![]() If you experience a layoff, you may not find another job quickly or at the level of income you were making in your last position.Ī benefit of a high-yield savings account is that you can withdraw your money quickly if needed. I say that during times of economic crisis, it's better to have nine months to a year of expenses saved. The general rule of thumb is to have three to six months of expenses saved in an emergency fund. Lingering inflation and an uptick in layoffs makes having money saved to fall back on in case of economic upheaval crucial. Emergency fundĪn emergency fund is essential right now. ![]() Here are three ways to use high-yield savings accounts to grow your money and reach your savings goals: 1. Salem Five Direct eOne Savings: 5.01% APY.The average savings rate in the United States is 0.42% (APY) according to the FDIC, while the best rate on a high-yield savings account is 5.15% APY from Western Alliance Bank, powered by Raisin. High yield savings accounts pay more interest than a regular savings account. If you're going to put your money in a savings account, you should get the most out of it. ![]() By clicking ‘Sign up’, you agree to receive marketing emails from InsiderĪs well as other partner offers and accept our
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