Open a high-yield savings account
You’ll likely have some money left over that you won’t invest for whatever reason. If so, putting it in a high-yield savings account is, most likely, the best choice you could make. Over time, your money will increase exponentially. Here’s how.
The average interest rate for savings accounts, nationally, is 0.09%. If you deposit $10,000 into an account that pays 0.10%, you’ll earn $10 of interest in the first year. A high-yield savings account could pay 1.50%, meaning you’ll earn $150.
These accounts are also highly competitive. Even if rates are low now, in order for these companies to get more deposits, they’ll offer greater and greater rates, so there’s basically no way but up. This risk-free return for your cash is definitely something you should look into as they’re great for pretty much anyone, at any age.
