lisa5•8d ago

Looking back at my old bank statements from 2010 is a real trip

I was cleaning out a file box and found my old checkbook register and a few statements. Back then, I was putting $50 a month into a regular savings account at my local bank, earning basically nothing. I kept that up for about four years. Last month, I moved that same automatic $50 to a high-yield savings account I opened online. The difference in the interest I see already is crazy, just from using a different type of account. It makes me wonder why I stuck with the old way for so long when the better option was right there. Has anyone else made a simple switch like that and been surprised by the results?

3 comments

3 Comments

lee9268d ago

Yeah, that part about the better option being right there is so true. I read an article that called it "financial inertia" where people just stick with what they know.

william_jackson658d ago

I used to think that was just laziness, lee926, but that "financial inertia" idea really makes sense now.

lee9268d ago

Wait, you were only getting like 0.01% at your old bank? That's actually insane. I thought my old credit union was bad, but that's basically just letting them hold your money for free.