MoneyCafe.com

The IRS began accepting e-filing today.   Early filers can get started by filing for a tax refund.   

Although if you live in California, you may have to wait for your state tax refund.  See  http://www.foxnews.com/politics/2009/01/16/california-forced-impose-day-delay-tax-refunds/  (Update for Californians.  If you can file now it may be the only way to get a prompt refund.   See http://www.msnbc.msn.com/id/28712615/)

Here are some links to software and solutions for do it yourselfers.  See our previous look at these solutions here.  http://moneycafe.com/blog/2008/12/time-to-look-at-tax-software/

Online Tax Preparation

Which TurboTax Is Right For You? Click Here. 

Compare TaxCut Online products

TaxACT
Compare TaxAct Online Solutions.

See the CompleteTax offering.

Desktop Tax Software

TurboTax CD/Download Products

TaxCut Software Complete Features List

TaxACT
Compare Software Downloads

PNC Bank has an interesting online service called Virtual Wallet.  See http://www.pncvirtualwallet.com/  It essentially ties 3 accounts together – a spending/checking account, a short-term savings/overdraft account and a long term savings accounts.  It’s free and has no minimum balance requirements, but charges a fee if you write more than three checks per month.  It seems more geared to those who use debit cards and other electronic payments for spending. 

Tying the accounts together is very innovative and seems to encourage better money management and good savings habits.   The free online accounts are just the start of what’s offered.  PNC also provides their customers financial planning calendars, online bill payment, financial danger alerts, interactive charts, a pig to punch and much more.  That’s right they have a virtual pig you can punch – but in a good way.  The Punch the Pig feature is a creative way to encourage you to save by moving money from your spending account to your savings account.

I haven’t used the service or the bank myself.  But it looks like it provides a great system to organize your money and stay disciplined.  That’s a great thing for anybody and looks especially suited for Generation Y customers.

Mortgage rates have been bouncing all over the place.  There has been more and more volitility these past few weeks.  One day you’ll find a lender offering phenomenal rates only to find that same lender offering uncompetitive rates the next day.  Wachovia offered a 30 year fixed rate conforming loan at around 4.50% that seemed to vanish into thin air after a few hours.  Bank of America was offering jumbo loans that were about 1% less than its competitors, which were gone shortly thereafter. 

We’re not sure what to make of all this.  Is it gimmick pricing?   Have banks lost control of pricing?  Do they no longer have confidence in pricing loans?  Is Fannie Mae the cause?  The volatility in loan pricing seems to be much greater than can be accounted for in the movement of Treasury Rates.  If you have any ideas, weigh in with your comments.

Mint.com has a new iPhone App which allows the user to check account balances from anywhere.  Mint.com and the iPhone App are completely free services.  This is yet another great services that frees us from the desktop.  Using your iPhone, you can monitor your checking, savings and credit card accounts; review your budget; and monitor investment performance.

It has been reported that Quicken.com will also release an iPhone App later this quarter.

This is a look at some of the best interest rates for deposits and loans from national banks and lenders. (Surveyed Monday morning.)  Mortgage rates have dropped significantly from last week.  Some deposit rates the same, others down slightly. 

Rates are APY (Annual Percentage Yield)

Rates are APR (Annual Percentage Rate)
Assumptions:  $320,000 conforming loan, 20% down, excellent credit, documented income,
California property  (Rates Survey between Friday and Monday)

I heard about this website that offers a very unique method of saving money.  It’s called SmartyPig and is focused upon goal oriented savings.  It took me a few minutes to figure out what it’s all about.  Check out their FAQs and the rest of their information at http://www.smartypig.com/about to get a feel for it.  A system to facilitate and encourage savings is a great thing in my book and seems much needed right now.

The folks at SmartyPig are really on to something.  First of all it’s a free service.  You can open your account, create your goals, reach your goals and redeem your savings at no cost.   Second, they offer tools that really help you stay disciplined in attaining your savings goals.  They allow you to set-up many different savings goals and automatically fund them with regular deductions from your bank accounts.   They offer charts to visualize and track your progress.  And you can share your goals with family and friends, who can see how you are doing and keep you in line.  Family and friends can also make contributions, but there is a fee for this. 

Your money is kept in an FDIC insured account at West Bank in Iowa which currently has a very good interest rate.  When you reach your goal and get your money back they offer three ways to get your money.  You can get it put back in your regular account; get a debit card; or get retailer gift cards in a greater amount than you have saved.

If you are saving for a family vacation this seems like a great way to get everyone on board.  It seems like a great teaching tool for kids and teenagers.  It can also be a platform to solicit contributions.  I can see it being used by people going on charitable missions or having other endeavors that would be worthwhile to support.  If you have used this service or have ideas about the ways it can be used, please share with us your thoughts.