Latest news with #interestRates
Yahoo
2 hours ago
- Business
- Yahoo
Poppy Bank review (2025): A California bank with one of the best online savings account rates (available nationwide)
Summary: Founded in 2005, Poppy Bank is based in California and operates over 30 branches across Northern and Southern California. It offers personal and business accounts, several of which pay interest rates rivaling the best available today — particularly its online savings account. Poppy Personal Checking: This basic checking account requires a $1,000 minimum balance. It does not earn interest. There is a monthly service charge of $10. Poppy Personal Interest Checking: This account pays 0.05% APY on balances of at least $1,000. A $10 monthly maintenance fee applies. Poppy Student Checking: The minimum balance required for this account is just $50, and there is no monthly fee. However, this account does not earn interest. Poppy Personal Money Market: This account requires a $1,000 minimum balance and comes with a $10 monthly fee. Balances earn 0.1% APY. Poppy Personal Savings: The basic savings account from Poppy Bank requires a $1,000 minimum balance and has no monthly fee. It earns 0.1% APY. Poppy Premier Personal Savings: This account is similar to the personal savings account, but earns 0.5% APY. Poppy IRA Savings: There is no minimum balance required for this account, and there is no monthly service charge. It earns 0.2% APY. Poppy Student Savings: Designed for students, this account requires a minimum balance of just $50 and does not come with a monthly fee. Account holders earn an impressive 4% APY. Poppy Premier Online Savings: This account is a good option for both those living outside of California and for anyone seeking a high savings yield. Currently paying 4.25% APY, this account lets you earn more on your savings. However, you must maintain a balance of $1,000 or more to earn the advertised rate. This account also limits you to six withdrawals per month. While this is not uncommon for savings accounts, additional withdrawals will incur a $5 fee each. This embedded content is not available in your region. Term lengths range from three to 60 months, and the highest rate offered is 4% APY. All CDs require a minimum deposit of $1,000. While these aren't the best CD rates in the industry, and $1,000 is a slightly high minimum, it's not a bad option for someone who is already a Poppy Bank customer. Poppy Bank generally charges minimal fees, although it does not offer a fee-free checking account. Unfortunately, it doesn't waive the fee with a minimum balance. Other fees are shown below. Consider these Poppy Bank pros and cons before signing up: Pros High yield on savings: Poppy Bank offers up to 4.25% APY on its Premier Online Savings account, which is one of the best rates available today. No monthly fee for savings account: The online savings account doesn't have a monthly fee, making it easier to grow your savings. Large fee-free ATM network: Poppy Bank is part of the MoneyPass ATM network, which offers more than 61,000 fee-free ATMs across the country. Cons Most accounts require a $1,000 balance: You generally must maintain a $1,000 minimum, which may be a high bar for some customers. Limited branch access: While it has multiple branches in California, there aren't any in other states. No online chat for support: Poppy Bank has a call center that is open during the week, but there is no live chat option. Poppy Bank's contact options include phone support, secure online messaging, and email. Its website doesn't include a live chat, but you can reach someone by phone from 8:00 a.m. to 8:00 p.m., Monday through Friday. Poppy Bank's mobile app has mixed reviews, with a 4.4 rating on the Apple App Store and a 3.6 rating on Google Play. Customers can check their balances, transfer funds, pay bills, and deposit checks with the app. While some users have no issues with the app, others have experienced various technical glitches. For correspondence, mail can be sent to: POPPY BANK ADMINISTRATION 438 1st St., Suite 100 Santa Rosa, CA 95401 The general contact number is 888-636-9994. Phone support is available 8:00 a.m. to 8:00 p.m. PT, Monday through Friday. Yes, Poppy Bank accounts are insured by the FDIC up to $250,000 per depositor, per ownership category. Poppy Bank's routing number is 121143891. Having operated branch locations since 2005, Poppy Bank is generally considered reliable. It has a 5-star rating from BauerFinancial, an independent organization that rates banks and credit unions. Poppy Bank is a community bank based in Santa Rosa, California. Its president and CEO is Khalid Acheckzai. Poppy Bank doesn't usually charge for withdrawals. However, it charges a $1 fee for overdrafts and a $5 fee for exceeding six monthly withdrawals from its savings and money market accounts. Poppy Bank has 33 domestic locations, according to the FDIC.
