Oyin Adedoyin

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1,572 appearances 36 recordings 1 series first heard Mar 2023 last heard Feb 2025

Oyin Adedoyin’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · The Money Moves to Make Before the Fed Cuts Rates · 13 Jun 2024 podcast

A lot of people also think that it's going to take a lot more time than it usually does. matched

So they're hesitant to go through the process of putting in all their financial information just to open yet another account. matched

Exactly. matched

And financial advisors say it actually takes less time than they think. matched

There have been a proliferation of options of everything from CDs to high-yield savings accounts to treasuries. matched

It can be a little bit hard to keep up. matched

Luckily, there are websites like Bankrate or other kind of online avenues that keep track of the highest rate, the longest yield, different things that people might want to factor in as they're looking. matched

So maybe just start by doing a quick Google search and seeing what's being offered there. matched

and then lining that up with what your goals are for your savings. matched

Someone can do that through their bank if they offer it, or they could reach out to their financial advisor or do it through a brokerage as well. matched

Taxes could subtract from overall gains. matched

I spoke with a lot of financial advisors for this story who said that for the first time, their clients were receiving forms that they had to fill out because they had made gains on savings accounts and different instruments like that. matched

They recommend looking at taxes when you're looking at yields. matched

With things like CDs and high-yield savings accounts, for instance, you're going to have to pay both federal and state taxes. matched

But there are other devices that maybe subtract local taxes or state taxes. matched

With treasuries, there's usually no state or local tax. matched

So if you're paying 13.3% state income tax in California, for example, and you're getting a 5.4% yield on a treasury bill, then you've got a tax equivalent yield approaching 7%. matched

Plus, that's something that's guaranteed by the U.S. matched

government. matched

So you're still keeping majority of those gains. matched

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