Joe Pinsker
speaker
1,247 appearances
30 recordings
1 series
first heard Oct 2022
last heard Jan 2025
Joe Pinsker’s voice in public audio — every appearance, attributed to the second.
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Appearances
So he's currently 12 years into a 30-year mortgage, and by the end of the year, he hopes he's going to be putting down nearly $100,000 that he's been saving up to wipe out the remaining mortgage payments.
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Yeah, he has a very particular set plan for the short and medium term.
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He said he's really prized financial stability, and this is something that felt important to him to be on top of.
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He said he may eventually invest once he feels like he's on top of this.
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Thanks for having me.
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WSJ Your Money Briefing · Want Higher Rates on Your Savings? It’s Best to Shop Around. · 6 Oct 2022
podcast
Many people's money is sitting in accounts with a pretty low yield.
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There are a lot of other options out there.
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It can really pay off to shop around.
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Hey, thanks for having me.
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Sure.
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So when the Fed raises rates, we would expect that over time banks will pay people more interest on their deposits.
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And that has been happening, but honestly, it's been pretty weak.
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The national average for interest on a savings account was about 0.06% earlier this year, and it has risen as the Fed has raised rates, but only to 0.14%, which really just isn't much.
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What seems to be happening is that even though the Fed has raised rates, the real determining factor here is that banks still have plenty of deposits on hand.
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And that's because people's savings tended to increase during the pandemic and banks are still holding on to a lot of that cash.
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And so now, because they apparently don't need people to deposit more money, they don't appear to need to raise interest rates in order to attract more deposits.
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Last month, there was a hearing on Capitol Hill where some of the CEOs of the country's largest banks came before representatives.
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And one lawmaker sort of made the observation that during a rising interest rate environment moment, like we're in right now, a lot of stuff is bad for consumers.
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But one silver lining that people are supposed to see is that the interest that they get on their savings deposits is at least supposed to be going up.
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So he raised this point to them, and their response was basically that they did expect to raise interest rates on deposits, sort of based on the actions of what the Fed did and what their competitors do.
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Showing 1201–1220 of 1,247 · page 61 of 63
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