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Is a $5,000 deposit into a high-yield savings account worth it?
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Are you looking for a safe home for your savings that produces a reasonable return? If so, you may have come across high-yield savings accounts. Unlike traditional savings accounts that only currently offer a 0.45% average annual return, today’s high-yield savings accounts can pay interest in excess of 5% annually.
That’s important in today’s economic environment in which persistent inflation continues to drive the cost of goods and services up.
So, what if you have $5,000 in savings and want a safe place to store it that provides strong returns? Is it worth it to deposit that $5,000 into a high-yield savings account?
Compare leading high-yield savings accounts now.
Is a $5,000 deposit into a high-yield savings account worth it?
If you have $5,000 in savings, it may be wise to deposit it into a high-yield savings account. As mentioned above, some leading high–yield savings accounts currently offer returns over 5% annually. And, while these accounts typically come with variable interest rates that will change with time, $5,000 at 5% will produce $250 in passive income over the course of a year (should the rate stay the same). But, that’s not the only reason it may be worth depositing $5,000 into a high-yield savings account. Some other reasons to do so include:
Your returns can beat inflation
The current inflation rate is 3.4% and returns on many deposit accounts fail to keep up. That means these deposit accounts could lead to a loss of buying power. But, that’s not necessarily the case with a high-yield savings account.
Some of the best high-yield savings accounts today come with interest rates ranging from 4.25% to 5.25%. No matter where your account lands on that range, it will produce a return that’s ahead of the current inflation rate. So, instead of letting your money lose buying power, you can increase the power of your $5,000 in savings by depositing it into a leading high-yield savings account.
Earn an inflation-beating return with a high-yield savings account today.
You’ll maintain liquidity
In some cases, you’ll have to give up liquidity if you want to earn a reasonable return. For example, if you opt for a certificate of deposit (CD), you’ll need to keep your money in the account for its entire term – or pay an early withdrawal penalty to access it sooner. But that’s not the case with high-yield savings accounts.
Most high-yield savings accounts are readily accessible when you need your money. But, there’s a caveat to consider. Like most traditional savings accounts, you’ll typically be limited to six withdrawals per month when you opt for a high-yield savings account. And, you may have to pay a penalty if you need to tap into your savings more than that in any month.
Other options don’t offer such high returns
As you search for a place to store your $5,000 in savings, you’ll likely come across multiple options. But, other options don’t typically offer such high returns. For example, traditional savings accounts are only paying an average of 0.45% per year in interest right now. And, the average annual return on a money market account is just 0.68%, according to the FDIC. Those returns are minimal when compared to the returns in excess of 5% that some high-yield savings accounts come with.
You could get a sign-up bonus
Sign-up bonuses can expand the returns you earn on your savings. And, some high-yield savings accounts offer these bonuses to attract new customers. So, when you open a high-yield savings account, you may be able to get one of these bonuses, expanding your potential earnings.
See how much you could earn with a high-yield savings account today.
The bottom line
A high-yield savings account can be an effective way to store your savings. That’s especially true if you have $5,000 that you’d like to earn a meaningful return on. Returns on these accounts don’t just beat many other options, they can beat inflation, giving you the opportunity to expand the buying power of your savings – rather than lose it. At the same time, you’ll maintain the liquidity of your money and you may even qualify for a sign-up bonus. Compare your high-yield savings account options now.
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Thousands of duloxetine bottles, an antidepressant sold as Cymbalta, recalled over toxic chemical
Thousands of bottles of the antidepressant duloxetine, which is sold under the brand name Cymbalta, have been recalled due to the presence of a toxic chemical, according to a notice from the Food and Drug Administration.
The October 10 recall is due to the presence of N-nitroso-duloxetine, a chemical that is toxic if swallowed and is suspected of causing cancer, according to the National Library of Medicine. The FDA classified the recall as Class II, which means that the drug could cause “temporary or medically reversible adverse health consequences.”
The medication, manufactured by Towa Pharmaceutical Europe, was distributed nationally throughout the U.S., according to the recall notice.
Towa and the FDA didn’t immediately respond to requests for comment.
Duloxetine recall
The recall covers 7,107 bottles of duloxetine, the FDA said. The bottles include 500 delayed-release 20mg capsules. The lot number is 220128, with an expiration date of 12/2024.
Duloxetine, a selective serotonin and norepinephrine reuptake inhibitor (SSRI), is prescribed for anxiety and depression, and can also be used to treat nerve pain for people with diabetes, the Mayo Clinic notes. It’s also used for people with fibromyalgia and chronic pain related to bones and muscles, it adds.
