With interest rates on the rise, a high-yield savings account could be a smart choice for boosting your emergency fund!
The Fed just raised interest rates again this week to help slow inflation. One benefit however is that it raises interest rates on savings accounts. After the increase, many people have been putting money in Apple's new high-yield savings account. FOX 26's Consumer Reporter Heather Sullivan shares more options on how you can save.The Fed just raised interest rates again this week to help slow inflation. One benefit is that it raises interest rates on savings accounts.
Since Apple launched its new high-yield savings account two weeks ago, Forbes reports people deposited more than $1 billion in the first four days.offers a 4.15 Annual Percentage Yield . The accounts are managed through Goldman Sachs. There is no minimum deposit required, and you can take money out when you need it. But you must have an Apple credit card and an iPhone to access the account through Apple Wallet.
The APY 4.15% is competitive, but some high-yield savings accounts offer rates at 4.5% or even as high as 4.75% percent. Some of them require a minimum deposit, some do not. "Emergency savings is something every household needs and one of those accounts is literally within reach," said McBride.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Are homebuyers with higher credit scores paying higher mortgage fees?There has been a big stir over the past few weeks about homebuyers with higher credit scores being penalized and paying more than buyers with low credit scores. We spoke to a mortgage lender to find out what's really going on.
Read more »
How to Ripen and Store AvocadosWe tested popular avocado-ripening methods to see which ways work and which ways don't.
Read more »
5 ways a debt default could affect you | CNN PoliticsPresident Joe Biden and House Republicans may have as little as a month to prevent the US from defaulting on its debt, which would impact millions of Americans and unleash economic and fiscal chaos here and around the world. Here are five ways that Americans could be affected by debt default.
Read more »
Indian rupee headed higher on weak dollar, fall in US yields; Fed awaitedIndian rupee is expected to open higher on Wednesday, boosted by a broad decline on the U.S. dollar and plunge in yields amid worries over the U.S. banking sector.
Read more »
After First Republic's rescue, economists predict further pain with a 'new era' of higher inflationTurmoil in the banking sector means central banks face in increasingly 'delicate dance' in their efforts to rein in inflation, World Economic Forum Managing Director Saadia Zahidi told CNBC.
Read more »
Stock futures inch higher as traders await Fed decisionU.S. stock futures are recovering a portion of the previous session's selloff as focus turns to the Federal Reserve interest rate decision later in the day.
Read more »