Current Events > I really need to transfer my savings to a high yield interest account

(+) Yeah! (+)

I got money from something a good while back, and basically out of fear of being of making a mistake with it somehow, I havent touched it. But the interest rates are just terrible. Theres an argument to be made a CD would work pretty well as well, but I just need to get it out. I guess Im a bit nervous that the bank its in will end up fighting me a bit, since I havent touched it for so long.

Why would a bank fight you for your own money no matter how long it has sat? Youre being paranoid.

archizzy posted...

Why would a bank fight you for your own money no matter how long it has sat? Youre being paranoid.

Ive heard stories of banks being difficult if you try to take out significant amounts of money. True though, could easily just be paranoia trying to stop me from getting something important done.

Just open the new account and do an online transfer. Then close the other account

PerseusRad posted...

Ive heard stories of banks being difficult if you try to take out significant amounts of money. True though, could easily just be paranoia trying to stop me from getting something important done.

Youre worrying about nothing. I move large sums around all the time.

you've got savings? xD

nekrodev posted...

you've got savings? xD

Why wouldnt they have?

Glob posted...

Why wouldnt they have?

cuz i sure as hell don't, and that seems to be incredibly common with people under the age of 50?

nekrodev posted...

cuz i sure as hell don't, and that seems to be incredibly common with people under the age of 50?

I wouldnt say its uncommon for people to have no savings, but wouldnt say its uncommon for them to have savings either.

Glob posted...

I wouldnt say its uncommon for people to have no savings, but wouldnt say its uncommon for them to have savings either.

I'm just going vaguely by statistics I've seen over the years, but like, fuck if know, i'm drunk.

I use SoFi. 4.6 a year

nekrodev posted...

I'm just going vaguely by statistics I've seen over the years, but like, fuck if know, i'm drunk.

I will concede that Im in a very privileged demographic these days but even when that wasnt the case, the only time Ive had no savings at all was when I was dirt poor and unable to put anything away from 16 to about 20.

I'm happy with Ally

Glob posted...

I will concede that Im in a very privileged demographic these days but even when that wasnt the case, the only time Ive had no savings at all was when I was dirt poor and unable to put anything away from 16 to about 20.

I graduated in 2005, with a (nearly) full scholarship, went to a 2 year trade school for computer science, and have since never made more than 50k a year, and have virtually zero savings. I'm good if I can maintain $1k in my checking account to cover bills and immediate "surprise expenses".

Again, statistically - this seems to be much more common for people my age or younger. And, in many cases, it is probably fair to say I'm better off, cuz I own my house, which many my age or younger will not.

Open an online brokerage account and buy Treasury Bills, or an ETF that is wholly invested in Treasury Bills like, SGOV.

It's risk-free ~5.3% yield right now, and better than the rate you'll get from most high-yield online savings.

Well, if it weren't for some certain circumstances, I might not have too much in savings. I'd say I'm better off than many around my age (24 soon to be 25)

Mearcstapa posted...

Open an online brokerage account and buy Treasury Bills, or an ETF that is wholly invested in Treasury Bills like, SGOV.

It's risk-free ~5.3% yield right now, and better than the rate you'll get from most high-yield online savings.

Really now