The financial markets are all over the place. If you’re looking for a house, the mortgage rates just went to 7.5%. Ouch! Along with that, interest rates are going up all over the place on certain assets. With that being said, there is some good news for savers. If you are a saver and want to make the biggest bang back on your investments and savings, here are some places you should be saving your money right now.
I-bonds are a safe bet against inflation. Last month, the rate sat at 9.62%, which is the highest I-bond rate since 1998. Even though that ended, from now until May 2023 you can secure a 6.47% interest rate on I-bonds. Those of you looking to put in the $10K max can expect to earn about $347 on your investment over the next six months. That number comes out higher if you do the additional $5000 in paper bonds. You must keep your funds invested for a minimum of one year, and after the first six months, the rate may change. If you’re hoping to get out of paying taxes or forfeiting three months’ earnings, You must keep your I-bond for at least five years.
If you’re looking to save more for a longer time, treasury bonds may be for you. You can save up to $10 million using one of these bonds, and right now, you can lock in a rate of up to 4.36%. The terms dictate the bonds mature at either 20 or 30 years and pay out interest every six months. You must purchase the bonds at a minimum of $100 up to 10 million in increments of $100. There is also an option to cash in the bonds before the maturity date.
If you don’t want to go that route, you can check out a high-yield savings account. I will always back this kind of account. It’s a relatively easy process to open one, and you can put as much money into it as you like. Most accounts pay out monthly, and there is not usually a cap on how long you have to keep your account funded to earn interest or collect the interest generated. Rates on these types of accounts are over 2.5% and rising.
If you’re looking to grow your money, there are ways to do so. These three options are the best that I have found, but I’m sure there are more. For more information on where you should be saving your money now, Watch the posted video and read more below.
Alternative Investments To Look Into
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How To Save for Your First Mortgage
Shatel Huntley has a Bachelor’s degree in Criminal Justice from Georgia State University. In her spare time, she works with special needs adults and travels the world. Her interests include traveling to off the beaten path destinations, shopping, couponing, and saving.