If you let a $10,000 deposit sit in a standard savings account for a year, you'd earn a mere dollar in interest. That's because most major banks out there offer an interest rate of 0.01 percent. But if you put that $10,000 in a high-interest savings account at an internet bank like Synchrony, Ally or iGoBanking, which offer interest rates between 1 percent and 1.55 percent, your $10,000 deposit could yield up to $155 after one year.
You can earn even more if you use a certificate of deposit , a savings account that offers a higher interest rate and fixed date of withdrawal. Again, you're trading convenience for interest. With a CD, you agree to let your money sit tight for a set number of months or years, and if you withdraw your money early, you'll be charged a penalty. If you can be patient, though, you'll be rewarded with returns of about 2 percent or more.
"Consumers lose out on hundreds or even thousands of dollars by keeping their money in low-earning accounts instead of high-yield savings accounts or CDs," says NerdWallet banking expert Kimberly Palmer."By earning more money on their savings, savers can stretch their money, and their budgets, further."
Thanks realDonaldTrump for encouraging the rate cut to boost stocks. Just sucks high yield savings are down a little. Marcus and Ally both 2.15 though.
155 x 0 = 0. Nice try.
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Her?