Higher rates than the big guys have been a consistent feature at alternative banks, but this advantage didn’t speak as loudly when interest rates were much lower than they are right now
“I do think we’re having a moment,” Motive’s Mr. Wright said. “People are looking for a combination of safety amidst uncertainty, with a reasonable interest rate to actually make it worthwhile.”
In the investment industry, they’re taking shots at safe-money parking spots like savings accounts and GICs on the basis that the returns badly lag the 7.6-per-cent inflation rate. But these vehicles make a lot of sense when you’re willing to sacrifice the chance for better returns in order to insulate your money from just the kind of losses we see this year in stocks and bonds.
There’s financial market risk to consider when deciding where to put your money, and then there’s the risk of your money getting caught up in a financial company’s collapse. Before handing your money to an alternative bank or credit union, verify its membership in a deposit insurance plan.
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