All articles tagged with #savings strategy
Originally Published 4 months ago — by CBS News
With potential interest rate cuts on the horizon, CD account holders nearing maturity should consider shopping around for better rates, re-evaluating their budgets, and communicating with their banks to maximize their savings before rates decrease.
Originally Published 2 years ago — by CBS News
In 2024, high-yield savings accounts may be a more attractive option for savers compared to certificates of deposit (CDs) due to their flexibility, competitive interest rates, and lack of fees. While CDs offer high annual percentage yields (APY), they require a fixed-term commitment and can incur substantial penalties for early withdrawal. High-yield savings accounts provide nearly as high rates, with added benefits such as no early withdrawal penalties, the potential for variable rates to increase with inflation, and possibly no minimum balance or maintenance fees. This makes them a more versatile and potentially profitable choice for managing savings in the current financial climate.
Originally Published 2 years ago — by CBS News
Opening a high-yield savings account before 2024 is a smart move due to the currently high interest rates, which can range from 4.25% to 5.27%. These rates are a result of the Federal Reserve raising the federal funds rate. Additionally, there is a possibility of rates going up further in the future. By starting early, you can take advantage of compound interest and maximize your savings potential.