When Your Bank Stiffs You, and Co-Signing Risks

NerdWallet's Smart Money Podcast

NerdWallet Personal Finance

Business, Education, Investing, How To

4.2 • 665 Ratings

🗓️ 7 November 2022

⏱️ 24 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Is your bank holding out on you? If you haven’t checked on your savings accounts lately, you should — or risk losing out on money you could be earning. In this episode, hosts Liz Weston and Sean Pyles talk about how Liz discovered her supposedly high-yield savings account was anything but. Then Sean is joined by personal finance Nerds Kim Palmer and Sara Rathner to discuss whether you should put your credit on the line to help a loved one by co-signing. To send the Nerds your money questions, call or text the Nerd hotline at 901-730-6373 or email [email protected]. Timestamps: This Week in Your Money segment: 0:00 - 6:08 Money Question segment: 6:09 - 23:47 Like what you hear? Please leave us a review and tell a friend. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Prime Video brings thrilling entertainment.
0:03.0	Watch Heavyweight Detective Breacher, Season 3 included with Prime.
0:07.0	Exactly how much danger is this job putting me in.
0:10.0	Treat yourself to the lovably chaotic Bridget Jones mad about the boy available to buy.
0:15.0	Did you have sex? Did you have sex?
0:17.0	Did you have sex last night?
0:19.0	Yes! And it was amazing!
0:23.0	Whatever you're into, it's right here.
0:25.3	Prime Video.
0:27.1	Click or tap the banner to find out more.
0:33.1	Co-signing can help a friend or family member get credit or rent an apartment, but should you put your good credit on the line?
0:44.4	Welcome to the Nerd Wallet Smart Money Podcast, where you send us your money questions and we answer them with the help of our genius nerds.
0:51.5	I'm Sean Piles.
0:52.6	And I'm Liz Weston. If you want the nerds to answer your
0:55.0	money question, call or text us on the nerd hotline at 901-7306373. That's 901-730 nerd. Or email us at
1:04.9	podcast at nerd wallet.com. In this episode, I'm joined by personal finance nerds Kim Palmer and Sarah Raffner to answer a listener's question about the risks of co-signing.
1:15.0	But before that, Liz has a warning for anyone with a bank account, which I imagine is just about everyone listening to this podcast.
1:22.6	What's going on, Liz?
1:23.9	Well, and if you have a Capital One savings account, you definitely want to listen up.
1:28.4	Yeah. And before we go any further, a quick disclaimer that Capital One is one of our partners
1:32.3	at NerdWallet, but as you are about to hear, that does not affect how we talk about them.
1:37.3	Anyway, as you were saying, Liz. Okay. We've talked to this podcast about the benefits of high-yield
	...

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