Michael Joyce encouraged listeners to check their interest rates in an interview with Rachel DePompa of NBC12. This story has been distributed to NBC affiliates nationwide.
Watch the NBC12 story here.Take Advantage Now, While Rates Are High
In the story, Michael reminds us to check the interest rate on our savings accounts. The national average interest rate for a savings account is .59% but some banks offer up to 5.27%
Michael suggested researching money market accounts, short-term CDs and Treasury bills at credit unions or FDIC-insured online banks.
He encourages consumers to take advantage of interest rates now, because they won’t stay high forever.