I’d had it with the next-to-0% interest Bank of America pays on checking account balances.
I bet you feel the same, because it isn’t just my bank, or just checking accounts for that matter.
It’s become next to impossible to get a decent interest rate.
3 Reasons Why High-Interest Bank Accounts Aren’t Worth It
The best money market accounts currently offer up to 0.6% interest, unless you’re only interested in parking a limited amount of money there, in which case you might get as much as 2% for balances up to $2000, but as you add to that balance, the blended rate drops under 0.5%.
These are typically offered by small banks and credit unions because they’re exempt from the so-called Durbin Amendment to the 2010 Dodd-Frank legislation. That amendment limited the fees most card issuers can charge merchants for debit card transactions.
It was a worthwhile experiment, but I’ve concluded that the time, effort, and attention I need to spend to earn that interest are simply not worth it.
Given how inflation is running nearly 9x higher than what I end up with from my Connexus account, I’m seriously considering buying Series I bonds instead.