Money Storage

Last post was about how to simply manage your money, this post is going to touch on where you should store your money. If you haven’t found out yet, saving your money at a bank only gives you a return of 0.01%.

That means you get ten pennies for every $1,000.00 you save. That’s ridiculous, but don’t worry there’s better ways that are just as safe and give you higher returns. In this post I’m going to share a few that I was able to try.

HIGH YIELD ACCOUNTS

If your not into risky investing you can still get a good return on your money, while keeping your money at the bank. For instance, synchrony offers you 0.55% for storing your money with them.

I believe the best high yield account out right now since the pandemic is Brinks. Brinks is offering 5% for storing your money with them.

BROKERAGE ACCOUNTS

You don’t have to buy stocks to make money, some brokerage accounts give you interest for storing your money with them.

If you have under $10,000 TD Ameritrade will give 1.25% for storing your money with them in a brokerage account, this interest rate might vary.

BITCOIN SAVINGS ACCOUNT

The last way I recommended storing money, is with Bitcoin savings account. For this account you have to own a type of crypto currency that the account accepts, and have an up to date digit wallet for storing the coin.

Nexo has one of the bitcoin savings account available for you, and they offer you anywhere from 8% to 12% for storing your bitcoin with them.

I hope you found this post useful, thank you for reading

The Way I Save

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