Latest news with #NCUA
Forbes
15 hours ago
- Business
- Forbes
Today's Top Money Market Account Rates For July 29, 2025 - Rates Hit 4.5%
Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations. The highest money market account rate available today is 4.50% Changes from the Fed or your bank can quickly change money market rates Online banks typically offer the most competitive yields on the market As of today, the highest money market rate is 4.5%, compared to a national average rate of 0.52%, according to Curinos. Here are today's money market account rates: A money market account (MMA) is a type of interest-bearing deposit account offered by banks and credit unions that works like other savings accounts: You deposit money into the account and earn interest on your balance. You can withdraw funds whenever you need to, but you may be restricted to six transactions per statement period. Money market accounts typically pay higher interest rates than other deposit accounts, including traditional savings accounts. And unlike typical savings accounts, they often offer debit cards, check-writing capabilities or both, providing convenient access to cash. Money market accounts often have higher deposit and balance requirements than many bank accounts. MMAs at banks are insured by the Federal Deposit Insurance Corp. (FDIC), while MMAs at credit unions are insured by the National Credit Union Administration (NCUA). In both cases, depositors are covered for up to $250,000 per account type, protecting your money in the event of bank failure. Before opening a money market account , check out different options at various banks or credit unions. In addition to shopping around for the highest rates, you'll want to compare minimum balance and deposit requirements, monthly fees and withdrawal limits. Look for an account that offers competitive rates you can easily qualify for. You can typically submit an application for a money market account online or in person at a branch. The application will ask you to provide basic information, including your name, address, Social Security number, employment status and income. You will probably need to present a government-issued ID as well. After being approved, you can make your first deposit. Money market accounts work like savings accounts in some ways and like checking accounts in others. Both MMAs and savings accounts: Let you deposit funds as you please Earn interest on your savings Are highly liquid Are safe deposit accounts May have withdrawal restrictions, balance requirements and monthly fees Similar to checking accounts and unlike most savings, money market accounts: Can come with debit cards, checks or both Tend to have higher fees Tend to have deposit and balance requirements Frequently Asked Questions (FAQs) Money market rates are variable and can change when economic conditions change, such as when the Federal Reserve alters interest rates or due to circumstances at a specific bank. There is no set schedule for when or by how much MMA rates change, so be on the lookout for notifications from your financial institution. Banks set money market account rates. The specific rate offered by an institution reflects the general interest rate environment and the bank's economics. For instance, a new online-only financial institution may offer a high rate to gain customers, whereas an established bank could count on generations of depositors. You can use a money market account calculator to see how much interest you'll earn. The amount of interest you earn is determined by the principal amount you deposit, the interest rate offered by your bank and the amount of time you save.
Forbes
2 days ago
- Business
- Forbes
Today's Top Money Market Account Rates For July 28, 2025 - Rates Hit 4.5%
Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations. The highest money market account rate available today is 4.50% Changes from the Fed or your bank can quickly change money market rates Online banks typically offer the most competitive yields on the market As of today, the highest money market rate is 4.5%, compared to a national average rate of 0.52%, according to Curinos. Here are today's money market account rates: A money market account , or MMA, is an interest-bearing deposit account you can open at a bank or credit union. These are insured up to $250,000 per depositor by the Federal Deposit Insurance Corp. (FDIC) at banks, or the National Credit Union Administration (NCUA) at credit unions. The insurance protects your balance if your bank fails. As with other savings accounts, your money in an MMA will grow as it earns interest, and you can add or withdraw funds at any time. You may also be able to write checks or use a debit card. However, depending on the bank, you could be limited to six transactions per statement period. Money market accounts may offer higher interest rates than typical savings accounts. In exchange, they often require higher minimum deposits and balances . Before opening a money market account , check out different options at various banks or credit unions. In addition to shopping around for the highest rates, you'll want to compare minimum balance and deposit requirements, monthly fees and withdrawal limits. Look for an account that offers competitive rates you can easily qualify for. You can typically submit an application for a money market account online or in person at a branch. The application will ask you to provide basic information, including your name, address, Social Security number, employment status and income. You will probably need to present a government-issued ID as well. After being approved, you can make your first deposit. Money market accounts work like a combination of a savings account and a checking account. Both MMAs and savings accounts: Let you deposit funds as you please Earn interest on your savings Are highly liquid Are safe deposit accounts May have withdrawal restrictions, balance requirements and monthly fees Similar to checking accounts and unlike most savings, money market accounts: Can come with debit cards, checks or both Tend to have higher fees Tend to have deposit and balance requirements Frequently Asked Questions (FAQs) Money market rates are variable and can change when economic conditions change, such as when the Federal Reserve alters interest rates or due to circumstances at a specific bank. There is no set schedule for when or by how much MMA rates change, so be on the lookout for notifications from your financial institution. Banks set money market account rates. The specific rate offered by an institution reflects the general interest rate environment and the bank's economics. For instance, a new online-only financial institution may offer a high rate to gain customers, whereas an established bank could count on generations of depositors. You can use a money market account calculator to see how much interest you'll earn. The amount of interest you earn is determined by the principal amount you deposit, the interest rate offered by your bank and the amount of time you save.
