CBS News
Why it’s not too late to open a high-yield savings account
SDI PRODUCTIONS Getty Images
For much of the last two years, the borrowing climate has been unfavorable. Thanks to decades-high inflation and interest rates meant to tame it, the cost of borrowing, no matter the product used, has surged. Now, interest rates are in the double digits for credit cards and personal loans and mortgage rates are hovering near their highest point since 2000.
But higher interest rates haven’t been fully detrimental, either. They’ve also raised the benefit of saving for many, with rates on high-yield savings and certificates of deposit (CD) accounts exponentially higher than they were in 2020 and 2021, for example. The timing behind opening one (or both) of these accounts, then, is critical to get right. And while you may have missed out on the earnings potential of a high-yield savings account in recent months, it’s still not too late to get started. Below, we’ll break down three reasons why you should still open a high-yield savings account now.
See how much more you could be earning with one of these accounts here today.
Why it’s not too late to open a high-yield savings account
Here are three reasons why it’s still not too late to get started with a high-yield savings account:
Interest rates are still high
While rate cut optimism was high at the start of 2024, it’s significantly dampened since, thanks to a series of reports showing inflation still sticky. This has put the prospect of rate cuts on hold, leaving interest rates on high-yield savings accounts elevated in the interim.
So, it’s not too late to take advantage. You may be able to secure an account with a rate of 5.55% right now, which is exponentially higher than the 0.46% rate the average savings account comes with. But the rates on these accounts are variable, meaning they will change based on market conditions (including any Fed rate activity), so it’s important to act now while you can still earn a substantial return.
Get started with a high-yield savings account online now.
Interest rate cuts look delayed
While a variable interest rate isn’t necessarily an advantage for those looking to earn big returns on their accounts, it’s less of a concern right now thanks to diminished expectations surrounding rate cuts. No one knows for sure (or when) rates will get cut and by how much.
And considering that inflation rose in the last two months — and that it currently sits more than a full percentage point above the Fed’s target 2% goal — it’s safe to assume that the rate climate will remain relatively stable in the months to come. That’s good news for those who haven’t yet opened high-yield savings accounts but are ready to do so now.
Your savings could use a boost
If your money is currently being kept in a regular savings account, the average rate is minimal right now, meaning you’re losing money by not making the switch. And with inflation high and borrowing costs elevated alongside it, your savings could likely use a boost to keep pace. And regular savings accounts simply don’t offer that option.
It makes sense, then, to put your money in an account that can keep pace with inflation or even outpace it. This won’t be a perfect solution, but it can help buffer the negative economic effects felt elsewhere. And it can be done online right now. So don’t wait to get started.
Explore your high-yield savings account options online today.
The bottom line
It’s critical to get the timing right with any financial decision. And while the last two years were ideal times to open CDs and high-yield savings accounts, the window of opportunity remains open. It’s not too late to open a high-yield savings account now because interest rates on these accounts are still high and appear like they will remain high for for foreseeable future. And with everyday living and borrowing costs still high, your savings could use every bit of help possible. As with all financial products and services, however, be sure to weigh the pros and cons of this unique savings account to make sure it can provide the help you need right now.
Watch CBS News
Be the first to know
Get browser notifications for breaking news, live events, and exclusive reporting.
CBS News
How to watch the Minnesota Vikings vs. Chicago Bears NFL game today: Livestream options, more
Getty Images
The Minnesota Vikings will take on the Chicago Bears today. The Vikings are currently 8-2, an impressive run so far this season, and will be looking to add a fourth win to their current streak after last Sunday’s 23-13 win against the Tennessee Titans. The Bears, on the other hand, are entering this game on the heels of a four-game losing streak after a tough 20-19 loss against the Green Bay Packers last Sunday.
Here’s how and when you can watch the Vikings vs. Bears game today, whether or not you have cable.
How and when to watch the Minnesota Vikings vs. Chicago Bears
The Vikings vs. Bears game will be played on Sunday, November 24, 2024 at 1:00 p.m. ET (11:00 a.m. PT). The game will air on Fox and stream on Fubo and the platforms featured below.