Arab News
2 hours ago
- Business
- Arab News
As US inflation edges up, Trump renews criticism of Fed chief, calling him ‘stubborn'
WASHINGTON: The US Federal Reserve's preferred inflation measure logged a mild uptick Friday while spending weakened, triggering another tirade by President Donald Trump against the central bank chair for not cutting interest rates sooner. 'We have a guy that's just a stubborn mule and a stupid person,' Trump told an event at the White House, referring to Fed Chair Jerome Powell. 'He's making a mistake.' With Powell's term as Fed chief coming to an end next year, Trump hinted at his choice of successor: 'I'm going to put somebody that wants to cut rates.' The president's remarks came after government data showed the personal consumption expenditures (PCE) price index climbing 2.3 percent last month from a year ago in May. This was in line with analyst expectations and a slight acceleration from April's 2.2 percent increase, but still a relatively mild uptick. Excluding the volatile food and energy sectors, the PCE price index was up 2.7 percent, rising from April's 2.6 percent uptick, the Commerce Department's report showed. But consumer spending declined, after Trump's fresh tariffs in April dragged on consumer sentiment. PCE dropped by 0.1 percent from the preceding month, reversing an earlier rise. While Trump has imposed sweeping tariffs on most US trading partners since returning to the White House in January — alongside higher rates on imports of steel, aluminum and autos — these have had a muted effect so far on inflation. This is in part because he held off or postponed some of his harshest salvos, while businesses are still running through inventory they stockpiled in anticipation of the levies. But central bank officials have not rushed to slash interest rates, saying they can afford to wait and learn more about the impact of Trump's recent duties. They expect to learn more about the tariffs' effects over the summer. 'The experience of the limited range of tariffs introduced in 2018 suggests that pass-through to consumer prices is intense three-to-six months after their implementation,' warned economists Samuel Tombs and Oliver Allen of Pantheon Macroeconomics in a note. They flagged weakness in consumer spending, in part due to a pullback in autos after buyers rushed to get ahead of levies. And spending on services was tepid even after excluding volatile components, they said. 'There has also been a clear weakening in discretionary services spending, notably in travel and hospitality,' said Michael Pearce, deputy chief US economist at Oxford Economics, in a note. This reflects 'the chilling effect of the plunge in consumer sentiment,' he added. Between April and May, the PCE price index was up 0.1 percent, the Commerce Department report showed. As a July deadline approaches for higher tariff rates to kick in on dozens of economies, all eyes are also on whether countries can reach lasting trade deals with Washington to ease the effects of tariffs. For now, despite the slowing in economic growth, Pearce said risks that inflation could increase will keep the Fed on hold with interest rates 'until much later in the year.'
Malay Mail
3 hours ago
- Business
- Malay Mail
Trump slams US Fed chair Powell as ‘stubborn mule' after mild inflation rise and consumer spending dip
WASHINGTON, June 28 — The US Federal Reserve's preferred inflation measure logged a mild uptick yesterday while spending weakened, triggering another tirade by President Donald Trump against the central bank chair for not cutting interest rates sooner. 'We have a guy that's just a stubborn mule and a stupid person,' Trump told an event at the White House, referring to Fed Chair Jerome Powell. 'He's making a mistake.' With Powell's term as Fed chief coming to an end next year, Trump hinted at his choice of successor: 'I'm going to put somebody that wants to cut rates.' The president's remarks came after government data showed the personal consumption expenditures (PCE) price index climbing 2.3 percent last month from a year ago in May. This was in line with analyst expectations and a slight acceleration from April's 2.2 percent increase, but still a relatively mild uptick. Excluding the volatile food and energy sectors, the PCE price index was up 2.7 percent, rising from April's 2.6 percent uptick, the Commerce Department's report showed. But consumer spending declined, after Trump's fresh tariffs in April dragged on consumer sentiment. PCE dropped by 0.1 percent from the preceding month, reversing an earlier rise. While Trump has imposed sweeping tariffs on most US trading partners since returning to the White House in January — alongside higher rates on imports of steel, aluminium and autos — these have had a muted effect so far on inflation. This is in part because he held off or postponed some of his harshest salvos, while businesses are still running through inventory they stockpiled in anticipation of the levies. But central bank officials have not rushed to slash interest rates, saying they can afford to wait and learn more about the impact of Trump's recent duties. They expect to learn more about the tariffs' effects over the summer. 