Beating Low Rate Savings Accounts – 101 Financial

Beating Low Rate Savings Accounts

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 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.

Add Comment

Your email address will not be published. Required fields are marked *