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About three years ago, when we bought our home, it occurred to me that we were putting ourselves at a bit at risk. I am the primary breadwinner, and we hadn’t made provisions for what could happen if I could no longer work. Buying the house really made me think about whether or not my family was truly protected. We had add a bigger term life insurance policy to reflect the obligation of owning a home, but life insurance wouldn’t help if something happened to my hands or arms and I could no longer type.

So I decided to buy a disability insurance policy. The policy is not terribly expensive, and it covers loss of income due to a number of issues. It has provided a great deal of peace of mind — especially for my husband, who worries every time I go camping that some catastrophe will occur to limit my ability to do my work. You might need disability insurance as well.

If you are concerned about what could happen to limit your ability to work, consider a disability policy. This can help ensure that the unexpected doesn’t cripple your financial situation as well as affecting your body.

What to Look for in Disability Policies

Like all insurance, it is important to consider your needs, and then look for a policy that provides you with the coverage you require. It is important to be on the look out for fine print and other terms that could affect your ability to receive coverage. Here are some things to be on the look out for:

1. Your premium: Many disability policies allow you to lock in your premium. You can get either a non-cancelable policy or a guaranteed renewal policy. There is a difference. The non-cancelable policy means that your premiums and coverage can’t be changed — as long as you pay your premiums. A guaranteed renewal policy, on the other hand, allows you to renew without changing coverage, but the premium can go up.
2. Changes to your coverage: There are also conditionally renewable disability insurance policies that can change the terms of your coverage, and may not even allow you to renew. These also allow insurers to raise your coverage rates at any time — even if the policy isn’t up for renewal.
3. Definition of “disability”: Another consideration when choosing a disability policy is the definition the company uses for disability. Some policies will pay out if you can’t do your current occupation, even if you can work otherwise. Some policies will only pay out if you can’t do any work at all. There are also pay out rules based on making up the difference in income if you have to do a different job due to your disability.
4. Collection time period: Make sure you understand the collection time period. Some policies will allow you to start collecting as early as 30 days after the disability is in effect. However, you may have to pay more. Other insurance companies will require that you wait 720 days — that’s almost two years! It is a good idea to choose something in the range of 90 to 120 days to begin collecting your benefits.

In the end, you need to be careful and evaluate your needs. Figure out how much you would need to replace your income, and consider getting that amount of coverage. Other considerations can include whether or not your partner has an income, how close you are to receiving government and other retirement benefits, whether or not you are eligible for Social Security disability benefits, and other sources of help. And, of course, before you sign on the dotted line, make sure you understand the restrictions related to your disability policy.

While we here at Peak Personal Finance looked at the certificate of deposit offers at Sovereign Bank, we also had a look at what they offer for online banking services. We know that in today’s busy world, electronic banking is important to most of us, so we looked over online banking at Sovereign Bank to report here.

Of course, Sovereign Bank electronic banking has industry-standard, top-notch security for all online and mobile banking customers. This should go without saying for any reputable bank. They also offer the usual account access that should be expected from any good bank: account histories, transactions, balances, money transfers between accounts, etc.

Additionally, Sovereign Bank internet banking has a fairly unique feature that allows you to not only Bill Pay to pay your bills, but set up recurring automatic or even one-time, post-dated payments for bills. So if your power bill is due on Friday and you get paid on Wednesday, you can set up the payment to be made on Friday automatically so you don’t have to remember it.

You can also review canceled checks and request stop payments on checks through their website easily. This is a great feature for Sovereign online banking that you won’t find at every bank and something that can be convenient, especially for business customers.

Mobile banking is good, though some Sovereign Bank online banking options are not available to mobile customers, such as canceled check views. If your mobile can access the Web in full, however, you can log in as if you’re on a regular computer and bypass those limits.

Of course, Sovereign Bank is fully FDIC insured.

Here at Peak Personal Finance, we know that many of our readers are customers of Sovereign Bank, which is now part of the Santander network of banks. Those readers with specific savings goals are likely considering a stable instrument like a certificate of deposit as their means towards their goal.

Sovereign Bank CD rates are competitive both locally and nationally and are definitely worth looking into. A special 3-year Sovereign Bank certificate of deposit rates offer is at 2.00% annual percentage yield (APY) while a 5-year offer gives Sovereign CD rates of 2.80% APY. Both require a $500 minimum balance to open and maintain and interest payments can be transferred automatically to another account or re-invested in the CD to boost its deposit.

Another option worth looking at are the Rising Rate CD offers, which don’t have the best CD rates available, but they do have a compelling bonus option allowing you to upgrade to a new, higher rate (if it becomes available) during the CD’s term. This can mean better CD rates, especially if rates climb quickly for any reason during the certificate’s term.

