The Real Deal: Have extra cash to put away? Here's how to make money on your money.
Have extra cash to put away?
News 12's consumer reporter Janice Lieberman has The Real Deal on how you can make money on your money.
"You want to be shopping around for a bank account that pays you a higher yield. You really want to make sure you're getting as high yield as possible," says Kimberly Palmer, personal finance expert at NerdWallet.
Palmer says that often you can find a higher yield through an online bank account by looking for smaller, less traditional banks.
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"Second thing you want to look for is fees, because some banks do charge fees and those fees can quickly eat away at any yield that you are earning," she says.
Make sure you are investing wisely. Make sure the money is safe. Bank accounts should be FDIC insured.
"One thing to consider if you are carrying debt is to look for something like a 0% intro APR credit card. So, you can put that your debt, your credit card debt on a card like that and then pay it off over a set time period. Usually, you have 12 months or 18 months," Palmer says.
If you have a story idea, question or tip, click here to reach out to Janice.