A $40,000 deposit will earn different amounts of interest depending on the type of savings account it is placed in. Currently, a certificate of deposit (CD) offers the highest interest for longer terms, while high-yield savings accounts provide slightly higher returns for very short terms with easier access to funds.
Key Facts
The Federal Reserve recently paused interest rate changes, keeping savings rates stable for now.
A 3-month CD at 3.90% earns about $384 in interest on $40,000.
A 3-month high-yield savings account at 4.03% earns about $397, making it slightly better short term.
For 6 and 9 months, CDs with rates around 4.05%-4.10% earn more interest than the savings or money market accounts.
Money market accounts earn the least interest currently, around 3.90%.
CD rates are fixed once locked in, while savings and money market rates can change over time.
Savers may benefit by splitting their money across different accounts to balance interest earned and access to funds.
The best choice depends on how long you plan to keep your money deposited and if you need easy access.
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President Donald Trump announced he is lifting tariffs on Scotch whiskey following a visit from King Charles III and Queen Camilla. The decision aims to support the whiskey and bourbon industries linked to Scotland and Kentucky.
Key Facts
President Trump removed tariffs on Scotch whiskey.
The tariff removal followed a visit by King Charles III and Queen Camilla.
The move supports Scotland’s whiskey industry.
It also benefits the bourbon industry in Kentucky.
Whiskey and bourbon are important industries for both regions.
Tariffs are taxes on imported goods that can increase their price.
The change is meant to encourage trade between Scotland and Kentucky.
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The Federal Reserve has decided to keep its interest rates steady between 3.50% and 3.75%, with no expected cuts before December 2025. This decision means mortgage rates remain high, affecting homebuyers and those wanting to refinance, though rates have improved slightly compared to previous years.
Key Facts
The Federal Reserve paused rate changes, holding the federal funds rate at 3.50% to 3.75%.
No rate cuts are expected until at least December 2025.
Mortgage rates actually rose after this pause, making borrowing more expensive.
Mortgage rates today are still a bit better than similar times in 2025 and 2024.
Outside factors like international conflicts and economic data can affect mortgage rates.
Borrowers should consider if waiting for lower rates will lead to losing good home options or savings.
Options to lower rates include paying mortgage points or choosing different loan types like adjustable-rate mortgages.
The next Federal Reserve meeting is scheduled for June, with no meetings in May.
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Thermos is recalling 8.2 million containers because their stoppers can pop out suddenly and cause injuries, including three cases of permanent vision loss. The recall affects certain Thermos Stainless King Food Jars and Sportsman Food & Beverage Bottles sold between 2008 and 2024.
Key Facts
Thermos is recalling 5.8 million Stainless King Food Jars and 2.3 million Sportsman Food & Beverage Bottles.
The containers were sold at stores like Target, Walmart, and Amazon.com from March 2008 to July 2024.
The problem comes from stoppers without a pressure relief in the center, causing them to eject forcefully.
There have been 27 reports of injuries from stoppers popping out, including three cases of permanent vision loss.
Affected models are SK3000, SK3010, and SK3020, with model numbers on the container bottoms.
Consumers should stop using the recalled items immediately and ask Thermos for a free replacement stopper or bottle.
Thermos provides support and recall information online and by phone, during business hours from Monday to Friday.
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A 3-month certificate of deposit (CD) offers a fixed interest rate and short-term protection for savers' money during uncertain economic times. In May, top 3-month CDs pay around 3.90%, which can earn savers from about $10 up to nearly $1,000 depending on the deposit amount.
Key Facts
A 3-month CD locks in a fixed interest rate for about 90 days.
Current top 3-month CD rates are about 3.90% annual percentage yield (APY).
Interest earnings vary by deposit size; for example, $1,000 earns about $9.61, $10,000 earns about $96.11, and $100,000 earns about $961.06 over 3 months.
CDs protect your original deposit while earning interest, even if market rates change.
High-yield savings accounts offer slightly higher rates (~4.03%) and more liquidity but have variable rates that can change.
