How to optimize your savings and increase your earnings with advice from financial expert
Don't Miss Out on Interest
As the long Independence Day weekend approaches, it's a perfect time to consider making your money work harder for you. Avoid losing out on potential interest by letting your money sit idle.
Revamp Your Banking Strategy
According to Bill Harris, the CEO of Evergreen and former CEO of PayPal and Intuit, many traditional banks like CitiBank, Wells Fargo, Bank of America, and Chase offer measly interest rates of 0.01% on checking accounts. This means that while they profit significantly, you earn close to nothing.
The Power of Online Banking
Harris recommends exploring online banking options, such as high-yield savings accounts or investing in US Treasury bills for better returns. The US Treasury bills, backed by the government, offer safety and significant interest rates of around 5.3%, making them a secure investment option.
Maximizing Your Savings
For those in states with high tax rates like New York, treasury bills exempt from state and local taxes offer additional benefits. Students and young individuals can opt for online banks like Chime or SoFi for better interest rates than traditional accounts.
Seek High-Yield Options
Looking for even higher returns? Consider high-yield savings accounts offered by institutions like Ally, Marcus, Discover, or American Express, which provide interest rates of 4% or more.
Don't Miss Out
It's crucial to put your money to work in accounts or investments that offer substantial interest rates. By not maximizing your savings potential, you could be missing out on significant earnings.
For more financial tips and tricks, stay tuned to 7 On Your Side for expert advice on managing your money effectively.