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Ive legit seen people transform their finances with a few simple moves, Rachael said.
Its not about having a fortune to start with.
Its about being smart with what youve got.
Online banks are where its at, Rachael shared.
Their rates can be much higher than traditional banks everyone should look into it.
She also encourages people to compare the rates on their savings accounts, no matter where they bank.
I see customers who dont realize theyre essentially giving away money by sticking with low-yield accounts, Rachael said.
I venture to tell everyone I can, but Im just one teller!
Build a CD Ladder
Rachael wishes more customers knew about CD ladders.
Its the best of both worlds, she explained.
You get good long-term rates, but youre not tying up all your money for years.
They can blow savings accounts out of the water, rate-wise, Rachael said.
Just watch out for minimum balance requirements.
Money market accounts typically offer higher interest rates than traditional savings accounts, especially for larger balances.
They also often come with check-writing privileges and debit cards, making them more flexible than standard savings accounts.
Some of these new rewards checking accounts are really good, she said.
Ive seen rates that rival savings accounts.
High-yield checking accounts can offer interest rates comparable to or even higher than savings accounts.
Set it and forget it, she said.
Youd honestly be amazed how fast those little deposits add up.
Start small if it’s crucial that you, she continued.
Even $25 or $50 a week can make a big difference over time.
Its all about knowing your options.
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