But some companies' rates are falling more than others.
If you know you want to keep your money in savings, but your rate is dropping, should you switch high-yield savings accounts? Here are a few things to consider when making your decision.Maybe your account's rate has dropped to 0.26%. Your friend has an account with a different company, and their rate has only decreased to 1.50%. Should you consider switching to their bank?. "But I would look at it through the prism of 'Next week [the new bank account] could be at 0.26%.
"If your competition's at 0.26%, you could drop down to 0.62% and still be competitive," Mahaffy says. The problem is that we don't know whether a company's rate will drop or stay relatively high. If you decide to switch, remember that a falling rate is a possibility.Setting up a high-yield savings account isn't rocket science, but it does require a bit of time and effort.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Canada Canada Latest News, Canada Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
3 places to put your money when you're worried the stock market is too risky - Business InsiderIf you don't want to put money in the stock market, try putting cash in a high-yield savings account, CD, or money-market account.
Source: BusinessInsider - 🏆 729. / 51 Read more »
The coronavirus pandemic may be weakening US retail - Business Insider - Business InsiderWith states and cities closing nonessential stores in response to the coronavirus, retailers may lose the ability to make in-store sales altogether. Ya think lortyvon L’augmentation des taxes est là
Source: BusinessInsider - 🏆 729. / 51 Read more »
3 critical ways you can strengthen your business during the pandemic - Business InsiderBy adapting to the way things are currently, you're more likely to survive and then thrive when it's over.
Source: BusinessInsider - 🏆 729. / 51 Read more »
Coronavirus: Five key business stories to watch amid economic chaos - Business InsiderStartups are going to shut down. Hedge funds will go out of business. Cord cutting will accelerate. And work will never be the same again.
Source: BusinessInsider - 🏆 729. / 51 Read more »
How sports-betting industry is responding to coronavirus outbreak - Business InsiderSports-betting insiders describe cost-cutting and creative efforts to keep their businesses on track, as well as the companies most at risk.
Source: BusinessInsider - 🏆 729. / 51 Read more »
15 bourbons that should be on your radar, according to 3 bourbon experts - Business Insider'All bourbons are whiskey, but not all whiskeys are bourbon.' Three bourbon masters told Business Insider what bourbons were the best. Gillian_Brassil ellcasad0 mustafaekeke
Source: BusinessInsider - 🏆 729. / 51 Read more »