From Kiplinger · · 1m
Where to Store $25k Now
Best savings options for $25k amid rising rates.
In brief
Best savings options for $25k amid rising rates. Savers should choose CDs for fixed returns or high-yield savings accounts for liquidity as inflation remains sticky. Originally reported by Kiplinger.
Current rate environment
The Federal Reserve raised the federal funds rate by a quarter of a point at its September meeting.
Time-specific goals
A certificate of deposit matches your goal timeline for savings like a vacation or home renovation.
Short-term CD strategy
A three to six month CD positions you to benefit from future rate hikes while keeping cash accessible.
High-yield savings accounts
High-yield savings accounts earn returns that outpace inflation with no account fees.
Newtek Bank recommendation
Newtek Bank offers 4.20% APY with no account fees for high-yield savings accounts.
Current best options
Choose a CD for guaranteed returns if you don't need immediate access, or a high-yield savings account for liquidity and flexibility.
At a glance
Savers should choose CDs for fixed returns or high-yield savings accounts for liquidity as inflation remains sticky.
