How to Make the Best Gourmet Coffee Recipes At Home

February 10, 2021 by Liam Lane Posted in Adult Nursing Home Guide Tagged Buy, Buying, Financial Wize, FinancialWize, Home, How To, keep, money, Personal, Popular, Recipes, save

People love their morning coffee, especially in the colder months. While making a quick cup of coffee at the office or at home is a good way to get your fix of caffeine, sometimes you want something more luxurious or gourmet than a basic cup of joe.

Specialty coffee shops have menus with dozens of different gourmet coffee beverages, but going to the cafe every day can take a toll on your wallet.

Making gourmet coffee at home or at the office is easier than you might think. It can also save you a lot of money and be a lot of fun.

Component Recipes

Most coffee drinks use a few base recipes in different combinations. With just a few ingredients, you can make a wide variety of drinks.

Black Coffee

Good black coffee can be a gourmet drink itself, but it’s also the base for many other coffee drinks.

The most important part of any coffee drink is the coffee itself. High quality coffee will help make a high quality drink while low quality coffee means a low quality drink, no matter how much effort you put in.

To make a gourmet cup of black coffee, you need three things: whole coffee beans, a grinder, and a way to turn ground coffee into brewed coffee.

Buying whole coffee beans is less convenient than buying prepared coffee grounds, but the quality difference is immense. Coffee begins to go stale soon after it’s roasted. Once the coffee is ground, it becomes a matter of hours or days before it loses a huge amount of its flavor.

By contrast, you can keep whole beans for weeks before you notice a significant drop in flavor quality and they’re often good months later if you store them well.

When you go to make a cup of coffee, you should grind the beans just before using them. There are plenty of cheap grinders out there. You should look for one that grinds the coffee to a consistent size because similarly-sized grounds are important for equal extraction of the coffee.

Finally, you need a way to turn ground coffee into brewed coffee. There are lots of ways to do this. You could use a french press, a drip coffee maker, an Aeropress, or a pour-over setup. Each method of making coffee will produce a slightly different cup, even with the same beans. For example, a french press will likely produce a heavier cup with more oils than a method that uses a filter, like a drip coffee maker.

How you’ll make coffee will depend on the brewing method you choose. Any brewer you buy should come with a recommended recipe, but you can try variations if you want to play around with different ways to make coffee.

Cold Brew Coffee

Cold brew can be a great way to drink coffee when the weather is warm, and some drinks use cold brew as a base rather than hot coffee.

As with any coffee, good cold brew means using high quality, freshly ground coffee beans. For cold brew, you’ll want to use a relatively coarse grind when compared to other preparations.

Cold brew is easy to make but requires more time than brewing hot coffee, meaning you’ll have to plan ahead if you want to have cold brew or make a drink that requires it.

To make cold brew, grind some beans and place them in a container of water. Then, leave the container in the refrigerator overnight, or for 12 to 24 hours. A common ratio to start with is 1 part coffee for every 8 parts water you use, but you can adjust the ratio to your tastes.

After the coffee brews in the refrigerator, strain it through a cheesecloth or other type of filter. The resulting liquid will be heavily-concentrated coffee.

To serve, dilute the concentrate with milk or water to taste.

Keep in mind that cold brew is different from iced coffee, which involves brewing warm coffee and cooling it down with ice.

Espresso

Although some coffee drinks use regular coffee as their base, many traditionally use espresso as their base.

Espresso typically involves brewing with a small ratio of coffee to water; often you use 1 gram of coffee for every 2 grams of espresso you want. It also involves high levels of pressure during the brewing process.

Espresso machines can be highly expensive — far more than most people will want to pay to own. If you want an approximation of espresso, you can use another brewing method to get close.

The Aeropress is one of the best ways to make an at-home approximation of espresso. Combine 17 grams of coffee and 50 to 55 grams of water in the Aeropress. Let it brew for about 20 seconds, then plunge the liquid into a cup.

You won’t have true espresso, but you’ll have highly concentrated coffee that you can use to make espresso-based drinks.

Milk

Many coffee drinks use milk, either cold or warm. Which type of milk you use can vary with personal taste, but the more fat in the milk, the richer your drink will be.

If a recipe calls for frothed milk, you can froth it at home in a pot on the stove. Steaming milk is difficult without the proper equipment, but frothed milk is usually a suitable substitute. To froth milk, pour it into a pot and start warming it on the stove. Don’t let it boil. Once it’s warm, whisk it heavily until it begins to froth.

Alternatively, you can heat the milk in a pot then pour it into a french press. You can then repeatedly move the press’ plunger to froth the milk.

Flavored Syrups

If you like sweet coffee drinks, you’ll want to use syrups to sweeten and flavor your drinks.

The most basic syrup is simple syrup. To make simple syrup, combine equal parts water and sugar in a pot, then bring the water to a boil while stirring constantly. Once the sugar dissolves completely, let the liquid cool and store it in an airtight container in the refrigerator.

Simple syrup dissolves more easily in drinks than granulated sugar, meaning it sweetens the drinks more effectively.

To make a flavored syrup, all you have to do is add flavorings like spices or extracts to the water and sugar and let the ingredients simmer for long enough for the flavors to transfer to the syrup. Then, you can strain the syrup to remove solids if necessary and store it in an airtight container.

Many flavored syrups have applications beyond coffee, such as in cocktails, giving you lots of room to experiment.

Gourmet Drink Recipes

These are some popular coffee drinks that you might want to try.

1. Iced Coffee

Ground coffee (based on coffee maker’s instructions)
Water (half as much as the coffee maker’s instructions)
Ice (equal to half the water the coffee maker instructs)
Milk or cream (optional)
Simple syrup (optional)

To make iced coffee, you will want to make highly concentrated coffee, and then dilute it with ice. To do this, use the normal amount of coffee for your coffee maker, but half as much water. Add ice to the cup equal to the amount of water used.

For example, if you typically use 20 grams of coffee and 400 grams of water, use 20 grams of coffee, 200 grams of water, and 200 grams of ice.

Brew the coffee, then pour it over the ice. Add simple syrup and milk to taste.

2. Mocha

Mocha is the gateway drug for many people who don’t like coffee. It combines coffee, milk, and chocolate flavor to make a delicious drink.

8 ounces of black coffee
1/4 cup milk (add more or less to taste)
1 tablespoon of cocoa powder
Simple syrup to taste — start with 1/2 tablespoon
1 tablespoon of cream (optional, for a creamier drink)
Whipped cream (optional, to top)

Brew the coffee according to your brewer’s instructions. Add the remaining ingredients and mix. Top with whipped cream if desired.

3. Latte

This simple drink combines coffee and milk to make a cup that tastes great on its own or paired with a pastry.

1 part black coffee (for a 12 oz drink, use 6 oz)
1 part warmed milk (for a 12 oz drink, use 6 oz)
1 ounce of frothed milk to top

Combine coffee and warmed milk in a cup. Stir to combine. Top with frothed milk.

To make a flavored latte, add flavored syrup to taste. Start with a tablespoon or two.

4. Cappuccino

Cappuccinos are another milk-based coffee drink that combines espresso with foamed milk to make a light, airy drink.

2 ounces of espresso
4 ounces of frothed milk

Make espresso and pour it into a cup. Top with frothed milk.

5. Affogato

An affogato is a coffee dessert that combines espresso with rich vanilla gelato. (Ice cream is a fine substitute.)

