At the current average savings account interest rate of .1%, your savings are losing about 1% a year to inflation. Here are the pros and cons of some options to consider:Online Savings AccountInterest rate: As of the date of this article, .90% is the highest online savings account rate on Bankrate. Pros: They’re generally FDIC-insured and can be linked to your checking account for easy transfer back and forth. Cons: They have the same cons as the Series I Savings Bonds but can’t be purchased in paper form. However, these options are also likely to continue paying more when interest rates eventually go back up again.

Source: Forbes September 28, 2020 13:52 UTC