A regular account won't cut it if you want a high interest rate on your savings. Luckily, there are better options.
And, while CDs are offered by a range of financial institutions, online banks tend to offer the highest rates due to having low overhead. So, those financial institutions are a great place to start your search.
However, it's important to be mindful of the commitment you're making with your CD term. If you withdraw your funds from a CD before the term ends, it will likely result in penalties.are another viable option to explore if you're looking to earn higher interest on your savings. These accounts combine the characteristics of savings and checking accounts, providing you with liquidity and competitive interest rates.
Interest rates for money market accounts can vary, but some financial institutions offer rates around the 5% mark right now. While this might not be the norm, it's worth researching and comparing rates across different banks to identify the best option for your financial goals.Earning 5% interest or more on your savings is an achievable goal with the right financial tools and strategies.
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