1 scoop vanilla gelato or ice cream
2 ounces of hot espresso
Chocolate shavings (optional)

Chill a glass in the freezer, then add 1 scoop of vanilla gelato or ice cream. Slowly pour hot espresso into the glass and then top with chocolate shavings if desired. Serve with a spoon.

6. Flat White

A flat white is a basic espresso drink that is popular at cafes around the world.

2 ounces of espresso
4 ounces of frothed milk

Combine the espresso and most of the milk in a cup, then stir. Top with the remainder of the milk.

Flavored Syrup Recipes

To add sweetness and flavor to different coffee drinks, you can add a flavored simple syrup. These are some basic recipes for common flavors you might enjoy in your coffee.

If you want to keep multiple syrups on hand in your fridge, you can use plastic squeeze bottles that are cheap to buy, easy to clean, and easy to use to add syrup to your drink.

1. Maple Simple Syrup

1 part maple syrup
1 part water

To make maple simple syrup, replace the sugar in a simple syrup recipe with maple syrup. Combine the ingredients in a pot, simmer, and stir until combined. Let it cool, then store it in an airtight container in the refrigerator.

You can add spices of your choosing during the simmering to add additional flavors.

2. Vanilla Simple Syrup

1 cup sugar
1 cup water
1 teaspoon vanilla extract

Combine the ingredients in a pot, simmer, and stir to combine. Let the mixture cool, then store it in an airtight container in the refrigerator.

3. Pumpkin Spice Simple Syrup

1 cup sugar
1 cup water
3 tablespoon pumpkin puree
1 teaspoon ground cinnamon
1 teaspoon ground ginger
1/2 teaspoon cloves
1/4 teaspoon cardamom
1/4 teaspoon nutmeg
Can substitute 2 tablespoons of pumpkin pie spice for individual spices

Combine the ingredients in a pot, simmer, and stir to combine. Let it cool, strain it through a cheesecloth or other material to remove solids, then store the syrup in an airtight container in the refrigerator.

4. Cinnamon Brown Sugar Syrup

1 cup brown sugar
1 cup water
1 teaspoon ground cinnamon

5. Almond Simple Syrup

1 cup sugar
1 cup water
1 1/2 teaspoons almond extract

Combine the ingredients in a pot, simmer, and stir to combine. Let it cool, then store it in an airtight container in the refrigerator.

6. Chai Simple Syrup

1 cup sugar
1 cup water
2 teaspoons ground cardamom
1/2 teaspoons freshly ground black peppercorns
1/2 teaspoons whole coriander seeds
1/2 teaspoons whole cloves
1 cinnamon stick
1 teaspoon vanilla extract (optional)
3 tablespoons freshly chopped ginger

Place the spices except the ginger in a pot and toast them on the stove until aromatic. Add the water, sugar, vanilla extract, and ginger. Bring the liquid to a boil, then simmer and stir to combine. Let it cool, strain the mixture through a cheesecloth or other material to remove solids, then store it in an airtight container in the refrigerator.

Final Word

Creating your favorite coffee drinks at home can save you money and be a lot of fun. Best of all, you can customize your drinks exactly the way you like them. You can tinker with your recipes if you wish to adjust the flavors. You also have complete control over the ingredients that go into your coffee, ensuring that you can enjoy a fresh cup of quality coffee made with all-natural ingredients from start to finish.

It’s your coffee, so feel free to get creative about how you assemble the cup of coffee you use to start your day.

Source: moneycrashers.com

4 Questions to Ask Before Choosing a Checking Account

February 10, 2021 by Liam Lane Posted in Adult Nursing Home Guide Tagged ATM, Automatic Transfer, Banking, Banking 101, budget, Cash Back, Cash Back Rewards, Checking Account, Convenience, Credit, credit history, Debit Card, Direct Deposit, earnings, Emergency Fund, FDIC, Fees, Finance, Financial Goals, Financial Wize, FinancialWize, High-yield Accounts, Home, How To, Interest Rates, Joint Account, keep, Life, Lifestyle, Managing Your Money, market, Mobile Check Deposit, money, Money Market, Money Market Account, Online Bill Pay, Online Checking Account, Opening an Account, Personal, personal finance, Purchase, Rewards, Rewards Checking Account, save, Saving, savings, Spending, Starting Out

Choosing a new checking account can be an important step toward financial independence. Here’s how to do it right.

You’ve probably had a checking account for most of your life and never gave it much thought. It’s just there to store your everyday cash, right? Not necessarily.

If you’re considering questions about checking accounts as you take a closer look at your current setup and explore opening a new one, it’s important to note that checking accounts are designed with different and unique features. Some may even be more beneficial to you than you realize.

For starters, most checking accounts offer a host of conveniences, providing customers the ability to set up automatic payments for routine bills, schedule electronic transfers and make all deposits and transfers via a smartphone app. Some accounts even allow you to earn cash back on your debit card purchases.

“A checking account can have a long-term impact on your financial well-being, so it’s worth taking the time to figure everything out,” says Jeff Kreisler, money expert and author of the personal finance book “Dollars and Sense.”

You may not even think you have questions about checking accounts if you've had your account for a while—but reviewing your account features can help you decide if you need to switch.

At this point, you might be thinking, “What questions should I ask before opening a checking account?” To help you decide which account is right for you, here are four key questions to ask yourself:

1. What types of checking accounts should I consider?

Before you open a new checking account, do a little homework to learn about the different types of checking accounts offered by banks, Kreisler says. There’s the standard personal checking account that allows you to write checks and make payments with your debit card or electronically. But when thinking about questions to ask when opening a checking account, go beyond the basic features to find an account that best fits your lifestyle and financial goals. Here are some examples:

Online checking account: Ready to bypass the teller lines with the benefits of an online bank? Then this is the checking account for you. Doing your banking from any computer or mobile device is sweet—and since online banks don’t have brick-and-mortar locations, they can often pass their savings from overhead down to you. Just verify that the online bank or credit union supplying the checking account is backed by the FDIC or the National Credit Union Administration.
Rewards checking account: One question to ask before choosing a checking account is if you can earn rewards or incentives for certain activity. Discover Cashback Debit, for example, lets you earn 1% cash back on up to $3,000 in debit card purchases each month.¹ That means your monthly cashback earnings could yield $360 in total rewards each year (finally, dinner and drinks at that new French bistro in town!). Some banks may also offer a checking account bonus just for opening a new account, while others have a variety of reward options based on certain qualifying purchases. A rewards checking account works for almost anyone looking to maximize their debit spend or a balance they regularly hold in their checking account.

Say hello to
cash back on debit
card purchases.

No monthly fees.
No balance requirements.
No, really.

See Details

Discover Bank, Member FDIC

Joint checking account: Most checking accounts can be opened as a joint checking account, which is an account held by two or more people. This can be a convenient solution for couples, minors and their parents and even seniors and their caregivers who are trying to manage a household budget. It does require good record keeping and communication, so make sure you understand the ins and outs of joint accounts before choosing this option.

The above checking accounts are the most standard and usually have appealing benefits. But if you have more questions about checking accounts, there are options that can cater to more specific needs. However, they often have less flexibility. For instance:

Interest-bearing checking accounts are available for those who want to earn some money while their cash is parked in the account. The rate of return is usually low and minimum balance requirements high.
Student checking accounts are often low-cost, but they could come with limitations. Whether or not a student account is available may be a good question to ask before choosing a checking account if you’re looking for a starter account for yourself or your child.
Second-chance checking accounts could be a fit for those who may not be able to get a standard checking account due to their banking or credit history; however, they often have higher fees.

“A checking account can have a long-term impact on your financial well-being, so it’s worth taking the time to figure everything out.”

