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I finally ditched my bank's savings account after 15 years | Finance Talk - Babble Community

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I finally ditched my bank's savings account after 15 years

Back in 2009 I opened a savings account at Chase in Portland with a 1.2% rate thinking it was great. Now? I am getting 0.01% on that same account while inflation eats everything. I moved my emergency fund to a credit union at 3.5% last month and I'm kicking myself for waiting so long. Anyone else finally get tired of the big banks giving nothing back?

3 comments

3 Comments

carter.casey4mo ago

I moved my emergency fund to a 4% high yield savings account with Ally back in 2021 and it was the best decision I've made with my money. The first time I saw the monthly interest payment actually amount to something, like 80 bucks instead of pocket change, it felt great. I still keep a small checking account at a local credit union for walking-in deposits, but my main cash savings sit online now. You just have to watch the rate because they do move them up and down, but it beats watching your money rot at a big bank.

lily704mo ago

Ugh, exactly this. Seeing that interest actually add up is a nice little boost every month, makes you feel like your money is at least doing something.

the_tessa4mo ago

i mean i get why you did it but honestly i think keeping cash in a savings account period is kind of pointless these days lol. like yeah 0.01% is trash but 3.5% at a credit union is barely keeping up with real inflation either so it's not like you're winning. if you've got an emergency fund just sitting there doing nothing except losing value every year you might as well consider a high yield savings account online where you can actually get 4% or better right now. credit unions are fine but they're not always the best deal either. i moved my emergency fund to an online bank years ago and never looked back. big banks are shit for savings but credit unions can be just as slow to raise rates honestly.