The Return of the 3% Interest Savings Account
February 12, 2023 •
It’s stressful when interest rates go up – you can afford less, and your home and car payments go up. But, there is a way to use high interest rates to grow your cash and net worth. We discuss how to make high interest rates serve you rather than scare you.
TUNE INTO THIS EPISODE TO ALSO LEARN:
- Should you put money in an online bank?
- Best way to protect yourself against inflation
- How to increase your cash in the short term
WHAT WE DISCUSSED
(00:41) The plus side of high-interest rates
(03:13) Free money from your bank (guaranteed)
(04:49)Which pays you more? (online banks vs. traditional banks)
(05:45) Online banks with the highest savings rates
(08:25) Should you put all your cash in an online bank?
(11:31) Inflation vs. the stock market
3 THINGS TO REMEMBER
- When interest rates go up, savings rates go up too
- When picking an online bank to park your savings consider the following: savings rate (how much the bank will reward you for parking your money there), ease of use (how easy it is to access your money), your experience (how fast you can make transfers, mobile app).
- The first thing you should do before considering moving your money to an online bank is to check the savings rate your current bank is offering you and compare it to what other online banks are offering.
USEFUL LINKS
Connect with Jason Gabrieli: jgabrieli@HFMadvisors.com | LinkedIn
Connect with Tyler Reedman: treedman@hfmadvisors.com | LinkedIn
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HFM Investment Advisors, LLC is a registered investment adviser. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. All investments involve risk and are not guaranteed. Information expressed does not take into account your specific situation or objectives and is not intended as a recommendation appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment advisor to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
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Disclosure: HFM Investment Advisors, LLC is a registered investment adviser. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. All investments involve risk and are not guaranteed. Information expressed does not take into account your specific situation or objectives and is not intended as a recommendation appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment advisor to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