A 12 and 24 month option are offered in Sovereign CD rates for these Rising Rate terms. The yield depends on the deposit amount with $500 as the minimum and $99,999 as the top (after that, you’re into Jumbo rates).

For the 12-month term, Sovereign Bank CD rates start at 0.70% up to $9,999, climb to 0.75% APY to $49,999, and then to 0.80% APY for up to $99,999. The 24-month offer includes the same tiers at 0.55%, 0.60%, and 0.65% APY for that term.

These rates listed assume no relationship with Sovereign. Having one increases the percentages by a few points.

Of course, all accounts at Sovereign are FDIC insured.

Here at Peak Personal Finance, we know that with our busy lives today, most of us can’t just rely on being able to go into a branch or make a phone call during business hours to take care of our banking needs. So we need good, solid, useful online banking. Many use Regions as their bank of choice, so we thought we should look at Regions Bank electronic banking and tell you what we think of it.

Regions Bank internet banking is from one of the largest financial institutions in the southern U.S. It’s the 8th largest bank in the United States with assets of over $140 billion. So Regions Bank online banking should be some of the best available services out there.

Regions offers safe and secure online access with industry-standard tools and encryption. They also have industry-leading mobile banking for those who want to take their Regions online banking on the road. Secure access to bill pay for making easy, automatic bill payments, access to online banking at Regions Bank also includes the standard fare considered mandatory for any online banking offer: online statements, account transfers and access, downloads for popular financial software, etc.

Most of the Regions Bank electronic banking services are relatively easy to use and are easy to find when you’re looking for them. Regions Bank internet banking website has simplified menus and non-cluttered access to online banking at Regions Bank.

Overall, it’s a good system that most will find useful.

Regions Bank is fully FDIC insured.

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One of the most tempting deals is the “No interest for X months!” deal. Whether you get a pass on interest for three months, six months 12 months or even 18 months, it seems like a great deal. You can get what you want now, on credit, but without all the messiness that comes with paying interest.

It really does help you feel as though you get the best bargain. It’s a way of getting around your guilt about buying things on credit. After all, it’s the interest that makes credit so dangerous and potentially damaging to your personal finances. However, it’s important to remember that just because you are paying no interest for those months, it doesn’t mean that the interest isn’t accruing.

Deferred Interest

If you actually make a plan and pay off your no interest for X months purchase within the stated time period, there is no problem, for the most part. You have what you want, and you have avoided paying interest. The real problem comes when you don’t get the item paid off within the set amount of time. This is because most retailers will defer the interest.

Most of these promotions work on the principle of capitalized interest. It means that the business will defer the interest until later, adding it in to the total loan when the stated amount of time is up. So if the financing is 9% after as 12-month period of no interest payments, your interest has been adding up for all of that time. If you buy a $1,800 TV at 9% interest, and you don’t pay interest for 12 months, you’re talking more than $160 in interest, which is likely to be added to your total once that 12 months is up.

The interest is still there, accumulating quietly. Whenever you borrow, you can’t escape it.

No Payments

You compound the problem when you take advantage of those deals that offer no payments as well as no interest. No, you don’t have to make payments for however long it is. And no, you won’t be paying interest, either. But in most cases that interest is still accruing. And if you haven’t been making payments, it’s accruing on the full amount of what you borrowed in order to make your purchase. Once your time period is up, you have to begin making payments, plus you will have all of the interest that accrued during the deferment period. (Incidentally, when you defer your student loans, something much the same happens. The interest keeps accruing, and is added to the loan when it is time to start repaying.)

Make a Plan

If you want to take advantage of a great deal, and avoid paying interest, you have to make a plan. As with all personal finance decisions, your plan is important when it comes to financial stability. Instead of putting off making payments, create your own personal payment plan that allows you to pay off the total prior to the end of the promotion term. If you have six months to pay of a TV that costs $1,800, that means you need to make payments of $300 a month. As you are standing in the store, and considering the possibility, realize that if you can’t pay off the item in the “no interest” promotion period, you probably can’t afford the purchase, and should consider cutting back.

You can make your payments in one of two ways. First, you can make your $300 a month payment to whoever financed you, and have that all counted toward the principal so that when the promotion period is over, you owe nothing, and have not paid interest. The second option is to make payments to yourself. You can put the monthly payment into a high yield savings account, earning some interest on it until your time is up. Then, just before all of that interest is capitalized and added to your loan, you can pay it all off. Of course, this second option only works if there is a “no payments” part to the “no interest” deal.

In the end, it’s about being careful and considering your options. Remember that interest is always there, and if you don’t want to pay it, you have to make careful plans and stick to them.

Here at Peak Personal Finance, we know that certificate of deposit rates are a great way that many save for the future, either to hedge riskier investments or to plan for a specific event. Today, we’re going to look at Regions Bank certificate of deposit rates.

