Digital bank Chime has reportedly filed its confidential IPO paperwork with the SEC, with an eye toward a 2025 debut.
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Louisa AI
Cold call after cold call, Rohan Doctor wasn't getting as far as he would've hoped.
The former Goldman Sachs managing director had emailed a list of digital strategy execs at banks and private equity firms to try to sell them on his startup, Louisa AI. But he only got a handful of replies back.
Two years since its launch, Louisa AI has secured about a dozen clients, including some of the biggest names in corporate America. They include Goldman Sachs, VC firm Insight Partners, and, more recently, one of the biggest AI chipmakers and a top consulting firm. But he didn't secure those contracts from cold outreach. He used his own startup's technology, which proactively prompts deal ideas based on people's personal and professional connections, to get in through the front door.
Now, Doctor wants to bring his dealmaking playbook to other startups ahead of an anticipated M&A boom.
"If we're able to close more deals through warm relationships this way, then other startups can, too," he said.
The near-term outlook for M&A activity has gotten brighter, with lower interest rates reducing the cost of borrowing. Wall Street execs are optimistic that Trump's return to the White House, and any business-friendly regulations that may come with it, will be a tailwind for dealmaking. Also, companies resetting their valuations could spur more transactions to close as price expectations align between buyers and sellers.
Meanwhile, in Silicon Valley,ย VCs and founders are hopefulย about the anticipated looser environment, which could boost tech building and dealmaking. VCs, which rely on selling startups in M&A deals for many of their returns, have been dampened by the Federal Trade Commission's antitrust stance on M&A.
Louisa AI was built to suggest potential deals based on the data it's exposed to. It ingests information about who and what employees know by plugging into company CRMs, messaging platforms like Slack and Symphony, and email providers. Since spinning out of Goldman Sachs in 2023, Louisa AI has raised $5 million in seed funding. It suggests about $1 billion in deal values per quarter, Doctor said.
It also highlights mutual connections to establish a warm introduction, which can make all the difference in the multi-billion investment banking industry built on relationships. While running the bank-solutions group at Goldman Sachs, Rohan Doctor used his network to close transactions worth tens of millions of dollars. As a startup founder, it's been a different story.
"I've tried the cold outreach and just emailing," Doctor said, adding that the startup stopped doing that after it didn't yield good results. What has worked for Doctor is realizing he knows someone who knows someone.
Louisa AI scored the chipmaker contract after the AI flagged that one of Doctor's staff used to work for someone who now worked at the chip manufacturer. With the consultancy, one of Louisa AI's investors connected Doctor with the consulting firm they used to work for. He declined to name these firms due to non-disclosure agreements.
"Everything needs to be warm when it comes to big companies doing big things with other people. It has to rely on trust," he said.
The offers and details on this page may have updated or changed since the time of publication. See our article on Business Insider for current information.
Affiliate links for the products on this page are from partners that compensate us and terms apply to offers listed (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate banking products to write unbiased product reviews.
All eyes are watching to see whether the Federal Reserve will cut interest rates for the third time in a row this week, meaning the clock is ticking on the high interest rates on deposits that we've come to expect. With rates rapidly changing, how can you be sure that you're getting the best interest rate?
We monitor rates from banks and credit unions daily to help you feel confident before you open a new account โ and now could be a great time to lock in a high rate before APYs go off a cliff. Here are the top rates for popular banks on Wednesday, December 18.
High-yield savings accounts aren't the only accounts paying favorable rates right now. You'll typically see the highest rates at online or lower-profile institutions rather than national brands with a significant brick-and-mortar presence. This is normal; online banks have lower overhead costs and are willing to pay high rates to attract new customers.
The best high-yield savings accounts provide the security of a savings account with the added bonus of a high APY. Savings accounts are held at a bank or credit union โ not invested through a brokerage account โ and are best for saving cash in pursuit of shorter-term goals, like a vacation or big purchase.ย
The best high-yield checking accounts tend to pay slightly lower rates than high-yield savings, but even they are strong in today's rate environment. A checking account is like a hub for your money: If your paycheck is direct deposited, it's typically to a checking account. If you transfer money to pay a bill, you typically do it from a checking account. Checking accounts are used for everyday spending and usually come with checks and/or debit cards to make that easy.
The best money market accounts could be considered a middle ground between checking and savings: They are used for saving money but typically provide easy access to your account through checks or a debit card. They usually offer a tiered interest rate depending on your balance.
A cash management account is also like a savings/checking hybrid. You'll generally see them offered by online banks, and, unlike a checking account, they usually offer unlimited transfers. A savings account often limits the number of monthly transfers, while a checking account doesn't. Cash management accounts typically come with a debit card for easy access, but you may have to pay a fee if you want to deposit cash.
The best CD rates may outpace any of the other accounts we've described above. That's because a certificate of deposit requires you to "lock in" your money for a predetermined amount of time ranging from three months to five years. To retrieve it before then, you'll pay a penalty (unless you opt for one of the best no-penalty CDs). The longer you'll let the bank hold your money, the higher rate you'll get. CD rates aren't variable; the rate you get upon depositing your money is the rate you'll get for the length of your term.
Locking your money into an account in exchange for a higher interest rate can be a big decision. Here's what you need to know about common CD terms.
Most CDs charge you a fee if you need to withdraw money from your account before the term ends. But with a no-penalty CD, you won't have to pay an early withdrawal penalty. The best no-penalty CDs will offer rates slightly higher than the best high-yield savings accounts, and can offer a substantially improved interest rate over traditional brick-and-mortar savings accounts.
The best 6-month CDs are offering interest rates in the mid-5% range. Six-month CDs are best for those who are looking for elevated rates on their savings for short-term gains, but are uncomfortable having limited access to their cash in the long term. These can be a good option for those who may just be getting started with saving, or who don't have a large emergency fund for unexpected expenses.
The best 1-year CDs tend to offer some of the top CD rates, and are a popular option for many investors. A 1-year term can be an attractive option for someone building a CD ladder, or for someone who has a reasonable cash safety net but is still concerned about long-term expenses.ย
The best 2-year CD rates will be slightly lower than 1-year and no-penalty CD rates. In exchange for a longer lock-in period, investors receive a long-term commitment for a specific rate. These are best used as part of a CD ladder strategy, or for those worried about a declining rate market in the foreseeable future.
The best 3-year CDs tend to have rates that are comparable to 2-year CDs. These are usually less popular for your average investor, but can be an important lever when diversifying investments and hedging against the risk of unfavorable rate markets in the long term.
The best 5-year CDs will offer lower rates than the other terms on our list, but are still popular options for investors. These CDs are best for those looking to lock in high rates for the long term. CDs are generally viewed as safe investment vehicles, and securing a favorable rate can yield considerable earnings in year three and beyond โ even if rates fall elsewhere.
The offers and details on this page may have updated or changed since the time of publication. See our article on Business Insider for current information.
Affiliate links for the products on this page are from partners that compensate us and terms apply to offers listed (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate banking products to write unbiased product reviews.
All eyes are watching to see whether the Federal Reserve will cut interest rates for the third time in a row this week, meaning the clock is ticking on the high interest rates for deposits that we've come to expect. With rates rapidly changing, how can you be sure that you're getting the best interest rate?
We monitor rates from banks and credit unions daily to help you feel confident before you open a new account โ and now could be a great time to lock in a high rate before APYs go off a cliff. Here are the top rates for popular banks on Tuesday, December 17.
High-yield savings accounts aren't the only accounts paying favorable rates right now. You'll typically see the highest rates at online or lower-profile institutions rather than national brands with a significant brick-and-mortar presence. This is normal; online banks have lower overhead costs and are willing to pay high rates to attract new customers.
The best high-yield savings accounts provide the security of a savings account with the added bonus of a high APY. Savings accounts are held at a bank or credit union โ not invested through a brokerage account โ and are best for saving cash in pursuit of shorter-term goals, like a vacation or big purchase.ย
The best high-yield checking accounts tend to pay slightly lower rates than high-yield savings, but even they are strong in today's rate environment. A checking account is like a hub for your money: If your paycheck is direct deposited, it's typically to a checking account. If you transfer money to pay a bill, you typically do it from a checking account. Checking accounts are used for everyday spending and usually come with checks and/or debit cards to make that easy.
