CollectionsSavings Accounts
IN THE NEWS

Savings Accounts

FEATURED ARTICLES
BUSINESS
July 28, 1986 | By MARC MELTZER, Daily News Staff Writer
Suddenly, the lowly bank passbook account isn't all that lowly anymore. As market interest rates continue their downhill slide, interest rates paid on passbooks and their more contemporary cousin, statement savings accounts, have held steady. When market rates were well into the double digits a scant two years ago, bankers were extremely pleased to pay consumers a modest 5.5 percent on their statement or passbook savings. But as that 5.5 percent rate has stood firm at many banks, interest paid on money market accounts is falling closer and closer to it. PSFS, for example, is paying 5 1/2 percent on passbook and statement savings.
NEWS
August 12, 1987 | By Dan Witt
As the Medicare Trust Fund heads toward a projected $400 billion deficit in 1995, Congress may approve the most significant and far-reaching expansion of Medicare since its inception in 1965. Clearly there is a need for catastrophic-illness insurance, but instead of burdening the elderly with additional taxes, the federal government should make it possible for individuals to make a choice in how to meet their health care needs. Under the current House-passed catastrophic care scheme, the vast majority of the elderly - 85 percent who are covered by private plans or HMOs - would be subject to a new tax burden.
BUSINESS
February 8, 2006 | By Kevin G. Hall INQUIRER WASHINGTON BUREAU
President Bush's proposed expansion of health savings accounts depends on a premise that research shows is questionable: that Americans want more financial choices in their lives. Experts point to a lack of participant activity within 401(k) plans as a sign that many Americans already feel overwhelmed by financial options. The 401(k) experience points to both the risks of HSAs and the road ahead for health-care management. Bush proposes to offer tax breaks to individuals who set aside pretax dollars in HSAs to pay their medical expenses.
NEWS
December 18, 2014 | By Jonathan Tamari, Inquirer Washington Bureau
WASHINGTON - An unusual thing happened in Congress this month: The Senate and the House each passed legislation likely to create a law, with massive bipartisan support. Sen. Robert P. Casey (D., Pa.), a sponsor of the bill, wound up on the same side as House Speaker John Boehner, the top Republican in Congress. The beneficiaries of this cooperation: families facing the lifelong costs of disabling illnesses such as epilepsy or Down syndrome. If President Obama signs the bill, people with disabilities and their families would soon have the option of creating tax-sheltered savings accounts to help pay for long-term care.
NEWS
September 9, 1986 | By Alexis Moore Love, Inquirer Staff Writer
Sharp declines in interest rates, which already have hit investors in bonds, certificates of deposit and money-market funds, are now affecting basic savings and checking accounts in the Philadelphia area. PSFS and Continental are the first area banks to announce cuts in interest rates on statement and passbook savings accounts. PSFS, the big savings bank at which nearly a fifth of Philadelphia-area households have accounts, has mailed letters to customers announcing that on Oct. 1 it will lower rates from 5.5 percent to 5.25 percent on passbook and statement savings accounts.
BUSINESS
January 8, 1986 | By MARC MELTZER, Daily News Staff Writer
Banks could have scored some points with the little guy starting Jan. 1 by offering the same high interest rates on small checking and savings accounts as they do on big ones. But most larger local banks have chosen to continue their old practice of favoring big accounts, making only "cosmetic" changes in checking and saving account policies. Starting Jan. 1, the government said, banks could offer any interest rate they choose on any amount of money deposited in money-market savings accounts and other interest-bearing checking accounts.
BUSINESS
October 13, 1987 | By SAL VITTOLINO, Special to the Daily News
Although it's difficult to state just who uses check-cashing services, it's a little easier to determine who doesn't regularly use savings institutions. A study commissioned two years ago by the American Bankers Association surveyed 527 households with incomes below $20,000 who had no checking accounts - and only 38 percent had savings accounts. The bankers' group said the results call into question contentions that such people don't have bank accounts because they can't afford the fees.
BUSINESS
November 4, 2013 | By Reid Kanaley, Inquirer Columnist
The word Affordable in health care is a relative term. That's why many people take advantage of tax-free flexible spending accounts to set aside money for expenses not covered by insurance. At MarketWatch.com , Jonnelle Marte blogged the late-week news of an important change for flexible spending accounts. "New rules put an end to the 30-year old 'use-it-or-lose-it' restrictions on health-care flexible spending arrangements, allowing taxpayers to carry over up to $500 of unused balances to the following year," Marte writes.
BUSINESS
December 4, 1991 | by Jenice M. Armstrong, Daily News Staff Writer
Some former Atlantic Financial Savings customers could stand to lose money on interest-bearing accounts, now that the long-ailing thrift has been purchased. First Fidelity Bancorporation last month bought 29 of Atlantic's Philadelphia area branches from the government for $14.4 million. Earlier, Atlantic had been placed into receivership by the Resolution Trust Corp. In such a situation, the bank that is doing the buying can cut rates two weeks after the sale. First Fidelity has announced plans to decrease the amount of interest former Atlantic customers are paid on certificates of deposit as well as on checking and savings accounts.
BUSINESS
January 8, 1986 | By MARC MELTZER, Daily News Staff Writer
Montgomery County is dropping it. Bucks County is going ahead with it. And Philadelphia can't decide what it will do. "It" is the personal property tax on certificates of deposit bought from out-of-state banks. The personal property tax amounts to a $4 levy on each $1,000 in value of intangible property, which includes stocks, bonds, mutual fund shares and other investments. It is assessed on Jan. 1 and, in Philadelphia, the reporting form for the tax must be filed by Feb. 15. Taxpayers then get billed for what they owe. Montgomery County officials led the way last year by imposing the personal property tax on residents who own CDs purchased from out-of-state banks.
