NEW YORK (AP) — Moving your savings around by opening a new account and closing an old one can seem like a hassle. But it’s a use of time that can pay off.
After years of paying low rates for savers, banks are finally offering better interest on deposits. Though the increases may seem small, compounding interest adds up over the years, and you don’t want to miss the moment.
As the Federal Reserve has raised interest rates to try to cool inflation, some banks have improved their terms for savers as well. Even if you’re only keeping modest savings in your bank account, you could make more significant gains over the long term by finding an account with a better rate.
Here’s what you should think about if you’re considering moving your money:
WHAT KIND OF RATES ARE AVAILABLE?