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.
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