Do you have a traditional "savings" account?

[WildMan]

Hell no.

Hopefully, nobody here is in this group….

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

Look around you. There's a whole bunch of people in that group. It's the new American way.

 

[ARCman47]

CDs?? Yeah I gotz plenty

 

[lostchild]

That happened to me once. I called them up and they researched my account and gave me a pass…waived the late fee and dropped my interest rate back down to 5.9% (at the time). Of course a year later, they fired me because I’m what the industry calls a “deadbeat” (I pay off my balance every month and don’t accrue interest)

You know it’s a scam when you’re considered a “deadbeat” for paying promptly.

Yeah, I called, spoke with an agent, ‘’nope, sorry, can’t help you’’.

 

[BIKER13]

Had to buy gas so had to close it.

 

[moosensquirrel]

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...

So, after taxes and especially the current 15%(+/-) inflation, which way have you gone with your 5% cd. You needn't worry however, your money will be moved into a CBDC before the CD's expire.

 

[GeauxLSU]

So, after taxes and especially the current 15%(+/-) inflation, which way have you gone with your 5% cd. You needn't worry however, your money will be moved into a CBDC before the CD's expire.

Compared to 0.01%? Increased 500x. But yes, still backing up. If you've got something liquid, secure and guaranteed to outpace real inflation, like Ross Perot, I'm all ears.

 

[GFB]

Amex savings account currently at 4.15%. Most banks near zero.

 

[41mag]

I would put my moolah into guns and gold , if I had any money !

 

[GFB]

I would put my moolah into guns and gold , if I had any money !

I tried lottery tickets and it didn’t work. Your plan is the next logical choice.

 

[robtest]

I keep some money in my local bank. My "premium" account has a minimum balance. For years I kept it in the savings account making next to nothing. This spring they offered a 1 year CD for a decent return, so I bought that. I do have an online HYSA that pays a nice APR...