Dave Ramsey recently advised against investing money in savings accounts, emphasizing that their purpose is merely to save for specific goals. However, this advice is viewed as detrimental because the best high-yield savings accounts can yield much higher interest rates than the national average, leading to potential loss of thousands over a lifetime. While long-term investments are crucial for retirement, individuals generally need to keep substantial savings in accounts, making it important to earn interest on these funds rather than letting them sit idle.
The best high-yield savings accounts offer competitive interest rates and sometimes even provide cash bonuses for new accounts - so don't miss out on all this free money.
Ramsey's tweet said: 'Never invest at banks or in savings accounts. Remember, a savings account is for savings. You're not trying to make money on this money.'
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