How To Earn More Money On Your Savings
As the new coronavirus, COVID-19, spread from China to the United States and dozens of other countries around the globe, threatening an economic stall-out, the U.S. Federal Reserve last week moved once again to cut interest rates. That might give the economy a bit of fuel, but it’s bad news for your money sitting in the bank. The interest rates that banks pay on interest-bearing accounts like savings accounts rise and fall with the federal funds rate. So, after the latest Fed rate cut, the chances are good that the interest rate your bank is paying you just decreased or is about to decrease. That doesn’t mean you have to let your money sit there and earn you next to nothing, though. Even in the midst of Fed rate cuts, you can reap a higher return if you know where to look. Following are several ways to earn more on your savings that you may not know are out there. One option is backed by FDIC insurance, while the others are investments and as such entail some risk. It's