– Jeff Kreisler, money expert and author of Dollars and Sense

2. Are there fees associated with the checking account?

This is one of the most commonly asked questions about checking accounts. Before choosing a checking account, be sure to research its fees, says Marc Bernstein, financial planner and strategist for MWealth Advisors. Types of fees and fee amounts can vary greatly from bank to bank, and even among accounts at the same bank.

A question to ask when opening a checking account is if the account charges fees for ATM use, automatic bill pay, monthly maintenance, ordering checks, replacing a debit card or ordering official bank checks. Banks may charge any combination of these fees—or none. Discover Cashback Debit comes with no fees. Period.² That means you won’t be charged a fee for any of these services.

Asking about fees is one of the most important questions to ask before choosing a checking account.

Along with including the fee topic on your list of questions to ask before choosing a checking account, you should also consider obtaining “a document outlining the fees you’ll be paying, in case you have any questions, and check the fine print,” Bernstein says. You can also typically find a list of fees (if any) on the bank’s website or in the account agreement.

3. Is there a minimum balance requirement?

According to Bernstein, among the questions to ask when opening a checking account is if it requires an initial minimum balance to open. You’ll also want to know if a minimum balance needs to be maintained to avoid a fee.

Bernstein suggests looking for an account with no minimum balance requirement if you tend to keep less than $1,000 in your account or like to have flexibility when making large withdrawals.

If you’ve asked this question about checking accounts and are still comparing accounts that have a minimum balance requirement, realistically determine how much you can keep in your account per month and what you will be charged if you can’t keep that balance.

Even if your account falls below a minimum requirement, there could be a way to save on fees. If you have multiple accounts at one bank, the bank may allow you to combine the balances to waive checking fees.

The total average cost of withdrawing cash from an out-of-network ATM is $4.68. That’s 36 percent higher than it was 10 years prior, with no signs of decreasing.

– Bankrate’s 2018 checking account and ATM fee study

4. What ATM fees could I incur?

If you frequent the ATM to take out cash, a good question to ask before choosing a checking account is: Where are the bank’s ATMs located in relation to your home and work?

Availability of ATMs is an important question to ask when opening a checking account that can really affect your wallet. For instance, if you decide to withdraw money from an ATM that’s not in your bank’s network, you can get hit with two separate charges: a surcharge from the ATM owner (since you’re not a customer) and a fee from your own bank.

And those fees can really add up. According to Bankrate’s 2018 checking account and ATM fee study, the total average cost of withdrawing cash from an out-of-network ATM is $4.68. That’s 36 percent higher than it was 10 years prior, with no signs of decreasing.

One way to get cash without paying an ATM fee is to use your own bank’s ATMs. The more ATM locations that your bank offers that are conveniently located, the less likely you are to use one that’s out-of-network and rack up unnecessary charges. If you can’t always use your own bank’s ATM, one of the questions to ask when opening a checking account is whether your bank allows you to use a broader ATM network for no-fee transactions.

Find the best checking account for you

Opening a new checking account is an important step toward establishing, or rebuilding, your financial foundation.

Now that you can ask the right questions about checking accounts, you’re one step closer to choosing an account that fits your individual needs. And that feels like money in the bank.

¹ ATM transactions, the purchase of money orders or other cash equivalents, cash over portions of point-of-sale transactions, Peer-to-Peer (P2P) payments (such as Apple Pay Cash), and loan payments or account funding made with your debit card are not eligible for cash back rewards. In addition, purchases made using third-party payment accounts (services such as Venmo^® and PayPal^™, which also provide P2P payments) may not be eligible for cash back rewards. Apple, the Apple logo and Apple Pay are trademarks of Apple Inc., registered in the U.S. and other countries.

² Outgoing wire transfers are subject to a service charge. You may be charged a fee by a non-Discover ATM if it is not part of the 60,000+ ATMs in our no-fee network.

Source: discover.com

6 Best Lenders for Quick Cash | Fast Personal Loans

February 10, 2021 by Liam Lane Posted in Adult Nursing Home Guide Tagged bad credit, building, College, Convenience, Credit, Credit Card, credit history, Credit Score, Debt, Emergency Fund, Extra Money, Family, Fees, Financial Wize, FinancialWize, Home, Home Improvement, Interest Rates, keep, Loans, money, Personal, Personal Loans, refinancing, save, savings

Financial emergencies can happen at any time, and when they do, you need to respond quickly. But this can be challenging if you don’t have the funds available in savings. When this happens, taking out a personal loan can be a good way to cover the shortfall.

You may think that the process of applying and getting approved for a personal loan would be tedious and time-consuming, but it’s not. Many online lenders will give you access to the funds within the same day or by the next business day.

6 Lenders That Provide Quick Cash Loans

Listed below are six online lenders that provide quick access to personal loans.

1. Upstart

Upstart helps borrowers that have strong financial futures but are still in the process of building their credit. The company will consider a variety of factors, including your degree and your job history. You do need to have a credit score of at least 620 to qualify.

The approval and funding process is quick with Upstart, and you could receive the money within one business day. Upstart does charge origination fees and late fees.

Loan amount: $1,000 to $50,000
APR range: 5.67% to 35.99%
Repayment terms: 3 to 5 years

2. Best Egg

Best Egg caters to creditworthy borrowers that are looking for ways to consolidate their debt. You’ll need to have good to excellent credit to qualify, and you can receive the funds as soon as the next business day.

However, Best Egg isn’t going to be the best option for borrowers with bad credit. And the company does charge origination and late fees.

Loan amount: $2,000 to $35,000
APR range: 5.99% to 29.99%
Repayment terms: 3 to 5 years

3. Avant

Avant is a great option for less creditworthy borrowers who are looking to take out a quick loan. The company offers same-day funding, flexible repayment terms, and refinancing options.

And the company is very transparent about its fees and gives borrowers the option to prequalify for a loan. However, you won’t have the option to apply with a co-signer.

Loan amount: $2,000 to $35,000
APR range: 9.95% to 35.99%
Repayment terms: 2 to 5 years

4. Discover Loans

Discover Loans are a great option for borrowers with stellar credit that are looking for a low interest rate and fast funding. You can receive the funds within the next business day, and the company doesn’t charge any origination fees.

However, Discover does put some limitations on what borrowers can do with a personal loan. You can take out a personal loan to consolidate debt or fund a large home improvement project. These cash loans are not designed to pay for college expenses or pay down the balance on a Discover credit card.

Loan amount: $2,500 to $35,000
APR range: 6.99% to 24.99%
Repayment terms: 3 to 7 years

5. Lending Club

Lending Club was one of the first peer-to-peer (P2P) lenders and is one of the best lenders for borrowers looking for fast, convenient online cash loans. You’ll apply on Lending Club’s website, and the company will match you with investors that are willing to fund the loan.

If you’re approved for a loan the funds will be deposited in your bank account within a week. You should expect to pay an origination fee between 1% and 6% of the total loan amount.

Lending Club is ideal for borrowers with good credit history and a low debt-to-income ratio.

Loan amount: $1,000 to $40,000
APR range: 6.95% to 35.89%
Repayment terms: 3 to 5 years

6. OneMain Financial

OneMain Financial is another lender that is willing to work with borrowers that have bad credit. The company doesn’t have any minimum credit score requirements, and it offers same-day funding on cash loans.

However, you will pay for this kind of convenience. The company charges higher interest rates than others, and you’ll have to pay an origination fee.

