Despite the fact that the Federal Reserve has raised short term interest rates four times in less than two years, interest rates remain at very low levels. Most people are earning less than 0.10% on their money if they keep it in the bank. Most financial planners – as well as myself, say that you should keep six to 12 months of living expenses available in cash in case of an emergency.
Synchrony Banking Options
We often recommend that clients open a high-yield savings account at Synchrony Bank. This is a savings account that only allows you to transfer money via electronic transfer (other than an original deposit).
You set up an electronic link to your main checking or savings account and transfer money using the Synchrony website. Be forewarned, however, that the transfers usually take 3-5 days, so don’t wait until the last second to attempt to access your money.
Benefits of Synchrony Bank
The account is FDIC insured for up to $250,000 and as of September 1, 2017, was paying an interest rate of 1.20%. If you are interested in opening a personal or joint account, go to www.synchronybank.com and click on High Yield Savings. If you want to open a trust account, you can call Synchrony Bank at (866) 226-5638.
Get the Most Out Of Your Money
At Daniel Investments, we have a determined and knowledgeable team of financial planners with decades of experience to help you get the most out of your money. Whether it’s retirement, trusts, savings or investments, Daniel Investments can be your planner for your future. To schedule an appointment to learn how we can guide you with your savings, contact us or call (248) 671-4433 for more information.