Amex Savings Account Just went up to 1.50%. UPDATE: Now at 2.15%

[TheBigOne]

It sounds crazy that they're bragging about an FDIC insured rate of the lowest rate I can recall (most banks used to have a default rate of 5.0% just a short time ago). But, why're people worried about "inflation"? Are there other, better safe savings account rates out there now"

 

[Mixd]

Samsung Money card SoFi just went to 2% and I was like wtf.

It's because banks are about to become obsolete. But that's another discussion

 

[Mixd]

It sounds crazy that they're bragging about an FDIC insured rate of the lowest rate I can recall (most banks used to have a default rate of 5.0% just a short time ago). But, why're people worried about "inflation"? Are there other, better safe savings account rates out there now"

Banks at 5%? You mean a CD?
Savings accts never been over 1% in America.

 

[TENT]

About 20 years ago when online savings first started Orange/ING and Discover Bank had rates of 5%.
This is a FACT.

If you have over 500k your local bank will call you and give you a higher rate. Back in the day it was around 5%

Don't say "never" you don't know what you are talking about.

Banks at 5%? You mean a CD?
Savings accts never been over 1% in America.

 

[Mrfreddygoodbud]

Samsung Money card SoFi just went to 2% and I was like wtf.

It's because banks are about to become obsolete. But that's another discussion

LOL,

cough cough crypto staking 6-15% cough cough,

woo got something caught in my throat!!!

 

[TheBigOne]

It's called the "magic of compound interest"

​

 

[Mixd]

About 20 years ago when online savings first started Orange/ING and Discover Bank had rates of 5%.
This is a FACT.

If you have over 500k your local bank will call you and give you a higher rate. Back in the day it was around 5%

Don't say "never" you don't know what you are talking about.

Yes cause the average person with the average acct has $500k sitting. I forgot this is BGOL

And you said 20 yrs ago, that's recent? I remember Orange. That's not a normal financial institution like WF, Chase and others.

 

[havelcok]

Getting 1.6 at ally

 

[TENT]

You said never.
I didn’t say recent.
I responded with 20 years ago correcting OP.
You don’t have to have 500k to know information.

Yes cause the average person with the average acct has $500k sitting. I forgot this is BGOL

And you said 20 yrs ago, that's recent? I remember Orange. That's not a normal financial institution like WF, Chase and others.

 

[TheBigOne]

It looks like the 1.5% isn’t so bad comparatively. There’s got to be something that happens to goose that up some

 

[DC_Dude]

Getting 1.6 at ally

Same here

 

[Helico-pterFunk]

Question for those who fuck with GICs ... what kind of interest rates are the American banks offering of late?


From June of last year to present I've been seeing (for Canadian banks) ... 1%, 1.5, 1.8, 1.9, 3.81, 4.4, and 4.5%.

Things you need to know about GICs and how they work

A GIC (guaranteed investment certificate) is a safe and secure investment with very little risk that are deposited into a savings account to ear interest.

westernfinancialgroup.ca

 

[Flawless]

Rates are going back to what they were before the pandemic. Lending club savings is 2%

 

[havelcok]

Question for those who fuck with GICs ... what kind of interest rates are the American banks offering of late?


From June of last year to present I've been seeing (for Canadian banks) ... 1%, 1.5, 1.8, 1.9, 3.81, 4.4, and 4.5%.

Things you need to know about GICs and how they work

A GIC (guaranteed investment certificate) is a safe and secure investment with very little risk that are deposited into a savings account to ear interest.

westernfinancialgroup.ca

those are certificates of deposit here in the US

marcus of goldman sac and barclays are 2.5 and 2.4 respectively

goldman sac also has one for 3.25

 

[Helico-pterFunk]

those are certificates of deposit here in the US

marcus of goldman sac and barclays are 2.5 and 2.4 respectively

goldman sac also has one for 3.25

Thanks for the info. I went with the 4.5% recently.

Also moving a TFSA account (tax-free savings account) from general "savings" to a GIC.

 

[jremi]

It sounds crazy that they're bragging about an FDIC insured rate of the lowest rate I can recall (most banks used to have a default rate of 5.0% just a short time ago). But, why're people worried about "inflation"? Are there other, better safe savings account rates out there now"

This is precisely what raising interest rates are supposed to do. Raising interest rates combat inflation.

Inflation is the increase of average price levels over time. Interest rate hikes cool down the economy by encouraging people to spend less. For example, if rates on mortgages go up, people are less likely to buy new homes, need construction materials, etc. Less demand for these things equals a drop in prices. If rates go up on saving accounts then people are more likely to save than spend. This is exactly what's needed during times of inflation. Less demand (people spending) causes a reduction in prices (no inflation).

This is all a part of government fiscal policy; using taxes and/or government spending to influence the economy.

 

[TheBigOne]

I just checked. It was up to 2.0% yesterday. Today it jumped to 2.15%. I'm hanging in and waiting. Wish I had a few more sheckles to put in this piggy bank