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/biz/ - Business & Finance

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15605892 No.15605892 [Reply] [Original]

Does anyone actually open CD's and savings accounts anymore? What's the point with how low interest is at banks for them

>> No.15605898

>>15605892
They're a scam

>> No.15605920

Nah it's bad boomer logic, it's basically put your money in this stupid account that you cant access, then be rich by the time your too old to live life, so you gotta put that money in a nursing home.

>> No.15605936

>>15605892
My dad keeps telling me to open a savings account. I have 10k savings right now. I worked it out and I'd make like $150 bucks a year on it. Fuck that

>> No.15605948

>>15605936
What kind of savings account gives you 1.5%?

>> No.15605982

>>15605948
The one at my bank goes up to 1.6% if you satisfy certain conditions. I think you need to keep putting money in each month or something

>> No.15605999

>>15605892
If you're a poorfag just starting out with an emergency fund, you can game the system to claim the retirement saver's credit in a Roth.

>>15605948
>>15605982
Your brokerage account's money market fund should yield 2-2.5%.

>> No.15606003

>>15605982
Damn that's a very good rate for a savings account (still shit though). What bank is that?

>> No.15606036

>>15606003
Bank of Montreal
https://www.bmo.com/main/personal/bank-accounts/savings-accounts/

>> No.15606044

bruh i'm with a credit union with fucking 0.25% APY

>JUST

>> No.15606060

>>15606044
You should have a negligible amount in checking (enough for bills) and that can have a crap APR, but the rest of your cash should be at your broker.

>> No.15606098

>>15606060

>holding cash

I thought the proper thing is to dump all cash immediately for bitcoin? Are you new here?

>> No.15606437

if i have 1 million is a savings account worth it if i just want to NEET until im 65

>> No.15606566
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15606566

These days there are tons of options for a high yield savings and its good to have your safety net squared away before touching ANYTHING else.

I have an account with alliant I just opened up. 2.16 percent interest compounded monthly. I'm also going to keep part of my savings in stablecoins on nexo. 8 percent interest compounded daily. Pretty rad.

>> No.15607273

>>15605892
I do. CDs are pretty based and are good way to save money for down payments or other large purchases. I opened a 18mo CD with 2.96% interest at NFCU. I don't understand why you wouldn't use a CD for your savings if you know you won't need them anytime soon.

>> No.15607287

>>15605892
I have a Marcus bank account that gives 2% which isn't bad. Thinking of just throwing it all in USDC in compound.finance for 5%+ though.

>> No.15607315

>>15605982
Just put it in a bank in Argentina or Turkey. Get 30% and converted for currency it’s like 6%.