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If you've been thinking about locking in a certificate of deposit at 4.00% APY, the window is closing fast. The Fed is widely expected to cut rates in September, and once that happens, we don't know when we'll see them this high again.

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We've seen this movie before. People drag their feet waiting for "just a little more," then the Fed cuts rates, and everyone is stuck thinking about what they could have been earning.

Right now feels like that moment all over again.

4.00% APYs won't last much longer

Banks generally wait for the Federal Reserve to cut rates before making any big changes, but FedWatch is currently estimating about an 80% chance the Fed cuts rates during their September meeting.

Here's the math:

• $25,000 in a 3-year CD at 4.00% APY: You'd earn about $3,121 in total interest.
• $25,000 in a 3-year CD at 3.75% APY: That falls to about $2,919.

That's a $200 difference over three years just because you waited too long. Multiply that over longer terms, coupled with the potential of additional rate cuts, and the loss in compounding interest just keep growing.

Why a CD works right now

I'm the first to admit CDs aren't exciting. They're not going to double your money overnight or even out-earn the stock market over the long-term. But they are safe, predictable, and most importantly right now, guaranteed.

Locking in a 4.00% APY today means you get that return no matter what the Fed does this fall. That's peace of mind you won't find in many places.

My best advice

Here's how I'd think about it if I were in your shoes:

• Go short (6 to 12 months) if you want flexibility and think only one rate cut is coming.
• Go long (2 to 3 years) if you want to lock in today's higher yield and not worry about chasing rates later.
• Split the difference with a CD ladder. Spread your money across multiple CDs so something always comes due.

I'd rather grab a guaranteed 4% return today than sit on the sidelines and hope for something better that probably isn't coming.

Where to move fast

Don't expect big banks like Chase or Bank of America to pay you much. Most of them still offer close to nothing. The real deals are at online banks. Right now, plenty are still at or above 4.00% APY on 12-month terms, but those listings shrink every week.

Don't miss it this time

The Fed is almost certainly about to pull the rug out from under savers. The question is whether you'll be one of the people who acted before it happened, or one of the people kicking themselves after.

This is your shot to lock in a 4.00% APY before it disappears. Don't wait until you're stuck earning half that. Visit our best CDs rates page to find the perfect fit for you.

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If you've been watching the markets lately, you've probably felt the urge to keep things simple and safe. Between whispers of rate cuts and geopolitical curveballs, a lot of people I talk to are pulling back and asking where they can keep their cash without stressing about it.

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I've spent years writing about personal finance, and when the world gets unpredictable, the basics matter more than ever.

1. High-yield savings accounts (HYSAs)

Still one of my favorite money moves in 2025.

These FDIC-insured accounts offer easy access to your cash and rates that are still hovering around 4.00% APY with top banks as of mid-July. That's lightyears ahead of the 0.01% some big-name banks are offering.

If you're stashing emergency funds or short-term savings, HYSAs hit the sweet spot of being safe, flexible, easy to open, and actually earning something.

2. Money market accounts

These aren't the same as money market funds, but instead are like high-yield savings accounts with a few differences.

Some offer check-writing privileges or debit cards, making them ideal for people who want slightly more flexibility without sacrificing safety. They're also FDIC insured when offered by banks or NCUA insured if you're using a credit union.

These accounts sometimes come with withdrawal and transfer limits. And often they have large minimums to hit the highest rate tiers.

Rates can be just as competitive as HYSAs if you shop around. Start shopping today by visiting our best money market accounts page.

3. Certificates of deposit (CDs)

If you want a guaranteed return and don't need instant access to your cash, CDs might be the move for you.

Many banks are offering 3-month to 1-year CDs with APYs around 4.00%, but the catch is you'll need to lock in your money for the term. If you break it early, expect a penalty that can wipe out any gains you've made.

Still, if you don't plan to touch the funds, locking in a rate now could protect you against future Fed cuts.

Check current CD rates and terms to lock yours in here.

4. U.S. Treasury bills

If you're willing to go a bit beyond a bank account, T-bills are about as safe as it gets.

These short-term government-backed securities are exempt from state and local taxes and can be bought directly through TreasuryDirect.gov. As of July, many 3- and 6-month T-bills are yielding north of 5%.

They're ultra-low risk and can be a smart place to park large sums temporarily.

One place to avoid: big-bank savings accounts

If you're earning 0.01%, your bank is taking you for a ride. With so many FDIC-insured accounts paying 400x more, there's just no reason to leave your cash sitting in a dead zone. Move it into a high-yield savings account today.

Don't wait until rates drop

The Federal Reserve hasn't cut interest rates yet, but it's expected to later this year. And once that happens, banks will likely trim those juicy APYs we're seeing today.

