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How to Get the Most Out of Your Dollars

Here’s how to find cash reserves that grow your money.

Most people put money in a traditional savings account and move on. In fact, 57% of Americans keep their savings in traditional savings accounts that earn less than 1% interest.1 This could be because people see a savings account as just a place to park money, not grow it.

The best way to get more out of your savings is to save consistently, make sure you’re earning a competitive interest rate, and avoid paying fees on your savings accounts.

Here’s a practical look at ways to grow your dollars.

Start With a High-Yield Savings Account

A high-yield savings account works just like a regular savings account. You deposit money, it earns interest, and it’s FDIC-insured up to $250,00 per depositor, per ownership category. You can access your funds when you need them. The difference is the rate.

The best high-yield savings accounts offer APYs (annual percentage yield) that are significantly higher than most banks, and top accounts deliver rates that pay several times the national average.

For example, if a traditional savings account pays 0.01%, an account with a $10,000 balance would earn about a dollar in one year. In contrast, a high-yield savings account with a 3.50% APY would pay roughly $350 in interest on that same account balance over one year.

When you choose Growth Savings, you get a competitive APY as well as:

  • No monthly maintenance fees.
  • FDIC insurance.
  • Easy-to-use digital platform and a top-rated mobile app.
  • Interest compounded daily and paid monthly.
  • The good feeling that comes from banking with a proud partner of the National Park Foundation.

Consistent contributions to your high-yield savings account also helps you save more over time. If you have regular income, you can set up a recurring transfer to your Growth Savings account on payday so your savings happen before you spend that money elsewhere.

Put Your Savings to Work for You

Forbright Bank Growth Savings earns a competitive APY with no hidden fees. Open a Growth Savings account in minutes and start earning more on every dollar.

Open an Account

Lock in Your Rate with a Certificate of Deposit

A Certificate of Deposit (CD) locks in a fixed rate for a set period of time, typically from several months to several years. In exchange for agreeing to leave your funds in the account until maturity, you receive a guaranteed return. That makes a CD a strong option if you want a locked-in rate.

With a Growth CD, you can enjoy several benefits including:

  • No fees. There is no opening fee, maintenance fee, or fee for funding your CD. (However, there is a penalty for early withdrawal.)
  • Competitive interest rates and various terms.
  • FDIC insurance. Forbright Bank is insured by the FDIC, which means each depositor is covered up to $250,000 per ownership category.
  • Access to paid interest before maturity. Growth CD offers the option of withdrawing interest paid on your CD without waiting for it to mature.

With a Growth CD, you also benefit from our 10-day best rate assurance, which means you’ll automatically receive the best published rate if rates increase during the first 10 calendar days of opening your account.

Use the CD Ladder Method for Access

If you’re concerned about losing access to money if it’s locked in a CD, build a CD ladder. This practical strategy will allow you to have access to your funds and still get the perks of a fixed rate CD.

Here’s how it works. Split your savings into equal chunks and put each into a CD with a different term. You can choose three-month, six-month, nine-month, 12-month, and two-year CDs. With the ladder technique, you always have a CD maturing every few months, so you’ll never feel fully locked out.

The biggest advantage of a CD ladder is that it eases the timing problem. If rates drop in the future, your longer-term CDs are locked in at today’s higher rates. If rates rise, your maturing short-term CDs get the new, higher rate.

Ready to Lock in Your Rate?

Apply for a Growth CD and secure a competitive fixed rate with terms designed to fit your timeline. With our 10-day best rate assurance, you’ll automatically get the best published rate if rates increase within the first 10 days of opening.

Apply for a Growth CD

Don’t Let Fees Undo Your Progress

Even a great APY can quietly chisel away at your savings with the wrong fee structure. Here’s what to watch out for:

Monthly maintenance fees. Some accounts charge $5–$15 per month just to hold your money. On a modest balance, that wipes out your interest earnings entirely. Look for accounts that charge nothing.

Early withdrawal penalties on Certificates of Deposit. If you withdraw money from a CD before it matures, you’ll typically pay an early withdrawal penalty. This isn’t a reason to avoid them, but it is a reason to only lock away money you’re sure you won’t need before the term ends. A CD ladder helps in this situation since you always have something maturing soon.

Use Growth Savings and Growth CD Together

You don’t have to choose one or the other. Most people benefit from having more than one type of savings vehicle.

Your emergency fund belongs in a high-yield savings account like Growth Savings, where it stays accessible and keeps earning. Money you’ve set aside for a specific goal and won’t need for a while is a natural fit for a Growth CD, especially if you want to lock in a specific rate.

A simple approach is to keep three to six months of expenses in Growth Savings and put anything beyond that into a Growth CD or stagger multiple terms to maintain rolling access.

By building and following a clear savings plan, you can make the most of your cash and start watching it grow.

Disclaimer: This article is for general information and education only. It should not be considered financial or tax advice.

1 https://corporate.vanguard.com/content/corporatesite/us/en/corp/who-we-are/pressroom/press-release-vanguard-survey-reveals-savings-blind-spot-idle-cash-03192025.html

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