Summary: Founded in 1997, Merrick Bank is one of the top 20 credit card issuers, serving nearly 3 million cardholders. It also offers certificates of deposit (CDs) and a range of vehicle financing options. Merrick Bank product overview Credit cards Merrick Bank offers two credit cards. The Merrick Bank® Credit Card requires no security deposit, features automatic credit line reviews, and comes with Mastercard® Benefits. The Classic Secured Card allows you to choose a security deposit of $200 to $3,000 ...

Key Points Declining interest rates will make CDs less attractive. Dividend stocks will become more appealing as CD rates decline. Investors might lock up too much cash to avoid early withdrawal penalties. 10 stocks we like better than Realty Income › Certificates of deposit (CDs) are a popular way to generate extra income with minimal risk. Investors simply agree to lock up their cash at a bank for a set amount of time, then receive interest payments at the agreed annual percentage yield (APY). ...

Financial Data and Key Metrics Changes - TrustCo Bank reported a net income of $16.3 million for Q3 2025, a 26.3% increase compared to Q3 2024, with a return on average assets of 1.02% and return on average equity of 9.29% [8][9] - The efficiency ratio improved by almost 9% year-over-year, indicating enhanced profitability and operational efficiency [5] - The consolidated equity-to-assets ratio was 10.90% for Q3 2025, slightly down from 10.95% in Q3 2024 [9] Business Line Data and Key Metrics Changes - Average loans grew by 2.5% or $125.9 million to $5.2 billion year-over-year, with home equity loans increasing by 15.7% [10][14] - The residential real estate portfolio increased by $34 million or 0.8%, while average commercial loans rose by $34.6 million or 12.4% [10] - Non-performing loans decreased to $18.5 million, with non-performing loans to total loans at 0.36%, down from 0.38% a year ago [9][17] Market Data and Key Metrics Changes - Total deposits reached $5.5 billion, up $217 million compared to the prior year, reflecting strong customer confidence [11] - The net interest margin for Q3 2025 was 2.79%, an increase of 18 basis points from the prior year [12] - The yield on interest-earning assets increased to 4.25%, while the cost of interest-bearing liabilities decreased to 1.9% [12] Company Strategy and Development Direction - TrustCo Bank aims to enhance shareholder value through a disciplined share repurchase program, having repurchased nearly half of the approved one million shares [7][9] - The company focuses on maintaining high-quality underwriting standards and conservative lending practices to manage credit risk effectively [10][16] - Expansion opportunities are being explored in Pasco County, Florida, and downstate New York, with a focus on strategic locations [29][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the bank's long-term strength and the potential for meaningful net interest income upside due to maturing CDs [25][26] - The real estate market remains strong, contributing to recoveries and demand for loans, particularly in residential and home equity segments [28][14] - The bank is well-positioned to continue delivering strong financial performance despite potential easing from the Federal Reserve [12] Other Important Information - The wealth management division had approximately $1.25 billion in assets under management, contributing significantly to non-interest income [12][13] - Total non-interest expense was $26.2 million, slightly down from the prior year, indicating effective cost management [13] Q&A Session Summary Question: What is the average rate for maturing CDs compared to new CDs? - The average rate on the $1 billion in CDs coming due is about 3.75%, with the highest rate currently offered at 4% for a three-month term [25][26] Question: Can you explain the recoveries in New York? - The recoveries are largely due to a strong real estate market, with $194,000 in recoveries relating to approximately five properties taken back [28] Question: What are the company's expansion plans? - TrustCo is looking at opportunities in Pasco County, Florida, and other locations in downstate New York for potential growth [29][30]

SoFi and Barclays are both online banks offering no-frills accounts with minimal fees and competitive interest rates. If you have simple banking needs and prefer to manage your accounts online, both SoFi and Barclays are worthwhile options. That said, is one bank better than the other? Here's a closer look at what SoFi and Barclays have to offer, and what type of customer each bank is best suited for. SoFi vs. Barclays: General overview About SoFi Social Finance Inc. — better known as SoFi — is an onl ...

