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Interest rates at the Fed do not dictate the interest rates you get in your personal checking account. It's loosely linked yes but a 7% fed funds rate and indus
by freitzkriesler2 3y ago
Interest rates at the Fed do not dictate the interest rates you get in your personal checking account. It's loosely linked yes but a 7% fed funds rate and industry collusion mean you'll never get more than 1-2% on a checking / savings account.
I mean yeah there are a few banks out there with 4.5% on savings accounts so you can use those.
- dragontamer 3y agoThen move your money into an MMF, like Vanguard's VMFXX or Schwab's SWVXX. There's plenty of ways for even the poorest to get direct exposure to 5% interest rates.