Author: Kyle Burbank
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SoFi Introducing Robo-Advisor with Alternative Investment Assets
SoFi is expanding its automated investment features with a robo-advisor platform. About SoFi Robo Investing: This week, SoFi announced a new investment offering for members. In an expansion of the company’s existing Automated Investing option, the “one-stop shop” for financial services is debuting Robo Investing. Notably, this new offering will include alternative asset classes (which…
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IRS Raises 401(k) Contribution Limit for 2025 Tax Year
The Internal Revenue Service is revising its contribution limits for 401(k) and similar plans in 2025 — although the limits for IRAs will remain in place. About the limit changes: Recently, the IRS announced that it was changing the employee annual contribution limit for 401(ks), 403(bs), governmental 457 plans, and the federal government’s Thrift Savings…
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Homebuyer Sentiment Continued Upward Swing in October
Despite home prices remaining high, consumer sentiment on the housing market continued to climb last month. About the index increase: The latest update to Fannie Mae’s Home Purchase Sentiment Index (HPSI) saw another increase. Specifically, the index rose 0.7 points in October 2024, hitting 74.6. This marks the highest point for the index since February…
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Federal Reserve Lowers Interest Rates by Another Quarter Point
In a move that was widely expected, the Federal Reserve voted to lower interest rates again. About the cut: This afternoon, Federal Reserve chairman Jerome Powell announced that the agency had voted to lower interest rates by a quarter-point (or 25 basis points). The move is the second reduction this year, although the September cut…
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FTC Files Complaint Against FinTech App Dave
The Federal Trade Commission has announced plans to “take action” against the FinTech cash advance app Dave, accusing the service of deceptive marketing. About the complaint: Today, the FTC filed a complaint against the app Dave in U.S. District Court for the Central District of California. In this complaint, the agency accused the service of…
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The Synapse/Evolve Debacle Has Gotten Better and Worse
After several stressful weeks, end users with neobanking accounts that utilized Synapse and had funds held at Evolve Bank & Trust got a few answers in recent days. Unfortunately, not all of those answers were satisfying, leading to even more questions. Let me back up just in case you missed my previous article explaining the…
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Study Highlights States Seeing Largest Auto Loan Rate Increases
A recent study found that auto loan rates in certain states have increased by more than 2% in the last quarter. About the results: New data from the personal finance site WalletHub found that auto loan rates increased in all but four states between the second and third quarter of this year. As the site…
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Bask Bank Adjusts Miles-Earning Savings Account Rate Downward
A bank that allows you to earn airline miles instead of interest is now lowering its rate. About the changes: Recently, Bask Bank made an update to its Mileage Savings Account. Previously, customers could earn 2.5 miles for $1 saved annually. This means that someone who held $10,000 in their account would earn a total…
