Top 3 Low-Yield Bank Accounts to Stay Away From
Tuesday, 23 April 2024, 18:00
Top 3 Low-Yield Bank Accounts to Avoid for Higher Returns
Earning interest on your savings is great, but some accounts offer you more than others. Here are three to stay away from:
- Traditional savings accounts: Brick-and-mortar banks usually have low interest rates due to high overhead costs. Online banks offer higher rates, making them a better option for most people.
- Interest-bearing checking accounts: While these accounts may seem appealing, high-yield savings accounts often offer better rates for maximizing money's growth.
- Long-term CDs: Consider accessibility and interest rate risks before locking your money into a long-term CD over a high-yield savings account.
Some accounts could earn you 11x more returns than a typical savings account. Choosing the right account based on your priorities is crucial for financial growth.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.