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  1. #1
    Registered User Mogambo's Avatar
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    savings account interest rates plummeting

    I know it's a product of whatever the **** the feds are doing but man is it a jolt to see those interest rates on savings account go down so quickly. I've been sleeping on investing the money sitting in my savings account anyway so this just creates more a sense of urgency to make some moves.
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  2. #2
    Registered User PermaBulk610's Avatar
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    Yea it is unfortunate. I have my cash at Marcus and its still at 2%. It just dropped from 2.15 though and Its gonna keep dropping I'm sure. I did just put almost all of it into one of their No penalty CDs. Its a 7 month cd at 2.25 apy which I can take out if I need at any time.

    Unfortunately all money after maxing my 401k and Roth out I'm stacking in cash because I'm going to need it in 2.5 years. Won't even keep up with inflation, but preserving it is more important than growing it right now.
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  3. #3
    Boogie Man Kay4Kool's Avatar
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  4. #4
    Registered User EliteBrah's Avatar
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    capital one has been at 2% for a long time now and hasnt changed. They also offer a $500 bonus for i believe $50k, which is effectively 3% first year
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  5. #5
    test the limits RobParks2M's Avatar
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    Originally Posted by EliteBrah View Post
    capital one has been at 2% for a long time now and hasnt changed. They also offer a $500 bonus for i believe $50k, which is effectively 3% first year
    I was gonna say I think I am set to get like $250 for putting in like $10k or 15k (I put in a little more than the minimum) for keeping it there for 3 months. Then I'll have my wife open an account for 3 months do the same ect. Then swap to somewhere else with a bonus.
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  6. #6
    Registered User ghostfacedup's Avatar
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    Originally Posted by kay4kool View Post
    gold
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    Registered User lolimgood's Avatar
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    You can't really make any real money with a savings account.

    If you have a whopping 200k in an account, you make like $4,000 per year. That's barely anything.
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  8. #8
    Registered User tripod29's Avatar
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    If you're relying on saving account interest to create wealth, I got some bad new boyo.
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  9. #9
    Registered User Mogambo's Avatar
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    Originally Posted by tripod29 View Post
    If you're relying on saving account interest to create wealth, I got some bad new boyo.
    At the very least I expect it to keep up with inflation.
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  10. #10
    6’5” 256# headturner1's Avatar
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    Originally Posted by Mogambo View Post
    At the very least I expect it to keep up with inflation.
    That hasn’t been an expectation of mine since my first fukin savings account in like 1992.

    I didn’t know what inflation was back then.

    It’s not a realistic expectation at all in 2019
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  11. #11
    Registered User MadFrogger's Avatar
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    gold, silver, a little bit of bitcoin, some ETF's too (vanguard)
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  12. #12
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    I pretty much keep my emergency savings (and a stash I literally don't touch for anything. I put 50$ a paycheck into, since I was 18. I'm 31) into an Ally savings account. Ally is a 1.9%, or do 3 year CDs there for 2.25
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  13. #13
    Registered User Mogambo's Avatar
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    aaannd further down it goes.

    Fed doing everything it can to induce people to stop saving and go into debt.
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  14. #14
    Registered User whitepaper's Avatar
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    Get that money out there; boost the economy!

    NEGATIVE INTEREST RATES COMING, AND NOT JUST FOR COMMERCIAL RATES - CONSUMER RATES, TOO!!!! OOOOOOOOOOOOOOOOOOO.


    As others have said, savings account as a vehicle of wealth creation is probably not the best idea, but look at it this way, you likely have cash for if/when things tank for you to pick up on the cheap.
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  15. #15
    Registered User Mogambo's Avatar
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    Originally Posted by whitepaper View Post
    Get that money out there; boost the economy!

    NEGATIVE INTEREST RATES COMING, AND NOT JUST FOR COMMERCIAL RATES - CONSUMER RATES, TOO!!!! OOOOOOOOOOOOOOOOOOO.


    As others have said, savings account as a vehicle of wealth creation is probably not the best idea, but look at it this way, you likely have cash for if/when things tank for you to pick up on the cheap.
    I don't understand why the Fed is making moves similar to other countries that are in a completely different economic situation. And it's not like people aren't spending money. People keep saying that they are worried about the economy but spending is still going strong. Debt levels are surely not going down.
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  16. #16
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    buy dai and put it on compound.finance, 8% interest rate right now
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