Loan amount: $1,500 to $20,000
APR range: 18.00% to 25.99%
Repayment terms: 2 to 5 years

Things to Keep in Mind

Keep in mind that when we say you can receive the funds within the same day or by the next business day, it’s not guaranteed. There are a variety of factors that will influence how quickly you receive the cash loan. These factors include things like the rules of your bank, the loan amount, and when you apply.

If you’re not sure if your credit scores are high enough to qualify with any of these lenders, then you might consider a lending marketplace. With a lending marketplace, you’ll apply, and the company will match you with multiple lenders that are willing to work with you. This lets you compare interest rates from multiple lenders without further damaging your credit.

And finally, when you’re feeling a financial pinch, it can be tempting to settle for the easiest option. But don’t make the mistake of turning to predatory payday lenders that charge insanely high interest rates.

Choosing the wrong lender will only hurt your financial situation over the long haul. If you’re this desperate for cash, consider asking friends or family to loan you the money. Or you can look for creative ways to earn some extra money.

Summary

If you’re looking for a fast cash advance loan, any of the lenders on this list will make an excellent choice. The application process is fast, and if you’re approved, you can receive the funds with the same day or by the next business day.

Make sure you understand the terms and conditions of that loan before agreeing to anything. And start taking steps to save an emergency fund so you won’t find yourself in this situation again.

Source: crediful.com

Here’s Your CIT Bank Routing Number

February 10, 2021 by Liam Lane Posted in Adult Nursing Home Guide, Banking, Personal Finance, Savings Account Tagged Banking, Buying, Buying a house, cit bank, CIT Bank Routing Number, Debt, Direct Deposit, Family, Financial Advisor, Financial Goals, Financial Wize, FinancialWize, government, house, Investing, keep, money, more money, new york, paycheck, Personal, personal finance, Retirement, Saving, savings, Savings Account, tax, Uncategorized

July 18, 2020 Posted By: growth-rapidly Tag: Banking

You may need your CIT Bank routing number for several things from sending money to friends and family to direct deposit money.

This guide will help you find your CIT Bank routing number.

What is a routing number?

A routing number is a 9-digit number that banks use to identify themselves. Think of it as an address that lets banks know where to send the money.

A routing number is often referred to as the ABA number or check routing number.

The American Bankers Association created the bank routing number in 1910 in order to process paper checks and allow banks and other financial institutions to send and receive funds from and to other financial institutions.

Unlike other banks such as Wells Fargo routing number and Citibank routing number, which have several routing numbers for different states, CIT Bank only has one routing number.

That is because CIT Bank is an online-only bank. So it does not matter where you live, you only need to know one routing number.

CIT Bank Routing Number:

The CIT Bank routing number is: 124084834.

As mentioned above, because CIT bank does not have local branches, you will only need to remember the number above to do your transactions, regardless of where you live.

So, for example, if you live in New York, your CIT Bank routing number is still 124084834.

You will need your CIT bank routing number for several reasons. For instance, you need it for:

To set up direct deposit
For ACH payments;
To transfer funds between accounts at different banks;
For bill payments;
To receive government benefits;
To receive tax refunds;
For wire transfers;
To have payments like paycheck deposited into your account

How to Find Your CIT Bank Routing Number?

There are several ways to find your CIT Bank routing number.

Your CIT Bank personal check.

For your CIT bank “eChecking” account, you can find your routing number at the bottom left hand corner of the personal check.

On this page:

In case you have missed it, we have listed the CIT Bank routing number earlier in this article. It is: 124084834.

Cit bank online:

Find your routing number online by going to their resources and FAQs page.

Call customer service:

Lastly, you can call customer service at 855-462-2652 to get your routing number. However, you will need to identify yourself to get your number.

Once you do so, a representative will be able to help you.

Routing Numbers for Domestic Wire Transfers

With your CIT Bank account, you are able to wire money to other bank accounts in the United States.

Other banks can also wire money to your account as well.

So, to get funds from a domestic wire, use this routing number: 124084834.

You will also need the following:

The recipient’s name as it appears on the account;
The address of the recipient including the city and state;
Account number of the recipient; and
The bank routing number.

One thing to be aware of, while CIT bank does not charge for incoming wires, they will charge you a $10 fee for outgoing fee unless you maintain a daily of $25,000 or more.

If you are a commercial, listing service, and institutional client, call CIT Bank at 877-748-0004 to get the correct routing number for wire transfers.

Routing Numbers for International Wire Transfers

CIT Bank does not have outbound international wire transfers at this time. But, you can receive an international transfer from another bank.

So, just provide the routing number 124084834 to whoever wants to send you an international wire transfer. Also CIT Bank does not have a SWIFT code, which is used for international transfers.

The Bottom Line

You will need your CIT Bank routing number to do several financial transactions. For example, you will need it to set up direct deposit, automatic payment, or wire transfer.

So it’s important to know what it is and to keep it handy.

However, if you don’t have an account with CIT Bank yet, make sure you check out their CIT Bank savings accounts and best CD rates.

Speak with the Right Financial Advisor

If you have questions about your finances, you can talk to a financial advisor who can review your finances and help you reach your goals (whether it is making more money, paying off debt, investing, buying a house, planning for retirement, saving, etc).
Find one who meets your needs with SmartAsset’s free financial advisor matching service. You answer a few questions and they match you with up to three financial advisors in your area. So, if you want help developing a plan to reach your financial goals, get started now.

Source: growthrapidly.com

Best Free Business Checking Accounts of November 2020 | The Simple Dollar

February 10, 2021 by Liam Lane Posted in Adult Nursing Home Guide Tagged ATM, Auto, Banking, Checking Account, Convenience, Credit, credit cards, Debit Card, Featured, Fees, Financial Planning, Financial Wize, FinancialWize, Insurance, keep, Life, line of credit, Loans, Make Money, Mobile App, money, more money, Online Banking, Personal, Products, Purchase, savings, Savings Account, Security, Small Business, tax, Taxes, Vs.

Your business checking account is the lifeblood of your business. It is how you receive and send the money your company needs to keep going each day, growing stronger for the next. There are many banks that offer business checking accounts, but so very few offer low or no fees for having your account.

To find the best free business checking accounts, we used our SimpleScore methodology to compare number of free transactions, minimum deposits, product variety, support and fees for the best business checking accounts in 2020.

The 6 best free business checking accounts of 2021

Free business checking accounts at a glance

Best interest-bearing account – BlueVine

Let BlueVine work for you by putting extra cash in your pocket through an interest-bearing checking account.

Min. Deposit

Number of Fees

N/A

Free Transactions

Unlimited

SimpleScore

4.8 / 5.0

SimpleScore BlueVine 4.8

Free Transactions 5

Minimum Deposit 5

Support Channels 5

Product Variety 4

BlueVine delivers convenience, affordability and cold, hard cash with its new business checking account. Bluevine already made a name for itself with business loans and financing, but business checking is a brand new addition to the BlueVine financial lineup — and an attractive one at that. This is an interest-bearing account that gives you 1% interest as soon as you deposit your first dollar. There are also unlimited transactions with no monthly maintenance fees and live support. Signing up is simple and only takes about 60 seconds.

Best branch support – Wells Fargo

Wells Fargo offers a decent business checking with the in-person support — if you can swing the fees.

