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Explore the Best Savings Options with O1ne Mortgage

At O1ne Mortgage, we understand the importance of making informed financial decisions. Whether you’re looking to save for a future goal or simply want to maximize your returns, we have compiled a list of some of the best savings options available. For any mortgage-related needs, feel free to call us at 213-732-3074.

1. Certificates of Deposit (CDs)

Certificates of Deposit (CDs) offer higher annual percentage yields (APYs) compared to traditional savings accounts. As of October 2023, CD rates range from 4.60% to 5.55%, significantly higher than the average traditional savings account rate of 0.46%. CDs are federally insured up to $250,000 per depositor, making them a safe savings option. However, be aware that withdrawing funds before the maturity date may incur penalties.

2. Money Market Accounts (MMAs)

Money Market Accounts (MMAs) provide a higher yield than traditional savings accounts without locking you into a term. These accounts combine features of both checking and savings accounts, allowing you to write checks and make withdrawals with a debit card. However, some MMAs limit monthly transactions and may have minimum balance requirements.

3. High-Yield Checking Accounts

High-yield checking accounts offer interest rates between 1% and 4%, higher than traditional savings accounts. Some online banks even offer yields over 5.00%. To earn these rates, you may need to meet specific requirements, such as making direct deposits or opting for paperless statements.

4. 401(k)s

401(k) and individual retirement accounts (IRAs) are essential for retirement savings, often providing higher long-term returns through the stock market. These accounts also benefit from employer contributions and tax advantages. Be mindful of annual contribution limits and potential penalties for early withdrawals.

5. Treasury Bonds, Notes, and Bills

Treasury bonds, notes, and bills are secure savings options backed by the U.S. government. Treasury bonds have terms up to 30 years, while Treasury bills are short-term investments ranging from four weeks to one year. Treasury notes offer intermediate-term maturities and pay interest twice a year.

6. I Bonds

I Bonds are linked to the inflation rate, offering a guaranteed return that adjusts every six months. As of now, I Bonds guarantee a rate of 5.27% through April 2024. These bonds are a great option for diversifying your portfolio and protecting your savings from inflation.

Secure Your Financial Future with O1ne Mortgage

High-yield savings accounts and other investment options can help you achieve your financial goals faster. At O1ne Mortgage, we are committed to helping you make the best financial decisions. For any mortgage-related inquiries, call us at 213-732-3074. Your financial health is our priority.

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