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How to build credit

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How to build credit

Get started as an authorized user or get the credit builder loan or secured credit card.

By Erin El Issa Senior Writer Data analysis, personal finance, credit cards Erin El Issa writes data-driven research on personal financial matters, credit cards, investments, travel, and student loans. She is fascinated by numbers and strives to demystify data sets to help consumers improve their financial lives. Before becoming a Nerd at the beginning of 2014, Erin worked as an accountant for tax and freelance personal finance writer. Erin's work has been mentioned by The New York Times, CNBC as well as on the "Today" programme, Forbes and elsewhere. In her spare moment, Erin reads voraciously and tries in vain to keep her two children entertained. Erin is from Ypsilanti, Michigan.

and Bev O'Shea personal finance writer | MSN Money, Credit.com, Atlanta Journal-Constitution, Orlando Sentinel Bev O'Shea is a former NerdWallet authority on consumer credit, scams and identity theft. She has a bachelor's degree in journalistic studies from Auburn University and a master's in education from Georgia State University. Prior to joining NerdWallet she was employed by daily newspapers, MSN Money and Credit.com. Her work was featured throughout the world in The New York Times, The Washington Post, the Los Angeles Times, MarketWatch, USA Today, MSN Money and many other places. Twitter: @BeverlyOShea.

Updated Feb 2, 2023

Edited by Kathy Hinson Lead Assigning Editor Personal finances, credit scoring financial management and debt Kathy Hinson leads the Core Personal Finance team at NerdWallet. Prior to joining NerdWallet, she worked for 18 years working at The Oregonian in Portland in positions such as copy desk chief and team leader for design and editing. Previous experience included the editing of copy and news for several Southern California newspapers, including the Los Angeles Times. She received a bachelor's degree in mass communications and journalism from Iowa's University of Iowa.

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Credit building can be a challenge. If you don't have credit history, it's hard to get a loan, a credit card or maybe even an apartment.

But how do you expect to establish a record of responsible repayment if nobody will grant you credit at all?

Find out how your credit is scored

Check your score for free and the variables that affect it, plus tips on how to keep building.

Several tools can help you :

If you're trying to get credit then you can begin with an secured credit card or co-signed card. You can also request to be a member of another card.

If you want to build credit without a credit card, you might try credit-building loan, secured loan or co-signed loan. There are other ways to use telephone, rent and utility payments to create credit. Certain of these methods are absolutely free, while some require a fee.

This article will provide a brief overview of credit-building tools, and the best way to utilize these tools to earn .

Secure your credit card

If you're building your credit score from scratch, you'll likely require an . Secured cards are secured by a cash payment you make upfront; the amount you deposit is typically the same as your credit limit. The minimum and maximum amount you can deposit is determined by card. Many credit cards have a minimal amount of $200. Certain companies like Avant, Deserve and Petal are now offering cards that don't require a .

You'll use the card like every other card you have: Buy things, pay on or before the due date, and pay the cost of interest if you fail to pay the balance in the full amount. You'll receive your deposit back at the time you close the account.

NerdWallet frequently reviews and ranks options.

Secured credit cards aren't meant to be used continuously. The goal of secured cards is to build credit to be able to get an unsecure card, which is a card that does not require a deposit and has more benefits. Pick a secured card with a low annual fee and ensure that it reports the payment information to all bureaus , Equifax, Experian and TransUnion. Credit scores are constructed by the information you get from your credit reports. Cards that report to all three bureaus allow you to create an extensive credit history.

From top to bottom

Get a credit-builder product and a loan

A is exactly what it sounds like -- its sole purpose is to help people build credit.

Typically the loan amount is kept by the lender in a bank account, and is not released to you until the loan is repaid. It's a forced saving program in a sense where your repayments are reported to credit bureaus. These loans are typically provided by credit unions or community banks. They also offer them online, as does .

It offers a $500 line credit that is designed strictly to build credit.

Another option is to have money in a deposit account at an institution like a credit union or bank, ask them for a secure loan to build credit. The collateral is your account or a certificate of deposit. The interest rate is generally slightly more than the interest you're getting from the account, but it may be significantly lower than your other options.

Back to top

Use a co-signer

It is also possible to obtain a loan or an unsecured credit card using the co-signer. But be sure that you and the co-signer understand that the co-signer will be on the hook for the entire amount owed in the event that you don't pay.

