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Found out my bank's savings account only pays 0.01% APY, that's literally $1 a year on $10,000
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maxm631mo ago
Did you check their high yield savings account instead of the basic one? Most banks offer those now and they pay way more like 4-5% APY right now... that's $400-500 a year on $10k instead of a dollar. You gotta move that money to an online bank or a credit union, they usually have much better rates than the big traditional banks.
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david_stone1mo ago
Honestly man, I was one of those people who thought a savings account is just a savings account and it didn't matter where you put your money. But @maxm63, you're right, seeing that $400-500 number really opened my eyes. I had $8k sitting in a basic Wells Fargo account earning basically nothing for years, and I just never thought to check if they had a high yield option or move it. Guess I gotta actually look into that now.
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