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High Interest Savings Account

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djk028
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High Interest Savings Account  Reply with quote  

After reading this article I switched to a high interest savings account and highly recommend it. Easily make hundreds of dollars a year without doing anything. Let me know your stance on high interest saving accounts.

http://www.liquidcents.com/why-to-switch-to-a-high-interest-savings-account/
Post Mon Feb 22, 2016 12:02 am
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oldguy
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quote:
Let me know your stance on high interest saving accounts.


Actually, there is no such thing as 'High Interest Savings', savings accounts, CDs etc are designed to offset a portion of inflation, NOT to build wealth. Eg, with inflation at about 2% and a savings account at 1%, you money is LOSING about 1%/yr in purchasing power.

If wealth-building is your goal, you will need to use investment products that outpace inflation - say 5% and 10% products.
Post Mon Feb 22, 2016 2:03 am
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djk028
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I don't think the point here is to build wealth. The point of the article is to demonstrate how a savings account with a 1% return is much more valuable compared to one with a 0.01% return.
Post Wed Feb 24, 2016 2:59 pm
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