When the Federal Reserve holds interest rates steady, as it did at its last meeting in June, it can feel like nothing changes for everyday savers. But behind the scenes, banks and financial institutions are still competing for deposits, and some are paying far more than others for the privilege of holding your cash.
If your money is sitting in a traditional savings account earning a fraction of a percent, you're not just missing out on growth. You may be losing ground to inflation, even in a stable-rate environment. The good news is that you don't have to lock your money away for years or take on stock market risk to do better. With a little strategy, you can keep your cash accessible while earning a meaningfully higher return.
