The Federal Reserve’s recent decision not to alter the interest rates has left them at a significant 22-year high. This presents both savers and individuals with excess liquidity a prime opportunity to receive better returns on their savings, especially when considering the current inflation rates.
So, where should you consider placing your funds for optimal yield?
Here are a few considerations:
High-yield online savings accounts. Despite major institutions like JPMorgan Chase and Bank of America offering rates as low as 0.01%, several online banks (with FDIC insurance) are presenting rates exceeding 5% for their high-yield savings accounts.
These accounts are optimal for funds you foresee using within the next two years, whether for planned expenditures or unforeseen circumstances. Financial expert Lazetta Rainey Braxton from 2050 Wealth Partners labels this as the “cushion” account, emphasizing its dual purpose for planned and unexpected needs.
Where else is a good place to optimize your savings? A few of the items on this list might shock you: [click here to see the options.]
