A certificate of deposit (CD) is a type of savings account where you deposit money for a set time and earn interest, usually higher than regular savings accounts. CDs are low risk, offer better interest rates, and come in various term lengths, but withdrawing early can mean fees and missing out on higher future rates.
Key Facts
CDs pay a fixed interest rate for a set term, giving predictable earnings.
Money in CDs is usually safe if the bank is insured by the FDIC or NCUA.
CD interest rates tend to be higher than those on checking or savings accounts.
Example: Capital One offers an 11-month CD with a 5.00% annual interest rate and no minimum deposit.
CDs can have terms ranging from one month up to five years or more, letting you pick what fits your goals.
A CD ladder involves buying multiple CDs with different term lengths to balance access and interest.
Early withdrawal from a CD often incurs a penalty fee.
If interest rates rise while your money is locked in a CD, you cannot take advantage of the higher rates without ending the CD early.
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Financial experts recommend different strategies depending on how quickly you want to double your money. For short-term goals, higher-risk investments like cryptocurrency or trading can work but come with big risks. For long-term goals, a mix of safer investments like stocks, real estate, and retirement accounts is better.
Key Facts
The "Rule of 72" helps estimate how many years it takes to double money by dividing 72 by the annual return rate.
A 6% return doubles money in about 12 years; a 12% return doubles money in about 6 years.
Traditional savings accounts offer very low returns (around 0.42% APY) and are not effective for doubling money quickly.
Higher-risk investments, including cryptocurrency and day trading, can double money faster but can also cause total losses.
Long-term strategies include maxing out employer 401(k) matches, investing in stocks, CDs, money markets, and real estate.
Diversifying investments reduces risk and helps grow money steadily over time.
Financial experts generally advise a balanced approach for long-term financial growth instead of seeking quick gains.
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Interest rates have risen as the Federal Reserve works to reduce inflation, making borrowing more expensive but also increasing the returns on some savings options. High-yield savings accounts, certificates of deposit (CDs), and money market accounts now offer higher interest rates, helping savers earn more on their savings with relatively low risk.
Key Facts
The Federal Reserve raised interest rates over 17 months to fight inflation.
Higher interest rates increase the cost of loans like credit cards, personal loans, and mortgages.
High-yield savings accounts offer annual yields around 4.30% to 5.50%, much higher than the average savings account rate of 0.42%.
These high-yield accounts are often offered by online banks with fewer overhead costs.
Certificates of deposit (CDs) pay fixed interest rates for a set term, usually from one month to five years.
Withdrawing money early from a CD usually triggers fees, often losing some or all interest earned.
Money market accounts combine savings and checking features, often with higher interest rates and easier access to funds than CDs.
Money market accounts may require higher minimum balances, or you could choose a high-yield savings account instead.
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This article explains four ways to earn higher interest on your savings in today’s economy. It highlights options like high-yield savings accounts, certificates of deposit, online banks, and money market accounts as safer ways to grow your money more than regular savings accounts.
Key Facts
The typical savings account currently pays about 0.42% interest yearly.
High-yield savings accounts now offer about 4.5% interest, the highest since 2008.
The Federal Reserve has raised short-term interest rates 11 times since March 2022, helping boost savings rates.
Certificates of deposit (CDs) pay higher interest if you agree to leave your money untouched for a set time.
Online banks often pay 4 to 5 times higher interest rates than traditional brick-and-mortar banks because they have lower costs.
Money market accounts usually offer higher interest than regular savings and allow check writing.
These higher rates may stay the same or increase until the Federal Reserve decides to lower rates.
Locking in a higher interest rate through CDs can protect your earnings if rates drop later.
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A recent survey found that the average income for people in Guernsey has fallen by 12% in real terms compared to five years ago, after adjusting for inflation. Although people are earning more money before taxes, the cost of living and other expenses mean their actual purchasing power is lower.
Key Facts
The 2023/24 Household Expenditure Survey had over 2,000 participants from Guernsey.
Average gross income was £77,619 per year, which is 12% higher than in 2018/19 without adjusting for inflation.
When inflation is considered, average income is 12% lower in real terms compared to five years ago.
Average spending was £67,411 per year, 19% higher nominally, but 6% lower in real terms after inflation.
After taxes, social insurance, and other funding sources, average money available for spending per household is £69,067 annually.
41% of respondents have no savings or less than the equivalent of one month’s income saved.