The Hill
22-07-2025
- Business
- The Hill
Judge reinstates credit union agency members fired by Trump
A federal judge reinstated two Democratic appointees at the National Credit Union Administration (NCUA) on Tuesday whom President Trump purported to fire. It's the latest decision reversing Trump's firings of independent agency leaders across the federal bureaucracy. U.S. District Judge Amir Ali warned in his 27-page ruling that accepting the administration's position would mean that Trump could also fire the Federal Reserve chair without cause. 'The overlap in powers wielded by the NCUA Board and the Federal Reserve, and their common role as financial regulators, supports the conclusion that Congress can insulate NCUA Board members from at-will removal,' Ali wrote. Ali did not reference Trump's recent flirtations with firing Federal Reserve Chair Jerome Powell. But the Biden-appointed judge repeatedly suggested the government 'all but concedes' the point that they'd equally be able to fire Powell, too. The Justice Department declined to comment. The Hill has reached out to Harper and Otsuka's legal team for comment. Created in 1970, the NCUA is tasked with regulating and insuring credit unions. It plays a similar role to the Federal Deposit Insurance Corporation, which insures banks. The NCUA board members once served at the pleasure of the president. But within a few years, Congress removed that language and provided they should instead serve fixed, six-year terms, with no more than two of the three members coming from the same political party. In April, Trump purported to fire Todd Harper and Tanya Otsuka, the two Democrats on NCUA's board, without explanation. Harper and Otsuka soon sued. The administration in court did not purport to have cause, but it argued Trump has absolute authority to remove the duo at will and the courts had no authority to order their reinstatement. The NCUA is one of a handful of agencies where Trump has attempted to fire top leadership despite their traditional independence from the White House. The administration has a pending request with the Supreme Court to greenlight Trump's firings at the Consumer Product Safety Commission. It comes after the justices in May sided with the administration in its effort to fire officials at the National Labor Relations Board and Merit Systems Protection Board. Other battles could soon reach the justices. On Monday, a panel on the U.S. Court of Appeals for the D.C. Circuit temporarily halted a lower judge's order reinstating a fired member at the Federal Trade Commission.
CNET
21-07-2025
- Business
- CNET
The Best Savings Strategy in an Uncertain Economy Is a Boring One
Stability can be a wonderful thing, especially when it comes to your money. Deagreez/Getty Images We've all had enough economic excitement this year. From tariffs and inflation to layoffs and recession fears, daily headlines are a nonstop barrage of bad news that threatens our financial security. That's one of the reasons I'm all for opening a certificate of deposit right now. CDs aren't as sexy as investments like cryptocurrency or timing the stock market. But that's what makes them perfect in today's precarious economy. Here's why you should consider opening a CD as part of your money strategy. Read more: The Economy Sucks Right Now. Take Your Revenge With This New Money Trend Stability in this economy? Yes, please CDs have long been a go-to option for people who want a safe place to keep their cash. But they're especially valuable when the economy is as rough as it is right now. Your annual percentage yield is fixed when you open a CD, so your earnings stay the same regardless of where interest rates go after that. That means you can predict precisely how much your CD will be worth when the time is up. The Federal Reserve is expected to cut rates this year, so now's the time to lock in an APY up to 4.50%. It can help you maximize your returns and shield your money from stubborn inflation. Plus, CDs are protected by federal deposit insurance if you open one at an FDIC-insured bank or NCUA-insured credit union. That means your money is safe (up to $250,000 per deposit, account category and institution) if the bank fails. Don't overlook high-yield savings accounts CDs are ideal for savings goals with a specific timeline, like buying a car or throwing a wedding. However, you must keep your money in a CD for the full term, or you'll face an early withdrawal penalty that will cut into your total earnings. If you're building an emergency fund, you're better off opening a high-yield savings account. Your APY will be variable, which means it could change at any time, but you'll be able to take out cash whenever you need it, penalty-free. And many top high-yield savings account APYs are on par with today's best CD rates. HYSAs also allow you to add money over time. Wth a CD, most banks require you to have all your funds in hand the moment you open an account.
Business Journals
18-07-2025
- Business
- Business Journals
See the credit unions in Austin-area with fastest-growing residential real estate lending
The 18 listed credit unions in the Austin area held $6 billion in total combined residential real estate loans as of March 31, 2025, less than 1 percent over $5.9 billion reported in the year-earlier period. Information on The List was obtained from the National Credit Union Administration and could not be independently verified by the Austin Business Journal. Rankings were determined by year-over-year percent change in residential real estate loan volume in the period analyzed. In case of ties, credit unions are listed alphabetically. Unlike the banks version of this List, commercial real estate loans are not included here, as the NCUA classifies them under its broader commercial lending category. To qualify for this List, credit unions are required to have a residential real estate lending balance at the end of the first quarter. Only institutions headquartered in Austin-area are included. This week's List is part of a shift in our research methodology and philosophy in 2025, one that will emphasize more data and context for readers while better coordinating the resources available to us and our 46 sister publications under the American City Business Journals flag. We anticipate this effort will identify thousands of new local records — and cumulatively, tens of thousands of new businesses across ACBJ's footprint — this year alone.
