Was messing around with a compound interest calculator and found out my bank's savings account pays 0.01% APY while a broker's money market fund gives 4.5%

I spotted that stat on some random finance blog when I was comparing rates last night, and it genuinely made me mad I've been letting my emergency fund rot in a checking account for 3 years has anyone else dealt with this kind of rate gap and actually moved their cash over?

2 comments

2 Comments

wren2171d ago

Ugh, that stings. I had the exact same thing happen to me last year, it's infuriating how much free money we leave on the table out of pure laziness. Good on you for actually checking, that first step is the hardest.

jenny_jackson1d ago

Man I used to be one of those people who rolled my eyes at these posts. Thought it was just people being dramatic or maybe trying to humble brag or whatever. Then my wife got a letter about an old 401k from a job she had like 8 years ago. We thought it was like 2 grand tops. Ended up being almost 12,000. That really opened my eyes. Now I'm the guy bugging all my friends to check their old accounts because its wild how much just sits out there collecting dust.