$3,000 CD vs. $3,000 high-yield savings account vs. $3,000 money market account: Here's which is most profitable now
The article compares the profitability of a $3,000 deposit in a CD, high-yield savings account, and money market account. It highlights that the high-yield savings account is the most profitable for short-term deposits, while CDs perform better over longer terms. Savers are encouraged to consider these options due to the significant interest differentials compared to traditional savings accounts.
- ▪The average rate on a traditional savings account is just 0.38%, which is below the current inflation rate of over 3%.
- ▪For a $3,000 deposit, the high-yield savings account earns the most interest in the short term, while CDs are more profitable for longer durations.
- ▪Savers are advised to switch to higher-yield accounts now to avoid losing interest earnings.
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MoneyWatch: Managing Your Money $3,000 CD vs. $3,000 high-yield savings account vs. $3,000 money market account: Here's which is most profitable now We may receive commissions from some links to products on this page. Promotions are subject to availability and retailer terms. .chip { background-image: url('/fly/bundles/cbsnewscore/images/chip-bgd/chip-bgd-moneywatch.jpg'); } By Matt Richardson Matt Richardson Sr. Managing Editor, Managing Your Money Matt Richardson is the senior managing editor for the Managing Your Money section for CBSNews.com. He writes and edits content about personal finance ranging from savings to investing to insurance.
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