The best money market accounts could be considered a middle ground between checking and savings: They are used for saving money but typically provide easy access to your account through checks or a debit card. They usually offer a tiered interest rate depending on your balance.
A cash management account is also like a savings/checking hybrid. You'll generally see them offered by online banks, and, unlike a checking account, they usually offer unlimited transfers. A savings account often limits the number of monthly transfers, while a checking account doesn't. Cash management accounts typically come with a debit card for easy access, but you may have to pay a fee if you want to deposit cash.
The best CD rates may outpace any of the other accounts we've described above. That's because a certificate of deposit requires you to "lock in" your money for a predetermined amount of time ranging from three months to five years. To retrieve it before then, you'll pay a penalty (unless you opt for one of the best no-penalty CDs). The longer you'll let the bank hold your money, the higher rate you'll get. CD rates aren't variable; the rate you get upon depositing your money is the rate you'll get for the length of your term.
Locking your money into an account in exchange for a higher interest rate can be a big decision. Here's what you need to know about common CD terms.
Most CDs charge you a fee if you need to withdraw money from your account before the term ends. But with a no-penalty CD, you won't have to pay an early withdrawal penalty. The best no-penalty CDs will offer rates slightly higher than the best high-yield savings accounts, and can offer a substantially improved interest rate over traditional brick-and-mortar savings accounts.
The best 6-month CDs are offering interest rates in the mid-5% range. Six-month CDs are best for those who are looking for elevated rates on their savings for short-term gains, but are uncomfortable having limited access to their cash in the long term. These can be a good option for those who may just be getting started with saving, or who don't have a large emergency fund for unexpected expenses.
The best 1-year CDs tend to offer some of the top CD rates, and are a popular option for many investors. A 1-year term can be an attractive option for someone building a CD ladder, or for someone who has a reasonable cash safety net but is still concerned about long-term expenses.ย
The best 2-year CD rates will be slightly lower than 1-year and no-penalty CD rates. In exchange for a longer lock-in period, investors receive a long-term commitment for a specific rate. These are best used as part of a CD ladder strategy, or for those worried about a declining rate market in the foreseeable future.
The best 3-year CDs tend to have rates that are comparable to 2-year CDs. These are usually less popular for your average investor, but can be an important lever when diversifying investments and hedging against the risk of unfavorable rate markets in the long term.
The best 5-year CDs will offer lower rates than the other terms on our list, but are still popular options for investors. These CDs are best for those looking to lock in high rates for the long term. CDs are generally viewed as safe investment vehicles, and securing a favorable rate can yield considerable earnings in year three and beyond โ even if rates fall elsewhere.
The offers and details on this page may have updated or changed since the time of publication. See our article on Business Insider for current information.
Affiliate links for the products on this page are from partners that compensate us and terms apply to offers listed (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate banking products to write unbiased product reviews.
The Federal Reserve cut rates in its last two meetings, meaning the clock is ticking on the high interest rates for deposits we've come to expect. With rates rapidly changing, how can you be sure that you're getting the best interest rate?
We monitor rates from banks and credit unions daily to help you feel confident before you open a new account โ and now could be a great time to lock in a high rate before APYs go off a cliff. Here are the top rates for popular banks on Monday, December 16.
High-yield savings accounts aren't the only accounts paying favorable rates right now. You'll typically see the highest rates at online or lower-profile institutions rather than national brands with a significant brick-and-mortar presence. This is normal; online banks have lower overhead costs and are willing to pay high rates to attract new customers.
The best high-yield savings accounts provide the security of a savings account with the added bonus of a high APY. Savings accounts are held at a bank or credit union โ not invested through a brokerage account โ and are best for saving cash in pursuit of shorter-term goals, like a vacation or big purchase.ย
The best high-yield checking accounts tend to pay slightly lower rates than high-yield savings, but even they are strong in today's rate environment. A checking account is like a hub for your money: If your paycheck is direct deposited, it's typically to a checking account. If you transfer money to pay a bill, you typically do it from a checking account. Checking accounts are used for everyday spending and usually come with checks and/or debit cards to make that easy.
The best money market accounts could be considered a middle ground between checking and savings: They are used for saving money but typically provide easy access to your account through checks or a debit card. They usually offer a tiered interest rate depending on your balance.
A cash management account is also like a savings/checking hybrid. You'll generally see them offered by online banks, and, unlike a checking account, they usually offer unlimited transfers. A savings account often limits the number of monthly transfers, while a checking account doesn't. Cash management accounts typically come with a debit card for easy access, but you may have to pay a fee if you want to deposit cash.
The best CD rates may outpace any of the other accounts we've described above. That's because a certificate of deposit requires you to "lock in" your money for a predetermined amount of time ranging from three months to five years. To retrieve it before then, you'll pay a penalty (unless you opt for one of the best no-penalty CDs). The longer you'll let the bank hold your money, the higher rate you'll get. CD rates aren't variable; the rate you get upon depositing your money is the rate you'll get for the length of your term.
Locking your money into an account in exchange for a higher interest rate can be a big decision. Here's what you need to know about common CD terms.
Most CDs charge you a fee if you need to withdraw money from your account before the term ends. But with a no-penalty CD, you won't have to pay an early withdrawal penalty. The best no-penalty CDs will offer rates slightly higher than the best high-yield savings accounts, and can offer a substantially improved interest rate over traditional brick-and-mortar savings accounts.
The best 6-month CDs are offering interest rates in the mid-5% range. Six-month CDs are best for those who are looking for elevated rates on their savings for short-term gains, but are uncomfortable having limited access to their cash in the long term. These can be a good option for those who may just be getting started with saving, or who don't have a large emergency fund for unexpected expenses.
The best 1-year CDs tend to offer some of the top CD rates, and are a popular option for many investors. A 1-year term can be an attractive option for someone building a CD ladder, or for someone who has a reasonable cash safety net but is still concerned about long-term expenses.ย
The best 2-year CD rates will be slightly lower than 1-year and no-penalty CD rates. In exchange for a longer lock-in period, investors receive a long-term commitment for a specific rate. These are best used as part of a CD ladder strategy, or for those worried about a declining rate market in the foreseeable future.
The best 3-year CDs tend to have rates that are comparable to 2-year CDs. These are usually less popular for your average investor, but can be an important lever when diversifying investments and hedging against the risk of unfavorable rate markets in the long term.
The best 5-year CDs will offer lower rates than the other terms on our list, but are still popular options for investors. These CDs are best for those looking to lock in high rates for the long term. CDs are generally viewed as safe investment vehicles, and securing a favorable rate can yield considerable earnings in year three and beyond โ even if rates fall elsewhere.
The offers and details on this page may have updated or changed since the time of publication. See our article on Business Insider for current information.
Affiliate links for the products on this page are from partners that compensate us and terms apply to offers listed (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate banking products to write unbiased product reviews.
The Federal Reserve cut rates in its last two meetings, meaning the clock is ticking on the high interest rates for deposits we've come to expect. With rates rapidly changing, how can you be sure that you're getting the best interest rate?
We monitor rates from banks and credit unions daily to help you feel confident before you open a new account โ and now could be a great time to lock in a high rate before APYs go off a cliff. Here are the top rates for popular banks on Sunday, December 15.
High-yield savings accounts aren't the only accounts paying favorable rates right now. You'll typically see the highest rates at online or lower-profile institutions rather than national brands with a significant brick-and-mortar presence. This is normal; online banks have lower overhead costs and are willing to pay high rates to attract new customers.
The best high-yield savings accounts provide the security of a savings account with the added bonus of a high APY. Savings accounts are held at a bank or credit union โ not invested through a brokerage account โ and are best for saving cash in pursuit of shorter-term goals, like a vacation or big purchase.ย
The best high-yield checking accounts tend to pay slightly lower rates than high-yield savings, but even they are strong in today's rate environment. A checking account is like a hub for your money: If your paycheck is direct deposited, it's typically to a checking account. If you transfer money to pay a bill, you typically do it from a checking account. Checking accounts are used for everyday spending and usually come with checks and/or debit cards to make that easy.
The best money market accounts could be considered a middle ground between checking and savings: They are used for saving money but typically provide easy access to your account through checks or a debit card. They usually offer a tiered interest rate depending on your balance.
