"Watch CBS News") 4 ways to earn more interest on your savings We may receive commissions from some links to products on this page. Promotions are subject to…
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# 4 ways to earn more interest on your savings
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Aly J Yale
Aly J. Yale is a contributing writer for the Managing Your Money section for CBSNews.com, covering various personal finance topics, including investing, homebuying, loans and more.
July 31, 2023 / 9:56 AM EDT / CBS News
Earning more interest on your savings is especially important in today's challenging economic climate. Getty Images
Who doesn't want to earn more interest on their savings — particularly in today's challenging economic environment? [Inflation is still high](https://www.cbsnews.com/news/inflation-is-down-what-that-means-for-savings-rates/), and with prices up on nearly everything up, we could all use a little more cash in the bank. But unfortunately, rates on basic savings accounts just aren't keeping up. [According to the Federal Deposit Insurance Corp.](https://www.fdic.gov/resources/bankers/national-rates/index.html), the typical savings account earns just a 0.42% APY.
While there are other options to [grow your money](https://www.cbsnews.com/news/want-to-retire-early-heres-what-experts-say-to-do/) — like investing in the stock market or buying real estate, for example — those often come with risk.