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Yahoo
an hour 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.
Yahoo
4 hours ago
- Business
- Yahoo
Do you know your monthly cash flow? Here's how to calculate it.
If money seems to disappear from your bank account nearly as soon as it arrives, you may have a cash flow problem. Cash flow is the movement of money into and out of your accounts. While cash flow is a common term within the business world, it applies to your personal finances too. If you don't yet know how to calculate your cash flow, learning can help you better manage your money. For instance, knowing your cash flow can help you make smart budgeting decisions and ensure you make progress toward your savings goals. And don't worry — you don't need a calculus degree to figure this out. Continue reading to learn the simple equation for calculating your cash flow and why it's so important. This embedded content is not available in your region. Cash flow is the movement of money into and out of your bank account. A positive cash flow means more money enters your bank account than leaves it, allowing your balance to grow over time. A negative cash flow is the opposite — you're spending more money than you bring in. Positive cash flow is the goal because it allows you to save money for the future. Several types of transactions can contribute to your cash flow, broken up by 'inflows' and 'outflows.' Inflows might include income from a W2 job, self-employment, rental income, or other investments. Outflows include all of your expenses, such as housing, utilities, groceries, debt payments, clothing, entertainment, and more. Your cash flow is equal to your inflows minus your outflows. Understanding and tracking your cash flow isn't just crucial for businesses — it's important for any individual who wants to keep tabs on their financial health. For example, say you have a negative cash flow every month, but you don't realize it. Eventually, you'll empty your savings account and need to take on debt to cover your expenses. However, if you keep a closer eye on your cash flow, you'd notice that you're spending more than you earn every month. Knowing this, you can take action to improve your cash flow, such as cutting discretionary spending, getting a roommate to help with rent, or negotiating a raise at work. Unlike some financial calculations, finding your cash flow is simple. To calculate your cash flow: Add up all your sources of monthly income. Then, add up all of your monthly expenses. Last, subtract your total monthly expenses from your total monthly income. Say your income or expenses vary each month. In that case, you can calculate an average monthly cash flow by adding up several months of income and several months of expenses, finding the difference, and dividing by the number of months. To illustrate what a cash flow calculation looks like, here's an example: Say you earn $4,500 per month after taxes. You also have a side hustle that generates $1,200 in monthly income. Total monthly income: $5,700 Your typical monthly expenses are as follows: Rent: $1,500 Utilities: $200 Groceries: $400 Transportation: $500 Insurance: $300 Student loan payment: $200 Household and clothing: $200 Dining out: $300 Fun money: $200 TOTAL: $3,800 Next, subtract your total expenses from your total income: $5,700 - $3,800 = $1,900 Cash flow = $1,900 With a positive cash flow of $1,900, you have money left over each month to save or invest. For example, you might decide to invest $800 for retirement, put $800 toward a down payment savings account, and put the remaining $300 into a travel fund. If you calculate your cash flow only to find a negative number, it can be discouraging. However, there are some things you can do to improve your personal cash flow over time. If your spending in certain categories consistently exceeds what you plan for, budgeting may help. A budget can help you proactively plan for and track your spending. So if you're halfway through the month with only 10% of your fun money left, you know it's time to cut back. When creating a budget, you may find you're spending a lot more than you realize. If that's the case, cut down on spending where you can. Though discretionary spending is usually the easiest place to cut back, you can also see if there are ways to reduce your essential expenses. For example, you could get a roommate to save on rent and replace your new car with a fully paid-off older model. There's only so much you can cut from your expenses without living in a state of constant deprivation. That's why it's also helpful to focus on growing your income. This could look like negotiating a raise, applying for a higher-paying role, or even starting a side hustle outside of your day job. If you've heard the phrase, 'pay yourself first,' but never took it to heart, it may be time to follow this advice. Paying yourself first means prioritizing your future by immediately contributing to your savings and investment accounts — ideally using automatic contributions — before paying other bills. This ensures you aren't short-changing yourself at the end of the month. Paying yourself first may force you to cut back on discretionary expenses, which can be helpful for those who struggle to do so on their own. You can calculate your monthly cash flow by totaling your monthly inflows, totaling your monthly outflows, and subtracting the total outflows from the total inflows. Inflows include any form of income, and outflows include bills and other monthly spending. There's no specific healthy cash flow number, but generally, a positive cash flow is best. Having a positive personal cash flow means your income exceeds your bills, and there's money left over for saving and investing. The bigger your savings and investment goals (or the shorter your timeline), the more advantageous it is to have a bigger cash flow. Cash flow tells you the net movement of money into your accounts every month. For example, a positive cash flow tells you that you earn more than you spend. This means you have money left over to stash in a savings account or invest for the future. If your cash flow is negative, that means you spend more than you earn, and unless you change your habits, you'll eventually deplete your savings.
