The 4 best places to put your savings right now
We may receive commissions from some links to products on this page. Promotions are subject to availability and retailer terms. By Tim Maxwell Edited By Angelica Leicht April 25, 2024 / 9:03 AM EDT / CBS News If you need a new place to put your savings, there are lots of good (and high-earning) options to consider right now. Getty Images Inflation remains as stubborn as ever and continues to prop up interest rates. The Federal Reserve aggressively raised interest rates 11 times in 2022 and 2023 in an effort to curb inflation. More recently, the Fed has paused interest rate changes at its last five meetings as inflation has slowly ticked up in 2024. The resulting elevated interest rates have burdened borrowers with higher monthly payments due to the higher cost of borrowing. On the other hand, the increased rates have also allowed savers to enjoy considerably higher yields. Since 2023, annual percentage yields (APYs) with top savings accounts and certificates of deposit have outpaced inflation . Fortunately, a wide range of savings options are available to capitalize on higher yields. However, these options