Make Sure Your Cash Works as Hard as You Do

by Stacy Francis, CFP®, CDFA

Not ready to put your cash in the stock market? Feeling like you are not getting anywhere making 0% on your extra dough? We have the answer for you.

One of the easiest ways to get higher interest rates on your checking and savings is to do your banking online. You need to make sure that you use a bank or brokerage firm whose name you recognize. Also, make sure the accounts are FDIC insured. What does FDIC insurance do for you? A lot - so listen up.

Established by the federal government in 1933, after the bank failures of the Great Depression, the FDIC guarantees deposits in banks and thrift institutions for up to $100,000 per depositor per bank. If the bank fails, the government will protect your money up to the established limits. So make sure the bank accounts you stash your cash in are FDIC insured.

Savvy Ladies’ Tip: One of the highest paying savings accounts is 0.75% offered by Capital One and Ally Bank. Another great resource for finding the best interest rates is at BankRate. The site has a great tool for comparing rates.

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Stacy Francis, CFP®, CDFA

Stacy Francis is the Founder, CEO and President of Francis Financial, Inc., a Wealth Management and Financial Planning firm. With over 18 years of experience in the financial industry, she is a CERTIFIED FINANCIAL PLANNER™ (CFP®), a Certified Divorce Financial Analyst™ (CDFA™), and a Certified Estate Planning Specialist (CES™). She is the Co-Director of the Association of Divorce Financial Planners’ (ADFP) Greater New York Metro Chapter and a member of the Women Presidents’ Organization (WPO) and an honoree member of the Private Risk Management Association (PRMA). A nationally recognized financial expert, Stacy has appeared on ABC News, CNBC, CNN, PBS Nightly Business Report, The Today Show, Good Morning America, Fine Living Network, and The O’Reilly Factor. Stacy attended the New York University Center for Finance, Law and Taxation.