One banker explains how banks decide their own savings account interest rates. Another offers advice for paying down debt (not always that which has the highest rate).
If you’ve carried a credit card balance this year, or applied for a car loan, or run the numbers for a new mortgage, you’ve felt it: the burn of high interest rates., where the central benchmark rate is 75 percent — might shrug and say, “Could be worse.”Thank you for your support.
Anthony Valeri, investment management director of wealth and fiduciary services at California Bank & Trust: There is a fine line to finding the right profitability for bank while also risking clients taking their deposits elsewhere if rates are not competitive.Q. Given today’s high interest rates, which are mixed blessing do you have any pointers for what people should do, or not do, to maximize earnings or minimize losses?Despite knowing about higher interest rates, I still see people holding their cash reserve in accounts earning essentially 0%.
For employees who likely have one to two paychecks left in 2022, check the retirement savings contribution amount in the year-to-date column on your latest paystub. Many times people think they are maximizing their contribution but they aren’t. Perhaps they miscalculated the max or a portion is being funded by a year-end bonus . If you are not in a position to maximize your retirement savings, at least ensure you are saving enough to get the employer match.
I-Bonds have gotten a lot of attention recently with the uptick in inflation. While purchases are limited to $10,000 in electronic bonds per person, per year, you can purchase another $5,000 in paper I-Bonds with your federal tax refund. Something to consider before year-end is to over-withhold your taxes in 2022, with the goal of purchasing additional I-Bonds with your refund.
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