💰 The Safest Way to Grow Your Money
👋 Hi finance enthusiasts and fellow investors!
This week, I've been asked yet again about the safest way to grow your money. So, today, let's dive right back into the topic of high-interest savings accounts and I'll give you a quick update on if this strategy has worked wonders for me over the last 3 months. You might remember that we discussed high-interest savings accounts around 3 months ago, and I'm here to share my firsthand experience with you.
💎 TL;DR
High-interest savings accounts offer low-risk investment opportunities
Don't let your money sit around idly - open a high-interest savings accounts
Step-by-step explanation of how to find the best deals (no matter where you live)
The information provided in this newsletter is for educational and informational purposes only and should not be considered as financial advice.
Introduction
If you’re new here or you have no idea what I’m talking about, here the email from 3 months ago:
If you're like my friend, who has a couple grand just sitting in a regular bank account, it's time to take action and make your money work harder for you. Today, I want to talk to you about the wonders of high-yield savings accounts and why they should be your go-to choice for emergency funds and savings.
What is a high-yield savings account?
First things first, let's clear up a common misconception - high-yield savings accounts are not riskier than regular ones. In fact, they offer the same level of security and peace of mind. So why miss out on the opportunity to earn more from your cash?
Here's the deal: If your money isn't earning at least 3% interest, you're not making the most of your savings. But don't worry, there's good news! Thanks to rising interest rates, many high-yield savings accounts now offer 3%+ interest rates, making them the perfect choice for your emergency funds or short-term savings goals. Get one - thank me later!
Now, I know you might be wondering which high-yield savings account to choose.
How to find the best offers
I can only give you a general explanation, as the search for these offers depends on your country. In general, search for “{Account type} {country} comparison” in the language spoken in your country.
Examples:
For US readers: High-interest savings accounts US comparison
For DE/AT readers: Tagesgeldkonto Vergleich
Check several sites and use them only to find the offers and do not rely on the information published there. Check the details always on the official website of the bank. You can find a list of things I look out for when searching for the best offer here.
Still not convinced? Here's a pro tip: Simply reach out to your current bank and see if they have a high-yield savings option. You might be surprised at the rates they offer you with minimal effort!
Personal update
I'm excited to give you all a quick update on my high-yield savings account experience over the last three months. It has truly been a smart move!
So far, I've been receiving my monthly interest payments consistently at a rate of 3.1% p.a. While I'm content with the account's performance, I've noticed other European banks offering even higher rates at 3.7% per annum. It's intriguing, and I'll definitely keep a close watch on that.
The funds remain easily accessible, which means I'm ready to pounce on a lucrative real estate deal or exciting ventures that come my way.
Summary
So, what are you waiting for? Move that money and make it work for you! It's time to stop settling for practically nothing when you can earn a little something from your cash with minimal effort. Otherwise, the banks keep these profits for themselves 😬
I hope you have an amazing weekend and as always, happy investing!
Cheers
Stefan
Co-Founder CryptoExplorer