High Interest Accounts in 2023


With housing prices and inflation going much higher these days, I honestly don’t know how people are able to afford things. There are some things you can do to protect your well-earned money right now, and that is to get started with high interest accounts where your money is growing all on its own, rather than sitting under your pillow. I always advocate a strategy that includes stocks as the primary vehicle for growth (the S&P500 has the best historical returns!), but if you have any extra cash lying around, let’s say, in your Checking Account or Savings Account, or maybe it is even sitting in your home in the form of $100 bills, I would strongly encourage you to consider placing your money into a high yield interest account.

Savings Accounts:

You can get incredible rates with online banks, such as Ally Bank or SoFi Bank right now. I’m a huge fan of SoFi due to its HIGHEST rates in the market right now. You can get 4.60% APY with a Savings Account. If you know of a higher interest Savings Account, please let me know. Even if there is another option that provides a higher rate, I doubt you will find as many useful tools as SoFi provides. First of all, they have a really great ATM network (just make sure to record transactions with your cell phone (video record) in case an ATM makes an error since it will greatly reduce the time it takes to file a dispute!), and they also have an investment account that you can use to automate your investing.

Hi! 👋 Join me to start earning more money with SoFi Checking and Savings. You’ll earn up to 4.60% APY and pay no account fees. Use my link to sign up and you’ll get a $25 bonus and up to $250 when you set up direct deposit.


Certificate of Deposit (CD):

This is another excellent opportunity to seize in the market right now. There are a lot of resources online that you can use to find the best option for you.

Right now, it’s possible to find a 6-month CD offering rates of 5.5% or higher, but 3-year CD rates are maxing out at about 4.65%. And the rates on 5-year CDs are also lower on average. This means that by opting to put $5,000 in a 6-month CD, you can grow your money faster in a short time frame without the commitment of a long-term investment.

Here is a great article that I found about this topic where you can find options that provide 5.75% to 6.00%:


Money Market Funds:

Another great option is to just put your money in a money market fund. Vanguard’s VMFXX has a compound yield of 5.43%. You can add money any time, withdraw any time.

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