Rant: My accountant told me my 'business savings' was just a regular checking account

She said I was losing money to inflation and needed a high-yield account, so I moved $15k to one paying 4.5%. Anyone have a better rate right now?

4 comments

4 Comments

grantnelson27d ago

Check what the actual APY is on that 4.5% offer. A lot of those are teaser rates that drop after a few months. Did you look at any money market funds through a brokerage? Some of those are paying over 5% right now and are pretty liquid.

zarat3727d ago

It's the same with cable and internet deals. They get you in the door with a low price, then it jumps up after the first year. Always have to read the fine print.

brian_hart13d ago

Wait hold on, you moved 15 grand into an account without checking if the rate stays? I did that same dumb thing last year, put 10k into one offering 4.75% and six months later it dropped to 1.2%. Felt like such an idiot when I got the letter saying the promotional period was up. Always read the fine print on those offers man, they hide the expiration date in the smallest font possible.

the_olivia27d ago

Teaser rates that drop" is the financial version of a bait and switch. You finally get your money working for you, and then they just take the job back. Classic.