High-yield savings accounts offer variable interest rates, so they can change at any time. But given the Federal Reserve's recent decision to hold its0.06% national average"Based on what the Fed has said and based on how deposit rates have fallen, I'm afraid we are in for a long period of very low deposit rates," writes Ken Tumin, founder of DepositAccounts.com, on the.
For savers looking for slightly higher rates on cash in the coming months, it's possible that CDs with rates upwards of 3% might become available in 2020, Tumin writes. If you're interesting in using those, it's wise to leave cash in an accessible place in the interim, like a savings account or no-penalty CD, so it can be transferred easily.
There are also a few high-yield checking accounts still offering rates of at least 3%, Tumin writes. However, those are and typically have requirements, such as making a certain number of debit transactions each month, in order to earn the high APY."The best hope for savers is that the economy does have a strong recovery in the next year," Tumin writes.
MakeIt There hasn't been a high yield savings account since i was 20 ...and I'm nesr 80 now!
MakeIt The Fed is punishing responsible savers to reward irresponsible borrowers, profligate spenders and speculative investors.
MakeIt There were high-yield savings accounts? Strange idea of high yield...1.9%? Once upon a time long ago, a savings account was a safe place for 'regular' people to grow their money. Hasn't been so for YEARS now.
MakeIt
MakeIt DashForTrash
MakeIt I feel lucky to still be getting 1.15% with CITBank
MakeIt Thanks to the Fed 0% rate.
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Source: BusinessInsider - 🏆 729. / 51 Read more »
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