While the average interest rate on a savings account is still only 0.2 percent, some top-yielding savings accounts are now as high as 2.25 percent, up from 1.1 percent in 2015, according to Bankrate. (You can earn even more with certificates of deposit.)
With a savings rate, or annual percentage yield, of 0.2 percent, a $10,000 deposit earns just $20 after one year. At 2.25 percent, that same deposit would earn $225.
“Finding yields of 2.25 is enough to maintain your buying power and be best positioned for further increases in rates,” McBride said.
The Fed begana two-day meeting Wednesday with a policy statement set for Thursday afternoon. The Fed is largely expected hike rates once more in December, despite the criticism from Trump.
E-Trade polled nearly 1,000 active investors in October who have at least $10,000 in an online brokerage account. The survey has a margin of error of 3.2 percentage points.
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