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Become an authorized user

A close family member or others may wish to include you as a user on their card. In this way, the card's payment history to your credit file and you'll need to select a primary user with a long history of paying punctually. Furthermore, being designated in the role of an authorized user may cut down on the time needed to make a . It can be especially useful for a to build credit.

It is not necessary to have or even own the credit card to gain the benefits of having it as an approved user.

The primary cardholder should discover if the issuer of the card reports authorized user activity to the credit bureaus. This activity is usually not reported, but you'll want to make sure -- otherwise, your credit-building efforts may be in vain.

You should come to an agreement on whether and how you'll utilize the card prior to being added as an authorized user and be ready to contribute if that's the deal you make.

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Credit for the charges that you have to pay

such as Rental Kharma and LevelCredit like Rental Kharma and LevelCredit, take a charge you are already paying and put it on the credit file, assisting to build a history of punctual payments. The credit score of every credit report does not take these payments into account however, some do and it could be enough to get a loan or credit card that establishes your credit score for all lenders.

provides a method to get your cell phone and utility charges reflected on your credit report by the credit bureau. Note that the effect is only limited to your credit report with Experian (and any credit scores calculated on it.

Return to the top

Develop good credit habits

and a record of punctual and on-time payments.

For an FICO score, you'll need at least one credit card that's been in existence for six months or longer and at least one creditor reporting your activities to credit bureaus over the past six months. A , from FICO's biggest rival, is able to be created quicker.

Use these credit-building tips to build your score:

Make sure to pay your bills promptly and pay at least the minimum if you are able to . Making on time for credit cards or loan installments punctually, each time, is the most important factor you can do to build your score. If you're able to pay more than the minimum this can be beneficial to your score.

If you have credit cards, make sure you keep your credit utilization at a minimumit is the percentage of your credit limit that you utilize. We suggest keeping your credit utilization below 30% for all credit cards as often as you can. The lower your utilization the better for your credit score.

Avoid applying for multiple credit accounts in close proximity; applying for credit could result in an unintentional, but temporary decrease on your credit score. Multiple applications can cause significant damage. NerdWallet recommends spacing your applications by about 6 months if you can research the requirements prior to applying. Note you can apply multiple times for loans or mortgages in the same time frame will be grouped into one as " ."

Keep credit card accounts open. If you do not have an urgent reason to close an account, for example, the high annual fees or slow customer support, you should consider maintaining it open. You can also explore downgrading it or transferring your credit limit to another card. Closing an account may affect the credit utilization of your account and decrease the average age of your account.

From top to bottom

Verify your credit scores and reports

A credit report is a document of the way you've used credit in the past. Your credit scores will tell you how you'll deal with credit in the future using the information in your credit reports. You should keep an eye on both for any errors and to observe your credit-building efforts result in positive results.

NerdWallet provides a service from TransUnion. It also offers educational tools, such as NerdWallet's to understand how your the financial decisions you make impact your score.

Several credit card issuers offer FICO scores on customers' monthly statements and allow online access as well. Some card issuers offer free scores to anyone regardless of whether the cardholder is a.

Request your credit reports and review them for any mistakes and discrepancies. Through December 2023, you can check your credit reports free of charge every week by . Disput any errors in your credit report you discover that could affect your scores.

Want nerdy knowledge that's personalized to your needs? Put all your money in one view, and get customized information to get the most value from it.

The authors' bios: Erin El Issa is a credit cards expert and a writer for studies at NerdWallet. The work she has written for NerdWallet was featured in USA Today, U.S. News and MarketWatch.

Bev O'Shea was a credit writer for NerdWallet. Her work has been published in publications such as the New York Times, Washington Post, MarketWatch and elsewhere.