Min. Deposit

$50

Number of Fees

Free Transactions

SimpleScore

3.4 / 5.0

SimpleScore Wells Fargo 3.4

# of Free Transactions 2

Min. Deposit 4

Support Channels 4

Product Variety 5

There’s no denying the support of powerhouse bank Wells Fargo, but we wish it would be more forgiving with fees. You have a few different options for your business checking account with Wells Fargo, but our pick is the Business Choice Checking account as the best option for growing small businesses. You only need $25 to open an account, and if you keep a balance of $500, the $10 monthly maintenance fee will be waived. You also get your first 50 transactions free each month and up to $3,000 in cash deposits. With over 5,400 branches across the country, Wells Fargo has excellent accessibility with a convenient mobile app that lets you pay bills and make transfers.

Best online-only checking account – Azlo

Checking is all that Azlo does, so while it’s fantastic for easy online banking, you can’t get any other financial products.

Min. Deposit

Number of Fees

N/A

Free Transactions

Unlimited

SimpleScore

4 / 5.0

SimpleScore Azlo 4

# of Free Transactions 5

Min. Deposit 5

Support Channels 4

Product Variety 1

Azlo is modern, affordable and easy to use with a sole focus on online banking. As an online-only bank, you don’t even need a minimum deposit to open an account. There are excellent mobile tools to keep you plugged in on the go and unlimited transactions each month, so you don’t have to track your transfers and purchases. There are almost no fees, and you also get access to 55,000 different Allpoint® ATMs. Azlo will get you going quickly, too, with an online-based application.

Best for startups – Citizens Bank

Citizens Bank is pretty hush-hush about its fees, although you do get 25 free transactions each cycle with just a $5 maintenance fee.

Min. Deposit

$100

Number of Fees

Free Transactions

SimpleScore

3.8 / 5.0

SimpleScore Citizens Bank 3.8

# of Free Transactions 1

Min. Deposit 4

Support Channels 5

Product Variety 5

Citizens Bank offers a few options, but the Venture account is our pick for best small business account for startups. While many banks target their services toward larger, more established businesses, Citizens keeps it simple with its Venture account. You need $100 to open a new account and have the option of adding Overdraft Sweep or an Overdraft Protection Line of Credit as an extra safeguard. In addition to its own ATMs, you also get free use of 800 Access ATMs for even more convenience.

Best for established businesses – Axos

It takes $1,000 to open an account, which can make it tough for some businesses to swing.

Min. Deposit

$1,000

Number of Fees

Free Transactions

200

SimpleScore

4 / 5.0

SimpleScore Axos 4

Product Variety 4

Support Channels 4

Support Channels 5

Product Variety 5

No fees, free checks and unlimited ATM reimbursement make for a pretty sweet deal from Axos. Axos has been long-established as a reputable online-only bank, and although it is steep to join, it repays the favor with minimal fees. You can expect to spend some money on your outgoing wire transfers, but incoming transfers are free. There are no maintenance fees, and you can use whatever ATM you want with fees refunded to you. You also get 200 free transactions each cycle and access to 91,000 ATMs, the most on our list by far.

Read our full Axos Bank review.

Best for medium-sized businesses – US Bank

The fees are low enough not to be too much of a bother as long as you don’t send too many wires.

Min. Deposit

$100

Number of Fees

Free Transactions

300

SimpleScore

4 / 5.0

SimpleScore US Bank 4

# of Free Transactions 4

Min. Deposit 4

Support Channels 5

Product Variety 5

The Gold Business checking account is great for bigger businesses who can afford the fees but prefer in-person support. U.S. Bank keeps things reasonable with its Gold Business Checking Account, requiring just a $100 minimum deposit from the start. You also get the benefit of both mobile tools as well as in-branch support if you prefer one-on-one financial planning and advice. U.S. Bank partners with MoneyPass® ATMs, giving you access to 32,000 in total, in addition to the 300 free transactions you get each cycle.

What is a business checking account?

When you own a business, you still need to make deposits and pay for purchases. That is why a business checking account is an excellent tool for business owners to manage their money. When you file taxes as the owner of a company, you have to report your income and pay taxes. That means you should separate your personal expenses from your business in order to protect your personal finances and also file taxes appropriately at the end of the year.

Because businesses generally deal with more money than the average personal checking account, you may find that the fees and deposit requirements are higher for a business checking account. Some accounts offer extra perks, like free checks and interest-bearing accounts.

How business checking accounts work

Although similar to a personal checking account, a business account has its own requirements and benefits that separate it from a personal account. Not only can you accept payments from your customers, but it gives your business a level of professionalism and establishes it as an individual entity of its own accord.

[Read: The Best Small Business Loans of 2020]

You can keep your personal assets separate from that of your business, so your personal life is protected regardless of how your business performs. It also lays the groundwork for your financial future, because things like business credit cards, loans and lines of credit all require a business checking account.

Personal vs. business checking accounts

There are many similarities between a personal and business checking account, as they function similarly with deposits, debits, withdrawals and wires. You can make ACH payments and use a debit card to make purchases.

There are several differences, however. Business checking accounts generally carry higher fees, charging for things that are usually free or cheaper with personal accounts. This includes things like account maintenance fees, overdraft fees and wire fees. Many banks also require that you provide a higher minimum deposit when you open your account, which can cost anything from $10 to $1,000.

It pays to do your homework because every bank offers different perks and features for its business checking account.

Limited transactions

There are a few different types of limitations that your bank may place on your business checking account. Two types are cash deposit limits and transaction limits. A cash deposit limit is when a bank limits how much cash you can deposit into your bank account each cycle. If you exceed that limit, there may be a penalty each time you deposit cash until your cycle is over.

[More: What to Do If Your Small Business Isn’t Insured for COVID-19]

A transaction limit is another kind of limitation that banks may place on your business checking account. If you exceed a certain number of transactions during your billing cycle, you could face penalties and fees.

There are other kinds of monthly transactions that may be affected by fees and penalties. This might include teller-assisted transactions, ATM transactions, debits, credits and even how many checks you can write. Banks like Azlo and BlueVine are far more generous with their regular allotments than other banks.

How to choose the best business checking account for you

Just like any other purchase you make, you should also shop your options for the best business checking account. The bank you choose will have significant bearing not just on the financial success of your company but its overall growth, as well.

Before you choose the best business checking account for you, you should first consider these factors.

Fees. You want your bank to safeguard your money, not spend it for you on fees and penalties. Be sure to consider what a bank will charge you for things like maintenance fees, transaction fees and even the minimum deposit required to open an account.
Support. While Azlo and Axos are both online-only banks, there are other banks like Wells Fargo and U.S. Bank that offer physical branches that you can visit for more personal support. You should also research what other kinds of support will be available to you as a customer, such as online chat and mobile app functionality.
Debit card. Most business checking accounts will give you both a checkbook and a debit card, but that’s not always the case. Ask to see a fee schedule, so you can ensure that you are aware of all fees and can plan accordingly.
Type of account. We all know the difference between a checking account and a savings account, but there is a difference in the kind of account that you have, too. If you anticipate making a lot of purchases for your business, consider signing up for an interest-bearing account that can make you money while you work.

No matter what you need for your business, be sure to thoroughly vet your options so you can make the right decision for you.

Business checking account FAQs

You will need to provide more information for a new business checking account than you do for a personal one. Your bank will request your social security number or the Employee Identification Number (EIN) that is assigned to you by the IRS. You will also need to provide a government-issued photo ID, like your passport or driver’s license.

There are several documents relating to your business formation that you will have to share with your bank, including your business license, Articles of Organization or Articles of Incorporation and any other formation documents that you have filed with your state.

You should never use your personal checking account for business. The IRS has very specific requirements about how you must file taxes as a business owner, and the commingling of business and pleasure can have severe consequences come tax time or worse if you have to face an audit.

