Here are some neat offers that have just come to market that may indicate that the long period of low interest rates may be ending, and competition among banks for your money may be picking up.

Savings Bonus – Up to $200 from CIT Bank

CIT Bank is offering depositors up to a $200 bonus for funding a savings account with new money between now and the end of 2016. You can learn more about this offer here. BestCashCow finds this offer particularly attractive as discussed in this article, especially as CIT Bank always has outstanding customer reviews.

CD – 11-Month No Penalty CD from Ally Bank

Ally Bank is offering depositors an 11-Month No Penalty CD paying 1.25%. The rate is not particularly compelling as we have seen 1-year CDs paying 1.25% and over for some time now (see the best one year CDs here). What is attractive about this offer, however, is that the CD can be terminated without penalty at any point following six days of opening. Quite simply, there is no reason not to move your cash on deposit in an Ally savings account to their 11-Month No Penalty CD, even if you think you might need to access the cash over the next 11 months.

Online 2-Year CD Rates Cross 1.50% and Credit Union 5-Year CD Rates Cross 2.50%

A handful of online banks have begun to offer 2-Year CD rates over 1.50% (see the banks and rates here). More than a handful of federal credit unions are now offering CD Rates over 2.50% (the credit unions which you can access may vary according to where you live, see the 5-year credit union rates where you live here). BestCashCow does not currently recommend locking into CDs that are longer than 1-year in duration as we anticipate dramatically higher rates in 2017. It is nonetheless very encouraging to see banks begin to offer compensation for time deposits that have been better than anything we have recorded in over a year.

Financial stocks of all sizes have propelled the stock market to new highs since Steven Mnuchin’s November 28, 2016 appearance on CNBC. In that appearance, Mnuchin made a vague pronouncement that he wants “to strip back parts of Dodd-Frank”, saying that the law is too complicated and restricts lending. Neither Trump nor Mnuchin, nor anyone else on their team, has outlined with any specificity how they plan in particular to adjust Dodd-Frank, the Volker Rule or other federal legislation governing the financial sector.

Dodd-Frank, which emerged from Congress as a response to the 2008-2009 financial crisis, has been particularly burdensome to smaller and midsized financial institutions. These institutions have borne extraordinary costs of compliance and been forced, as a result, to retreat from those activities where compliance is too costly. Regulatory requirements can be most efficiently met by institutions with large economies of scale. As a result, the irony of the entire governmental response to the financial crisis has been that it has only strengthened the competitive position of the mega-financial institutions that created the crisis in the first place.

So, yes, a peeling back will change the competitive landscape and empower smaller and medium sized financial institutions. This peeling back, however, is not going to happen overnight nor will it be done with a magic wand. It is not going to happen as a result of broad pronouncements either. Changes to the law are going to take time to be formulated by a Republican legislature and then to overcome the opposition of Democrats like Massachusetts Senator Elizabeth Warren.

As 2017 progresses, this removal of regulations will coincide with a steepening yield curve, enabling financial institutions to benefit from a time spread (lending on the long end and taking deposits on the short end).

In the end, consumers may be real beneficiaries of increased competition from small and medium sized banks.

Now more than ever, it makes sense to look more broadly at the products that are offered by financial institutions in your geographical area.

Check the best savings rates where you live on BestCashCow.

Compare CD rates from banks near you.

See mortgage refinance rates where you live.

Do you know how much money is coming in and going out of your paycheck each month? The best way to gather this information is by creating a budget. This will let you know where you spend your money. You’ll also discover where you can cut back on your expenses, which can help you save money. This article explains how to create a budget and make that budget work for your needs.

Write Down Your Goals

The first thing you need to do is write down your goals. These are goals that you have for your personal finances, which might include paying off your credit cards, becoming free from debt, and starting up a savings account. This is the first step since is helps you track your progress.

CHECK THE BEST ONLINE SAVINGS RATES

Record Your Purchases

When you record your purchases, you need to record everything, even those little purchases, which you barely think about. While you may not think they’re a big deal, these little purchases can become an issue then you add them up. A group of little purchases can equal the same amount of money as a big purchase.

When you have too many little purchases, you will find your money disappearing faster than you can track it. So, whenever you go out, at least for the first few weeks, you should record every purchase you make and this will help you see where your money is going.

Create Spending Categories

In order to determine where your money is going, you need to do a little organizing. Some basic categories listed in budgets include utilities, food, debts, work-related expenses and fixed expenses.

You can include categories for things that are important to you. This includes things like car insurance, birthdays, life insurance, and savings. Keep one category open for fun money that can be used for special occasions and just having fun.

Hold a Meeting About Finances

If you have a spouse or other household members, you will need to hold a meeting with them to discuss the budget. Talk it over. You can come up with a plan for your budget, compromising and negotiating until you find something that works for both of you.

When you work with your spouse, you’re more likely to keep on the budget. Then you’ll both be on the same page. Each person needs to be willing to work together and give a little to get the best results.

Schedule Time to Make the Budget

Create a budget can take some patience and work. Make sure you have some free time to get the work done. This budget needs to be something you can live with long-term. Keep some wiggle room in your budget in case of an emergency.

Take the time to make a budget that allows you to live within your means. If you have to make too many sacrifices then you may find it difficult to live within your budget.

Tweak the Budget

The budget you create may not always remain the same. You are not going to be in the same financial situation next year or five years from now. That’s why you should periodically take a chance to look at a budget.

In order to see if there are things that you can change, look at what you need to meet your needs and which items can be eliminated. While you want to make changes to your budget, you don’t want to tweak your budget too often.