Where can I get 7% interest on my money?

Securing a 7% Return on Savings: Beyond Traditional Banking

In today’s low-interest-rate environment, securing a 7% annual return on savings may seem like a distant dream. However, by venturing beyond traditional banking, investors can explore options that offer the potential for higher returns.

High-Yield Checking Accounts

High-yield checking accounts often offer interest rates that surpass those offered by traditional savings accounts. These accounts are typically offered by online banks or credit unions and may require certain criteria to be met, such as maintaining a minimum balance or making a certain number of deposits each month. While these accounts provide easy access to funds, it’s important to note that the interest rates can fluctuate and may not be guaranteed.

Alternative Investments

Alternative investments, such as real estate, private equity, and venture capital, can also provide the potential for returns of 7% or more. However, these investments come with higher risks and should be approached with caution. It’s crucial to conduct thorough research, understand the potential risks, and diversify investments to mitigate potential losses.

Due Diligence is Key

When exploring options beyond traditional banking, due diligence is paramount. Before committing funds, investors should:

• Research and compare different options: Explore various high-yield checking accounts and alternative investments, comparing interest rates, fees, and investment terms.
• Assess risk and potential rewards: Carefully consider the level of risk associated with each investment and evaluate the potential for both gains and losses.
• Consult with a financial advisor: If necessary, seek professional guidance from a qualified financial advisor to provide personalized recommendations based on individual circumstances.

Conclusion

While securing a 7% annual return on savings may require venturing beyond traditional banking, there are options available that offer the potential for higher returns. High-yield checking accounts and alternative investments can provide this rate, but it’s essential to exercise due diligence, assess risk, and diversify investments to maximize potential returns while minimizing potential losses.