Sunday, November 22, 2015

Seeking Higher Interest Savings Accounts

Yesterday, my bank informed me that I am now eligible for 0.7% on our money market savings accounts.  Historically speaking, that may not be much, but it is significantly higher than the 0.01% we are getting today.

This info caused me to check with our other financial institutions on similar interest rate increases.  Unfortunately, there were no matching hikes by other institutions.   However, most had 5-6  month CDs paying 0.5%, which seemed like a reasonable alternative to me.

So in the next month, I'll be moving our 0.01% money market funds into higher paying money market funds or CDs, especially if the Fed raises interest rate in December.

For more on  New Beginnings, check back Sundays for a new segment.

This is not financial advice. Please consult a professional advisor.

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1 comment:

pfstock said...

I have direct deposit into an online savings account at Ally Bank. It pays 1.0% which also is not much, but better than 0.01% in some of my other accounts.