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3 savings moves to make with inflation still rising
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Inflation has been a cause for concern for some time now. In fact, in mid-2022, the Federal Reserve increased its target federal funds rate for the first time since 2018 in response to high COVID-era inflation. Since then, it has increased its benchmark rate several times, pushing it to a 23-year high, where it still stands today.
Though inflation seemed to be dwindling toward the end of 2023, price growth has gained a second wind with inflation coming in hot thus far in 2024. And while high inflation rates may make budgeting more difficult and debt more expensive, they can also make returns on deposit accounts more attractive.
With the federal funds rate high, earnings on some deposit accounts can outpace inflation. As inflation persists, there are a few smart moves you could be making to make your money work harder for you.
Compare leading high-yield savings accounts to earn a better return on your savings.
3 savings moves to make with inflation still rising
Here are three savings moves you should make as inflation continues rising:
Open a high-yield savings account
Many of today’s high-yield savings accounts offer returns that are ahead of inflation – even as inflation rates head up. So, these accounts can help you produce a positive inflation-adjusted return on your savings. But, strong current returns aren’t the only reason why it’s wise to open a high-yield savings account right now.
Increasing interest rates is the Federal Reserve’s go-to weapon against high inflation levels. So, if inflation continues to rise, the Federal Reserve could increase its target federal funds rate again. And, if you have money in a high-yield savings account, that may be good news.
After all, the federal funds rate is a common benchmark for consumer interest rates. So, if high inflation levels lead to another federal funds rate hike, interest rates on high-yield savings accounts could head up, too. That means your earnings could increase ahead.
Find out how much you could be earning with a high-yield savings account today.
Opt for short-term CDs
In today’s inflationary environment, one in which high interest rates have become the norm, returns on certificates of deposit (CDs) can be impressive. Leading CDs are offering returns over 5%. But, there’s a catch. You have to keep the money you deposit in the account until it matures. If you access your money early, you may have to pay a penalty.
The good news is that you can choose to open a short-term CD. These CDs typically mature in one year or less.
If inflation continues heading up, the Federal Reserve may increase rates. But, if you have your money tied up in a long-term CD, you won’t be able to benefit from those rate hikes. Choosing a short-term CD can give you liquidity (or the ability to access your cash) sooner. That means if rates increase ahead, your short-term CD may mature in time for you to take advantage of potentially higher returns.
Open a high-yield checking account
Although high-yield savings accounts and CDs are compelling homes for your cash savings, they’re not the only high interest-earning account type to pursue today. A high-yield checking account could help.
“High-yield checking accounts can be a good choice for some consumers, as they offer higher interest rates than regular checking accounts,” explains Cameron Burskey, senior partner at the financial planning firm, Cornerstone Financial Services. “If these align with your financial needs and usage patterns, they can be a valuable option for earning extra interest on your checking account balance.”
High-yield checking accounts are similar to traditional checking accounts in that they give you a safe and highly liquid place to store your daily spending money. But, the difference is in their yields. While many traditional checking accounts don’t offer returns, high-yield checking accounts offer returns as high as 4.62% right now.
And, since high-yield checking account returns are typically variable, they could rise if inflation continues rising.
Compare today’s leading high-yield checking accounts now.
The bottom line
Inflation continues to come in hot despite the Federal Reserve’s attempts to rein in price growth. Should this continue, the Fed could increase rates further. But that could be good news for savers.
If you want to make the most of today’s inflationary environment, it’s time to get strategic with your savings (and your checking) account. Consider opening a high-yield savings account and a short-term CD to house your savings. And keep your daily spending money in a high-yield checking account. By doing so, you’ll turn today’s high inflation rates into positive news by capitalizing on the earnings made possible by inflation and higher interest rates.
CBS News
Man stopped at border crossing with dead woman in car’s passenger seat, Croatia police say
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Croatian authorities arrested an Austrian national on suspicion of trying to smuggle a corpse, after he was stopped at a border crossing with a dead woman riding in his car’s passenger seat, police said Tuesday.
The 65-year-old man was stopped at the Gunja border crossing with Bosnia in late November after presenting travel documents for himself and another passenger, police told AFP in a statement.
The officers then became suspicious after noticing the female passenger “was not conscious and was not communicating.”
Police called a coroner to the scene, who established that the passenger was dead.
Authorities said the 83-year-old woman had died in Bosnia, and the driver had tried to take her body to back Austria to “avoid formalities related to the transport of deceased,” the statement added.
Police did not elaborate on the relationship between the two, but local media has described the man as the deceased’s legal guardian.
Police said the case had been formally handed over to the country’s prosecutors.
