I am 46, single, no kids. I am a health care professional. I feel that I'm generally a very good saver and a not so good budgeter - hence the credit card debt payoff I worked through in 2020.The stock market ended on a high note Friday to end the first quarter.
Net worth for March was $1,247,432
Investment savings $1,221,478
Cash savings $25,954
Contributions were $4,125 for the month
Total gain was $28,593
Obviously still off from the highs of late 2021, but headed in the right direction this quarter. I haven't seen that the latest interest rate increase affected any of my savings accounts, however.
April 10th, 2023 at 08:04 am 1681113895
All this to say that I thought I would transfer the money to my bank's savings account only to find out that they are paying a rate of 0.01%! I don't think I've ever seen such a tiny APY. It makes me think that they aren't doing well even though they are a well established institution among military members. Even their "performance first" savings account is only paying 0.05% at the lowest balance. If you're crazy enough to deposit $1,000,000 they will pay you 1.40%. I say crazy because many other banks are paying over 3% interest. In fact my Capital One account is now paying 3.50%. I thought interest rates were going to continue to rise with the Feds raising rates, but that has not always been the case.
April 10th, 2023 at 08:06 am 1681114008