The best you can do is a bit more than 1% interest for a CD (certificate of deposit) for a year or longer. Some allow you to add money. WaFed might be fine. Or check out BECU* (Boeing Employees Credit Union - but now open to everyone in the state). [They have some service centers, but most banking is done through an ATM in a box.] {Credit unions basically work just like banks.} Your credit score is not a factor.
* or a local CU if possible.
Interest rates never pace inflation, the banking system is set up so the bank always makes more off your money than you do, say a gallon of milk costs $3 today and you deposit $1000, relatively speaking, the interest paid over time that the gallon of milk inflates to $6, you nominally get $5, losing a dollar. Certificates of deposit (CD s) pay better because you promise to leave the money for a given term in years. There are US series i bonds, which add an inflation adjustment to the federal reserve rate, which is a better bet where you can still access your money if you had to with only a penalty of the last 6 months interest if you withdraw before maturity. The last time I checked ours, we were getting about 6x the same amount in savings on $5k after 3 years. We got them by following the instructions at the ebond store, and can cash them out at any bank in the US.
Most other investment instruments aren t FDIC insured or US backed, so the lack of risk carries equal lack of reward, so knowing your risk tolerance before going there is good, but don t "condemn yourself" to playing it totally safe..
Wa Fed is OK None of the banks are currently paying high interest on savings accounts.
No such thing as "good" interest rates in USA.
Maximum u can get is 1 - 2% if u got lots of money.
Use library and local bank u can get to easily.
library so u can learn about money.
