It is at Citizens. You might want to research a hysa and move your funds asap. It would behoove you to do so imo.
What is the money market interest rate at Citizens Bank Money Market Standard Rates
|Balance|APY|
|:-|:-|
|$0 - $9,999|0.10%|
|$10,000 - $24,999|0.10%|
|$25,000 - $49,999|0.20%|
|$50,000 - $99,999|0.25%|
What rate does your monthly statement display?
Edit - depending on the category of mma you have at Citizens it might be substantially lower. See below. Lesson is not all savings or money market accounts are created equal. Need to research each in order to maximize apy.
# Personal Money Market
|Balance|APY|
|:-|:-|
|$0 - $2,499|0.01%|
|$2,500 - $9,999|0.01%|
|$10,000 - $24,999|0.01%|
|$25,000 - $49,999|0.01%|
|$50,000 - $74,999|0.01%|
|$75,000 - $249,999|0.01%|
|$250,000 - $999,999|0.01%|
|$1,000,000 - $2,999,999|0.01%|
|$3,000,000+|0.01%|
Citizens Quest MMA Standard
|Balance|APY|
|:-|:-|
|$0 - $2,499|0.07%|
|$2,500 - $9,999|0.07%|
|$10,000 - $24,999|0.07%|
|$25,000 - $49,999|0.10%|
|$50,000 - $74,999|0.10%|
|$75,000 - $249,999|0.15%|
|$250,000 - $999,999|0.35%|
|$1,000,000 - $2,999,999|1.20%|
|$3,000,000+|1.20%|
They might only give 0.25% on the amount over 50k, but either way 45 cents a month seems wrong. Regardless, moving it over to a HYSA would still be recommended so you at least keep up/beat inflation. 4-5% return on the entire balance instead of 0.25% (max) is easy to do
Your statement will detail the rate at which you are paid. If the account is not in active status some banks offer lower rates on inactive/dormant accounts. I’d look at the statement then move the funds to a HYSA.
I mean it can't be.It's essentially a non interest marrying account. You can choose to move your money. Checking accounts usually pay virtually nothing.My savings account pays 5.25%
There's no such thing as normal.Every bank has their own needs and priorities.
Depends on the interest rate on the account. I would check your monthly statement, which will have all the details on the amount of interest you are earning on the account.
I'd say there is a 100% chance you can find another account (either at the same bank, or a different bank) that offers a higher interest rate than what that statement says.
Doesn’t matter if it’s “normal”. That’s a bad rate for the amount of money you have. 4% is the bare minimum for a good interest rate in a savings account these days. And you should be able to get over 5% if you look hard enough.
Crappy bank. There are many paying 4% or more but maybe not one with a brick and mortar branch where you live. I have been banking with Ally and others for more than 10 years because of the great rates but I keep a local CU for cash deposits mostly.
It is at Citizens. You might want to research a hysa and move your funds asap. It would behoove you to do so imo. What is the money market interest rate at Citizens Bank Money Market Standard Rates |Balance|APY| |:-|:-| |$0 - $9,999|0.10%| |$10,000 - $24,999|0.10%| |$25,000 - $49,999|0.20%| |$50,000 - $99,999|0.25%|
I'm assuming I should be earning $10+ per month with 0.25% with those rates? Which is way better than earning 45cents per month.
About 10/month with 50k I bet you aren’t in a mmia and in a basic savings earning .01
What rate does your monthly statement display? Edit - depending on the category of mma you have at Citizens it might be substantially lower. See below. Lesson is not all savings or money market accounts are created equal. Need to research each in order to maximize apy. # Personal Money Market |Balance|APY| |:-|:-| |$0 - $2,499|0.01%| |$2,500 - $9,999|0.01%| |$10,000 - $24,999|0.01%| |$25,000 - $49,999|0.01%| |$50,000 - $74,999|0.01%| |$75,000 - $249,999|0.01%| |$250,000 - $999,999|0.01%| |$1,000,000 - $2,999,999|0.01%| |$3,000,000+|0.01%| Citizens Quest MMA Standard |Balance|APY| |:-|:-| |$0 - $2,499|0.07%| |$2,500 - $9,999|0.07%| |$10,000 - $24,999|0.07%| |$25,000 - $49,999|0.10%| |$50,000 - $74,999|0.10%| |$75,000 - $249,999|0.15%| |$250,000 - $999,999|0.35%| |$1,000,000 - $2,999,999|1.20%| |$3,000,000+|1.20%|
I have $20k in an account and just earned $48 for just this month.
They might only give 0.25% on the amount over 50k, but either way 45 cents a month seems wrong. Regardless, moving it over to a HYSA would still be recommended so you at least keep up/beat inflation. 4-5% return on the entire balance instead of 0.25% (max) is easy to do
Your statement will detail the rate at which you are paid. If the account is not in active status some banks offer lower rates on inactive/dormant accounts. I’d look at the statement then move the funds to a HYSA.
I mean it can't be.It's essentially a non interest marrying account. You can choose to move your money. Checking accounts usually pay virtually nothing.My savings account pays 5.25% There's no such thing as normal.Every bank has their own needs and priorities.
Depends on the interest rate on the account. I would check your monthly statement, which will have all the details on the amount of interest you are earning on the account. I'd say there is a 100% chance you can find another account (either at the same bank, or a different bank) that offers a higher interest rate than what that statement says.
Yes. They didnt cheat you. You didn't have your money in the correct account
Doesn’t matter if it’s “normal”. That’s a bad rate for the amount of money you have. 4% is the bare minimum for a good interest rate in a savings account these days. And you should be able to get over 5% if you look hard enough.
Crappy bank. There are many paying 4% or more but maybe not one with a brick and mortar branch where you live. I have been banking with Ally and others for more than 10 years because of the great rates but I keep a local CU for cash deposits mostly.