Core Insights - The article discusses strategies for managing a $1.5 million IRA to ensure it lasts throughout retirement, emphasizing the importance of balancing income generation and spending needs [5][10]. Investment Strategies - Mixed assets such as index funds and bond portfolios can provide a balance of growth and security, albeit with increased volatility [1]. - Annuities are highlighted as a secure income option for retirees, with a $1.5 million fixed-income annuity potentially yielding $8,000 monthly or $96,000 annually [2]. - Income investing through bonds and dividend stocks is recommended, with bonds averaging a 4% to 5% return, potentially generating around $67,500 annually without depleting principal [3]. Cash Management - Moving portions of the IRA into cash assets like high-yield savings accounts or CDs can ensure safety, but returns may only match inflation, with current rates around 4.5%-5% [4]. Social Security Considerations - Social Security benefits should be factored into retirement planning, with an estimated $24,000 annually from a $2,000 monthly benefit starting at age 62 [7][8]. Lifestyle and Spending - Understanding personal lifestyle costs is crucial for retirement planning, as expenses can vary significantly based on individual preferences and living situations [11]. - Inflation impacts retirement planning, with average national rates around 2%-4%, but potentially higher in expensive areas [12]. Required Minimum Distributions (RMDs) - RMDs must begin at age 75, with a $1.5 million IRA requiring a minimum withdrawal of $56,603 annually to avoid penalties [13][14]. Tax Implications - Income taxes will apply to withdrawals from a pre-tax IRA, necessitating careful planning to manage tax liabilities [15]. - Rolling an IRA into a Roth IRA can eliminate federal taxes on retirement income, but requires paying taxes on the rolled-over amount upfront [16]. Healthcare and Insurance Costs - Planning for healthcare and insurance costs is essential, as retirees may need long-term care insurance and will face increasing healthcare expenses [17][18]. Overall Planning - Comprehensive retirement planning should integrate income generation, spending needs, and potential healthcare costs to ensure the longevity of the IRA [19].

Core Insights - The article discusses strategies for retirees to effectively manage their Required Minimum Distributions (RMDs) from retirement accounts, emphasizing the importance of reinvesting and utilizing these funds wisely to enhance financial security and growth potential [24]. Group 1: Reinvesting RMDs - Retirees can transfer assets in kind from retirement plans to taxable accounts, allowing them to keep investments intact while fulfilling RMD requirements [1]. - After paying taxes on RMDs, retirees can reinvest remaining funds in regular investment accounts, which can continue to grow even after leaving tax-deferred accounts [2][5]. - Reinvesting RMDs is beneficial for retirees with stable income sources who do not rely on RMDs for regular expenses, as it helps preserve purchasing power over time [3]. Group 2: Investment Options - When considering reinvestment, retirees should assess their timeline for needing the funds; safer options like CDs or money market funds are advisable for short-term needs, while a mix of stock and bond funds can be suitable for longer-term investments [4]. - Common reinvestment options include mutual funds, ETFs, dividend-paying stocks, and high-yield savings products, aimed at maintaining growth despite the funds leaving retirement accounts [5][6]. Group 3: Annuities and Emergency Funds - Funding an annuity with RMDs can provide predictable income for retirees who have sufficient liquid assets for short-term needs, allowing for part of their retirement savings to be converted into guaranteed payments [8][9]. - Establishing an emergency fund is crucial for retirees to manage unexpected expenses without having to liquidate long-term investments during market downturns [13][14]. Group 4: Charitable Giving and Tax Management - Utilizing Qualified Charitable Distributions (QCDs) allows retirees to donate up to $108,000 from their IRAs directly to charities, which can reduce taxable income and count towards RMDs [16][17]. - Lowering Adjusted Gross Income (AGI) through QCDs can also help reduce taxes on Social Security benefits and maintain eligibility for certain tax credits [18]. Group 5: Roth Conversions - RMDs cannot be used directly for Roth IRA conversions, but they can be used to pay taxes on conversions, allowing retirees to manage future tax exposure and reduce required withdrawals over time [19][20]. - Gradually shifting funds into a Roth IRA can create more flexibility for future income planning, as qualified withdrawals from Roth accounts are tax-free [21].

