Now that interest rates are rising again, money costs more money. But that means there's an opportunity to get higher returns on deposits.
But that means there's an opportunity to get higher returns on deposits. McBride advises customers to shop around to get the best return on their savings.
Some financial institutions, especially those that are Internet-only with no brick-and-mortar locations, have traditionally advertised higher interest rates with their high-yield savings account products. Some of these banks offer more than 1% or 2% — and in some rare cases more than 3% on savings accounts, according to NerdWallet representative Chanelle Bessette.
McBride, the chief financial analyst for Bankrate.com, said it is easy to enroll in one of those accounts, even if you do your primary banking elsewhere.
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