Hey kids! Did you know some people are looking for better places to save their money? Banks are offering different interest rates, like how much extra money your savings grow each year. This week, we're comparing two popular ways to save.
- American Express offers a savings account with a 3.7% interest rate.
- Wealthfront offers a cash management account with a 4% interest rate (sometimes 4.5%).
- Both accounts are insured, but Wealthfront offers much higher insurance coverage.
- Remember, interest rates can change!
| Account | Interest Rate | FDIC Insurance |
|---|---|---|
| American Express | 3.7% | Up to $250,000 |
| Wealthfront | 4% (up to 4.5%) | Up to $8,000,000 |
