02 Oct Finding a high interest savings account

Q. I’m looking for a high interest money market savings account. Suggestions?
— Searching

A. Even though we’ve seen the Federal Reserve raise interest rates, investors aren’t seeing much of a return on bank accounts. Not at all.

And you probably won’t see any big money interest rate offers any time soon for savings or money market accounts.

“Basically in all these types of accounts, you are guaranteed to lose money on an after-tax, after-inflation basis, so really the rate is not that important,” said Jerry Lynch, a certified financial planner with JFL Total Wealth Management in Boonton. “The goal of this account should be as a safety fund or if you need the money within the next few years.”

Lynch recommends you go to BankRate.com, which can tell you where to find some of the higher money market account rate offers, plus offers for Certificates of Deposit.

“These are still guaranteed to lose money on an after-tax, after-inflation basis,” Lynch said. “Keep what you need liquid and try to grow the rest.”

Consider not just brick-and-mortar banks, but online-only institutions, too. They often have higher rates, but always be sure to read the fine print before opening an account.

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