3 Reasons to Open a High-Yield Savings Account This June
Vijay Marolia on CBSNews:
3 reasons to open a high-yield savings account this June
Are you thinking about opening a high-yield savings account this June? Here are three reasons why you should.
Joshua Rodriguez
"Don't leave money sitting on the table by leaving high cash balances in low yielding accounts," says Vijay Marolia, managing partner and money manager at the financial planning firm, Regal Point Capital. "There are plenty of attractive options available today."
Marolia went on to explain that money earning 1% in annual returns will take 72 years to double. But, when you earn 6% on your savings, it will double every 12 years. So, by opting for a high-yield savings account over a traditional option with minimal interest, you can grow your savings over a condensed time frame.
