Personal Savings Rates Jump To 33% – How To Make The Most Of It
The report shows consumer income is up 10.5% and expenditures are down 13.36%. This is attributed the the CARES Act stimulus money and a decrease in leaving our homes to spend money.
Overall the American personal savings rate (the rate at which we save part of our income) is at 33% in April. Comparatively this same rate was consistently under 10% the last half of 2019.
Now that we are saving more let’s take a look at the best places to park your money to take full advantage.
We look at some high yield interest rate accounts from a Nerd Wallet study below. We’ll use Ally back as the example, showing how a consumer makes significantly more in interest with an online bank vs the traditional banks (Chase, BofA)
https://www.bea.gov/
https://www.bea.gov/sites/default/files/2020-05/pi0420_0.pdf
https://www.nerdwallet.com/best/banking/savings-accounts