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What to know about cash-back auto refinancing Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial decisions by providing you with interactive financial calculators and tools that provide objective and original content. We also allow you to conduct your own research and compare data for free and help you make financial decisions with confidence. Bankrate has partnerships with issuers including, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The deals that are displayed on this website are provided by companies that compensate us. This compensation can affect the way and when products are featured on this website, for example such things as the order in which they be listed within the categories of listing in the event that they are not permitted by law for our mortgage or home equity products, as well as other home lending products. But this compensation does affect the information we publish, or the reviews that appear on this website. We do not include the vast array of companies or financial deals that might be available to you. Georgijevic/Getty Images

4 min read Published August 22, 2022

Written by Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in helping readers in navigating the details of borrowing money to buy a car. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate from late 2021. They are committed to helping readers gain the confidence to take control of their finances with clear, well-researched information that breaks down otherwise complex subjects into digestible pieces. The Bankrate promises

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You have money questions. Bankrate has answers. Our experts have helped you understand your money for over four years. We are constantly striving to provide consumers with the expert advice and tools needed to be successful throughout their financial journey. Bankrate adheres to a strict code of conduct standard of conduct, so you can rest assured that our information is trustworthy and precise. Our award-winning editors, reporters and editors produce honest and reliable information to assist you in making the best financial decisions. The content created by our editorial staff is factual, objective and is not influenced through our sponsors. We're open about the ways we're capable of bringing high-quality content, competitive rates and helpful tools to you by explaining how we earn our money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for the placement of sponsored products and, services, or by you clicking on specific links on our website. Therefore, this compensation may influence the manner, place and in what order products appear in listing categories, except where prohibited by law for our mortgage home equity, mortgage and other products for home loans. Other elements, such as our own website rules and whether a product is available within the area you reside in or is within your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide an array of offers, Bankrate does not include details about every financial or credit item or product. Cash-back is like in the sense that you apply to receive new, more favorable terms to take over your current loan. However, in addition to that you'll also get an amount of cash in one lump as part of the refinance. The amount you will receive is contingent on the equity that is present in your vehicle. Owners of cars may be interested in this kind of refinance when they are in urgent need of money for an emergencysituation, but this method comes with the risk of increasing the debt burden for the borrower. What is a cash-back refinancing? A cash-back auto loan refinance permits you to adjust your current loan and refinance to the amount higher than you owe, receiving the extra money in cash. This kind of loan is usually employed by people who require extra money. It takes the value of your car and converts it into cash you can take home. This means that if you are refinancing your current loan for new terms you can get more money in the form of cash, by borrowing more than the real value of the vehicle. Some lenders do not offer this service, and it can result in some drivers losing their car completely because of the higher chance of becoming . Over-indebted means that the outstanding loan amount is greater than what the car is worth. In other words that if you have a debt of $4,000 on a car loan, but the car's value is only $2,000, you're upside-down on the loan. If you have no plans to sell the car, being upside down is not a big issue. Just continue to make payments and then pay off the loan. If, however you plan to trade in your vehicle, being upside down can be a problem. You'll need to pay off the equity you're not able to use. How do you apply for a cash-back auto refinancing The process of applying for cash-back auto refinances is similar to the process you'd apply for the traditional . This is a simple process that requires documentation and study. After determining the value of your car today worth via outlets such as Kelley Blue Book -- you'll be aware of the equity in the vehicle. This number will inform how much cash you can get. Finding an lender who offers auto refinancing with cash-back will require some effort. Some lenders do not provide this service. After researching different lenders, compare the conditions and choose the one that is best for you. Pay special attention to the amount you'll get. Following the application and loan approval, you'll be able to walk away with new loan conditions as well as the additional cash. Is cash-back auto refinancing an option? Determining whether cash-back auto refinance is a choice which could cause greater financial problems requires review of how you manage your finances. Because this choice means borrowing more than you already owe, you are creating more debt. If you're currently having difficulty making your monthly payments, this could increase your financial burden. Two of the main advantages of refinancing cash-back are better loan conditions and cash. Improved loan terms. Similar to traditional refinancing, you will get better loan terms through this process. However, even if it's possible to reduce the amount of your monthly payments however, you'll end up extending the lifetime of your loan and increasing the overall cost. Additional cash. You'll get cash from the refinance with cash-back that can be useful if you require additional cash for an emergency. It's a temporary option that could result in increased interest rates. Refinancing your auto with cash back is a good idea if you had a financial emergency and require cash or to adjust your current loan to better fit your needs. How much can I get with cash-back loan? The amount you can get, and consequently the amount of cash you'll receive, is dependent on a number of factors. The lender. There are not all lenders that offer a cash-back option because of the risk. Vehicle value. Your value for your vehicle determines how much your lender will give you. Credit history. Like most financial situations your credit score and past history serves as the main determinant for determining whether your loan is approved. The better your credit score and the better conditions you'll be granted. Cash-back refinancing risks Before making a decision to refinance your cash-back auto loan, it is essential to take into consideration the various risks that go along with it. Going upside down on loan. You are more likely to end up underwater or upside down with your loan. If the value of the vehicle decreases, your loan-to-value ratio increases the likelihood of being under water, owing more than the vehicle's worth. Incurring more debt. The debt you take on more than you are owed stacks even more debt on your plate. Possibility of repossession. If you are struggling to make your monthly payments, extending your loan may have not enough of a benefit to fix more serious financial issues. This could mean that your car will be taken away if you fail to pay. There are a few lenders to choose from. There aren't many lenders that offer this type of financing so you may have only a few alternatives to consider when shopping around. In the end, cash-back refinancing can be a good alternative if you're trying to score more favorable terms on your car loan or you run into an urgent need for cash. The first step to consider this type of refinance to study the current value of your car. This will allow you to determine how much money a lender may be willing to provide. However, be aware of the risk involved with refinancing with cash back. There is a higher risk of debt when refinancing your auto loan for more than what's currently owed and you also could end up upside-down on the loan in addition. Learn more

