You can earn 155x more interest just by using a different kind of savings account. via CNBCMakeIt
If you let a $10,000 deposit sit in a standard savings account for a year, you'd earn a mere dollar in interest. That's because most major banks out there offer an interest rate of 0.01 percent. But if you put that $10,000 in a high-interest savings account at an internet bank like Synchrony, Ally or iGoBanking, which offer interest rates between 1 percent and 1.55 percent, your $10,000 deposit could yield up to $155 after one year.
You can earn even more if you use a certificate of deposit , a savings account that offers a higher interest rate and fixed date of withdrawal. Again, you're trading convenience for interest. With a CD, you agree to let your money sit tight for a set number of months or years, and if you withdraw your money early, you'll be charged a penalty. If you can be patient, though, you'll be rewarded with returns of about 2 percent or more.
"Consumers lose out on hundreds or even thousands of dollars by keeping their money in low-earning accounts instead of high-yield savings accounts or CDs," says NerdWallet banking expert Kimberly Palmer."By earning more money on their savings, savers can stretch their money, and their budgets, further."
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