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Which ownership type should I choose?
An Individual Account is an account in the name of one person. A Joint Account is an account in the name of two or more persons.
If you will be the only person to have ownership on this account, select Individual. If you want to add a co-owner to the account, select Joint.
The account is described in the Terms and Conditions as a Multiple Party Account with the Right of Survivorship.
Simply put, CD laddering is a way of investing where you plan for staggered maturity dates, to keep some of your investments liquid and also capitalize on changing rates. By planning ahead for the long term, you can keep an eye on your earnings and have the flexibility to make changes as individual CDs mature.
Let’s say you have $80,000 total to invest in CDs. If you buy just one CD with a longer term, you have to wait for it to mature, locking up your total investment. If you buy just one CD with a shorter term, it usually will generate fewer returns. Instead you could:
Because your funds are staggered, you will have access to a portion at intervals you can plan on, in this example every three months. As each matures, you can reinvest into a longer maturity CD (which usually pays higher returns).
Because you know that a portion of your investment portfolio will mature regularly (every 3 months in this example), you will have access to that portion on a regular basis. This can help if part of your goal is to maintain an emergency fund. And if you need to cash out a CD early the penalty fees will be less than if you had invested the entire sum in just one CD.
A CD ladder can spread out your investments so you can limit the effects of a low-rate market cycle. Instead of putting all your funds into one CD, you spread them out and systematically invest. If rates are rising when one comes to maturity, that’s great. If rates are falling, you limit the impact. Over time, you can optimize your returns.
Click here to learn more about Identity Theft Protection and Fraud Reporting.
Phishing emails can be very sophisticated and may look just like they are coming from a familiar bank, online retailer or financial institution. Instead, they trick consumers into clicking on links, providing personal banking information, and infecting computers with criminal viruses. Beal Bank and Beal Bank USA will never send you any unsolicited emails and will never send any email asking you to provide your personal account details.
In general, avoid clicking on links embedded in emails; instead type in the URL into your internet browser.
The FDIC provides valuable information about the assets of all FDIC-insured banks. With this free information, you can objectively compare your banking institutions. Go to the FDIC website at http://fdic.gov/bank and look for Uniform Bank Performance Report.
Research anti-virus software and install one on your computer. Use it regularly to scan your computer for viruses.
Whenever you are banking or shopping online, protect your login information including user names, passwords and personal identification numbers. Don’t use information that is easy to guess or find publicly, including middle names, maiden names, street addresses, etc.
Make the effort to read the terms of all your accounts, and ask questions so you fully understand all the details. For your Beal Bank and Beal Bank USA accounts, you can call an Beal Bank Retail Banking Specialist at 877-TRY-BEAL (877-879-2325) to ask questions.
Regularly clear your internet browser history, to protect yourself against spyware and viruses that search there for sensitive information about you and your transactions.
The FDIC insures your deposit to at least $250,000 per depositor. By managing your investments with accounts in the name of family members, you can increase your total coverage. Go to the FDIC government website for more information.
Don’t keep your investments in a vacuum. Instead, consider adding in your investment returns, account amounts and long-term plans in with your monthly household budget management. This will give you an accurate way to view both short-term (monthly) and long-term (investments) results in one place that will be easier to maintain. Research popular software, and make the commitment to your long-term success.
FDIC Money Smart, the award-winning financial course from the FDIC, gives you the tools to make the best decisions about your money. Money Smart will help you understand basic financial services, such as savings accounts, checking accounts, and credit cards, and will help you manage your money for you and your family. Money Smart covers these 11 topics.
Money Smart is a comprehensive financial education curriculum designed to help low- and moderate-income individuals outside the financial mainstream enhance their financial skills and create positive banking relationships. Money Smart has reached over 2.75 million consumers since 2001. Research shows that the curriculum can positively influence how consumers manage their finances, and these changes are sustainable in the months after the training.
Congress created the Federal Deposit Insurance Corporation (FDIC) in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at member banks and savings associations, and it promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed. The FDIC receives no federal tax dollars; insured financial institutions fund its operations.
To learn more about the Money Smart course and register, you can:
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