If you're sitting on cash and not earning at least 4.00%, now's the time to act. These safe havens won't stay this generous forever.

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Moving your money from one savings account to another isn't going to make you rich. But if your cash is sitting in a low-interest account at a big bank like Chase, Bank of America, or Wells Fargo, you're leaving easy money on the table.

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And by "easy," I mean really easy.

Just by switching to a high-yield savings account, you could earn hundreds more per year in interest. That might not fund early retirement, but it could cover your next roundtrip flight. And it takes all of five minutes to set up in most cases.

The math is simple

Most big banks are still offering 0.01% APY on their standard savings accounts. That's not a typo. If you have $10,000 in your account, you'll earn a whopping $1 in interest after a year.

Now compare that to the top high-yield savings accounts, which in July 2025 are paying around 4.00% APY. Same $10,000 deposit, but this time you're looking at $400 a year in interest.

That's real money. Weekend getaway kind of money.

Make your emergency fund work for you

People generally keep their emergency fund in a savings account. That money needs to be safe and easy to access. But that doesn't mean it has to sit there doing nothing.

A good high-yield savings account still gives you:

• FDIC insurance up to $250,000
• Same-day or next-day transfers
• Unlimited transfers
• No fees

Why big banks don't pay up

It's not because they can't. It's because they don't have to.

Chase and Bank of America know most customers won't bother moving their money. And as long as that's true, they'll keep pocketing the difference while their customers earn pennies.

But you don't have to accept that. And once you make the switch, you'll wonder why you waited so long.

How to switch (in under 10 minutes)

1. Open a high-yield savings account with an online bank or credit union.
2. Transfer your savings from your old account.
3. Keep your old account open temporarily if it's linked to bills or apps.
4. Update your direct deposit or auto-transfers if needed.
5. Done.

No, it won't change your life

This won't change your life, but it doesn't have to. Some financial wins are big and dramatic. Others are just smart.

If switching your savings account means your money grows while you sleep, why not do it?

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I've been writing about personal finance for years, but I'll admit that I ignored my own advice about where to park my cash.

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For the longest time, I let my emergency fund sit in a big-bank savings account earning next to nothing. It felt "safe," but I was losing out on real money every month.

Then I opened a high-yield savings account (HYSA). I wish I had done it sooner.

The simple move that made me richer

I moved my emergency fund -- about $15,000 at the time -- from an account paying 0.01% interest to a high-yield savings account earning over 4.00%.

That's the difference between earning $1.50 a year and earning over $600 a year, just for letting my money sit there. It was the easiest raise I've ever given myself. No stress, no risk, and no complicated investing. Just better interest.

Why it felt like a mindset shift

Seeing that interest roll in every month changed how I thought about money. It made saving feel rewarding instead of like a chore.

I also found myself wanting to keep a healthy emergency fund because it was actually working for me, not just gathering digital dust.

This small shift built momentum; first with the emergency fund, then with sinking funds for travel and home repairs, all earning interest while I planned bigger financial moves.

Why now is a great time

Interest rates are still relatively high, which means you can find HYSAs offering 4% to 5% at many online banks.

That won't last forever. Banks tend to drop rates when the Federal Reserve does, and experts think that could happen later this year.

If you're sitting on cash in a checking or low-rate savings account, you could be losing hundreds -- or even thousands -- over time.

Don't keep waiting. Check out our list of best high-yield savings accounts to put your money to work today.

Your move

It doesn't take long to open a high-yield savings account, and many have no monthly fees or minimum balance requirements.

If you've been putting this off, let this be the moment you change that. It changed how I manage my money, and it can do the same for you.

Start earning more on your savings today.

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I've covered personal finance for years, and lately I've noticed more savvy borrowers skipping balance transfer credit cards and choosing personal loans instead to tackle credit card debt.

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It comes down to getting more control, locking in predictability, and sometimes saving more money in the long run.

If you're trying to decide between these two debt payoff options and the reasons below make good sense to you, then a personal loan might be the right solution for you, too.

1. Lower rates without the promo deadline stress

Balance transfer credit cards lure people in with 0% intro APR offers. If you can pay off your balance within the promotional window -- often 12 to 21 months -- you can save a lot on interest. But if you don't pay it off in time, you could get hit with a much higher rate when the promo ends.

Personal loans can give you a competitive fixed rate that doesn't expire, especially if your credit is solid. This means you know exactly what your payment will be each month until the debt is gone, with no surprises.

Thinking about a personal loan? Many top lenders let you check your rate with no impact on your credit, so you can compare side-by-side with balance transfer offers.

