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My 'high yield' savings account was actually losing me money after inflation
I had 15 grand sitting in a big bank savings account for over a year. Thought I was being smart getting that 0.01% APY they bragged about. Then I actually did the math last month. With inflation running over 3%, I was basically losing $450 a year in buying power. My money was just rotting there. I pulled it all out and put it into a CD ladder with 4.5% returns at a credit union downtown. Yeah, I locked some up for 6 months but I finally see some actual growth. Anyone else realize their 'safe' savings is just a slow bleed?
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zarapalmer3mo ago
What about keeping a smaller chunk liquid for actual emergencies and then laddering the rest?
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