Yahoo
4 hours ago
- Business
- Yahoo
Energy expert shoots down persistent financial myth about rooftop solar: 'Most utility companies have restrictions'
Going solar is one of the best ways to save money on energy bills, but there is plenty of misleading information circulating that can make people hesitant to invest in rooftop solar. Luckily, energy experts at the online solar marketplace EnergySage have dispelled a major financial myth about solar energy. One commonly held belief about going solar is that homeowners will receive a check from their utility provider if they produce more electricity than they consume. While EnergySage noted that this is possible, it's extremely rare and shouldn't be expected unless your utility offers incentive programs. A check for excess energy produced may also be based on wholesale electricity rates, which are usually lower than retail rates. "Most utility companies have restrictions to prevent you from interconnecting a solar panel system that produces far more energy than your meter history indicates you need," EnergySage explained. "Even if you are generating more solar energy than you're using, utilities that offer net metering will provide monetary credits towards your future electricity bill, but rarely will they pay these out as a check — more likely, it will remain an ongoing credit on your electricity bill." While you likely won't receive checks from your energy company, being able to save on energy bills each month is still a great bargain. When you're ready to shop for solar, EnergySage offers free tools that allow you to compare quotes from vetted contractors after answering a few basic questions about your home energy needs. The company also has a mapping tool that will show you the average cost of a rooftop solar system in your state as well as the tax rebates and incentives available. Together, these services can help you get the best deal on a home solar system and claim all the incentives you're eligible for. Most people save $10,000 on a solar purchase and installation with EnergySage's services, so if you're in the market, it's more than worth a look. However, solar tax incentives may not be around much longer, as Congress has hinted it may end the 30% Investment Tax Credit by the end of 2025, according to Solar Builder Magazine. If you want to make the switch, installing your system as soon as possible can maximize the financial benefits. Another option is to lease solar panels if you don't want to shell out thousands of dollars in upfront costs to buy your own system. By leasing, you won't have to deal with variable energy costs, providing you with peace of mind during periods when electricity demand is high. Palmetto's LightReach solar panel leasing program offers installations for $0 down and allows you to lock in low energy rates. Whether you buy or lease, going solar is also a win for the planet, as it reduces your home's pollution footprint and improves air quality, which helps your neighbors as well. What's the biggest factor stopping you from investing in solar panels? The cost The technology I'm a renter I'm already invested Click your choice to see results and speak your mind. Join our free newsletter for easy tips to save more and waste less, and don't miss this cool list of easy ways to help yourself while helping the planet.
