According to CNBC, over 100 million bets were placed over Super Bowl weekend. Sports gambling is becoming more and more accepted as a casual part of the entertainment, but right now people are hiding from their spouses and partners the fact that they lost hundreds, thousands, or more. They are already planning their next bets to “just break even” and “just get back to zero” whereupon they promise themselves they will stop. But the more they bet, the deeper the hole gets. A quick lesson on sports gambling odds. The standard odds on a basic spread bet are -110. Let’s take Super Bowl 54 as an example, where the betting line is Chiefs favored to win by 1.5 points over the 49ers. You can either bet on the… [Read More...]

Capital One 360 has a new special 11-month CD at 5.00% APY. Note that unlike many other 11-month CDs, this one does have an early withdrawal penalty of 3 months of interest, and it looks like they will eat into principal if you withdraw in the first 3 months. There are also no partial withdrawals: Can I withdraw my money before the CD term is over? You can always decide to withdraw your money early. However, like with any CD account, there is a penalty for withdrawal prior to the end of your CD term. For 12 month CD accounts (or less), the penalty for withdrawing early is 3 months of interest. For CD accounts longer than 12 months, the penalty for withdrawing early is 6 months of interest. You also cannot make a … [Read More...]

Chase Bank has a Total Checking + Savings account promotion offering up to $900 total for new customers that open both a checking and savings account with them along with additional specific requirements. This is a limited-time offer and significantly bigger than their usual bonus amounts. I recommend the e-mail option where you get an e-mail with confirmation subject “Your $900 coupon from Chase is here!” along with a unique 16-character coupon code. Otherwise, make sure you click on the correct online link on the $900 page to apply the proper code to your application. Current shown expiration is 4/19/2023, but it may end earlier. The notable requirements are that you must switch over a “real” direct deposit to the checking and… [Read More...]

Marcus by Goldman Sachs is offering a $100 bonus if you deposit $10,000+ in new funds into their online savings account within 10 days of enrollment at this special offer page. Valid for both new and existing customers. You must enroll by 2/15/2023 and maintain the new $10,000+ deposit for 90 days (after the end of the 10-day funding period). You then get the $100 after another 14 days. No offer or promo code required. They have done a similar promotion in past years (and it’s nice that you can keep doing it). After enrolling, you must deposit $10,000 or more in new funds from an external account into your Account within 10 calendar days of enrollment (the “Funding Period”). The Account balance plus a minimum of $10,000 in… [Read More...]

Investing app Public just announced a Treasury Account which basically lets you buy and hold 6-month US Treasury Bills in a more convenient wrapper (press release). You can invest as little as $100 and they will buy the T-Bills for you (and sell them for you if you choose to withdraw). This is done via a partnership with Jiko. From their site: Investments in T-bills are made in $100 increments. […] T-bills are held in custody at The Bank of New York Mellon. Proceeds are automatically reinvested (i.e., T-bills are “rolled”) at maturity. When funds are needed, T-bills are liquidated on-demand. Right now, T-Bills yield more than most online savings accounts, and their interest is also exempt from … [Read More...]

Update 12/21/22: Current has announced that “soon” they will only pay 4.00% APY on their Savings pods if you maintain a direct deposit of $200+ every 35 days. New customers can also get a $50 bonus. This direct deposit requirement aligns somewhat with other fintech apps (Chime will give you $100 if you set up a direct deposit), but it is definitely more hassle than before. Original post: Current is part of the new wave of fintech apps that partner with a traditional bank. In this case, banking services are provided by Choice Financial Group, member FDIC. Current reminds me a lot of the Chime app, with its quick sign-up process, modern smartphone app, and user-friendly feature set targeting the young and underbanked (average customer … [Read More...]

All America Bank and Redneck Bank are sister internet banks that offer the same types of accounts (with different marketing shtick). Looking back in my archives, I actually opened an account with them way back in 2009 (later closed), as they are intermittently competitive with interest rates. Looks like they are looking to attract deposits again, most recently raising both their interest rates and their balance caps. Mega Money Market 4.00% APY on up to $75,000. Amounts over $75,000 earn 0.50% APY. No debit card transactions required. $500 minimum to open an account. No ongoing minimum balance requirement. Must agree to receive online statements only. Limit of one Mega Money market® account allowed per individual. (I believe you can have one account at each bank, though.) Technically… [Read More...]

As with the rest of the finance world, I’ve been following the collapse of FTX and Sam Bankman-Fried (SBF). There are many explainers (Matt Levine is my fav, but paywall?), while new details keep emerging. Crypto the newborn currency is growing up and finding out the hard way why traditional finance has all the rules it has. Central bank? FDIC insurance? Independently-audited financials? A board of directors? Not being allowed to buy personal houses with company money and having other expenses approved with emojis? From the most recent bankruptcy filing and written by the new FTX CEO of less than a week: Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy… [Read More...]

