Connect with us

CBS News

4 expert recommendations for savers today

Avatar

Published

on


gettyimages-1300333561.jpg
A high-yield savings account can help you earn as much as 5% APY today.

LINNEA FRANK / Getty Images


You may already know the benefits of saving money amid today’s high interest rates. Opening a high-yield savings account now can help you yield upwards of 5% APY in some cases, potentially adding a significant sum to your overall balance over time. And on the cusp of yet another rate hike from the Federal Reserve, there could be even more opportunity for growth in the near future. 

Even after you’ve opened a high-yield savings account, you can take action to ensure you’re making the most of the account and the money you save. Experts we’ve spoken to believe that you’ll get the most from saving while rates are high when you also practice solid savings habits to help grow your balance over the long-term. 

Find out the top savings rates you could be earning right now here. 

4 expert recommendations for savers today

We asked four experts what actions they recommend savers take now through the end of 2023. Here’s what they said:

Review your existing accounts

Set yourself up for success with a great high-yield savings account after reviewing the accounts you already have open. There’s a high likelihood you may have a savings account earning less than 1%, says Mike Zeiter, CFP, owner and financial planner at Foundations Financial Planning. “A quick review of what your accounts are paying in interest and your time frame for your funds will help ensure you take advantage of the current savings rate environment.”

If you’re not satisfied with your current rate, look for accounts earning competitive interest rates today. Consider starting your search with a baseline threshold of 4.20% APY — 10 times the national average. But compare other online accounts earning 4.50% or even close to 5.00% APY too, using details like monthly fees, minimums, access and more. 

Start comparing the best savings account rates available now and save more today!

Automate

The easier you make it for yourself to save, the more likely you are to stick to it. 

“It’s easy to let hard-earned cash slip through your fingers if you don’t have a system and plan in place,” says Ryan Greiser, CFP and founder and financial planner at Opulus financial planning firm.

Automating your savings contributions can help streamline the process. When you automate, a predetermined amount of money will be transferred directly to your savings on a regular basis (monthly, biweekly, etc. — whatever you decide). 

“Pay yourself first,” Greiser says. “Think of it as a financial mantra to live by. Before spending money on things that you love, channel a portion of your income towards savings and investments. Automate this and keep the momentum going. Because guess what? If you wait to save whatever’s left after spending, you might end up with nothing.”

Stay informed

To further improve your plan, make sure you take stock of your current savings balance, budget and overall financial goals. 

“Review your current savings strategy and financial goals,” says Jason Hamilton, CFP, founder of Keep It Simple Financial Planning. “Assess whether you have sufficient emergency savings, short-term goals, and long-term objectives. Make adjustments as needed to align with your changing circumstances.”

But even after your savings plan is in place, that doesn’t necessarily mean you should set-it-and-forget-it. It pays to stay informed on your plan and performance — like, for example, how your balance is growing over time, whether you’re approaching your goals at the pace you expected and where current interest rates are.

“Keep yourself updated on changes in interest rates, market conditions, and economic trends,” Hamilton says. “Staying informed will help you make informed decisions about your savings and investment strategies.”

Don’t wait

Perhaps one of the most frequent messages we hear from experts we speak with is to start saving sooner rather than later.

“Get started today!” says Michelle M. Vargas, CFP, president of Waymaker Financial Planning. “Take one small step each week toward reaching your financial goals. It pays huge dividends in the future once you stick with your plan and make small improvements over time.” 

It can seem like a huge task to find the perfect savings account, set up a plan and work out other details before you can save — but remember, getting started is more important than perfection. You can always change your automated transfer amount later, or open another high-yield savings account devoted to a new savings goal once you’ve gotten into the habit of saving. 

But starting the process today can help you take advantage of current high interest rates for as long as possible, and ultimately add more to your savings with interest earnings over time.

Find out what you can earn now with today’s top savings rates.

The bottom line

Saving money is one of the best ways to get ahead in today’s high interest rate environment. To make the most of your savings, the experts we’ve spoken to recommend not only reviewing your accounts and finding a high-earning savings account, but also automating your contributions and reviewing progress and new options over time. But most importantly, don’t hesitate. By starting to save early, you’ll have more time to reach your goals and can get the most value from current high rates.

