CHARLOTTE, N.C. — A Forbes article broke down some numbers as to how people are saving and included a way to make money on what you already have.
Let's get into it.
Forbes said the average account balance people have is about $5,300 in the bank. That number includes all checking, savings, money market and call deposit accounts, as well as prepaid debit cards.
Only 6% of people across the country don't have a bank account at all. It's a low number, but that is an increase from 2020. As for preference, the majority of Americans are now on board with digital banking. Last year, nearly 80% of adults said they would rather bank using a mobile app or website.
Only 29% of Americans prefer to bank in person. For money-making tips, ask your local bank or credit union about their offers on certificate of deposit accounts.
They work a lot like savings accounts, paying you interest the longer you let the money sit there.
Unlike a savings account, you usually have to wait anywhere between one month and several years before making that first withdrawal. However, CD rates are going up. This means putting money away for a year or two may be worth the payout later.
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