Drivers in the U.S. have also been found with corpses in their vehicles for a variety of different reasons. Last year, a man in Texas was arrested after a man’s body was found inside his car nearly 40 miles away from where police there believe he was hit by the car.
In 2014, a Detroit-area man said he refused to stop and contact authorities after one of his passengers died during a drive to Michigan from Arizona because he feared being incarcerated if police investigated. Four years before that, police said a Southern California woman drove around for months with a homeless woman’s mummified body in her passenger seat.
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Rex Heuermann, alleged Long Island serial killer, due in court as prosecutors promise major development
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RIVERHEAD, N.Y. – Accused Gilgo Beach serial killer Rex Heuermann is due back in court on Long Island Tuesday morning, and prosecutors are promising a major development in the case.
The hearing is set to begin after 9:30 a.m. A press conference is expected at the Suffolk County DA’s office shortly after. We will bring that news conference to you live on CBS News New York.
The judge has previously indicated he wanted to set a trial date at today’s hearing.
Heuermann’s last court appearance was back in October.
Heuermann accused of killing 6 women, so far
Heuermann, 61, has pleaded not guilty to murder charges in the deaths of six women between 1993 and 2011. The remains of 11 people were discovered around Gilgo Beach during that period, and investigators believe Heuermann may be linked to other killings. The Suffolk County DA has said there could be future indictments.
Four of the victims had their bodies disposed of near Gilgo Beach. Two others were murdered as far back as 2003 and 1993. Each of them had been involved in sex work.
Prosecutors allege Heuermann is linked to the murders through DNA, burner phone data, a description of his truck, internet searches and what they call a blueprint for how to get away with murder.
Attorneys wrangle over DNA, volume of evidence
A key point of contention in the new DNA evidence is called SNP, which prosecutors say links the hairs of victims to Heuermann. The defense has called an outside lab’s methods of genetic testing unproven and “magic.”
Another hurdle for prosecutors is the sheer volume of evidence. The DA says they’re struggling to keep up with the costs of processing the 120 terabytes of data and 400 electronic devices seized.
Heuermann’s attorney says his client is looking forward to his day in court and will be pursuing a change of venue, claiming the jury pool in Suffolk has been “poisoned.”
Heuermann remains in isolation in jail.
CBS News
Osiel Cárdenas Guillén — notorious drug lord nicknamed “Friend Killer” — returned to Mexico after U.S. prison sentence
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Notorious drug lord Osiel Cárdenas Guillén has been returned to Mexico after serving a U.S. sentence and was quickly re-arrested and sent to a maximum security prison to face Mexican charges.
There had been nervousness about the impending return of Cárdenas Guillén, who once led the feared Gulf cartel in northeastern Mexico before he was arrested and extradited to the United States in 2007.
The U.S. Homeland Security Department confirmed in its social media accounts Monday that Cárdenas Guillén had been returned after serving 14 years in U.S. custody, most of his 25-year U.S. prison sentence. He is a Mexican citizen, so presumably he was deported.
“The successful removal of Osiel Cardenas, a notorious international fugitive, underscores our unwavering commitment to public safety and justice,” said Enforcement and Removal Operations Chicago Field Office Director Samuel Olson in a statement.
A Mexican federal official who was not authorized to be quoted by name said Cárdenas Guillén had immediately been taken into custody in Mexico on drug, organized crime and money-laundering charges.
U.S. Immigration and Customs Enforcement/Handout via REUTERS
The official said Cárdenas Guillén was being held at the country’s top maximum-security Altiplano prison just west of Mexico City.
Homeland Security Investigations posted photos of a paunchy, balding, bespectacled Cárdenas Guillén being escorted by two officers in helmets and flak vests, and the being walked over a border bridge.
The image contrasts with the drug lord’s fearsome reputation for violence in Mexico.
Nicknamed “El Mata Amigos” (“Friend Killer”), he recruited former Mexican special forces soldiers to form his personal guard. The former head of the Gulf cartel was known for his brutality. He created the most bloodthirsty gang of hitmen Mexico has ever known, the Zetas, which routinely slaughtered migrants and innocent people.
The 57-year-old native of the border city of Matamoros, Mexico, moved tons of cocaine and made millions of dollars through the Gulf cartel, based in the border cities of Reynosa and Matamoros.
After his arrest in the northeast border state of Tamaulipas, he was extradited in 2007 to the United States, where he was sentenced in 2010 to 25 years in prison and ordered to pay $50 million.
At that time, the Justice Department alleged that Cardenas Guillen threatened to kill a Texas sheriff’s deputy who was working as an undercover ICE agent because he refused to deliver almost 1,000 kilograms of marijuana.