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Banking Blog

PrizePool Review: A New Type of Saving Account

April 3, 2021 By Kevin | Just Start Investing Leave a Comment

Slowing saving money in a savings account is not the most exciting thing you can do with your hard-earned cash. In fact, it’s probably one of the most boring things you can do! But, it is effective, and PrizePool is a company that is out to make it fun, too.

The average American household has $8,863 saved in a bank account or at a credit union, according to a 2018 Bankrate Study. However, according to another Bankrate study, $80 billion was spent on the lottery in one year in America! This came out to about $1,000 spent per year on the lotto for millennials, and a whopping $3,800 per year for older generations.

What’s worse is the same study found that households with the lowest income (earning $30,000 or less) spent 13% of their income buying lottery tickets. Saving and investing 13% of your income could set you up perfectly for retirement! Instead, it’s likely going down the drain (unless you get very, very lucky).

[Read more…] about PrizePool Review: A New Type of Saving Account

Technology in Banking: Top 7 Trends for 2021

December 10, 2020 By Patricia Nelson

There have been quite a number of technological advancements in the finance world. An offshoot industry, called fintech, was even developed to cater to this need.

This progression implies that the market is rapidly moving toward a cashless society. The advent of credit cards, and even cryptocurrency, supplements this phenomenon. 

The banking industry has definitely progressed from the ancient practices of bartering or exchanging goods to transactions being completed virtually. Now, digital banks empower consumers to do everything online–from creating an account to depositing and withdrawing money.

[Read more…] about Technology in Banking: Top 7 Trends for 2021

What is an Interest Bearing Account?

October 17, 2020 By Kevin | Just Start Investing

Oftentimes, one of the first things you should do to get your personal finances in order is to set up an interest bearing account, like a savings account.

This type of account is way safer than putting your cash under the mattress and earns more interest than a checking account.

If your financial goals include building an emergency, saving for a down payment, or preparing for college, an interest bearing account can likely help you achieve them.

[Read more…] about What is an Interest Bearing Account?

Bank Accounts 101: How Many Bank Accounts Should I Have?

May 5, 2020 By Forrest McCall

Have you ever asked yourself, “how many bank accounts should I have?” You’re not alone, with thousands of options available, consumers are faced with the challenge of finding the right bank accounts for their needs.

Some people will choose to open several bank accounts to take advantage of the various features that each provides. While others might prefer a simpler approach and only open one or two accounts.

To find out the right number of bank accounts you should have, keep reading. We’ll dive into the different types of bank accounts, the pros and cons of having multiple accounts, and ultimately, how many accounts you should have!

[Read more…] about Bank Accounts 101: How Many Bank Accounts Should I Have?

Choosing a Local Bank When Working Overseas

January 21, 2020 By Kevin | Just Start Investing

The age of globalization is in full swing, with travel, business deals, and financial services moving across borders almost without hesitation.

Technology has had a major part in the ability to move between local and international economies, as internet connectivity and cloud-based operations have removed some of the limitations on communication and secure financial transactions. There are plenty of expansion opportunities in global markets, and U.S. citizens and companies are eager to jump in on the action.

There are many financial benefits to expanding your business overseas, but there are potential headaches as well if you are unprepared for international commerce.

Below you’ll get some tips on how to expand overseas, especially regarding how to choose a bank.

[Read more…] about Choosing a Local Bank When Working Overseas
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