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Topic	What is the point of a savings account?
cuttin_in_farm 07/16/20 4:32:42 PM #21:	Ex-Kefiroth posted... Sadly, 1% IS what is considered "high-yield", these days. These same accounts were offering as much as 2.2% a year ago before the Fed stepped in and started cutting rates again. If you're willing to put in a bit of effort, there are a lot of banks out there that offer bonuses for opening new accounts, or depositing a certain amount of money for a period of time, or things like that. If you're willing to put some work into it, you can leverage a MUCH better effective rate on your money by doing that, while still avoiding the risks of the stock market. see: https://www.doctorofcredit.com/best-bank-account-bonuses/ Thats pretty in depth... bookmarking that for when I have more cash. Thanks! TheMikh posted... savings account is for short-term (e.g., 6-12 months, maybe 18 months to two years at an extreme) savings for emergency expenditures banks pay ** interest, so if you want a higher yield, stop saving after you have enough to cover bills for the aforementioned time window and start investing I like this logic. Savings account is short term. Investment for long term. I wish I learned about stocks when I was high school. I fucking swear. I thought the shit was gambling. But a lot of options are relatively safe and even when theres a dip, it goes back up eventually. How much more wealth I could have had knowing about this earlier. Jfc. --- A show of kindness may not do much help, but a show of cruelty may do much harm. <cite>cuttin_in_farm posted [p:942198476] in What is th... [t:78851060]...</cite> <quote>Ex-Kefiroth posted... </cite> <quote>Sadly, 1% IS what is considered "high-yield", these days. These same accounts were offering as much as 2.2% a year ago before the Fed stepped in and started cutting rates again. If you're willing to put in a bit of effort, there are a lot of banks out there that offer bonuses for opening new accounts, or depositing a certain amount of money for a period of time, or things like that. If you're willing to put some work into it, you can leverage a MUCH better effective rate on your money by doing that, while still avoiding the risks of the stock market. see: https://www.doctorofcredit.com/best-bank-account-bonuses/</quote> Thats pretty in depth... bookmarking that for when I have more cash. Thanks! TheMikh posted... </cite> <quote>savings account is for short-term (e.g., 6-12 months, maybe 18 months to two years at an extreme) savings for emergency expenditures banks pay ** interest, so if you want a higher yield, stop saving after you have enough to cover bills for the aforementioned time window and start investing</quote> I like this logic. Savings account is short term. Investment for long term. I wish I learned about stocks when I was high school. I fucking swear. I thought the shit was gambling. But a lot of options are relatively safe and even when theres a dip, it goes back up eventually. How much more wealth I could have had knowing about this earlier. Jfc. --- A show of kindness may not do much help, but a show of cruelty may do much harm.</quote> ... Copied to Clipboard!
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