Grow Your Money Faster with High Yield Savings

In the current economy, interest rates are at an all time high but this is great when it comes to making money! You know the old saying, “it takes money, to make money”? We’ll it’s not a lie and I am going to explain how a high yield savings account will turn your money (big or small) into more money.

Some people will ask, “Why not use a regular savings account?”. The answer is simple…the interest rate! A typical savings account interest rate can vary from 0.01% to around 0.57%, A high yield interest rate can be up to 10 times that rate!!

Let’s take $1,000 at a rate of .05%. The amount you will earn is $0.50. Not a whole lot right. Now let’s take that same $1,000 and put it in a high yield savings account at 5%. That $1,000 gives you a $5.01return when compounded monthly! Ok so we are not getting rich here with $1,000 but the more money in the account grows at a much faster rate than a typical savings account.

Wouldn’t you prefer to receive a monthly interest in dollars versus cents! The image above represents a savings of $10,000 but my example is for every day people who only have a thousand or so saved.