I think savers should look at high yield savings account #HYSA now. Personally I use the $AXP (#Amex or #AmericanExpress) and $DFS (#DiscoverCard). The rate as of today 05-05-2023 is 3.75% for both. I expect they raise the rate to 4% shortly after this week Federal Reserve’s 0.25% rate hike.
Doctor of credit has a more comprehensive list – http://doctorofcredit.com/high-interest-saving……
#savingsAccount #interest #yield
More readings: choose HYSA or Certificate of Deposit (CNBC – These 2 savings accounts have interest rates of about 5%: Here’s which one you should choose). Long word short, if you have money that you know you can put away for 3 months, 6 months, 1 year or more, go for the CD to lock in the current high interest rate. The convention wisdom is the Federal Reserve may pause here, and after a while, may start lower the interest rate if they see the inflation is slowly under control (of course, all these are hard to predict). If you want flexibility, e.g., if you just want to put your emergency funds somewhere safe, I think HYSA is the way to go. We just got a floating (market) interest rate then: I don’t know about how you feel, personally I am okay with that. Btw, I just saw the Discover Card is offering 4.5% interest rate for one year CD.