A business checking account only keeps your accountant happy, but it also keeps you in compliance with IRS taxation laws. Beyond the legalities, it is a means to accept and transfer money for your company with the help of traditional financial tools like your debit card and ACH payments.

Too long, didn’t read?

A business checking account is exactly what you need to keep your business financially compliant, but it can also significantly simplify and streamline your operations. With the help of the right bank, you can find the best free business checking account that works for your business and all of the many financial transactions to come.

We welcome your feedback on this article and would love to hear about your experience with the free business checking accounts we recommend. Contact us at inquiries@thesimpledollar.com with comments or questions.

Source: thesimpledollar.com

How the Sandwich Generation Can Protect Their Retirement

February 10, 2021 by Liam Lane Posted in Adult Nursing Home Guide Tagged College, Compound Interest, earnings, Family, Financial Wize, FinancialWize, How To, Insurance, keep, Life, Loans, long-term care, Medicaid, money, real, Retirement, savings, Security, trust

For those who are caring for their aging parents and raising kids at the same time, it can often seem like there’s never enough time, money, or energy to provide for all the family members who need you. In particular, handling finances when two different generations are relying on you can feel like an impossible balancing act — not to mention an exercise in feeling guilty no matter what you do.

But being the caregiver sandwiched between two generations makes it even more important for you to prioritize your own financial needs, especially when it comes to retirement planning. By protecting your retirement during this difficult season of your life, you’ll be in a better place to remain independent as you age, launch your kids into a more secure adulthood, and offer ongoing support to your parents.

Sound impossible? It’s not. Here’s how you can protect your retirement if you’re a member of the sandwich generation.

Retirement savings comes first

Retirement savings should get priority ahead of putting money into your kids’ college funds. You know that already. Your kids can take on loans for college, but there are no loans available to pay for your retirement.

The more difficult decision is prioritizing retirement savings ahead of paying for long-term care for your parents. That can feel like a heartless choice, but it is a necessary one to keep from passing money problems from one generation to the next. Forgoing your retirement savings during your 40s and 50s means you’ll miss out on long-term growth and the benefits of compound interest. By making sure that you continue to set aside money for retirement, you can make sure your kids won’t feel financially squeezed as you get older.

Instead of personally bankrolling your parents’ care, use their assets for as long as they last. That will not only allow you to make the best use of programs like Medicaid (which requires long-term care recipients to have exhausted their own assets before it kicks in), but it will also protect your future.

Communication is key

Part of the stress of being in the sandwich generation is feeling like the financial burdens of two generations (as well as your own) are resting entirely on your shoulders. You feel like you’ll be letting down the vulnerable people you love if you can’t do it all. But the truth is that you can’t do it all. And you shouldn’t expect that of yourself, nor should your family expect it of you. So communicating with your loved ones about what they can expect can help you draw important boundaries around what you’re able to offer them.

This conversation will be somewhat simpler with your children. You can let them know what kind of financial help they can expect from you for college and beyond, and simply leave it at that.

The conversation is a little tougher with your parents, in part because you need to ask them about nitty-gritty details about their finances. Whether or not money is a taboo subject in your family, it can be tough for your parents to let you in on important financial conversations — to them it feels like they were changing your diapers only a few short years ago.

Being in the loop on what your parents have saved, where it is, what plans they have for the future, and who they trust as their financial adviser, will help protect their money and yours. You’ll be better able to make decisions for them in case of an emergency, and being included in financial decisions means you can help protect them from scams. (See also: 5 Money Strategies for the Sandwich Generation)

Insurance is a necessity

Having adequate disability insurance in place is an important fail-safe for any worker, but it’s especially important for those who are caring for aging parents and young children. The Council for Disability Awareness reports that nearly one in four workers will be out of work for at least a year because of a disabling condition. With parents and children counting on your income, even a short-term disability could spell disaster, and force you to dip into your retirement savings to keep things going. Making sure you have sufficient disability income insurance coverage can help make sure you protect your family and your retirement if you become disabled.

Life insurance is another area where you don’t want to skimp. With two generations counting on you, it’s important to have enough life insurance to make sure your family will be okay if something happens to you. This is true even if you’re a full-time unpaid caregiver for either your parents or your children, since your family will need to pay for the care you provide even if they aren’t counting on your income.

It’s also a good idea to talk to your parents about life insurance for them, if they’re able to qualify. For aging parents who know they will draw down their assets for long-term care, a life insurance policy can be a savvy way to ensure they leave some kind of inheritance. If your parents are anxious about their ability to leave an inheritance, a life insurance policy can help to relieve that money stress and potentially make it emotionally easier for them to draw down their own assets.

Become a Social Security and Medicare expert

Spending time reading up on Social Security, Medicare, and other programs can help you to make better financial decisions for your parents and yourself. There are a number of misconceptions, myths, and misunderstandings masquerading as facts about these programs, and knowing exactly what your parents (and eventually you) will be entitled to can help make sure you don’t leave money on the table or make decisions based on bad information.

The eligibility questionnaires at benefits.gov can help you determine what benefits are available and whether your parents qualify. In addition, it’s a good idea to sign up for a my Social Security account for yourself. This site will provide you with personalized estimates of future benefits based on your lifetime earnings, which can better help you prepare for your own retirement.

Don’t be afraid to ask for help

Caring for children and parents at the same time is exhausting. Don’t compound the problem by thinking you have to make financial decisions all by yourself. Consider interviewing and hiring a financial adviser to help you make sense of the tough choices. He or she can help you figure out the best way to preserve your assets, help your parents enjoy their twilight years with dignity, and plan for your children’s future.

Even if a traditional financial adviser isn’t in the cards for you, don’t forget that you can ask for help among your extended family and network of friends. There’s no need to pretend that juggling it all is easy. Family can potentially offer financial or caregiving support. Knowledgeable friends can steer you toward the best resources to help you make decisions. Relying on your network means you’re less likely to burn out and make disordered financial decisions. (See also: 9 Simple Acts of Self-Care for the Sandwich Generation)

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Are you part of the sandwich generation? When you are a caregiver to children as well as aging parents, it can seem like theres not enough time, money or energy to provide for all the family members. Here are the tips and ideas on how you can protect your retirement finances. | #sandwichgeneration #personalfinance #moneymatters

Source: wisebread.com

10 At-Home Date Night Ideas, Whether Youâre Together or Apart

February 10, 2021 by Liam Lane Posted in Adult Nursing Home Guide Tagged away, College, Coronavirus, Family, Featured, Financial Wize, FinancialWize, freelancers, Grow, Home, house, How To, keep, living room, money, newsy, Original, Personal, Products, real, repub, save, Save Money, Spending

Even if you hail from the same place (or have already gone home to meet the parents), you could use Google Earth or Google Maps to show your sweetheart around your college campus — or explore a city you’re hoping to visit together someday.
So they’ve kept their long-standing date night tradition alive through the pandemic with some pretty adorable dates — one of which you may even have seen a glimpse of on John Krasinski’s “Some Good News.” (Look for the fine dining experience around 7:55!) Here are some tips to make it feel more like you’re actually together.
Source: thepennyhoarder.com
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They printed real menus, got dressed up and dined al fresco on a three-course meal at “Jack & Olivia’s” — so named for their kids. Kenny cooked up the steaks, while the kids made the salad and dessert.

A couple hold hands as they enjoy dinner in their backyard. — Kenny and Celina Beaumont have a date night in the backyard of their home in Orlando, Fla. Photo courtesy of Kenny and Celina Beaumont

Date Nights if You’re at Home Together

But there are still free and low-cost ways to keep up the date night tradition.

