When it comes to your money, the real dream would always be for your money to just make more money. Luckily, in today’s day and age, it seems that there are more ways for your money to grow on itself and compound into more money.
The dream is real.
The best way to see your money grow like this is to figure out how to invest it or to put it into a savings account that will give you money back. If this is something that you’re interested in, read on to learn about a few different ways you can put your money in a bank or other financial institution and have it grow.
The possible ways to grow your money are:
- Open a high-interest online savings account.
- Switch to a checking account with a high yield.
- Build a CD ladder.
- Join a credit union.
All of these are methods for putting your money into a secure financial institution that will help your money to grow by a certain percentage over a specified period.
Does FDIC Backing Matter?
With most of these options, you’ll likely find that they say they’re backed by the FDIC or that the FDIC will insure your account up to a certain value.
The FDIC is the acronym that represents the Federal Deposit Insurance Corporation. You’ve likely seen this acronym before, when it comes to putting your money in the bank or when it comes to making investments.
The FDIC is an independent agency that is part of the government (in the United States). When the FDIC says that they’re protecting a set of interests or the like, it means that should a bank or other savings account fail, the FDIC will give you back the money that you “lost.”
Just make sure that you don’t deposit an amount beyond what the FDIC insures, or else you’ll only receive backup to the maximum amount they have promised to replace.