Do you have a stash of cash that you may need to access in the next 1 to 12 months? You might want to look into a regular, old FDIC-insured savings account. These offer safety and flexibility because they’re insured by the US government and allow you to get to your money anytime you need it.
The problem is that the interest rates on many savings accounts are really low. So it pays to shop around and look for high interest savings accounts, focusing on those paying 2% or more. Bankrate.com has up-to-date listings of national savings account interest rates. Popular FDIC-insured banks with above average rates include HSBC, ING, and E*Trade.
Shop around and find a good rate! Don’t settle for less than 1% if you don’t have to.
Filed under: Emergency Fund, Investing Strategies, Money Tagged: | savings account, savings rates
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