People renting in affordable or partial ownership housing spend 33% of their income on housing; private renters spend 22%, and homeowners with mortgages spend 19%.
The data helps ensure inflation measures are accurate and supports policy and market research decisions.
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Some borrowers may qualify to have part of their debt forgiven this August. Creditors are more likely to agree to debt forgiveness for people facing serious financial hardships, who have missed payments, or who owe large amounts on credit cards and other unsecured debts.
Key Facts
Debt forgiveness means creditors agree to accept less than the full amount owed.
Borrowers with financial hardships like job loss, medical emergencies, or divorce have a better chance of qualifying.
Those who have missed several payments may find lenders more willing to negotiate.
Large balances on credit cards or other unsecured debts increase the possibility of settling for less.
Borrowers need to prove their hardship with documents like pay stubs or bills.
Missing payments harms credit and causes stress, so it’s not advised to stop paying just to seek forgiveness.
Creditors prefer settling debts for less rather than risking getting no payment at all.
Borrowers should understand their situation before trying to negotiate with lenders.
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Putting $40,000 into an 18-month certificate of deposit (CD) can earn savers more than $2,400 in interest if rates are around 4.1% to 4.2%. CDs lock in your money for a set time, helping protect it and guaranteeing a fixed return, but withdrawing early can cause penalties.
Key Facts
A certificate of deposit (CD) is a bank account that pays a fixed interest rate if money is left untouched until it matures.
For 18 months, a $40,000 CD at a rate of 4.10% to 4.20% can earn between $2,485 and $2,546 in interest.
If you withdraw money before the CD matures, you may lose some or all of the interest earned as a penalty.
Online banks often offer higher CD interest rates compared to traditional banks.
Other CD terms like 1-year or less than 12 months also offer competitive interest rates around 3% to 4%.
Using online marketplaces helps savers compare CD rates easily and find terms that fit their budgets.
CDs protect your initial money better than stocks or other investments, which can lose value.
Locking money in a CD can be a way to earn guaranteed interest during uncertain economic times.
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John Burford, a former NASA scientist, was sentenced to two years in prison for defrauding about 100 investors of more than £1 million through illegal investment schemes. Authorities have recovered and ordered him to repay nearly £656,000, with most of the stolen money expected to be returned to the victims.
Key Facts
John Burford admitted to defrauding over 100 investors from 2016 to 2021.
He ran investment schemes through his company Financial Trading Strategies without proper authorization.
Burford earned more than £1 million from these illegal activities but only traded £760,000, losing most of it.
Much of the money was used to buy a house and support his lifestyle.
The Financial Conduct Authority (FCA) obtained a court order to recover £655,951.40 from Burford.
Including previous repayments, about 99% of the stolen money will be returned to the investors.
Burford holds a PhD in physics and worked on NASA’s manned Mars exploration team before moving into finance.
He was sentenced at Southwark Crown Court in 2025 and ordered to pay back the recovered funds.
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The Federal Reserve may raise interest rates at the end of its meeting this week, which would show a shift to less predictable actions under new chairman Kevin Warsh. Markets are increasingly expecting a rate hike due to recent global events that have increased economic uncertainty, though Fed officials usually try to warn markets in advance.
Key Facts
The Federal Reserve is considering raising interest rates this week, with about a 34% chance according to market tools.
Chairman Kevin Warsh may be starting a new approach with more surprise moves, moving away from the previous "no-surprises" policy.
Recently, tensions in the Persian Gulf raised oil prices and bond yields, influencing market expectations for a rate increase.
Warsh emphasizes flexible decision-making and talks about Fed members debating policy openly, called a "family fight."
Some experts say surprising markets is acceptable if the Fed clearly explains its reasons afterward.
The European Central Bank recently kept interest rates steady, warning not to overreact to quick changes in oil prices.
In past crises like 2008 and 2020, the Fed surprised markets with emergency rate cuts to support the economy.
Larger interest rate increases in 2022 were also somewhat anticipated because they aimed to show the Fed’s firm stance against inflation.
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President Donald Trump has placed 50% tariffs on certain Canadian goods, including wine, hockey sticks, and cement, affecting about $20 billion in imports. This move has caused concern among the National Association of Home Builders (NAHB), a major Republican donor, because it could increase building material costs and worsen the housing crisis.
Key Facts
On July 20, the White House imposed 50% tariffs on selected Canadian imports under a 1930 trade law.
Tariffs cover items like wine, hockey sticks, and cement and take effect on August 19.