2. A clear payoff date you can actually plan around

One of the biggest challenges with credit card debt is that it's open-ended. Even with a balance transfer card, it can be tempting to continue using the card or rolling your debt to a new promo when the old one ends, which drags out your payoff timeline.

A personal loan comes with a clear repayment schedule -- typically two to five years -- and a set monthly payment. You can circle the date your debt will be gone on your calendar and build your budget around it. That structure can help you stay on track and avoid carrying debt year after year.

If you've struggled to pay down your credit cards or you're tired of juggling due dates, the simplicity of a personal loan might give you the mental breathing room you need. Many top lenders let you check your rate with no impact on your credit, so you can compare side-by-side with balance transfer offers. Visit our best personal loans page now.

3. Flexibility to tackle more than just credit card debt

Balance transfer cards are limited to credit card debt, but personal loans can help you consolidate multiple types of high-interest debt. If you have medical bills, payday loans, or even personal expenses you put on high-rate credit cards, a personal loan can combine them into one payment at a potentially lower rate.

This can help you streamline your monthly bills while working toward becoming debt-free. You won't need to juggle multiple due dates or worry about missing a payment on one of your cards, and the consistency can help you build momentum on your financial goals.

Ready to see if you qualify for a personal loan? It generally only takes a few minutes to check your potential rate online, and it could save you money compared to sticking with credit cards. Start by checking out our best personal loans page now.

Why it might be worth comparing your options now

If you're carrying high-interest credit card debt, you have options -- and exploring them now could put you in a stronger financial position for the rest of the year.

Balance transfer cards can be a great tool if you're confident you can pay off your debt before the promo ends, but they're not your only option. A personal loan could give you a lower fixed rate, a predictable payment schedule, and a clear debt-free finish line.

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You've probably seen the headlines: slowing growth, sticky inflation, and whispers about interest rate movement. The big question keeps coming up: Are we headed for a recession?

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Nobody knows for sure, but here's what I do know after years of writing about personal finance: Waiting until you know we're in a recession is waiting too long. The smartest move is to recession-proof your finances before things hit the fan.

Here's what I'm doing, and what I recommend to anyone trying to stay one step ahead.

Build (or rebuild) your emergency fund

If the economy slows down and layoffs start picking up, having three to six months of expenses in a high-yield savings account (HYSA) gives you flexibility and peace of mind.

• Look for an HYSA paying around 4.00% APY. There are plenty right now.
• Keep your emergency fund totally separate from your checking or investing accounts.
• Even $1,000 is a good start if you're rebuilding from scratch.

Cut back on high-interest debt

Credit card APRs are often over 20%. If a recession hits and your income drops, that kind of debt becomes a massive burden fast.

What to do now:

• Pay down variable-rate debt aggressively
• Consider a 0% intro APR balance transfer card if you need breathing room
• Skip extra investing until your high-interest balances are under control

Some of the best recession protection is just not owing money to a credit card company. Simple as that. You can get nearly two years interest-free with some of the best balance transfer credit cards -- check out our list here.

Don't panic-sell your investments

Market dips are scary. But history shows that trying to time the bottom usually backfires. Long-term investors who stay the course tend to come out ahead.

If you're investing for retirement, keep contributing. If you've got short-term goals, like buying a house in a year or two, that money shouldn't be in the market anyway. Historically, the S&P 500 returns about 10% annually. Short-term drops are just part of the ride.

And there's never a bad time to start investing. Pick one of the best online brokers and start thinking about your retirement.

Diversify your income if you can

One income stream feels fine, until it's not. Even a small side hustle or freelance gig can give you financial stability when the economy wobbles.

Some ideas to explore:

• Remote freelance platforms like Upwork or Fiverr
• Part-time consulting or tutoring
• Selling a product or service locally (or online)

You don't need to launch a full-scale business. You just need enough to give yourself options if your main paycheck becomes less reliable.

Recession or not, it pays to stay ready

We might avoid a full-blown recession. Or we might not. Either way, the steps above put you in a better position no matter what happens. Building cash, cutting risk, and keeping your cool can help you ride out whatever the economy throws our way.

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If you're in your 40s and feeling behind on retirement, you're not alone. A lot of people hit this stage of life with less than $150,000 saved and a rising sense of panic.

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But here's the good news: You've still got time. What matters now is how you use it.

With two decades or more until retirement, small moves can still have a big impact. The key is getting smart about where your money goes from here and avoiding a few common traps that quietly eat into your future.

First: understand where you stand

Let's talk numbers. Fidelity recommends having 3x your salary saved by age 40. So if you earn $75,000, you'd be aiming for $225,000. If you're sitting under $150,000 right now, you're not way off, but it's a sign to start dialing things in.

Not sure how close you actually are and looking for some help? The advisors on our partner SmartAsset's platform have been rigorously vetted through their proprietary due diligence process.

