Which financial institutions have the highest interest rates?

Many, many options.

The starting question for you – do you need access to the money? You can get 1-year CDs for 5.35 or 5.40%. But that locks the money up for a year.

You can buy treasury bills online – https://www.treasurydirect.gov – for 4 weeks up to a year – guaranteed by the US government. Rates between 5.35% and going lower for longer time intervals.

And of course, any number of internet based banks, with CDs and High rate money market accounts..

Do it really depends on your needs, but you could be earning almost triple what you have in savings.

Should I talk to a financial advisor Edward Jones? Or my bank?

What @elbanditoroso said. In terms of talking to a financial advisor, it really depends on how much money you’re talking about and what you want to do with it.

I have the time and inclination to do it myself, @Dutchess_III – I don’t think that advisors are worth their fees. But you may have other calls on your time.

It really depends on how much money you have as @Caravanfan says whether it warrants an advisor. You can go online and search for High Interest savings accounts or High Interest CDs. If you can tie up the money, look up your local banks and see what they are offering for 7 or 12 month CDs.

My credit union is paying 3%. My Fidelity Money Market is paying around 4%.

@RocketGuy you can do better than both of those

@elbanditoroso He knows. The advantage of a bank or credit union is liquidity.

I’m getting 4.64% for a “Money Market” account at my bank, I can if necessary make up to 6 withdrawals a month (without penalty charges).

I plugged some numbers into https://www.omnicalculator.com/math/percentage-increase
and it said I had a 75.57% increase over 8 years. Is that even possible??

^^ never mind. I figured out that my interest rate is 7.061% (APY). That’s what I was wondering. Not a bank, C.U., etc.

Credit Unions have some really good rates right now. I just moved some money into a short term CD for 5.25%