Lori Ioannou
speaker
179 appearances
3 recordings
1 series
first heard Mar 2022
last heard Feb 2025
Lori Ioannou’s voice in public audio — every appearance, attributed to the second.
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Appearances
Everybody's individual circumstance is so unique to their own needs and their own cash needs and portfolio needs.
Many people like to park their money in a high-yield savings account because you get so much more for your money than just putting in a traditional savings account.
And additionally, many people will put some money in money markets and a CD.
Cash or cash equivalents should range from 2% to 10% of one's portfolio as a guideline, but it can really vary widely depending on an individual's needs, financial advisors say.
You need to have cash for key purposes, as emergency funds in case of an unexpected circumstance like an illness or a job loss.
You need it as liquid assets to tap for monthly expenses, loan and debt payments, and other personal financial goals.
There's a lot of competition amongst bricks and mortar banks, online banks, and other financial institutions to offer these deals to attract customers.
Instead of just parking your money in a regular savings account, you can get a lot more bang for your buck using one of these accounts.
In January, the rates were as high as 4.75%, according to Bankrate.
So these accounts are federally insured, up to $250,000 per bank, per depositor, an account type.
So you can have multiple accounts at different institutions and still get your FDIC coverage.
And they're a good option if you need to access your cash on a regular basis, because many offer access to ATM machines.
Some allow you to link to checking in other accounts.
And know all the product features because there's downsides you should be wary of.
For example, the yields on these accounts can fluctuate since they often move in tandem with short-term interest rates set by the Federal Reserve.
Some are tiered so that only part of your balance, say on the first $500 or $1,000 or $10,000, gets the top rate and then drops after that.
And some require minimum balance and have limits on withdrawals.
So you really have to know the fine print.
That's a good savings tool if you want to set savings goals for the future, because what happens is you're locking up your money for a period of time and it's not accessible.
It's a fixed rate.
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