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/biz/ - Business & Finance

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15109759 No.15109759 [Reply] [Original]

Sup /biz/raelis,
been wondering what you guys/gals use for savings accounts.
I currently have an amex savings and at 2.10% its decent enough.
I've been looking online with some other smaller banks like mysavings direct which offer 2.40%
What're your experiences with smaller online banks.

>> No.15109869
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15109869

>>15109759
Are you all-in on Chainlink or not?

>> No.15109875

>>15109759
just keep your 6mth emergency fund there, Its good enough. The trouble of opening and closing accounts isn't worth it

>> No.15109882

>>15109759
Savings accounts are a scam

>> No.15109908

>>15109759
compound.finance

>> No.15110361

>>15109869
>>15109908
you not everything has to be about crypto.

>> No.15110371

>>15109759
>savings account
>yearly gain not even 8%
>why even bother

>> No.15110396

>>15110361
>asks about compounding interest
>ignores the most relevant project in the history of modern finance
Seriously? Just look it up. APR is over 10 points at the moment

>> No.15110507

Savings accounts are shit. Put your money in crypto or an index fund.

>> No.15110620

Don't bother with savings accounts. 2.4% is almost nothing, it might not even beat inflation. Savings accounts are an artifact from 40-50 years ago when interest rates were like 6%+ and would actually grow over time. Assuming 2% inflation, which is the fed target, but historically low, your 2.4% savings account wouldn't even yield 50% after 100 years! After 10 years it would only yield 4% after inflation. So if you put $10k in there you'd make $400 in a decade after inflation. Complete waste of time.

>> No.15110666

bitcoin

over 10% a year every year for life sounds good to me

>> No.15110715
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15110715

>>15110620
>>15110507
Pic related. You brainlets during the next recession. Savings accounts are good for backups and emergencies. Having direct fiat on hand, theres no reason not to have one its safe free money

>> No.15110745

>>15110715

No shit you need cash. At least an emergency fund, and ideally a portion of fiat from cashing out peaks that you can use the buy the bottom in a recession. My point it there is no point to care about whether that is in an account that pays 2% or 2.4%.

>> No.15110774

>>15110715
this guy fucks.
>>15110620
>>15110507
Well i do have a few thousand in crypto and a few thousand in a RH + fidelity account.
This is just some backup $$ and having interest would be a perk instead of just having it sit in a checking account.

>> No.15110811

>>15109759
Vio bank has a 2.52% rate and free push/pull.

>> No.15111474
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15111474

Only relevant savings account is the TFSA Tax Free Savings account (idk if u have this in Trumpland) u can only use it to buy domestic stocks (even microcap penny stocks) obviously I used this account to buy weed stocks made x30 roi and parked my gains on REITs (Industrial realestate obviously since they sign 10 year leasing contracts, and thus wont be affected by the bubble) earning 8% dividends all Tax free. Only catch is u can't claim capital loses but only normies lose money.

>> No.15111530

>>15110507

Let me repeat what Chad said for you.

Savings accounts should be used ONLY as an emergency fund/low risk investment vehicle during periods of low-inflation.

Your 2% rate is simply a hedge against average inflation and all of your interest you earn from your account is taxed as income. So if you're a high earner, keeping large amounts of cash in a savings account is even stupider.

Moreover, consider what happened to the folk who hoarded German marks during the Reischbank hyperinflation period of 1921. THEY GOT FUCKED. Do you really want to hoard assets that the value of which depends on confidence in your country's GDP?