Did you know.....there are several ways to get a higher interest rate on your cash savings right now?
1. High Yield Savings Accounts:
Shop around for high-yield savings accounts: Look for savings accounts that offer high-interest rates. Online banks and credit unions often offer higher rates than traditional brick-and-mortar banks.
2. Money Market Mutual Funds (MMFs)
MMFs are a type of mutual fund that invests in short-term, low-risk, fixed-income securities, such as government bonds, certificates of deposit, and commercial paper. MMFs are generally considered a safe and convenient way to earn a higher return on your cash savings compared to traditional savings accounts or checking accounts, while still maintaining liquidity and access to your funds.
3. Certificates of Deposit (CDs)
CDs are low-risk investments that can offer a guaranteed return on your investment.
Ultimately, the best way to get the most out of your cash savings will depend on your individual financial situation and goals. It's a good idea to consult with a financial advisor to determine the best approach for you.