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House Republicans' bill would increase limits on retirement savings accounts

According to Investment News, House Republicans on Wednesday introduced legislation that would lift the ceiling on retirement savings account contributions.

The Savings Recovery Act, introduced by House Education and Labor Committee ranking minority member Howard McKeon, R-Calif., and other Republicans, would increase limits on individual retirement account and employer-sponsored plan contributions to $33,000 for three years.

Currently, annual individual retirement account contribution limits are $5,000, and the annual employee contribution cap for employer-sponsored plans, such as 401(k)s, is $16,500. The bill would permanently increase IRA contribution limits to match the employee-contribution limit in employer-sponsored plans.

MoneyAisle in the News: Dow Jones/Wall Street Journal

MoneyAisle received some pretty great news coverage this week - an article by the Dow Jones news service, carried by the Wall Street Journal. Here's an excerpt and a link so you can read the entire thing:

CD Auctioneers Zions, MoneyAisle Add Fun To Safe Investing

MoneyAisle Chief Executive Mukesh Chatter told Dow Jones Newswires he developed MoneyAisle to counter the idea that consumers have to find the best deals for things they want to buy on their own. "We're removing that burden," Chatter said. Monthly hits to the site - which collects fees from the banks that participate - have jumped fivefold to more than 75,000 visitors in February from 14,586 visitors in July, its first full month in operation.


After reading the article, check out MoneyAisle's great rates for yourself: run a live reverse auction for a bank cd or a High-Yield Savings account.

Why People Aren't Saving

The excellent Planet Money blog has a fascinating post about why people aren't saving, including a screenshot of some of ING's CD rates.

According to Gordon Wilson:

People should save. But there needs to be more of an incentive to do it. These saving rates don't even cover the cost of inflation.

One of the unfortunate side effects of having the fed rate at such a low level [0 to .25 percent] is that people who want to save are effectively punished for doing so. A 5-year CD at 1.75 percent?! That is outrageous.

Wilson is right. 1.75% for a 5-year CD, even with the current low interest rates, is low. That's not to say that you can't find better rates. Banks looking to attract new business will host more attractive cd rates.

Tax Day 2009

Happy Tax Day!

Whether you're spending the day tossing teabags around, filing for an extension, or waiting for a sweet refund check, every American has to deal with income tax in one way or another.

If you're one of the many people getting a tax refund check this year (the average tax refund this year is $2,740, according to the latest IRS statistics) one of the best ways to make that money work for you is by placing it in a bank cd or, if you prefer greater liquidity, a High-Yield Savings account.

The best and easiest way to find a great APY for your tax refund bank account is through MoneyAisle.com. Over 100 banks battle it out in live auctions to give you the best return on your investment. All banks are Member FDIC.

More MoneyAisle in the News

The juggernaut of MoneyAisle press coverage continues (and I hear there may be another update later today), with pieces on our real-time reverse auctions (which provide consumers with great CD rates and High-Yield Savings accounts) with t.v. news pieces in Omaha, Nebraska and Philadelphia, PA. If you click on the links below you'll be taken to the station's Websites where you can watch the video segments.

From ABC Affiliate KETV in Omaha:

MoneyAisle.com does the work for consumers. The Web site works in real-time as member banks from around the nation bid for consumers' deposits.

"It's basically the reverse of eBay," said MoneyAisle president Mukesh Chatter. "Sellers are bidding for buyers, while eBay has buyers bidding for sellers."

CBS3 in Philadelphia offers this story:

Are you looking for a safe place to stash your cash in this troubled economy? Certificates of Deposits (CD's) are a safe bet, but how do you find which bank is offering the best rates? Your Money Team found a place where banks are actually bidding for your business.

3-On Your Side's Jim Donovan reports that if you don't have a stomach for the stock market, you may want to think about taking a stroll down the money aisle.

What I've Been Reading - April 3, 2009

Things have been pretty busy here at MoneyAisle HQ, and we've got some cool stuff that I can't wait to share with all of you (including an expanded version of the Bank Browser I showed you last week), but because we're all about the equal-opportunity cool stuff here at MoneyAisle, I wanted to pass on some recent financial articles I've come across.

With all the talk of economic stimulus packages brought on by President Obama's trek to Europe, CNN is wondering who is going to pay for all of this and how it's going to affect upcoming tax hikes.

One revenue raising idea is a reform of the deferral rule for U.S.-based multinationals. Currently, a U.S.-based company doesn't need to pay income tax on its foreign subsidiaries' profits unless and until the money is brought back to U.S. shores.

Reuters is reporting on the Federal Reserve's latest statements on the economic crisis:

Top Federal Reserve officials pledged on Friday to use all the tools at their disposal to spur lending and a U.S. economic recovery, but warned a rebound could be slow in coming.

"Conditions are not conducive to a substantial and sustained economic rebound, and the Fed will continue to be alert to ways that monetary policy can contribute to economic recovery," Fed Vice Chairman Donald Kohn told an audience at the College of Wooster in Ohio.