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Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers to navigate the ways and pitfalls of borrowing money to buy a car. Written by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are dedicated to helping readers gain the confidence to take control of their finances with concise, well-researched and well-researched content that breaks down otherwise complex subjects into bite-sized pieces.

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(image: https://gogopaydayloans.com/sites/default/files/apply_for_the_same_day_payday_loan_online.jpg)What Is Debt Consolidation, and do I need to consolidate?

Advertiser disclosure You're our first priority. Each time. We believe that everyone should be able to make financial decisions without hesitation. While our website doesn't feature every company or financial product that is available however, we're confident that the advice we provide as well as the advice we provide and the tools we develop are impartial, independent simple, and cost-free. How do we earn money? Our partners pay us. This can influence the products we write about (and where those products appear on our website) However, it does not affect our advice or suggestions that are based on many hours of research. Our partners cannot pay us to guarantee favorable review of their services or products. .

What is Debt Consolidation? and should I consolidate?

Debt consolidation rolls multiple debts into a single payment. It can be a good idea if you qualify for an interest rate at a lower level.

Written by Amrita Jayakumar Writer The Washington Post Amrita Jayakumar is a former special assignments writer for NerdWallet. She also wrote a syndicated column about millennials and money, and wrote about personal loans as well as consumer credit and debt. In the past, she worked as a reporter at The Washington Post. Her work was published within The Miami Herald and USAToday. Amrita has a master's diploma in journalism from University of Missouri. University ofMissouri.

Updated Nov 29, 2022 , 5:12PM PST

Edited by Kathy Hinson Lead Assigning Editor Personal finance, credit scoring, managing money and debt Kathy Hinson leads the Core Personal Finance team at NerdWallet. Previously, she spent 18 years working at The Oregonian in Portland in positions such as copy desk chief and team leader for design and editing. Her previous experience includes news and copy editing for various Southern California newspapers, including the Los Angeles Times. She received a bachelor's degree in mass communications and journalism in Iowa's University of Iowa.

Many or all of the products we feature are provided by our partners who pay us. This impacts the types of products we review and the location and manner in which the product is featured on the page. However, this does not affect our opinions. Our opinions are our own. Here's a list and .

Debt consolidation combines several debts, usually high-interest debt such as credit card debt and other debts, into one payment. Debt consolidation might be an ideal option for you if you can find a lower rate of interest. This will allow you to reduce the total amount of debt and help you organize it so you are able to pay it off faster.

If you're facing an amount that is manageable and want to organize multiple bills with different interest rates, payments and due dates Debt consolidation is a viable option you can tackle by yourself.

The most important takeaways

How to consolidate your debt

There are two ways to consolidate debt, each of which consolidates your debt payments in one bill per month.

Take a : Convert all your debts onto this card and then pay the balance in full within the promotional period. You'll likely require good or excellent credit (690 or more) to be eligible.

Take advantage of a fixed-rate loan borrower: Use the proceeds of the loan to pay off your debt, then pay back your loan by installments throughout the course of a specified time. You are eligible for an loan even if you have poor or average credit (689 or lower), but borrowers with higher scores will likely qualify for the lowest rates.

