Quote:
Originally Posted by mrf0151
Have had Synchrony on line High Yield savings for years. Easy to get your money anytime. Pays much higher than banks.
Treasury I-Bonds are something to look at. Current yield is 9.6%. Check out the pros and cons, but I think you will see it is a really good thing to do for money you don't need right away.
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We have also had Synchrony online bank hi yield money market and CD accounts for our short term money for years.
Current 19 month CD is 2.65%.
We also have a different account with NASA FCU (don’t have to work for NASA to open account) that is 2.75% for 15 months that we have had for years.
Are these rates keeping up with inflation. Nope. But they are for our near term bucket of funds that need to be kept safe and liquid. The days of rewarding savers ended in the early 2000s (although I am happy to say I had 4.5% CDs for a couple of years when trump was president (and inflation was under 2%). It is all about borrowers and propping up the market now.
I bonds are great right now, but have an pathetic low ceiling of $10k per person per year. There are strategies to tweak that and buy more but you need to look that up on internet where financial advisors have outlined how to do so specifically and follow instructions to the letter.
I frequently check with bauerfinancial.com to verify the rating and financial standing of our banking institutions. Don’t assume that because your bank had a great rating two years ago, that it still does.