The Federal Reserve is on course to take Americans out of a higher-for-longer interest rate environment and begin cutting rates at the conclusion of Wednesday’s FOMC meeting. But how will this impact your interest earnings on personal savings accounts?
Yahoo Finance Personal Finance Editor Molly Moorhead lays out top saving and investment strategies as interest rates remain elevated for the time being.
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This post was written by Luke Carberry Mogan.
Yahoo Finance, personal finance editor, Molly Moorhead is here now with the ways to maximize your interest earnings, Molly, what do we know?
Uh So during this high interest rate era that we’ve been in, we’ve all been enjoying um some good rates on our savings accounts and other products and that’s about to change.
So that’s kind of the downside of um this expected rate cut.
Um But that said there’s still um you know, places to put your money that you’ll, you’ll still make a little bit off of it every month, not your investments, but your uh you know, your liquid savings.
And so with that in mind, what specific products or accounts should people consider high yield savings accounts, which are usually uh online banks, they’ve been paying really nice rates um for the last few years that’s going to start to come down, but it’s, they’re still a really good place to keep your money.
They’re liquid your mo you can access your money easily and you’ll make a little bit of interest every month.
Yahoo Finance’s own Molly Moorhead.
Yahoo Finance, personal finance editor of Molly.
Thanks so much for your time.
Thank you.