A cash management account is also like a savings/checking hybrid. You'll generally see them offered by online banks, and, unlike a checking account, they usually offer unlimited transfers. A savings account often limits the number of monthly transfers, while a checking account doesn't. Cash management accounts typically come with a debit card for easy access, but you may have to pay a fee if you want to deposit cash.
The best CD rates may outpace any of the other accounts we've described above. That's because a certificate of deposit requires you to "lock in" your money for a predetermined amount of time ranging from three months to five years. To retrieve it before then, you'll pay a penalty (unless you opt for one of the best no-penalty CDs). The longer you'll let the bank hold your money, the higher rate you'll get. CD rates aren't variable; the rate you get upon depositing your money is the rate you'll get for the length of your term.
Locking your money into an account in exchange for a higher interest rate can be a big decision. Here's what you need to know about common CD terms.
Most CDs charge you a fee if you need to withdraw money from your account before the term ends. But with a no-penalty CD, you won't have to pay an early withdrawal penalty. The best no-penalty CDs will offer rates slightly higher than the best high-yield savings accounts, and can offer a substantially improved interest rate over traditional brick-and-mortar savings accounts.
The best 6-month CDs are offering interest rates in the mid-5% range. Six-month CDs are best for those who are looking for elevated rates on their savings for short-term gains, but are uncomfortable having limited access to their cash in the long term. These can be a good option for those who may just be getting started with saving, or who don't have a large emergency fund for unexpected expenses.
The best 1-year CDs tend to offer some of the top CD rates, and are a popular option for many investors. A 1-year term can be an attractive option for someone building a CD ladder, or for someone who has a reasonable cash safety net but is still concerned about long-term expenses.ย
The best 2-year CD rates will be slightly lower than 1-year and no-penalty CD rates. In exchange for a longer lock-in period, investors receive a long-term commitment for a specific rate. These are best used as part of a CD ladder strategy, or for those worried about a declining rate market in the foreseeable future.
The best 3-year CDs tend to have rates that are comparable to 2-year CDs. These are usually less popular for your average investor, but can be an important lever when diversifying investments and hedging against the risk of unfavorable rate markets in the long term.
The best 5-year CDs will offer lower rates than the other terms on our list, but are still popular options for investors. These CDs are best for those looking to lock in high rates for the long term. CDs are generally viewed as safe investment vehicles, and securing a favorable rate can yield considerable earnings in year three and beyond โ even if rates fall elsewhere.
The offers and details on this page may have updated or changed since the time of publication. See our article on Business Insider for current information.
Affiliate links for the products on this page are from partners that compensate us and terms apply to offers listed (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate banking products to write unbiased product reviews.
The Federal Reserve cut rates in its last two meetings, meaning the clock is ticking on the high interest rates for deposits we've come to expect. With rates rapidly changing, how can you be sure that you're getting the best interest rate?
We monitor rates from banks and credit unions daily to help you feel confident before you open a new account โ and now could be a great time to lock in a high rate before APYs go off a cliff. Here are the top rates for popular banks on Saturday, December 14.
High-yield savings accounts aren't the only accounts paying favorable rates right now. You'll typically see the highest rates at online or lower-profile institutions rather than national brands with a significant brick-and-mortar presence. This is normal; online banks have lower overhead costs and are willing to pay high rates to attract new customers.
The best high-yield savings accounts provide the security of a savings account with the added bonus of a high APY. Savings accounts are held at a bank or credit union โ not invested through a brokerage account โ and are best for saving cash in pursuit of shorter-term goals, like a vacation or big purchase.ย
The best high-yield checking accounts tend to pay slightly lower rates than high-yield savings, but even they are strong in today's rate environment. A checking account is like a hub for your money: If your paycheck is direct deposited, it's typically to a checking account. If you transfer money to pay a bill, you typically do it from a checking account. Checking accounts are used for everyday spending and usually come with checks and/or debit cards to make that easy.
The best money market accounts could be considered a middle ground between checking and savings: They are used for saving money but typically provide easy access to your account through checks or a debit card. They usually offer a tiered interest rate depending on your balance.
A cash management account is also like a savings/checking hybrid. You'll generally see them offered by online banks, and, unlike a checking account, they usually offer unlimited transfers. A savings account often limits the number of monthly transfers, while a checking account doesn't. Cash management accounts typically come with a debit card for easy access, but you may have to pay a fee if you want to deposit cash.
The best CD rates may outpace any of the other accounts we've described above. That's because a certificate of deposit requires you to "lock in" your money for a predetermined amount of time ranging from three months to five years. To retrieve it before then, you'll pay a penalty (unless you opt for one of the best no-penalty CDs). The longer you'll let the bank hold your money, the higher rate you'll get. CD rates aren't variable; the rate you get upon depositing your money is the rate you'll get for the length of your term.
Locking your money into an account in exchange for a higher interest rate can be a big decision. Here's what you need to know about common CD terms.
Most CDs charge you a fee if you need to withdraw money from your account before the term ends. But with a no-penalty CD, you won't have to pay an early withdrawal penalty. The best no-penalty CDs will offer rates slightly higher than the best high-yield savings accounts, and can offer a substantially improved interest rate over traditional brick-and-mortar savings accounts.
The best 6-month CDs are offering interest rates in the mid-5% range. Six-month CDs are best for those who are looking for elevated rates on their savings for short-term gains, but are uncomfortable having limited access to their cash in the long term. These can be a good option for those who may just be getting started with saving, or who don't have a large emergency fund for unexpected expenses.
The best 1-year CDs tend to offer some of the top CD rates, and are a popular option for many investors. A 1-year term can be an attractive option for someone building a CD ladder, or for someone who has a reasonable cash safety net but is still concerned about long-term expenses.ย
The best 2-year CD rates will be slightly lower than 1-year and no-penalty CD rates. In exchange for a longer lock-in period, investors receive a long-term commitment for a specific rate. These are best used as part of a CD ladder strategy, or for those worried about a declining rate market in the foreseeable future.
The best 3-year CDs tend to have rates that are comparable to 2-year CDs. These are usually less popular for your average investor, but can be an important lever when diversifying investments and hedging against the risk of unfavorable rate markets in the long term.
The best 5-year CDs will offer lower rates than the other terms on our list, but are still popular options for investors. These CDs are best for those looking to lock in high rates for the long term. CDs are generally viewed as safe investment vehicles, and securing a favorable rate can yield considerable earnings in year three and beyond โ even if rates fall elsewhere.
The offers and details on this page may have updated or changed since the time of publication. See our article on Business Insider for current information.
Affiliate links for the products on this page are from partners that compensate us and terms apply to offers listed (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate products and services to help you make smart decisions with your money.
Westend61/Getty Images
Overdraft fees can be a huge financial burden when you're already struggling to make ends meet. The best banks for avoiding overdrafts don't charge overdraft fees at all, but it's more common for banks to charge overdraft fees in the $20 to $40 range.
The Consumer Financial Protection Bureau recently finalized a rule that would limit large financial institutions โย institutions that have $10 billion or more in assets โ from charging high overdraft fees. The rule is expected to take effect on October 1, 2025, but that might change if Congress decides to overturn it.
If you have a checking account with a large national bank or credit union, this rule could likely affect you. Here's what you can expect to change and what you should do to take advantage of lower overdraft fees.
The CFPB only has authority over very large financial institutions, which it defines as those with more than $10 billion in total assets. According to theย CFPB Depository Institutionsย list, which uses data from Q3 2024, a little under 180 banks andย credit unionsย meet those criteria.
The most commonly used banks and credit unions, such as Bank of America, Wells Fargo, Ally Bank, and Navy Federal Credit Union, are on this list. A few of those financial institutions, like Ally, have already eliminated overdraft fees.
Financial institutions on the list that haven't eliminated overdraft fees have a couple of other options if they don't want to cap overdraft fees at $5. They can prove to the CFPB that they aren't making a profit on the overdraft fees they charge, which will likely be a more complicated process than just capping their fees. They could instead treat overdrafts like other consumer credit options, which include consumer loans and credit cards. Consumer credit options are more strictly regulated than overdrafts are now.
But if you use one of the CFPB's listed banks and it still charges overdraft fees, this rule would almost certainly lower what you pay for overdrafts โ if it goes through.
