Latest news with #banking
The Sun
4 hours ago
- Business
- The Sun
Major bank giving away £180 free cash – here is how you can get your hands on it
A MAJOR bank is giving away £180 free cash - here is how you can get your hands on it. Santander has launched a new switching incentive to lure customers. 1 The bank is offering the cash to new customers who open an eligible current account with the high street lender. That includes the bank's fee free Everyday Current Account. As part of the deal, customers will receive £180 within 90 days of making the switch. But there are some requirements to get the cash. For starters, customers need to pay £1,500 into the account within 60 days. This does not have to be deposited all at once. Customers must also set up two active household Direct Debits on the new account. This can include your council tax, mobile phone, home phone, broadband, paid-for TV packages, water, gas and electricity bills. Current Account Switch Service (CASS). CASS helps people switch their current accounts by handling the move for free, including moving balances and payments to the new account and closing the old one. It is a free service and helps move customers' balance, direct debits and salary over in seven days. Switch bank accounts for free perks Existing Santander customers may also be eligible for the free cash. Customers might still qualify for the incentive if they opened an account after January 1 2025. The bank can switch a current account existing customers hold at another bank to their Santander current account. Although the offer is enticing, it always pays to read through the full terms and conditions and ensure the available accounts match your banking needs. OTHER SWITCHING OFFERS TSB is giving new customers who switch to the high street bank a £100 switching incentive. You get the £100 upfront but if you spend on you debit card for 20 times in the first six months you get a £15 a month cash back. Co-op bank is also paying £175 to new customers. Meanwhile, Nationwide is giving existing customers a £100 cash boost. This is part of Nationwide's Fairer Share programme, which set out to reward customers who bank with the lender or meet certain lending criteria. The payment goes to members who bank with Nationwide regularly. Those who have a savings account or mortgage product could also qualify. It will be paid directly into customers Nationwide current account between June 18 and July 4. How do I switch bank accounts? SWITCHING bank accounts is a simple process and can usually be done through the Current Account Switch Service (CASS). Dozens of high street banks and building societies are signed up - there's a full list on CASS' website. Under the switching service, swapping banks should take seven working days. You don't have to remember to move direct debits across when moving, as this is done for you. All you have to do is apply for the new account you want, and the new bank will tell your existing one you're moving. There are a few things you can do before switching though, including choosing your switch date and transferring any old bank statements to your new account. You should get in touch with your existing bank for any old statements. When switching current accounts, consider what other perks might come with joining a specific bank or building society. Some banks offer 0% overdrafts up to a certain limit, and others might offer better rates on savings accounts. And some banks offer free travel or mobile phone insurance with their current accounts - but these accounts might come with a monthly fee.
Yahoo
6 hours ago
- Business
- Yahoo
Arizona woman tricked into giving $50K in cash, home address to fraudster — how to protect yourself from scams
Crypto scams that leave victims in financial ruins are on the rise in 2025, but one Arizona woman's experience shows that scammers are becoming more brazen with their methods. As AZ Family reports, a woman from Prescott received a phone call from someone telling her that her Apple account had been fraudulently charged. The scammer reportedly told the woman that she could be arrested if she didn't submit a payment of $50,000. Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 5 of the easiest ways you can catch up (and fast) Nervous about the stock market in 2025? Find out how you can access this $1B private real estate fund (with as little as $10) But this scammer didn't instruct the woman to pay using cryptocurrency. Instead, the woman was pressured into divulging her home address so that the scammer could pick up the cash in person. The scammer reportedly instructed the Prescott woman to withdraw the $50,000 that she "owed" from her bank account, but warned that she would need to lie to the bank to get the funds. The woman was then told to put the money into an envelope, which the scammer would then pick up. Driving a Toyota sedan, the scammer drove to the woman's house and instructed her to place the envelope in the trunk. It wasn't until several hours later that the victim realized she had been scammed. The woman called the sheriff's office to report the situation but, unfortunately, the police were unable to find the scammer's Toyota despite deputies conducting a search of the area. And just like many scam victims, the woman is unlikely to recover her lost money. Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says — and that 'anyone' can do it As the Yavapai County Sheriff's Office (YCSO) explained to AZ Family, fraud cases have significantly increased in 2025, and scammers are becoming more bold with the ways that they con victims into giving up large sums of cash. Many of today's common scams involve either the exchange of cryptocurrency or convincing the victim to buy gift cards or wire money. Data from the FBI backs up what the YCSO has warned about the rising risk of fraud. The FBI's Internet Crime Complaint Center said in its 2024 report that financial losses from fraud schemes were up 33% from 2023, exceeding $16 billion. There were nearly 860,000 fraud complaints in 2024, with people aged 60 and over making the most reports and collectively losing close to $5 billion. Phishing and spoofing scams remain the most common type of online fraud. These scams typically include criminals pretending to be from a reputable company or entity, such as a credit card company, bank or even the U.S. government. These scammers also con victims by pretending to be someone the target may know — such as a boss or someone in the target's family — conning innocent victims into downloading malicious software, providing personal information or handing over large sums of money. Identity theft, romance scams and check fraud are a few of the other common fraud schemes. With fraud schemes on the rise, Americans need to protect themselves so that they don't end up losing substantial sums of money like the unfortunate woman from Prescott. As the YCSO explained to AZ Family, Americans need to remember that government entities and police forces will never request payment in cryptocurrency, nor will they ever visit your home to collect penalties and fees. Keeping that in mind is a good way to avoid falling for an impersonation scam, which was the same type of scheme that the Prescott woman fell for. Here are some other tips that can help you avoid falling victim to a scam: Avoid answering phone calls from unfamiliar numbers. If the "government," a "bank" or another trusted institution calls, call the institution back on an official phone number, which can be found on the institution's website. Never give money, gift cards or personal information to anyone you do not know and have not met in person. Don't open or respond to any text messages or emails from unfamiliar people or entities. You should also be very careful about interacting with texts and emails that appear to come from your bank or another institution that you're affiliated with. The Federal Trade Commission has several tips on how to spot a phishing scam. Limit the personal information that you share online. Hopefully, following these tips will help you avoid criminals trying to part you from your money. Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now This is how American car dealers use the '4-square method' to make big profits off you — and how you can ensure you pay a fair price for all your vehicle costs Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
Bloomberg
8 hours ago
- Business
- Bloomberg
Monte Paschi May Lower Threshold for Mediobanca Bid: Repubblica
Banca Monte dei Paschi di Siena SpA is considering reducing the minimum acceptance rate in its bid to acquire Italian rival Mediobanca SpA, La Repubblica reported on Saturday, citing financial sources it didn't identify. Monte Paschi could reduce the threshold to 51% or lower from the current rate of almost 67%, the newspaper said. Chief Executive Officer Luigi Lovaglio is willing to ease the condition to reflect a widening divergence in the share prices of both banks after Mediobanca's recent rally, according to the report.
Yahoo
8 hours ago
- Business
- Yahoo
Best CD rates today, May 31, 2025 (best account provides 4.25% APY)
Find out how much you could earn by locking in a high CD rate today. The Federal Reserve cut its federal funds rate three times in 2024, so now could be your last chance to lock in a competitive CD rate before rates fall further. CD rates vary widely across financial institutions, so it's important to ensure you're getting the best rate possible when shopping around for a CD. The following is a breakdown of CD rates today and where to find the best offers. Generally, the best CD rates today are offered on shorter terms of around one year or less. Online banks and credit unions, in particular, offer the top CD rates. Today, the highest CD rate 4.25% APY, offered by Langley Federal Credit Union on its 10-month CD. There is a $500 minimum opening deposit required. Here is a look at some of the best CD rates available today: Ce contenu intégré n'est pas disponible dans votre région. The amount of interest you can earn from a CD depends on the annual percentage rate (APY). This is a measure of your total earnings after one year when considering the base interest rate and how often interest compounds (CD interest typically compounds daily or monthly). Say you invest $1,000 in a one-year CD with 1.81% APY, and interest compounds monthly. At the end of that year, your balance would grow to $1,018.25 — your initial $1,000 deposit, plus $18.25 in interest. Now let's say you choose a one-year CD that offers 4% APY instead. In this case, your balance would grow to $1,040.74 over the same period, which includes $40.74 in interest. The more you deposit in a CD, the more you stand to earn. If we took our same example of a one-year CD at 4% APY, but deposit $10,000, your total balance when the CD matures would be $10,407.42, meaning you'd earn $407.42 in interest. Read more: What is a good CD rate? When choosing a CD, the interest rate is usually top of mind. However, the rate isn't the only factor you should consider. There are several types of CDs that offer different benefits, though you may need to accept a slightly lower interest rate in exchange for more flexibility. Here's a look at some of the common types of CDs you can consider beyond traditional CDs: Bump-up CD: This type of CD allows you to request a higher interest rate if your bank's rates go up during the account's term. However, you're usually allowed to "bump up" your rate just once. No-penalty CD: Also known as a liquid CD, type of CD gives you the option to withdraw your funds before maturity without paying a penalty. Jumbo CD: These CDs require a higher minimum deposit (usually $100,000 or more), and often offer higher interest rate in return. In today's CD rate environment, however, the difference between traditional and jumbo CD rates may not be much. Brokered CD: As the name suggests, these CDs are purchased through a brokerage rather than directly from a bank. Brokered CDs can sometimes offer higher rates or more flexible terms, but they also carry more risk and might not be FDIC-insured. Ce contenu intégré n'est pas disponible dans votre région.
