Life Kit: Money Make your savings work harder
20 snips
Jul 1, 2025 
Arzu Resvani, a personal finance and housing expert at NPR, shares insights on transforming your savings strategy. She discusses the pitfalls of typical low-interest savings accounts and reveals high-yield alternatives like I-bonds and online banks. Listeners learn to evaluate their interest rates against inflation and explore strategies such as CD ladders and maximizing returns. With practical advice on choosing the right account, this conversation empowers listeners to make informed financial decisions and safeguard their money.
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Check and Upgrade Savings Rates
- Check your savings account interest rate online and compare it with the inflation rate.
- Switch to higher-interest accounts to protect your savings from losing value due to inflation.
Smaller Banks Offer Better Rates
- Larger banks often offer very low interest rates because they can afford to.
- Smaller banks and credit unions offer better rates to attract more deposits.
Use FDIC-Insured Online Banks
- Online banks typically offer better interest rates than big banks.
- Confirm they are FDIC-insured before depositing to ensure safety.