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.
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.