CDs and high-yield savings accounts are both popular savings options — but which earn more cash in a year?
A meaningful savings strategy is key to a successful future. While you'll likely put a lot of money into a tax-advantaged retirement plan like a 401 or an individual retirement account , you'll also want to make sure you have some money in accounts that can be accessed before you reach retirement age. You also don't want this money simply sitting in a checking account. It may be convenient, but money in a checking account generally doesn't earn you anything.
50 at the end of the year, or $282.50 in interest.Shop for a top-earning CD online today.How much would a high-yield savings account earn in a year?Another option is a high-yield savings account. The average savings account interest rate is currently 0.46%. At that rate, after one year, you'd have $5,023.00 in your account, a return of less than $25.However, you can get a more favorable rate with a high-yield savings account. With this type of account, you can get a rate of 5.
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