account, where they can be earning at least one percent, you’re
earning interest.
doing yourself a disservice.”
How much money are people losing
by not earning interest in a high-yield
savings account? The numbers are
startling.
According to some number-crunching
by NerdWallet by CNBC, if you put
$10,000 in your checking account,
at the end of three years, you’ll have
that same $10,000. A traditional, low-
yield savings account will give you
about three extra dollars. But a high-
yield savings account will give you
$10,475. Now you’re talking about
some real money, and it only goes
up from there. Leave that $10,000 in
the account for five years, and you’ll
have $10,805. And that’s at an interest
rate of 1.55 percent. Non-traditional
banks like PurePoint offer higher
yields, reaching more than 2 percent.
That’s a good chunk of change.
“A good first step is to check your
APY, which according to our research
more than half of Americans don’t
know,” Habis says. “If you’re not
Put that money in a CD, and you’ll
earn even more. Now, your money
is working for you, not against you,
like debt, inflation and credit card
interest rates.
The solution? The old-fashioned
notion of saving for a rainy day has
been streamlined by ultra-modern
financial technology. Online financial
institutions like PurePoint, which is a
hybrid digital bank with brick-and-
mortar financial centers, are offering
more competitive interest rates for
high-yield savings and CD accounts
than traditional banks, nearing the
2 percent mark. It’s an alternative to
investing that you can trust with a
knowable, controlled return over the
short or long-term. It’s almost like
investing in the stock market, but with
a controlled and knowable return.
For more information about how you
can make your money work for you,
visit PurePoint at www.purepoint.com
and try their rate comparison tool.
"HOW MUCH
MONEY ARE
PEOPLE
LOSING BY
NOT EARNING
INTEREST IN
A HIGH-YIELD
SAVINGS
ACCOUNT?
THE NUMBERS
ARE
STARTLING."
MARCH 2019
|
WINTER GARDEN MAGAZINE |
23