CDs require keeping money locked in for the term, meaning you can’t easily withdraw without penalties.
The 3-month CD is useful for those wanting guaranteed interest and short-term financial security during economic uncertainty.
After 3 months, savers can reconsider their financial strategy based on the economy’s condition.
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The United Arab Emirates (UAE) has left OPEC, the group that helps set oil production levels. This move increases the amount of extra oil available and may lead other countries like Kazakhstan and Venezuela to leave, making OPEC less powerful in controlling world oil prices.
Key Facts
The UAE has exited OPEC, the Organization of the Petroleum Exporting Countries.
This exit frees up about one million barrels of oil per day as spare capacity.
Kazakhstan and Venezuela might also leave OPEC in the future.
OPEC’s influence on global oil prices is expected to decrease due to these changes.
Chris Weafer is the CEO of Micro-Advisory Partners and provided this analysis.
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Thermos is recalling about 8.2 million bottles and jars. The company warns that the stopper can pop out forcefully when opened if food or drinks stay inside for a long time.
Key Facts
Thermos recalled 8.2 million bottles and jars.
The stopper can come out suddenly with force.
This happens if food or drinks are left inside the containers for too long.
There have been three reports of people losing vision linked to this problem.
The recall aims to prevent further injuries.
Consumers are advised to stop using the affected products.
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An annuity lets you turn a lump sum of money into steady monthly income during retirement. A $100,000 annuity bought at age 60 could pay between about $446 and $530 per month, depending on factors like gender, payout type, and current interest rates.
Key Facts
An annuity converts a one-time payment into regular income, helping provide stable money in retirement.
For a 60-year-old man, a $100,000 annuity might pay about $530 per month for life or less with other payout options.
For a 60-year-old woman, payments are slightly lower, around $503 per month for life, because women live longer on average.
Adding guarantees like payments for a certain number of years or joint life with a spouse lowers the monthly payout.
Annuity payouts depend on the interest rates when you buy: higher rates mean higher payments.
Buying an annuity at age 60 usually pays less per month than buying one at an older age since the insurer expects to pay for a longer time.
These figures are estimates and can vary based on the specific contract and market conditions.
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Americans lost almost $21 billion to fraud last year, with scams involving cryptocurrencies causing the biggest share of losses. Experts say Congress should create rules for digital currencies that match the rules banks follow to stop criminals.
Key Facts
Americans lost about $21 billion due to fraud in one year.
Cryptocurrency scams caused the largest part of these losses.
There are currently fewer rules for digital asset platforms than for banks.
Banks follow anti-money laundering rules and the Bank Secrecy Act.
Experts want Congress to apply these same rules to cryptocurrency platforms.
The goal is to prevent criminals from exploiting gaps in regulations.
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The new Blair Witch Project reboot will include original team members as producers after they expressed frustration about being left out. The original film was a huge financial success, and the new version aims to bring the classic story to a new generation with involvement from the original creators.
Key Facts
The original Blair Witch Project was made for $35,000 and earned $248 million.
Lionsgate and Blumhouse announced the 2024 reboot of the Blair Witch Project.
Original team members, including actors Joshua Leonard and Michael C. Williams, and directors Eduardo Sánchez and Daniel Myrick, are now executive producers.
The original creators had been excluded from the 2000 and 2016 sequels, which were not successful.
Joshua Leonard and Ben Rock publicly expressed frustration about being left out of the new film initially.
Heather Donahue, original cast member, shared mixed feelings about the sequels and her role being used without her full consent.
The new film will be directed by Dylan Clark, who has experience with horror shorts.
Jordan Peele and Sam Raimi are attached as producers for a related project.
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Scientists have found large amounts of lithium in the Appalachian Mountains that could supply the U.S. for hundreds of years. Lithium is important for batteries in electric vehicles and clean energy, but mining it will face challenges like strict rules, environmental concerns, and costs.
Key Facts
The U.S. Geological Survey (USGS) estimates lithium in the Appalachians could replace U.S. imports for 328 years at current use levels.
The Northern Appalachians, mainly western Maine, hold about 900,000 metric tons of lithium in hard rock called pegmatite.
