Please Check How Much Interest Your Bank Account Pays!
Welcome to Saving Money with Andrew!
I’ve written before about how important it is to make sure you’re getting a competitive interest rate on your cash balances (see Friends Don't Let Friends Earn Zero Interest and Don't Let Your Cash Get "Swept" Away). And in today’s higher interest rate environment, the stakes are much higher than before.
So, I read They Thought Their Money Was in High-Interest Accounts—They Got Paid Peanuts with a mix of shock and horror. From the article:
David Fucillo built up his emergency fund over the years with direct deposits into a savings account at Capital One Financial with above-average interest rates. Last fall, he realized the account was no longer paying him much of anything, even though broader rates were up dramatically.
The 44-year-old editorial-content manager’s five-figure balance was earning just 0.3%. “I probably missed out on over $1,000 a year,” he says.
Many things are uncertain in life, but you control where you deposit your cash savings. Today, log into your bank account and check your interest rate. If you can’t find it, call your bank and ask. If your rate is uncompetitive (I use Bankrate for a quick reference for current rates), ask for a higher rate. If you don’t get anywhere, you may want to consider your options for a higher-yielding savings account, among reputable FDIC-insured banks of course![1]
And now, Andrew’s pick(s) of the week:
All Creatures Great & Small continues to be a well-done, relaxing adaptation of James Herriot’s series of short stories about the adventures of a small-town veterinarian. Enjoy!
Also:
Can the IRS’s New Free Tax-Filing Tool Replace TurboTax? We Tried It Out
Couples Are Hiring Raptors to Be Ring Bearers at Their Wedding
I hope this has been helpful. If you liked it, please share it on social media! Also, please send me your feedback, requests, and success stories.
[1] Please note that this newsletter is *not* investment advice.