Long gone are the days when people would try to squirrel away their life savings into their mattresses. Instead, these days it’s essential for everyone to invest their savings so that the money can grow exponentially. But, unfortunately, not all investments are created equally.

These are the top four ways to earn a lot more interest on your savings and keep your savings from stagnating in your Credit Union checking account or any other account you may have!

Put Your Money Into Government Bonds

Government bonds are one of the most reliable ways to invest your money.  You sign away some of your money to the government, and they pay you the interest in stipends twice a year or fewer, depending on the bond.  Although this is more difficult to withdraw from if you need the money in a pinch, you can end up being thankful this style is so hands-off since it means there’s no chance of you impulse spending or taking money out.

Seek Out High-Interest Savings Accounts

Not all savings accounts are built the same.  High-yield savings accounts offer you a large portion of interest without any extra work from you. However, these accounts often have higher penalty costs, so if you think you might withdraw more often than the average person or you get overdrawn from time to time, this is not the option for you.  This is for people who drop a small percentage into their savings every paycheck, who don’t mind having it off-limits.  Avoid this if you’re a sporadic spender; it won’t break you of that habit. It will just penalize you for it.

Invest in Solid Stock Market Options

This option is only for people who know what they’re doing or are willing to work with a professional to help grow their savings.  The stock market has been a wild ride this year, with cryptocurrencies like Dogecoin skyrocketing and then plummeting again within a short forty-eight-hour time frame.  Although this might not be a wise time to break into stocks, it’s a great time to learn what affects the market.

Talk to a professional who understands the trends and will work to keep you financially in the green.  Unfortunately, investing in this way is similar to gambling, and you may find yourself losing your savings altogether.  This is why it’s essential to go into it educated and be prepared for a possible loss.  Never invest more than you’d be willing to lose: that way, if you hit it big, it’s all the sweeter.

Invest in a Physical Property

The most well-known way of investing is to put your money into a property that you can hopefully increase the value of while time coaxes you along.  Unfortunately, this isn’t a get-rich-fast scheme, but savings shouldn’t be. Instead, if you’re more trusting or have the time available, you could turn properties into rental locations for whoever needs them.

Ask yourself, ‘what is my home worth?’ and consider how you could piece it out for rentals.  Although selling can give you the most considerable upfront income, renting can generate income indefinitely.