Today you can see some really good rates for Savings and Certificate of Deposits. Some above 2%. Banks have some great promotions on CDs at the 9 month, 1 year and 15 month level. Credit Unions are making an effort to be on tops. Search around before investing and you will be surprised! Your big box banks haven't offered to join the race but others are being aggressive.

Interest rates were raised again and Fed mentioned multiple raises for this year. You will 100% start seeing this in your personal interest rates.

JacksonM wrote:

JGibbs wrote:

JacksonM wrote:

Wanderer wrote: The one thing I noticed is the high savings accounts interest is generally not the convenient right around the corner brick and mortar banks.

That's one of the things I like about my high-interest savings. Since it takes three days to transfer funds to an external account, it's prevented me from blowing my cash too easily. Even though I've always been more of a saver, this helped me grow my savings at the beginning. . .

That's a darn good point. It's like having a built-in cooling off period that can't be circumvented. I can see the benefit there as it could greatly help impulse buyers.

It does help, though I've still found ways to buy on impulse. In general, it's been things, which are easily returnable when I come to my senses again.

Returns are a great way to recover from buyer's remorse.

JGibbs wrote:

JacksonM wrote:

Wanderer wrote: The one thing I noticed is the high savings accounts interest is generally not the convenient right around the corner brick and mortar banks.

That's one of the things I like about my high-interest savings. Since it takes three days to transfer funds to an external account, it's prevented me from blowing my cash too easily. Even though I've always been more of a saver, this helped me grow my savings at the beginning. . .

That's a darn good point. It's like having a built-in cooling off period that can't be circumvented. I can see the benefit there as it could greatly help impulse buyers.

It does help, though I've still found ways to buy on impulse. In general, it's been things, which are easily returnable when I come to my senses again.

Another way to have "self imposed hoops" Moneyes is to put the money in a CD. The interest rate is higher and the amount of time varies. I find myself just letting it roll over and over a couple of times.

Wanderer wrote: For those that want to step outside the box ... there are many options for savings accounts that pay in the 1.00% to 1.60% or more. Some have requirements for deposit amount minimums. The one thing I noticed is the high savings accounts interest is generally not the convenient right around the corner brick and mortar banks. A little research and many opportunities exist.

Barclays online is one of those. They're at 1.30% right now. There is a local credit union where I live that sits at a whopping 0.05%.

The best thing about Barclays is that I would have to jump through a lot of self-imposed hoops to get to the money.

JacksonM wrote:

Wanderer wrote: The one thing I noticed is the high savings accounts interest is generally not the convenient right around the corner brick and mortar banks.

That's one of the things I like about my high-interest savings. Since it takes three days to transfer funds to an external account, it's prevented me from blowing my cash too easily. Even though I've always been more of a saver, this helped me grow my savings at the beginning. . .

That's a darn good point. It's like having a built-in cooling off period that can't be circumvented. I can see the benefit there as it could greatly help impulse buyers.

Wanderer wrote: The one thing I noticed is the high savings accounts interest is generally not the convenient right around the corner brick and mortar banks.

That's one of the things I like about my high-interest savings. Since it takes three days to transfer funds to an external account, it's prevented me from blowing my cash too easily. Even though I've always been more of a saver, this helped me grow my savings at the beginning. The biggest deterrent was "Will I still want it then?" and usually the answer was usually "no." Now I ask myself even with smaller purchases and it helps me not buy things I don't need.

For those that want to step outside the box ... there are many options for savings accounts that pay in the 1.00% to 1.60% or more. Some have requirements for deposit amount minimums. The one thing I noticed is the high savings accounts interest is generally not the convenient right around the corner brick and mortar banks. A little research and many opportunities exist.

Wanderer wrote: Lexie wrote: "Yeah, but........ The interest rate on savings right now is way lower than on loans. It's just frustrating to watch my money sit there with little growth month after month. I know it's better than nothing but still........ "

Found a post in another Forum where the poster reported today that the following Banks raised their Savings Rates: Cap1 360 to 1.00%, Discover Bank to 1.30% and American Express Centurion Bank to 1.35% Now that is nothing to sneeze at!!!

Now Lexie ... you know better than to "stash" money in the mattress, what if you had a fire

I was quite happy to get the notice from Capital One that the rate had increased. It looks like American Express Centurion is the leader of the pack though.

A question that comes to mind ... the lending institution is going to want a return on their loans greater than the amount of money they pay on savings account. A profit/return on their investment.

FrankN wrote:
There is also a lot of market participants who are affecting the rate. You can see that in the yield curve.

Same with forex and all the digital currencies. I was shocked to see that's how it worked out. Seems easy to manipulate if you have the funds, but it's probably just a base appearance and more complicated.

Lexie wrote:
Yeah, but........ The interest rate on savings right now is way lower than on loans. It's just frustrating to watch my money sit there with little growth month after month. I know it's better than nothing but still........

In school, were you all taught that interest rates would balance? I was taught that the interest rates on savings would be on par with the interest rates on loans. Sure, FICO counts, but even those with perfect scores aren't balancing out.

Lots of laughs Wanderer! You're exactly right. Glad to see it finally on the rise. I don't really have any stuffed in the mattress or buried in the back yard. It's all right where it should be. I just get a little frustrated every now and then.

Lexie wrote: "Yeah, but........ The interest rate on savings right now is way lower than on loans. It's just frustrating to watch my money sit there with little growth month after month. I know it's better than nothing but still........ "

Found a post in another Forum where the poster reported today that the following Banks raised their Savings Rates: Cap1 360 to 1.00%, Discover Bank to 1.30% and American Express Centurion Bank to 1.35% Now that is nothing to sneeze at!!!

Now Lexie ... you know better than to "stash" money in the mattress, what if you had a fire