Saving money can be challenging by itself. But, as you start to build a financial safety net, you may run into a new challenge. You’ll need to find a safe yet effective place to store your money.
After all, you want to make sure that wherever you store your money is secure – and in a best case scenario, insured. But, it’s also important to make sure that your savings earns an impressive return. With the current inflation rate sitting at 3.4%, earning any less could mean your money doesn’t buy as much in the future as it could buy today – making saving money for the future less attractive.
High-yield savings accounts may fit that bill – making them a compelling option to consider this June. Below, we’ll detail why it makes sense to open one of these accounts heading into the new month.
Compare leading high-yield savings accounts now.
3 reasons to open a high-yield savings account this June
If you’re looking for a safe place to store your money that makes it possible to earn a higher return than today’s inflation rate, you could be looking for a high-yield savings account.
High-yield savings accounts may offer higher returns than other options
In today’s inflationary environment, it’s important that your savings produces a compelling return. And, high-yield savings accounts typically produce significantly higher returns than traditional savings accounts and other options. In fact, it’s common to find leading high-yield savings accounts that pay more than 5% annually.
That’s important this June. As persistent inflation continues to drive the prices of goods and services up, you’ll need your savings to produce meaningful returns in order to keep up. High-yield savings accounts can do that.
“Don’t leave money sitting on the table by leaving high cash balances in low yielding accounts,” says Vijay Marolia, managing partner and money manager at the financial planning firm, Regal Point Capital. “There are plenty of attractive options available today.”
Marolia went on to explain that money earning 1% in annual returns will take 72 years to double. But, when you earn 6% on your savings, it will double every 12 years. So, by opting for a high-yield savings account over a traditional option with minimal interest, you can grow your savings over a condensed time frame.
Tap into impressive returns with a high-yield savings account today.
