High-yield savings accounts and CDs are great tools for growing your savings while keeping the money safe from market risk.
A CD or high-yield savings account with an annual percentage rate (APY) of 2% would net about $200 in interest on a $10,000 balance over a 12-month period.
If you earned more than $10 from an interest-bearing account throughout the year, you'll get Form 1099-INT from your bank to include with your tax return. It should arrive digitally or via mail by January 31.
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