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Known for offering little to no interest, savings account interest rates have greatly increased as the Federal Reserve raised interest rates several times in 2022 and 2023 to combat inflation. The average savings account interest rate in the US is 0.42% APY, but the account you choose has a big impact on that rate. If you opened a savings account years ago and never looked again, it's likely you're not earning nearly as much as you could. I have my own version of a savings ladder using three savings accounts: an emergency fund, a high-yield savings account, and a savings account for a down payment on a home. Products in this post: Betterment Cash Reserve Account, OceanFirst Bank High Yield Savings Account, Milli Savings Account, SoFi Checking and SavingsJennifer Streaks Senior Personal Finance Reporter and Spokesperson Jennifer is a Senior Personal Finance Reporter and Spokesperson for the Personal Finance vertical at Business Insider.
Persons: it's, aren't, Jennifer, Read Organizations: Federal Reserve, Products, OceanFirst, Business, Black Enterprise Magazine, CNBC, Forbes, Twitter Locations: Santander, Investor.gov
How to Pick a Financial Advisor
  + stars: | 2023-03-17 | by ( ) www.wsj.com   time to read: +12 min
Read on to get started:Types of financial advisorsMany financial professionals, including financial planners, securities brokers, investment managers, and insurance brokers call themselves financial advisors so it’s important to know exactly what services an advisor provides before hiring one. Financial advisor designationsThere are myriad designations for financial advisors but only a handful that indicate the expertise most consumers need. CPAs, or Certified Public Accountants, can be certified with a Personal Financial Specialist credential, which combines their tax expertise with personal financial planning knowledge. How to find a financial advisorFinding a financial advisor is not so different from finding any other specialized service you’re in the market for. The right financial advisor can help navigate your financial life, from budgeting everyday spending to fulfilling long-term financial goals over a lifetime including the purchase of a home and a comfortable retirement.
How to Find a Financial Advisor
  + stars: | 2022-10-21 | by ( ) www.wsj.com   time to read: +12 min
Read on to get started:Types of financial advisorsMany financial professionals, including financial planners, securities brokers, investment managers, and insurance brokers call themselves financial advisors so it’s important to know exactly what services an advisor provides before hiring one. Financial advisor designationsThere are myriad designations for financial advisors but only a handful that indicate the expertise most consumers need. Advisor fees and minimumsHow a financial advisor gets paid can be as important as how much you pay them because you want an advisor whose paramount consideration is your best interest, not their own, and whether or not that is the case is largely determined by how you pay them. How to find a financial advisorFinding a financial advisor is not so different from finding any other specialized service you’re in the market for. The right financial advisor can help navigate your financial life, from budgeting everyday spending to fulfilling long-term financial goals over a lifetime including the purchase of a home and a comfortable retirement.
How Much Money Can You Make Chasing High-Yield Savings Rates?
  + stars: | 2022-06-07 | by ( ) www.wsj.com   time to read: +6 min
Given how much sleep consumers are losing these days with record inflation and gas prices, chasing after a better deal by moving your money to a high-yield savings account seems like one easy solution. Additionally, savings interest rates can rise if the Federal Reserve holds off on purchasing U.S. Treasuries, and rising Fed interest rates can impact savings interest rates. Experts expect the rate environment for high-yield savings accounts to improve in the near future, or at least not worsen. And let’s take what the Federal Deposit Insurance Corp. listed as the average savings account interest rate in mid-May: 0.07%. If you do open a high-yield savings account, you may find yourself enjoying the better rate and saving more than in the past.
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