Withhigh and borrowing costs elevated due to increased , there aren't many attractive financial options available at the moment. And with a looming, more economic chaos could be on the horizon. In times like these, savers understandably look for new ways to protect and grow their bottom line.
Two of the best ways to do this is by opening aor . Interest rates for both account types are higher than they've been in years, giving savers an opportunity to fight back against the economic pain caused by inflation.
To truly make this effective, however, it helps to know exactly how much you can make with today's top-earning savings accounts. Start by exploring your account options here to see how much more you could be earning now.
How much can you make with today's top-earning savings accounts?
If you're looking to beat inflation, there are a variety of high-yield savings and CD accounts that have interest rates more than 0.45% at the moment, you're likely by keeping your funds there.. And considering the average savings interest rate for a regular savings account is just
No matter how much you deposit into a high-yield savings account, however — be it, , , or more — you'll make more interest more quickly. But you need to be aggressive to earn the top rates, which likely will be found with an online bank. Here's how much you could make with , broken down by amount and rate:
- At 5.50%: $55 (for a total of $1,055 after one year)
- At 5.30%: $53 (for a total of $1,053 after one year)
- At 5%: $50 (for a total of $1,050 after one year)
- At 5.50%: $275 (for a total of $5,275 after one year)
- At 5.30%: $265 (for a total of $5,265 after one year)
- At 5%: $250 (for a total of $5,250 after one year)
- At 5.50%: $550 (for a total of $10,550 after one year)
- At 5.30%: $530 (for a total of $10,530 after one year)
- At 5%: $500 (for a total of $10,500 after one year)
The above accounts don't takeinto consideration, so you can potentially do even better than those figures. As mentioned, however, the best rates will almost always be with online banks and lending institutions. Because these banks don't have the overhead costs of maintaining physical branches, they're able to pass on those savings to account holders in the form of higher interest rates. So do your research and shop around online to see what you can find.
But don't just look at the interest rate. While higher interest rates are great, that extra money can quickly get eaten up by penalties and account maintenance fees. Ideally, you'll be able to, thus giving your money the best chance to grow.
The bottom line
With so few options to protect and grow your savings today, you shouldn't pass up the opportunity to do both with a high-yield savings account. As the above estimates show, you can make a lot more interest just by depositing some or most of your funds into one of these accounts. And with so many online lenders eager for your business, you can easily get started from the comfort of your own home now. Get started with a top-earning savings account now.
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