One way you could be earning more from your bank
Your bank isn't just a place to store your money; it's a hub of financial opportunities that can help you make the most of your hard-earned cash. And, while the financial tools your bank offers are helpful in nearly any economy, they may be even more useful right now. After all, inflation is still negatively impacting many people's budgets, so it's important to put your money to work if you can.
But while you may think you're getting the most out of your current bank, the truth is that you may not be. In fact, you may be overlooking a few ways to earn more. Luckily, there are simple ways to remedy that issue.
Find out how much you could earn on a top savings account right now.
One way you could be earning more from your bank
If you're ready to maximize the returns you earn on your money, here are a few ways to earn more from your bank:
Put your money in a CD account with a high APY
Certificates of deposit (CDs) are a great way to earn interest on your savings while locking in a fixed rate for a specific period. And, right now, numerous banks are offering rates higher than 4.50% on CDs with a range of terms, so if you haven't deposited some or all of your savings into a CD with a top rate, you aren't getting the most out of your bank.
However, not all banks offer the same CD interest rates. While it's possible to find CDs with high APYs, the average rates for 1-year, 3-year and 5-year CDs are well under 2% as of August 21, 2023, so you'll have to shop around to find the top earning opportunities for your money.
In general, online banks or credit unions typically offer the highest rates on interest-bearing accounts, which includes CDs. Online banks don't have as much overhead to pay as big banks with brick-and-mortar locations, so these savings tend to be passed on to customers in the form of higher APYs on their savings.
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