If your money is sitting in a simple checking or savings account and not earning any money, think about moving it into an interest bearing account so your cash can grow.
Sara Parker, from the family of credit unions including, HeritageWest, Utah Central, or Southwest Community Credit Unions shares some ideas to help your money grow more.
Many financial institutions – like those at HeritageWest, Utah Central or Southwest Community Credit Unions – have a variety of options that can earn as much as $2,000 a year in interest on some savings programs. The accounts range from high yield to more moderate yield programs depending on the amount deposited. Super savers will earn the greatest interest, but even modest savers who can maintain at least a $2,500 minimum will earn valuable interest at year’s end.
Interest-bearing checking accounts are also a smart way to invest.
A third option is a CD or certificate of deposit. These are excellent choices if you don’t need the money right away and can afford to store it for a period of time – from 6-months up to 71 months. The interest earned ranges from about .30% for a 6-month CD to more than 2% for those 60 months or over.
Bankrate.com reported that credit unions generally offer higher interest rates on accounts like savings and checking because of their operational philosophy. Because credit unions aren’t run for profit, money deposited in a credit union is used to buy shares of the company, so customers are vested members.