1. Fine Dining

It might not sound like the peak of romance to some, but sitting down to a game of Scrabble or Chess together is a great way to spend some quality time while also giving your brain a workout. If you’re really geeky, you might even take on a match or four of Magic: The Gathering.
Jamie Cattanach’s work has been featured at Fodor’s, Yahoo, SELF, The Huffington Post, The Motley Fool and other outlets. Learn more at www.jamiecattanach.com.

2. Ballroom (or Any Other Kind of) Dancing

Although they’ve been married for over a decade, Kenny and Celina Beaumont have always realized the importance of romance — especially after having kids.
We recommend adding fancy duds to the equation to make it feel even more date-y.

3. Game Night

Thanks to technology, there are some ways to recreate a date experience even if you’re miles apart.
If that’s a little too intimate, you could simply spend time together being creative, whether that means knitting, cross-stitching, painting or something else entirely. You could even make plans to gift each other the products of your art therapy session.

4. Virtual Hometown Tours

Re-create the concert experience at home with a cocktail and maybe a band T-shirt, and enjoy unlimited bathroom breaks without having to snake through a pushy crowd.
A browser extension called Teleparty easily syncs Netflix, Disney, Hulu and HBO videos for multiple parties while also providing a scrolling text chat along the right side of the screen.

5. At-Home Spa Services

A seriously romantic idea for the bold: re-create each other’s likenesses while on a video chatting application like FaceTime.

Tips for Successful At-Home Date Nights

Even with the best of intentions and lots of planning, it’s easy for an at-home date night to feel like … well, just another night at home.
You might not make it out to your local Arthur Murray studio, but that doesn’t mean you can’t learn how to dance. Some couples’ counselors suggest that a tango or two can be as good for your relationship as it is fun.

Put away your phone. Celina and Kenny say they make a point of putting their screens down during dates.
Wait until after bedtime. It’s fun to get the kids in on the action — but if they go to bed earlier than you do, those couple hours of quiet can be a great time to rekindle your connection.
Look for the silver linings. Although staying home is hard in a whole lot of ways, it also offers a lot of opportunity for closeness, especially in a world where we’re usually running all over the place.

Here are some tips to keep it feeling romantic.

Date Night Ideas if You’re Apart

Treat yourself — and your beau — to some DIY indulgence. Whether you give each other manicures, facials, or massages, it’s bound to be a whole lot more affordable (and considerably more fun) than it would be in a salon. Check out this list of spa treatments you can do at home.

6. Virtual Coffee (or Cocktails)

There’s nothing quite as cozy as snuggling up with your sweetheart for a movie, whether at the theater or on the couch at home. But even if you’re stuck apart, you can spend time in front of the silver screen together.

7. Reading to Each Other

You can definitely recreate the restaurant experience at home, complete with dressing up for the occasion and actually sitting down and being waited on. That’s exactly what the Beaumonts did. According to Celina, Kenny and the kids had been conspiring about the idea for several days before surprising her.
“We never get to spend this much time with each other,” Celina said of her family. Try to look at your at-home dates as an opportunity to slow down and enjoy yourselves.

8. Live Streaming Concerts and Events

Crank up a YouTube video, clear out a spot on the living room floor, and give it a whirl. After all, nobody except your SO — and maybe the cat — is watching.
If you were already cohabitating, there are plenty of ways to set aside some special time for each other.

9. Virtual Movie Nights

If your movie or TV show is on another service — or if, quaintly and adorably enough, you’re going to watch the same DVD in separate houses at the same time — you can always hop on the phone and queue up the video. Don’t forget the popcorn!
“If we’re not happy and having fun,” Celina told us in an interview, “our household’s not going to be happy and having fun.”
The options are endless: You could pick a book neither of you have read before or revisit an old favorite.

10. Art Therapy

Ready to stop worrying about money?
This one’s super romantic whether you’re at home together or apart. If you’re not in the same place, you can read to each other over video chat or over the plain-old phone.

Tips for Successful Date Nights Spent Apart

A woman FaceTimes with her boyfriend. — Getty Images

But dinner dates are just the beginning. Here are some of our favorite at-home date night ideas.

Get dressed. It’s all too easy to lie around the house in pajamas all day… and even attend your dates that way. Wearing real clothes can make you feel more like you’re on a real date.
Connect often. If you can’t be with each other in person, spending digital time together is extra important. Maybe try to move your date night tradition from one night a week to two or three.
Remember: It’s only temporary. They say absence makes the heart grow fonder, and although we don’t know when this pandemic is going to end, end it shall.

Video call applications like Zoom and FaceTime make it easy to recreate classic low-stakes, first-date ideas like grabbing a drink or a cup of coffee. <!–

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The coronavirus pandemic put a halt on a whole lot of awesome things, including date night. If you’ve been with your sweetie for years, it can be tough to find something special to do when you’re spending most of your time at home together. And if you were just getting started dating, it’s hard to establish a connection when you’re apart.

Should I Buy Long-Term Care Insurance (LTCI)? – Policies, Types & Cost

February 1, 2021 by Liam Lane Posted in Adult Nursing Home Guide Tagged Buy, Financial Wize, FinancialWize, Insurance, long-term care

Worry about the costs of health care during your later years? Learn about long-term care insurance, costs to consider, and some alternatives.

Source: moneycrashers.com

This is How CDs Workâand How You Can Use Them to Grow Your Savings

February 1, 2021 by Liam Lane Posted in Adult Nursing Home Guide Tagged Banking, Banking 101, Buy, CD, CD Laddering, Checking Account, Compound Interest, Finance, Financial Education, Financial Goals, Financial Wize, FinancialWize, Grow, High-yield Accounts, Home, house, How To, Interest Rates, IRA, keep, Long-term Saving, Managing Your Money, money, Opening an Account, Personal, personal finance, Retirement, save, Saving, savings, Savings Account, savings accounts, Savings Strategies, tax

If youâve got savings goals on your mind, then you know they come in all sizes and time horizons.

As you consider all of your options for hitting those goalsâfrom savings accounts to stocks and bonds to stuffing your cash under the mattressâcertificates of deposit stand out among the pack thanks to their competitive rates and safety.

âThe reason that people are really drawn to CDs is that you can get a higher return than you would get in either a traditional checking account or traditional savings account,â says Kimberly Palmer, personal finance expert at NerdWallet.

Steady returns, in fact, are among the top benefits of CDs. Plus, Palmer adds that CDs are usually FDIC-insured, typically up to $250,000 for each depositor (or the maximum allowed by law).

What is a certificate of deposit? It's a savings product that provides a guaranteed rate of return over a fixed term.

With all those benefits in mind, you might still be wondering if a CD is the right fit for your savings strategy. So, what is a certificate of deposit and how does it work?

What is a certificate of deposit?

A certificate of deposit provides a guaranteed rate of return (the interest rate) on your money as long as you agree not to withdraw the funds you deposited (the principal) until after a specified amount of time (the term).

âItâs best for someone who doesnât need their money immediately,â Palmer says. âIn exchange for that longer period of time where your money is inaccessible, you earn a higher return.â

How does a certificate of deposit work?

Before you can start using certificates of deposit to keep your savings growing at a fixed rate, it helps to know how CDs work. Itâs time to familiarize yourself with this one-of-a-kind savings product.

