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3 smart reasons to open a high-yield savings account this April
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When looking for a safe and effective way to grow your money, a high-yield savings account is considered one of the better options. These accounts come with higher rates than many other savings vehicles, allowing savers to access their money as they would with most other types. But the timing behind a potential account opening needs to be right.
If you were to open a high-yield savings account in 2020 or 2021, for example, when the interest rate climate was significantly lower, your earnings would have been minimal. But the interest rate climate of recent years has been more favorable for these accounts, although that window of opportunity could soon be closing. With that understanding, it can make sense for many to open a high-yield savings account this April. Below, we’ll break down three smart reasons why you may want to act now.
Start by exploring your high-yield savings account options here to see how much more you could earn.
3 smart reasons to open a high-yield savings account this April
Here are three reasons why savers should consider opening a high-yield account this month.
To earn more on your money
With interest rates on high-yield savings accounts approaching 6% right now, it’s a great time to earn more interest on your money with these accounts. Compared to the minimal 0.47% most savers can secure with a traditional savings account, you’re essentially losing money by not making the switch to a high-yield savings account instead. That said, rates on these accounts are variable and subject to change with the economic climate, so it makes sense to earn these high returns now while they’re still available.
See what high-yield savings account rate you could secure here today.
To take advantage before rates fall
The prospect of interest rate cuts has loomed for months but is particularly high right now. With continued success toward lowering inflation, the Federal Reserve could cut its benchmark interest rate range as soon as June, meaning interest rates on high-yield savings accounts will drop in tandem. Even a hint at interest rate reductions to come could affect what lenders are willing to offer savers today. It makes sense, then, to take advantage of high rates while they’re still available by opening a high-yield savings account this April.
To maintain the flexibility you’re accustomed to
If you’re searching for the highest interest rate possible this April you may be better served by opening a certificate of deposit (CD) account instead of a high-yield savings account. But that higher rate will come with a cost – you’ll need to be willing to keep your money untouched for the full CD term or risk getting hit with an early withdrawal penalty for premature access.
But high-yield savings accounts don’t come with this restriction, allowing you to maintain the flexibility you’re accustomed to with your regular savings account, all while earning that higher interest rate. This is particularly important for those who already do most of their banking online. Since many of the best high-yield savings accounts can be found with online lenders, the transition from a regular account to a high-yield one can be seamless.
The bottom line
With interest rates on high-yield savings accounts still high right now – but with the potential for rate cuts strong for later this spring and summer – this month could be a smart time to act. By opening a high-yield savings account this April you’ll immediately start earning more on your money and you’ll maintain the flexibility you’re already accustomed to with your regular savings accounts.
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$100 million in federal funds released for North Carolina to rebuild roads, bridges damaged by Helene
Washington, D.C. – The U.S. Department of Transportation released $100 million in emergency funds on Saturday for North Carolina to rebuild its roads and bridges damaged by Helene.
“We are providing this initial round of funding so there’s no delay getting roads repaired and reopened, and re-establishing critical routes,” said U.S. Transportation Secretary Pete Buttigieg in a statement. “The Biden-Harris administration will be with North Carolina every step of the way, and today’s emergency funding to help get transportation networks back up and running safely will be followed by additional federal resources.”
The storm caused rampant flooding that has devastated several towns and killed more than 225 people – with CBS News confirming at least 114 people killed in North Carolina. There was more than 8 inches of rain across the western North Carolina mountains, with some areas seeing more than a foot.
Hundreds of roads across Western North Carolina remain closed, leading to an increase in air traffic as teams scour the region for survivors by air. Air traffic over Western North Carolina has increased by 300% due to relief efforts since the storm cleared, the Federal Aviation Administration and the North Carolina Department of Transportation.
Mudslides blocked Interstate 40 and other highways in North Carolina and about 400 roads were closed due to damage from Helene. Interstate 40 was damaged at several locations, the Department of Transportation said.
President Biden visited the Carolinas on Wednesday, surveying the flood damage by air from Greenville, South Carolina, to Asheville, North Carolina. Mr. Biden announced the federal government would cover “100%” of all debris removal and emergency protective measure costs in North Carolina for six months.
The Department of Transportation said these relief funds will allow the North Carolina Department of Transportation to act more quickly to fund eligible repairs to their damaged facilities.
Li Cohen and
contributed to this report.
CBS News
Tropical Storm Milton forms in Gulf; forecast to strengthen into hurricane headed toward Florida
Tropical Storm Milton has formed in the Gulf of Mexico and is forecast to strengthen into a hurricane headed toward Florida with possible impacts to its western coast, the National Hurricane Center said on Saturday. Maximum sustained winds are expected to be at 40 mph with higher gusts and Milton is currently moving north-northeast, NHC said in an advisory.
Milton is forecast to undergo a period of rapid intensification before it makes landfall as a Category 2 hurricane across Florida’s west coast, CBS News Miami reported.
The forecast comes a little more than a week after Hurricane Helene made landfall in Florida and across the Southeast, killing more than 200 people and causing immense destruction. President Biden on Thursday took an aerial tour of Florida’s Big Bend where Helene struck as a Category 4 storm. Hundreds of people are still missing and Mr. Biden said the work to rebuild will cost “billions of dollars” as communities suffer still without power, running water and passable roads.
NOAA
Milton is forecast to move across the southwestern Gulf of Mexico through Sunday night then across the south-central Gulf on Monday and Tuesday before reaching Florida’s west coast by the middle of the week, NHC said. Heavy rain is possible in the region starting Sunday into Monday, CBS Miami reported, and more rain and heavy winds will most likely arrive on Wednesday. Hurricane and storm surge watches will most likely be required for portions of Florida starting Sunday, the National Hurricane Center said.
Along with the heavy rainfall, the hurricane center said to expect risks of flooding.
Residents in the area should ensure they have a hurricane plan in place, the National Hurricane Center said, follow the advice of local officials and check back for forecast updates.
