Looking for the best place to save money and earn interest in 2025? In this video, we break down today’s savings rates, compare savings accounts versus high-yield savings accounts, and dive into the latest CD rates to help you make the smartest choice for your cash.
Category
😹
FunTranscript
00:00Are you making the most of your savings?
00:02Let's talk about where you can keep your cash to maximize your returns.
00:06For money you don't plan to invest, your first option is a high-yield savings account.
00:11These are just regular savings accounts that pay more interest.
00:14The average savings account pays under 1%, but the best high-yield savings accounts pay up to 9 times more interest.
00:21Banks typically offer the highest interest rates when they're competing to attract customers,
00:25which is why you tend to see the highest rates at online banks that aren't household names.
00:29Interest rates for savings accounts are variable, meaning they change over time.
00:33Check out the link in the description of this video for today's highest rates.
00:37If you want to lock in a high interest rate that isn't variable and won't change,
00:41you might consider a certificate of deposit, otherwise known as a CD.
00:45A CD holds your money for a fixed amount of time at a fixed rate.
00:49Just remember, CDs aren't flexible.
00:53In most cases, you can't withdraw your money early without paying a penalty.
00:57If you need access to your money in the short term, high-yield savings is the way to go.
01:01If you don't need your cash for a while, you might consider a CD.
01:05Bottom line, whether you choose a high-yield savings account or a CD, you'll be earning interest on your cash.
01:11I'll see you next time.
01:12I'll see you next time.
01:13Bye.
01:14Bye.
01:15Bye.
01:16Bye.
01:17Bye.
01:18Bye.
01:19Bye.
01:20Bye.