'Clear weakening' 'The experience of the limited range of tariffs introduced in 2018 suggests that pass-through to consumer prices is intense three-to-six months after their implementation,' warned economists Samuel Tombs and Oliver Allen of Pantheon Macroeconomics in a note. They flagged weakness in consumer spending, in part due to a pullback in autos after buyers rushed to get ahead of levies. And spending on services was tepid even after excluding volatile components, they said. 'There has also been a clear weakening in discretionary services spending, notably in travel and hospitality,' said Michael Pearce, deputy chief US economist at Oxford Economics, in a note. This reflects 'the chilling effect of the plunge in consumer sentiment,' he added. Between April and May, the PCE price index was up 0.1 percent, the Commerce Department report showed. As a July deadline approaches for higher tariff rates to kick in on dozens of economies, all eyes are also on whether countries can reach lasting trade deals with Washington to ease the effects of tariffs. For now, despite the slowing in economic growth, Pearce said risks that inflation could increase will keep the Fed on hold with interest rates 'until much later in the year.' — AFP
Yahoo
5 hours ago
- Business
- Yahoo
Trump says he won't appoint anyone to Fed who doesn't back rate cuts
By Trevor Hunnicutt and Kanishka Singh WASHINGTON (Reuters) -U.S. President Donald Trump said on Friday he would not appoint anyone to head the Federal Reserve who would not lower interest rates from where they are, setting perhaps the most explicit litmus test yet for candidates to be the next central bank chief to align with his demands for steep rate cuts in order to get the job. "If I think somebody's going to keep the rates where they are or whatever, I'm not going to put them in," Trump said. "I'm going to put somebody that wants to cut rates. There are a lot of them out there." Presidents in the past have complained about the Fed setting interest rates too high for their liking, but Trump has taken it further than any recent U.S. leader in setting a clear expectation for whomever he nominates to be in line with his wishes. Trump, who said rates should be cut to 1% from the current Fed benchmark rate of 4.25% to 4.50%, has repeatedly railed against Fed Chair Jerome Powell for not lowering borrowing costs since Trump returned to the White House in January, and he did so again on Friday. "I'd love him to resign if he wanted to, he's done a lousy job," Trump, speaking at the White House, said, while also labeling the Fed chair as "stupid." After raising rates aggressively coming out of the pandemic to combat the largest inflation outbreak since the 1970s and 1980s, the Fed lowered them a bit in the second half of last year but has not cut them since Trump returned to office. That is largely because Powell and the large majority of policymakers are concerned Trump's tariff policies in particular may rekindle inflation, and they prefer to wait longer to see if that develops before lowering rates again. Fed officials themselves have penciled in half a percentage point of cuts later this year, although that is a fraction of the reduction Trump is demanding. Trump's latest rant against Powell comes as he has largely backed away from threats to try to fire the Fed leader after a recent Supreme Court opinion appeared to align with long-standing views that presidents cannot dismiss top Fed officials over policy disagreements. The protection is seen as central to the Fed's independence from political interference in policymaking, which is seen as a critical pillar of its credibility as the world's most influential central bank. Trump has since turned his focus more to a successor for Powell, whose term as chair expires in May 2026. He has in recent weeks said he has three or four potential candidates in mind and he would make a decision soon. Most past Fed chair appointments have typically been made roughly three or four months before the vacancy was scheduled. There are about 10 months remaining in Powell's tenure as chair, and an early nomination by Trump is seen as an effort to undermine Powell's authority by giving voice to a "shadow chair" who would advocate for a different policy trajectory. Treasury Secretary Scott Bessent, seen as one of the potential candidates to replace Powell, downplayed the "shadow chair" idea, however. "I don't think anyone's necessarily talking about that," he told CNBC. Bessent noted that just one seat on the Fed Board of Governors is scheduled to open up within the year when Governor Adriana Kugler's term expires in early 2026. While Powell's term as chair expires next May, he is not required to leave the Fed altogether until his board seat expires in 2028. That leaves Kugler's expected departure as the first opportunity for a Trump appointment. "So there is a chance that the person who is going to become the chair could be appointed in January, which would probably mean an October, November nomination," Bessent said. Asked about reports that he is among the pool of candidates, Bessent said: "I'll do what the president wants, but I think I have the best job in Washington." Others seen as possible nominees for the job are White House economic adviser Kevin Hassett, former Fed Governor Kevin Warsh, and current Governor Christopher Waller. Waller, appointed by Trump during the Republican's first term in office, in the past week has said he is open to cutting interest rates as soon as the Fed's next meeting at the end of July. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
