Money deposited in a low-yield savings account
Money growing in a high-yield savings account
Keeping your savings at a traditional bank loses you money. In 2019, the average bank savings rate is 0.09%, which is way below the U.S. inflation rate of 1.8%. There are now many secure and convenient online accounts that offer interest rates of more than 1.5%, which translates to an extra $150 for every $10,000 of savings.
Sign up for a high-yield savings account and move your rainy day fund money there.
- NerdWallet has a great list of high-interest savings accounts: nerdwallet.com/best/banking/savings-accounts
(I personally recommend Goldman Sachs)
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