The Southern Appalachians, from Maryland to Alabama, may contain up to 1.4 million metric tons, mostly in the Carolinas.
Lithium in rock must be mined using traditional mining methods, unlike extraction from salty water used elsewhere.
No new lithium mines have been officially planned or announced yet in the Appalachian region.
Mining would need to overcome strict environmental rules, public opposition, and long approval processes in states like Maine.
Potential benefits include job creation, tax revenue, infrastructure investment, and support for clean energy industries.
Interior Secretary Doug Burgum highlighted the findings as a key step toward U.S. mineral independence under President Donald Trump’s administration.
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A key measure of inflation increased significantly in March due to rising gas prices linked to the Iran war. This rise in prices is making it harder for the Federal Reserve to lower interest rates soon.
Key Facts
The inflation gauge monitored by the Federal Reserve rose 0.7% in March compared to February.
Prices increased 3.5% from a year ago, the largest rise in nearly three years.
Core inflation, which excludes food and energy prices, rose 0.3% in March from the previous month.
Core inflation was 3.2% higher than a year ago, up from 3% in February.
Higher gas prices are linked to the ongoing conflict involving Iran.
The Federal Reserve is likely to delay cutting interest rates because of the higher inflation.
Inflation affects the overall cost of living for consumers.
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Amazon is thinking about bringing back the TV show "The Apprentice." They might have Donald Trump Jr. as the host, but no official talks have occurred with the Trump family yet.
Key Facts
Amazon is considering restarting the show "The Apprentice."
Donald Trump Jr. is a possible choice to host the new version.
The discussions are in the early stages.
Amazon executives have not yet contacted the Trump family.
"The Apprentice" is a TV show originally hosted by President Donald Trump.
This news has not been confirmed officially by Amazon or the Trump family.
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Rising oil and gas prices caused by the U.S. conflict with Iran are hurting President Donald Trump’s claims of a strong U.S. economy. Higher energy costs have increased inflation, making it harder for the Federal Reserve to consider cutting interest rates soon.
Key Facts
The conflict with Iran began on February 28, affecting global oil shipments through the Strait of Hormuz.
The Strait of Hormuz is crucial, handling about a quarter of the world’s oil before the war.
Global oil prices have reached a four-year high, causing U.S. gas prices to rise sharply.
Higher energy prices are pushing inflation up at a time when it was already high.
The Federal Reserve recently kept interest rates steady due to uncertainty from the conflict.
Before the conflict, experts expected the Fed to cut interest rates starting in 2026 to help the economy.
Ongoing disruptions around the Strait of Hormuz could keep inflation high through 2026 and beyond.
President Trump had earlier praised the economy as “roaring,” but the conflict challenges that view.
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Kevin Warsh will become the new Federal Reserve chair but faces strong internal opposition to quickly cutting interest rates. His predecessor, Jerome Powell, will remain on the Board of Governors and may influence decisions, limiting Warsh’s ability to act alone.
Key Facts
Kevin Warsh is set to take over as Federal Reserve chair.
Some Federal Reserve officials openly opposed signaling an upcoming interest rate cut.
Four dissents in the policy statement were the highest since 1992.
Jerome Powell, the current Fed chair, will stay on the Board of Governors for an unspecified time.
Powell’s continued presence stops President Trump from filling Powell’s governor seat immediately.
The Fed faces concerns about inflation running above its 2% target for six years.
Strong economic growth and a stable job market influence some officials’ reluctance to cut rates.
Warsh will need to persuade other Fed members rather than relying solely on his authority.
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The article explains that attempts to tax wealth through state-level wealth taxes have failed in the past, especially in Europe. It suggests that history shows wealth taxes often do not work as intended.
Key Facts
Wealth taxes target the assets or net worth of rich individuals.
European countries have tried wealth taxes before.
Many European wealth tax programs have been discontinued.
The article claims state-level wealth taxes in the U.S. are unlikely to succeed.
The reasons for failure include administrative challenges and reduced investment.
Wealth taxes can lead to capital moving out of taxed areas.
