For a long time I've had money in a high yield savings account which earned the best rate I could find. Recently the interest I've been earning has been nearly halved, making me ponder whether there's a better option.
In looking at CDs, they don't seem to earn an appreciably higher rate, though had I done that months ago, I would still be earning at much higher rate that was typical back then. I suppose this is the advantage of CDs is that the rate is locked in-- but is there any way of knowing or predicting what directions the rates might headed?
Money market accounts typically earn a lower rate from what I can tell than a high-yield savings account, so what is the benefit to a money market account and how does it differ from traditional savings?
I know BITOG makes a poor substitute for a financial adviser, just thought you folks might throw some elementary advice my way on which account might be better given the current events / upside down state of the economy.
In looking at CDs, they don't seem to earn an appreciably higher rate, though had I done that months ago, I would still be earning at much higher rate that was typical back then. I suppose this is the advantage of CDs is that the rate is locked in-- but is there any way of knowing or predicting what directions the rates might headed?
Money market accounts typically earn a lower rate from what I can tell than a high-yield savings account, so what is the benefit to a money market account and how does it differ from traditional savings?
I know BITOG makes a poor substitute for a financial adviser, just thought you folks might throw some elementary advice my way on which account might be better given the current events / upside down state of the economy.