Author Topic: Savings Account Interest Rates are Hilarious!  (Read 582 times)

401Killer

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Savings Account Interest Rates are Hilarious!
« on: Today at 09:25:53 AM »
06/14/2018   
Interest Earned     $0.08   
Previous Balance  $10,000.00
New Balance     $10,000.08

Thanks bank of America, the extra $0.60 that I made from carrying many thousands of dollars in my savings account in 2017 will help me out! I'm really tempted to keep my emergency account above the $10,000 mark so I can get a better interest rate. To go from 0.00008 to 0.000whocares will really help!

/miniventover


terran

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Re: Savings Account Interest Rates are Hilarious!
« Reply #1 on: Today at 09:31:09 AM »
You could get $175 (or more) over the next year at Ally among many others.

YoungGranny

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Re: Savings Account Interest Rates are Hilarious!
« Reply #2 on: Today at 09:36:23 AM »
+1 for Ally. Started using them 8(ish) years ago with a 1% interest rate and we're up to 1.75% - Sure on $10k it's only worth ~1,900 over 10 years but that's FREE MONEY if you're planning on keeping an emergency fund stashed somewhere anyway :)
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401Killer

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Re: Savings Account Interest Rates are Hilarious!
« Reply #3 on: Today at 09:41:36 AM »
You could get $175 (or more) over the next year at Ally among many others.

I may just do that...

Be nice to just get away from BoA in general really.

MishMash

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Re: Savings Account Interest Rates are Hilarious!
« Reply #4 on: Today at 09:42:24 AM »
Synchrony is offering 2.4% CDs at the moment, where we keep our short term cash

soccerluvof4

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Re: Savings Account Interest Rates are Hilarious!
« Reply #5 on: Today at 09:42:45 AM »
Here is a list of many that are higher if your willing to do a few things

https://www.doctorofcredit.com/high-interest-savings-to-get/
" In life you don't get what you deserve you get what you negotiate"

Liberty Stache

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Re: Savings Account Interest Rates are Hilarious!
« Reply #6 on: Today at 09:47:31 AM »
Similar for CapitalOne 360. 1%.

Still tiny but better than 0.0000%

Make the change once to a higher yield and forget about it.
"Sloth, like rust, consumes faster than labor wears, while the used key is always bright" ~Benjamin Franklin, The Way to Wealth

DreamFIRE

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Re: Savings Account Interest Rates are Hilarious!
« Reply #7 on: Today at 09:58:55 AM »

Road2Freedom

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Re: Savings Account Interest Rates are Hilarious!
« Reply #8 on: Today at 11:10:49 AM »
Switched from USAA (.3%) to Ally a few months ago.  Believe I've already made more interest in the 3 months than I did last year.  Easy to move money to Ally from USAA as well.

[a]bort

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Re: Savings Account Interest Rates are Hilarious!
« Reply #9 on: Today at 11:17:50 AM »
This is how I introduced my girlfriend to investing years ago. She scoffed at how few dollars or pennies (I forget) of interest she got in her TFSA all held in a high interest savings account and proclaimed it all a scam, a perfect opening to explain what her options really are.

BrightFIRE

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Re: Savings Account Interest Rates are Hilarious!
« Reply #10 on: Today at 11:25:38 AM »
I switched to a credit union years ago and haven't looked back - currently 1.75% on savings; has been steadily climbing this year. But even if you want a bank, you can do better: https://www.depositaccounts.com/ They constantly track the best savings and CD rates.

Roadrunner53

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Re: Savings Account Interest Rates are Hilarious!
« Reply #11 on: Today at 11:35:06 AM »
I know this is irrelevant now but I have 3 receipts from 1983 and 1984 and the interest rates back then. I drool over them!

June 17, 1983, 30 month term certificate, 12.00% interest rate

June 01, 1984, 30 month term certificate, 12.55% interest rate

July 25, 1984,  18 month term certificate, 10.00% interest rate

I have no idea how much was deposited into these certificates. It just lists an account number.

CalBal

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Re: Savings Account Interest Rates are Hilarious!
« Reply #12 on: Today at 11:58:10 AM »
Similar for CapitalOne 360. 1%.

Still tiny but better than 0.0000%

Make the change once to a higher yield and forget about it.

CapitalOne 360 Money Market ($10,000+) is 1.6%. I just moved my regular Capital One account $ into one because it hit 10k and I recently learned about the 1.6% rate. (This is my EF and I am only contributing a very small amt to it these days (auto deposit) as I never use it and it just kept increasing.) If the MM account falls below 10k I think you just get 1% until it's above 10k again.

ysette9

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Re: Savings Account Interest Rates are Hilarious!
« Reply #13 on: Today at 12:03:06 PM »
Ah, this reminds me of the days when I first started building up my emergency fund and was getting 5% in my money market account!
"It'll be great!"

CalBal

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Re: Savings Account Interest Rates are Hilarious!
« Reply #14 on: Today at 12:11:48 PM »
Ah, this reminds me of the days when I first started building up my emergency fund and was getting 5% in my money market account!
Ah yes! My CapitalOne360 was originally an ING Orange account in something like 2006. Rates were sooooo good then!