I’ve always been a little lax about making sure I have a good interest rate in my savings accounts. I’m good at saving and putting money away but didn’t really pay attention to what return I was getting on the money.
Ive always been a lower income earner (my salary is 43k). By living frugal and saving hard, I finally have a decent chunk of money, about 40k, in my savings. Last year I moved it to a HYSA and saw how much I could earn with a better interest rate.
So this year I decided to aggressively chase interest rates with my savings and opened a CD and a different HYSA. I’m happy to say I’ll be getting $2,000 this year in interest (and a random bank bonus I qualified for). That’s almost 2 additional paychecks for me!
I know that’s not much in the grand scheme of things. Someone called it “budget dust.” But when Im used to earning pennies with a measly 0.01% rate at my usual bank, it’s a big change for me, and it helps offset a rent increase :)
So for everyone who has money sitting in a traditional savings account earning only 0.01% interest, at least move it to a HYSA cause it makes a difference.
(I know it’s common sense for most people on here but I’m still learning about good money management/savings)
Submitted March 01, 2023 at 06:50AM by DerangedUnicorn27 https://ift.tt/9xdPbZB