"I would expect to see litigation from the banking industry, as well as the potential for political changes with a new administration or a new Congress starting in January," says Patrick O'Leary, CFPยฎ professional, Sr. Vice President and financial advisor at O'Leary Wealth Management with D.A. Davidson and Co.
But even if the rule doesn't go through, it could still have an indirect impact on overdraft fees. "Even if it doesn't go into effect as it's written now, I think the continued pressure on banks, from both a regulatory perspective as well as from the public, is likely to push these fees lower in many instances," says O'Leary.
The CFPB estimates that the rule will save consumers $5.2 billion dollars each year. Low-income consumers are the ones who will save most if the rule is passed.
"The CFPB is trying to limit the impact and the cost to consumers, especially lower-income consumers," says O'Leary.
If you find yourself overdrafting your checking account frequently, you might want to take advantage of this rule. To do that, just make sure your primary checking account is from one of the financial institutions listed on the CFPB website. Most of the banks that made our list of best banks are large enough to be covered by the CFPB.
If you don't want to wait until next October to lower your overdraft fees, we've provided a list of some of the best checking accounts for overdraft below. All of these accounts are overdraft fee-free, and some of them have other perks, such as being high-yield checking accounts.
| Checking Account | Monthly Service Fees | Other Perks |
| Ally Spending Account | no monthly service fee | Gives you buckets to organize your spending |
| Axos Bank Rewards Checking | no monthly service fee | High-yield checking account |
| Capital One 360 Checking | no monthly service fee | $250 bonus if you meet requirements |
| Discoverยฎ Cashback Debit Account | no monthly service fee | Cash-back debit card |
| Alliant High-Rate Digital Checking | no monthly service fee | Credit union |
While this rule would help you avoid high overdraft fees, there are ways you can lower the impact of overdraft fees on your budget regardless of whether the rule goes through.
If you find yourself facing surprise overdraft fees, calling your bank might help lower your costs. "Call your bank and speak to them. Let them know what has happened. A lot of times, they will waive some or all of those fees," says Angela Moore, CFPยฎ professional, founder of Modern Money Education.
If you want to avoid overdrafts entirely, there are a few ways to accomplish that. "One thing you can do is you can call your bank and tell them that you do not want overdraft options on your account," says Moore. This will make it so any transactions that would take your account into the negative would automatically decline.
"Another option you could do is always keep a cushion in your account. If you typically spend $5,000 a month, maybe you keep an extra $2,000 in your checking account as a cushion," says Moore.
She also says that signing up for overdraft transfers, which lets you automatically transfer money from your savings to cover overdrafts, could help avoid heavy overdraft fees. Some banks charge fees for overdraft transfers, but they're generally lower than overdraft fees. Additionally, O'Leary says that the new CFPB rule also applies to overdraft transfer fees.
The offers and details on this page may have updated or changed since the time of publication. See our article on Business Insider for current information.
Affiliate links for the products on this page are from partners that compensate us and terms apply to offers listed (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate banking products to write unbiased product reviews.
The Federal Reserve cut interest rates in its last two meetings, meaning the clock is ticking on the high rates for deposits we've come to expect. With rates rapidly changing, how can you know that you're getting the best interest rate?
We monitor rates from banks and credit unions daily to help you feel confident before you open a new account โ and now could be a great time to lock in a high rate before APYs go off a cliff. Here are the top rates for popular banks on Friday, December 13.
High-yield savings accounts aren't the only accounts paying favorable rates right now. You'll typically see the highest rates at online or lower-profile institutions rather than national brands with a significant brick-and-mortar presence. This is normal; online banks have lower overhead costs and are willing to pay high rates to attract new customers.
The best high-yield savings accounts provide the security of a savings account with the added bonus of a high APY. Savings accounts are held at a bank or credit union โ not invested through a brokerage account โ and are best for saving cash in pursuit of shorter-term goals, like a vacation or big purchase.ย
The best high-yield checking accounts tend to pay slightly lower rates than high-yield savings, but even they are strong in today's rate environment. A checking account is like a hub for your money: If your paycheck is direct deposited, it's typically to a checking account. If you transfer money to pay a bill, you typically do it from a checking account. Checking accounts are used for everyday spending and usually come with checks and/or debit cards to make that easy.
The best money market accounts could be considered a middle ground between checking and savings: They are used for saving money but typically provide easy access to your account through checks or a debit card. They usually offer a tiered interest rate depending on your balance.
A cash management account is also like a savings/checking hybrid. You'll generally see them offered by online banks, and, unlike a checking account, they usually offer unlimited transfers. A savings account often limits the number of monthly transfers, while a checking account doesn't. Cash management accounts typically come with a debit card for easy access, but you may have to pay a fee if you want to deposit cash.
The best CD rates may outpace any of the other accounts we've described above. That's because a certificate of deposit requires you to "lock in" your money for a predetermined amount of time ranging from three months to five years. To retrieve it before then, you'll pay a penalty (unless you opt for one of the best no-penalty CDs). The longer you'll let the bank hold your money, the higher rate you'll get. CD rates aren't variable; the rate you get upon depositing your money is the rate you'll get for the length of your term.
Locking your money into an account in exchange for a higher interest rate can be a big decision. Here's what you need to know about common CD terms.
Most CDs charge you a fee if you need to withdraw money from your account before the term ends. But with a no-penalty CD, you won't have to pay an early withdrawal penalty. The best no-penalty CDs will offer rates slightly higher than the best high-yield savings accounts, and can offer a substantially improved interest rate over traditional brick-and-mortar savings accounts.
The best 6-month CDs are offering interest rates in the mid-5% range. Six-month CDs are best for those who are looking for elevated rates on their savings for short-term gains, but are uncomfortable having limited access to their cash in the long term. These can be a good option for those who may just be getting started with saving, or who don't have a large emergency fund for unexpected expenses.
The best 1-year CDs tend to offer some of the top CD rates, and are a popular option for many investors. A 1-year term can be an attractive option for someone building a CD ladder, or for someone who has a reasonable cash safety net but is still concerned about long-term expenses.ย
The best 2-year CD rates will be slightly lower than 1-year and no-penalty CD rates. In exchange for a longer lock-in period, investors receive a long-term commitment for a specific rate. These are best used as part of a CD ladder strategy, or for those worried about a declining rate market in the foreseeable future.
The best 3-year CDs tend to have rates that are comparable to 2-year CDs. These are usually less popular for your average investor, but can be an important lever when diversifying investments and hedging against the risk of unfavorable rate markets in the long term.
The best 5-year CDs will offer lower rates than the other terms on our list, but are still popular options for investors. These CDs are best for those looking to lock in high rates for the long term. CDs are generally viewed as safe investment vehicles, and securing a favorable rate can yield considerable earnings in year three and beyond โ even if rates fall elsewhere.
Goldman Sachs; Bank of America; Axom Partners
AI offers the promise of a dealmaking gold rush in years to come, and investment bankers are looking to cash in on deals involving data and infrastructure companies selling the proverbial pickaxes and shovels.
"Everybody's rightly caught up in the lore of AI and what the industry leaders are doing regarding building out platforms, but people forget; unless you have good data management and good data integrity, you can't fully deploy any application of AI," said Neil Kell, Bank of America's chair and global head of technology, media, and telecom for equity-capital markets. "Companies that are looking to be acquisitive are focused on this," he said.
Brandon Hightower, a founder and partner at the tech-focused M&A advisory firm Axom Partners, attributes an increase in AI-themed deals to "an arms race" earlier this year around infrastructure and talent.
Those are two themes that are expected to see continued momentum, according to interviews with four AI bankers. Tech companies focusing on managing, moving, and securing data will be at the forefront of the AI M&A wave. Other "pickaxe and shovel" companies include those focusing on developer tools and resource optimization. AI dealmaking is also poised to touch non-technology sectors, like customer service, commerce, and industrials.
While there hasn't been a lot of dealmaking activity among pure-play generative AI companies, tens of billions have been spent on technology companies that are building infrastructure around AI like storage, server, cloud, and software companies, according to Scott Denne, a principal research analyst at S&P Global Market Intelligence.
