"No REALLY, we're doing fine" ~ every bank right nowSubmitted by JPowsSecretlover t3_127ifsn in wallstreetbets
markgriz t1_jeez3gp wrote
Reply to comment by EducatorReasonable51 in "No REALLY, we're doing fine" ~ every bank right now by JPowsSecretlover
If your bank is paying you 0.5% on your cash, find a better bank.
Capital One is currently paying 3.4% on their savings accounts. Discover is paying 3.5
EducatorReasonable51 t1_jef0iwh wrote
My bank isn't paying me anywhere near that, but my money markets are paying 4.4%.
Trest43wert t1_jefj29b wrote
This is a big part of the story - many banks can't pay more than 0.5% interest because the money from their deposits are locked up in low interest loans from the past. Their overall portfolio may average 2% given that they had to sell recent bonds to fund outflows to money markets. Basically, bank holdings have dwindled to the assets with shit yield and they are trying, and failing, to pass that shit yield to grandma's savings account. Grandma aint having it so they sell more assets. Spiral ensues.
Chishuu t1_jef1pjl wrote
UFB is paying 5.02%
markgriz t1_jef2wmv wrote
I saw that. Read the reviews, sounds like a nightmare
ItsDijital t1_jefddsq wrote
Ally has a no penalty CD at 4.75% 4.35%
gnnr25 t1_jefx0hr wrote
This is the way
Chishuu t1_jeg1xaj wrote
Yes, but there’s a 18 month hold. And there are penalties for withdrawing early. And it’s 5%.
ItsDijital t1_jeg5r55 wrote
No, the minimum holding time is like 6 days. That's what makes it "no penalty".
Edit: it's 4.35% now
Chishuu t1_jeg73es wrote
Ah, I didn’t see the no penalty link. Thanks.
soulstonedomg t1_jefhbvv wrote
Amex paying 3.7%
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