, or interest that grows based on both interest and principal, can grow money over the years. I couldn’t wait to see how it would add up.I chose high-yield savings for my next goal and never looked back
Years later, I’m setting my sights on a different money goal: saving for a down payment for a home. This time, I’m saving differently — I opened a high-yield savings account. These accounts can help savings earn 20 times more than a typical traditional savings account , with no extra effort or risk. It’s basically the same as the savings account I had as a kid — it’s fee-free and free to open. The only difference is that it earns 2% in interest each year, visibly growing my balance.
At the interest rate of .01%, the $100 my grandparents used to start that savings account would earn $0.16 in interest over 16 years. Had that same amount gone into a high-yield savings account at 2% for 16 years, that same $100 would have grown to $137.68.That might not sound like much, but at the scale of the tens of thousands of dollars that a down payment requires, a general savings account can’t compete.
Two percent interest is more on par with what I expected from all that high praise my mom gave interest all those years. Hopefully, these little monthly additions of interest payments will add up by the time I’m ready to buy. I look forward to checking my account each month to see what I earned. . This time around, I certainly won’t make the mistake of missing out on interest again.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
What you need to save monthly to retire with $1 million to $3 million, broken down by ageSaving millions of dollars for retirement may sound impossible to someone with no savings, but you can get there with the right amount of time and dedication. acorns Almost all the people won't even achieve 1 Million, and now you are talking 3? 🤣 acorns If you lied about Russia Collusion, why the hell should we listen to you about our money? arge_belinda acorns Now do how much the minimum wage needs to be to save $1 million by retirement, while simultaneously paying for food, shelter, childcare, a college fund for kids, health care, and still have an emergency fund.
Source: CNBC - 🏆 12. / 72 Read more »
17 Wild Movie Conspiracy Theories That'll Kinda Blow Your MindI'll never look at these movies the same way again. Woahhhhh SheDevil261 5 The site seems to be down right now.
Source: BuzzFeed - 🏆 730. / 51 Read more »
3 game-changing pieces of professional advice that transformed the way I manage my moneyOne of the first things I learned was that ultimately, I'm losing money by letting cash sit idly in a savings account, especially the one I had it in
Source: BusinessInsider - 🏆 729. / 51 Read more »
Wall Street hits records on hopes tariffs will be droppedU.S. stock indexes jumped to new highs on Thursday, and Treasury yields rose, on... Only Trump insiders know what he will do. I’m sure their trading is making the most of that insider knowledge. Everything about the regime is corrupt to its core. Why do we continue gambling via stock exchanges when at every juncture in history it crashes and causes massive suffering and trauma? No chance unless Ivanka gets more Chinese Patents! ThursdayMotivation ImpeachAndConvict impeachmentDebate BTSisoverparty
Source: Reuters - 🏆 2. / 97 Read more »
Trump’s ‘No Crimes!’ Defense Is Not a Good Case Against ImpeachmentPresident Trump’s 'No crimes!' defense is not a good case against impeachment, writes jonathanchait jonathanchait the only crime about this important impeachment is that consumers and citizens are still gonna have to be stuck with the gizmo that has half of the planet's population completely complaining about the impeachment ... 🙄 there's a crime in making people pay for news jonathanchait I don't think you watched the Intelligence hearings where every so-called witness had to answer NO to two quesitons: 1. Did you witness the President committing a crime? 2. Did you witness him committing bribery? So, no witnesses. How do you turn that into an impeachment?
Source: NYMag - 🏆 111. / 63 Read more »
It’s “Bring Your Watch To Work(Out) Day” As Orangetheory Fitness Pairs Up With Apple WatchOrangetheory Fitness is making it easier than ever to track your workout using your Apple Watch. Tech This might be the dumbest thing ever. $129 for additional hardware? When the Apple Watch can already do everything you need it to sync? Apple's Health API would allow this all using the existing Apple watch capabilities. Tech ,cty
Source: Forbes - 🏆 394. / 53 Read more »