How to earn 4% or more on your money starting this September
Summary
Starting this September, savers in the U.S. can earn around 4% or more interest on their money through certain types of bank accounts. High-yield savings accounts, money market accounts, and certificates of deposit (CDs) offer higher returns than traditional savings accounts.Key Facts
- Traditional savings accounts currently offer a very low interest rate of about 0.38%.
- High-yield savings accounts offer around 4.10% interest with flexible access to funds.
- Money market accounts have interest rates slightly below 4.10% and allow check writing.
- Certificates of deposit (CDs) offer fixed interest rates up to about 4.50% but require locking funds until the maturity date.
- Interest rates on some accounts may increase if market rates rise later this year.
- Online banks often provide higher interest rates on CDs compared to physical branch banks.
- These options provide safer ways to earn more interest compared to investing, which can be risky.
- Savers should compare account options online to find the best terms and rates.
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