McDonald’s Quarter Pounder hamburgers are being linked to an outbreak of E. coli that has sickened nearly 50 people in 10 states, killing one person, federal health officials said Tuesday.
Most sick people reported eating Quarter Pounders from McDonald’s, and investigators are working to confirm which food ingredient is contaminated, according to the U.S. Centers for Disease Control and Prevention.
A total of 49 cases have been reported so far. Most of the illnesses occurred in Colorado and Nebraska, with 26 sickened in the former and nine stricken in the latter, the CDC stated. Of the 26 sickened in Colorado, an older adult died, the CDC said.
Another person developed hemolytic uremic syndrome, a serious condition that can cause kidney failure. The person who died is not the same same person with HUS.
A total of at least 10 people have so far been hospitalized.
Nine people were reported ill in the outbreak in Nebraska, with Utah and Wyoming reported four illnesses a piece. Other states reporting illnesses include Iowa, Kansas, Missouri, Oregon and Wisconsin.
In a statement McDonald’s posted to its website, Cesar Piña, the company’s North America chief supply chain officer, said that “initial findings from the investigation indicate that a subset of illnesses may be linked to slivered onions used in the Quarter Pounder and sourced by a single supplier that serves three distribution centers.”
McDonald’s is cooperating with federal and state public health officials and has stopped using fresh slivered onions and quarter pound beef patties in several states, where the product will temporarily be unavailable, the CDC stated.
Quarter pound beef patties are only used on Quarter Pounders and fresh slivered onions are primarily used on Quarter Pounder hamburgers and not other menu items, the CDC said.
The illnesses began at the end of September and the most recent occurred as of Oct. 11.
It usually takes three to four weeks to determine if a sick person is part of an outbreak. Most people infected with the toxin-producing E. coli experience severe stomach crams, diarrhea and vomiting. Most recover without treatment after 5 to 7 days.
People are advised to call their health care provider if they ate a McDonald’s Quarter Pounder and have severe E. coli symptoms:
McDonald’s did not immediately respond to a request for comment.
Chipotle Mexican Grill job applicants better get used to conversing with AI — their first interview could be with an artificial intellgence-powered system named “Ava Cado” rather than a human hiring manager.
The fast-casual Mexican restaurant chain said Tuesday that it is partnering with Paradox, a maker of what the technology company calls “conversational” AI, to launch the new hiring platform.
By collecting basic information about candidates, Ava will free up restaurant managers to focus on other tasks, according to the company. The AI can also schedule interviews and even make job offers in real time, the company said. Ava is also a polyglot and able to conduct interviews in English, Spanish, French and German.
The new technology is expected to reduce the amount of time it takes Chipotle to hire an employee for an in-restaurant position by as much 75%, Chipotle said in a statement to CBS MoneyWatch.
Chipotle plans to deploy the system across more than 3,500 restaurant locations in North America and Europe. The technology is currently being introduced at restaurants in a phased approach that’s expected to be complete by the end of October.
In addition to collecting biographical information, Ava can engage with job applicants and answer their questions about the company, according to Chipotle.
“Paradox operates as if we’ve hired additional administrative support for all our restaurants, freeing up more time for managers to support team members and provide an exceptional guest experience. We’re excited about the early improvements we’re seeing,” Chipotle chief human resources officer Ilene Eskenazi said in a statement.
A number of other major restaurant chains, retailers and other companies have turned to Paradox’s AI hiring tech, including Applebee’s, McDonald’s, Panera Bread, Taco Bell and Wendy’s.
Although AI can expedite the hiring process, it can also be controversial as a recruiting tool. Some studies have found that it can lead to biased assessment of candidates and unintentionally discriminate against people based on their race or gender.
To guard against the misuse of AI in hiring, New York City in 2021 passed a law that requires companies that use the technology to disclose its use to job candidates. Employers are also required to conduct annual third-party “bias audits” of their automated hiring systems to ensure the technology isn’t discriminating against certain types of candidates.
Thousands of duloxetine bottles, an antidepressant sold as Cymbalta, recalled over toxic chemical
Minnesota DNR sues Lake County to stop resort expansion near the Boundary Waters
McDonald’s Quarter Pounder hamburgers linked to deadly E. coli outbreak, CDC says
Thousands of duloxetine bottles, an antidepressant sold as Cymbalta, recalled over toxic chemical
Minnesota DNR sues Lake County to stop resort expansion near the Boundary Waters