Savings account alternative??

[3Roosters]

Just got an email that my Goldman Sach savings account went to 1.70% % ( i am sure that will go higher when the Fed raises rates next week) whohooo. Rates on credit cards, loans etc will be jumping more than the .10 increase i am getting on the savings. which is BS but at least i am getting more on savings.. give you .10% more but charge you like 4% more..what a racket..good thing i dont owe credit card money!
Interest still better than .01 at a bank! wtf.

 

[3Roosters]

Maximum of $10,000/year per person. Have to keep for one year. If you cash out between the end of year one and year five you give up three months of interest. Free and clear after five years. The kicker is only being able to punch in 10k a year and the fact the inflation adjustment happens every 6 months. A guy can’t get much working in a short period of time and if he/she cashes out after a year you give up 1/4 of your interest.


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If a guy could drop a million bucks in there at a crack the website would probably crash from over traffic

Long term my friend, long term. Plus, don't have to pay commission or Assets under management fee. Just another tool in the toolbox which is always a good strategy.

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Seems like there's a catch. What is the catch?

Long term my friend, long term. Plus, don't have to pay commission or Assets under management fee. Just another tool in the toolbox which is always a good strategy.

 

[NDbowman]

Bidens policies and inflation made sure with all the increased costs that I no longer need a savings account.

Local bank was .01 now up to .03 while interest rates on ag loans went from 4.5 to 6.5.

 

[Wall-eyes]

I knew a guy that would by a couple Winchester Model 70 rifles every year for an alternative retirement savings account...knew another guy that bought classic cars for investments, then sold later for big increases that were not taxed.

I have always done this but then again I work on classic cars too, Harley's too and lastly guns can never go wrong of course need to buy at right price.

 

[riverview]

buying and selling old cars, motorcycles, and ag equipment if bought right and provide your own labor you can Easly double your money.