A $5.5 trillion savings wipeout is raising risks for the US economy just as student loan payments are about to restart
https://www.businessinsider.com/us-economy-recession-risk-personal-savings-collapse-55-trillion-inflation-2023-7
72 points · 9 comments · view on lemmy.world
9 Comments
Kalkaline@lemmy.one · 20 pts · 3y
Banks aren't helping the savings accounts, I don't think I've had a lower interest rate on my savings account in my lifetime.
reddig33@lemmy.world · 10 pts · 3y
Permanently Deleted
jg1i@lemmy.world · 4 pts · 3y
Yeah, definitely shop! Ally has like 4% on their savings account!
scroll_responsibly@lemmy.sdf.org · 2 pts · 3y
Check with your local credit union… you might be able to get a higher rate there
Cheers@sh.itjust.works · 1 pts · 3y
Wealthfront has over 4% on their checking account.
Poggervania@kbin.social · 1 pts · 3y
Look into High-Yield Savings Accounts (HYSAs) such as Marcus by Goldman Sachs or Ally. Majority of them will be online-only, but they tend to offer a higher rate than any brick-and-mortar bank.
I personally use Ally because they also offer a pretty cool CD that you can break at any time with no penalties - I got in when it was 4.35%, but iirc it was at around 4.25% last time I checked. I have a 6-month emergency fund in there, so it can accrue interest while I don’t need it.
blake@kbin.social · 12 pts · 3y
Billionaire investor Bill Gross recently weighed in on falling consumer savings levels, warning that Americans could run out of their pandemic savings later this year, paving the way for a recession.This may be one of my favorite “out of touch billionaire” comments I’ve ever seen.
TokenBoomer@lemmy.world · 1 pts · 3y
Wtf is pandemic savings?