With inflation at 40-year highs, accompanied with losses in the stock market, some online companies are promising returns on “savings accounts” that may seem very attractive. However, many times they are probably too good to be true – are they real and is your money secure?
If you’re opening a new high yield “savings account,” be sure to read the fine print, not just the marketing pitch. If your money isn’t insured by the NCUA or the FDIC (up to $250,000 per account), what are you risking? Remember to focus not only on the return on your money, but also on the return of your money!
Bottom line: be sure to read the fine print on any new account to be sure your money is safe and insured!