How to earn 4% or more on your money starting this September

Earning 4% or more on your savings this September is possible with the right account choices. A high-yield savings account currently offers interest rates around 4.10%, which is nearly 980% more lucrative than a traditional savings account with an average rate of 0.38%. These accounts allow for easy deposits and withdrawals, and their variable interest rates will increase if the market conditions improve. You can find online marketplaces to compare options and open an account immediately to begin earning more interest.

For those who want the convenience of a single account with check-writing abilities, a money market account is another secure option. Although its interest rates are a few basis points below the high-yield savings account, money market accounts also have variable rates and can be a good middle-ground solution. Additionally, unlike certificate of deposit (CD) accounts, money market accounts don't restrict accessibility, making them an attractive option for those unsure whether to choose a high-yield savings account or CD.

The most profitable account type listed is a CD account, with long-term accounts offering rates as high as 4.35% to 4.50%. Since the interest rate is fixed, your return is guaranteed as long as you keep the funds in the account until the maturity date. While this may be challenging for some savers, the guaranteed return and protection from interest rate swings make CDs an attractive option. If you consider a CD, look for online banks that tend to offer higher rates and better terms than traditional branches.

In summary, high-yield savings accounts, money market accounts, and CD accounts are viable options for earning 4% or more on your money starting in September. With the interest rate expected to rise, high-yield savings and money market accounts may be particularly lucrative, depending on your initial deposit and subsequent additions.

To maximize your returns, consider splitting your funds among two or all three accounts, while keeping your money in a traditional savings account limited this September and the following months to avoid losing potential interest.