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What will a 5.55% high-yield savings account earn in 6 months?
As prices continue to rise at unexpectedly high rates, it’s becoming increasingly challenging to save money. And, it’s important that any money you have set aside produces a strong return. With the current annual inflation rate at 3.5%, earning a return that’s any lower than that produces a loss of buying power.
So, if you have your savings in a traditional savings account (with an average 0.46% return) or in a safe (earning 0%), you’re actually losing money. But a high-yield savings account can help.
With annual returns as high as 5.55%, as is the case when you open a My Banking Direct high-yield savings account, you could be earning a positive inflation-adjusted return. Though high-yield savings accounts typically have variable interest rates that will change over time, it can be difficult to ignore an opportunity to produce a safe, inflation-adjusted return in today’s rate environment. But exactly how much money can you earn with a 5.55% high-yield savings account APY?
Open a high-yield savings account now to earn a positive inflation-adjusted return.
What will a 5.55% high-yield savings account earn in 6 months?
The amount of money you’ll earn on a high-yield savings account with a 5.55% APY in six months depends on the amount of money you deposit into the account – and what happens to that rate during this time period. Here’s how much you’ll earn on varying account balances, assuming the rate remains the same throughout:
- $1,000 balance at 5.55%: You would earn $27.38 (for a total balance of $1,027.38 after 6 months).
- $2,500 balance at 5.55%: You would earn $68.44 (for a total balance of $2,568.44 after 6 months.)
- $5,000 balance at 5.55%: You would earn $136.88 (for a total balance of $5,136.88 after 6 months.)
- $7,500 balance at 5.55%: You would earn $205.31 (for a total balance of $7,705.31 after 6 months.)
- $10,000 balance at 5.55%: You would earn $273.75 (for a total balance of $10,273.75 after 6 months.)
- $15,000 balance at 5.55%: You would earn $410.63 (for a total balance of $15,410.63 after 6 months.)
- $20,000 balance at 5.55%: You would earn $547.51 (for a total balance of $20,547.51 after 6 months.)
- $25,000 balance at 5.55%: You would earn $684.38 (for a total balance of $25,684.38 after 6 months.)
Open a high-yield savings account today to start earning a meaningful return on your savings.
Why you should open a high-yield savings account today
There are several reasons why opening a high-yield savings account could be a wise choice right now, including:
- Rates are high right now: High-yield savings account interest rates are significantly higher than traditional savings account interest rates – which in this case means your savings could produce an inflation-adjusted gain instead of an inflation-adjusted loss.
- Inflation persists: Inflation led the Federal Reserve to increase its federal funds rate several times over the past couple of years, sending that benchmark rate to its current 23-year high. That’s good news for savers as a high federal funds rate typically means that savings interest rates are high, too. And, with inflation coming in hot in January, February and March, signs that a rate cut may come soon are dwindling.
- Variable interest rates: High-yield savings accounts have variable interest rates, which could be a bad thing if inflation and interest rates were falling. But with persistent inflation, those variable interest rates may be a welcomed feature. After all, the Federal Reserve’s most effective weapon against inflation is increasing its federal funds rate target (the primary benchmark for consumer interest rates). So, if inflation continues to come in hot, future rate hikes could become a reality. That could send variable high-yield savings account interest rates up – expanding your potential earnings.
Take advantage of the benefits of a high-yield savings account today.
The bottom line
A 5.55% high-yield savings account would earn anywhere from $27.38 to $684.38, or more, in six months, depending on the size of the balance you maintain in your account.
Regardless of the size of your balance, leading high-yield savings accounts can produce a positive inflation-adjusted return – a valuable feature in today’s inflationary environment. And, if inflation persists, rates could rise, potentially increasing your returns. Open a high-yield savings account now to earn a meaningful return on your financial safety net.
CBS News
10/22: CBS Evening News – CBS News
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Dodgers legend Fernando Valenzuela dies at 63
Dodgers legend Fernando Valenzuela, known affectionately to fans across the baseball world as “El Toro” has died at 63 years old.
The Etchohauquila, Sonora, Mexico native recently stepped away from his role in the Dodgers’ broadcast booth to focus on his health just ahead of the team’s run to the World Series. He had planned to return for the 2025 season.
The man behind “Fernandomania,” which took Los Angeles by storm during the 1980s, spent 11 of his 17 seasons in Major League Baseball with the Boys in Blue, leading the team to two World Series titles in 1981 and 1988.
He was well-known for his signature windup and high leg kick before dazzling hitters with his virtually unhittable screwball. Upon retirement, he ranked amongst the franchises top 10 all-time in wins, strikeouts, innings pitched, games started, complete games and shutouts.
The Dodgers honored Valenzuela in 2023 by retiring his No. 34, making him only the 11th Dodger to achieve the spot above the left field bleachers.
Late Tuesday evening the team took to X to acknowledge Valenzuela’s death.
“Fernandomania por siempre,” said a photo. “Fernandomania forever.”
More to come.
CBS News
Jurors in Delphi murders trial see video from victim’s phone
DELPHI, Ind. (CBS) — Jurors in the Delphi, Indiana murders trial got a closer look Tuesday at some of the most concrete evidence in the case.
Richard Allen, 52, is facing four counts of murder in connection with the murders of Abigail Williams, 13, and Liberty “Libby” German, 14, in 2017.
Video taken from Libby’s phone right before the murder shows a man, believed to be the killer, walking on a bridge. For the first time Tuesday, jurors got to see a longer version of the video.
A digital forensic analyst also testified about how he got the data off the phone.
Also Tuesday, lead crime scene investigator Brian Olehy brought several key pieces of evidence from at or near the crime scene to court—though they were not shown to the jury, according to CBS affiliate WTTV in Indianapolis.
During cross-examination, defense attorney Brad Rozzi asked several times whether swabs from the crime scene contained any DNA linking Allen to it, WTTV reported, Olehy said he was not aware of any such connection.
Olehy also testified that he believed the branches found on the girls’ bodies were placed there to conceal them, and said it was a “logical assumption” that Libby was “disrobed”—as she was wearing some of Abby’s clothes, WTTV reported. He said investigators could not determine the sequence of events, and did not test the sticks that were found with the bodies, the station reported.
There was also testimony about a single unspent bullet at the scene that is at the center of the case against Allen, the station reported.
Testimony was also heard from Railly Voorhies, who was a 16-year-old high school student who happened to be walking near the Freedom Bridge in Delphi and saw an “unsettling” man who glared at her, WTTV reported. She said the image of the man on the bridge documented in Libby’s phone was the man she saw, the station reported.
Another witness, Betys Blair, also testified that she saw the man on the bridge, WTTV reported.