Are you getting the best rate for your cash? Is your money in a HIGH YIELD SAVINGS ACCOUNT? What is a high yield savings account anyway? A yield is what you earn by putting your money in a savings account. A HIGH YIELD savings account offers better earnings than a traditional savings account. Typically online and credit unions offer the best rates. Some of the best rates as of May 2, 2024 are at 4.25%. So if you have $10,000, you could earn $35 a month for money just sitting there! These rates fluctuate and will start going down soon, so get your money working already!!! Let's talk about money market mutual funds real quick. A high yield savings account is FDIC insured, which means if the bank fails, the government steps in. A money market mutual fund is not FDIC insured, it is an investment. Money market mutual funds typically look to liquid, super conservative options like CDs, Treasury Bills and government obligations. Money market mutual funds pay higher and now you can find one paying 5.27% or $44 a month with $10,000. Which one is best for you? They are both options to consider, so let's make a plan!
Deidre M Fernald, CFP®’s Post
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"Q I have about £40,000 in a bank savings account and a further £75,000 in a bonus savings account with the same bank. I’ve accumulated these savings over time and realise leaving this money sitting in these bank accounts isn’t ideal. Would you recommend I move some to an ISA and would you have any other suggestions? I think I should leave about £20,000 in an account I can easily access in case of emergencies, such as house repairs." Read Ross' response in our latest piece with The Scotsman. https://lnkd.in/e3HxPN_Y #finances #savings
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Retired software developer, product manager, program lead. Active writer, advisor, & coach.
Some of the folks I've been meeting with have asked me how to save better. If there is one big piece of advice I can give it is to take what you've saved and make sure it is in a high-interest savings account, money market account, or even a Certificate of Deposit (CD). The goal is to grow your wealth, and even a low 0.X% savings account is better than nothing. But there are good options to do even better. Look for high-interest savings accounts or money market accounts that offer higher rates, potentially 4.X% or even higher. Keep in mind these rates can change, so check with different banks. There are also options like CDs that might offer higher rates for larger sums of money, but they typically lock your money away for a set period. The compound interest on these accounts can help your money grow faster over time. I'm capturing stuff like this in the book, but thought it might be good to share this now since its already helped a couple people I met with.
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Savings accounts are a great way to safely save money. Here’s what to know about them.
Savings Accounts
northwesternmutual.com
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Savings accounts are a great way to safely save money. Here’s what to know about them.
Savings Accounts
northwesternmutual.com
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Savings accounts are a great way to safely save money. Here’s what to know about them.
Savings Accounts
northwesternmutual.com
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Savings accounts are a great way to safely save money. Here’s what to know about them.
Savings Accounts
northwesternmutual.com
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Savings accounts are a great way to safely save money. Here’s what to know about them.
Savings Accounts
northwesternmutual.com
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Savings accounts are a great way to safely save money. Here’s what to know about them.
Savings Accounts
northwesternmutual.com
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Strategic Financial Advisor | Tailoring Solutions to Secure Your Financial Future | Expertise in Investments & Risk Management | Financial Advisor at Northwestern Mutual
Savings accounts are a great way to safely save money. Here’s what to know about them.
Savings Accounts
northwesternmutual.com
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Savings accounts are a great way to safely save money. Here’s what to know about them.
Savings Accounts
northwesternmutual.com
