It's unusual to have $62k or more in a savings account.

Either it's some sort of 6-month emergency fund and CDs typically make more sense (ladder or not) or it's money you want to grow, in which case investing in index funds is the better approach.

>It's unusual to have $62k or more in a savings account.

You're not paying attention. The OP said it would take decades to make $1k or $2k; I pointed out it doesn't take that much money to make that in only 1 year. It's not that unusual to have $30k in savings, so that's roughly $1k in interest in 2 years, which is an order of magnitude lower than what the OP was claiming.

Really, 2%, where? Also, that’s probably going to get knocked down this week given the announcement from the Fed, unfortunately.

I get 5% interest on up-to a $20,000 balance in a high interest checking account. You'll see higher returns using a high interest checking as opposed to savings account if you can find one you qualify for.

High interest checking accounts: https://www.doctorofcredit.com/high-interest-savings-to-get/... Automation for meeting minimum spend requirements: https://github.com/jakehilborn/debbit

>High interest checking accounts:

I clicked through a few of those offers. Each one has a balance limit (after which interest drops to near zero), monthly fees, sign-up fees, or requires you to generate banking fees through another service.

And how could they not? Finance isn't magic, and we are in a world of all-time low rates. There is no possible way these companies can be paying you 5% on cash without making it up elsewhere.

The accounts typically have sign up bonuses, not fees. I got $125 bonus for signing up. The catch is typically that they require usage of the bank debit card N times per month. The github link is a program I wrote to hit that requirement by buying 50 cent Amazon gift cards and paying cable bills in small increments.

You'll never net more than $1000/year in one of these accounts given they have balance limits. Some folks sign up for multiple high interest checking accounts in order to park more money.

As I said in my prior message, Ally Bank has 1.6% on savings. I think CapitalOne 360 has either 1.6 or 1.7, Discover has something similar, etc. I think Tab Bank has a little higher rate. These aren't hard to find. You probably won't find a full 2.0% anywhere currently.

I know they aren't hard to find, I have an account at Ally Bank. My question was specifically 2%.

Anyway, 1.6% is going away given the Federal Reserve just cut rates by 50 bps yesterday. Expect an email from Ally soon.