Savers can earn $100 or more on their money by taking advantage of select savings accounts right now.
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With interest rates still elevated, albeit slightly lower than they were in recent years, and with the Federal Reserve poised to issue its first interest rate hike since 2023, savers will need to take an informed and strategic approach with their money right now. At the same time, every dollar in earned interest will help, and this September, there are multiple pathways in which savers can quickly earn $100 worth of interest.
Some accounts, like high-yield savings versions, can result in these earnings being accumulated more quickly than projected. Since this account type has a variable interest rate responsive to market conditions, it could earn you more interest later this month and into the fall if the Fed actually proceeds with hiking interest rates when it wraps up its next meeting on September 16. At the same time, a traditional account with an average rate of 0.38% now essentially equates to an interest-earning loss when there are still so many viable, more lucrative account types to choose from.
If you want to just quickly earn $100 on your savings now, however, there are credible ways in which you can do just that, and relatively quickly, too. Below, we'll outline three to consider.
Want to earn $100 on your money with virtually no risk and have that extra money available within the next six months (or sooner)? Here's how:
Move $5,000 into a high-yield savings account for the next six months
You can earn $101.47 in the next six months by moving $5,000 into a high-yield savings account right now. With a current rate of 4.10%, you'll have your $100 available by mid-March, though it could be available much earlier if high-yield savings account rates follow the Fed's rate-hiking campaign.And that may come even before a formal Fed rate hike announcement, as banks don't need to wait for the central bank to move rates upward to adjust the returns they provide to savers. If you add more money to the principal, too, you could expedite your interest-earnings timeline, though that could require depositing significantly more than $5,000.
While this will require making a larger deposit, the expedited timeline can make that more achievable compared to the time you'll need to keep your money in the high-yield savings account. Because CD interest rates are fixed, too, your return here will be guaranteed in a way that it won't be with variable-rate account alternatives.