Savings Rates Dropped Again? For Real? lol
Last year, locking in something over 4% was my only consolation, but now new accounts are in the low 3% range. I'm starting to think I might as well just leave it in a parking account. Seriously.
7 answers
Got a source? Curious where it's in the low 3% range
Same here ㅠㅠ Savings accounts are a dead end, stocks are scary, and it’s honestly such a dilemma.
I feel like interest rates are going to drop further, so wouldn't it be better to lock in at least some long-term now? Just rolling short-term and waiting for special offers feels like wasting time. What does everyone think?
Agreed, savings accounts seem pointless now.
Well, wasn't that 4% last year also a promotional rate? There were plenty of strict requirements for the preferential rate. I've seen quite a few cases where people jumped in just looking at the number and regretted it later. Once you factor in all the conditions, many of them don't have great effective rates.
Parking accounts all dropped together too, so they’re all the same lol. Even comparing the rates, there isn’t much difference.
I have one I locked in last year at 4.2% for a 3-year term, and if it weren't for that, I'd probably just be holding cash. These days I set alerts on my banking app and check every day to see if any special-rate offers pop up. New special offers often close within a day or two of opening, and the renewal bonus can sometimes be better than the new-customer rate, so it's definitely worth running the numbers before switching.