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Had a bank teller warn me about high-yield savings accounts back in 2018
I was at a Chase branch in Portland opening my first savings account and this older teller, maybe late 50s, told me not to bother with their standard savings rate of 0.01%. She said I should look into online high-yield accounts instead, even if they weren't a big name bank. I brushed it off at first because I figured a brick and mortar place was safer. Then my buddy opened one with an online bank getting 2% APY and I switched six months later. That decision ended up earning me an extra $300 in interest over two years. She was totally right and I never got a chance to thank her for that advice. Has anyone else gotten solid tips from someone behind the counter like that?
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danielnelson25d ago
High yield accounts are legit... just keep an eye on rates because they change.
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gracec1625d ago
danielnelson you're absolutely right about that. I got burned once when a rate dropped from like 4% to 0.5% without much warning and I didn't notice for months. It's tough because you think you've found a good spot for your money and then suddenly it's not paying anything anymore. Makes you feel like you have to check every single month or you'll miss something. I really wish they'd at least send out an email when rates change instead of hiding it in the fine print. Just feels like a lot of extra work to keep on top of it.
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victor77925d ago
Quit acting like it's the end of the world if a rate drops. You're talking about a few bucks in interest over a month. People act like they lost their retirement fund when savings account rates change. If you can't be bothered to check your bank balance once every few months maybe you shouldn't be worrying about high yield stuff at all.
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