Today’s my birthday. Mine and the Tin Man from The Wizard of Oz. When I was a kid, I’d get a little scratch from my my Aunt Fratti & Uncle Stan and I’d squirrel it away in my savings account. What better day to tell you where you can take your cash and shove it for the best return.
Better yet (full disclosure), I get a commission from CIT Bank for referring you if you open an account. Thereby, you will continue my childhood tradition of making sure I get a li’l sumthin sumthin just for being me on my birthday. Isn’t that what we all want?
The best rate you can get anywhere at a savings account these days is about 1%. You can find very competitive rates at CIT Bank. I have a Money Market account at CIT Bank. It’s legit. FDIC insured. No catch. The money is liquid so you can move it in and out like any savings account.
Lot’s of folks have a savings account at their brick and mortar bank. People incorrectly assume that they get a competitive rate. Their rates are garbage.
Chase, Wells Fargo and Bank of America pay 1/100ths of 1% interest. That’s lame. See screens shots below. Remember your fractions and decimals, people. “.01%” kinda looks like 1% but it is 1/100ths of 1%!!
CIT Bank pays (9/1/2020 UPDATE:
100) 75 times what those big banks pay.
Have a look at CIT Bank. Your money has to sit somewhere. It might as well be where it will earn 75 times more than it is now.