In 2024, some $82 billion was spent on AI- and AI-related acquisitons, up from about $55 billion in 2023, according to data from 451 Research, an arm of S&P Global Market Intelligence. This includes purchases of companies selling AI products or products built with AI, as well as companies that sell software, hardware, and other tech to support AI development and deployments.
There are several reasons the timing may be right for companies to shop around. Lower interest rates have reduced the cost of borrowing. The gap between buyer and seller price expectations is shrinking as companies, AI ones included, reset their valuations. Election uncertainty is behind us, and president-elect Trump's pick of Andrew Ferguson to run the Federal Trade Commission is looking like a positive for Big Tech, according to Wedbush Securities.
Ferguson was tapped "at a key time in the AI arms race in which we expect the strong to get stronger as Mag 7 gets the engines started up again on M&A," Wedbush analysts wrote in a note to clients Wednesday.
Because generative AI is still relatively nascent, bankers are focused on the raw ingredients that are critical to AI models'success.
"Two of the most interesting areas to watch next year will be data infrastructure, management, and analytics companies. The second is developer tools," Jung Min, the co-COO of Goldman Sachs' TMT division, told BI.
Also important is data security, according to Bank of America's Kell, which he said continues to be very relevant and vital for those companies thinking about M&A.
Eventually, the front-facing application layer will be the biggest area, he said. But "in that creation phase, the infrastructure and the developer tools, those are the things that really matter first" after the models are trained, Min said.
That's because companies are trying to figure out "how to get better quality data" and "more efficient flows of data," Axom's Hightower said.
It's something even the biggest AI companies are opening their wallets for. When Axom worked on the sale of database analystics firm Rockset to OpenAI earlier this year, the deal came down to enabling faster data retrieval and improving the data pipeline, according to Axom cofounder Alan Bressers.
The focus on data infrastructure is spotlights two big-data giants Databricks and Snowflake, which respectively have made a handful of acquisitions related to data and AI this year.
"If you have data and if you own the models, those are two key components. How do I bring those together? And if you've got Databricks and Snowflake holding a lot of enterprise data, that's a natural place for a future winner in the AI world," he said.
A need to scale is also driving tech companies to acquire infrastructure players, Axom's Hightower said. He pointed to Nvidia's purchase of Seattle-based OctoAI, a deal that Axom worked on "so that it can scale and do certain aspects of AI workflows in a more efficient manner," he said. It's at least Nvidia's second acquisition this year with an eye toward scalability.
Earlier this year, Nvidia set out to buy Run:ai. The deal, which is still in the regulatory approval process, could help the chipmaker run compute more economically by allowing more work to be done on fewer chips.
There's also a greater focus on lowering inference costs, essentially the price of asking an AI models a question and having them generate a response. While it's well known that training LLMs can come with astronomical prices, getting them to beam back an answer might come at an even steeper price. It's something that AI adopters are learning the hard way, prompting a "very near-term thing where you can see M&A because people can say there's real dollar value from inference savings," Axom's Bressers said. He noted potential buyers interested in this part of the tech stack could be the newer generation of cloud companies, like CoreWeave or Lambda.
While most of the AI and AI-related deals will likely be between tech companies, Goldman's Min anticipates some transactions in the industrial space.
"Companies that already automate or help automate the supply chain, a lot of those interaction are already software to software or machine to machine, so those are ripe for AI to really deploy there," he said.
Other fertile grounds for acquisition going into 2025 include customer service and customer-relationship management companies, potentially spurred by some of Salesforce's recent AI ambitions, Axom's Hightower said. This year, the CRM giant Salesforce made "a hard pivot" to AI agents with a product that lets clients build their own custom ones to interact directly with clientele. Competitors like ServiceNow, Braze, Klayvio, and HubSpot to broaden their suite of solutions and add data and data connectivity to their offerings, he said.
Upvest might not be a familiar name if you donโt pay close attention to the fintech industry, but chances are youโve already interacted with the companyโs products. Founded by Martin Kassing (pictured above), the Berlin-based startup builds a white-label investment platform that is used by some of the biggest fintech companies in Europe. Upvest clients [โฆ]
ยฉ 2024 TechCrunch. All rights reserved. For personal use only.
The offers and details on this page may have updated or changed since the time of publication. See our article on Business Insider for current information.
Affiliate links for the products on this page are from partners that compensate us and terms apply to offers listed (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate banking products to write unbiased product reviews.
In its last two meetings, the Federal Reserve cut interest rates for the first time in four years, meaning the clock is ticking on the high interest rates on deposits that we've come to expect. With rates rapidly changing, how can you be sure that you're getting the best interest rate?
We monitor rates from banks and credit unions daily to help you feel confident before you open a new account โ and now could be a great time to lock in a high rate before APYs go off a cliff. Here are the top rates for popular banks on Wednesday, December 11.
High-yield savings accounts aren't the only accounts paying favorable rates right now. You'll typically see the highest rates at online or lower-profile institutions rather than national brands with a significant brick-and-mortar presence. This is normal; online banks have lower overhead costs and are willing to pay high rates to attract new customers.
The best high-yield savings accounts provide the security of a savings account with the added bonus of a high APY. Savings accounts are held at a bank or credit union โ not invested through a brokerage account โ and are best for saving cash in pursuit of shorter-term goals, like a vacation or big purchase.ย
The best high-yield checking accounts tend to pay slightly lower rates than high-yield savings, but even they are strong in today's rate environment. A checking account is like a hub for your money: If your paycheck is direct deposited, it's typically to a checking account. If you transfer money to pay a bill, you typically do it from a checking account. Checking accounts are used for everyday spending and usually come with checks and/or debit cards to make that easy.
The best money market accounts could be considered a middle ground between checking and savings: They are used for saving money but typically provide easy access to your account through checks or a debit card. They usually offer a tiered interest rate depending on your balance.
A cash management account is also like a savings/checking hybrid. You'll generally see them offered by online banks, and, unlike a checking account, they usually offer unlimited transfers. A savings account often limits the number of monthly transfers, while a checking account doesn't. Cash management accounts typically come with a debit card for easy access, but you may have to pay a fee if you want to deposit cash.
The best CD rates may outpace any of the other accounts we've described above. That's because a certificate of deposit requires you to "lock in" your money for a predetermined amount of time ranging from three months to five years. To retrieve it before then, you'll pay a penalty (unless you opt for one of the best no-penalty CDs). The longer you'll let the bank hold your money, the higher rate you'll get. CD rates aren't variable; the rate you get upon depositing your money is the rate you'll get for the length of your term.
Locking your money into an account in exchange for a higher interest rate can be a big decision. Here's what you need to know about common CD terms.
Most CDs charge you a fee if you need to withdraw money from your account before the term ends. But with a no-penalty CD, you won't have to pay an early withdrawal penalty. The best no-penalty CDs will offer rates slightly higher than the best high-yield savings accounts, and can offer a substantially improved interest rate over traditional brick-and-mortar savings accounts.
The best 6-month CDs are offering interest rates in the mid-5% range. Six-month CDs are best for those who are looking for elevated rates on their savings for short-term gains, but are uncomfortable having limited access to their cash in the long term. These can be a good option for those who may just be getting started with saving, or who don't have a large emergency fund for unexpected expenses.
The best 1-year CDs tend to offer some of the top CD rates, and are a popular option for many investors. A 1-year term can be an attractive option for someone building a CD ladder, or for someone who has a reasonable cash safety net but is still concerned about long-term expenses.ย
The best 2-year CD rates will be slightly lower than 1-year and no-penalty CD rates. In exchange for a longer lock-in period, investors receive a long-term commitment for a specific rate. These are best used as part of a CD ladder strategy, or for those worried about a declining rate market in the foreseeable future.
The best 3-year CDs tend to have rates that are comparable to 2-year CDs. These are usually less popular for your average investor, but can be an important lever when diversifying investments and hedging against the risk of unfavorable rate markets in the long term.
The best 5-year CDs will offer lower rates than the other terms on our list, but are still popular options for investors. These CDs are best for those looking to lock in high rates for the long term. CDs are generally viewed as safe investment vehicles, and securing a favorable rate can yield considerable earnings in year three and beyond โ even if rates fall elsewhere.
The offers and details on this page may have updated or changed since the time of publication. See our article on Business Insider for current information.
