Stashing some cash in savings account used to be the monetary equivalent of stuffing money in a mattress. Those days are over.
In 2018, high-yielding savings accounts outperformed the stock market for the first time in over a decade.
As a result of rising interest rates, savings rates — the annual percentage yield banks pay consumers on their money — are now as high as 2.4 percent, up from 0.1 percent, on average, before the Federal Reserve started increasing its benchmark rate in 2015. The S&P 500 and Dow Jones Industrial Average ended last year by logging their biggest annual losses since 2008 — finishing in the red.