The article uses Europe’s experience to predict outcomes in the United States.
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Debt relief companies help people settle their debts by negotiating with creditors to pay less than the full amount owed. The process involves borrowers stopping payments and saving money in a special account until the debt is old and unpaid enough to encourage creditors to negotiate a lower payment.
Key Facts
Debt relief companies manage negotiations to reduce the amount owed to creditors.
Borrowers stop paying their debts and save money in a dedicated savings account instead.
Creditors usually start negotiating after 90 to 180 days of missed payments, when the debt is seriously overdue.
Negotiations aim to settle debts for 50% to 70% of the original amount, but it varies.
Not all creditors agree to negotiate, and debts may be sold to different collectors before settling.
Once a deal is made, the debt relief company pays the creditor directly from the savings account.
The company takes a fee from the saved money as part of the payment process.
Older and more overdue debts are more likely to be settled for less than total owed.
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The Bank of England says it may need to raise interest rates above 5% this year if oil prices stay high, due to ongoing conflicts in the Gulf affecting energy supply. These higher rates will increase mortgage costs for many UK households and raise government borrowing costs, while the economy shows some signs of resilience.
Key Facts
The Bank of England is unlikely to cut interest rates soon and may raise them if oil prices stay near $125 per barrel.
Oil supply disruptions in the Gulf caused by conflict are driving up energy prices.
Higher energy prices lead to inflation, which hurts lower-income households more because they spend more on essentials like food and energy.
Mortgage rates are rising, causing an average increase of about £80 per month in payments for many households.
More than half of UK homeowners with mortgages will face higher payments in the next three years as fixed terms end.
Government borrowing costs are increasing globally due to the crisis, and UK rates have been particularly volatile.
The strength of the British pound suggests the UK’s financial situation is influenced mainly by global conflict, not domestic issues.
The UK economy shows some signs of holding up in early 2024 despite challenges.
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The US software company Palantir faces calls in Australia to ban new government contracts after it published a manifesto suggesting some cultures are inferior. Palantir says it only provides software tools and does not collect or sell data, but concerns remain over its role in sensitive government work and ties to controversial agencies.
Key Facts
Palantir is a US software company involved in data analysis for governments and businesses.
The company published a manifesto implying some cultures are inferior, sparking criticism in the UK and Australia.
Palantir has nearly $80 million in state and federal contracts in Australia and over $160 million in federal investment.
Australian Greens senator David Shoebridge called for a ban on new contracts with Palantir pending a full audit of existing agreements.
Palantir’s software is used by Australian defense, financial intelligence agencies, and Victoria’s prison system.
The company states it does not collect or monetize data; customers decide how to use the software within legal and contractual limits.
Palantir has a history of work with US agencies including ICE immigration enforcement, under multiple presidential administrations.
Australia’s sovereign wealth fund, the Future Fund, holds $100 million in Palantir shares.
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Former oil and gas industry leaders have warned the Albanese government that fast-tracking fossil fuel projects will not solve Australia’s fuel problems and could lead to higher costs for the public. They suggest focusing on renewable energy and modernizing the power grid instead of expanding gas and coal extraction.
Key Facts
Sixteen former executives from major oil and gas companies like BP, Shell, and Exxon Mobil signed a statement against fast-tracking fossil fuel projects.
They said Australia’s potential new oil reserves would supply less than a year’s fuel even if fully developed.
Developing these fossil fuel resources would take at least a decade and provide only a temporary, small part of energy needs.
The group supports accelerating renewable energy, improving the electricity grid, and supporting electric vehicles to reduce reliance on oil.
Prime Minister Albanese rejected a proposed 25% gas export tax, prioritizing trade relationships with Asian countries buying Australian gas.
The ex-industry leaders warned that expanding fossil fuel drilling risks locking in outdated infrastructure and ongoing price shocks for consumers.
They acknowledged some gas is still needed to support renewable energy but said current supplies meet future demand.
Their stance reflects concerns that fossil fuel lobbying has delayed Australia’s move to cleaner energy for many years.
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