Affiliate links for the products on this page are from partners that compensate us and terms apply to offers listed (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate banking products to write unbiased product reviews.
In its last two meetings, the Federal Reserve cut interest rates for the first time in four years, meaning the clock is ticking on the high interest rates for deposits that we've come to expect. With rates rapidly changing, how can you be sure that you're getting the best interest rate?
We monitor rates from banks and credit unions daily to help you feel confident before you open a new account โ and now could be a great time to lock in a high rate before APYs go off a cliff. Here are the top rates for popular banks on Tuesday, December 10.
High-yield savings accounts aren't the only accounts paying favorable rates right now. You'll typically see the highest rates at online or lower-profile institutions rather than national brands with a significant brick-and-mortar presence. This is normal; online banks have lower overhead costs and are willing to pay high rates to attract new customers.
The best high-yield savings accounts provide the security of a savings account with the added bonus of a high APY. Savings accounts are held at a bank or credit union โ not invested through a brokerage account โ and are best for saving cash in pursuit of shorter-term goals, like a vacation or big purchase.ย
The best high-yield checking accounts tend to pay slightly lower rates than high-yield savings, but even they are strong in today's rate environment. A checking account is like a hub for your money: If your paycheck is direct deposited, it's typically to a checking account. If you transfer money to pay a bill, you typically do it from a checking account. Checking accounts are used for everyday spending and usually come with checks and/or debit cards to make that easy.
The best money market accounts could be considered a middle ground between checking and savings: They are used for saving money but typically provide easy access to your account through checks or a debit card. They usually offer a tiered interest rate depending on your balance.
A cash management account is also like a savings/checking hybrid. You'll generally see them offered by online banks, and, unlike a checking account, they usually offer unlimited transfers. A savings account often limits the number of monthly transfers, while a checking account doesn't. Cash management accounts typically come with a debit card for easy access, but you may have to pay a fee if you want to deposit cash.
The best CD rates may outpace any of the other accounts we've described above. That's because a certificate of deposit requires you to "lock in" your money for a predetermined amount of time ranging from three months to five years. To retrieve it before then, you'll pay a penalty (unless you opt for one of the best no-penalty CDs). The longer you'll let the bank hold your money, the higher rate you'll get. CD rates aren't variable; the rate you get upon depositing your money is the rate you'll get for the length of your term.
Locking your money into an account in exchange for a higher interest rate can be a big decision. Here's what you need to know about common CD terms.
Most CDs charge you a fee if you need to withdraw money from your account before the term ends. But with a no-penalty CD, you won't have to pay an early withdrawal penalty. The best no-penalty CDs will offer rates slightly higher than the best high-yield savings accounts, and can offer a substantially improved interest rate over traditional brick-and-mortar savings accounts.
The best 6-month CDs are offering interest rates in the mid-5% range. Six-month CDs are best for those who are looking for elevated rates on their savings for short-term gains, but are uncomfortable having limited access to their cash in the long term. These can be a good option for those who may just be getting started with saving, or who don't have a large emergency fund for unexpected expenses.
The best 1-year CDs tend to offer some of the top CD rates, and are a popular option for many investors. A 1-year term can be an attractive option for someone building a CD ladder, or for someone who has a reasonable cash safety net but is still concerned about long-term expenses.ย
The best 2-year CD rates will be slightly lower than 1-year and no-penalty CD rates. In exchange for a longer lock-in period, investors receive a long-term commitment for a specific rate. These are best used as part of a CD ladder strategy, or for those worried about a declining rate market in the foreseeable future.
The best 3-year CDs tend to have rates that are comparable to 2-year CDs. These are usually less popular for your average investor, but can be an important lever when diversifying investments and hedging against the risk of unfavorable rate markets in the long term.
The best 5-year CDs will offer lower rates than the other terms on our list, but are still popular options for investors. These CDs are best for those looking to lock in high rates for the long term. CDs are generally viewed as safe investment vehicles, and securing a favorable rate can yield considerable earnings in year three and beyond โ even if rates fall elsewhere.
Julian Restrepo/Citigroup via AP
Last week, Citigroup announced a new class of managing directors, some of whom have been with the bank since it had a red umbrella logo โ a byproduct of its merger with insurance giant Travelers in the late 1990s.
Anyone who has worked at Citi for a long time has seen plenty of changes. The global bank did away with the umbrella logo in 2007, just before a series of job cuts and other reorganization efforts took hold at the height of the financial crisis. In recent years, Citi has also exited many of its consumer banking operations, among other changes, as part of a transformation effort led by CEO Jane Fraser.
Since taking the top job in 2021, Fraser has vowed to modernize and simplify the bank, including by removing layers of bureaucracy and strengthening Citi'sย risk controlsย and technology systems. She has announced plans to cut 20,000 jobs over the next five years.
Managing directors, the bank's highest rank below the C-suite, are the people who will be tasked with helping bring Fraser's vision for the bank's future to life and navigating complex headwinds that arise along the way.
Business Insider interviewed five members of the 2024 MD class who have been at the bank for the majority of their careers. They spoke via email about a range of topics, from their first day at Citi to the changes they've seen at the bank over the decades, and how Fraser's transformation efforts have impacted their jobs. They also shared their advice to the next generation of talent in the industry.
Here are their words of wisdom, edited for length and clarity:
Citi
Describe your current role.
I am the chief administrative officer (CAO) of global risk review, responsible for leading the pillars of business management, regulatory & audit engagement, board reporting, controls & issue management, governance, and infrastructure & strategic projects.
What would you say is the biggest change at the bank/your field since you joined?
What stands out most is how much the bank โ and the way we work โ has evolved over time. When I joined, the iconic red umbrella stood out front and wood-paneled offices reflected a more traditional era. Today, modern, open workspaces reflect how much has changed. Through all of the change, it's the people who make it work โ coming together, adapting and finding a way forward. That sense of community is what has kept me at the bank all these years.
What is one nugget of wisdom you'd give to the next generation of talent?
Stay confident in what you bring to the table, but humble enough to recognize areas where you can grow โ and curious enough to turn them into opportunities. Early in my career, I pursued an internal transfer to Hong Kong with Citi to deepen my understanding of Asia, a region I realized I knew little about. That decision not only broadened my perspective but also led to incredible experiences that shaped both my career and personal growth.
What is the biggest impact the bank's transformation has had on your approach to your job?
The transformation has empowered me to question complexity and advocate for simplicity. I feel more confident challenging processes or decisions that seem overly complicated, focusing instead on practical solutions. This perspective has helped me contribute to a culture that values clarity and purposeful action.
Citi
Describe your current role.
I am part of the USPB organization and work in the branded cards and lending team. I manage the on-card lending products.
Describe your very first day.
I joined Citi as a Management Associate in Sydney, Australia. It had been a super competitive, intense eight-round interview process before I finally made it to that first day. So, I was certainly excited but frankly also very relieved!
What is one nugget of wisdom you'd give to the next generation of talent?
Invest time and energy in establishing and building relationships within the firm and outside. Regardless of how fast the earth spins on its axis and how much AI and new inventions change our lives, ultimately it is people who will make all the difference.
What is the biggest impact the bank's transformation has had on your approach to your job?
I think the firm's overall transformation mantra has trickled down to every level in the organization and has led to a renewed commitment and focus on efficiencies and simplification. If I look at my own business, for example, over the past 18 months my team, my cross functional partners and I have been very focused on modernizing our legacy operating models.
Courtesy of Citi
Describe your current role.
I recently took on a new role leading design & UX for Citi's services business. Our team is responsible for defining, creating, and implementing a simple and seamless user experience strategy for our large corporate clients.
What would you say is the biggest change at the bank/your field since you joined?
It's been said many times before that the 'C' in Citi stands for change, and that has been true throughout my career. One thing that has remained constant is a culture that promotes collaboration, innovation, and technology to improve the client experience.
What is one nugget of wisdom you'd give to the next generation of talent?
I've been fortunate to have a non-linear career at Citi, and I think it goes back to my feelings of being curious and wanting to learn how everything works. I always recommend to our new associates to know where you want to go, but have the courage to explore, experiment, and embrace unexpected opportunities in your Citi journey.
What is the biggest impact the bank's transformation has had on your approach to your job?