Yahoo
6 hours ago
- Business
- Yahoo
Best money market account rates today, June 27, 2025 (up to 4.41% APY return)
Find out which banks are offering the best MMA rates right now. The Federal Reserve cut the federal funds rate three times in 2024 for a total reduction of one percentage point. As a result, deposit interest rates — including money market account rates — have been falling. It's more important than ever to compare MMA rates and ensure you earn as much as possible on your balance. Although money market account rates are elevated by historical standards, the national average rate for MMAs is just 0.62%, according to the FDIC. The good news: Top high-yield money market accounts offer well over 4% APY — more than six times the national average. That's why it's important to shop around before opening a money market account. Interest rates vary widely, but there are several banks (in particular, online banks) and credit unions with highly competitive offers. Here's a look at some of the top MMA rates available today:Additionally, the table below features some of the best savings and money market account rates available today from our verified partners. Online banks operate exclusively via the web. This significantly reduces their overhead costs, so they're able to pass those savings onto customers in the form of high deposit rates and low fees. If you're searching for the best money market account rates, online banks are a great place to start. That said, online banks aren't the only place you can find savings accounts with rates of 4% to 5% APY. Credit unions are not-for-profit financial cooperatives, and are also know for providing competitive rates and fewer fees. Many credit unions have certain requirements that must be met in order to become a member, though there are some that allow just about anyone to join. Read more: Are online banks really safe? Money market accounts can be a great option for short-term savings goals, like building an emergency fund or setting aside money for an upcoming expense. They generally offer higher interest rates than regular savings accounts, and they provide easier access to your money compared to some other options like certificates of deposit (CDs). Money market accounts are also considered low-risk, and they are FDIC-insured up to the standard $250,000 per depositor, per institution. This makes them safer than money market funds, which can be subject to market risk. However, keep in mind that many money market accounts require a minimum balance to open the account and earn the highest advertised rate. If you can't maintain this balance, you might incur fees or miss out on the best rates. And although you can generally access your funds as needed, MMAs may limit the number of transactions you can make each month. If you need frequent access to your money, this might be a consideration. Read more: Is there a penalty for withdrawing from your money market account? When a money market account makes sense: You want to earn more interest than a regular savings account without locking up your money in a CD. You can maintain the minimum balance to avoid fees. You want to keep funds easily accessible for emergencies or near-term expenses. Currently, the average money market account rate is 0.63%. However, several high-yield accounts pay upwards of 4% or more. If you're considering opening a money market account, be sure to shop around and compare rates. There is no one account or investment that guarantees a 12% return. However, if your goal is to earn a strong return on your money and grow your wealth significantly, investing in market securities such as stocks, mutual funds, exchange-traded funds is the best strategy for doing so. The stock market returns about 10% per year, on average. If you aren't sure where to start, it can be helpful to speak with a financial advisor about your financial goals and priorities. Alternatively, you can sign up with a robo-advisor, which is an automated, cost-effective option for managing your portfolio. Read more: Robo-advisor: How to start investing right away
Yahoo
8 hours ago
- Business
- Yahoo
10 Steps To Help You Prepare for Retirement
If your idea of the perfect retirement is to enjoy leisurely mornings, you'll need to start preparing ahead of time. Retirement planning starts while you're still working. No matter how old you are, now is the perfect time to create a savings plan to help you retire comfortably. Find Out: Learn More: To ease the process of planning for retirement, it's a good idea to break it down into some basic steps. You'll start by creating a vision of your retirement lifestyle, helping turn it over the years as you build your savings. Let's dig into the need-to-know, essential details for proper retirement planning. Even if you are fresh out of high school, it's never too early to start saving for retirement. A good first step is looking at the different savings plans available. One option is to open a high-yield savings account dedicated to your retirement savings. Many Americans rely on company-sponsored 401(k) plans to build retirement savings. Other options include: One-participant 401(k)s if you are a business owner with no employees 403(b)s Traditional individual retirement accounts (IRAs) Roth IRAs SIMPLE IRAs Read Next: If your employer offers a 401(k) plan or other retirement plan, sign up and contribute. This is the best and easiest way to start building a retirement fund. When you use an employer-sponsored plan, your employer handles the heavy lifting. All you have to do is agree to have money deducted from your paycheck every pay cycle. You also get tax advantages. And if your employer matches your contribution, you get free money that goes into your retirement savings. In 2025, employees can contribute up to $23,500 in their: 401(k) 403(b) 457 plans The federal government's Thrift Savings Plan Many government employers offer a traditional pension plan rather than a 401(k) plan. If your employer offers a pension plan, find out if you're