My bank insults me. It slaps my face and gives me the bird. One-hundredth of 1% interest on my savings accounts? Câmon. That insults my intelligence. It mocks my wallet. I bet your bank isnât much better. Maybe itâs worse. If youâre sitting on any cash at all, you should be earning about 5% on [â¦] You're receiving this email as part of your subscription to Crowdability. [Unsubscribe here](. [Crowdability Editorial]( [feature] Your Bank Is Screwing You Matthew Milner My bank insults me. It slaps my face and gives me the bird. One-hundredth of 1% interest on my savings accounts? Câmon. That insults my intelligence. It mocks my wallet. I bet your bank isnât much better. Maybe itâs worse. If youâre sitting on any cash at all, you should be earning about 5% on it. And today, Iâll show you how to get it. Got Cash in a Savings Account? Get It Out As youâre probably aware, interest rates have surged recently. Higher rates are terrible if youâre borrowing money for a car or a house or a credit-card balance. But if youâre a saver whoâs sitting on some cash, higher rates can be great. After all, with the Federal Funds rate at 5.25% to 5.50%, there are plenty of risk-free ways today to lock in a yield of 5% or even more. The thing is, so many savers out there arenât taking advantage of these high rates. For example, if youâre keeping your cash in a traditional bank savings account, youâre getting screwed⦠According to the Federal Deposit Insurance Company (FDIC), the national average rate on bank savings accounts is just .47%. Check out the spread between what banks are earning on your cash, and what they pay you! And as noted above, my bank, JP Morgan Chase, pays just one-hundredth of 1% â so rude! Where can we do better? Three Ways to Earn 5%+ Here are three sleep-easy ways to earn at least 5% on your cash. EverBank â EverBank is a high-quality online bank that offers: - 5.15% APY.
- No monthly maintenance fee.
- $0 to open and no minimum balance.
- FDIC-insured. [To learn more, click here »]( Schwab Value Advantage Money Fund® - Investor Shares â Schwab is a trusted low-cost broker. It offers a popular money-market fund that currently yields 5.16%. The ticker is SWVXX. The fundâs stated goal is to âseek the highest current income consistent with stability of capital and liquidity.â Essentially, it invests in high-quality, short-term money-market investments from U.S. and foreign issuers. [To learn more, click here »]( T-Bills â T-Bills, short for Treasury bills, are short-term U.S. government debt obligations backed by the Treasury Department. Terms range from four to fifty-two weeks. If youâd like to lock in todayâs high rates before they potentially go down in the future, take a look at T-bills. As you can see below (courtesy of Bloomberg), you can lock in a rate of nearly 5% for the next year by buying one-year bills. You can buy T-bills at online brokerages like Schwab, or at Treasury Direct, which is an official website of the U.S. government. By the way, since T-bills arenât taxable at the state level, their after-tax yield can look even more attractive. [You can explore Schwabâs T-Bill offerings here »]( [And you can explore Treasury Direct here »]( Donât Get Screwed If youâre like most folks, your bank is screwing you. Donât accept the paltry yields they offer. Remember, if youâre sitting on cash, you should be earning about 5% on it. Donât get screwed! Lock in some yield today. Happy Investing. Best Regards,
[Matthew Milner]
Matthew Milner
Founder
Crowdability.com [Click Here to Leave a Comment for Matthew »]( [related] - [Surprise: âFoolâs Goldâ Has Real Value](
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