MarketWatch writes that, "The average savings account now pays a pathetic 0.06%. Here 5 spots where your savings can earn way more." The article explains, "The national average interest rate for savings accounts is just 0.06%, according to Bankrate data from November. Yikes. The good news? You don't have to proceed with a rate that low. First up, look to online banks, as many offer higher rates -- sometimes four or five times higher than average -- than old school brick and mortar ones, experts say. LendingClub is offering a 0.60% APY for accounts with at least $2,500, and Marcus by Goldman Sachs offers an 0.50% APY with no minimum, as does Chime, SallieMae, Synchrony and a handful of others." The piece tells us, "Seeing these rates, some people may ask: Is it even worth saving right now? Yes, in some circumstances, experts say. 'Emergency savings or funds that you'll need in the short term should be placed in an account that is easily accessible without penalties or tax consequences. Since the primary goal is accessibility and safety of principal, it's okay to trade a low interest rate for that,' says Rosa, who adds that short-term means in roughly a year or less. Adds financial planner Scott Ward of Johnson+Sterling: 'Since unplanned events like car repairs and out-of-pocket medical bills can occur, the first step in a sound financial plan is to set up an emergency fund. While it would be nice to get an attractive yield from your bank on the emergency savings, the primary objective is to have the funds handy when the uh-oh happens.' A reasonable goal, Ward says, is to have between three and six months' worth of fixed expenses set aside in an emergency fund." MarketWatch adds, "If your savings goals are longer term, like a year or more away, you may want to think differently. Robert Conzo, CEO and managing director of The Wealth Alliance, calls out Series I Savings Bonds from the U.S. government, which currently pay 7.12% for bonds purchased through April 2022 and have a minimum term of ownership of one year. You may also want to consider a CD as part of your savings strategy if you don't think you'll need all of your money at once or if you don't need access to the money until after the CDs maturity."

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