Savings accounts

[zpcsc]

Hello, I have received a notice from American Express in regards to their Savings accounts paying 5% interest, also my friend has opened an account with Wealthfront also paying 5%. 

Any feedback on these?

 

Thank you.

[Burgerwars]

On 11/12/2023 at 2:16 PM, zpcsc said:

Hello, I have received a notice from American Express in regards to their Savings accounts paying 5% interest, also my friend has opened an account with Wealthfront also paying 5%. 

Any feedback on these?

 

Thank you.

 

It's the going rate these days. Mostly with some online banks. Brick and mortar banks, like Chase, are continuing with their 0.01% interest rates. If the economy slows, along with inflation, these rates can go down. Maybe a one-year CD will be in order, to lock in a rate if they decrease. 

[IndyPoolPlayer]

On 11/25/2023 at 7:04 PM, Burgerwars said:

 

It's the going rate these days. Mostly with some online banks. Brick and mortar banks, like Chase, are continuing with their 0.01% interest rates. If the economy slows, along with inflation, these rates can go down. Maybe a one-year CD will be in order, to lock in a rate if they decrease. 

Agreed. Ally Bank is paying 4.4% on their Money Market, and they are offering a 12 month CD at 5.25% and no minimum. Just opened another Money Market with Merchants Bank of Indiana at 5.0% no minimum. I'm thinking in January of putting $20K into the Ally CD and letting it percolate until January '25.

 

 

[zpcsc]

Thank you, I will do the same. Move my money around. I have a cd maturing now in early January will transfer it to another cd and open a high yield account elsewhere. I’ve had my money earning nothing in the banks for years!!