Goodbye to High-yield Savings Accounts $DIA $SPY $QQQ $RUTX $VXX For years, the high-yield saving products were a success for both consumers and financial institutions alike. After getting almost Zero interest from big US banks, individuals who parked their excess cash with the likes of Ally Financial Inc., Barclays Plc, Goldman Sachs Group Inc.’s consumer bank, Marcus, or HSBC Holdings Plc’s HSBC Direct were suddenly bringing in a comparatively bountiful 2% or more around this time last year. At that point, the Fed had raised its short-term interest rate for what would be the last time this cycle in December 2018. The rest is History.
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