this post was submitted on 24 Jul 2023
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A Boring Dystopia
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Banks aren't helping the savings accounts, I don't think I've had a lower interest rate on my savings account in my lifetime.
Shop around. Sites like Bankrate.com will show you online savings accounts approaching 5%.
Also check with your local credit union. Many of them are finally getting more competitive rates.
Yeah, definitely shop! Ally has like 4% on their savings account!
Check with your local credit union… you might be able to get a higher rate there
Wealthfront has over 4% on their checking account.
Look into High-Yield Savings Accounts (HYSAs) such as Marcus by Goldman Sachs or Ally. Majority of them will be online-only, but they tend to offer a higher rate than any brick-and-mortar bank.
I personally use Ally because they also offer a pretty cool CD that you can break at any time with no penalties - I got in when it was 4.35%, but iirc it was at around 4.25% last time I checked. I have a 6-month emergency fund in there, so it can accrue interest while I don’t need it.