Make your money work harder -- starting now

Too many people keep large cash balances in accounts that barely earn interest. Big banks still offer 0.01% APY for traditional savings accounts in most cases, even while online banks are paying 4.00% or more.

That gap adds up fast. If you're holding cash for emergencies or near-term goals, don't let it sit idle. Check out our list to compare the best high-yield savings accounts here and start earning more interest today.

Invest like time is on your side (because it still is)

At 40 or 45, you likely still have 20 to 25 years before retiring. That's enough time for compound growth to do serious work -- but only if your money is actually invested.

If you haven't opened a brokerage account yet, now's the time. You don't need to be a stock picker. A low-cost index fund and regular contributions can get you most of the way there.

Online brokers are easy to use and generally don't charge any fees. The S&P 500 has returned 10% annually over its history. Open a brokerage now and start really saving for your retirement.

Don't let fear keep you stuck

Feeling behind can lead to inaction or risky decisions. But the most important move you can make in your 40s is to start where you are.

• Automate your savings.
• Keep cash in a high-yield account.
• Get your investments working.
• Use tools that help you plan and adjust.

Even small changes now can close a big gap later.

You're not too late -- but this is your window

The truth is, your 40s are a critical time for your money. You've still got runway, but not as much as you used to. That means every decision counts more, and taking action now can save you from scrambling later.

You've got this. Just don't wait.

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Certificate of deposit (CD) rates are holding steady above 4.00% for some terms, and that's got a lot of savers asking the same question: Should I lock one in?

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There's no denying that 4.50% on a federally-insured CD looks good in this market. Especially with the Fed holding rates steady and inflation slowly cooling off. But CDs aren't one-size-fits-all, and jumping in too fast could end up costing you.

Here are four clear signs a CD might not be the right move for you right now.

1. You might need your cash before the CD matures

The biggest tradeoff with a CD is access. Once you lock in, that money is off-limits unless you're willing to pay an early withdrawal penalty. Depending on the bank, that could cost you several months of interest or wipe out all of your earnings.

If there's any chance you'll need that money before the CD's term ends, you're probably better off with a high-yield savings account. Right now, top accounts are still offering over 4.00%, and you can pull money out anytime.

2. You're trying to "time" rates

A lot of savers are trying to lock in rates before the Fed make its first cut of the year. But guessing when that'll happen is just that: guessing.

Right now, markets are likely pricing in at least one rate cut before the end of the year. But timing is still uncertain, and locking in a 1-year CD today could mean you miss better opportunities down the line.

3. Your emergency fund isn't fully built

This one's simple. If you don't have at least three to six months of expenses saved in a liquid account, you probably shouldn't be tying up money in a CD.

Even the best APY won't help if you have to break the CD early. That's why it's smart to use high-yield savings for your safety net and only stash extra cash in a CD if you're sure you won't need it. If you need some help picking the right account, check out these top places for storing your emergency fund.

4. You're looking for long-term growth

CDs are safe, but they aren't meant to build wealth. If you're saving for something years away -- like buying a house or retirement -- you might want to look beyond CDs.

Depending on your risk tolerance, bond ETFs, Treasuries, or a balanced portfolio of stocks can offer better long-term potential. CDs give you certainty, but they can also limit upside if rates fall or the market moves in your favor.

Some good news: You've got options

If none of these red flags apply to you, CDs can absolutely make sense. But if you're not sure you can commit to locking up cash, or if you want to stay flexible in case rates shift, a top high-yield savings account is a smart alternative.

You'll earn nearly as much as a CD -- without sacrificing access or flexibility.

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Most people think you need a complicated budget or the latest app to stay out of debt. Warren Buffett does the exact opposite.

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The billionaire investor has stuck to the same basic rule for decades, and it's one that almost anyone can follow, even if you're not great with money. He simply avoids spending money he doesn't already have.

Seriously, that's it.

Buffett's habit: Only spend physical cash

Buffett has long preferred using actual cash for everyday purchases. Not credit. Not even debit. Just cash.

Why? Because it forces you to feel every dollar that leaves your hand. When you pay with plastic or tap your phone, it's easy to disconnect from the money. But when you carry around a set amount of cash, you naturally become more mindful.

That one habit has helped him avoid personal debt his entire life. He's even said, "If I owe anybody anything, I want to get it paid."

Why most people don't do this -- and why it still works

Let's be real. Most people don't use cash anymore. Tap-to-pay, buy now, pay later, Venmo -- it's frictionless. And that's the problem.

According to a recent survey from the Federal Reserve, nearly 50% of Americans live paycheck to paycheck. And for many, credit cards fill the gap. But that leads to a cycle of interest charges, minimum payments, and financial stress.

