High interest checking / savings accounts?

[Anonymous]

Sofi checking/savings 1.25% with dd

[Anonymous]

Anonymous wrote:Remember all the rage when online savings accounts came out? ING Direct was the one that started it all. I think the rate was 6% percent at one point.

I remember ING at 6% and Mango at 5%.

[Anonymous]

Banks have not increased interest rates at all.

[Anonymous]

I Bonds are at 9.62%. Start a trust for each one of your immediate family members, and you can put $10,000 in each trust. I did this and have bought $70,000 in I Bonds this year (individual account, business account, and five trusts).

It costs $279 to make one trust through LegalZoom, and then you can just change the beneficiaries to create multiple trusts. Everyone else is panicking about the market collapsing, and I’m getting 10% interest guaranteed. Good times.

[Anonymous]

i bonds

[Anonymous]

Anonymous wrote:Banks have not increased interest rates at all.

I use Citizens Access and they’ve increased their interest rates three times in 2022. They email account holders each time.

[Anonymous]

Anonymous wrote:I Bonds are at 9.62%. Start a trust for each one of your immediate family members, and you can put $10,000 in each trust. I did this and have bought $70,000 in I Bonds this year (individual account, business account, and five trusts).

It costs $279 to make one trust through LegalZoom, and then you can just change the beneficiaries to create multiple trusts. Everyone else is panicking about the market collapsing, and I’m getting 10% interest guaranteed. Good times.

At least until October. Then the rate changes, probably lower as inflation is expected to ease down to 3 percent by next year. Not sure tying up $70,000 for 5 years just to get a good inflation rate for 6 months is worth it. You could argue that it's the worst of both worlds -- no liquidity and no long term investment benefit.