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>In a world with 7% annual inflation, putting your money in a traditional savings account is tantamount to hiding it under your mattress. My business savings a
by itsoktocry 3y ago
>In a world with 7% annual inflation, putting your money in a traditional savings account is tantamount to hiding it under your mattress.
My business savings account is paying 5.5%. That's a long way from 0% in your mattress.
- thayne 3y agoWhere can I get a personal savings account with that kind of interest?
- Elidrake42 3y ago5.5 is further than what you can get with Personal Savings, but ~5.0 is not difficult to find at all right now, have to be able compete with those raising interest rates: https://www.bankrate.com/banking/savings/best-high-yield-interests-savings-accounts/ https://www.bankrate.com/banking/savings/best-high-yield-int...
- EricE 3y agoDon't discount credit unions. If you or a family member is or was in the military you can get into Navy Federal which even offers interest on their checking accounts (!!). And more importantly, a serious lack of fees and add-on charges.
- ryukoposting 3y agoShop around. I have one at 4.5%. My credit union has one that goes up to 4.9% if your balance is high enough.
- kedean 3y agoA high yield savings with Discover has a 4.3% APY right now. That's higher than both the mortgage I took out in 2016 and the loan I took out a few years later for new windows on said house. Not 7%, but also way better than cash.