Another option to consolidate debt include using a credit card or . But both options come with risks to your home or retirement. In any case, the best option for you will depend the credit scores and profile, along with your .

>> MORE:

Debt consolidation calculator

Use the calculator to figure out whether or not it's a good idea to consolidate.

Debt consolidation can be an intelligent choice

Success with a consolidation strategy is dependent on the following factors:

Your monthly debt payment (including your rent or mortgage) do not exceed 50% of your monthly gross income.

Your credit score is high enough to get you credit cards that have a low interest rate or low-interest consolidation loan.

Your cash flow is always sufficient to cover payments toward your credit card.

If you opt for the consolidation loan, you can pay it back in just five years.

This is a scenario where consolidation is logical: Let's say there are four credit card accounts with rates of interest ranging between 18.99 percent to 24.99%. You always make your payments on time, so your credit is good. You could be eligible for an unsecured debt consolidation loan at 7% -which is a significant reduction in interest rate.

For many, consolidating offers a way to see the other end. If you're taking the loan with a three-year term then you are certain that it will be paid off in three years -- assuming you make your payments punctually and are careful with your spending. Conversely, making minimum payments on credit cards could lead to some time before they're paid off in addition to accruing more interest than the initial principal.

Readers also ask

It is it an ideal option to combine credit cards?

Consolidate your debts if it means you are able to obtain an loan with better terms, or it helps you keep your payments on track. Make sure that this consolidation is part of a wider plan to reduce the debt and to avoid running into new debts with the credit cards you've consolidated. Find out more about .

How does an debt consolidating loan work?

A personal loan lets you pay your debts yourself or use the services of a lender who will pay directly at your creditor. Find out the steps to .

Do debt consolidation loans hurt your credit?

Debt consolidation can help your credit score when you pay on time or consolidating the credit card balances. Credit can be damaged when you accumulate the balance on your credit card shut down all or the majority of your cards or fail to pay you debt consolidation loan. Find out more about .

When debt consolidation isn't worth it

Consolidation isn't a silver bullet for debt problems. It doesn't address excessive spending habits that create debt in the first place. Also, it's not the best solution if you're and have no hope of paying it off by making smaller monthly payments.

If your debt load is not too high, and you could pay it off within six months or a year at your current pace -- and you'd only save an amount of money when you consolidate, don't bother.

Try a do-it-yourself debt payoff option instead, such as the . You can utilize a tool to test out the different strategies.

If the total of your debts is greater than half your income, and the above calculator reveals that debt consolidation isn't your best option, you're better off treading water.

>> >> MORE: Sign-up with NerdWallet to view your debt breakdown and the next installments all in one place.

It's the time to pay off debt

Register to join the link and monitor everything from cards to mortgages all in one location.

>> LEARN How Canadians should consider about

About the author: Amrita Jayakumar is a former writer for NerdWallet. She was previously employed by The Washington Post and the Miami Herald.

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What will Fed Rate increases in 2023 Mean for Savings Accounts

Advertiser disclosure You're our first priority. Each time. We believe that every person should be able to make sound financial decisions without hesitation. And while our site doesn't feature every company or financial product in the marketplace however, we're confident of the advice we offer and the information we offer and the tools we develop are impartial, independent simple, and cost-free. So how do we make money? Our partners compensate us. This could influence which products we write about (and where those products appear on the site), but it in no way affects our suggestions or recommendations, which are grounded in hundreds of hours of study. Our partners do not promise us favorable ratings of their goods or services. .

What will Fed Rate increases in 2023 Mean for Savings Accounts

The rates of interest for high yield savings accounts could continue to increase, though not as quickly or as high as in the previous year.

By Margarette Burnette, Senior Writer Savings accounts, money market accounts, banking Margarette Burnette is a specialist in saving and has written about bank accounts since prior to the Great Recession. Her work has been featured in the major newspapers. Before being a member of NerdWallet, Margarette was a freelance journalist, with articles in magazines like Good Housekeeping, and Parenting. She is based near Atlanta, Georgia.

Updated Mar 22 2023

Editor: Yuliya Goldshteyn, Assistant Assigning Editor Yuliya Goldshteyn is a banking editor at NerdWallet. She previously worked as an editor, a writer and a research analyst in industries ranging from healthcare as well as market research. She received a bachelor's diploma in history from the University of California, Berkeley and a master's degree in sociology from University of Chicago, with a focus on Soviet culture and history. She is located in Portland, Oregon.