The NAHB says the tariffs will raise building material prices and hurt home builders.
The NAHB’s political action committee gave over $1.6 million to Republicans in 2024 and is a major GOP donor.
NAHB has urged President Trump to exclude construction materials from tariffs to protect housing affordability.
Canada supplies about 85% of U.S. softwood lumber and nearly 25% of the country’s overall supply.
Current tariffs do not affect softwood lumber, steel, aluminum, or copper, and some duties on Canadian softwood may be reduced soon.
Republican senators have expressed concern that tariffs could increase costs and inflation, complicating GOP messages before the November elections.
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Delta Air Lines announced a change to its SkyMiles rewards program with Starbucks. Starting August 5, 2024, members will earn 1 mile for every $1 spent at Starbucks, returning to the original rewards model after testing a different system this year.
Key Facts
Delta SkyMiles members earn miles by spending money at partner brands like Starbucks.
In 2022, members earned 1 mile for every $1 spent at Starbucks.
In 2024, Delta changed the program to give fixed mile amounts based on how much money was added to Starbucks cards.
On August 5, 2024, Delta will return to the original 1 mile per $1 spent model.
Some benefits remain, like double Stars on Delta travel days and exclusive offers.
To participate, members must have flown with Delta within the last 12 months, but those inactive can still earn points until October 5, 2026.
Starbucks has over 41,000 locations worldwide, including spots in 47 of the 50 busiest U.S. airports.
About 40% of Starbucks locations come from licensed spots like airport stores or inside retail chains like Target.
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Cracker Barrel’s CEO Julie Masino will step down next month after the company faced strong customer opposition to a logo change and restaurant makeover. David Deno will become the new CEO as the company continues to recover from declined sales.
Key Facts
Julie Masino, Cracker Barrel’s CEO, will step down in August but stay until October to advise the company.
David Deno, former CEO of Bloomin’ Brands, will take over as Cracker Barrel’s CEO on August 10.
Cracker Barrel tried to simplify its logo by using only the company’s name last August.
The restaurant chain aimed to attract younger customers by making its stores lighter and less cluttered.
Customers strongly disliked the logo and design changes, which led to a drop in sales.
Cracker Barrel reversed the logo and design changes after the backlash.
Same-store sales fell 1.8% in the fiscal third quarter ending May 1, 2025.
Cracker Barrel’s stock price dropped 4% in trading after the CEO announcement.
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A woman named Gia inherited her grandmother's 100-year-old home in New York and began renovating it. While working on the house, she discovered a very bad smell coming from a hidden crawl space which contained mummified animal remains, including a raccoon and a cat.
Key Facts
Gia and her sister inherited their grandmother’s house two years ago.
The house is 100 years old and needs major renovations.
Renovating old homes often causes stress and fatigue, according to a report on homeowners.
Gia noticed a rotten smell while spending time on the porch due to gas and electrical problems.
The odor worsened as the temperature rose and smelled like rotten meat and spoiled milk.
The smell came from a crawl space under a deck extension made by Gia’s grandfather.
The crawl space had been unused for over 20 years and was full of old construction materials and animal remains.
Inside, Gia found mummified animal skins and skeletons, including a raccoon, an opossum, a bird, chicken bones, and a cat.
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A corruption inquiry in New South Wales is investigating secret recordings and payments linked to a developer, Jean Nassif, who allegedly influenced state politics through a group called the Reformers. The inquiry focuses on claims of illegal donations disguised as consultancy fees, aimed at controlling the Liberal party and advancing a conservative agenda.
Key Facts
The inquiry is examining possible breaches of the Electoral Funding Act related to "operation Rosny."
Developer Jean Nassif reportedly used his money to fund a group of young Liberal operatives called the Reformers.
The Reformers allegedly conducted branch stacking, a tactic to boost support within the party to gain political power.
Secret tapes capture Nassif boasting about controlling state politicians and targeting opponents.
Consultants linked to the Reformers received large payments described as "sham" to avoid donation limits or bans.
Alleged illegal donations include $2 million from Nassif, over $250,000 from the Catholic Schools Association, and $125,000 from Michael O’Hara.
Evidence includes decrypted messages and records of fundraisers with prominent Liberal figures and others speaking.
The inquiry is ongoing, and these are allegations still subject to legal judgment.
