Interest earnings on your $3,000 will grow differently depending on which account type you keep it in. TravelCouples/Getty Images Waiting to build up your savings before shifting your funds into a high-rate account may seem like the smart move to make now, but a quick look at the interest you’re
Interest earnings on your $3,000 will grow differently depending on which account type you keep it in. TravelCouples/Getty Images Waiting to build up your savings before shifting your funds into a high-rate account may seem like the smart move to make now, but a quick look at the interest you’re currently accumulating with a traditional savings account should cause you to quickly pivot. With the average rate on a traditional account just 0.38% (an actual decline from March when it was 0.39%), not only are you not earning nearly as much interest as you should, you’re technically not even keeping pace with inflation, which recently moved past 3%. And with rates on certificate of deposits (CDs), high-yield savings and money market accounts all exponentially higher, there’s no reason to wait any longer. So,
