Beating Low Rate Savings Accounts
Are you looking for a higher rate of return on your money?
With the bank savings rate paying a measly average of .02%, it’s no wonder why people are looking for alternatives.
Which is why today I’m sharing 5 different options with you to save money and beat the banks low rate savings accounts.
#1. Certificates of Deposit.
If you don’t need to touch this money for a year or two, CD’s might help. Not much better than a savings account but is safe and generally pays more.
#2. Money Market Accounts.
These accounts are FDIC insured just like a checking account and offers a slightly higher interest rate.
#3. Online banks.
These online banks do not have the overhead that comes with owning branches and use those savings to pass on to their customers with higher rates.
#4. Peer-to-peer lending.
These websites like Prosper.com have become very popular over the past several years and are a different way to look at saving.
#5. Pay off debt.
In almost every situation the interest rate on your debt will be much higher than you are earning in your savings account.