Want to go further? Pair Buffett's habit with a high-yield savings account

Here's something I've learned from years of writing about personal finance: Small behavior changes matter a lot more when your money has a safe, steady place to grow.

If you're committing to a cash-based system to avoid debt, the next smart move is to stash your extra savings in a high-yield savings account (HYSA). Top accounts right now are offering up to 4.40% APY, which is more than 10 times the national average.

This one habit could change your financial future

Buffett doesn't live on a budget spreadsheet. He lives by a mindset: Don't spend what you don't have.

It's a low-effort way to stay debt-free, and it's just as effective now as it was when he started decades ago. If you're tired of feeling like money is always tight, this one change could help you take back control -- without sacrificing the things you care about most.

And if you're ready to put your extra savings to work, a high-yield account is one of the easiest wins out there.

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If you've been meaning to move your cash into a high-yield account or CD, this is your wake-up call. I've been writing about banks for years now and know how many people are just leaving money on the table.

Looking for a secure place to grow your savings? See our expert picks for the best FDIC-insured high-yield savings accounts available today - enjoy peace of mind with competitive rates.

We're still in a golden window for savers, but it's shrinking fast. Top high-yield savings accounts are paying up to about 5.00% APY, and 1-year CDs are hitting 4.25% or higher at some banks. These are the kinds of rates we haven't seen in two decades. And once the Fed makes its next move, they'll start to disappear.

Why this matters right now

The Federal Reserve has held interest rates steady for most of 2024 and into 2025. But the signals are clear -- rate cuts are likely coming later this year.

Once the Fed starts cutting, banks won't waste time lowering what they pay on savings accounts. That means this moment where savers hold the upper hand won't last.

You don't want to look back six months from now and wish you had moved sooner.

CDs vs. savings accounts: Which should you pick?

If you don't need instant access to your cash, locking in a CD now could protect your yield longer. CDs offer guaranteed returns for anywhere from three months to as long as five or even 10 years, shielding you from the potential of falling rates.

On the flip side, high-yield savings accounts give you flexibility, and the best ones still offer impressive APYs for now. If the Fed delays its cuts, you can still benefit longer term.

Most people wait too long -- don't be one of them

It's easy to miss windows like this because the shift doesn't happen all at once. Rates dip a little, then a little more, and by the time you notice, you've lost your edge.

Banks don't send out alerts when they slash their savings rates. They just quietly do it.

If you've got extra cash sitting in a checking account earning next to nothing, that's dead weight. Even a few thousand dollars moved into a high-yield account now could mean real money by year-end without taking on any risk.

The hardest part is just doing it. But once it's done, your money's finally pulling its weight.

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When most people think about inheritance, their minds go straight to the obvious: real estate, investment accounts, maybe a family business or art collection. These are the assets that, understandably, get top billing in estate plans.

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But for wealthy families, the most valuable thing you can pass down might not be measured in dollars at all.

It's the plan behind the wealth. And it's what keeps fortunes intact across generations.

The asset most families forget

We're talking about something far less tangible yet far more powerful: your financial blueprint. That includes your estate documents, instructions, passwords, advisor network, family values, and everything else your heirs will need to make smart decisions after you're gone.

In other words, the asset that turns a windfall into a legacy.

It sounds simple, but too many high-net-worth families neglect this part of their estate -- and end up costing their heirs time, money, and emotional strain.

When the money's there, but the plan isn't

Consider this: A family inherits $10 million across accounts, properties, and business interests. But no one knows where the documents are. The executor isn't sure who manages the trust. One adult child wants to sell the vacation home, the other wants to keep it. Accounts get frozen. Lawyers get called. Probate drags on.

Now contrast that with a $10 million estate where everything is in a trust, instructions are clearly documented, and the heirs have already met with the family's advisors. The process is fast, tax-efficient, and drama-free.

That's the difference a plan makes. Looking for an advisor? You can use this free tool from our partner SmartAsset that can match you to a fiduciary advisor.

What this overlooked asset actually looks like

It's not a single document but a framework that ties your entire estate together. Think of it as the owners manual for your wealth. At minimum, it needs to include:

• A clearly written and updated will.
• Trust documents that reflect your current goals.
• A consolidated list of accounts, policies, logins, and other places where valuables and documents are stored, like safe deposit boxes and safes.
• Letters of instruction for your executor or trustee.
• Contact info for your estate attorney, tax advisor, and wealth advisor.
• A simple explanation of how you want your heirs to use the wealth -- whether that's preserving it, donating it, or growing it.

For families with significant assets, you might also include a mission statement, a legacy letter, or even a private video explaining your vision. These aren't just sentimental, but they help unify heirs around your intentions.

