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What is an Interest Bearing Account?

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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.

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

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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!

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Choosing a Local Bank When Working Overseas

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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.

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Online Banking Definition: The Pros and Cons

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The definition of online banking is a simple one: a bank or institution that is available online.

The ins and outs of online banking are slightly more complex. There are:

  • Banks with good interest rates and others with bad rates
  • Solely online banks and others with brick-and-mortar locations
  • And some with an easy-to-use interface and others that are clunky

Below you’ll find an overview of what the definition of a good online banking experience is to me. As the center of your finances, picking a good bank is often a crucial part of setting up your own personal finance system.

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How to Choose a Bank

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If learning how to invest is lesson 1 in personal finance 101, then learning how to choose a bank is the pre-requisite to that class.

Understanding how to choose a bank is one of the first things you should learn to do as a consumer! But, for some reason, no one really ever shows you the ropes. Or at least, no one showed me.

That ends today!

I blindly chose a bank for myself when the time came to get my first bank account. And I don’t want you to feel as lost as I did when selecting one.

We’ll walk through exactly how to choose the right bank for you. Which is straight forward when you know what to look for.

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