About a saving account and APY

[Anonymous]

How exacly does that work?

So an Alliant Credit union high yield accounts give me. 1.70 in saving and .60 in checkings .

Let’s say for example I have you have 1000.00 in a 1.70 high yield account that means I’ll get $17 by the end of the year... right? How is that even worth it when you can put those 1k in an investment account and get more that that in a month or day or so on....

$17 is chump change and even if it’s 10,000 that’s only 170......


Or am I wrong?

[Kforce]

Your math is OK

A hammer and screwdriver are both tools. (Used for different things)

Savings and Investments are both tools. (Used for different things)

[Anonymous]

---

@Kforce wrote:

Your math is OK

A hammer and screwdriver are both tools. (Used for different things)

Savings and Investments are both tools. (Used for different things)

---

Good analogy, basic savings and market investment are different vehicles that serves different purpose, they're not mutually exclusive.

[blunderer]

You are so right and I agree 200%.

However, Alliant comes in handy for me for emergency funds.  I like to have a certain amount of cash available for unexpected expenses so it's nice that these funds are also earning interest even if it's minimal in comparison. 

[Anonymous]

---

@Anonymous wrote:
How exacly does that work?

So an Alliant Credit union high yield accounts give me. 1.70 in saving and .60 in checkings .

Let’s say for example I have you have 1000.00 in a 1.70 high yield account that means I’ll get $17 by the end of the year... right? How is that even worth it when you can put those 1k in an investment account and get more that that in a month or day or so on....

$17 is chump change and even if it’s 10,000 that’s only 170......


Or am I wrong?

---

Well, I know that in a year or more that my 1000 will still be in my savings (with interest.)  In an investment account, I may be at zero.  I hit zero in 2000 and 2009, so that 1000 plus interest looks pretty good to me.

[Anonymous]

---

@Anonymous wrote:

---

@Anonymous wrote:
How exacly does that work?

So an Alliant Credit union high yield accounts give me. 1.70 in saving and .60 in checkings .

Let’s say for example I have you have 1000.00 in a 1.70 high yield account that means I’ll get $17 by the end of the year... right? How is that even worth it when you can put those 1k in an investment account and get more that that in a month or day or so on....

$17 is chump change and even if it’s 10,000 that’s only 170......


Or am I wrong?

---

Well, I know that in a year or more that my 1000 will still be in my savings (with interest.)  In an investment account, I may be at zero.  I hit zero in 2000 and 2009, so that 1000 plus interest looks pretty good to me.

---

Yes! This times a thousand.

[fuzzle]

doesn't help that the rate is well below inflation, the central bank has been stealing from the poor to give to rich for long time

[Anonymous]

Can you afford to lose part/all of the cash? If so, then invest it.

Is this your emergency fund that might need to be tapped at a moment's notice? Then put it in a FDIC insured savings account.