Compare available savings interest rates here today. 



Read the original article

Leave your vote

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings

CBS News

Satellite images show damage from Israeli attack at 2 secretive Iranian military bases

Avatar

Published

on


An Israeli attack on Iran damaged facilities at a secretive military base southeast of the Iranian capital that experts in the past have linked to Tehran’s onetime nuclear weapons program and at another base tied to its ballistic missile program, satellite photos analyzed Sunday by The Associated Press show. 

Some of the buildings damaged sat in Iran’s Parchin military base, where the International Atomic Energy Agency suspects Iran in the past conducted tests of high explosives that could trigger a nuclear weapon. Iran long has insisted its nuclear program is peaceful, though the IAEA, Western intelligence agencies and others say Tehran had an active weapons program up until 2003.

The other damage could be seen at the nearby Khojir military base, which analysts believe hides an underground tunnel system and missile production sites.

Israel launched a series of strikes on Iranian military facilities in retaliation for the barrage of ballistic missiles the Islamic republic fired on Israel earlier this month.

Mideast Wars Iran Damage
This satellite photo from Planet Labs PBC shows damaged buildings at Iran’s Parchin military base outside of Tehran, Iran, on Sunday, Oct. 27, 2024. The damaged structures are in the bottom right corner and bottom center of the image.

Planet Labs PBC / AP


Iran’s military has not acknowledged damage at either Khojir or Parchin from Israel’s attack early Saturday, though it has said the assault killed four Iranian soldiers working in the country’s air defense systems.

Iran’s mission to the United Nations did not immediately respond to a request for comment, nor did the Israeli military.

However, Iranian Supreme Leader Ayatollah Ali Khamenei on Sunday told an audience that the Israeli attack “should not be exaggerated nor downplayed,” while stopping short of calling for an immediate retaliatory strike. Israeli Prime Minister Benjamin Netanyahu said Sunday that the strikes “severely harmed” Iran and achieved all of Israel’s goals.

“The air force struck throughout Iran. We severely harmed Iran’s defense capabilities and its ability to produce missiles that are aimed toward us,” Netanyahu said in his first public comments on the strikes.

It remains unclear how many sites in total were targeted in the Israeli attack. There have been no images of damage so far released by Iran’s military.

Mideast Wars Iran Damage
This satellite photo from Planet Labs PBC shows damaged buildings at Iran’s Khojir military base outside of Tehran, Iran, Oct. 8, 2024.

Planet Labs PBC / AP


Iranian officials have identified affected areas as being in Ilam, Khuzestan and Tehran provinces. Burned fields could be seen in satellite images from Planet Labs PBC around Iran’s Tange Bijar natural gas production site in Ilam province on Saturday, though it wasn’t immediately clear if it was related to the attack. Ilam province sits on the Iran-Iraq border in western Iran.

The most telling damage could be seen in Planet Labs images of Parchin, some 40 kilometers (25 miles) southeast of downtown Tehran near the Mamalu Dam. There, one structure appeared to be totally destroyed while others looked damaged in the attack.

At Khojir, some 20 kilometers (12 miles) away from downtown Tehran, damage could be seen on at least two structures in satellite images.

Analysts including Decker Eveleth at the Virginia-based think tank CNA, Joe Truzman at the Washington-based Foundation for Defense of Democracies and former United Nations weapon inspector David Albright, as well as other open-source experts, first identified the damage to the bases. The locations of the two bases correspond to videos obtained by the AP showing Iranian air defense systems firing in the vicinity early Saturday.

At Parchin, Albright’s Institute for Science and International Security identified the destroyed building against a mountainside as “Taleghan 2.” It said an archive of Iranian nuclear data earlier seized by Israel identified the building as housing “a smaller, elongated high explosive chamber and a flash X-ray system to examine small-scale high explosive tests.”

