So youve made a budget, cut out unnecessary spending and found ways to earn extra income.
You finally have money to set aside.
Now the question is: Where will you stash that cash?
Getty Images
You want your savings to grow!
Depending on your goals, there are different ways you should save.
Youll put your money in a401(k) or an IRAif youre saving for retirement.
What Is a High-Yield Savings Account?
But high-yield savings accounts typically boast evenhigherrates than what a traditional savings account might earn.
Our team has compiled alist of creative waysyou can fatten your bank account this week.
This is a long list, so dont get overwhelmed.
Go ahead and start now, but be sure to bookmark this post so you could easily return later.
Well keep it updated as offers changes or expire.
Lets take a look at a real-life example.
Thats $358 more to pad your savings.
For the past couple years, interest rates were historically low.
These days, a high-yield savings account can pay interest of 2% or even up to 6%.
Your account may also charge monthly fees for maintenance.
Here are four things to think about.
In the past, online banks offered better interest rates, but traditional banks have stepped up to compete.
You may prefer being able to go into a brick-and-mortar location to speak with a banker in person.
Or perhaps you prefer the 24/7 convenience that online banks offer.
If it doesnt, you should probably figure out how youll be able to deposit or withdraw your money.
If you plan to make electronic transfers from your checking account, check that the two accounts will link.
Are Your Savings Insured?
No matter where you open your account, ensure the money you keep in that account is insured.
Youll also want to see if the account issues monthly maintenance fees.
The APY is the number you really want to know when youre opening a savings account.
The more frequently the interest is compounded, the more youll earn in returns.
Nicole Dow is a senior writer at The Penny Hoarder.
Freelancer Kathleen Garvin contributed to this report.
No Interest Til Almost 2027?
Balance Transfer = Credit Card Cheat Code
