With interest rates hovering near zero for much of the last decade, savers couldn’t expect to earn much in interest when they stashed their money. But with rates near 22-year highs, there may be reason to get your bills out of the mattress.
Online banks are offering high-yield savings accounts paying interest in the neighborhood of 5%. Rates on one-year certificates of deposit — a popular cash equivalent — pay over 5%. (Check out CNBC Select’s lists of the best high-yield savings accounts here and of the best CDs here.)