The Federal Reserve recently chose not to change the interest rates, keeping them at their highest level in 22 years. This offers savers and those with extra money a great chance to earn more from their savings, given the current state of inflation.
Wondering where to best place your money for maximum returns?
Here’s a suggestion: Online High-Interest Savings Accounts. While big players like JPMorgan Chase and Bank of America have rates as low as 0.01%, some online banks (insured by FDIC) are giving interest rates of over 5%.
These accounts are ideal for money you plan to spend in the next couple of years, be it for planned costs or sudden needs. Lazetta Rainey Braxton of 2050 Wealth Partners refers to this as the “cushion” account because it provides both flexibility and security.
Where else is a good place to optimize your savings? A few of the items on this list might shock you: [click here to see the options.]
