Inflation is on the rise and silently killing your budget. According to the Labor Department, the Consumer Price Index (CPI) rose to its highest level since November 1981 in June, shattering hopes that high inflation was beginning to level off. The CPI increased by 9.1% in the month, up from 8.6% in May, above the…
When you open a Certificate of Deposit account with a bank, you make a predetermined investment for a set period. Up to maturity, the issuer will pay interest at regular intervals. You will get your initial investment plus all accrued interest at the end of the term. A CD with a shorter maturity period will…
Although it is challenging to find high-interest savings accounts, you should make the most of your savings. However, some institutions give pathetic rates of just 0.01 per cent. So, go for the best! Your requirements and preferences will determine which savings account is ideal for you. However, an easy-access savings account is the most straightforward…
When it comes to savings accounts, you want to ensure you get the most bang for your buck. That’s why a high-yield account is the way to go! A high-yield account provides a higher annual percentage interest than all savings accounts. Compound interest, which allows you to earn interest on interest, helps high-yield savings increase…
You may already know that saving money in a savings account entitles you to interest. However, with a national average annual percentage yield (APY) for basic savings accounts of just 0.06 percent, you may be asking if such a meager return is worthwhile. Savings account interest rates have decreased to almost half of what they…
We all know that life today is fast-paced. It’s hard to save money when you’re constantly on the go. Between work, social obligations, and trying to save some money, it feels like there’s never enough money to go around. Many people find it difficult to save money. According to recent surveys, 40% of Americans do…
In the United States, we love our money. And we love to save it. According to a 2019 study by GOBankingRates, Americans have more than $9.34 trillion held in various financial institutions. From certificates of deposit to money market accounts, Americans may save money for a rainy day in various ways. Gross private savings in…
Savings refers to that part of your income which you set aside for future use. Given the unlimitedness and competing nature of human wants, saving is one of the lowest-ranking items on many people’s list of preference. It is a list that ranks an individual’s needs and wants in the order of priority. Saving becomes…