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
Agreed, savings accounts seem pointless now.
Got a source? Curious where it's in the low 3% range
Parking accounts all dropped together too, so they’re all the same lol. Even comparing the rates, there isn’t much difference.
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.
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.
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?