covered. You can ask for an individual benefit statement to understand your pension's value and ensure you know what's happening with your benefits before changing jobs. If you don't have access to a 401(k) or pension plan, you should start investing in an IRA to build your nest egg. IRAs offer tax benefits that bolster your retirement savings over time. Even if you have a company-sponsored plan, invest in an IRA to save faster. Keep in mind that the maximum you can contribute to an IRA in 2025 is $7,000 a year. However, you get an additional 'catch-up' contribution of $1,000 to bring the total to $8,000 if you're 50 or older. Saving money for retirement is only part of your overall strategy. You also need to make sure your investments have the right mix of: Stocks Bonds Mutual funds ETFs Real estate Other assets Spreading your investments across diverse assets can mitigate risk and produce steady returns over time. It's important to never dip into these accounts unless you're facing a financial emergency. Taking loans and early withdrawals from your retirement savings can set your retirement plans back years. For example, if your 401(k) plan allows you to take a loan, you'll be required to repay it — including interest — according to strict terms. If you don't adhere to these requirements, any unpaid amounts will become a plan distribution. In most cases, you'll have to include any previously untaxed amount of the distribution in your gross income the year the distribution occurred. You might also face an additional 10% tax on the amount of the taxable distribution. Once you have done the early planning, you should set a target age for retirement. Some people choose to continue working well into their 60s and 70s, especially if they enjoy your work. Others prefer to step out of the workforce to travel or spend time with loved ones while they are still in good health. You'll also need to envision your ideal retirement lifestyle. Things to consider include: Where you'll live How much your lifestyle will cost Whether you need to earn extra money through a part-time job or side gig A big part of enjoying retirement is having enough money to live your ideal lifestyle. The U.S. Department of Labor recommends having 70% to 90% of your income to maintain your current standard of living. If you're currently earning $60,000 per year, you'll likely need $42,000 to $54,000 per year in retirement, or $3,500 to $4,500 per month. If you think Social Security will cover most of this cost, you're probably mistaken. As of May 2025, the average Social Security retirement benefit was about $2,002 a month, according to the Social Security Administration. That's not nearly enough to cover the average living costs in the United States. To help you formulate a good savings goal, look at the retirement calculator from GOBankingRates. You can use it to determine how much you might need to save for retirement. To figure out the right amount, it will use factors such as: Retirement age Savings Income You can start claiming Social Security benefits as early as age 62. However, delaying your claim can increase your monthly payments. The full retirement age is when you qualify for full benefits. That's considered 66 or 67 depending on when you were born. After age 70, there's no financial benefit to delaying further. To be eligible for Social Security retirement benefits, you need a minimum of 10 years of work, equivalent to 40 credits. Your benefit amount is calculated based on your 35 highest-earning years. Planning for retirement is not just about setting aside money for the future. You should develop an investment strategy that maximizes your returns and helps build an adequate nest egg for your golden years. This involves: Understanding different investments Managing risk Planning for a long retirement to ensure you don't run out of money Learning the tax laws and how best to navigate them If you have the resources, you should hire a financial advisor. They can help you put together the best plan for your personal financial situation and retirement goals. If you're retirement planning for the next five years, you're probably getting excited for this new chapter. Many of the decisions you make now can have a lasting impact on your retirement lifestyle. This period and the first five years after retirement are known as the fragile decade. You want to ensure you're taking the right steps now to ensure a smooth financial transition into your golden years. Some actions to take include: Maximize all of your retirement accounts if you can do so. Take a close look at your current budget. Pay down as much debt as possible. Consider purchasing supplemental coverage to assist with medical costs. If you haven't already, reach out to a fee-only financial planner to make sure your investment plan is on track. Decide exactly where you'll live and use this to determine your estimated cost of living. Take a closer look at your estimated Social Security monthly benefit. If you don't already, make sure you have an emergency fund in place, so you don't have to take extra money out of a taxable retirement fund or get a job if you're faced with an unexpected major expense. It's never too early or too late to start planning for retirement. The more time you spend thinking about the kind of life you want and taking steps to prepare for it now, the more likely you are to enjoy your golden years. Even if retirement is a long way away, today's actions will hugely impact your future. Opening a retirement savings account and contributing a portion of each paycheck might mean you have to sacrifice a bit now, but that's nothing compared to the amount you'll have to stretch your budget in retirement without proper savings. Allison Hache and Jennifer Taylor contributed to the reporting for this article. More From GOBankingRates Mark Cuban Tells Americans To Stock Up on Consumables as Trump's Tariffs Hit -- Here's What To Buy This article originally appeared on 10 Steps To Help You Prepare for Retirement
