Where Should You Invest Your Cash Savings?
Money For the Rest of Us
J. David Stein
4.5 • 1.4K Ratings
🗓️ 5 September 2018
⏱️ 30 minutes
🧾️ Download transcript
Summary
#220 How to evaluate cash savings options at banks, credit unions and brokerage firms. Why are yields on cash savings so much higher than a few years ago. How to tell if your bank or credit union is in experiencing financial difficulties. Thank you to Blinkist for sponsoring this week's episode.
For show notes and more information on this episode click here.
- [0:10] All about banks, credit unions, and the pros and cons of cash savings
- [4:47] How can banks and credit unions become financially unstable?
- [14:25] The Federal Reserve is setting a new short term interest rate target
- [15:55] What tools does the Federal Reserve have to keep short-term interest rates in line with its target?
- [19:20] There are other options for investing your cash savings
- [25:49] Is it really worth pursuing multiple investing options for your cash savings?
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Transcript
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| 0:00.0 | Welcome to Money for the rest of us. This is a personal finance show. It's on money. |
| 0:04.0 | How It Works How to Invest It and How to Live Without Worrying About It. |
| 0:08.0 | I'm your host David Stein. Today is episode 220. |
| 0:11.0 | It's titled Where to Invest Your Cash. Last week I got an email from |
| 0:18.4 | Jeremy. He wrote, I recently moved my savings out of a credit union, the Actors Federal Credit Union. |
| 0:28.4 | That is a credit union, as you would expect for actors. |
| 0:32.1 | Jeremy is an actor. This particular |
| 0:34.0 | credit union started in 1962. One of its founding members was the actor |
| 0:41.1 | Conrad Bain of Different Strokes Fame. |
| 0:45.0 | He along with six others who were members of the Actors Equity Association. |
| 0:50.0 | This is the union for actors. |
| 0:54.0 | They felt that it was difficult for actors to get credit, to be able to borrow money. |
| 1:01.0 | And so they formed this credit union of which |
| 1:05.2 | Jeremy is a member I believe he's still a member. But he was surprised that they |
| 1:11.0 | stopped paying any interest on all of their savings accounts. |
| 1:16.0 | He writes, I didn't realize banks could do that, but I guess they can. |
| 1:20.8 | Apparently the fact that customers are taking out fewer loans means they can't afford it. |
| 1:25.0 | Can't afford to pay interest on savings. |
| 1:29.0 | Now, that's unusual. I used to be a credit analyst my first job at a graduate school and I |
| 1:40.4 | spent a lot of time looking at financial institutions banks. |
| 1:44.0 | I don't think we did any credit unions, but I'm not an expert, but I'm a little familiar of their financial statements, |
| 1:50.0 | so I went to the website for the Actors Federal Credit Union, found their savings page and sure |
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