Don't assume the interest on your saving account is keeping up with Federal Reserve rate hikes. Here's why
You may assume the Federal Reserve rate hikes mean you are making higher interest on your cash.As the Federal Reserve continues to hike interest rates, you may assume you're earning more on the money in your savings account.Carolyn McClanahan, a certified financial planner at Life Planning Partners in Jacksonville, Florida, was recently surprised when a client told her he was hardly making any interest on his cash.
The interest rate on his Capital One account was 0.3%, far lower than the 3.3% annual percentage yield the firm is currently advertising for new savings accounts. McClanahan discovered the same situation when she checked her own Capital One account.While a call to Capital One's customer service revealed it was possible to access the higher interest rate by opening a new account, McClanahan decided it was better to move the money elsewhere.
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