Back when I was in my early 20's, I threw a ton of cash into CD's at a rate of 2.5% and 3%. Then when they had this promotion for 5%, I took the early withdrawal fee and withdrew all of my accounts and put it all into one for 5 years at 5%. Made tons of cash back when I was smart.
Anyways, I came into some money recently and don't need it. I figured I would throw it all into CD for 10 or 20 years. I looked at my local bank's rates and they say .08%. I was excited as shit because 8% is really high. Then I put it into a CD calculator and realized .08% is really low. Like insanely low. I looked online at best rates and .85% is the highest right now. Is this for real? Are rates really this low?
Are there better solutions out there? What are they? I'm not going to do CD's for pennies a month.
EDIT: I appreciate the quick responses. I will do my research tomorrow. Going to bed now.
Submitted October 24, 2020 at 10:23PM by westbee https://ift.tt/3opAaWE
