Dear Liz: I’m a widow about to go into independent living which means I will be selling my home. I need to find the best place to park my money to have payments to me but still earning on the balance. What would you suggest?
Answer: FDIC-insured savings accounts at online banks can earn a higher interest rate than typical brick-and-mortar banks while still giving you instant access to your money. Currently such banks are offering 3% to 4% annual percentage yields, compared to traditional banks which offer as little as .01%.