Put your savings to work

Life Kit

NPR

Education, Business, Self-improvement, Kids & Family, Health & Fitness

4.5 • 4.9K Ratings

🗓️ 24 April 2023

⏱️ 16 minutes

🔗️ Recording | iTunes | RSS

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Summary

The current inflation rate in the US is 5 percent. And most big bank savings accounts offer interest rates much lower than that. In this episode, you'll learn how to protect your savings against inflation.

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Transcript

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0:00.0	You're listening to LifeKit from NPR.
0:06.7	Hey everybody, it's Mary El Segara.
0:09.8	If you have money in a savings account,
0:11.7	I want you to check something,
0:13.3	log into your account online,
0:14.9	and you can see how much interest you're making a year.
0:18.3	It'll say, you know, 0.5% APY, annual percentage yield.
0:24.6	Now I want you to think about another number, 5%.
0:28.0	That's the inflation rate in the US right now.
0:30.8	And it's been higher than that for a while.
0:33.6	The difference between those two percentages,
0:36.3	that's how much the money you have in savings
0:38.5	is losing value every year.
0:41.4	When we put money in a savings account,
0:43.5	we like to think of it as safe, right?
0:45.8	But when inflation is this high, your money isn't safe,
0:49.6	because its value is eroding a little bit at a time.
0:53.7	Arzu Resvani covers personal finance and housing for NPR,
0:57.8	and she says, there's this inertia that happens
1:00.4	with our savings.
1:02.0	I have talked to a lot of people about this,
1:04.4	and what happens really is that they started a checking
	...

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