Traditional savings accounts are a secure place to keep your money – and everyone seems to have one, right? But with low interest rates, they usually don’t help your money grow. Here are some alternatives that might fit your financial goals better!
CDs are popular because they don't have monthly fees and offer decent interest rates. But there’s a catch – you have to leave your money untouched for a certain period of time to avoid penalties.
These accounts are great if you’re saving for something specific, like a house down payment or retirement. For the people who love their financial needs to be tailored to their goals, these accounts are exceptional – but they don't have the best interest rates, making it harder for your money to grow.
If you want to watch your money grow, this type of account might be perfect! The interest you make on a high-yield savings is higher – but these accounts are typically only at online banks! So you won’t have branch access. If you like tech and don’t need a branch, though, check it out.
The more we know, the more likely we’re able to move toward financial freedom. Unknown alternatives can be scary, but the outcome could be extremely rewarding!