How to build and maintain it

Creating this kind of clarity doesn't have to be overwhelming. Here's how to start:

1. Get organized

Pull together your documents and financial account info into a central file or secure digital vault. Make sure your executor knows where it is and how to access it.

2. Work with a team

Coordinate your estate attorney, tax professional, and wealth manager. Make sure they're on the same page and that your heirs know who to call if something happens. Don't have an advisor? The advisors on our partner SmartAsset's platform have been rigorously vetted through their proprietary due diligence process.

3. Update regularly

Life changes. Laws change. Make it a habit to revisit your plan annually or after any major life event.

4. Communicate with your heirs

Consider hosting a family financial meeting or creating a legacy document. Even if you don't share exact dollar amounts, communicating your goals helps prevent misunderstandings. This is also especially helpful in letting heirs express their wishes about inheriting non-financial property like family heirlooms, jewelry, photo albums, and other items of nostalgic value.

Don't just leave money -- leave a map

With estate tax exemptions currently set to shrink after 2025, high-net-worth families will soon face more complexity and higher stakes. Without a clear framework, your wealth is more vulnerable to taxes, fees, and family conflict.

This type of planning doesn't just protect your assets. It protects your vision.

You've worked hard to build something meaningful. But if your heirs don't have a plan, even the best investments can lose value.

So treat your instructions, your relationships, your philosophy, as part of the inheritance itself. It could be the most powerful gift you ever give.

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You've done everything right: built a strong portfolio, invested in real estate, maybe even created a thriving business. But when it comes to passing that wealth on, capital gains taxes can quietly undo decades of smart financial planning.

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And for affluent families, the stakes are especially high. A mistimed transfer or a misunderstood tax rule can mean six- or seven-figure bills for your heirs. The good news is it can all be avoided. But it starts with knowing how capital gains really work when wealth changes hands.

What most families get wrong about inherited assets

Here's the core issue: If you give appreciated assets -- like stock, property, or even collectibles -- to your kids while you're still alive, the transferred assets retain your original cost basis. That means when they eventually sell, they're on the hook for capital gains taxes on the full difference between what you paid and the current value. It's worth mentioning that this only applies to assets that have gained value. Gifting assets at a loss is usually not a smart thing to do.

Now consider this: If those same assets are passed down after your death, your heirs may qualify for a step-up in basis, which adjusts the asset's value to the fair market value at the time of your passing. It's one of the most powerful, and overlooked tools for preserving inherited wealth.

A quick example:

• You bought stock for $200,000 that's now worth $1.5 million.
• If you gift it during your lifetime, the cost basis remains $200,000 for the recipients. When they sell, they could face a $1.3 million capital gain -- and a steep tax bill to match.
• If they inherit it after your death, their basis steps up to $1.5 million. Sell it at that value, and the taxable gain? $0.

It's a dramatic difference. And it's one that could easily mean hundreds of thousands of dollars in savings.

Afraid you're not set up for success? The advisors on our partner SmartAsset's platform have been rigorously vetted through our proprietary due diligence process.

What to do instead: Strategies that keep your heirs richer

Here's how to avoid letting capital gains chip away at your legacy:

1. Understand the step-up in basis

Before transferring any assets, talk to a tax advisor about whether those assets would qualify for a step-up in basis at death. In many cases, it's better to hold appreciated investments in your name and let heirs inherit them -- not gift them during life.

If you want to find an advisor but need a place to start, this no-cost quiz from our partner, SmartAsset, makes it easier to find a fiduciary financial advisor.

2. Use gifting strategically

If you do want to give while living, focus on cash or assets that haven't appreciated much. You can also explore using trusts to manage future appreciation in a tax-smart way.

3. Review your estate plan regularly

Tax laws change. Your estate plan should change with them. With the current estate tax exemption set to drop after 2025, now's the time to revisit your strategy.

4. Coordinate with professionals

Work with a financial advisor, estate attorney, and CPA who understand how to navigate capital gains in large estates. Coordination matters -- especially when your portfolio includes a mix of real estate, private equity, and market investments.

The goal is to keep your money

Your generosity should be a gift, not a tax problem. By planning ahead and understanding how capital gains apply to your estate, you can help your family keep more of what you've worked so hard to build.

Don't leave it to chance. A few smart moves now could save your heirs a fortune later.

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How much money do you really need to retire comfortably? For the average American, the answer is $1.26 million, according to the 2025 Northwestern Mutual Planning & Progress Study. That number might feel ambitious -- and for many, it is.

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The study found that 1 in 4 Americans with retirement savings have just one year's worth of their current income saved -- or less. Even more concerning, 51% of U.S. adults say it's likely they'll outlive their savings.

