All posts by Szemere

Updated on Thursday, October 14, 2021 Annual percentage yield (APY) is a percentage that indicates an investment’s actual rate of return — in other words, how much it grows — in a year. The key difference between APY and an interest rate is that APY factors in compound interest. An […]

Updated on Wednesday, October 13, 2021 Many people dream of the day when they can finally sit back and relax in retirement — and a lot of people want that day to come as soon as possible. If you’d like to plan for early retirement, there are several strategies to […]

Updated on Tuesday, October 5, 2021 Summer is over and kids are going back to school, which for many consumers apparently means it’s time to go back to saving. After a dip in savings contributions through the summer months, 42% of consumers added money to their savings in September. “It […]

Our Fine Print We hate fine print. We created this entire site because of the nasty fine-print habits of other companies. Unfortunately, the legal team insists we include the following: MagnifyMoney is not a lender, does not broker loans to lenders, and does not make personal loans or credit decisions. […]

iStock Founded and based in San Antonio, USAA is an FDIC-insured bank, insurance, and financial services company that serves current and former military members and their families. Started by 25 U.S. Army officers, USAA has since grown to more than 11 million members. Most of their products are only available […]

Updated on Monday, September 20, 2021 Talk of universal basic income (UBI) in the U.S. remains in the news nearly a year after a presidential election and amid a global pandemic. Though measures like economic impact payments (stimulus checks) and advance child tax credits have been compared to UBI, a […]

Updated on Friday, September 17, 2021 When credit bureau Equifax announced that the Social Security numbers, birth dates, addresses, and in some instances, driver’s license numbers of over 140 million people had been hacked back in 2017, consumers were forced to acknowledge how vulnerable they were to identity theft. As […]

Have you always dreamed of being able to say you have a perfect credit score — that all-important 850 on the FICO scale? First, you should know that having an 850 credit score isn’t really all that important. In fact, the real “perfect credit score” is closer to the 760 […]

Updated on Monday, September 13, 2021 Getting a credit limit increase can be an easy way to boost your credit score — as long as you maintain responsible spending habits. Here, we’ll tell you how to increase your limit when using a Capital One credit card. First, it’s important to […]

Updated on Friday, September 10, 2021 There is one persistent credit card myth that befuddles consumers from all walks of life. Parents tell children. Friends tell each other. Managers lecture employees. “You should carry a balance on a credit card,” they announce in authoritative voices. “It’s good for your credit […]