Is My Money Safe in the Bank?
The recent economic downturns have many of us asking ourselves questions: how do we know our money is safe in the bank? In past times of economic troubles, such as the Great Depression, it wasn’t uncommon for banks to experience what’s known as a “bank run”: when a large number of customers withdraw their cash…
What is the Difference between a CD and a Money Market Account?
What is a Certificate of Deposit (CD)? A certificate of deposit (CD) is a low-risk, timed deposit account, meaning that you deposit money into it and you cannot touch it until a certain date. CDs have a minimum investment requirement – which varies by institution – and pay a fixed or variable rate of interest…
What is a Money Market Account?
Getting a firm grasp of your personal finances is a task that can be very daunting, but is worthwhile in the long run. To better help others understand the various options available to them, here at Main St. Finance we have written up some handy guides to help explain various financial topics. Today’s entry will…
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Money Market Account vs. Savings Account
Have you ever been told, “Make sure you have something for a rainy day.”? At some point or another, it is a great idea to open a savings account because you truly do need extra money for any unforeseen expenses that might occur. This need makes savings accounts extremely important to our everyday finances. However,…
What is a Health Savings Account?
A health savings account (HSA) is a tax-advantaged personal savings account that can only be used for qualified healthcare expenses such as paying a medical bill and picking up a prescription. HSAs can help cover any out-of-pocket expenses that people who have a high-deductible health insurance plan (HDHP). HDHPs, which are a requirement for HSAs,…
How Much Should You Have in Emergency Savings?
Life is unpredictable and it’s likely that at some point in your life you will need to dip into an emergency savings account. Saving for a rainy day is a good practice for any responsible adult. This money can be used for unexpected expenses such as new appliances, repairs to your car, or even as…
Personal Finance for Main St
When residents of Main St look for news on how the economy is performed that day, it's often reported in terms of how the "Dow" or the S&P 500 performed that day. So what is the Dow? Ditto for the S&P 500?
