Don’t Let Interest Rate Cuts Slow Your Savings — Do This Instead

Low rates can make saving an uphill battle, but here's a solution.

Yulia Grigoryeva / Shutterstock

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By Shane Murphy Apr. 30, 2020

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.

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.

Watch your money grow while you sleep

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.

A High-Yield Savings Account Is The Easiest Way To Make Passive Income In 2023

High-yield savings accounts are a great way to generate high interest and inflation-proof your savings over time. This option ensures your cash is at the ready when you need it, without forfeiting growth to do so.

You could earn 10x more interest by keeping your hard-earned cash in a high-yield savings account. Find some of the best options here.

About the Author

Shane Murphy

Reporter

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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