How to put idle cash into higher-yield savings accounts and money market funds. Current interest rates are around 5%, driven by Federal Reserve policy. Moving money from a regular checking account to these options takes minutes and costs nothing.
This is a good point, right? Interest rates have gone up. You are no longer making 1%. In a money market fund or in a high yield savings account, you can make five plus percent. I think the last time I looked it up, the Vanguard Federal Money Market fund was paying 5.27%. And the most recent news from the Fed is that they still not going to lower interest rates. So presumably it's going to be something similar to that throughout most of the year. And so why make 0% when you can make 5% union or local bank savings account paying 1% or 2%. Get that money into someplace real. You don't have to chase yield. Right? You don't have to get the one that has the very highest percentage, but get us something that's paying at least 4%.
Physician Takes a Youth Sports Team to the State Championship - MtoM Podcast #236
