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How To Make A Valid Interest Rate Comparison
When you are about to open a bank account it is important to keep interest rate comparison in mind. The bank that offers you the best rates for both keeping you money in the account as well as on any loans that you might want to take in the future, should be the one you select. However it would take you a while to do your research and compare the bank interest rate offered by the different options. Therefore before you embark on this task, here are two aspects to consider which will make this process not only simple but also hassle free.
*Firstly it is important to figure out what kind of account you want to open. Each has a unique function which in turn affects the interest rate comparison. If you were to open a savings account, you would have a very good bank interest rate but you would only be able to make limited withdrawals from the account. And if you were a business person who needed to withdraw money frequently then this would not be favorable. A fixed rate account is also an option but then the interest rate is fixed and not affected by market fluctuations. Or you could have a tracker account where the interest varies according to market fluctuations. *Secondly getting a loan from the bank is also something you need to examine. You might need a loan to pay off the purchase of a new home or a vacation that you want to take. Or you could need the money to pay off the education expenses of your children. You might have to mortgage you house and knowing the mortgage rate of interest would help you ascertain whether you are getting the best deal possible.
Using these two points to make an interest rate comparison will allow you to make a very perceptive and insightful decision. And it will also pull up a number of points that could add new dimensions to the choice you want to make. Therefore the more thought you put into this, the better and more effective your choice will be.
The Truth about State Unclaimed Money
The unclaimed money menace has hardly left any state treasury untouched with an ever increasing influx of unclaimed money and in comparison, a very low number of claims being made. The logistic and bureaucratic mess created by the uncontrolled addition of unclaimed money has given a lot of headache to most of the state treasuries.
It is not surprising that the reimbursement of unclaimed funds has become the first priority for all the state treasuries. Facing these additional financial burdens in these times of economic slump is an unavoidable burden for most of the state governments. The center on Budget and Policy Priorities has been questioning states regarding the budget deficit and what are the plans to minimize it. It estimates that the combined state budget deficit over the next two and a half years is likely to be about $350 billion. This will account for about 20% of the state budget.
The state governments are at a complete loss as to how to manage the increasing pile of this government unclaimed money. More money is being added relentlessly every quarter and the trend continues to speed up with no signs of increasing claim. In order to tackle this unclaimed property menace, the states are forced to adopt new and out-of-the-box strategies in order to create a healthier and stable environment for its residents. Larger states, like California and New York, find themselves in a greater dilemma because of the increasing budget deficit on one hand and the surmounting volume of state unclaimed money on the other.
One of the common refrains of the state government is that there are so many welfare programs which are waiting to be implemented for the lack of funds while unclaimed property vault continues grow larger. Many of the law makers, in states like California and Delaware, have been proposing new ways of utilizing the state unclaimed money towards the social welfare and development projects. These states have taken the first proactive steps and have proposed the utilization of unclaimed funds effectively to fill in the budgetary deficits.
A consensus has emerged whereby the decision makers have agreed to implement the various welfare programs and other development projects without any delay in all the states. It is now universally agreed that while the money should be lawfully returned to the owner, in the absence of any body coming forward to claim it, it is prudent that these vast amount of unclaimed money is diverted toward the social development projects. It is increasingly seen that the decision makers are actively supporting the idea of unclaimed property auction. Apart from a few dissenting voices, this idea is getting a lot of support from everybody, including the citizens of the state.
In addition to the state unclaimed money, there is an equally large number of unclaimed properties that are waiting to be claimed. States like Delaware and California have started the public auction of unclaimed properties in the state, and this has contributed immensely towards the boosting of state economies resulting in the increase of state revenues by more than10%.