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Alan Joyce, the former Qantas chief executive, explained in his memoir how the airline gives access to its private chairman’s lounge. Membership is by invitation only and includes politicians, judges, celebrities, and companies that spend heavily with Qantas. Joyce denied using lounge access to influence politicians.
Key Facts
Alan Joyce led Qantas from 2008 until his resignation in 2023.
The chairman’s lounge is an exclusive area at major Australian airports.
Membership is decided by senior Qantas executives, not Joyce or the chairman alone.
Members include federal and state politicians, top judges, national newspaper editors, some journalists, and celebrities.
Companies that spend around $1 million yearly on Qantas flights may receive a membership to share among executives.
Membership cannot be bought or gained by collecting frequent-flyer points.
Members receive benefits like free seat selection, priority check-in, security, baggage handling, and upgrade requests.
Joyce denied claims that lounge access was used to influence politicians or provide special favors to Prime Minister Anthony Albanese.
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Data centers can either drain resources or help grow communities and clean energy jobs, depending on how they are powered. States can use laws and incentives to encourage building data centers in a way that benefits the environment and local areas.
Key Facts
Data centers use a lot of electricity and can strain local resources if powered poorly.
Proper laws and incentives can guide data centers to use cleaner energy sources.
When done right, data centers support the local economy and create jobs.
States have the power to influence how data centers operate through policy.
Encouraging clean energy use in data centers helps reduce pollution.
The article uses Ohio as an example of what to avoid and what to learn from.
Not all data centers are equal; the way they are powered makes a big difference.
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Global oil prices are staying near $90 for each barrel due to ongoing tensions between the U.S. and Iran. At the same time, the U.S. Federal Reserve is preparing to announce its decision on interest rates.
Key Facts
Oil prices are around $90 per barrel worldwide.
Tensions between the U.S. and Iran are causing uncertainty in oil markets.
The Federal Reserve will make a decision on interest rates soon.
Changes in interest rates can affect borrowing costs and the economy.
Market watchers are paying close attention to both oil prices and the Fed’s decision.
The news sources include CBS News and Axios, with a reporter specializing in AI.
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Debt forgiveness means a lender agrees to accept less money than owed. While forgiveness usually happens after missed payments, some lenders may offer help before payments are late if a borrower is in serious financial trouble.
Key Facts
Many people struggle with paying debts due to inflation, higher borrowing costs, and high consumer debt.
Borrowers often worry if they should ask for debt help before missing a payment.
Traditional debt settlement usually happens after payments are missed, not while payments are current.
Some lenders may offer hardship programs or other help if a borrower shows serious financial problems before missing payments.
Hardship programs can lower interest rates or monthly payments but don’t always reduce the total debt owed.
Federal student loans have separate forgiveness programs based on work or eligibility, not payment history.
Forgiveness before missed payments is rare for credit cards and similar debts but might be possible with proof of hardship.
Lenders normally expect full payment if accounts are current and may not reduce balances without strong reasons.
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Coca-Cola has restarted making its Fairlife milk products after a cyberattack shut down four plants in the U.S. The company said most of its production is back and that the attack did not affect the milk’s quality or safety.
Key Facts
Coca-Cola paused Fairlife milk production after a ransomware cyberattack on July 16.
Four U.S. plants were affected by the attack, causing a temporary halt in operations.
Coca-Cola has made "significant progress" and resumed most production at these facilities.
Hackers accessed some data during the cyberattack.
The company said existing product inventory kept store shelves stocked.
Coca-Cola bought Fairlife in 2020 for about $7 billion.
Fairlife’s yearly sales exceed $3 billion.
Coca-Cola does not expect the attack to seriously hurt its sales.
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Cracker Barrel announced that CEO Julie Masino will step down and be replaced by David Deno on August 10. Masino led a controversial logo redesign in 2025 that faced public criticism and caused the company’s value to drop, leading to the decision to keep the original logo.
Key Facts
Julie Masino was CEO of Cracker Barrel since 2023.
Masino led a new logo redesign in 2025 that removed an iconic image from the branding.
The redesign caused public backlash and a nearly $100 million drop in Cracker Barrel’s value.
Cracker Barrel decided to keep the original logo after the negative response.
David Deno, former CEO of Bloomin’ Brands, will become the new Cracker Barrel CEO on August 10.
Masino will stay as an advisor until October 9 to help with the transition.
Masino also changed the restaurant’s menu, aiming to make it more relevant.
David Deno expressed enthusiasm about leading Cracker Barrel and its traditional brand.
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