savings account

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Bessent Talks 'Backdoor for Privatizing Social Security'

Treasury secretary's description of 'Trump accounts' ignites some debate

(Newser) - Treasury Secretary Scott Bessent sparked debate Wednesday by describing the newly unveiled Trump accounts as a potential game-changer for retirement savings—and a "backdoor for privatizing Social Security." The tax-deferred savings accounts, introduced under President Trump's recent tax law, allow parents to invest up to $5,...

Trump: 'Trump Accounts' Will Give Babies 'Big Jump on Life'
Expert: Trump's $1K for
Babies Idea Is 'Upside-Down'
THE RUNDOWN
Jun 10, 2025 9:01 AM CDT

Expert: Trump's $1K for Babies Idea Is 'Upside-Down'

President says 'Trump accounts' for kids will give them a 'big jump on life'

(Newser) - President Trump turned his attentions Monday to one of the provisions in the GOP's spending bill that's making its way through Congress: the so-called Trump accounts that his administration hopes to set up for nearly all babies born during his second term. The tax-deferred savings accounts would be...

Newborns May Soon Get 'Trump Accounts'
American Babies May
Soon Get 'Trump Accounts'
in case you missed it
May 25, 2025 2:45 PM CDT

American Babies May Soon Get 'Trump Accounts'

House spending bill includes plan to seed $1K saving accounts for newborns

(Newser) - One of the measures tucked into the massive spending package that cleared the House on Thursday is a plan to set up newborns with $1,000 savings accounts. More specifically, these would be for babies born between Jan. 1, 2025, and Jan. 1, 2029, the dates covering the bulk of...

Suit: Capital One Scammed Customers Out of $2B

CFPB alleges bank deceived consumers on savings accounts with different interest rates

(Newser) - The Consumer Financial Protection Bureau has just taken on one of America's biggest banks. On Tuesday, the agency announced it has filed a lawsuit against Capital One, accusing the financial institution of deceiving customers about two of its savings accounts and swindling millions of consumers out of more than...

Americans Are 'Just Not Wired to Save' Money

New Bankrate survey finds less than half in the US have $1K on hand for emergencies

(Newser) - Just got hit with a hefty medical or car repair bill and aren't sure how you're going to swing it? You're in good company, according to a new survey from Bankrate , which reveals that most Americans are woefully unprepared for a crisis, reports USA Today . The financial...

Will Savings Accounts Ever See Higher Interest Rates?

Most big banks don't need your deposit, but experts say it pays to shop around

(Newser) - Since 2009, anyone with a savings account has gotten used to paltry returns of roughly 0%. That’s largely because the Fed funds rate has been so low, but that’s no longer the case, as the Fed has raised rates multiple times this year. Rates for mortgages and credit...

Already Angry Bank Customers Here Are About to Get Angrier

Lebanon shutters banks 'indefinitely' after heist spree by patrons trying to access trapped cash

(Newser) - If you're in Lebanon and need to do regular banking, better download the app—and expect all the usual limitations on how much money you can take out. That's because after being closed for three days already, most banks there are now shuttered "indefinitely" after a rush...

32% of Americans Not Saving Any Money
 32% of Americans 
 Not Saving Any Money 
survey says
Feb 26, 2014 8:24 AM CST

32% of Americans Not Saving Any Money

Survey finds fewer Americans saving now than in 2010

(Newser) - A new survey finds that nearly one-third of all US households aren't putting away any money for a rainy day. The American Savings Education Council survey finds that just 68% of Americans spend less than they make and save the rest, up from 65% last year but down from...

Ohio Woman Has Had Same Bank Account Since 1913

100-year-old June Gregg's account was opened when she was one and a half

(Newser) - An Ohio woman who just turned 100 has taken customer loyalty to the extreme: She's still using a bank savings account that's been around almost as long as she has—since the year before World War I. June Gregg recently mentioned to a friend that her account is...

Straighten Out Your Finances in 2010
 Straighten Out 
 Your Finances 
 in 2010 
resolutions
Jan 3, 2010 4:53 PM CST

Straighten Out Your Finances in 2010

Some simple moves can net $1K or more

(Newser) - On the eve of the first serious workday of the New Year, take a hard look at your finances and see where you can cut back in 2010. A relatively small investment in time can result in some serious savings, Kathy Kristof writes for the Los Angeles Times :
  • Save automatically:
...

Hackers Get Bank Accounts of Sarko's Dad, Ex-Wife

Investigators now believe thieves may have been politically motivated

(Newser) - The same hackers who stole small amounts of money from Nicolas Sarkozy’s bank account appear to have gotten into the accounts of his father and first wife as well, the Times of London reports. They didn't steal money but rather set up phony cell-phone accounts. Police initially thought the...

McCain: Protect All Savings
 McCain: Protect All Savings 
Oct 14, 2008 12:18 PM CDT

McCain: Protect All Savings

(Newser) - Republican John McCain says he would order the Treasury Department to guarantee 100% of all savings for the next 6 months as president. That provision is part of a $52.5 billion plan the presidential candidate laid out to address the nation's deepening financial crisis. "The moment requires that...

UBS: No More Swiss Cheese for US Clients

Bank under scrutiny for aiding tax evasion apologizes, shuts door

(Newser) - A UBS executive told a Senate probe today the bank will no longer host accounts for US clients, the Wall Street Journal reports. The Swiss bank is under investigation by the IRS for marketing tax-evasion strategies involving its offshore accounts to wealthy Americans. The Senate panel estimates that the US...

Cybercrime Getting Organized
 Cybercrime Getting Organized 
Jul 16, 2008 5:20 PM CDT

Cybercrime Getting Organized

Hackers, identity thieves working more like mafia; profits increasing

(Newser) - There’s serious money to be made in cybercrime, and its perpetrators are beginning to reflect that fact, Ars Technica reports. Lone hackers have been replaced with hierarchical organizations that divide the criminal risks inherent in stealing and reselling (usually financial) information. The cybercrime "firms" are growing steadily as...

Fed Could Take Credit Crunch Fix to the Bank

Interest rates may drop, but deposit rates could go with them

(Newser) - If you have CDs or a savings account, you may be contributing, soon enough, to the solution to the credit market upheaval, the LA Times reports. Some investors expect the Federal Reserve to cut short-term interest rates next month, a move that could inspire banks to raise money elsewhere by...

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