Globe and Mail
8 hours ago
- Business
- Globe and Mail
2 Large Regional Bank Stocks That Could Get Acquired During the Trump Administration
The banking industry is ripe for consolidation. Although there were more than 4,500 banks in the U.S., as of last year, four, in particular, collectively control trillions in assets: JPMorgan Chase, Bank of America, Wells Fargo, and Citigroup. While smaller banks will keep gobbling each other up and merging to obtain scale, this could also take place in the large regional banking market, among banks with $75 billion to $700 billion in assets. Regulators under President Donald Trump's administration have given the sector the green light for mergers and acquisitions, a stance that wasn't embraced under former President Joe Biden's administration. If the large regional banks truly want to compete against the big four, they're going to have to get bigger. Acquisition candidates typically can command a nice premium for shareholders. Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now. Learn More » Here are two banks that could get acquired during the next four years. 1. Comerica: Tough size, attractive markets At the end of the first quarter of 2025, Comerica (NYSE: CMA) had about $78 billion in assets and operates in attractive U.S. banking markets like Texas and states in the fast-growing Southeast of the U.S. This is an awkward size for a regional bank these days, because it is too big to be a local bank, but not nearly big enough to compete with the bigger players. Furthermore, $100 billion has previously been a battleground for banking regulators under various administrations when thinking about the size threshold they consider too big to fail -- meaning they're so crucial to the financial system that regulators will bail them out if they are at risk of failing. As such, investors frequently have to reassess regulations and capital requirements for banks around this size. Last year, Comerica announced it will not be extending a banking relationship with the U.S. Treasury Department that provided it with $3 billion in noninterest-bearing deposits, which is essentially a free funding source, although the agreement will continue for the next few years before the transition, which could partly explain its low valuation relative to peers. When looking at acquisitions, it's important to look at a bank's price-to-tangible book value (TBV), which shows its price relative to its tangible equity, or what the bank might be worth if it were liquidated. The higher a bank's price-to-TBV, the more likely it is to be a buyer because its stock currency is more valuable, so it could buy banks with smaller price-to-TBVs and see less dilution in an all-stock or part-stock deal. Here is the price-to-TBV of several major U.S. regional banks. CMA Price to Tangible Book Value data by YCharts Now, just because Comerica sits at the bottom of the group doesn't mean it will automatically be acquired. However, it makes an acquisition more palatable for a buyer. At the end of the day, banks are sold and not bought, meaning Comerica is going to have to raise its hand if it wants to sell. Interestingly, though, Chief Executive Officer Curtis Farmer is 62 and has a change-in-control (CIC) agreement with the bank that would earn him a payout of more than $35 million in the event that the bank changes hands, among other potential benefits that could be lucrative. 2. KeyCorp: Recently sold minority stake KeyCorp (NYSE: KEY) is another bank that could be gone by the time the Trump administration ends. As you can see in the chart, the bank also falls lower in the pack in terms of price-to-TBV. However, KeyCorp could be attractive, due to its strong capital light, fee-based businesses, including investment banking and trust. Any bank that wants to compete with the big four needs to bulk up in investment banking, and acquiring KeyCorp would be a step in that direction. Additionally, KeyCorp last year sold a 14.9% stake to the Canadian-based lender Scotiabank for $2.8 billion in order to obtain more capital flexibility. This helped it restructure its bond portfolio, which fell underwater amid the higher-interest rate environment during the past few years. The agreement with Scotiabank only allows it to increase its stake in KeyCorp to 19.9% for the next five years, although some analysts have speculated on whether a full acquisition could be in Scotiabank's future. Still, I don't believe this prevents another bank from buying KeyCorp if the bank were to be interested in selling. KeyCorp's CEO Chris Gorman is 64 and also stands to make a lot of money if the bank is acquired, with a CIC agreement that would pay out close to $35.7 million. Should you invest $1,000 in Comerica right now? Before you buy stock in Comerica, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Comerica wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $638,985!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $853,108!* Now, it's worth noting Stock Advisor 's total average return is978% — a market-crushing outperformance compared to171%for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of May 19, 2025 Bank of America is an advertising partner of Motley Fool Money. JPMorgan Chase is an advertising partner of Motley Fool Money. Wells Fargo is an advertising partner of Motley Fool Money. Citigroup is an advertising partner of Motley Fool Money. Bram Berkowitz has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bank of America, JPMorgan Chase, PNC Financial Services, and U.S. Bancorp. The Motley Fool recommends Bank Of Nova Scotia and Regions Financial. The Motley Fool has a disclosure policy.
