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Banks are leaving savers shortchanged as interest rates soar | CNN Business (www.cnn.com)

submitted 2 years ago by yenahmik to c/finance

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[–] JCPhoenix 4 points 2 years ago

I'm getting like 4% at Ally in just a standard savings account. No minimums. They also have some no penalty CD with no length of deposit requirement. Think that CD earns 4.5% or something.

I have a Capital One 360 savings account that's also around 4%.

There are banks that are giving decent returns on savings accounts, with no minimums. It's just that these typically aren't gonna be brick and mortars.

That all said, I do have to wonder how many people have the savings, the extra funds, to really take advantage of the higher rates. I'm lucky and fortunate that I'll make a few hundred dollars this year in interest. But that requires like $10k just "lying around" (this is my emergency fund). But 57% of American adults say they can't even afford a $1000 emergency expense. So even if their bank did offer these higher rates, they may not have the money in the first place. It takes money to make money, right?