High-yield cash management accounts are cutting their interest rates—here are your best options (via CNBCMakeIt)
Again, these yields are variable, meaning they can change at any time. And long-term effects of COVID-19, the name of the virus, are still unclear. If you have a Betterment or Wealthfront account, it likely isn't worth the effort to switch for such a small difference., it does make sense to open a high-yield account so that you're earning more on your savings.
Don't open an account based solely on the interest rate, though. You'll also want to take account minimums and monthly fees into consideration. While you don't need to chase the absolute best rate on savings accounts, do look for something competitive and secure.Savings accounts offered by banks and cash management accounts offered by other types of financial institutions are great places to stash your emergency fund and other money you want to be able to access easily.
CDs house your money for a predetermined period of time — typically three months to a year — and currently offer rates between 0.55% and 2.06%,, depending on how much you have to deposit and how long you leave your money untouched. That said, those with the highest APYs will likely have a higher minimum deposit requirement than a high-yield cash management or savings account.
on a one-year CD with a minimum deposit of $500, for example. However, for most people, the difference between the CD's APY and Marcus's savings account APY likely won't amount to much.Regardless of where you're saving, the most important thing is that you have enough money set aside for emergencies. No one knows what the future holds, or what will happen to the U.S. economy over the next few months.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Coronavirus Forces New Travel Curbs as High-Profile Cases RiseMore countries announced wide-ranging travel restrictions after the WHO declared the spread of the novel coronavirus a pandemic, and infections reached more individuals in the echelons of culture and politics.
Read more »
Democrats smell blood in Texas after sky-high primary turnoutAfter coming tantalizingly close to flipping several red-leaning seats in 2018, Democratic candidates are gearing up in and around Texas' five largest cities
Read more »
Dwyane Wade Shades Son Zaire's High School Basketball Coach on National TV'My son ain’t playing, and I don’t want to do nothing to the coach,' said the former NBA star
Read more »
U.S. again postpones high-level meeting on Huawei and China: sourcesTrump administration officials have postponed for a second time a critical meeti...
Read more »
‘Rent-a-Banks’ Defy States’ Growing Efforts to Curb High-Cost LendingHigh-cost lenders are forming partnerships with banks to skirt interest-rate caps in dozens of states, in a controversial type of arrangement that is pitting state regulators and consumer advocates against the credit industry.
Read more »
Australia's High Court hears what may be Pell's last appealThe most senior Catholic to be convicted of child sex abuse has taken his appeal to Australia’s highest court in potentially his last bid to clear his name
Read more »