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How to get a higher rate on your savings

If your bank savings account yield isn't rising with the times, perhaps it's time to switch products. Take a closer look at high-yield savings accounts, money markets and money market mutual funds -- they offer higher savings yields, with the same liquidity. Decide your savings goals and get educated on these savings products to learn which will best match your goals.

 
Seek, and you'll find better rates ...
Consider high-yield savings accounts, money markets and money market mutual funds

They offer better savings yields, same liquidity.

 
Get top dollar for letting the bank use your money

Understand the difference between APR, APY, simple interest and compound interest.
Plus: Compare money market and savings account rates

 
Find the best money market account

You'll need to check out and compare the accounts' liquidity, restrictions and fees.

 
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Cut the confusion on money market accounts vs. money market mutual funds

Choose the product that'll match your savings goal.
Or: Exchange-traded funds may help you sleep at night

 
Try a certificate of deposit

You'll lock up your money, but get higher interest rates.
Plus: How do I maximize returns on my CDs?

 

 

 
-- Posted: July 19, 2005
     

 

 
 

 

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NATIONAL OVERNIGHT AVERAGES
1 yr CD 1.01%
2 yr CD 1.20%
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