Not sure what thread this fits into so I’m posting it here. As federal interest rates rise, you could be making thousands per year in passive income (i.e., interest) by switching from a big bank savings account like Wells Fargo or Chase (0.01% APY) and opening a savings account at a smaller bank like Discover (3.3% APY) or Western Alliance (4.23% APY).

Savings account recommendations https://frumfinance.slack.com/archives/C04E9F1HAJK/p1672678118702329?thread_ts=1672678118.702329&cid=C04E9F1HAJK

Agree with the point 💯 But disagree with the amount. I certainly hope no one has $100k sitting in a savings account for years...

I've unfortunately had multiple clients coming to frum.finance with 100k plus in savings bc they don't know what investments are.

Look at the bright side. At least they weren't coming with 100k in debt 🙈 And they came to you.

Bh yes! But since I get enough calls with 100k debt I guess I'm less positive 😂

I had 75k+ sitting in a savings account for several years while we were looking to buy a house. It was in an Ally account getting decent savings though. B"H now it's all gone though since we made a downpayment 😄

Savings accounts may be the best "investment" this year with the looming possibility of a recession, no?

That 4.3% is only for 3 months

3.8 is still good though

It is still good, but it's not 4.3

Western Alliance seems to be 4.23