Experts: 4 Safest Places To Keep Your Savings
Experts: 4 Safest Places To Keep Your Savings
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If you have reached a certain point in your career, you may have a little bit of extra money set aside. While you know that storing your savings in the freezer is not the best idea, you may not be too sure where you should keep it to get the biggest bang for your buck.
We reached out to financial experts nationwide to find out the safest (and smartest) places to keep your savings. We came up with four tried and true methods for protecting your money and maybe even watching it grow.
Certificate of Deposit (CD)
If you have some extra money that you won’t need in the next few months, a certificate of deposit can be a great option for reliable earnings, especially right now with interest rates soaring.
“A great thing about CD accounts is that your rate is locked in,” said Morgan Gray, SVP, Head of Bask Bank and Consumer Segmentation. “When rates are high, as they are right now, you are guaranteed that interest rate through the length of your CD term. So, no matter what the rate environment looks like over the course of that term – six months, a year, or longer – you’re still going to earn the rate you did when the account was opened.”
Bask Bank’s CDs offer some of the highest rates available, with APYs (annual percentage yields) ranging from 4.00% to 4.85% depending on your preferred term length. You can choose from four different term lengths — from six to 24 months — so you can customize your CD to fit your financial situation. All Bask Bank CDs come with APYs well above the national average. For example, Bask Bank’s six-month CD has a 4.85% APY*, while the national average is 0.65%, according to the FDIC. All Bask Bank CD accounts require a $1,000 minimum to open.
Gray says another added benefit of choosing a CD is that it encourages responsible saving.
“If you don’t want to be tempted to spend your savings, CDs are a great option to ward off impulse spending and reward you with high interest returns at the end of the account term. By choosing to open a CD account that’s FDIC insured, you’re also adding an additional level of security to your savings.”
The annual percentage yield is effective as of Monday, March 20, 2023. APY is fixed and a $1,000 minimum balance is required. Bask Bank will pay this rate and APY through CD maturity date. Early withdrawal penalty and fees may reduce account earnings. Must fund within 10 days of account opening. Bask Bank is a division of Texas Capital Bank, Member FDIC.
High-Yield Savings Account
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