Best Way To Earn Money On Savings

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Best Way To Earn Money On Savings – Written by Liz Hunt Liz Hunt Written by Arrow Right Former creative producer Liz Hunt is a social producer and occasionally writes special features for the site from a social-first angle. His writing has been featured in MSN, Business Insider, and various local publications. Connect with Liz Hund on Twitter Connect with Liz Hund on Twitter Linkedin Linkedin Liz Hund

Edited by Nell McPherson Edited by Nell McPherson Former Banking Editor Nell McPherson is a former banking editor, where she led a team of reporters to help readers make better decisions about their savings and checking accounts, CDs and money market accounts. Connect with Nell McPherson on LinkedIn Linkedin Nell McPherson

Best Way To Earn Money On Savings

Best Way To Earn Money On Savings

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Best Way To Earn Money On Savings

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Whether you received an inheritance, a bonus at work, or a profit from selling your home, having extra cash gives you the opportunity to increase your savings and meet financial goals, such as a down payment on a new car. However, deciding on the best place to stash your money isn’t always easy.

Return on investment is an important factor to consider, but so is liquidity and the length of time you need access to money. Safety and investment costs should also be considered when deciding where to save your money.

A high-yield savings account is an attractive option for those looking to boost their savings while having easy access to cash in case of emergencies or other unplanned expenses.

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To put earnings into perspective, yields on traditional savings accounts are typically very low, with an annual percentage yield (APY) of 0.01 percent. But high-yield savings accounts currently earn 5 percent APY.

You can open a savings account to build an emergency fund or for a vacation or home repair when there is security and liquidity.

Note that savings account restrictions can be problematic if you need to access portions of your money periodically. Depending on the bank’s policies, there may be a limit of six withdrawals or transfers per month.

Best Way To Earn Money On Savings

Another thing to note is that a high-yield savings account may offer a sign-up bonus or an interest rate bonus, but you must maintain a minimum balance in the account to get the higher rate.

Tips On How To Find More Money For Your Savings Pot

Like a savings account, a certificate of deposit (CD) is a safe place to keep your money. A big difference between a savings account and a CD is that a CD locks up your money for a set period of time. Early withdrawal will incur penalty.

CDs usually have a fixed yield, so tying up your funds in a CD can be a bad idea. Instead, locking away your money at a time when rates are falling can be a smart move.

Long-term CDs sometimes offer better rates than short-term CDs, although in most cases you won’t be able to access the funds without paying a penalty.

One strategy to increase your income is to open multiple CDs that mature at different times. This is called CD laddering, and it offers more flexibility and less risk than putting your money in a single CD.

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Holding multiple CDs with fixed terms allows you to take advantage of the higher interest rates associated with longer terms without locking up all of your funds for a long period of time. If you have some of your money in short-term CDs and rates are rising, you can quickly reinvest those funds for better yields.

If you want a safe place to park your extra cash that can earn you a higher yield than a traditional savings account, consider a money market account. Money market accounts are similar to savings accounts, but they typically pay higher interest and may offer a limited number of checking and debit card transactions per month.

Money market accounts provide easy access to your money and are safe if your banking institution is federally insured. Most banks and credit unions are insured by the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Share Insurance Fund (NCUSIF). The standard insurance limit is $250,000 per depositor or stockholder, per insured entity, for each unit of ownership.

Best Way To Earn Money On Savings

If you don’t want to tie up your funds in a CD for the long term, a money market account is a good alternative. There are usually minimum deposit requirements to open a money market account or to get the best APY. Also, don’t forget to ask about all the charges you may have to pay, such as monthly maintenance fees and penalties.

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A checking account at a federally insured bank or credit union is the safest place to keep your money. It’s not necessarily the best place to save your money, however, as most earn little or no interest.

Instead, checking accounts should be used primarily to save money you spend on everyday expenses. Checking accounts are more liquid and come with check writing privileges, ATM access, and debit cards. You can withdraw at any time, with no risk to your principal.

Although this is not common, there are accounts that offer decent returns. However, these accounts should not generally be the main place to store your savings.

Account fees are often nominal or waived if you maintain a minimum balance, set up direct deposit, or use your debit card a certain number of times each month.

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Most checking and savings accounts, CDs, and money market accounts offer federal deposit insurance, which is an important benefit.

But let’s say you have money saved up that exceeds federal insurance limits. If so, you may want to look into U.S. Treasury bills, or T-bills, which are federal, short-term debt obligations of one year or less. The longer the maturity, the higher the interest earned by the investor.

T-bills have the advantage of being liquid and easy to buy and sell. In addition, they are very safe without any risk

Best Way To Earn Money On Savings

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