“Such tests may have included high explosives compressing a core of natural uranium, simulating the initiation of a nuclear explosive,” a 2018 report by the institute says.

Mideast Wars Iran Damage
This satellite photo from Planet Labs PBC shows at Iran’s Parchin military base outside of Tehran, Iran, Sept. 9, 2024.

Planet Labs PBC / AP


In a message posted to the social platform X early Sunday, the institute added: “It is not certain whether Iran used uranium at ‘Taleghan 2,’ but it is possible it studied the compression of natural uranium hemispheres, which would explain its hasty and secretive renovation efforts following the IAEA’s request to access Parchin in 2011.”

It’s unclear what, if any, equipment would have been inside of the “Taleghan 2” building early Saturday. There were no Israeli strikes on Iran’s oil industry, nor its nuclear enrichment sites or its nuclear power plant at Bushehr during the assault.

Rafael Mariano Grossi, who leads the IAEA, confirmed that on X, saying “Iran’s nuclear facilities have not been impacted.”

“Inspectors are safe and continue their vital work,” he added. “I call for prudence and restraint from actions that could jeopardize the safety & security of nuclear & other radioactive materials.”

Other buildings destroyed at Khojir and Parchin likely included a warehouse and other buildings where Iran used industrial mixers to create the solid fuel needed for its extensive ballistic missile arsenal, Eveleth said.

In a statement issued immediately after the attack Saturday, the Israeli military said it targeted “missile manufacturing facilities used to produce the missiles that Iran fired at the state of Israel over the last year.”

Destroying such sites could greatly disrupt Iran’s ability to manufacture new ballistic missiles to replenish its arsenal after the two attacks on Israel. Iran’s paramilitary Revolutionary Guard, which oversees the country’s ballistic missile program, has been silent since Saturday’s attack.

Iran’s overall ballistic missile arsenal, which includes shorter-range missiles unable to reach Israel, was estimated to be “over 3,000” by Gen. Kenneth McKenzie, then-commander of the U.S. military’s Central Command, in testimony to the U.S. Senate in 2022. In the time since, Iran has fired hundreds of missiles in a series of attacks.

There have been no videos or photos posted to social media of missile parts or damage in civilian neighborhoods following the recent attack – suggesting that the Israeli strikes were far more accurate than Iran’s ballistic missile barrages targeting Israel in April and October. Israel relied on aircraft-fired missiles during its attack.

However, one factory appeared to have been hit in Shamsabad Industrial City, just south of Tehran near Imam Khomeini International Airport, the country’s main gateway to the outside world. Online videos of the damaged building corresponded to an address for a firm known as TIECO, which advertises itself as building advanced machinery used in Iran’s oil and gas industry.

Officials at TIECO requested the AP write the company a letter before responding to questions. The firm did not immediately reply to a letter sent to it.



Read the original article

Leave your vote

Continue Reading

CBS News

Here Comes the Sun: Will Ferrell, Harper Steele and more

Avatar

Published

on


Here Comes the Sun: Will Ferrell, Harper Steele and more – CBS News


Watch CBS News



Actor Will Ferrell and writer Harper Steele sit down with Tracy Smith to discuss their documentary “Will & Harper.” Then, David Pogue learns about new methods being implemented to keep birds from flying into buildings. “Here Comes the Sun” is a closer look at some of the people, places and things we bring you every week on “CBS Sunday Morning.”

Be the first to know

Get browser notifications for breaking news, live events, and exclusive reporting.




Read the original article

Leave your vote

Continue Reading

CBS News

The Strange Shooting of Alex Pennig

Avatar

Published

on


The Strange Shooting of Alex Pennig – CBS News


Watch CBS News



A nurse is found dead in her apartment. Surveillance video captures her coming home for the last time. Can investigators piece together what happened next? “48 Hours” contributor Natalie Morales reports.

Be the first to know

Get browser notifications for breaking news, live events, and exclusive reporting.




Read the original article

Leave your vote

Continue Reading

Copyright © 2024 Breaking MN

Log In

Forgot password?

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Add to Collection

No Collections

Here you'll find all collections you've created before.