Core Insights - The Federal Reserve Board has implemented a quarter percent interest rate cut, indicating potential for more cuts in the future, which can have mixed effects on investments [1] Group 1: Impact of Lower Interest Rates - Lower interest rates typically result in weaker returns on savings accounts and CDs, but can enhance stock market performance due to cheaper borrowing costs [2] - Stocks, particularly in growth and technology sectors, are likely to benefit from lower borrowing costs, while real estate may also see positive effects [2] - Cash-like investments such as CDs and savings accounts become less appealing, and newly issued bonds may offer lower yields compared to existing ones [2] Group 2: Investment Strategies - Financial advisors recommend consistent investing over trying to time the market, as dollar-cost averaging helps spread risk and maintain discipline [3] - Immediate reactions to headlines, such as rate cuts, can lead to poor investment decisions; long-term goals should guide investment strategies instead [4] - High-yield savings and money market accounts will see a decline in interest earnings following a rate cut, making them less effective for long-term growth [4][5]

Core Insights - The article discusses the evolution of savings strategies as individuals age, particularly focusing on middle-class retirees who seek a balance of growth, low volatility, and cash flow [2][3] Group 1: Savings Strategies for Middle-Class Retirees - The bucket strategy is recommended for middle-class retirees, which involves dividing funds into three areas: cash for immediate spending, intermediate-term bonds for medium-term needs, and equities for growth [4] - Utilizing high-yield savings accounts can enhance returns on cash reserves, while certificates of deposit (CDs) can lock in high annual percentage yields (APYs) for medium-term spending [5] - The strategy aims to reduce portfolio volatility and secure predictable income, allowing retirees to manage their monthly expenses effectively [6][7] Group 2: Benefits and Challenges of the Bucket Strategy - The bucket strategy provides a way to maintain some exposure to equities, which can help combat inflation and offer flexibility in retirement [7] - However, the strategy may struggle during periods of high inflation, as stocks typically decline when inflation exceeds 3%, impacting both equities and fixed-income investments [8]

Core Insights - High net worth individuals are holding significant cash positions, with 78% maintaining high cash allocations in their portfolios in 2024 [1][2] - The shift away from equities and bonds is driven by market volatility and concerns over high inflation [2][3] - Ultra high net worth individuals, like Warren Buffett, are benefiting from cash holdings, with Buffett's wealth increasing by over $23 billion in 2024 [3] Investment Trends - Cash and cash equivalents are seen as safer investments amid uncertainties in U.S. equities, with potential for better-than-expected returns [4] - High net worth individuals are increasing their allocations to alternative assets, rising from 13% in 2023 to 15% in 2024 [6] - Fine art is viewed as a stable asset class, with 85% of high-net-worth investors confident in its value, and some allocating up to 25% of their portfolios to art [7]

Core Insights - Current savings account rates are above the national average, but are declining due to recent Federal Reserve rate cuts [1][5] - High-yield savings accounts offer significantly better interest rates, with some reaching up to 4% APY [2][3] - Online banks typically provide the best savings rates due to lower overhead costs [4] Savings Account Rates - As of September 29, 2025, the highest savings account rate available is 4.25% APY from Poppy Bank [3] - The national average savings account rate is only 0.40%, while 1-year CDs average 1.70% [5] Importance of Comparison - It is crucial for consumers to compare rates across different financial institutions to secure the best savings account [6] - Factors beyond interest rates, such as minimum balance requirements and customer service, should also be considered [7] Financial Institution Stability - Consumers should ensure that their chosen savings account is insured by the FDIC or NCUA for protection against institutional failure [7]