Current Events > what interest rate are you getting on your savings? I just opened one with 4.25%

(+) Yeah! (+)

someone recently suggested I take a look at the interest rate on my savings account, because lots of banks are offering rates between 4%-5%. I looked, and I was only getting 0.1%. so I talked to my bank and told them if they could not give a better rate, I would move my money. just so happens they had a promotion for a 4.25% account. yay free money.

I just put my money in CDs which usually have higher rates. I just renewed at 4.75

TimeForAction posted...

I just put my money in CDs which usually have higher rates. I just renewed at 4.75

don't CDs keep your money locked away for a set period of time?

Instead of an actual savings account, I keep all my idle funds in my brokerage and buy TFLO, which is a Treasury Bond ETF currently yielding 5.2%

Mearcstapa posted...

Instead of an actual savings account, I keep all my idle funds in my brokerage and buy TFLO, which is a Treasury Bond ETF currently yielding 5.2%

can you easily access that money? i like having a chunk of cash that i can access at anytime and without hassle or overhead.

0.01%
I earned 4 cents last year

Giant_Aspirin posted...

don't CDs keep your money locked away for a set period of time?

they do but you can decide how short or long and the duration affects the rate. Its good if you have money to spare and want to take away the temptation of dipping into it. I usually do 18-month CDs and I have multiple accounts that mature at different times.

Giant_Aspirin posted...

can you easily access that money? i like having a chunk of cash that i can access at anytime and without hassle or overhead.

It's accessible within 2-3 days, more or less. If I needed any of the money, I'd sell whatever amount was needed, wait a day for the proceeds to clear, then transfer out to my checking.