I see the impacts of our transformation as not one big thing, but an accumulation of improvements that you look back on and think, "We really have made a lot of progress." The organization is much leaner, which means that alignment and decision-making happen much faster.
Citi
Describe your current role.
I am based in Costa Rica and lead our global services, markets & banking KYC operations team, responsible for serving over 50,000 client entities spanning 20 industries within these business lines to safeguard against money laundering risk.
Describe your very first day at Citi.
Wow, that was 26 years ago! I remember feeling a mix of excitement and anticipation. Joining such a large organization, I was filled with questions about what the future might hold โ whether it would be a place where I could grow, develop, learn, and truly build a career.
What would you say is the biggest change at the bank/your field since then?
One of the most significant changes I have experienced was the decision to exit consumer banking in multiple geographies. It was a bold and highly strategic move with tremendous impact. Ultimately, it was made to ensure the best returns for our stakeholders, deliver greater value to our clients and create new opportunities for us as employees to grow.
What is one nugget of wisdom you'd give to the next generation of talent?
There are two pieces of advice I once received that I now share with anyone seeking advice or guidance. First: "To grow you need two basic things: Being fluent in English and having mobility." I had to embrace both โ something I didn't know before โ and I can now consider myself fluent in English (I am native Spanish speaker). I also had the chance to move to a different country. Both experiences undoubtedly contributed significantly to my development and growth at Citi.
Second, a simple yet powerful message: "People like you, people trust you." These two insights have been incredibly impactful in shaping my decisions and supporting my career growth at Citi.
Citi
Describe your current role.
I'm the country head of treasury & trade solutions (TTS); corporate, commercial & public sector sales for Indonesia, a business unit in Citi that offers integrated payment, liquidity management, trade, and working capital solutions to institutional clients across the globe.
Describe your very first day at Citi.
I arrived for my first official day at Citi as management associate back on July 17, 2001. I did not know what my day would look like. What will I be doing in the office? What is the working culture? Do I look professional enough? So many things crossed my mind at that time. And I remember feeling relief when I ended my first day just fine.
What is one nugget of wisdom you'd give to the next generation of talent?
There is no instant way to move up your career ladder. You have to earn it. Make a habit to create goals for each stage of your life. Put yourself in the driver's seat and drive in your own way towards the goals. Make a stop here and there, if you need to, so that you can look back, appreciate every step of the process, and find ways to improve and be better.
:max_bytes(150000):strip_icc():format(jpeg)/Youngmanupsetatcomputerwithbills-b9ad651e000541d18826be893f387f1a.jpg)
The offers and details on this page may have updated or changed since the time of publication. See our article on Business Insider for current information.
Affiliate links for the products on this page are from partners that compensate us and terms apply to offers listed (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate banking products to write unbiased product reviews.
The Federal Reserve cut rates in its last two meetings, meaning the clock is ticking on the high interest rates for deposits we've come to expect. With rates rapidly changing, how can you be sure that you're getting the best interest rate?
We monitor rates from banks and credit unions daily to help you feel confident before you open a new account โ and now could be a great time to lock in a high rate before APYs go off a cliff. Here are the top rates for popular banks on Monday, December 9.
High-yield savings accounts aren't the only accounts paying favorable rates right now. You'll typically see the highest rates at online or lower-profile institutions rather than national brands with a significant brick-and-mortar presence. This is normal; online banks have lower overhead costs and are willing to pay high rates to attract new customers.
The best high-yield savings accounts provide the security of a savings account with the added bonus of a high APY. Savings accounts are held at a bank or credit union โ not invested through a brokerage account โ and are best for saving cash in pursuit of shorter-term goals, like a vacation or big purchase.ย
The best high-yield checking accounts tend to pay slightly lower rates than high-yield savings, but even they are strong in today's rate environment. A checking account is like a hub for your money: If your paycheck is direct deposited, it's typically to a checking account. If you transfer money to pay a bill, you typically do it from a checking account. Checking accounts are used for everyday spending and usually come with checks and/or debit cards to make that easy.
The best money market accounts could be considered a middle ground between checking and savings: They are used for saving money but typically provide easy access to your account through checks or a debit card. They usually offer a tiered interest rate depending on your balance.
A cash management account is also like a savings/checking hybrid. You'll generally see them offered by online banks, and, unlike a checking account, they usually offer unlimited transfers. A savings account often limits the number of monthly transfers, while a checking account doesn't. Cash management accounts typically come with a debit card for easy access, but you may have to pay a fee if you want to deposit cash.
The best CD rates may outpace any of the other accounts we've described above. That's because a certificate of deposit requires you to "lock in" your money for a predetermined amount of time ranging from three months to five years. To retrieve it before then, you'll pay a penalty (unless you opt for one of the best no-penalty CDs). The longer you'll let the bank hold your money, the higher rate you'll get. CD rates aren't variable; the rate you get upon depositing your money is the rate you'll get for the length of your term.
Locking your money into an account in exchange for a higher interest rate can be a big decision. Here's what you need to know about common CD terms.
Most CDs charge you a fee if you need to withdraw money from your account before the term ends. But with a no-penalty CD, you won't have to pay an early withdrawal penalty. The best no-penalty CDs will offer rates slightly higher than the best high-yield savings accounts, and can offer a substantially improved interest rate over traditional brick-and-mortar savings accounts.
The best 6-month CDs are offering interest rates in the mid-5% range. Six-month CDs are best for those who are looking for elevated rates on their savings for short-term gains, but are uncomfortable having limited access to their cash in the long term. These can be a good option for those who may just be getting started with saving, or who don't have a large emergency fund for unexpected expenses.
The best 1-year CDs tend to offer some of the top CD rates, and are a popular option for many investors. A 1-year term can be an attractive option for someone building a CD ladder, or for someone who has a reasonable cash safety net but is still concerned about long-term expenses.ย
The best 2-year CD rates will be slightly lower than 1-year and no-penalty CD rates. In exchange for a longer lock-in period, investors receive a long-term commitment for a specific rate. These are best used as part of a CD ladder strategy, or for those worried about a declining rate market in the foreseeable future.
The best 3-year CDs tend to have rates that are comparable to 2-year CDs. These are usually less popular for your average investor, but can be an important lever when diversifying investments and hedging against the risk of unfavorable rate markets in the long term.
The best 5-year CDs will offer lower rates than the other terms on our list, but are still popular options for investors. These CDs are best for those looking to lock in high rates for the long term. CDs are generally viewed as safe investment vehicles, and securing a favorable rate can yield considerable earnings in year three and beyond โ even if rates fall elsewhere.
The offers and details on this page may have updated or changed since the time of publication. See our article on Business Insider for current information.
Affiliate links for the products on this page are from partners that compensate us and terms apply to offers listed (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate banking products to write unbiased product reviews.
The Federal Reserve cut rates in its last two meetings, meaning the clock is ticking on the high interest rates for deposits we've come to expect. With rates rapidly changing, how can you be sure that you're getting the best interest rate?
We monitor rates from banks and credit unions daily to help you feel confident before you open a new account โ and now could be a great time to lock in a high rate before APYs go off a cliff. Here are the top rates for popular banks on Sunday, December 8.
High-yield savings accounts aren't the only accounts paying favorable rates right now. You'll typically see the highest rates at online or lower-profile institutions rather than national brands with a significant brick-and-mortar presence. This is normal; online banks have lower overhead costs and are willing to pay high rates to attract new customers.
The best high-yield savings accounts provide the security of a savings account with the added bonus of a high APY. Savings accounts are held at a bank or credit union โ not invested through a brokerage account โ and are best for saving cash in pursuit of shorter-term goals, like a vacation or big purchase.ย
The best high-yield checking accounts tend to pay slightly lower rates than high-yield savings, but even they are strong in today's rate environment. A checking account is like a hub for your money: If your paycheck is direct deposited, it's typically to a checking account. If you transfer money to pay a bill, you typically do it from a checking account. Checking accounts are used for everyday spending and usually come with checks and/or debit cards to make that easy.
The best money market accounts could be considered a middle ground between checking and savings: They are used for saving money but typically provide easy access to your account through checks or a debit card. They usually offer a tiered interest rate depending on your balance.
