The XNUMX Best Ways to Save: Tips from the Experts

You know that storing your savings in the freezer is not a good idea. Here are four proven methods to protect your money and maybe even make a profit from holding it. Go Banking Rates.

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Certificate of Deposit (CD)

If you have some extra money that you won't need in the next few months, CD can be a great option to securely earn money, especially now that interest rates are skyrocketing.

“The benefit of CD accounts is that your rate is locked in,” said Morgan Gray, senior vice president, head of Bask Bank. - When rates are high, like they are now, you are guaranteed that interest rate for the life of your CD. So, no matter what the rate looks like over that period - six months, a year or longer - you'll still be earning the same rate as when you opened the account."

Deposits Bank Bank offer some of the highest rates available, with APY (Annual Percentage Yield) ranging from 4,00% to 4,55% depending on preferred term length. You can choose from four expiration dates - from six to 24 months - so you can customize your CD to suit your financial situation. All Bask Bank CDs come with an APY well above the national average. For example, Bask Bank's six-month CD has 4,45% per annum, while the national average is 0,65%, according to the FDIC. Bask Bank CD accounts require a minimum of $1000 to open.

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Gray says another added benefit of choosing a CD is that it promotes responsible conservation.

“If you don't want to be tempted to spend your savings, a CD is a great way to prevent impulsive spending and reward yourself with high interest earnings at the end of the account's life. By choosing to open an FDIC-insured CD account, you are also adding an extra layer of security to your savings,” he said.

High Yield Savings Account

Many experts agree that a high-yielding savings account is one of the best ways to keep your money safe. And they note that now is the right time to start.

“Rates are higher now than they have been in many years, and when you open a high-yield savings account, you can start making money on those high rates right away,” Gray said. — Your account starts earning interest the day you top it up. It's always a good time to start saving, but now is an especially good time to take advantage of current interest rates."

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For example, you can earn a variable APY of 4,25% with a Bask Bank interest-bearing savings account. Plus, this account doesn't charge any monthly fees, so you save more of your hard-earned cash. An interest-bearing savings account requires no minimum balance or initial deposit, so you can start small and watch your income grow.

Gray notes that a high-yielding savings account is a particularly attractive option for those who may need immediate access to their money in the future.

“Any saver can benefit from opening a HYSA,” she said. “And if you're worried about options that prevent you from taking your money at any time, HYSA provides access to your money 24/7. Your money will continue to earn interest while it's in the account, but if you need that money tomorrow, you can get it now."

Money Market Account

“A Money Market Account is a type of savings account that offers a higher interest rate than traditional savings accounts and can be a good option for keeping your savings safe,” said Andrew Lokenaut, a personal finance expert. — They often have higher minimum balance requirements than other savings accounts, and they may also have limited check-writing capabilities. They are FDIC insured up to $250.”

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“Money Market Accounts are more flexible than the average traditional savings account,” said Gabriel Lalonde, president of MDL Financial Group. “They offer a higher interest rate than traditional savings accounts, and they operate essentially as a hybrid deposit account with check writing and debit card privileges. They are FDIC insured, which means the government stands behind your money.”

Securities (Treasury Securities)

“U.S. Treasury securities, such as Treasury bills, notes and bonds, are considered very safe investments because they are backed by the full faith and credit of the U.S. government. However, they do not offer high rates of return as they are intended to be low-risk investments,” Lokenaut said.

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