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.
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