Make your savings work harder

In this episode of NPR's Life Kit, Marielle and Arzu Rezvani discuss strategies for maximizing savings and protecting money from inflation. They begin by highlighting the importance of checking interest rates on savings accounts and comparing them to the inflation rate, noting that many traditional savings accounts offer rates so low that money effectively loses value over time. They suggest exploring smaller banks, credit unions, and online banks for higher interest rates, while also advising caution and ensuring FDIC insurance. The discussion covers alternative savings options like certificates of deposit (CDs) and government bonds, specifically I-bonds, explaining their features, benefits, and potential tax implications. The key takeaway is that regardless of income level, it's crucial to be aware of different ways to make your money work for you and protect it from losing value due to inflation.