It’s Not Personal, It’s Interest

It’s Not Personal, It’s Interest

So I have a high yield savings account and over the past couple of years, the interest rates have just gone down so low it’s unbearable. I’ve contemplated whether or not to move my savings into my stock portfolio or a mutual fund. However, I’m all about not putting all my eggs in one basket and to diversify my portfolio. Currently, my high yield savings account earns 0.40%. It’s healthy to shop around. It’s not personal, it’s interest.

I’ve been searching for higher yield savings accounts especially with a name that is stable and trustworthy. I came across American Express High Yield Savings with a 0.60% APY as of writing this post. Now, 0.60% doesn’t sound a lot but it’s 33% higher than the current savings account I have now.

I’ve had my current savings account for a long time and I’m grateful for all the interest I earned. They treated me well. I even called them to say that American Express has a higher savings interest rate and whether they could match it. They said no. It’s been a long sweet relationship but I do have to say farewell. It’s not personal, it’s interest.

Now, would I leave American Express to go back to my old savings account? Again, I don’t cling on personal feelings. It’s not personal, it’s interest.

The same goes with any financial vendor for your banking, stock broker, car insurance, health insurance, and others. If it benefits you, there’s no need to cling on something that ties you down financially. Yes, it is a little hassle and tedious, but like I tell my kids…nothing comes free. Constantly shopping around is good for competition and good for your wallet. If you are interested in following my journey, email subscribe to get alerts of latest posts or follow me on Facebook.

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