Managing savings

[naomi 343]

Situation: Decent savings. Not financially savvy. Mostly conservative attitude to risk.

Funds have been sitting in a low (basically insignificant) interest savings account for years, devaluing with inflation.

Sat down with Wells Fargo people yesterday since it's my bank and also my bf's and he has a savings account he's getting 2.2% interest with.

Side note: An adviser guy noticed something really interesting (to him) yesterday when he saw a difference in their CD offerings from the day before. Because of his countenance change when he noticed it, I asked him about it, and in short: Wells Fargo tends to be slow and methodical with how they tweak their offerings, but they have major strategies in place they may execute when they decide it's time to brace for a downturn - taking their 19 month, relatively high interest CD off the table was part of a bracing plan there's been stirring about. 

Anyway, he wound up advising I check out credit unions and get locked into the best interest I can find ASAP.

I'm also thinking about stocks (just 7.5 to start) and on that note he suggested iniating and managing it independently, and WellsTrade is as good as any other - E-Trade, Charles Schwab, etc. Instead of a mutual fund (he explained why and I could reiterate to the best of my recall if that wisdom is challenged), investing directly in a couple well established companies.

 

[Alias Detective 1,179]

Just effing stop.

[naomi 343]

[Strike 3,968]

Vanguard is your friend.

[nobody 2,037]

I have 3 online savings accounts.  I just shuffle savings to the account with the highest interest. 

I also have some AT&T stock that I treat like a savings account since it's so low beta and has a high dividend.  

The common belief is that the fed is going to cut the prime rate in July, so I'm not surprised CDs are paying out less.

[shorepatrol 1,737]

2 hours ago, Strike said:

Vanguard is your friend.

[Cdub100 3,380]

Step one  - Go here and open a free account. Link EVERYthing to it. This will show you where your money is and how you are spending it. https://share.personalcapital.com/x/ew5STL

Step two - Open an online savings account: https://www.bankrate.com/banking/savings/rates/

I use Ally and get 2.2% it's not the best, but I've been with them for years

Step three - Open a vanguard account and buy into a ETF.  Mutual funds are fine and better than nothing, but I suggest an ETF.

 

[jerryskids 5,199]

Can you float $50 to CH to pay off his debt?

[nobody 2,037]

Ally is only giving 2.1%

[Baker Boy 1,485]

AT&T pays a 6% dividend.

 

[Cdub100 3,380]

38 minutes ago, nobody said:

Ally is only giving 2.1%

Just looked you're right.