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.

Trend

recordings per month · last 12 months

No recordings in the last 12 months.Older appearances are listed below; set an alert to hear about the next one.

Appearances

newest first · ▶ plays the moment

WSJ Your Money Briefing · Want Higher Rates on Your Savings? It’s Best to Shop Around. · 6 Oct 2022 podcast

You know, that may well happen, but it seems like at the biggest banks, it's likely that the interest will still stay pretty low over time. voice-verified

Again, because apparently they don't need more money at the moment. voice-verified

While many people's money is sitting in accounts with a pretty low yield, there are a lot of other options out there. voice-verified

Many of them are at online banks, which is maybe something that some people aren't used to, but it can really pay off to shop around. voice-verified

Some of these accounts are paying as much as 3% interest annually. voice-verified

One fairly extreme example came up in my conversation with a financial planner in California who was talking about the value of finding higher yield savings accounts. voice-verified

And he met with a new client recently who had $1.2 million sitting in cash in a low yield account. voice-verified

And he estimates that this client was getting about $120 a year in interest. voice-verified

After the financial advisor recommended some changes, he estimates that this client would get about $36,000 in interest annually. voice-verified

Yes. voice-verified

I mean, you know, not everybody has $1.2 million in cash sitting in a savings account, but I think there's a lesson there for all of us. voice-verified

Some people are, but many people aren't. voice-verified

There are some banks out there offering some of the most generous yields in years, and yet a lot of people just aren't really willing to move their money and essentially receive more interest risk-free, often because they think that switching banks or moving their money into a different account is just going to be a headache. voice-verified

I know, right? voice-verified

Before we were talking about banks turning away deposits, and now we're talking about people turning away money. voice-verified

But something that seems to be at play here is that savers might be overestimating the effort it takes to switch. voice-verified

First of all, you don't have to move all of your money to a new place. voice-verified

You could just move a portion and start earning more interest on that. voice-verified

But also there seems to be some psychology at play here. voice-verified

I was in touch with a researcher who has looked at what it takes for people to switch banks. voice-verified

Showing 1221–1240 of 1,247 · page 62 of 63