Do you have a traditional "savings" account?

[GeauxLSU]

MOVE IT! Being an ultra conservative finance guy, I know I have cost myself money over the years, but this is particularly annoying. About a year ago I moved and had various things going on with cash where I just parked a large amount in two different savings accounts at two different banks. As I'm sure we all remember, they were paying a whopping 0.01% interest. The problem is they STILL are paying that. I just moved money at both Banks into relatively short-term (11 month and 15 months) CDs, both getting 5.0 & 5.01%.
Most of you probably aren't as stupid as me though...

 

[webicknell]

For cash you can use MySavingsDirect.... Interest earnings at 4.35%....
ACH in and out...
No Fees and No Minimums

 

[steviesterno]

No. If it’s “emergency short term” cash, it’s in Literal cash. Everything else is elsewhere putting in work.

 

[lostchild]

I did the same thing, left too much parked in basic savings for two years after selling/buying primary residences. Always been risk averse. Just started moving some around this spring. Not great, but 4-5% is better than .01.

 

[kodis556]

CD's are a no-brainer for 12 - 18 months right now.

 

[atljetmech]

I moved quite a bit into CDs late last year as soon as the interest rates came up and will roll if same or better rates at term.
Prior to that I recall CD rates being **** so I didn't want to tie my money up for such low interest so I too kept it safe and available in savings but with very little interest.

 

[lostchild]

Hopefully, nobody here is in this group….

https://www.washingtonpost.com/business/2023/08/08/credit-card-debt-1-trillion-high-earners/

 

[the_great_white]

Hopefully, nobody here is in this group….

https://www.washingtonpost.com/business/2023/08/08/credit-card-debt-1-trillion-high-earners/

There's your next economic crash, it won't be housing. Just wait until those start defaulting. About 6 months ago my attorney said he and a number of his colleagues are shifting their practices to focus primarily on bankruptcy as thats been starting to trend higher.

 

[GeauxLSU]

Hopefully, nobody here is in this group….

https://www.washingtonpost.com/business/2023/08/08/credit-card-debt-1-trillion-high-earners/

I realize there's a million different situations, but in general in this country, and that proves it's across most all income levels, is just financially illiterate.

 

[ADAduckhuntr]

Money market.
Liquid.
Decent interest.