With a new inflation report to be released Wednesday, now's the time to open a CD and high-yield savings account.
While inflation and elevated interest rates raised to tame it have hurt borrowers over the last two years, they've been a major boost for savers. Those who opened certificates of deposit and high-yield savings accounts have earned exponentially more on their money than they would have if they opened the same accounts in 2020 or 2021, for example. By being strategic about opening these accounts, savers could potentially earn hundreds or even thousands of dollars right now.
With this context, then, you'll need additional ways to protect your money. Both CDs and high-yield savings accounts can do just that. Both accounts are safe and insured up to $250,000 per account, per lender. And, as noted, they come with higher rates for each, easily outpacing today's stubborn inflation rate. Compared to the minimal 0.
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