A cash management account is also like a savings/checking hybrid. You'll generally see them offered by online banks, and, unlike a checking account, they usually offer unlimited transfers. A savings account often limits the number of monthly transfers, while a checking account doesn't. Cash management accounts typically come with a debit card for easy access, but you may have to pay a fee if you want to deposit cash.
The best CD rates may outpace any of the other accounts we've described above. That's because a certificate of deposit requires you to "lock in" your money for a predetermined amount of time ranging from three months to five years. To retrieve it before then, you'll pay a penalty (unless you opt for one of the best no-penalty CDs). The longer you'll let the bank hold your money, the higher rate you'll get. CD rates aren't variable; the rate you get upon depositing your money is the rate you'll get for the length of your term.
Locking your money into an account in exchange for a higher interest rate can be a big decision. Here's what you need to know about common CD terms.
Most CDs charge you a fee if you need to withdraw money from your account before the term ends. But with a no-penalty CD, you won't have to pay an early withdrawal penalty. The best no-penalty CDs will offer rates slightly higher than the best high-yield savings accounts, and can offer a substantially improved interest rate over traditional brick-and-mortar savings accounts.
The best 6-month CDs are offering interest rates in the mid-5% range. Six-month CDs are best for those who are looking for elevated rates on their savings for short-term gains, but are uncomfortable having limited access to their cash in the long term. These can be a good option for those who may just be getting started with saving, or who don't have a large emergency fund for unexpected expenses.
The best 1-year CDs tend to offer some of the top CD rates, and are a popular option for many investors. A 1-year term can be an attractive option for someone building a CD ladder, or for someone who has a reasonable cash safety net but is still concerned about long-term expenses.ย
The best 2-year CD rates will be slightly lower than 1-year and no-penalty CD rates. In exchange for a longer lock-in period, investors receive a long-term commitment for a specific rate. These are best used as part of a CD ladder strategy, or for those worried about a declining rate market in the foreseeable future.
The best 3-year CDs tend to have rates that are comparable to 2-year CDs. These are usually less popular for your average investor, but can be an important lever when diversifying investments and hedging against the risk of unfavorable rate markets in the long term.
The best 5-year CDs will offer lower rates than the other terms on our list, but are still popular options for investors. These CDs are best for those looking to lock in high rates for the long term. CDs are generally viewed as safe investment vehicles, and securing a favorable rate can yield considerable earnings in year three and beyond โ even if rates fall elsewhere.
The offers and details on this page may have updated or changed since the time of publication. See our article on Business Insider for current information.
Affiliate links for the products on this page are from partners that compensate us and terms apply to offers listed (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate banking products to write unbiased product reviews.
The Federal Reserve cut rates in its last two meetings, meaning the clock is ticking on the high interest rates for deposits we've come to expect. With rates rapidly changing, how can you be sure that you're getting the best interest rate?
We monitor rates from banks and credit unions daily to help you feel confident before you open a new account โ and now could be a great time to lock in a high rate before APYs go off a cliff. Here are the top rates for popular banks on Saturday, December 7.
High-yield savings accounts aren't the only accounts paying favorable rates right now. You'll typically see the highest rates at online or lower-profile institutions rather than national brands with a significant brick-and-mortar presence. This is normal; online banks have lower overhead costs and are willing to pay high rates to attract new customers.
The best high-yield savings accounts provide the security of a savings account with the added bonus of a high APY. Savings accounts are held at a bank or credit union โ not invested through a brokerage account โ and are best for saving cash in pursuit of shorter-term goals, like a vacation or big purchase.ย
The best high-yield checking accounts tend to pay slightly lower rates than high-yield savings, but even they are strong in today's rate environment. A checking account is like a hub for your money: If your paycheck is direct deposited, it's typically to a checking account. If you transfer money to pay a bill, you typically do it from a checking account. Checking accounts are used for everyday spending and usually come with checks and/or debit cards to make that easy.
The best money market accounts could be considered a middle ground between checking and savings: They are used for saving money but typically provide easy access to your account through checks or a debit card. They usually offer a tiered interest rate depending on your balance.
A cash management account is also like a savings/checking hybrid. You'll generally see them offered by online banks, and, unlike a checking account, they usually offer unlimited transfers. A savings account often limits the number of monthly transfers, while a checking account doesn't. Cash management accounts typically come with a debit card for easy access, but you may have to pay a fee if you want to deposit cash.
The best CD rates may outpace any of the other accounts we've described above. That's because a certificate of deposit requires you to "lock in" your money for a predetermined amount of time ranging from three months to five years. To retrieve it before then, you'll pay a penalty (unless you opt for one of the best no-penalty CDs). The longer you'll let the bank hold your money, the higher rate you'll get. CD rates aren't variable; the rate you get upon depositing your money is the rate you'll get for the length of your term.
Locking your money into an account in exchange for a higher interest rate can be a big decision. Here's what you need to know about common CD terms.
Most CDs charge you a fee if you need to withdraw money from your account before the term ends. But with a no-penalty CD, you won't have to pay an early withdrawal penalty. The best no-penalty CDs will offer rates slightly higher than the best high-yield savings accounts, and can offer a substantially improved interest rate over traditional brick-and-mortar savings accounts.
The best 6-month CDs are offering interest rates in the mid-5% range. Six-month CDs are best for those who are looking for elevated rates on their savings for short-term gains, but are uncomfortable having limited access to their cash in the long term. These can be a good option for those who may just be getting started with saving, or who don't have a large emergency fund for unexpected expenses.
The best 1-year CDs tend to offer some of the top CD rates, and are a popular option for many investors. A 1-year term can be an attractive option for someone building a CD ladder, or for someone who has a reasonable cash safety net but is still concerned about long-term expenses.ย
The best 2-year CD rates will be slightly lower than 1-year and no-penalty CD rates. In exchange for a longer lock-in period, investors receive a long-term commitment for a specific rate. These are best used as part of a CD ladder strategy, or for those worried about a declining rate market in the foreseeable future.
The best 3-year CDs tend to have rates that are comparable to 2-year CDs. These are usually less popular for your average investor, but can be an important lever when diversifying investments and hedging against the risk of unfavorable rate markets in the long term.
The best 5-year CDs will offer lower rates than the other terms on our list, but are still popular options for investors. These CDs are best for those looking to lock in high rates for the long term. CDs are generally viewed as safe investment vehicles, and securing a favorable rate can yield considerable earnings in year three and beyond โ even if rates fall elsewhere.
Ramin Talaie/Corbis via Getty Images
A former Goldman Sachs banker has won a sex-discrimination case after he was dismissed by the investment bank soon after returning from parental leave.
Jonathan Reeves, who was a vice president in the bank's compliance division in London, said he was unfairly dismissed shortly after returning to work in 2022.
The bank had said he was dismissed for performance reasons.
An employment tribunal ruled in Reeves' favor, saying Goldman Sachs subjected him "to sex discrimination when it alleged that he had performed worse than his peers, reduced his remuneration and dismissed" him.
Reeves told the tribunal that during a call in early 2020, he told his bosses he was finding it difficult to balance his childcare responsibilities for his first child with his job while working from home during COVID-19 lockdowns.
He told the tribunal he was repeatedly shouted at to "figure it out" by his superior Omar Beer.
The tribunal heard that another of his bosses, Tin Hsien Tan, said she had not heard this particular phrase being used but said: "I am sure it would have been more like, 'You're a grown man; you can sort this out.'"
"Mr. Beer appeared to be unwilling to acknowledge to the particular hardships or difficulties that some people, including those with very young children, might have experienced during COVID lockdowns," the judgment said.
Reeves also told the tribunal that Goldman Sachs bosses were "more empathic towards female employees in relation to childcare" than with men.
In late 2021, Reeves told his bosses that he and his wife were having a second child and that he planned to take six months of parental leave between November 2021 and May 2022. Before his leave began, Reeves said Beer told him that he was "jealous" and that he should "take advantage" of the leave.
He was dismissed soon after returning from this leave.
"There was no attempt by the Respondent to carry out any fair process before dismissing the Claimant," the tribunal said.
A spokesperson from Goldman Sachs told Business Insider: "The firm is deeply committed to supporting working parents, with hundreds of Goldman Sachs fathers having taken up our market leading 26 weeks paid parental leave since it was introduced in 2019. We are carefully reviewing the judgment and the reasoning supporting its findings."
