Some people are saving big due to the shutdown caused by the pandemic. Here’s what to do with those savings
Although the pandemic has been hard on many people financially, some out there have been saving a lot of money over the past few months. One reason for this is that they haven’t been going out and spending during the shutdown.
WINK News is here to show you how to multiply those savings. Shopping around for the best interest rate on savings accounts is one way to keep cash in your pocket. Often those lower rates may be with online banks.
“Right now we are definitely in a low-interest environment, so it is hard to earn as much as we’d like to on our savings. but having said that, if you look at some of the online high-yield savings account you can still earn close to 1% if not 1% on your money,” said Kimberly Palmer with NerdWallet.
Palmer also said that some brick and mortar banks are paying about a tenth of that right now.