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While families are saving more these days, it is harder than ever to find out where to safely grow those savings

Posted by: RateAPY Bank Rates News
September 22nd, 2009

The U.S. Department of Commerce’s Bureau of Economic Analysis has some good news about the state of the American economy: families are saving money at higher rates these days. In the second quarter of 2009, consumers were saving five percent of their disposable personal income, compared to a recent low of about one-half percent back in the fourth quarter of 2001.

While saving money for future needs is great, consumers can sometimes find it difficult to decide where to put their money to maximize growth and security. Comparing rates on money market accounts, Certificates of Deposit (CD) and savings accounts make sense, but savers need to make sure they understand the rules for these accounts, too.

Generally, CD interest rates are a bit higher than money market accounts and savings accounts, but the money cannot be withdrawn without a penalty before the end of the term. Checking the rates for each of these accounts makes sense, along with investigating whether better rates might be available for customers with multiple accounts at one savings institution.

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