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Theඣ Many Pl♕aces You Can Put Cash to Earn a Top Return

When it comes to socking away your money where it can earn a solid interest rate,♔ you have lots of options, which come in three ca🌟tegories:

1. Bank and credit union products: Savings accounts, money market accounts, and certificates of deposit (CDs)
2. Brokerage and robo-advisor products: Money market funds and cash management accounts
3. U.S. Treasury products: T bills, notes, and bonds, as well as I bonds

You can go with just one, like a high-yield savings account, or you can mix and match different products for different buckets of funds. In any case, you'll want to understand what the different product types pay, which we've made easy for you by laying out today's top rates in every category. We also indicate how much each rate has changed from a week ago.

Understanding Your Different Cash Options

Bank and Credit Union Products

澳洲幸运5官方开奖结果体彩网: Savings Accounts

The most basic option is a bank or credit union savings account—sometimes called a high-yield savings account—which lets you add and withdraw money as you please. But don't assume your primary bank pays a competitive rate—some banks pay virtually zero interest.

Fortunately, we make shopping for a high rate easy. Our daily ranking of the best high-yield savings accounts gives you 15-plus options paying 4.40% to 4.75% APY. Note, however, thaꩵt savings account rates can change at anไy time.

Money Market Accounts

A money market account is essentially a savings account that adds the ability to write paper checks. If this is a useful feature to you, shop our list of 澳洲幸运5官方开奖结果体彩网:the best money market accounts.

If you don't need paper check-writing, choose whichever account type—money market or savings—pays the better rate. The top money market account rate is currently 4.75%. Again, be aware that money market rates are variable, so they can be lowered without warning.

Certificates of Deposit

A 澳洲幸运5官方开奖结果体彩网:certificate of deposit is a bank or credit union product with a fixed interest rate, promising you a guaranteed return for a set period of time. Generally ranging from 3 months to 5 years, CDs offer a predictable return with a rate that cannot be changed for the duration of the term.ও

But beware that it's a commitment with teeth: If you cash in before maturity, your earnings will be dinged with an early withdrawal penalty. Our daily ranking of 澳洲幸运5官方开奖结果体彩网:the best nationwide CDs currently includes options paying up to 5.50%.

Brokerage and Robo-Advisor Products

Money Market Funds

Unlike a money market account at a bank, 澳洲幸运5官方开奖结果体彩网:money market funds are cash-inve𝕴sted mutual funds offered by brokerage and robo-advisor firms. Their yields can fluctuate daily.

Cash Management Accounts

For uninvested cash held at a 澳洲幸运5官方开奖结果体彩网:brokerage or 澳洲幸运5官方开奖结果体彩网:robo-advisor, you can hav🔯e the funds "swept" into a cash management account, where it will earn a stated return. Un🌸like money market funds, cash management accounts offer a specific interest rate, although the brokerage or robo-advisor can adjust that rate whenever it likes.

U.S. Treasury Products

Treasury Bills, Notes, and Bonds

The 澳洲幸运5官方开奖结果体彩网:U.S. Treasury offers a wide array of short and long-term bond instruments. The shortest duration are Treasury bills, which range from 4 weeks to 52 weeks, while Treasury notes have a maturi𒐪ty of 2 ꦰto 5 years. The longest-term option is a Treasury bond, which has a 20- to 30-year maturity.

You can 澳洲幸运5官方开奖结果体彩网:buy T bills, notes, and bonds directly from TreasuryDirect or buy and sell them on the secondary market at brokerages and banks. Selling a Treasury product allows😼 you to exit before the bond matures. However, you may pay a fee or commission for secondary market purchases and sales, while buying and redeeming at TreasuryDirect comes with no fees.

You can also buy Treasury ETFs, which trade on the market like a stock. Treasury ETFs have advantages and limitations, which you 澳洲幸运5官方开奖结果体彩网:can read about here.

I Bonds

U.S. Treasury I bonds have a rate that adjusts every six months to align with inflation trends. You can redeem an I bond anytime after one year or hold it for as long as 30 years. Every six months you own the bond, your rate will change.

How We Find the Best Savings and CD Rates

Every business day, Investopedia tracks the rate data of more than 200 banks and credit unions that offer CDs and savings accounts to customers nationwide and determines daily rankings of the top-paying accounts. To qualify for our lists, the institution must be federally insured (FDIC for banks, NCUA for credit unions), and the account's minimum initial deposit must not exceed $25,000. It also cannot specify a maximum deposit amount that's below $5,000.

Banks must be available in at least 40 states to qualify as nationally available. And while some credit unions require you to donate to a specific charity or association to become a member if you don't meet other eligibility criteria (e.g., you don't live in a certain area or work in a certain kind of job), we exclude credit unions whose donation requirement is $40 or more. For more about how we choose the best rates, 澳洲幸运5官方开奖结果体彩网:read our full methodology.