savings

5 smart-money tips on low savings rates

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Borrowers love today's super low interest rates. But savers are very much out in the cold as returns on checking and savings accounts, certificates of deposit and money market funds have dropped from small digits to near zero.

The harsh reality is that many people who depend on income from their savings to get by will have to make big changes or sacrifices in their lifestyles, says Terry Nager, president of Southern Capital Services, an investment firm in Daphne, Ala.

"If the dollars aren't available, (account holders) have to cut their standard of living, go out on the risk curve to get more yield or (seek) employment, if that's a possibility. They have to do whatever it takes to survive," he says.

Savers who want other options don't have many choices, but there are some alternatives to consider. Here's a rundown of what you should know.


 

 

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