Interest rates on savings and deposits are way too low these days, seriously
Is 3.2% for a one-year term really the best we can get? Considering inflation, it's practically negative. Stocks are battered too, so there's nowhere to put money.
9 answers
Agreed, deposit interest rates are so stingy these days.
Rather than a savings account, look into US Treasuries or MMF. The exchange rate is decent these days, and you can get around 4%.
I saw the 3.2% too and thought... is this right? But factoring in inflation, it's real negative. Still, stocks are scarier, so deposits feel safer. Isn't holding on the answer now?
Well, last year it was around 2%, so isn't 3.2% holding up pretty well? Inflation has also come down to the 2% range. If not for stocks, deposits would be somewhat better.
Do you have a source? Which bank offers 3.2% for one year?
Try internet bank special promotions or regional banks. Products above 3.5% pop up now and then. Just make sure to carefully check the compound interest terms.
There's really nowhere to put money these days. I also withdrew my subscription deposit last year and put it into a CMA, which gives around 3.5%. Stocks... well, I took a massive loss yesterday, so I'm looking into deposits again lol. At least with deposits the principal is guaranteed, so it's reassuring.
Me too, I'm holding onto my deposits.
Disagree. Isn't 3.2% a decent rate historically? There are also special promotions if you look around. And when the market crashes, you'd be kicking yourself for having your money in deposits, right?