The recent Federal Reserve interest rate increases have been great for savers with high-yield accounts. If you don't have one, here’s a look at what you might be missing out on and how to fix it.
The recent Federal Reserve interest rate increases have been great for savers with high-yield accounts. The best annual percentage yields soared from 0.50% in early 2022 to more than 3% now.
As a customer, it’s not too late to change course. Here’s a look at what you might be missing out on and how to fix it. Higher savings rates can help you keep up with inflationWonder why the APY on some accounts increased so quickly and so much this year? It’s because the Fed took steps to fight inflation by raising the federal funds rate, and that eventually affected savings accounts rates.
But if you are able to squirrel away savings into a high-yield account, you can help shield your purchasing power against rising prices because the interest you earn helps counteract those price increases. Don’t have a bank branch around the corner? No problem. Some of the best savings accounts tend to be online options, where you can do basic banking, such as mobile check deposit and automatic transfers, from your mobile device or computer. Online financial institutions tend to have competitive rates because they can take the money they save on overhead paying for branches and pass them on to customers in the form of higher rates.
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.
Gold Price Forecast: XAU/USD rebounds ahead of United States data, Federal Reserve talkGold price (XAU/USD) defends the bounce off a short-term key support confluence around $1,793 as traders await the United States (US) statistics for c
Read more »
Why The Federal Reserve Can’t Solve Food Price InflationThe Federal Reserve continues to raise interest rates in response to price inflation. But monetary policy misses the link between how corporate profits and pricing strategies are hurting consumers and engineering a recession.
Read more »
Texans' Derek Stingley Jr., Dameon Pierce out for season after being added to injured reserveStingley, the team’s No. 3 overall pick, has been sidelined since Week 10, and Pierce,...
Read more »
San Jose Sharks activate one winger, place another on injured reserveNHL: San Jose Sharks place Luke Kunin on IR, as he’ll miss at least two games, both against the Calgary Flames
Read more »
U.S. Scores $4 Billion Windfall on Oil-Reserve SalesThe U.S. has emerged as an unlikely winner in this year's volatile energy markets after releases from the Strategic Petroleum Reserve resulted in a $4 billion windfall
Read more »
Records: Capitol rioter plotted to kill federal agentsMore than 880 people have been charged with crimes related to the attack on Jan. 6, 2021, the Justice Department said.
Read more »