Wealthstream Advisors' Joe Orff Shares Tips to Safeguard Savings Amid Inflation

Joe Orff, Director of Investment Research at Wealthstream Advisors, advises investing in Treasuries and high-yield savings accounts to protect savings from inflation. He recommends three high-yield savings accounts: First Internet Bank, Live Oak Bank, and Prime Alliance Bank.

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Bijay Laxmi
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Wealthstream Advisors' Joe Orff Shares Tips to Safeguard Savings Amid Inflation

Wealthstream Advisors' Joe Orff Shares Tips to Safeguard Savings Amid Inflation

As inflation continues to impact the economy in 2024, many individuals are seeking ways to protect their hard-earned savings from losing purchasing power. Joe Orff, Director of Investment Research at Wealthstream Advisors, recently shared his expert advice on navigating this challenging financial landscape.

Why this matters: As inflation erodes the value of savings, individuals and businesses must take proactive steps to maintain their financial stability, and expert advice can help them make informed decisions to safeguard their assets. Failure to do so can lead to a significant decline in purchasing power, affecting not only personal finances but also the overall economy.

Orff recommends investing in Treasuries and high-yield savings accounts as effective strategies to safeguard savings amid inflation. He emphasizes the importance of considering both risk and liquidity when making investment decisions to maintain the purchasing power of one's savings over time.

For those interested in high-yield savings accounts, Orff highlights several top options. First Internet Bank offers competitive rates, low fees, and expanded FDIC coverage for large deposit amounts, with a minimum opening deposit of $100 and a $4,000 balance requirement to waive the monthly $5 fee.

Live Oak Bank is another strong choice, featuring exceptionally high rates, no monthly fees or minimum balance requirements, and expanded FDIC coverage for large businesses. However, it's important to note that Live Oak Bank does not accept cash deposits and has no ATM access.

Prime Alliance Bank rounds out Orff's recommendations, offering very high rates, no monthly fees, and no minimum balance requirements. The only drawbacks are the need to email the company to open an account and the lack of ATM access.

High-yield business savings accounts can be particularly beneficial for businesses looking to save for upcoming expenses or maximize their income. When considering these accounts, it's crucial to determine whether a bank partners with other institutions to provide increased FDIC coverage for deposit amounts exceeding $250,000.

As inflation persists, the advice from experts like Joe Orff becomes increasingly valuable for those seeking to protect their savings and maintain financial stability. By carefully considering investment options and partnering with reputable financial institutions, individuals and businesses can take proactive steps to safeguard their assets and secure their financial future.

Key Takeaways

  • Invest in Treasuries and high-yield savings accounts to protect savings from inflation.
  • Consider risk and liquidity when making investment decisions.
  • Top high-yield savings accounts include First Internet Bank, Live Oak Bank, and Prime Alliance Bank.
  • Check for expanded FDIC coverage for large deposit amounts.
  • Partner with reputable financial institutions to safeguard assets.