I recently moved from Canada to the United States, and was surprised by how terrible US savings accounts are. It seems like the interest being offered is not even 1%. That is compared to Canada, where in the current environment rates upwards of 5.5% on savings accounts are not uncommon.
Merrill, owned by Bank Of America that I have an account with offers what they call Preferred Deposit. This is essentially a savings account but with much higher fluctuating yield. It currently offers 4.76% which is quite decent.
I tried googling alternatives of this account in other institutions, such as Fidelity but could not find anything comparable.
Is this really such a unique product for Merrill? Where else can I get good savings accounts with yield that at least remotely represents current interest rates?
Submitted July 04, 2023 at 11:54PM by notnavots https://ift.tt/E2TQNdh