How and when to watch the Minnesota Vikings vs. Chicago Bears game without cable
You can watch this week’s NFL game on Fox via several streaming services. All you need is an internet connection and one of the top options outlined below.
Fubo offers you an easy, user-friendly way to watch NFL games on CBS, Fox, NBC, ABC, ESPN, and NFL Network, plus NCAA football channels. The Pro tier includes 200+ channels and unlimited DVR, while the Elite with Sports Plus tier adds NFL RedZone and 4K resolution. New subscribers get a seven-day free trial and all plans allow streaming on up to 10 screens simultaneously.
You can watch today’s game with a subscription to Sling’s Orange + Blue tier, which includes ESPN, ABC, NBC, and Fox. The plan offers 46 channels with local NFL games, nationally broadcast games and 50 hours of DVR storage. For complete NFL coverage, add Paramount+ to get CBS games, or upgrade with the Sports Extra add-on for additional sports channels like Golf Channel, NBA TV and NFL RedZone.
Watching NFL games, including Fox broadcasts, is simple with Hulu + Live TV, which includes 90 channels, unlimited DVR storage, and access to NFL preseason games, live regular season games and studio shows. The service includes ESPN+ and Disney+ in the subscription.
Want to watch today’s game live on your smartphone? If so, NFL+ streaming service is the solution you’re looking for. It lets you watch NFL Network and out-of-market games on mobile devices, with an upgrade option to NFL+ Premium that includes NFL RedZone for watching up to eight games simultaneously. Note that NFL+ only works on phones and tablets, not TVs.
CBS News
How to watch the Detroit Lions vs. Indianapolis Colts NFL game today: Livestream options, more
Nic Antaya/Getty Images
The Detroit Lions will face off against the Indianapolis Colts today. The Lions enter this game as top contenders with a near-perfect record of 9-1 so far this season. The Colts, who are 5-6 this season, could have a tough game on their hands against the Lions but will be looking to rack up another win after prevailing over the New York Jets in a tight game last Sunday.
Here’s how and when you can watch the Colts vs. Lions game today, whether or not you have cable.
Here’s how and when to watch the Detroit Lions vs. Indianapolis Colts
The Lions vs. Colts game will be played on Sunday, November 24, 2024 at 1:00 p.m. ET (11:00 a.m. PT). The game will air on Fox and stream on Fubo and the platforms featured below.
How and when to watch the Detroit Lions vs. Indianapolis Colts game without cable
You can watch this week’s NFL game on Fox via several streaming services. All you need is an internet connection and one of the top options outlined below.
Experience NFL action like never before with Fubo’s comprehensive sports streaming platform. From Sunday showdowns to primetime matchups, catch every NFL game across major networks including CBS, Fox, NBC, ABC, ESPN and NFL Network. Choose the Pro package to unlock 200+ channels and limitless DVR storage, or elevate your game-day experience with the Elite with Sports Plus package, featuring NFL RedZone’s commercial-free scoring highlights and stunning 4K quality.
Test drive the service with a no-commitment seven-day free trial, and share the excitement with family and friends — Fubo supports simultaneous streaming on up to 10 devices, so everyone can watch their favorite teams.
You can watch today’s game with a subscription to Sling’s Orange + Blue tier, which includes ESPN, ABC, NBC, and Fox. The plan offers 46 channels with local NFL games, nationally broadcast games, and 50 hours of DVR storage. For complete NFL coverage, add Paramount+ to get CBS games, or upgrade with the Sports Extra add-on for additional sports channels like Golf Channel, NBA TV and NFL RedZone.
Watching NFL games, including Fox broadcasts, is simple with Hulu + Live TV, which includes 90 channels, unlimited DVR storage, and access to NFL preseason games, live regular season games and studio shows. The service includes ESPN+ and Disney+ in the subscription.
Want to watch today’s game live on your smartphone? If so, NFL+ streaming service is the solution you’re looking for. It lets you watch NFL Network and out-of-market games on mobile devices, with an upgrade option to NFL+ Premium that includes NFL RedZone for watching up to eight games simultaneously. Note that NFL+ only works on phones and tablets, not TVs.