So why is there such a massive gap between what Americans think they need and what they actually have?

1. People start saving too late

On average, Americans don't begin saving for retirement until age 31. That leaves just 30-some years to build a seven-figure nest egg. While Gen Z is starting earlier (around 24), older generations got a much later start, and it shows in their savings.

If you're getting a late start, don't panic. There are still ways to build real momentum. Consider ramping up your 401(k) and IRA contributions, taking advantage of employer matches, or using catch-up contributions if you're over 50.

Want a clear snapshot of where you stand? Use this no-cost quiz from our partner SmartAsset to get matched with up to three fiduciary advisors so you can get professional advice.

2. Rising costs are outpacing savings

Inflation has pushed everyday expenses higher. Healthcare, housing, and long-term care costs are all rising faster than many Americans can keep up with.

That's why today's retirees need more money saved up than previous generations. A $1 million retirement fund doesn't go as far as it did a decade ago, especially if you're planning for a 30-year retirement.

3. Too much focus on growth, not enough on protection

According to the study, 61% of Gen Z and 60% of millennials say they focus heavily on growing their assets but neglect protecting them. That means things like life insurance, long-term care planning, and even budgeting often fall by the wayside.

But building wealth is only half the equation. Protecting what you've worked for is just as important. For example, people routinely lose out on interest by keeping their savings in a traditional savings account instead of a high-yield savings account (HYSA). HYSAs pay up to 10 times the national average rate.

If you need help striking the right balance between growth and safety, you can use this free tool from our partner SmartAsset that can match you to a fiduciary advisor.

4. Many Americans still rely on Social Security

Nearly half of Gen X worries Social Security won't be there when they need it -- and yet, many still plan to rely on it as a primary income source in retirement. Social Security is very likely not going to disappear completely, but payouts could drop.

Social Security is meant to supplement your savings, not replace them. Building up personal assets through 401(k)s, IRAs, and other investments is key to having control and security in retirement.

Don't delay any longer

Americans might know what they need to retire comfortably -- but knowing isn't the same as doing. If you feel like you're falling behind, now is the time to act.

With the right tools, advice, and a little urgency, it's possible to close the gap.

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A high-yield savings account is one of the best places to let your money grow while keeping it within reach. The top interest rates are between 4.50% and 5.00% right now, which is more than 10 times the national average.

Looking for a secure place to grow your savings? See our expert picks for the best FDIC-insured high-yield savings accounts available today - enjoy peace of mind with competitive rates.

We've done the hard work for you and researched the top banks to compile the best options with the highest rates available today.

Below is a list of savings accounts with the best APYs we've found.

Why we chose these savings accounts

• Attractive returns. Enjoy some of the top APYs available to boost your savings quickly.
• Easy start. Some accounts require little or no minimum deposit to open and begin earning interest.
• Digital convenience. Open and manage these accounts fully online from your phone or computer.
• Nationwide access. Open an account from anywhere in the U.S. without needing to join a local credit union.

Want to grow your money without locking it up?

High-yield savings accounts combine flexibility with competitive interest. If you value easy access to your funds and no long-term commitment, an HYSA may be the perfect fit.

Explore more options:

• Best High-Yield Savings Accounts -- See our top picks today
• Banks With Savings Buckets -- Track your savings goals separately
• Safest Banks in the U.S. -- Sleep peacefully at night knowing your money is safe

Should you open a high-yield savings account?

If you have extra cash in an account that's earning you very little, it's a great time to make a change. High-yield savings accounts offer strong rates now, helping your money grow.

Consider opening one if you:

• Need low-fee, easy online access
• Want freedom and flexibility from your bank account
• Seek higher returns without locking funds away
• Value the safety net FDIC insurance provides

These accounts provide better returns while keeping your cash accessible. They're perfect for home and auto repairs, vacation planning, or providing cushion in the event of job loss. Click here to compare the best high-yield savings accounts and open one today.

How to open a high-yield savings account

Getting started with a high-yield savings account is easy and usually takes just a few minutes:

1. Compare your options. Look for the best APY, but also consider fees, ease of access, and minimum balance rules.
2. Apply online. Most accounts can be opened from your phone or computer -- no paperwork required.
3. Fund your account. Link an existing checking or savings account and transfer the amount you want to deposit.
4. Set up recurring deposits (optional). Some accounts offer higher APYs when you make regular monthly contributions.
5. Track your balance and earnings. Interest usually compounds daily and is paid monthly, helping your savings grow faster over time.
6. Keep an eye on your APY. Bank's can raise or lower APYs at their discretion. If you see yours decrease substantially, it may be time to look around for a new account.

Sick of monthly deposit requirements?

