Life Kit Make your savings work harder
71 snips
Jul 1, 2025 
Arzu Resvani, a personal finance and housing reporter for NPR, shares valuable insights on maximizing savings. She discusses why traditional savings account interest rates are often insufficient due to inflation. Listeners learn about the advantages of smaller and online banks for higher returns and the importance of comparing options. Resvani also explains I-bonds, their long-term benefits, and tax implications. Strategies for every budget are highlighted, ensuring everyone can make their savings work harder.
AI Snips
Chapters
Transcript
Episode notes
Check and Switch Savings Accounts
- Check your current savings account interest rate and compare it to the inflation rate.
- Switch to a higher-interest savings option to avoid losing money to inflation.
Smaller Banks Offer Better Rates
- Bigger banks often offer very low interest rates on savings.
- Smaller banks and credit unions typically offer more competitive rates to attract depositors.
Use Trusted Sites to Find Rates
- Use websites like NerdWallet, DepositAccounts.com, and Bankrate to find high-interest savings accounts.
- Check for minimum deposits and hidden fees before switching banks.