My wife has had $70k+ sitting in a crappy Bank of America savings accounts for like 10 years. Earning like $0.87 per year interest.

Just played around with a high interest savings account calc. Ugh.

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At least you identified the problem and are correcting it. Some folks (older generation usually) refuse to put their $ in "newfangled" online savings accounts and will have their 500k earning .05%. Excuse me, its probably .10% for having a high balance.

likefunny

So true: parents generation are distrustful.

My Dad had to plead with my mom to put their savings ($300K) in a HYS vs the gimpy .01% account it was in. She only budged when he showed her that it would make enough money for a free vacation each year 😂😂

likefunny

So much potential interest earnings forgone.

Don’t be like PwC OP.

like

Don’t even look at what would have happened if you indexed the S&P over 10 years then.

like

Loan me the money - I need 80k, will give you 3% interest

I’ve been happy with my Marcus account. Savings is saving though so not sure how much differentiation there is between them and their peer group.

Some are banks, some aren’t. Some like Wealthfront send your money elsewhere, unlike Marcus. It’ll take longer to get your money, and also some insurance differences them, eg the protection for your money while it’s between say Wealthfront to the bank and the bank back to Wealthfront

Yep, I started moving money out of my crap Wells Fargo savings to wealthfront’s high interest cash account. You’ll actually notice the deposits they make every month paying you interest.

Damn, but that enough to start investing in real estate private equities and get your money’s worth. Never too late!

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