Savers are turning to safe havens for cash as the stock market remains volatile. High-yield savings accounts and money market accounts offer up to 5.00%, while the best CDs pay 4.50%. Brokerage and robo-advisor cash accounts also provide competitive yields in the upper-3% range, and U.S. Treasuries pay up to 4.74%. Despite recent Fed rate cuts, safe options for cash are still paying well, allowing savers to earn more while keeping their savings secure. Different balances could earn hundreds of dollars in interest over the next six months, depending on the APY chosen.
The rates for various cash investment options, including bank and credit union products, brokerage and robo-advisor products, and U.S. Treasury products, are variable and affected by Fed rate cuts. The top nationally available APYs from federally insured banks and credit unions offer competitive rates, with money market fund yields fluctuating daily and cash management account rates being more fixed. Treasury securities pay interest through maturity, and I bonds can be held for up to 30 years with rates adjusted every six months. Investopedia tracks over 200 banks and credit unions to determine daily rankings of top-paying accounts, qualifying institutions must be federally insured and have a minimum initial deposit not exceeding $25,000.
Read more at Yahoo Finance: The Safest Places To Park $5K, $10K, or $25K While Markets Slide