Savings clubs come in three types: accounts for specific purposes, rewards programs, and membership programs. The first type, like Christmas clubs, requires regular deposits and discourages withdrawals. The second type rewards consumers for certain transactions, while the third type offers discounts to members. Savings club is a term often used to refer to one of […]
The Canada Education Savings Grant is a government grant given to those saving for a child’s education. The grant amount depends on net income, and the more saved, the more the child receives. The child must have an RESP account, and special rules apply for those over 15. Funds can be used for tertiary education […]
Savings and loans offer interest-bearing savings accounts, certificates of deposits, and home equity loans. They were created to promote thrift and homeownership, with some being community-based or larger chain banks. In the US, reforms were made in the 1930s to help struggling Americans complete mortgages with reduced foreclosure risk. However, in the late 1970s, the […]
US savings bonds, including Series EE and Series I, have federal tax on interest but not state or local tax. Series EE is a fixed interest bond, while Series I has a fixed rate plus variable inflation. Both have a 30-year maturity and must be held for 12 months before redemption. Series EE can be […]
Saving for college depends on age. Teens can get a job and ask for money as a gift. Adults should evaluate their budgets and invest in stocks or CDs. Consider Coverdell ESAs for those under 18. The best means of saving for college depend on several factors, including the individual’s age. Teens can start saving […]
Bonos de ahorro are debt instruments issued by governments worldwide. Their value depends on interest rates and inflation, and some are negotiable. Buyers lend money to the issuer and receive interest payments. Some bonds are protected against inflation, while others can lose value. Some bonds are not negotiable, but others can be sold before maturity. […]
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