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Where can I earn 5 on my money?

Once you've saved up some extra cash by making money online, it's time to find the best way to invest those funds for your future. Sometimes financial planning can be very complex, but doing your research can make the difference between an early retirement or working well into your old age. 

When it comes to earning interest on your savings, it's hard to find a resource that can earn you anything past the 3 percent annual percentage rate mark. According to CNN Money, finding a savings account that pays just 1 percent annual percentage yield is a challenge. That means you'd be lucky to find a place to put $10,000 away that would accumulate just $100 over the course of a year.

Of course, there are some ways you can still increase the amount you're making with your money or move around your funds to better suit your needs. Here are three examples.

Plan to move banks
With savings accounts paying out at different yields, it's important to stay ahead of the curve and find the best place to keep your money at all times. That's why Bankrate suggested planning to move your money from one bank to another depending on where the competition takes you. Greg McBride, a chartered financial analyst and senior financial analyst at Bankrate.com, stated that the average savings account nationwide earns just 0.17 percent in interest, but the highest-yielding account earns around 1.25 percent. Those interest rates will fluctuate from bank to bank, so go where the higher-yielding accounts go.

Check rates in other countries
Some people point out that some of the highest interest rates on savings accounts are enjoyed in other countries. For example, MarketWatch explained that Argentinians could earn up to 22 percent annually on savings on a one-year term deposit account with ICBC Argentina. Sounds pretty tempting, right?

Don't start packing too fast. While savers in Argentina earn more on their money, that cash doesn't always go a long way. The news source noted that the South American country is much more prone to inflation. In fact, consumer prices rose by a jaw-dropping 25 percent in the year 2012, meaning those high-yield savers still faced an annual loss of around 3 percent. 

Reallocate money for bills 
Instead of switching countries or switching banks, you could just switch the accounts your money is in or pay off different bills quicker. Here's an example. If you're a college graduate that took out a $10,000 private loan that generates 6 percent APR and you have $10,000 in cash to put away, you're better off just paying off the loan instead of just putting your money into a high-yielding savings account. That's because the costs your loans will generate over the year will always cost more than what you earn in interest from a bank. 

It's not necessarily a way to earn money, but it certainly will give you access to more cash in the long run.


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