Comments

  1. I don't even know what my savings account rate is, but that's because I keep it very low. Even 1% is terrible since it's below the rate of inflation. Ideally you get enough saved up where you don't need an emergency fund because you could always liquidate stocks and bonds in a crisis – then you can actually start making money over inflation.
    My recent post Things To Do After Retiring Early

    • Interesting take Brave New Life. However, I have to slightly disagree. The purpose of a savings account/emergency fund is primarily to provide you with a secure source of funds in the event of a crisis, not to make you tons of money. Sure, it'd be great to make some money on the cash funds. However, I'd rather have a super secure emergency fund being eaten away by inflation that is FDIC insured and I know will not decrease in value from fluctuations in the stock market
      My recent post My Personal Finance Journey Vs. The United States of America – Round 2 – What Interest Rate is Your Savings Account Earning?

  2. I beat the national average, but not the MPFJ readers! I'm currently getting 0.50% through my bank. I've thought of using high yield checking accounts, but it is too much work for me.
    My recent post Are You Prepared For Retirement?

    • Yeah these MPFJ readers seem to know their stuff!

      I totally understand where you are coming from. It seems like quite a lot of effort to move just for a measely 0.5%. However, it does add up over time, so I keep an eye out for rates try to get the best accounts.
      My recent post My Personal Finance Journey Vs. The United States of America – Round 2 – What Interest Rate is Your Savings Account Earning?

  3. Kathryn says:

    Just as a heads up for people, the Wachovia/Wells Fargo Way to Save has a 3% interest rate, it's limited to $100/month transfers and $1 per check card transaction if you have a Wachovia/Wells Fargo bank account but if you use your check card a lot you can build that balance up really quick. After 3 years I am making seriously significant interest with no fees on the account!

    • Thanks for sharing Kathyrn. I just checked out that account option. I guess it's called the Premium Way2Save account. You can read about it here -https://www.wellsfargo.com/savings_cds/way2save_details” target=”_blank”> ” target=”_blank”>-https://www.wellsfargo.com/savings_cds/way2save_details.

      It only gives 3% on the first $500 in the account (so a max of $15 per year). Any balance above that gets 0.05%.

      So, if you were to put your entire emergency fund in that account (say $8000), you would only be making about $19 in interest per year. However, if you invested your emergency fund in a high yield ING Direct account earning 1%, you'd get $80 in interest.
      My recent post My Personal Finance Journey Vs. The United States of America – Round 2 – What Interest Rate is Your Savings Account Earning?

  4. KNS_Financial says:

    I beat the average as well…sort of. I have a BOA savings account earning .05% and an online account earning 1%.
    My recent post What Is Your Wishlist For Giving?

    • Thanks for reading KNS! You gotta love those Bank of America savings accounts! 0.05% is almost a joke!
      My recent post My Personal Finance Journey Vs. The United States of America – Round 2 – What Interest Rate is Your Savings Account Earning?

  5. I voted for >1% as we are averaging close to 3% with rewards checking. It will go down a bit because we are planning to close one rewards checking and move that money to Ally.
    My recent post Big sale is not equal to great deal

    • Nice! I learned a lot about that rewards checking with the MicroMaximus review I did a while back. What bank do you use for that Suba?
      My recent post My Personal Finance Journey Vs. The United States of America – Round 2 – What Interest Rate is Your Savings Account Earning?

  6. Crystal @ Industrial says:

    We're getting 0.75% at ING Checking right now I think. I really miss the days I was getting 4% or more…
    My recent post When Coverage Needs are Unique, Industrial Special Risks Insurance Steps In

    • I'm with ya Crystal! Good ole' 2005-2007 eh?!
      My recent post My Personal Finance Journey Vs. The United States of America – Round 2 – What Interest Rate is Your Savings Account Earning?

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