Before saying yes at checkout, see how recent interest rate spikes could impact you.
Advertising Disclosure: When you buy something by clicking links within this article, we may earn a small commission, but it never affects the products or services we recommend. Interest rates on store credit cards have reached a record average of 30.45%, according to Bankrate. CNBC reports that these high rates are showing up more often in bankruptcy filings…
A quiet rollout in Austin could spark major changes in how Americans pay for transportation.
Tesla’s much-anticipated robotaxi service will soon hit Austin streets. While the rollout might seem like just another tech milestone, it could signal the beginning of a major shift in how Americans budget for transportation. The limited launch includes Model Y vehicles operating in select Austin neighborhoods, with remote human monitors as backup. It’s a cautious start for a service that’s…
If your money’s sitting in a big-name bank, it’s probably earning next to nothing.
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Even after two years of rising interest rates, most of the country’s largest banks are still paying just 0.01% APY on standard savings accounts. That’s not a typo; it’s a penny per year for every $100 you have saved.
Meanwhile, top high-yield savings accounts are offering 4.25% APY or more, with no monthly fees, easy access to your cash, and full FDIC insurance.
That’s a 425x difference and the kind of quiet financial move that can add up fast.
Big banks know most people won’t move their money. You probably already have direct deposit set up, maybe even autopay. And switching banks feels like a hassle.
But that convenience is costing you — especially if you’ve built up a decent emergency fund or cash cushion.
If you’re keeping $10,000 in a savings account at 0.01% APY, you’ll earn just $1 over an entire year.
Move that same $10,000 into a high-yield savings account paying 4.25%, and you’d earn $425 — without doing anything differently.
Not all savings accounts are created equal. The best high-yield options right now check all these boxes:
Most of the best offers come from online banks. They don’t have to pay for expensive branches and pass the savings back to you.
You can open one of these accounts in just a few minutes. Once it’s linked to your checking, you can easily transfer money back and forth as needed.
If you need a place to start, check out our list of the best high-yield savings accounts to start earning up to 10x the national average on your money today.
I’ve been writing about personal finance for years. And I’ll be the first to say that most financial advice takes time, discipline, and patience.
This isn’t one of those things.
Moving your savings to a better account doesn’t require you to cut back, build a budget, or change your lifestyle. It’s one of the few personal finance decisions where you do nothing differently and still end up with hundreds of dollars more in your account over time.
Big banks are betting that you’ll keep your money where it is and accept tiny returns.
But with rates still holding steady and top savings accounts paying 4.00% or more, this is your chance to do better. Much better.
Even if you’re only starting with a few thousand dollars, the difference is real. And once you make the switch, you’ll wonder why you waited.
This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!
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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
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Learn the simple security steps that could save your bank account from the fallout.
Advertising Disclosure: When you buy something by clicking links within this article, we may earn a small commission, but it never affects the products or services we recommend. Your login credentials are probably compromised. That’s not fear-mongering, it’s statistical reality. According to CBS News, cybersecurity researchers at Cybernews uncovered 30 exposed datasets totaling 16 billion…
A 34% surge in Circle’s stock hints at something bigger: Washington may have just unlocked crypto’s next chapter.
Circle’s stock rocketed 34% on Wednesday, closing at $199.59 after the U.S. Senate passed a groundbreaking stablecoin bill. In after-hours trading, the rally continued with shares adding another 6.1% to reach $211.87, marking a new 52-week high. It’s the latest jolt in a whirlwind month for Circle since its IPO in early June. The catalyst? A sweeping 68 to 30 bipartisan Senate vote to approve…
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Most people think you need a complicated budget or the latest app to stay out of debt. Warren Buffett does the exact opposite.
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The billionaire investor has stuck to the same basic rule for decades, and it’s one that almost anyone can follow, even if you’re not great with money. He simply avoids spending money he doesn’t already have.
Seriously, that’s it.
Buffett has long preferred using actual cash for everyday purchases. Not credit. Not even debit. Just cash.
Why? Because it forces you to feel every dollar that leaves your hand. When you pay with plastic or tap your phone, it’s easy to disconnect from the money. But when you carry around a set amount of cash, you naturally become more mindful.
That one habit has helped him avoid personal debt his entire life. He’s even said, “If I owe anybody anything, I want to get it paid.”
Let’s be real. Most people don’t use cash anymore. Tap-to-pay, buy now, pay later, Venmo — it’s frictionless. And that’s the problem.
According to a recent survey from the Federal Reserve, nearly 50% of Americans live paycheck to paycheck. And for many, credit cards fill the gap. But that leads to a cycle of interest charges, minimum payments, and financial stress.
Here’s something I’ve learned from years of writing about personal finance: Small behavior changes matter a lot more when your money has a safe, steady place to grow.
If you’re committing to a cash-based system to avoid debt, the next smart move is to stash your extra savings in a high-yield savings account (HYSA). Top accounts right now are offering up to 4.40% APY, which is more than 10 times the national average.
If you’re looking for a place to start, check out our list of the best high-yield savings accounts.
Buffett doesn’t live on a budget spreadsheet. He lives by a mindset: Don’t spend what you don’t have.
It’s a low-effort way to stay debt-free, and it’s just as effective now as it was when he started decades ago. If you’re tired of feeling like money is always tight, this one change could help you take back control — without sacrificing the things you care about most.
And if you’re ready to put your extra savings to work, a high-yield account is one of the easiest wins out there.
This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!
Click here to read our full review for free and apply in just 2 minutes.
We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
Motley Fool Money does not cover all offers on the market. Editorial content from Motley Fool Money is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.
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