![]() It's not uncommon to find CDs in the 3.5% to 4.5% range, although those are also likely to move upward in light of the most recent rate increase.Ī CD is a smart way to protect and grow your money. Rates on CDs have also jumped in recent months. ![]() Open a certificate of deposit (CD) account But if you simply transferred that to a high-yield account at 3.5% you'd easily grow your bottom line to $5,175.00 - a $155 difference! And that's at the 3.5% rate - you can easily find an account with a higher rate, particularly after the Fed's latest bump. ![]() Using a $5,000 deposit, for example, you'd only grow your savings fund to $5,019.50 after a full year (at the 0.39% rate). If you don't have a high-yield account then you're likely losing money by leaving it where it is. And that's before this week's rate hike, meaning rates on these accounts are still heading upward. Rates on these types of accounts are around 3.5% to 4.5% or higher, depending on the bank and other factors. But interest rates for high-yield savings accounts - which work in the same way regular accounts do - are exponentially higher. Here are two major ones: Open a high-yield savings accountĮven with recent rate activity, average interest rates on regular savings accounts sit around 0.39% currently. There are multiple ways to take advantage of today's high rate environment. ![]() How to use interest rate hikes to your advantage ![]()
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