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We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Motley Fool Money does not cover all offers on the market. Editorial content from Motley Fool Money is separate from The Motley Fool editorial content and is created by a different analyst team.American Express is an advertising partner of Motley Fool Money. Ally is an advertising partner of Motley Fool Money. SLM is an advertising partner of Motley Fool Money. HSBC Holdings is an advertising partner of Motley Fool Money. Wells Fargo is an advertising partner of Motley Fool Money. Discover Financial Services is an advertising partner of Motley Fool Money. Synchrony Financial is an advertising partner of Motley Fool Money. JPMorgan Chase is an advertising partner of Motley Fool Money. Bank of America is an advertising partner of Motley Fool Money. Charles Schwab is an advertising partner of Motley Fool Money. Citigroup is an advertising partner of Motley Fool Money. The Motley Fool has positions in and recommends Axos Financial, Bank of America, Goldman Sachs Group, JPMorgan Chase, PNC Financial Services, and U.S. Bancorp. The Motley Fool recommends Barclays Plc, Charles Schwab, Discover Financial Services, and HSBC Holdings and recommends the following options: short June 2025 $85 calls on Charles Schwab. The Motley Fool has a disclosure policy.

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High-yield savings accounts now offer rates up to 5.00%, which makes them an excellent option for growing your money.

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But keep in mind, savings account APYs can differ widely between banks. It's important to compare accounts so you don't miss out on what could be hundreds more in interest earnings per year.

We've searched around to bring you the best options. Check out our top picks for high-yield savings rates today.

Why we picked these savings accounts

• Competitive APYs. These are among the highest interest rates available, helping your money grow faster.
• Low barriers to entry. Some of these accounts have low or no minimum deposit requirements to open or earn interest.
• Online convenience. Every account listed can be opened and managed entirely online from your phone or computer.
• Available nationwide. These banks let you open an account from anywhere in the U.S. without needing to join a local credit union.

Want to grow your money without losing access and flexibility?

High-yield savings accounts combine flexibility with competitive interest. If you value easy access to your funds and no long-term commitment, an HYSA may be the perfect fit.

Explore more options:

• Best High-Yield Savings Accounts -- See our top picks today
• Banks With Savings Buckets -- Track your savings goals separately

Should you open a high-yield savings account now?

Got extra cash sitting in an account earning next to nothing? It's a great time to boost your earnings. Right now, high-yield savings accounts are offering competitive rates.

Opening a high-yield savings account could make sense if:

• You want to earn more interest without locking up your money
• You value safety -- most accounts are FDIC insured
• You prefer flexibility over committing to a fixed term
• You want an account with no or low fees and easy online access

High-yield savings accounts let you earn a competitive return while keeping your money accessible. That makes them ideal for emergency funds, upcoming expenses, or savings goals you want to reach in the next year or two.

How to open a high-yield savings account

Opening a high-yield savings account is simple and quick. You can often do it in minutes.

Here's how to begin:

1. Shop around. Look for the best APY. Think about fees, access, and any minimum balance needs.
2. Utilize online applications. You can open most accounts on your phone or computer without any physical paperwork.
3. Add funds. Connect a checking or savings account and transfer your chosen deposit amount.
4. Set up recurring contributions (optional). This ensures your balance will continue to grow automatically over time.
5. Keep an eye on your APY. Bank's can raise or lower APYs at their discretion. If you see yours decrease substantially, it may be time to look around for a new account.

High-yield accounts offer a simple way to grow your cash with little effort. There's really no reason not to take advantage of the benefits they provide. Click here to compare the best high-yield savings accounts and open one today.

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We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Motley Fool Money does not cover all offers on the market. Editorial content from Motley Fool Money is separate from The Motley Fool editorial content and is created by a different analyst team.American Express is an advertising partner of Motley Fool Money. Ally is an advertising partner of Motley Fool Money. SLM is an advertising partner of Motley Fool Money. HSBC Holdings is an advertising partner of Motley Fool Money. Wells Fargo is an advertising partner of Motley Fool Money. Discover Financial Services is an advertising partner of Motley Fool Money. Synchrony Financial is an advertising partner of Motley Fool Money. JPMorgan Chase is an advertising partner of Motley Fool Money. Bank of America is an advertising partner of Motley Fool Money. Charles Schwab is an advertising partner of Motley Fool Money. Citigroup is an advertising partner of Motley Fool Money. The Motley Fool has positions in and recommends Axos Financial, Bank of America, Goldman Sachs Group, JPMorgan Chase, PNC Financial Services, and U.S. Bancorp. The Motley Fool recommends Barclays Plc, Charles Schwab, Discover Financial Services, and HSBC Holdings and recommends the following options: short June 2025 $85 calls on Charles Schwab. The Motley Fool has a disclosure policy.