One Benefit of Rising Interest Rates to Take Advantage Of

Rising interest rates affect far more than mortgages. Many banks are also increasing rates on their savings accounts, meaning you could earn a ton of money by switching banks. 

The big players like Bank of America, USAA, and Wells Fargo haven’t increased their rates on savings to keep up with online banks and credit unions. 

If you haven’t yet, now is the time to check the interest rate you are earning on your savings account and move your money if it’s not competitive.  

Customers with only $1000 will make an extra $30 per year when they move their money from an account offering .01% APY to one offering 3%, not including interest from additional contributions.

How Much Will You Make by Switching?

Those with more in savings have even more to gain. A $10,000 initial investment will earn $300 over a year, while a $50,000 savings account will earn $1500.

How Much Will You Make by Switching?

The biggest obstacle to moving your money is closing your old account. Most big banks don’t allow you to close an account online

Obstacles to Switching Bank

You need to call and speak to someone or visit one of their brick-and-mortar locations. Both options are giant hassles

Obstacles to Switching Bank

The additional income you can make from interest is worth the time, even if you don’t have a lot of savings.

But Moving Your Money is Worth it