Tue Jul 23 2024, by Tyler Gardner

3 Quick Ways to Make 12 Times What You're Earning in Your Savings Account

If you are looking to make 12 times what you're currently earning in your savings account, here are three ways to do it in under 10 minutes with under $10. I'm Tyler, a former financial advisor and portfolio manager, and I create financial content for free to help guide your investment decisions.

1. Open a High-Yield Savings Account

Open and fund a high-yield savings account. For instance, SoFi is currently offering 4.6% with no minimum deposit. American Express will give you 4.26% with a $1 minimum, and Barclays will give you 4.35% with no minimum.

2. Invest in a Money Market Fund

Open a brokerage account with Fidelity or Schwab and invest that $10 in a leading money market fund. For example, Vanguard's VMFXX is currently returning 5.31%, Schwab's SWVXX is at 5.28%, and PIMCO's AMAXX is returning 5.27%. These funds invest in short-term and relatively safe securities and are accessible in case of emergency.

3. Invest in a No-Cost Index Fund

You could also open a brokerage account with Vanguard or E-Trade, where you could invest that $10 in a no-cost index fund. Fidelity's FNILX currently has 0% fees, Vanguard's VOO has 0.03% in fees, and iShare's IVV is also 0.03% in fees. This strategy will be about 33 times cheaper than giving this $10 a week to a financial advisor and having them invest in the same low-cost index fund for you.

If any of this is helpful, please like and follow, and I’ll keep trying to guide you one step closer to where you need to be.

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