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A Higher Interest Rate

February 24th, 2019 at 07:03 am

When you are a saver you cheer when your interest rate goes up! Some of our savings was earning 2.10% and is now going up to 2.25%. It seems like a small difference, but I have enjoyed seeing the rates rise a little at a time after years of very low interest.

I was also notified of a CD maturing in March. This money will go to savings initially, but I think we will end up adding it to another certificate currently earning 3.25% until June of 2020.

Have you noticed the market has bounced back quite a bit since the drop in December? The S&P 500 is up over 11% for the year so far.

What is the highest interest you are earning on your savings?

5 Responses to “A Higher Interest Rate”

  1. Dido Says:

    The cash in my investment account is invested in a government money market fund (SWVXX) that earned 2.35% per my January statement. Makes me feel bad about the 2.25% stuck in a CD that matures in May, but not bad enough to cash in the CD (it's only a thousand).

  2. disneysteve Says:

    We have a savings account with Ally. It's been at 2.2% for several weeks now. I know there are some higher ones out there but I've been really happy with their customer service, web site, and app. I'm not going to switch just to eke out a couple more dollars per year.

    I took my mom over to a local bank a couple of weeks ago to buy a 13-month CD for 3.1%. I actually thought about getting one myself but I really prefer to keep everything online. Ally has a 14-month for 2.85% but I haven't jumped on that yet.

    The market recovery has been good to us. I posted yesterday that our portfolio is up 110K since 12/31/18.

  3. Amber Says:

    To be honest I haven’t noticed. I remember when ING was offering close to 3%. After reading this post I’m going to check

  4. rob62521 Says:

    That's a great interest rate on your savings. Right now the highest we are getting on a Money Market is 1.2%. We did get a CD for 21 months for 2.63% a couple of weeks back.

  5. disneysteve Says:

    rob62521, why stick with a 1.2% MM? There are plenty of great places that pay 2.2% and even more. That CD rate isn't fantastic either. I know Ally has a 14-month right now for 2.85% and there are rates over 3% if you look around.

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