Apr 30, 2020
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If you want your savings to grow over time, you need to stash them in an account with a high interest rate.
However, the Federal Reserve has already cut rates twice this year in response to the coronavirus pandemic, and now they’re close to zero.
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Zero interest equals zero growth.
But you can do something about that.
This company will grow your savings faster than most banks
Aspiration’s Spend & Save account, a cash management account, offers up to 1.00% APY, which is 11 times higher than the average savings account rate, according to the FDIC. That means your savings will grow faster with Aspiration than they would with one of the big banks.
As an added perk, you’ll also get an Aspiration debit card that will earn you up to 10% cash back every time you use it at select stores, including Walmart, Target, and CVS.
That’s right, cash back without a credit card. You don’t see that every day.
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The bottom line
Times are tough for everyone right now, and we could all use a savings boost.
So sign up for a Spend & Save account today, and start earning better interest and cash back when you shop.
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Shane is a reporter for MoneyWise. He holds a bachelor’s degree in English Language & Literature from Western University and is a graduate of the Algonquin College Scriptwriting program.
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