1 | 2 | 3 | 4 | 5 | Next »
ARTICLES BY DATE
NEWS
May 15, 2015 | MICHELLE SINGELTARY, WASHINGTON POST WRITERS GROUP
YOU'VE DONE what so many others won't or can't afford to do. You've saved money in an emergency fund. In fact, through much sacrifice, delayed gratification and maybe even debt reduction you've managed to save up enough cash to cover what it costs to run your household for a few months. But then you look at all that money just sitting there earning so little. Makes you hopping mad. The interest rate your financial institution offers on a checking or savings account is so pitifully low it feels like you are paying the bank to keep your money safe.
BUSINESS
May 5, 2015 | By Erin E. Arvedlund, Inquirer Columnist
How can you invest like multimillionaire Mitt Romney? Through something called a self-directed IRA. The former presidential candidate held from $20 million to $100 million in one. Self-directed individual retirement accounts let you invest in real estate, precious metals, even Eagles tickets. What is a self-directed IRA? Simply, you decide what, beyond Wall Street's offerings, to invest in your retirement account. It's a niche vehicle, with complex rules (see IRS Publication 590)
NEWS
May 4, 2015 | By Erin E. Arvedlund, Inquirer Columnist
Children who set up a small savings account for college are more likely to attend and graduate from college than those who have no such savings, according to a report from Stateside, a project funded by the Pew Charitable Trust. Some states (alas, not Pennsylvania or New Jersey) have set up junior savings accounts for college in which $100 is automatically deposited upon a child's birth. The federal government might set up something similar if U.S. Sens. Chris Coons and Marco Rubio prevail.
NEWS
January 18, 2015 | By Erin E. Arvedlund, Inquirer Columnist
Middle-class parents of children with disabilities: There's a new low-cost, tax-advantaged way to save money on their behalf. Low cost is the key idea here. ABLE accounts serve a purpose similar to the special-needs trusts often set up to help disabled or special-needs children without disqualifying them from government benefits. ABLE accounts don't replace special-needs trusts. They are another option. In December, President Obama signed the Achieving a Better Life Experience (ABLE)
BUSINESS
December 22, 2014 | By Reid Kanaley, Inquirer Columnist
Getting an inheritance, even a small one, offers financial opportunities and risks. Don't blow it, most experts say. But how, since being named a beneficiary is a rare event in most of our lives? Drawing on an interview with financial adviser Jason Flurry, Bankrate.com writer Judy Martel says many people jump into risky investments with inherited money - a move that could sweep away a windfall. "Many heirs don't know how to handle a windfall and end up no better off than they were before," Martel writes.
NEWS
December 18, 2014 | By Jonathan Tamari, Inquirer Washington Bureau
WASHINGTON - An unusual thing happened in Congress this month: The Senate and the House each passed legislation likely to create a law, with massive bipartisan support. Sen. Robert P. Casey (D., Pa.), a sponsor of the bill, wound up on the same side as House Speaker John Boehner, the top Republican in Congress. The beneficiaries of this cooperation: families facing the lifelong costs of disabling illnesses such as epilepsy or Down syndrome. If President Obama signs the bill, people with disabilities and their families would soon have the option of creating tax-sheltered savings accounts to help pay for long-term care.
BUSINESS
October 28, 2014 | By Erin E. Arvedlund, Inquirer Columnist
Retirement and savings accounts, life insurance, and property are what we envision as assets. But what about digital assets? Those are the hot topic right now among financial and estate planners. Many are advising their clients to write directives into estate plans and wills about what to do with the e-mail and social media, secret passwords, and important online account numbers that constitute digital assets. "It all started when I kept getting messages from the Facebook account of a dead friend," said Trisha Hall, a trust and estates attorney at Connolly Gallagher in Wilmington.
BUSINESS
July 15, 2014 | By Erin E. Arvedlund, Inquirer Columnist
Summer camp gives you a mental break. Sending your child to day camp might also provide a tax deduction. Local accounting firm Isdaner & Associates notes that day camp is a qualified expense under the child and dependent care credit, which is worth 20 percent of qualifying expenses (more if your adjusted gross income is less than $43,000), subject to a cap. For 2014, the maximum expenses allowed for the credit are $3,000 for one qualifying child and $6,000 for two or more. Be aware: overnight camp doesn't qualify for the credit.
NEWS
February 17, 2014
President Obama's modest new plan to encourage saving is no match for the looming retirement crisis. Nor should it make participants saving as little as $5 a week feel secure. But it could seed a necessary cultural shift toward thrift. American savings dropped from an average of 13 percent of net household income in the 1980s to just 2 percent in 2005. While saving rebounded after the recession, it recently dropped back to 4 percent. Some experts say that's because consumers are feeling better about the economy.
BUSINESS
November 8, 2013 | By Erin E. Arvedlund, Inquirer Columnist
The U.S. Treasury is finally cutting us a break on health savings accounts. Flexible spending accounts, or FSAs, are a benefit that some employers offer that allows their workers to pay some medical out-of-pocket expenses with pretax dollars. But employees often lost out when they couldn't spend enough to make it worthwhile. Then last week, the Treasury Department amended tax rules on Flexible Spending Accounts that will allow Americans to carry up to $500 of expiring funds into the following year.
1 | 2 | 3 | 4 | 5 | Next »
|
|
|
|
|