Recruitment increased in May. Here’s what conservationists should do now.

The economy may be doing better than experts initially thought.

At least that was the takeaway from one New unemployment numbers Published on June 2, 2023. Employers added an overall 339,000 jobs in May, the Labor Department said, even as the unemployment rate ticked up from 3.4% to 3.7%. That’s significantly above the 190,000 new jobs economists predicted would be added in the month. Jobs were added in a wide range of industries, from construction and transportation to health care and government.

The announcement is a welcome one for a country that is still coping Inflation and high interest rate That is designed to fight inflation. But what does the news mean for savers? Specifically, what will the Federal Reserve do with these new data points at their next meeting after June?

The Fed could use the news to raise rates again, or keep them where they are. If they do both, savers should strongly consider two deposit vehicles that can help them take advantage of the high rate environment.

Start exploring high-yield savings accounts here now to see how much more you can earn for your money.

What should conservationists do now?

There are two primary options for savers looking to take advantage of today’s high interest rates. They should now strongly consider what to do.

Open a high-yield savings account

A regular savings account has an interest rate of 0.40%, as per FDIC. But you can get an account with a rate 12 times more Simply through an opening High Yield Savings Account Instead. Work like this account Regular savings accountOnly at much higher interest rates.

Look at the numbers to see How much more you could be earning. A $5,000 deposit in a regular savings account will only grow to $5,020 after a full year. But the same amount in a high-yield savings account would grow by $5,175 in those same 12 months. And that is at 3.5% interest rate! If you shop around, you can find something even higher.

said, High yield savings account rates Variable and dependent on what the Fed does. Knowing this, it makes sense to open high-yield accounts now when rates are high. If the Fed keeps rates where they are or raises them later this month, you’ll get more interest But in the interim, it lets you start making that extra money now.

Start now with a high-yield savings account here.

Open a CD

If you’re not sure where interest rates are going – but still want to lock in a higher rate – then a Certificate of Deposit (CD) account May be the way to go. Interest rate on CDs CDs are locked in for the duration regardless of any activity by the Fed. So, if you open a CD now with an interest rate of 3.5% and the rate stays the same in July but drops in August, you’ll still be locked in to June’s higher rate.

That said, to get that locked rate, you need to be completely comfortable with securing your money duration CD’s If you withdraw funds before maturity, you may forfeit some or all of the interest you have earned to date (although you may seek some No-penalty CD too).

Still, it may be worth it to you to take advantage of the higher interest rates – and to avoid the endless cycle of deposits and withdrawals your funds would normally be in a regular account.

Explore your CD options now to see how much more you can earn

Bottom line

No one knows where the economy is headed, although the expected hiring numbers released Friday were encouraging. What that means for the Fed, and how the Fed reacts to interest rate hikes, remains to be seen.

For now, savers should do their best to take advantage of higher rates by opening a high-yield savings account, CD, or both. These deposit vehicles offer a safe and smart way to protect and grow your savings despite any volatility or uncertainty in the wider economy.

Get started here now!