ChatGPT Says This Is The Best Place to Put $10K—But We Found Better Options

Core Insights - ChatGPT provides useful advice for saving $10,000 but lacks the most competitive rates available in the market [2][5][6] - The tool emphasizes the importance of considering the time horizon for savings, suggesting high-yield savings accounts and U.S. Treasuries for short-term needs, while recommending stock market investments for longer-term horizons [3][6] Savings Recommendations - For short-term savings (within a few years), ChatGPT suggests high-yield savings accounts, money markets, CDs, and U.S. Treasuries [2][3] - For long-term savings (five years or more), it recommends investing in the stock market [3] - A balanced approach is advised, keeping part of the savings liquid while allocating another portion to fixed-rate options like CDs [3] Rate Comparisons - ChatGPT's top rate for high-yield savings was accurate, but it failed to identify the best rates in other categories, trailing behind Investopedia's daily rankings [4][6][8] - Investopedia's rankings provide broader coverage and higher annual percentage yields (APYs) across various savings products [7][8] Limitations of ChatGPT - ChatGPT struggles to keep up with real-time banking rates due to the constantly changing nature of these rates [10] - The tool often relies on outdated "best of" lists from other sources, which may not reflect the current top yields [10]