The Clark Howard Podcast

07.30.24 UPDATE: Savings Rates & CD Strategies / Amazon’s Discount Initiative

4 snips
Jul 30, 2024
Interest rates are shifting, leaving savers to navigate a competitive landscape for the best savings options. Don’t let your CD auto-renew—find out why! Meanwhile, Amazon is launching a new discount initiative to compete with budget-friendly rivals like Temu and Shein. Plus, the podcast dives into retirement planning, discussing the benefits of 403(b) versus 457 plans and the role of longevity annuities in securing financial futures. It's all about staying smart with your money!
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INSIGHT

Inflation's Impact on Savings

  • Inflation has decreased, impacting interest rates and creating saving challenges.
  • This shift marks a crucial point for savers, demanding strategic financial decisions.
ADVICE

Maximize CD and Savings Rates

  • Research different financial institutions for the best CD and savings rates.
  • Consider discount brokers like Schwab, Fidelity, and Vanguard for higher CD rates.
ADVICE

Avoid CD Auto-Renewal

  • Never let a CD auto-renew; banks often offer significantly lower rates upon renewal.
  • Take charge of your CD's maturity to secure the best possible interest rates.
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