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☆ 4 key money moves in an uncertain economy, according to financial advisors
  + stars: | 2023-01-17 | by ( Jessica Dickler | ) www.cnbc.com   time to read: +3 min
In some cases, it used to make financial sense to tap cheap credit for a larger purchase, rather than withdrawing money from a savings or investment account. If you currently have credit card debt, "grab one of the zero-percent or low-rate balance transfer offers," McBride advised. Put your cash to workOnce you've paid down debt, Peters recommends setting some money aside in separate savings account for emergency expenses. "Online savings accounts can be a way to earn money in times when other investments may not be returning well," he said. "It's not a huge return but you are not going to lose your money," he said.
☆ Where to keep your cash amid high inflation and rising interest rates
  + stars: | 2023-01-04 | by ( Kate Dore | Cfp | ) www.cnbc.com   time to read: +1 min
Investors have many options when saving for short-term goals, and those choices have become more complicated amid high inflation and rising interest rates. While there have been signs of slowing inflation, the Federal Reserve is expecting higher interest rates to continue. More from Personal Finance:Strategies that can help you dig out of holiday debtWhy your savings account interest may be behind the FedExperts say it's time to boost 401(k) contributions for 2023Although the Fed's federal funds rate has reached the highest level in 15 years, savings account interest rates haven't matched these hikes, Tumin explained. As of Jan. 4, online high-yield savings accounts were paying an average of 3.48%, according to DepositAccounts, with some smaller banks reaching 4%. Still, if you're keeping money in a savings account, Tumin said it's better to stick with established banks.
☆ What’s Your Savings Rate? These Banks Are Paying 10 Times the National Average
  + stars: | 2022-12-28 | by ( ) www.wsj.com   time to read: +9 min
Savings accounts have followed suit, with many top accounts yielding 3%, or even 4%, up from less than 1% earlier this year. The average savings account still earns just 0.3%, according to the Federal Deposit Insurance Corp. Accordingly, the highest APYs you can expect to find on savings accounts today are clustered close to that figure. If your main priority is simply the best rate, some online banks with less name recognition are pushing the envelope even further. Leon says digital institutions tend to be among the most competitive in their rates for CDs as well as savings accounts.
☆ Demand for Series I bonds crashes TreasuryDirect site ahead of key deadline as investors try to secure 9.62% rate
  + stars: | 2022-10-28 | by ( Greg Iacurci | ) www.cnbc.com   time to read: +6 min
Shapecharge | E+ | Getty ImagesInvestors crashed the Treasury Department website for Series I bonds on Friday as they clamored to lock in a record-high interest rate before a key deadline. Investors must buy I bonds and receive a confirmation email by Oct. 28 to lock in the 9.62% rate, according to TreasuryDirect. What a TreasuryDirect outage means for investorsAn outage on TreasuryDirect.gov — where investors purchase I bonds — may mean they're unable to complete an I bond purchase by Friday's deadline to secure the 9.62% rate. The Treasury Department is not planning to extend the deadline, a Treasury Department spokesperson said Friday. The site continues to "see customers successfully create accounts and purchase bonds at record levels," the spokesperson added.
☆ How to get the 'best of both worlds' for Series I bond interest rates before November
  + stars: | 2022-10-18 | by ( Kate Dore | Cfp | ) www.cnbc.com   time to read: +3 min
RyanJLane | E+ | Getty ImagesAfter a difficult year for the stock market, investors have poured money into Series I bonds, a nearly risk-free and inflation-protected asset that's paying a record 9.62% annual interest rate through October. While I bond rates shift twice yearly based on inflation, you can still lock in 9.62% annual interest for six months — as long as you complete the purchase by Oct. 28. You can estimate I bond rates for one yearThere are two parts to I bond rates: a fixed rate, which stays the same after purchase, and a variable rate, which shifts twice per year based on inflation. It's nice to know what interest rates you will get when you're committing to a 12-month lockup. "The biggest downside is you are locked in for 12 months," Keil said.
☆ Series I bond interest expected to fall to roughly 6.48% in November. But that's still a 'really good rate,' experts say
  + stars: | 2022-10-14 | by ( Kate Dore | Cfp | ) www.cnbc.com   time to read: +1 min
Morsa Images | E+ | Getty ImagesFixed rate for I bonds will 'most likely be zero'I bond rates have two parts, a fixed rate, which remains the same after purchase, and a variable rate, which changes every six months based on inflation. However, there's no set formula for the fixed rate, which is currently 0%, according to David Enna, founder of Tipswatch.com, a website that tracks I bond rates. While he predicts a 50/50 chance of the fixed rate changing, he said many experts believe it won't be necessary due to existing high demand for I bonds. "If we get to 0.3% or 0.5% [for the fixed rate], it will be somewhat a surprise," Enna said. Although interest rates are climbing, most banks still aren't paying more than 4% for a one-year CD, he said.
☆ 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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