Update November 2022: Ally has raised the rates on their CDs and savings accounts, but notably the 11-month No Penalty CD is now at 3.10% APY, which isn’t amazing, but if you are already committed to this deposit bonus, it is a way to raise your effective interest rate while both still qualifying for the deposit bonus and maintaining liquidity. Note the terms state “Your new money must remain in an eligible Ally Bank account: Online Savings, Money Market or a CD.” Original post (offer is now expired): Ally Bank has a new “Get Paid” cash deposit bonus (link for existing customers) that is offering a 1% cash bonus (up to $500) on new deposits on top of their existing interest rate. Valid … [Read More...]

Bank of America is running a credit card promotion called “More Rewards Day” on Saturday, 11/5/22. Depending on your BofA credit card type (both consumer and business), you can earn an additional 2% cash back or 2 points or miles/$1 spent on purchases made on 11/5/22 only. Yes, that’s on on top of the rewards you’re already earning. No enrollment required. Cash Back Credit Cards. Earn an additional 2% cash back on purchases made on 11/5/22. Points Rewards Credit Cards. Earn an additional 2 points for every $1 spent on purchases on 11/5/22. Miles Rewards Credit Cards. Earn an additional 2 Miles for every $1 spent on purchases on 11/5/22. Non-Rewards and All Other Rewards Credit Cards. Earn 2% cash back in the form of a statement credit on purchases made… [Read More...]

Many people hold a blanket assumption that all annuities are bad investments. Indeed, many annuities offer confusing promises with high hidden expenses, but I believe that certain annuities can be a very useful tool in retirement planning. First, the annuities must be transparent with clear, contractual guarantees such that you can directly comparison shop different products against each other. Two of the most simple types of annuities fit this definition: Single premium immediate annuities (SPIA). These are for lifetime income in retirement. You pay an upfront lump sum (single premium), and you immediately start receiving a guaranteed monthly income check for the rest of your life (or joint life). Multi-year guaranteed annuity (MYGA) fixed deferred annuity. These are for the accumulation stage. You put up your… [Read More...]

Completely updated October 2022, new 5% rate. Juno (formerly OnJuno) is a fintech banking app that has made several minor “pivots” over time (usually still profitable for myself and perhaps you as well), and here are the details on their latest changes and bonuses. New: Earn 5% on all cash deposits up to $10,000 and 3% on cash deposits from $10,001 up to $250,000. This applies to traditional cash deposits (USD), which are FDIC-insured through Evolve Bank & Trust. Applies to both the Basic and Metal tiers. No transaction or direct deposit requirements. Up to 5% cashback on debit card purchases. Metal tier offers 5% cashback on your 5 selected merchants on up to $6,000 per year (max rewards $300). Basic tier only gets up to… [Read More...]

Ally Bank has a new “Get Paid” cash deposit bonus (link for existing customers) that is offering a 1% cash bonus (up to $500) on new deposits on top of their existing interest rate. Valid for both new and existing customers. Given the holding period, this roughly equates to the same total interest paid as a 3-month bank CD at 6.25%+ APY. Thanks to reader Paul for the heads up. Here’s how it works: Open an account and/or enroll by 10/21/2022. You must enroll or you won’t get the bonus. New customers use the promo code GETPAID. Existing customers must enroll with the same e-mail as linked to their Ally bank account. Fund your account by 10/31/2022. This means your account has to… [Read More...]

Vanguard has been gradually rolling out a new option for the cash settlement sweep in your Vanguard Brokerage Account. The Vanguard Cash Deposit is FDIC-insured via partner banks and is currently available to select customers on an invitation-only basis: Currently, enrollment in the Vanguard Cash Deposit program is by invitation only to existing clients who have at least one Vanguard Brokerage Account. Mutual fund accounts, 529s, or other accounts are not eligible for Vanguard Cash Deposit. Here is a quick comparison of the interest rates from the two available options: Vanguard Cash Deposit APY (as of 8/10/2022): 1.75% APY Vanguard Federal Money Market Fund SEC Yield (as of 8/10/2022): 2.10% Banking Partners (as of 8/10/2022) Valley National Bank (FDIC cert. 9396) NexBank (FDIC cert. 29209)… [Read More...]

Mid-year 2022 update. Each year, I have a side goal of earning the equivalent of the maximum annual IRA contribution limit of $6,000 using the profits from various promotions alone. In 2021, I reached $5,592 in bonuses and $2,500+ in extra interest. If you had put $6,000 into your IRA every year for the recent 10 year period (2011-2020) and invested in a simple Target Date retirement fund, you would have turned small deals into a $100,000+ nest egg. That’s worth repeating: An extra hundred grand has been the real-world result of regularly investing $500 a month for 10 years! A couple could double these numbers. via GIPHY Ground rules: Real-world results for one real person only. Following with My Money Blog tradition, this… [Read More...]