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Maximize Your Savings with O1ne Mortgage

In today’s financial landscape, it’s more important than ever to ensure that your savings are working as hard as possible for you. However, recent surveys indicate that many savers are not taking full advantage of the higher yields available on savings accounts. At O1ne Mortgage, we are committed to helping you optimize your financial strategies, including making the most of your savings. Call us today at 213-732-3074 to learn more about our mortgage services and how we can assist you in achieving your financial goals.

Only 1 in 5 Savers Believe They Are Getting the Best Yields on Their Savings Accounts

According to a recent survey conducted by Experian, only 19% of consumers with deposit accounts believe they are earning 3% APY or greater on their savings. This is despite the fact that interest rates have been rising since early 2022, with some savings and certificate of deposit (CD) accounts offering annual percentage yields (APYs) that topped 4% as of May 2023.

Why Aren’t Savers Moving to Higher-Yielding Accounts?

Even when better rates are available, 40% of savers say it’s not enough for them to move their savings. This reluctance to switch accounts can be attributed to various factors, including a lack of awareness and the perceived hassle of moving funds. Interestingly, 30% of savers with low-yielding deposit accounts were not even aware that higher-yielding savings options were available.

Income and Awareness

Awareness of higher-yielding savings accounts decreases as household incomes increase. Among savers with household incomes of less than $50,000 annually, 28% were unaware they could find higher savings elsewhere. This percentage increases to 36% for households earning more than $75,000 a year. For those with incomes between $50,000 and $75,000 annually, 31% of low-yielding savers were unaware of better savings alternatives.

Expectations for Interest Rates

More savers expect credit card interest rates to climb than expect savings yields to increase. Nearly half of the survey respondents (46%) believe that savings rates will remain the same at the end of 2023. However, 60% think that credit card APRs, currently averaging 20.92% APY, will be even higher by December.

Consumer Sentiments

Consumers are generally aware that savings rates now pay meaningful interest, but many still aren’t motivated to seek higher-yielding savings. Higher-income respondents are surprisingly less likely to be aware that they should be moving their savings to a new high-yield savings account, despite being more aware of prevailing savings account yields.

Why Choose O1ne Mortgage?

At O1ne Mortgage, we understand the importance of maximizing your savings and making informed financial decisions. Our team of experts is here to guide you through the process of finding the best savings accounts and mortgage options to suit your needs. Whether you’re looking to refinance your home, purchase a new property, or simply want to make the most of your savings, we are here to help.

Contact Us Today

Don’t let your savings sit in low-yielding accounts. Take action today and reach out to O1ne Mortgage for personalized advice and solutions. Call us at 213-732-3074 to speak with one of our experienced loan officers and start maximizing your financial potential.

Conclusion

In conclusion, while many savers are not currently taking advantage of higher-yielding savings accounts, there are significant opportunities to increase your savings with the right guidance. At O1ne Mortgage, we are dedicated to helping you achieve your financial goals by providing expert advice and top-notch mortgage services. Contact us today at 213-732-3074 to learn more about how we can assist you in making the most of your savings and securing a brighter financial future.

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