Storing your money in a traditional bank account that earns close to 0% in interest may actually meanlosingmoney.
So, what can you do?
Are there relatively low-risk ways to save to earn higher rates of return?
Here are fourstrategiesthat can help minimize the impact of inflation on your savings.
These accounts are not as liquid asbank savings accounts.
You have to stick with the account for at least one year.
After five years, you’re able to take your money out without penalty.
Keep in mind that the limit is $10,000 per year.
Pro tip:Consider these types of accounts for a savings goal in the next six to twelve months.
Also, confirm the neobank has FDIC insurance that can protect your savings in case the institution goes under.
Pro tip:Be sure to follow any rules related to account minimum auto-deposits to avoid monthly fees.
Pro tip:Go easy.
Leave your emergency savings in an FDIC-insured savings account that’s super liquid and accessible.
