Many of the wealthiest and most successful investors in the world will tell you that they owe a significant portion of their fortune to interest rates. Warren Buffett, for example, is a master of compound interest, the financial strategy that maximizes profit through exponential interest payments and contributions. After decades of compounding, Buffett’s net worth has grown over $100 billion, and about half of it was earned through compound interest.
If you would like to get into compounding, one of the first steps is to choose the right instrument that will pay interest on a monthly, weekly, or daily basis. The options in this regard vary from high-yield savings accounts to certificates of deposit and from bonds to money market accounts. Naturally, you will want to select accounts that pay higher interest rates, and this is when visiting the following websites comes in handy:
The financial publishing company behind this website has been around since the mid-1970s, and it is considered to be one of the most successful in terms of making the transition from print to digital media. With BankRate, you get more than just a list of the banks offering interest-bearing products; you can also take advantage of a great range of financial calculators you can use to figure out how much your investment can grow.
Best Cash Cow
In addition to listing the most attractive interest rates around the United States, this website will also provide you with a bank overview and commentary about the financial services offered. While Best Cash Cow has not been around as long as the other websites on this list, it is rapidly gaining clout and reputation as a reliable source of personal finance information.
As its name suggests, this website is dedicated to the more technical aspects of personal finance. When you get into the Nerd Wallet forums, you will be able to find lively discussions on everything from credit scores to tax liability and from interest rates to stock trading. Nerd Wallet also publishes lists of banks offering competitive rates not just in terms of savings and certificates but also mortgage loans.
The United States Treasury
The most reliable sovereign debt instruments in the world are issued by the U.S. Treasury. Foreign governments and institutional investors routinely invest in Treasury bills and bonds, but they are also available to individual investors. There was a time when Treasury instruments were sold by retail banks, but you can now do so through the Treasury Direct program, and you can track the value and interest paid from their website.
The Wall Street Journal
As the most esteemed financial newspaper among finance professionals, the WSJ includes a section where you can find solid personal finance advice. It is in this section where you can compare high-yield savings accounts offered by various banks; in fact, some WSJ articles provide guidance on how you can open overseas accounts where the average interest rates are higher than what you usually find in the U.S.