Now it’s early to be covering Outlet Savings Account, a crypto-based savings account since I planned to reveal it with my breakdown of Dave Ramsey’s Financial Peace University (FPU) Baby Steps. I am a student of Dave Ramsey, so using the word like crypto in the same paragraph is very strange, but that is for a later post.
Simply put, I use Outlet Finance for step 3 of my FPU‘s Baby Steps. Till today I was overly happy, but today I became sad.
So less about FPU and more about Outlet Finance’s latest events. I promise to provide reviews of both in later posts.
So Why Am I Talking About My Outlet Savings Account Today?
I use Outlet Finance to hold a full year of expenses in a high-interest savings account(far more than my typical 6-Month Emergency Fund. I am uncomfortable with investing this assigned money in stocks and too greedy to lock it into bonds or a bank’s savings or money market savings account.
I was delighted with Outlet Finance; I understood how it functions and the risks associated with it, but not today. The Outlet Finance application displays a return of < 9%, which it continues to advertise on its website.
What happened? – Not sure.
Could This Be A Glitch In The Crypto-Matrix?
A couple of months ago, my Outlet Savings Account balance was gone, yes, gone. A year’s worth of expense savings was goneāzero balance. I initially gasped, but it was like a Friday afternoon, and I took a deep breath. It had to be an error since I didn’t withdraw it. I waited a couple of hours, and it returned. My balance with Outlet was back, and it was cranking away with its interest returns.
Outlet Savings Account Interest Change?
Here is the new numberā6%. Yes, 6% from 9%. Now that is a 33% unannounced drop in returns! WTF?
Keeping It Real Outlet Or Not?
Again, initially, I reacted negatively to the change and thought about some knee-jerk responses. WITHDRAW my money! That was what I was thinking. 6% is still better, many times better than my bank’s savings account, but I am getting 7.5% from BlockFi (About BlockFi: How I Make Cryptocurrency, Without Mining), and some of my other alternative investments are earning 9% still.
So, Keep The Outlet Finance Savings Account?
It’s a holiday weekend; glitches can happen and fail to get noticed. Outlet in the past has corrected errors in its application reasonably quickly, so patients might be the best choice.
I will do a full review of Outlet Finance’s Savings, but for now, I have to say, I trust in them. Outlet fills a role in my Financial Independence Retire Early (FIRE) plans, so no reason to abandon them now.
Closing Wordsā¦
If you have Outlet Account, did you see a rate of return change? What do you think about Outlet Finance? Is 6% return still high enough for you to stay with them, or are you moving? If so, where are you moving your money to?
For now, Outlet Finance has been a good service, with significant returns and minimal risks. I am enjoying the higher than expected returns for a ‘savings’ account.
Plan For Outlet Savings Account Review Posts.
The Outlet Savings Account is an alternative investment(Possible new alternative to Outlet Savings Account: Worthy Bonds A Good Investment? ) for me and many others. I plan to cover more about their service and how it applies to Dave Ramsey’s FPU training lessons.
These are my experiences, and past experiences do not guarantee future returns. So don’t accept any of this information about what you should do with your money(including any service like Outlet Savings Account), do your own research. And feel free to share it here with us.
Please stay tuned…
Update, Increased Outlet Finance’s Savings Rate!
It appears the short drop in the interest rate was quick. Outlet increased the savings rate, and it’s back to 9%! My Outlet Savings Account is again earning 9% compounding interest! Yippee!
To learn more about Crypto Yield Farming.
Update To Outlet.Finance Status.
Final Outlet Finance Savings Account Review: Is Outlet Finance Legit Or Not? Yes, But It Is Gone. š
 Myself with an interesting Bull Sculpture. Notice: No Lambo’s. :/ | Hi I’m Tom, A Blogger And A PIG Farmer. PIG Farmer as in I grow Passive Income Generators(PIG’s). I’ve been playing with stocks, mutual funds, and options for decades, as well as always working on my side hustle stacks. Unlike what you read online, I’ve yet to find a way to get rich quickly. Get Rich Quick isn’t happening for me. My journey has been long and continues. I hope to have so many PIGs I can stop working at my current job and volunteer as a medical worker overseas.Ā Still waiting, but getting there. I still am a family man, and while on this Journey of Growing PIGs.Ā Ā I wanted to share my adventures(ups and downs), hoping you will contribute with your feedback and comments. Fun Fact:Ā In my spare time, I am a Band-Dad! |