 0.25%. If the Fed lowered rates again to help the US economy, rates would drop below zero.
— Business Insider

Capital One (COF) Up 14.5% Since Last Earnings Report: Can It Continue?

Saturday, 23 May 2020, 15:30:41
Capital One (COF) reported earnings 30 days ago. What’s next for the stock? We take a look at earnings estimates for some clues.
— Zacks Investment Research

Trump’s press secretary may have flashed his private bank account and routing numbers while displaying the check of his quarterly salary donation

Saturday, 23 May 2020, 02:12:53
President Donald Trump’s press secretary may have revealed his private bank account and routing numbers while displaying a check during a Friday press briefing, The New York Times reported. Kayleigh McEnany was displaying a check that showed Trump’s quarterly salary donations. This time, the president donated $100,000 to the Department of Health and Human Services. Visit Business Insider’s homepage for more stories . During a briefing on Friday, President Donald Trump’s Press Secretary may have shown his private bank account and routing numbers, while displaying a check he donated to the Department of Health and Human Services, The New York Times noted. The photos are cropped to exclude any possible information. As Business Insider previously reported, Trump promised to donate his $400,000 presidential salary, and each quarter it is revealed what entity receives the donation. “I won’t take even one dollar. I’m totally giving up my salary if I become president,” Trump said in a short video posted to his Twitter account in 2016.
— Business Insider

The 7 best starter credit cards of May 2020

Friday, 22 May 2020, 19:43:00
This page includes information about the Discover it® Student chrome, Discover it® Secured and Discover it® Student Cash Back products, which are currently not available on Business Insider and may be out of date. The best starter credit cards in 2020: Best student credit card: Discover it® Student Cash Back Best secured credit card: Discover it® Secured Best for cash back: Capital One® QuicksilverOne® Cash Rewards Credit Card Best for travel rewards: Capital One® VentureOne® Rewards Credit Card Best basic starter card: Capital One® Platinum Credit Card Best for intro APR: Discover it® Student chrome Best for building credit: Petal Visa Card If your credit isn’t great or you barely have any credit history, it’s likely you’ll need to ease into the world of credit cards. Fortunately, there are cards specifically made for credit newcomers, many of which let you get approved with fair credit, bad credit, or no credit at all. Take a free peek at your credit score using a service like Credit Sesame or Credit Karma.
— Business Insider