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âThe reason that people are really drawn to CDs is that you can get a higher return than you would get in either a traditional checking account or traditional savings account.â

– Kimberly Palmer, personal finance expert at NerdWallet

CD minimum deposit

While you can find savings accounts with no minimum deposit requirement, most banks require a minimum deposit to open a certificate of deposit. As you learn how certificates of deposit work, note that minimum deposits can vary depending on the financial institution, but at Discover itâs $2,500.

CD terms

Once you open a CD, your money grows until it matures at the end of its term. Discover CD terms start at three months, and the longest term available is 10 years.

CD rates

In addition to getting a higher rate than you can on many savings accounts, CD rates are fixed, which means thereâs no risk of the rate going down during the term. (Keep in mind they canât go up, either.) Generally, the longer the CD term, the higher the interest rate you can lock in for your money.

CD early withdrawal penalty

Understanding CD early withdrawal penalties is key to answering the âHow does a certificate of deposit work?â question.

You can typically find competitive rates for CDs because your financial institution is counting on having that money for the full term. For that reason, if you pull out any money in your CD before the term ends, you could be hit with a penalty.

Understanding CD early withdrawal penalties is key to answering the âHow does a certificate of deposit work?â question.

The early withdrawal penalty often depends on the length of the CDâs term, and itâs a good idea to check with your bank to understand its specific withdrawal penalties.

Got the gist of what a certificate of deposit is? Now itâs time to put this account to work toward your unique savings goals.

How can you use CDs in your own savings strategy?

Because CDs are offered across a wide range of terms, you have the opportunity to get creative with how you take advantage of them. Whether your savings goals are big or small, long- or short-term, thereâs a CD savings strategy that will work for you.

Using CDs for short-term goals (less than three years)

âCDs are good for short-term or near-term liquidity needs,â says Philip Gibson, an associate professor of finance.

Letâs say you want to have money ready to spend on an engagement ring a year from now. Putting that money into the stock market could be risky, because if there were a market dip, youâd be out of luckâand you wouldnât be the only one disappointed!

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Instead, Gibson says, you can put that money into a 12-month CD and ensure that it will be there a year from now.

How does a certificate of deposit work out to be a better short-term option than cash, you ask? Money within a CD will have grown thanks to the competitive interest rate. Cash, Gibson points out, typically loses value over time due to inflation.

However, CDs arenât ideal for storing cash that you might need at a momentâs notice. Remember: If you pull out your money from a CD before the end of its term, you could be on the hook for an early withdrawal penalty. If quick access is a priority, youâd be better off using a checking account or savings account.

Using CDs for medium-term goals (3-5 years)

CDs can be an effective way to save for medium-term goals, but you need to choose your CD term wisely.

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âYou want to make sure the CD term you choose matches the time horizon of your goal,â Palmer says.

For example, if youâll need that money for a down payment on a home in three years, it would make sense to put your money into a CD with a three-year term. A three-year CD would likely give you a higher return than a one- or two-year CD, and your money will be accessible when you are ready to buy a house.

Palmer adds that because money in CDs is only accessible after they mature at the end of their terms, youâll want to make sure you have three to six months of emergency savings available for unexpected short-term needs before opening a CD with a three- to five-year term.

Using CDs for longer-term goals and retirement

The longer your time horizon for your goals, the more time you have to take advantage of the power of compounding in a CD. Plus, given how certificates of deposit work, longer terms usually have higher interest rates.

If youâre looking even further ahead to retirement, you can open an IRA CD. IRA CDs give you the same reliable growth of regular CDs with the tax advantages of IRAs.

How does a certificate of deposit work when you have multiple savings goals? That's where a CD ladder can be helpful.

Using a CD ladder to support multiple goals

While the above examples show how CDs work to save for specific financial goals, there is a way to use CDs to continually grow your savings as you reach multiple savings goals with varying time horizons. At the same time, with this strategy you can:

Keep your funds liquid.
Take advantage of interest rates if they go up.
Lock in the higher CD rates associated with longer terms.

Itâs called a CD ladder, and Palmer says this CD strategy is growing in popularity among savvy savers.

With a CD ladder, you donât try to guess exactly when youâll need your funds to be available. Instead, you open multiple CDs with varying maturity dates.

âYou might have one CD that matures in six months, one that matures in a year and then another in 18 months,â Palmer says. âThat means that the terms keep coming due, and you continually have access to your money.â

What is a certificate of deposit ladder? It's a strategy of opening multiple CDs with varying term lengths to stay flexible.

Every time a new CD matures, you have the option of putting that money toward something you have been saving for, such as a house.

If you arenât ready to use that money when a CD matures, then you simply open a new CD with a longer term than any CDs you currently have. That new CD is added to the âladder,â and your money grows at longer-term rates as older CDs approach maturity.

Once you get into a groove with a CD ladder, you can enjoy all the benefits of CDs without worrying about finding a single CD that perfectly matches up with your financial goals.

Ready to get started with a CD?

Now that you have a handle on what a certificate of deposit is and how CDs can work for you, itâs time to get your savings plan started.

Learn how a Discover Certificate of Deposit can help you reach your savings goals, with flexible terms from three months to 10 years.

Articles may contain information from third-parties. The inclusion of such information does not imply an affiliation with the bank or bank sponsorship, endorsement, or verification regarding the third-party or information.

The post This is How CDs Workâand How You Can Use Them to Grow Your Savings appeared first on Discover Bank – Banking Topics Blog.

Source: discover.com

Best High-Interest Savings Accounts Online for 2021

February 1, 2021 by Liam Lane Posted in Adult Nursing Home Guide Tagged Financial Wize, FinancialWize, money, Saving, savings, Savings Account, savings accounts

Save and earn money at the same time with a high-interest savings account. Check out our best picks for 2021 and start saving now.

Source: crediful.com

Component Recipes

Black Coffee

Cold Brew Coffee

Espresso

Milk

Flavored Syrups

Gourmet Drink Recipes

1. Iced Coffee

2. Mocha

3. Latte

4. Cappuccino

5. Affogato

6. Flat White

Flavored Syrup Recipes

1. Maple Simple Syrup

2. Vanilla Simple Syrup

3. Pumpkin Spice Simple Syrup

4. Cinnamon Brown Sugar Syrup

5. Almond Simple Syrup

6. Chai Simple Syrup

Final Word

1. What types of checking accounts should I consider?

2. Are there fees associated with the checking account?

3. Is there a minimum balance requirement?

4. What ATM fees could I incur?

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3. Avant

4. Discover Loans

5. Lending Club

6. OneMain Financial

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The Bottom Line

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In this article

The 6 best free business checking accounts of 2021

Free business checking accounts at a glance

Best interest-bearing account – BlueVine

Best branch support – Wells Fargo

Best online-only checking account – Azlo

Best for startups – Citizens Bank

Best for established businesses – Axos

Best for medium-sized businesses – US Bank

What is a business checking account?

How business checking accounts work

Personal vs. business checking accounts

Limited transactions

How to choose the best business checking account for you

Business checking account FAQs

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Date Nights if You’re at Home Together

1. Fine Dining

2. Ballroom (or Any Other Kind of) Dancing

3. Game Night

4. Virtual Hometown Tours

5. At-Home Spa Services

Tips for Successful At-Home Date Nights

Date Night Ideas if You’re Apart

6. Virtual Coffee (or Cocktails)

7. Reading to Each Other

8. Live Streaming Concerts and Events

9. Virtual Movie Nights

10. Art Therapy

Tips for Successful Date Nights Spent Apart

What is a certificate of deposit?

How does a certificate of deposit work?

CD minimum deposit