Your local bank is not paying a decent interest rate on regular savings. If you converted to a money market account, you are getting better results.

I have an online savings account with emigrantdirect.com. Emigrant normally pays 1.5% interest. As of June 2023, they are paying 4% interest. My account with Emigrant has been open since 2007 and have never experienced any problems with the platform.

Another product I found is www.raisin.com. Raisin is a platform that provides access to 60 banks that are paying 5% to 5.25% interest. Some of them offer CD’s at 6.25% interest. Most investors would not have knowledge of these banks unless they live in an area where brick and mortar buildings exist. The banks only require a $1 deposit and are FDIC insured to $250,000.

The Fed has revealed they will not be lowering interest rates until at least fall. Since inflation has crept up again, there is also the possibility of the rates actually rising again.

Take a look at each platform. It might be for you, it might not. Happy Saving!

Pederson Tax Services