The sooner people get their money into savings accounts and out of hard cash, the more it will grow, he says. Some savings accounts can earn up to 4% interest per year, and will help the cash grow over time. Instead, Di Cesare advises that once you’ve built an emergency savings fund and paid off your high interest or personal loan debt, you should prioritize saving in a high-yield savings account or investing it. It’s potentially losing its value at a rate of 6.5% per year.” “It’s a creative way to save money, but having cash stored away is like burying it in your yard or under your mattress. But this method of saving money is likely not what will give your savings the most value, according to Patrick Di Cesare, a certified financial education instructor.
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