💪 Start earning much more on your savings!
Register for this upcoming Event: Office Hours AMA — Live Zoom Hangout!
Featured Artist: Lisa Coffield
Summary of today’s newsletter:
Main topic: 4 tips & specific recommendations to earn more on savings
Upcoming Live Event: Join my Office Hours — Live Zoom Hangout!
What I’m Enjoying: travel accessories, TV series, podcasts
In the News: stay up to date
Most recent podcasts: dig into loads of money topics in the archive of 820+ episodes
Hi, Friend -
Accumulating healthy savings isn’t easy—so why not maximize it (without putting it at risk) once you’ve done the hard work?
This week on Money Girl episode 821, 4 Strategies to Earn More Interest on Savings, I answer questions from Hannah and Jane about how to make the most of money you’ve already saved. Here’s a summary of strategies reviewed in the show:
1. Use a high-yield savings account (HYSA): While a typical bank savings account might pay an annual percentage yield (APY) of 0.2%, Betterment is offering new customers up to 5.5% APY for three months and then 5%.
Another great option is the Platinum Savings from CIT, especially when you plan to deposit higher balances. They’re currently paying 5.05% APY on balances over $5,000.
2. Money market account (MMA): They’re like a regular or HYSA because they pay a variable interest rate; however, they usually come with features that make it even easier to access your funds.
3. Rewards checking account: They operate like regular checking but have rules to qualify for the highest interest rates. For instance, you may have to keep a minimum balance, make monthly direct deposits, or use a debit card for a certain number of monthly transactions.
A good rewards checking account is from Axos Bank, which pays a $300 sign-up bonus and up to 3.3% APY. It charges no fees and reimburses all domestic ATM fees.
4. Certificate of deposit (CD): CDs allow you to deposit money and withdraw it at a specified time, earning a fixed interest rate for a period. In exchange for giving up access to your money, you may receive higher interest than with other deposit accounts.
In the podcast, I cover a popular strategy called CD laddering, which protects you from missing higher returns if interest rates rise.
Before choosing an account, ask yourself the following questions:
What am I saving for?
How much will I deposit?
When will I need the money?
Could I need emergency access to the funds?
What penalty would I pay to tap the funds, if any?
🗓 Paid Subscribers: Office Hours AMA — Live Zoom Hangout on April 26 at 2:00 ET
Say hello in this virtual office hour Zoom call and ask me anything about a money question, idea, or challenge in your life, like …
What retirement account rules should I know?
How should I tackle my debts efficiently?
What’s the best way to start investing?
Where should I put money after maxing out a retirement account?
How can I create a benefits package as a solopreneur?
When should I get my kids on the path to financial security?
Should I buy or rent a home?
How can I reduce my levels of money stress?
Or anything about money that’s on your mind!
To maintain everyone’s privacy, there will not be a video replay.
Click here to become a paid subscriber, and then register for Office Hours for free from your Welcome Letter!
🔌 Cable bags make life much easier on the road or at home, especially if you have multiple phones, tablets, Kindles, laptops, and portable chargers to keep up with. This one is waterproof with extra room and adjustable padded dividers.
🎬 Severance on Apple TV is a 2022 winner of two Emmy awards that I loved, even though I’m not a huge science fiction fan. It’s more of a psychological thriller that follows an employee (Adam Scott) who agrees to a “severance” program that separates his work and non-work memories. It’s a fascinating premise that unravels a web of conspiracies. I can’t wait for Season 2, which will hopefully air soon.
🎙 Deep Questions with Cal Newport is an excellent podcast from the New York Times bestselling author about technology, avoiding digital distractions, productivity, and making meaning in our lives.
🎤 Dr. Gabrielle Lyon Show is another terrific podcast promoting a healthy world. The host is a Washington University fellowship-trained physician who discusses physical and mental wellness, championing your own life, and the importance of muscle in overall health regardless of age.
🗞 A hot inflation report shows the March CPI increased 0.4% (seasonally adjusted) and 3.5% (not adjusted) over the last 12 months. The index is up 3.8% yearly when you remove food and energy.
🗞 Another $7.4 billion in student loans gets canceled, bringing the forgiven debt total to $153 billion for 4.3 million borrowers.
🗞 Tax-related crime spikes this time of year—here’s how to spot and avoid tax scams.
🗞 Are you one of the roughly 940,000 Americans leaving more than $1 billion on the table with unclaimed tax refunds for tax year 2020?
🎧 821: 4 strategies to earn more interest on savings
🎧 820: 10 rules for successful investing you should know
🎧 819: How Asset Location Cuts Taxes and Saves Money
🎧 818: Tips for using a Health Reimbursement Account (HRA) to save money
🎧 817: Traditional or Roth IRA—which is better?
Subscribe to Money Girl so you never miss a weekly podcast episode!
Click the button above to share this newsletter with a friend or someone you love!
Looking for a money speaker? Invite me to speak in person or virtually for your company, convention, organization, or school.
Download my free gift! 🎁 Your Money Success Toolkit includes a Financial Planning Workbook and Personal Financial Statement calculator to assess your financial situation, set goals, and track your wealth!