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How Your Savings Account Can Make You Money.
September 16, 2018 By Henry Dominguez
Do you have money that you’re putting away every month?
Savings accounts are the first step towards taking control over your finances. Keeping your money in a savings account is a safe way to keep cash, however, because of inflation, your money is losing value if your holding it in a traditional savings account.
Online banks offer a higher yields than most traditional brick-and-mortars banks, up to 15 times higher. These accounts provide the same FDIC coverage, so there is no risk that your money will disappear, and there is no monthly fee to hold your money.
An interest rate of 1.85% with an account balance of $10,000 will make you $15/month (or $185/year).
An interest rate of .08% with an account balance of $10,000 will make less than $0.50/month (or $5/year).
End of Year Balance
.08% APY (NATIONAL AVERAGE)
The goal for any investor is to keep your money moving. Even if it's in a low-risk savings account,
Take the first step towards investment and transfer your savings to a high interest savings account.
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