![]() Instead of keeping extra money in a savings account, you could direct it into investments with greater growth and income potential, such as mutual funds, b onds, stocks, and exchange traded funds, or ETFs. Unlike CDs, these liquid accounts allow you to withdraw your funds at any time without penalty. Money market accounts currently pay yields of up to 1.3 percent. ![]() ![]() ![]() CDs aren’t the best place for money you might need access to before the term expires, however, since you’d likely be charged an early withdrawal penalty. You can find one-year CDs that pay an annual percentage yield (APY) of 2 percent, for instance, as well as two-year CDs that pay up to 3 percent. Other deposit products carry similarly low risk, yet may pay a higher yield than savings accounts. Right now, the best high-yield savings accounts pay 1 percent or higher, but that rate is still relatively low for money that you won’t need regular access to. However, you don’t have to settle for such a small yield. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service.Īccording to Bankrate data, the average savings account paid just 0.1 percent interest as of June 29, 2022. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money.ī is an independent, advertising-supported publisher and comparison service. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey.īankrate follows a strict editorial policy, so you can trust that our content is honest and accurate. Our experts have been helping you master your money for over four decades. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our goal is to give you the best advice to help you make smart personal finance decisions. Editorial Independenceīankrate’s editorial team writes on behalf of YOU – the reader. Our editorial team does not receive direct compensation from our advertisers. We maintain a firewall between our advertisers and our editorial team. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. What to do when you lose your 401(k) matchīankrate follows a strict editorial policy, so you can trust that we’re putting your interests first. Should you accept an early retirement offer? How much should you contribute to your 401(k)?
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