Hurricane Helene caused widespread destruction in multiple states and your support can provide hope to the individuals and communities most impacted. For every $2 you donate through Thrivent’s online giving platform, Thrivent will add $1 and pays all the processing fees, so 100% of your donation goes directly to the cause. To help today, visit https://bit.ly/3ZL630O.
Dads are our favorite storytellers, first coaches, master grillers, advice-givers and fixers of all the things. For all this and more, we love you. Happy Father’s Day!
Thanksgiving is a special time to gather with loved ones. We break bread together, count our blessings and share our gratitude for the things that matter most. Happy Thanksgiving to you and yours!
Are you putting your cash to work?
In January 2022, the highest nationally available savings account rate was 0.70%.
Yesterday, the highest nationally available savings account rate is 5.26%.
The Federal Reserve has increased interest rates 11 times during this period. And, with inflation cooling off, cash and cash-alternative investments are offering a decent "real return." A real return is an investor's return after adjusting for inflation. The July's consumer price index rose 3.2% over the last 12 months, so high-yeilding savings accounts are well above this mark.
You may want to reconsider the location of your cash savings if you aren't earning near the national high.
Important considerations:
-You may need to open a new account with a new institution
-In times of declining interest rates, your rate will likely decrease
-Savings accounts are fully liquid, so the ease of access could be tempting for spenders
Other alternatives you may want to consider:
-money market accounts
-certificates of deposit (CD's)
-treasuries
Soources:
https://www.investopedia.com/best-high-yield-savings-accounts-4770633
https://www.bls.gov/cpi/
Disclosure: CDs offer a fixed rate of return. The value of a CD is guaranteed up to $250,000 per depositor, per insured institution, per insured institution, by the Federal Deposit Insurance Corp. (FDIC). An investment in a money market fund is not insured or guaranteed by the FDIC or any other government agency. A money market fund seeks to maintain the value of $1.00 per share although you could lose money. The FDIC is an independent agency of the US government that protect the funds depositors place in banks and savings associations. FDIC insurance is backed by the full faith and credit of the United States government. See thrivent.com/social for more information