For deposits up to 89 days (less than three months), a minimum deposit and maintenance balance of $2,500 is required to open at Regions. For 0-2 months, the best CD rates they offer are 0.05% annual percentage yield (APY).

That stays for 3-11 months as well, but deposit requirements drop to $500 minimum for maintenance and balance. So for this term, you need less to deposit to get the 0.05% APY.

At 12-17 months, the Regions Bank CD rates rise to 0.15% APY and for 18-23 months they are 0.35% APY, both with a minimum $500 deposit requirement.

At 24-35 months, Regions CD rates rise to 0.45% APY with a $500 minimum and at 36-47 months, they are at 0.60% APY, still with that $500 minimum.

Going to the longer term, a 48-59 month term gives a 0.70% APY with a $500 minimum while a 60-72 month term gives 0.84% APY, again with that $500 minimum deposit requirement to open and maintain.

Regions Bank CD rates aren’t the best CD rates available nationally, but many who already use this bank prefer to stay in-house for their savings. Relationship CD offers from Regions give a little better interest.

The Regions Bank certificate of deposit rates go up to 1.10% APY at 60-72 months, for instance, and are higher at most of the above tiers by a few points. Nationally, some banks are offering better CD rates, however.

Regions Bank is fully FDIC insured.

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If you are trying to save more money, you will need to look for places to cut back. Spending cuts don’t usually just present themselves. This is because we are often in the habit of spending money on certain things, and don’t really think about these purchases that we make regularly. Because of this, it becomes necessary to look for places to cut back.

The first place to look for places to cut back on spending so that you can save more is your monthly budget. Take a look at what you’ve been spending. If you keep track using personal finance software, or if you have a check register, look at what you’ve been spending your money on. Go through the items on your list, looking at two or three months — if possible — to better help you spot spending patterns.

If you haven’t been keeping track of your monthly expenditures, now is a great time to start. There are numerous software programs and free online applications that can help you keep track of your spending. Watch your spending for a month, and then keep watching it for another two or three months. Get an accurate idea of where your money is going. Once you know where it is going, you can look closely for places to cut back.

Easy Places to Cut Back on Spending

You don’t have to make huge life changes to save more money by cutting back on your spending. Here are some relatively simple things you can do to reduce your spending:

• Plan ahead to prepare healthier, less expensive meals at home so that you don’t have to rely on take out and eating out.
• If you like eating out, try going to lunch. Lunch costs less than dinner, and can save you a little bit if you don’t want to give up the experience of dining out.
• Make a grocery list ahead of time, and stick with it, avoiding the impulse purchases that can really start to add up. It also helps to go grocery shopping on a full stomach, rather than an empty.
• Reduce the number of extracurricular activities your children participate in. Doing three or four activities can get expensive — not to mention what goes into driving them all over. Reduce the number of activities to one or two. This goes for mom and dad, too.
• Cancel subscriptions that you don’t use very much. Look online to see if you read articles for free, or a reduce rate. Consider downgrading your cable package if you don’t want to cancel.
• Learn how to do it yourself on some relatively simple tasks around the house, with your car and for other services that you pay for without thinking about it.
• Hunt for discounts, sales and coupons that can help you save a little money each week on groceries, household items, travel and more.

Once you start thinking about living a more frugal lifestyle, you will find more places to cut back. And it becomes somewhat addictive. While you don’t want to cross the line into ridiculous cheapskate ways, you can cut your spending and save more money, without giving up many of the simple pleasures in life.

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While things are still a bit tough for some people right now, it doesn’t mean that retirement is entirely out of the question. Some are finding that retirement now can be a great thing — as long as they are ready for it.

When to retire is a personal situation that has to be addressed on an individual basis. You need to carefully consider your goals and your finances, and figure out if you are ready for retirement. Here are some indications that you might be ready to retire, whether that point comes right now, or in a few years:

You’re Ready to Leave Your Job

Your reasons for leaving your job may be varied, from feeling as though you have had enough, or just being a little burned out. Or you may have planned for months to quit. In some cases, you might want to do something part time, or pursue a hobby. You might be interested in volunteer opportunities, or some other activity. When you are ready to leave your job, that is one indication that you might be ready to retire.

You Have a Plan

Being ready to leave your job isn’t much good if you don’t have a plan for retirement. Do you know roughly how much money you need each month to live? Do you have adequate income streams to help you meet those needs? You need to have a retirement budget plan in place, whether you are working part time or hoping to live off the nest egg you have developed in a retirement account. Consider cultivating alternative income, so that you have income that you can rely on. Also, have a backup plan for situations, like the recent market crash, that can strain your finances. Being prepared for retirement is a big indicator that you really are ready to retire.

You also need a plan for how you plan to spend your time. Many people retire, only to find that doing nothing all day gets really boring, really fast. Know what you want out of retirement. Consider options that fall within your retirement income for activities you can do, whether its traveling to visit family and friends, or volunteering locally.

