DiscoverThe Clark Howard Podcast05.29.24 Update: Big Bank Savings Rates / Small Business Loan Warning
05.29.24  Update: Big Bank Savings Rates  /  Small Business Loan Warning

05.29.24 Update: Big Bank Savings Rates / Small Business Loan Warning

Update: 2024-05-292
Share

Digest

Clark Howard discusses the recent increase in interest rates offered by major banks, arguing that it's still not enough to keep up with inflation. He encourages listeners to consider alternative options like regional banks, credit unions, or online banks that offer higher interest rates. He also advises against driving a car across the country for a four-month internship, suggesting instead to ship the car and fly. Clark provides advice on selling furniture using Facebook Marketplace and Nextdoor, and recommends using pods for moving instead of towing a car. He emphasizes the importance of visiting a new city in person before signing a lease. Clark warns about the dangers of quick business loans, highlighting the high interest rates and lack of transparency. He recommends using business credit cards as a more affordable alternative to these loans. Clark also discusses the issue of gift card draining, advising listeners to be cautious about buying gift cards from open displays. He suggests using Amazon's credit card for Amazon purchases to avoid this risk. Clark shares a listener's tip on finding lower prices online by using different search methods and encourages listeners to explore various strategies for saving money. He cautions against using Google searches to find deals, as it can lead to fraudulent websites. The episode concludes with Clark's personal anecdote about his worn-out loafers and his wife's love for thrifting.

Outlines

00:00:00
Introduction

This Chapter introduces the Clark Howard Show and its mission to provide financial advice and information to empower listeners to make better financial decisions.

00:00:29
High Interest Rates: Are They Enough?

This Chapter discusses the recent increase in interest rates offered by major banks, arguing that it's still not enough to keep up with inflation. Clark encourages listeners to consider alternative options like regional banks, credit unions, or online banks that offer higher interest rates.

00:06:40
Moving to San Francisco: Advice for a Big Move

This Chapter provides advice to a listener who is moving from Atlanta to San Francisco. Clark recommends visiting the city in person before signing a lease, using pods for moving instead of towing a car, and exploring alternative selling platforms like Nextdoor.

00:10:57
Beware of Festival Scams

This Chapter warns listeners about potential scams at festivals, sharing a listener's experience with a company that used their information to promote their app without consent. Clark advises against filling out raffle forms at festivals and encourages caution when dealing with vendors.

00:14:07
The Dangers of Quick Business Loans

This Chapter discusses the dangers of quick business loans, highlighting the high interest rates and lack of transparency. Clark recommends using business credit cards as a more affordable alternative to these loans.

Keywords

Clark Howard Show
A popular radio and podcast show hosted by Clark Howard, known for providing consumer advice and financial tips.

Interest Rates
The percentage charged by a lender for borrowing money, typically expressed as an annual percentage rate (APR).

Inflation
A general increase in prices and a fall in the purchasing value of money.

Regional Banks
Banks that operate in a specific geographic region, often offering more personalized service and higher interest rates than national banks.

Credit Unions
Not-for-profit financial institutions owned by their members, typically offering lower fees and higher interest rates than traditional banks.

Online Banks
Banks that operate solely online, often offering higher interest rates and lower fees than traditional banks.

Facebook Marketplace
A platform within Facebook where users can buy and sell goods locally.

Nextdoor
A social networking service for neighborhoods, allowing users to connect with their neighbors and share information.

Business Credit Cards
Credit cards designed for business use, offering rewards and benefits tailored to business owners.

Gift Card Draining
A type of fraud where criminals steal gift card balances by accessing the card's information.

Q&A

  • What are some alternatives to major banks for earning higher interest rates on savings?

    Clark recommends considering regional banks, credit unions, or online banks, which often offer higher interest rates than major banks.

  • What are some tips for selling furniture before a big move?

    Clark suggests using Facebook Marketplace and Nextdoor as platforms for selling furniture. He also recommends using pods for moving instead of towing a car.

  • What are the risks associated with quick business loans?

    Clark warns about the high interest rates and lack of transparency associated with quick business loans. He emphasizes that these loans can quickly become a financial burden for businesses.

  • How can I avoid being a victim of gift card draining?

    Clark advises against buying gift cards from open displays and suggests using Amazon's credit card for Amazon purchases to avoid this risk.

  • What are some strategies for finding lower prices online?

    Clark encourages listeners to explore different search methods, use shopping bots, and check for discount codes to find lower prices online.

  • What are some things to keep in mind when using Google searches to find deals?

    Clark cautions against using Google searches to find deals, as it can lead to fraudulent websites. He advises being cautious and verifying the legitimacy of any website before making a purchase.

Show Notes

Clark discusses the big bank response to higher savings rates and spells out your options to make the most of your savings. Also today - small business owners are stuck between a rock and a hard place when it comes to borrowing money. Beware “quick” loans. Clark has a better way.


  • Maximize Your Savings Rate: Segment 1

  • Ask Clark: Segment 2

  • Legal Loan Sharks Plague Small Business: Segment 3

  • Ask Clark: Segment 4


Mentioned on the show:


Thank you for listening today, Clarkies! If you want to be part of our “Clarkie” segment, call 404-981-2071 to leave a comment or story. We may play it during a future episode!

Clark.com resources


Learn more about your ad choices: megaphone.fm/adchoices

Learn more about your ad choices. Visit megaphone.fm/adchoices

Comments 
loading
In Channel
loading

Table of contents

00:00
00:00
1.0x

0.5x

0.8x

1.0x

1.25x

1.5x

2.0x

3.0x

Sleep Timer

Off

End of Episode

5 Minutes

10 Minutes

15 Minutes

30 Minutes

45 Minutes

60 Minutes

120 Minutes

05.29.24  Update: Big Bank Savings Rates  /  Small Business Loan Warning

05.29.24 Update: Big Bank Savings Rates / Small Business Loan Warning

Clark Howard