5 hours ago
- Business
- Yahoo
Trump says he won't appoint anyone to Fed who doesn't back rate cuts
By Trevor Hunnicutt and Kanishka Singh WASHINGTON (Reuters) -U.S. President Donald Trump said on Friday he would not appoint anyone to head the Federal Reserve who would not lower interest rates from where they are, setting perhaps the most explicit litmus test yet for candidates to be the next central bank chief to align with his demands for steep rate cuts in order to get the job. "If I think somebody's going to keep the rates where they are or whatever, I'm not going to put them in," Trump said. "I'm going to put somebody that wants to cut rates. There are a lot of them out there." Presidents in the past have complained about the Fed setting interest rates too high for their liking, but Trump has taken it further than any recent U.S. leader in setting a clear expectation for whomever he nominates to be in line with his wishes. Trump, who said rates should be cut to 1% from the current Fed benchmark rate of 4.25% to 4.50%, has repeatedly railed against Fed Chair Jerome Powell for not lowering borrowing costs since Trump returned to the White House in January, and he did so again on Friday. "I'd love him to resign if he wanted to, he's done a lousy job," Trump, speaking at the White House, said, while also labeling the Fed chair as "stupid." After raising rates aggressively coming out of the pandemic to combat the largest inflation outbreak since the 1970s and 1980s, the Fed lowered them a bit in the second half of last year but has not cut them since Trump returned to office. That is largely because Powell and the large majority of policymakers are concerned Trump's tariff policies in particular may rekindle inflation, and they prefer to wait longer to see if that develops before lowering rates again. Fed officials themselves have penciled in half a percentage point of cuts later this year, although that is a fraction of the reduction Trump is demanding. Trump's latest rant against Powell comes as he has largely backed away from threats to try to fire the Fed leader after a recent Supreme Court opinion appeared to align with long-standing views that presidents cannot dismiss top Fed officials over policy disagreements. The protection is seen as central to the Fed's independence from political interference in policymaking, which is seen as a critical pillar of its credibility as the world's most influential central bank. Trump has since turned his focus more to a successor for Powell, whose term as chair expires in May 2026. He has in recent weeks said he has three or four potential candidates in mind and he would make a decision soon. Most past Fed chair appointments have typically been made roughly three or four months before the vacancy was scheduled. There are about 10 months remaining in Powell's tenure as chair, and an early nomination by Trump is seen as an effort to undermine Powell's authority by giving voice to a "shadow chair" who would advocate for a different policy trajectory. Treasury Secretary Scott Bessent, seen as one of the potential candidates to replace Powell, downplayed the "shadow chair" idea, however. "I don't think anyone's necessarily talking about that," he told CNBC. Bessent noted that just one seat on the Fed Board of Governors is scheduled to open up within the year when Governor Adriana Kugler's term expires in early 2026. While Powell's term as chair expires next May, he is not required to leave the Fed altogether until his board seat expires in 2028. That leaves Kugler's expected departure as the first opportunity for a Trump appointment. "So there is a chance that the person who is going to become the chair could be appointed in January, which would probably mean an October, November nomination," Bessent said. Asked about reports that he is among the pool of candidates, Bessent said: "I'll do what the president wants, but I think I have the best job in Washington." Others seen as possible nominees for the job are White House economic adviser Kevin Hassett, former Fed Governor Kevin Warsh, and current Governor Christopher Waller. Waller, appointed by Trump during the Republican's first term in office, in the past week has said he is open to cutting interest rates as soon as the Fed's next meeting at the end of July. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
