Bank interest rate changes

[Sourdough]

I admit I am shocked to discover that Banks and Credit Unions Essentially don't pay any interest, or hardly any interest. Open to suggestions as to other options.

Yes, I started a same subject thread a few months ago, but can't find it.

 

[havasu]

I have my savings in Ally. They have raised interest rates 5 times in 40 days. Just opened an email saying tomorrow the interest rate climbs to 1.25%. More to come.

 

[Neb]

Welcome to the real world.
No, you can't put it in a FDIC insured account that pays more than 2% interest.
Here's your other thread:
https://www.homesteadingforum.org/threads/parking-money-in-current-prepping-reality.15961/

It will go up as the fed raises the prime rate.

Chocolate diamonds are supposed to have a good return. We haven't tried them out yet.

Ben

 

[LadyLocust]

I admit I am shocked to discover that Banks and Credit Unions Essentially don't pay any interest, or hardly any interest. Open to suggestions as to other options.

Yes, I started a same subject thread a few months ago, but can't find it.

I called just a week or so ago - .5% that is 1/2 of 1 percent! So @havasu getting 1.25 is awesome. CD rates were below savings for a time. They don't want their fiat $$ back. They want you to trade it so they can tax you on it (taxes happen with transactions.)

 

[Caribou]

1.25%? With inflation admittedly 8.6%, and realistically over twice that, 1.25% is a losing proposition. You might not make anything by stuffing your money under your mattress but then again, there is no threat of a mattress holiday.

What's really sad is that 1.25% is the best I've heard of in decades.

 

[havasu]

Having a full cash nest egg, if things really get bad, it will be my buffer. If banks go down, my safe contents should carry us for a few years.

 

[havasu]

^ That is the sensible havasu. The diabolical havasu is kinda hoping someone is about to lose their 45' diesel tag axle motorhome, and I will be able to pick it up for a song and a dance. Nothing like bugging out in style, right?

 

[Cascadian]

And I am waiting to buy their side by side UTV.

 

[havasu]

Those side by sides have certainly become popular, haven't they? My grandson just got a job in a side by side fabrication shop, where they do customizations. He is in hog heaven playing and building them $45K toys!

 

[Tootsie]

Those side by sides have certainly become popular, haven't they? My grandson just got a job in a side by side fabrication shop, where they do customizations. He is in hog heaven playing and building them $45K toys!

Grandma really, really wants one.