82% of Americans are missing out on a savings account that pays over 10 times the national average

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Phil Osagie

Updated Aug 27, 2024

Phil Osagie

Updated Aug 27, 2024

Where do you keep your savings?

If you’re like most Americans, you might be missing out on an FDIC-insured savings vehicle that pays well above the interest rate of traditional savings accounts.

According to a survey by CNBC Select and Dynata Banking Behaviors, over 82% of Americans aren’t taking advantage of savings accounts that offer a higher rate of return.

The same survey found that 57% of Americans put their money in traditional savings accounts, which have an average percentage yield of only 0.46%.

But if you are willing to park your money for a little over a year, you can get a rate of return over ten times higher with a certificate of deposit (CD).

What is a CD?

A CD is a savings product that offers a fixed interest rate for a specified period. You get a higher interest rate as a reward for that commitment. If you’re looking to earn a steady, predictable return on your savings without the risk of market volatility, a CD is for you.

With CD Valet – an online CD marketplace – users can shop and compare top certificates of deposit rates from various banks and credit unions nationwide.

Their extensive database shows the most competitive rates, with daily rate updates and earnings calculators that give consumers an array of free tools to help them find the right CD to meet their savings goals.

Learn More

Phil Osagie Staff Writer

Phil is a writer at Moneywise with a background in public relations, financial communications, and copywriting. Educated in Cambridge, UK, he has vast experience creating content for several blue-chip corporations. He enjoys research, and his favorite quote is, "When prosperity comes, do not waste it.

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