You Have Low Debt

It is best if you have absolutely no debt when you retire. This includes your mortgage. However, if you have an affordable mortgage, you might still be ready to retire. Unfortunately, if you have consumer debt you probably really aren’t ready to retire. Once you retire, you are working on a reduced income, and any sort of consumer obligations can cause problems. It’s best to reduce your expenses as much as possible, and this means making sure your consumer debts, such as credit cards, auto loans and student loans, are all paid off.

You’re Prepared for Health Issues

Another indication that you are ready to retire is that you are prepared for situations involving poor health. You should have health insurance of some kind, making sure that you have enough to pay for shortfalls in Medicare. Also plan ahead for the possibility of long term care needs. A financial planner can help you figure out if a long term care policy is right for you.

Bottom line: Advance planning is vital for a successful retirement. Even if you think you’d like to retire, you really aren’t ready to take that step unless you have an idea of what you want to do, and a financial plan to help you accomplish.

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When you put money in the bank, the bank takes that money and lends it out to others, charging interest. The money you put into a savings account or CD earns interest for you, but it is a low rate of interest — one that is low enough that the difference between what the bank is paying you to keep the money, and the what the bank is getting for lending it out, results in a profit. Cash products come with low rates of return anyway because, for the most part, they are very low risk, guaranteeing that you get back what you put in (minus any applicable penalties and fees, of course).

In the current market, where interest rates are low, returns are especially dismal. Unless you are fortunate enough to have your cash in a bank that offers rewards checking.

High Interest and Rewards Checking

Many smaller banks are realizing that if they want to compete, they need to offer some sort of novelty product. Paying interest on checking accounts — and not just money market checking accounts — seems to be one way to do the trick. Top yields can range from 3% to 5%, which is pretty good, especially when you realize that even online high interest savings accounts are paying out that much.

You might get other reward opportunities with your checking account as well, ranging from discounts at local attractions and restaurants to reimbursed ATM fees you pay at other banks.

The Catch: Requirements of Some Rewards Checking Accounts

As you might imagine, high interest and rewards checking accounts aren’t just offered up without any strings. Most checking account programs are tiered so that you only get the highest possible yield by meeting certain requirements. Not all requirements are the same; you will have to check your specific bank to find out about the fine print. But here are some of the issues you might encounter as you search for the highest possible yield on rewards checking accounts:

• Minimum balances: You might have to keep a minimum amount of money in you account in order to earn the maximum rate.
• Yield caps on some balances: There might also be yield caps on certain balances. For instance, you might need to keep at least $5,000 to earn the plush 4% yield, but once you reach $25,000, you may only earn 1%. This is done so that banks aren’t paying interest on jumbo balances.
• Debit card use: Some banks require that you use your debit card a certain number of times each month in order to get the best yield on a rewards checking account. The more you use your debit card, the more the bank makes in certain fees.
• Direct deposit/automatic transfer: You might have to have a direct deposit made to that account each month or set up an automatic transfer to go through monthly. In many cases, it’s easier just to have your paycheck deposited into your interest bearing checking account, or to set up a recurring bill to be paid out of your account.
• Online banking: In some cases, banks require that you make use of online banking for some transaction (bill pay, transfer, or just account access) in order to get the best yield. You might even need to sign up for electronic statements.

Before you sign up for rewards checking, make sure you understand the fine print. Earning money on your checking account in addition to the money in your high yield savings account can be a great way to make sure you are maximizing your cash accounts, and earning all the returns you can. After all, you want as much of your money as possible to be working for you.

Here at Peak Personal Finance, we often look at how online banking systems stack up. We know that in today’s world, our busy lives depend on conveniences that help us speed up otherwise mundane tasks like banking. Today, we’re looking at the online banking at RBC Bank to see how it looks.

RBC online banking services offers to pay your bills online – with a system much like Bill Pay from others, which is very convenient. You can view and manage your accounts (personal or business) in one place. At RBC Bank online banking, you can set up automatic and recurring transfers between accounts as well.

A unique feature to RBC Bank internet banking is My View® Account Aggregation, which lets you view your accounts at more than 3100 other banks and financial institutions. Very convenient and useful if you use multiple banks.

Besides paying your normal bills online through RBC online banking, you can also pay your credit accounts with RBC. So if you have an RBC credit card, mortgage, etc. you can now pay that through your RBC Bank electronic banking account. Any direct investing accounts through RBC can also be managed via online banking at RBC Bank as well. You can also manage your RBC insurance coverage too.

Overall, the online banking at RBC Bank is very well done, easy to use, and highly convenient. It’s one of the better systems we’ve seen here at Peak Personal Finance. So if you’re a customer of RBC, then you should definitely be taking advantage of RBC Bank online banking.