How to maximize your investable cash amid high inflation
$35,000.
»> WELCOME BACK TO "SQUAWK.
WITH NEAR RECORD HIGH INFLATION
AND RISING INTEREST RATES, WHERE
WILL YOU GET THE BEST RETURN ON
YOUR CASH?
ONE OF THE BEST PLACES TO PUT
YOUR SHORT-TERM SAVINGS.
SHARON EPPERSON JOINS US NOW
WITH SOME OPTIONS.
GOOD MORNING
» GOOD MORNING, ANDREW.
THERE ARE SOME ATTRACTIVE
OPPORTUNITIES FOR YOUR EMERGENCY
AND SHORT-TERM SAVINGS RIGHT
NOW.
THE NATIONAL AVERAGE RATE ON A
SAVINGS ACCOUNT IS JUST OVER 0.2
OF 1%, BUT THE AVERAGE WEIGHT ON
A TOP HIGH-YIELDING SAVINGS
ACCOUNT IS 2.34%
THAT'S ACCOUNT TO DEPOSIT
ACCOUNTS.COM AND SOME RATES AT
ONLINE BANKS ARE AS MUCH AS 3%
IN A ONE-YEAR CD, THE NATIONAL
AVERAGE IS ONLY ABOUT 1%
RATES ON TOP EARNING ONE-YEAR
CDs AVERAGE 3.65%.
FOR SAVINGS YOU'RE NOT GOING TO
NEED FOR A YEAR OR MORE, THE
9.62 RATE ON AN I BOND IS HARD
TO BEAT, BUT YOU MIGHT NOT BE
ABLE TO GET THEM RIGHT NOW
AS YOU HEARD EARLIER, THE
TREASURY DEPARTMENT SAID IT MAY
NOT BE ABLE TO PROCESS THE
UNPRECEDENTED DEMAND FOR I BONDS
IN TIME TO LOCK IN THE RATE BY
OCTOBER 31st
A NEW RATE WHICH IS GOING TO BE
6.5% WILL GO INTO EFFECT ON
TUESDAY FOR THE NEXT SIX MONTHS.
STILL, THAT'S A FAR BETTER
RETURN THAN YOU'LL GET ON ONLINE
SAVINGS ACCOUNTS OR CDs RIGHT
NOW IF YOU CAN ACTUALLY BUY THE
I BONDS.
TO LEARN MORE ABOUT WAYS TO
MAXIMUM YOUR FINANCES, JOIN ME
NEXT TUESDAY FOR CNBC, YOUR
MONEY, AND HERE FROM TOP
FINANCIAL EXPERTS.
YOU CAN REGISTER AT
» EVEN IF THE RATE FOR I BONDS
FALLS, IS THAT STILL THE BEST
PLAY FOR YOUR MONEY?
» YOU CAN'T CASH THEM IN FOR 12
MONTHS
IF YOU CASH IN THE I-BOND IN
LESS THAN FIVE YEARS, YOU CAN --
YOU LOSE THE LAST THREE MONTHS
OF INTEREST.
YOU REALLY NEED TO THINK ABOUT
THIS MONEY THAT YOU'RE TRYING TO
CASH IN BECAUSE IF YOU TRY TO DO
IT AFTER 18 MONTHS, YOU'RE ONLY
GOING TO GET THE FIRST 15 MONTHS
OF INTEREST AND THAT'S WHY MOST
FINANCIAL ANALYSTS AND ADVISERS
SAY IT'S NOT A GOOD OPTION FOR
YOUR ENERGY FUND, FOR YOUR
LIQUID SAVINGS YOU MIG