A majority of the items featured on this page are provided by our partners, who we pay. This affects the products we review and where and how the product is displayed on the page. However, it does not influence our opinions. Our opinions are our own. Here's a list of and .

It's 2023 and the Federal Reserve just announced its second federal funds rate range hike of 0.25%. It follows seven rate hikes in 2022. The new target that is a range of 4.75% to 5%. This increase is smaller than some of the steep changes expected in 2022, however the increase also means that rates are at their highest since 2006.

The recent rate hikes mean that loans or credit card accounts are more costly. If you've got a savings account or certificates of deposit you may profit. Let's take a look at what the latest rate increase could have for savings accounts by 2023.

Savings rates in 2023: at least 4% APY

In early 2022, some of the top savings accounts had a 0.50 percent annual percentage yield. Today, the best savings accounts are .

It's an impressive jump in just one year. Since the most recent federal funds rate increase the previous year isn't as big as the majority of 2022 rate increases, don't expect to see APYs that are more than eight times higher. However, you may still find yields that are slightly higher, and include some accounts that are close to the 4% figure.

Pay attention to high-yielding online savings accounts in particular, which tend to have the most lucrative rates.

However the savings accounts of a handful of the biggest national banks are charged 0.01%, despite the several federal fund rate increases last year. They are not as high as the average national savings rate, which was 0.37 percent in March 20th 20, 2023, as per the Federal Deposit Insurance Corp.

If you have a savings account with a subpar rate, it might be worthwhile to look for a savings account that earns an APY of 3% to 4.

Save money for the future

One of the reasons that the Federal Reserve has been increasing rates is due to its desire to fight inflation. As per the U.S. Bureau of Labor Statistics, the consumer price index that is commonly used as a measure of inflation, rose 6.0 percent over the course of the year for February 20, 2023. The figure, although excessive compared to the previous years, is less than the figure in June 2022, when CPI was 9.1 percent higher year on year.

This is a good reason to build up an in a high yield savings account today. Nobody can foretell the future but having a robust savings account can prepare you for financial storm.

It's a good idea to have 3 to 6 months' worth of your expenses saved up However, that's a significant amount. In the event that you do not have as much saved up just yet It's possible to accumulate it over time in amounts that work for you.

Imagine you receive a check twice per month and you can save $50 every payday. You'll have more than 600 dollars in savings within six months. That could be a great help in an emergency situation. Incorporating that cash into an account that has a high rate will help you increase your savings.

The difference a high-yield savings account brings

Where you save your money can have an effect on the balance. If you put your emergency funds of $600 in an account with an 0.01 percent APY, similar to those offered by many of the nation's largest banks, and didn't make any additional deposits, the account would earn a total of only 6 cents over the course of a year. However, if the money was placed in a high yield savings account that earns a 4.00 percent APY even if you didn't make any further deposits, the balance would grow by more than $24 during the same time frame. It's a profit for choosing a better savings account.

Learn how APYs are changing on high yield accounts in comparison to normal accounts.

March 2023

February 2023

January 2023

December 2022

November 2022

October 2022

September 2022

August 2022

Online institutions

, Member FDIC.

3.40% APY.

3.40% APY.

3.30% APY.

3.30% APY.

3.00% APY.

2.35% APY.

1.85% APY.

1.85% APY.

, Member FDIC.

4.05% APY.

4.05% APY.

4.05% APY.

3.85% APY.

3.60% APY.

3.00% APY.

2.10% APY.

2.10% APY.

, Member FDIC.

4.00% APY.

4.00% APY.

4.00% APY.

3.60% APY.

3.25% APY.

3.12% APY.

2.07% APY.

2.07% APY.

National brick-and-mortar bank

Member FDIC.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

, Member FDIC.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

You can try your own calculations with NerdWallet's to see what your savings could yield.

Fed rate hikes are expected to continue through 2023 -- at least to date. You can take advantage of this by putting your money in a high-yield savings account. You'll earn higher rates than you would with a normal savings account, and you will be more prepared for any financial situation that may come your way.

The author's bio: Margarette Burnette is a savings account specialist at NerdWallet. The work she has done was highlighted on USA Today and The Associated Press.

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