The FED Just Ruined The Best High Savings Accounts
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So the Fed cut rates meaning that your savings or high yield savings, is going to also be cut. And trust me I know the feeling, I went from 2.57% with wealthfront to now they are giving .26%.
The FED Just Ruined The Best High Savings Accounts
Segway:
1. What is going:
– The fed is going to meet and might slash rates to zero
– Last time they did this in 2008 if they didn’t change it until December of 2015
Why:
– This makes people not want to save because their money is just losing money because of inflation
– And even make people in retirement: have to invest or buy some corporate bonds or treasury bonds for some more income.
And investor will most likely relocate their money into a dividend stock
Tip they are also going to meet this Wednesday I think: Very unlikely to get negative rates and this was said by the chair of the fed Jerome Powell in March.
- What this means for Savings (it’s good and Bad)
- Now we are in the bait and switch territory
- Meaning that some banks are going to offer very high-interest rates
- Which is good for us, but also means that this all comes with pros and cons
SO how it works:
– In 2019 I had high yields of up to 2.57% with wealthfronT, now its .26%.
– But we can take advantage of this because some banks are going to take this time to start stealing customers with crazy bonuses.
– And here is the list ( but remember bait and switch mean they might switch things back to the average at any moment ).
- The Best Deal for High Yields and bonus
List High Yield Savings: Top 5 ( order worst to Best)
- Discover Bank: 1.40%
Solid bank, no fees but also has been know to bait and switch. But the customer service is by far one of the best.
- No minimum to open
- No monthly charge
- Ally Bank: 1.5% savings and also a 1.5% CD with no penalties
- This company is solid and I know its one of Graham’s Favorite. However, I noticed last time they didn’t move their saving when everyone else was. SO I guess they learned their lesson this time
- No minimums
- No monthly charge
Tip: notice the no minimums to open, its baits, and switch. - The CD allows you to raise the Rate once if you get the 2 years and twice if you get the 4 years.
- A penalty of 60 days of interest on the 2 years and 120 days on the 4 years.
- Vio Bank: 1.70%
- The customer service was a little but solid when they finally responded
- You need $100 to fund the account
- HSBC: 1.70%
- $1 to open the account
Disclaimer: I reviewed this bank before and I did not like it. It has 50 different tears.
- Varo: 1.61% and also 2.80% if you set up direct deposit
Bonus: for checkings account with Massive bonus
- Citi: $200 for $5000 (4%)
$400 for $15,000 ( 2.6%) - Wells Fargo
– $400 for $4000 worth of direct deposit in the first 90 days ( 10%)
- Charles SCHWab
- Give you $100 for $1000 net deposit ( and leave it for 45 days) (10%)
Overall: This is all bait and switch, Graham Posted a video on his top picks and rates already change since then.
If your older and need more cash Flow, look into Index funds.
Best Bonuses: https://www.doctorofcredit.com/best-bank-account-bonuses/#Citi_200400700_Checking_Bonus_8211_No_Direct_Deposit_Required
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You should ask how well the online banking account serves you as a consumer. This is protected since you can only utilize the cash that you have transferred on the account.
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