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 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.

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