Arecent Wall Street Journal article stated that Americans missed out on $42 billion of interest income because of where they keep their money.
The culprits are the low-yielding savings accounts offered by America’s big banks.
As luck would have it, there are much better places to put your money. Places that will generate much more yield, without much added risk.
Before I discuss how to earn more from your cash holdings, let’s look at an excerpt from the article:
The $42 Billion Question: Why Aren’t Americans Ditching Big Banks?
Americans are missing out on billions of dollars in interest by keeping their savings at the biggest U.S. banks… In theory, savers could have earned $42 billion more in interest in the third quarter if they moved their money out of the five largest U.S. banks by deposits to the five highest-yield savings accounts—none of which are offered by the big banks—according to a Wall Street Journal analysis of S&P Global Market Intelligence data.
The five banks—Bank of America Corp., Citigroup Inc., JPMorgan Chase & Co., U.S. Bancorp and Wells Fargo & Co.—paid an average of 0.4% interest on consumer deposits in savings and money-market accounts during the quarter, according to S&P Global.
The Journal highlighted the $42 billion number for its shock value. The five listed banks didn’t have…
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