That’s right: Some people still stash cash under their mattresses.
“The resurgence in mattress stuffing isn’t some whimsical trend.
But hoarding money at home isn’t the right way to ensure your financial security.
There’s a decent chance they might keep it somewhere else in the house.
(Disclaimer: Don’t actually dig through your neighbor’s house for cash.
That would be illegal and awkward.)
The average respondent said they keep $544 in valuables, cash or both at home.
High-yield savings account
Thebest high-yield savings accountspay up to a 5% annual percentage yield right now.
A $544 deposit would earn $27.20 over a year at that rate.
And the longer you keep your money in the account, the faster it grows thanks tocompound interest.
Your money will still be accessible when you need it.
Big banks offer a lot of ATM locations and plenty ofonline bankspartner with large ATM networks.
Certificate of deposit
CDs also offer competitive rates.
Today’sbest CDsearn up to 4.65% APY.
That means you’ll need to be comfortable leaving your money alone for a set period.
If you access it before the CD matures, you may face anearly withdrawal penalty.
Money market account
A money market account is a hybrid between a savings and a checking account.
Thebest money market accountscurrently pay upward of 4.4% APY.
At that rate, a $544 deposit could earn $23.94 over a year.
Put it in one of the places above and you might rest easy knowing it’s safe and growing.
