Welcome to Saving Money with Andrew! From late 2008 until 2022, we lived in an almost zero-interest rate world. Bank accounts paid zero, new mortgages were well below 5% (sometimes much lower), and car loans with low interest rates or 0% promotional financing were plentiful. Many of us have lived our adult lives earning zero interest on our cash.
I have my cash with online Wealthfront—FDIC insured, 4.05% interest, no fees, no withdrawal or transfer fees or limitations. So far, they’ve raised the interest they pay every time the Fed raises interest rates.
Any thoughts on using SmartyPig? It's still around and pays 4.25% and FDIC insured. It's a savings account through Sallie Mae.
I have my cash with online Wealthfront—FDIC insured, 4.05% interest, no fees, no withdrawal or transfer fees or limitations. So far, they’ve raised the interest they pay every time the Fed raises interest rates.