Grow Your Money Faster with High-Yield Savings

Last week we covered preparing your finances to buy a home; we talked credit, debt, and building a down payment. When you’re holding thousands of dollars in cash for that down payment, where you keep it matters.

Our “Just One Thing” for June is to ensure your savings account is earning you more than the national average of 0.38%. Many banks offer rates over 3.5%. On a $5,000 balance, that’s a difference of over $150 in interest owed to you.

Opening a new account is simple, and you don’t have to close your old one. Here is how to start:

• Check your rate: If it is below 3% to 3.5%, it’s time to switch.
• Prioritize safety: Choose an FDIC-insured account above 3% with no monthly fees.
• Use your resources: Compare options on NerdWallet, or work with a BrightDime coach for one-on-one guidance.