LYCOS RETRIEVER 
Savings: New Jersey
built 290 days ago
The mere mention of savings bonds... makes any financial services professional cringe. But the savings bonds owner market should not be overlooked. More than 60 million persons own over $200 billion worth of savings bonds. And about 50% of all savings bonds are purchased through payroll deductions set up through employers. According to a Bankrate.com news article, $6.28 billion in savings bonds were purchased in the year 2000 alone. More than $9 billion worth of savings bonds have matured and no longer are earning interest.
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COLUMBUS, Ohio, March 24 /PRNewswire/ -- The Ohio Tuition Trust Authority (Tuition Trust) today announced rate increases for CollegeAdvantage Fifth Third 529 Savings and Certificates of Deposit accounts. The Fifth Third 529 Savings Account annual percentage yield (APY) will increase from 3.25% to 4.00% on accounts up to $24,999 and from 3.5% to 4.25% on accounts of $25,000 and more. The new savings account rates are in effect until December 31, 2006. The rates for the new Fifth Third 529 CD's will increase for terms ranging from 3 months to 83 months. CD maturities Current: Annual Change in rate (in months) percentage yield as of 3/24/06 3 to 5 3.75 % + .25 % 6 to 11 4.00 % + .25 % 12 to 23 4.50 % + .25 % 24 to 35 4.50 % + .20 % 36 to 47 4.50 % + .15 % 48 to 59 4.50 % + .10 % 60 to 83 4.50 % + .05 % 84 to 119 4.50 % no change 120 to 143 4.50 % no change 144 4.50 % no change The rate increases reflect recent increases in market rates. The increases are effective on March 24, 2006.
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Bank of America launched the Keep the Change savings program last fall after responding to customer feedback asking for more ways to save. "Think of it as an electronic piggy bank," said Morais. "Everyday errands and chores now deliver added value for our customers and the response in the last few months has been tremendous." To date, more than 2 million American consumers have saved a total of more than $60 million in "loose change" with the Keep the Change program. The program has generated more than 500,000 new checking accounts and more than 800,000 new savings accounts.
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The savings program will be offered for free to all new and current NetSpend prepaid debit cardholders who originate their accounts through a FiSCA member check-cashing location. There is no minimum deposit to enroll in the program, no minimum monthly balance to maintain and no monthly service fee. Cardholders can enroll in the program online at http://www.netspend.com/ or by calling 1-86-NETSPEND to link their prepaid debit card to an interest- bearing savings account. Once this happens cardholders can add funds to their savings account via free transfers from their prepaid debit card.
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Here’s another piece of bad news for the bond owner: As of August 31, 2004, the Bureau of Public Debt will stop issuing the attractive HH savings bond, which offers tax-deferred benefits. This is yet another black eye the government has given to savings bond owners. It used to be that savvy bond owners would roll over or exchange their E, EE or matured H bonds into an HH bond as part of their financial plan. This is no longer so.
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Way2Save encourages customers to save by transferring $1 from their checking account into a new special savings account each time they make a Check Card purchase or an electronic payment. With Way2Save, customers earn a 5.00% Annual Percentage Yield (APY) plus a 5 percent annual bonus in the first year, and a 2.00% APY and 2 percent annual bonus in the second and third years. After three years, a competitive, traditional savings rate is applied. In addition, customers can choose to transfer up to $100 a month to the special Way2Save savings account to see their savings grow even faster.
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