3 Ways to Grow Savings at High Interest Rates

Today I’m going to Introduce to you 3 Ways to Grow Savings at High Interest Rates. This is whether you want to save for yourself, a car, education or financial freedom, let’s look at the great opportunities available today to grow savings.

High Yield Savings Accounts

High Yield Savings Accounts are available online and range from 3% and higher. You can put money you need liquid fast, such as a buffer account for unexpected expenses. It is recommended to save at least 3 month’s income here, but starting is better than not.

Find High Yield Savings easily in google or another internet search engine.  Read through and make sure if the terms are ok for you.  Some might have fees, minimum balances and so on.  Be sure it is FDIC insured.

United States Treasuries

Looking at brokerage firms like Schwab and Etrade, you can bid on 3 year treasury bonds that are yielding as high as 4.21% and 9 month treasuries at 4.53%. So if you have some cash and aren’t sure how to invest it and don’t need it for 3 months or more, consider investing in Treasuries.

You can buy treasuries directly on TreasuryDirect.gov.  Or you can open up a brokerage account and purchase them there.  The advantage of a brokerage account is that you can sell your treasuries before they mature.  You cannot do that on Treasury Direct.

Savings Bonds

I Bonds at the time of this writing are yielding 9.62% and can be purchased on treasurydirect.gov.  You can buy up to $10,000 a year.  Their yields are adjusted twice a year for inflation.

You do not have access to the interest until it matures or you pull the money out.  You must leave your  money there for at least 12 months.  After that you can pull your money out, however, if it’s less than 5 years you will lose 3 months of interest.