The Federal Reserve has lowered interest rates repeatedly this year to help boost the economy which has helped consumers and business borrow money at lower interest rates. This is good for business, but may not be as good for the consumer who is interested in saving money through their savings accounts or CD’s (certificates of deposit).
Despite that, banks are very interested in offering consumers great interest rates for their savings accounts still and they are becoming a great safe haven for consumers who need to earn money from their savings without worrying about losing their money.
The stock market and real estate market have seen strong drops, but consumers who put their money in savings accounts and CD accounts are guaranteed a good interest rate and 100% protection of their money backed by the FDIC.
If you are a gambler and can afford to lose all the money that you invest, there are many options for you to try and earn higher return rates, but if your goals are to grow your nest egg, and protect your money, while earning a guaranteed solid interest rate, explore the many savings account and CD account options available to you. CD’s (certificates of deposit).
