Hello podcast friends and thanks for downloading another weekly episode of

Money Girl. I'm Laura Adams, your host and personal finance, author, speaker, and consumer advocate who's

been producing the show since 2008.

My personal mission and the purpose of this podcast is to give you the knowledge, resources, and

motivation to manage your money the best way possible and create a richer life.

If you haven't been to the Money Girl section over at quick and dirty tips.com, that's where you can find

the show notes, the complete archive of podcasts, all my books, and many other great resources.

Today is episode number 638 called

Should I Use a High Yield CD for my savings.

And we're going to kick it off with a recent voicemail that I received from

Anna in Washington DC.

Hi Laura, this is Anna calling from Washington DC.

Thanks for putting out a great show.

I've been listening to your podcast for several years,

and your straightforward advice and information

has helped me make good money decisions.

I share your work with everyone I know. Here's my question. I keep the majority of my savings in a high-yield savings account that at one time offered a 1.7% APY on my savings.

However, due to the Federal Reserve lowering interest rates

in response to the economic impacts of the COVID-19 pandemic,

my bank recently reduced the rate they offered to customers to 1.55% and now

even less at 1.3% APY.

This is obviously frustrating for me as a customer, but I understand that a lot of this is outside of anyone's control in these trying times.

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