COVID-19 has been affecting account balances and peoples financial accounts. Cash management accounts were immediately affected by the dip.
Below, you can find out where to stash your savings when cash management account rates take a dive .
Alternatives To Store Money
There are a variety of other options besides a brick and mortar bank account. Using non traditional financial service offer more solid rates from 1.00% to 2.00% compared to 0.09%. High yield saving accounts offer similar rates.
Cash management accounts are more susceptible to rate changes from the federal reserves.
Be sure to shop around a few times a year to see the best rates you can find as the situation keeps changing.
Prepare For Further Rate Cuts
The COVID-19 outbreak has caused worry among customers, businesses, and the government. The Fed plans to cut rates several times in the future bringing rates closer to zero.
Consumers should make sure to keep their cash savings in a stable and easy to access account.
Author’s Verdict
Be prepared to look around for financial accounts that best suit the rate you are looking for!
Hopefully the above information helps you understand how COVID-19 has affected the worlds finances.
Also be sure to check out our own lists of bank promotions and CD tables!
PROMOTIONAL LINK | OFFER | REVIEW |
U.S. Bank Smartly® Checking | $400 Cash | Review |
Chase Private Client | $3,000 Cash | Review |
U.S. Bank Business Checking | $800 Cash | Review |
U.S. Bank Business Checking | $350 Cash | Review |
Chase Business Complete Checking® | $300 Cash | Review |
KeyBank Checking | $200 Cash | Review |
Chase Total Checking® | $300 Cash | Review |
Chase College CheckingSM | $100 Cash | Review |
J.P. Morgan Self-Directed Investing | Up to $700 Cash | Review |
Chase Secure BankingSM | $100 Cash | Review |
SoFi Checking and Savings Account | $275 Cash | Review |
Huntington Bank Unlimited Plus Business Checking | $1,000 Cash | Review |
Huntington Bank Unlimited Business Checking | $400 Cash | Review |
Huntington Bank Business Checking 100 | $100 Cash | Review |
Fifth Third Bank Checking | $200 Cash | Review |
Axos Bank Rewards Checking | $300 Cash | Review |
Axos Basic Business Checking | $400 Cash | Review |
Axos Business Interest Checking | $400 Cash | Review |
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