Common consumer savings accounts at major banks like Wells Fargo are useless and pathetic compared to what they were. You could get almost 8% in the 1980s. It’s in the decimals for the vast majority of consumer accounts at the balances 95% of the people have. 0.25% isn’t uncommon, and neither is 0.01%.
You might be able to get ~5% on a high yield savings account if you can find one that doesn’t have too many restrictions. A decent CMA at a brokerage will probably get somewhere between 2-5%, and many of them operate just like regular checking with debit carts and the like.
Interest rates for savings are heading back up. There’s two separate credit unions near me with 5% interest on checking accounts and a couple online banks offering a 2-3% on savings with little requirements. CDs still suck though, some have rates in the 5%+ range, but generally require 20-50k minimum balance, which is absurd.
Common consumer savings accounts at major banks like Wells Fargo are useless and pathetic compared to what they were. You could get almost 8% in the 1980s. It’s in the decimals for the vast majority of consumer accounts at the balances 95% of the people have. 0.25% isn’t uncommon, and neither is 0.01%.
You might be able to get ~5% on a high yield savings account if you can find one that doesn’t have too many restrictions. A decent CMA at a brokerage will probably get somewhere between 2-5%, and many of them operate just like regular checking with debit carts and the like.
Interest rates for savings are heading back up. There’s two separate credit unions near me with 5% interest on checking accounts and a couple online banks offering a 2-3% on savings with little requirements. CDs still suck though, some have rates in the 5%+ range, but generally require 20-50k minimum balance, which is absurd.