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I moved my savings from my bank's 0.4% account to a broker money market fund and made $180 more in 6 months
My bank in Columbus was paying 0.4% on my savings while a money market fund at my broker was sitting around 4.5%, so I moved $8,000 over in January. By June the broker account had earned about $180 while the old bank account would have earned roughly $16. The catch is the money is not instantly spendable like an ATM account, so has anyone here found a setup that keeps decent interest without locking the cash up too long?
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mason.faith9d ago
Get the frustration, my bank was doing the same thing and it felt like a slap in the face every time I checked the interest. Watching your money basically sit still at 0.4% when rates everywhere else were way higher is just annoying. I did the same kind of move and the difference really adds up fast, $180 vs $16 is no joke. The instant access thing is the tricky part though, I keep a smaller cushion in my regular account for bills and let the rest sit. Honestly getting a little less interest is way better than letting the bank pay you almost nothing.
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