3 Things to Consider Before Switching to a New High-Yield Savings Account as Interest Rates Drop

3 Things to Consider Before Switching to a New High-Yield Savings Account as Interest Rates Drop

| April 02, 2020
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As The Federal Reserve slashes its rate, many banks are having to follow suit in lowering the interest rates on their high-yield savings accounts, leaving many wondering if now is the time to move their funds to another savings account with a different bank/ ClientFirst founder Ed Mahaffy MBA, CFP®, ChFC® spoke with Business Insider on what three things you should know before making any changes. 

About Edward P. Mahaffy, MBA, CFP®, ChFC®

Ed founded ClientFirst Wealth Management in 2007, after more than 23 years in the wealth management industry. Prior to launching ClientFirst, he spent 6 years as a portfolio manager and branch manager with Raymond James, 6 years as a vice president and portfolio manager with Merrill Lynch, and over 11 years as a financial advisor and fixed-income portfolio manager with Stephens, Inc. 

Designated as a Certified Financial Planner and Chartered Financial Consultant, Ed holds a Bachelor of Science in Business Administration from The Citadel and earned his MBA from the University of Arkansas. He is also a member of the Financial Planning Association (FPA). Ed has had articles published in The Arkansas Banker as well as Barron’s magazine and is a member of the National Association of Personal Financial Advisors (NAPFA). He is also the author of How to Select a Financial Advisor: The Least You Should Know.At ClientFirst, Ed is president and senior portfolio manager. 

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