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Ditch Your Low-Interest Account: 7 High-Yield Savings Options in Arizona

March 6, 2025 By Stephen Kanaval Leave a Comment

Az State2
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Confession—watching money sit in a traditional savings account earning pennies is ridiculously frustrating, especially with today’s rising costs. If you’re an Arizona resident tired of those measly 0.01% returns, you’re not alone! The good news? You have plenty of better options right in your backyard. Let’s explore seven high yield savings account options in Arizona.

1. Online High-Yield Savings Accounts

Money Market
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Why settle for tiny returns when you could be earning 15-25 times more interest with just a few clicks? Online banks like Ally, Marcus by Goldman Sachs, and Capital One 360 offer Arizona residents impressive APYs between 4.00% and 5.25% right now.

Since these digital banks don’t have expensive branches to maintain, they pass those savings directly to you through higher interest rates. Most don’t require minimum balances or charge monthly fees, making them perfect for savers at any level. And don’t worry about security – these accounts carry the same FDIC insurance as your traditional bank, protecting your deposits up to $250,000.

2. Arizona Credit Unions

Credit Union
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Your neighborhood credit unions might be Arizona’s best-kept financial secret. Places like Desert Financial Credit Union and Arizona Federal Credit Union consistently offer rates that beat the national averages while keeping your money in the local economy.

Unlike big banks answering to shareholders, credit unions are owned by their members (that’s you!), so they’re focused on giving you better deals, not maximizing corporate profits. Many Arizona credit unions reward relationship banking with special rate boosts when you use multiple services. The friendly, personalized service is a refreshing change from automated phone systems and chatbots.

3. Money Market Accounts

AZ Bank
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Need to keep your cash accessible while still earning solid interest? Money market accounts offer the perfect middle ground for Arizona savers. These specialized accounts typically reward larger balances with better rates (often reaching 4.50% to 5.00% for substantial deposits) while still letting you write checks or use a debit card.

Local options like BMO Harris and WaFd Bank offer competitive Arizona-specific money market rates that blow traditional savings accounts out of the water. These accounts make perfect sense for your emergency fund or saving toward a down payment on that Scottsdale dream home – your money grows substantially faster while remaining available when you need it. Just keep an eye on minimum balance requirements, which typically range from $1,000 to $5,000 depending on where you bank. Desert Financial and Vantage West Credit Union currently offer some of the most reasonable minimums paired with impressive rates.

4. Certificate of Deposit (CD) Laddering

High yield
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If you’re comfortable setting aside some money for a fixed period, Arizona banks and credit unions offer CDs with seriously impressive returns – currently ranging from 4.50% for shorter terms to over 5.75% for longer commitments. The secret pro move? Create a “CD ladder” by opening several certificates with staggered maturity dates. This strategy gives you periodic access to your funds while maximizing overall returns.

Right now, OneAZ Credit Union and Arizona Federal are featuring some of the state’s most competitive CD rates, especially in the sweet spot of 6-24-month terms. The beauty of CDs is their guaranteed returns. Once you lock in that 5.50% rate, you’ll get exactly that regardless of what happens to interest rates during your term. It’s like getting tomorrow’s harvest at today’s prices, especially valuable when economic conditions remain uncertain.

5. High-Yield Checking Accounts

Account
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Why keep your spending money in a zero-interest checking account when it could be earning premium returns? Several Arizona financial institutions now offer checking accounts with interest rates rivaling dedicated savings vehicles—we’re talking 3.00% to 4.50% APY on your everyday spending account. These accounts typically ask you to meet monthly requirements like setting up direct deposit, making a minimum number of debit card purchases, or signing up for paperless statements – small tasks for significant returns.

Local standouts include Copper State Credit Union and TruWest Credit Union, both offering some of Arizona’s most generous rewards checking programs. Many of these accounts throw in valuable extras like ATM fee reimbursements (perfect for those weekend trips to Sedona or Lake Havasu) and cashback rewards on purchases.

6. Treasury Bills and TIPS

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Looking for rock-solid security with surprisingly competitive yields? U.S. Treasury securities offer Arizona residents government-backed options that are currently outperforming many traditional bank products. Short-term Treasury bills now yield between 4.25% and 5.50% depending on maturity, with options ranging from four weeks to one year. For those worried about inflation eating into savings (a valid concern in today’s economy), Treasury Inflation-Protected Securities (TIPS) automatically adjust with the Consumer Price Index, ensuring your purchasing power remains protected. As an Arizona resident, you’ll appreciate that interest earned on Treasury securities is exempt from state income tax, giving you a built-in advantage over fully taxable bank interest. The best part? You can purchase these directly through TreasuryDirect.gov without paying fees or commissions to middlemen, keeping more money in your pocket. It’s like having the full faith and credit of the U.S. government as your personal banker.

7. Arizona-Specific Bond Programs

AZ Gov
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Did you know you can earn strong returns while helping build a better Arizona? The state offers unique bond programs that let you support local development projects while earning competitive interest. The Arizona State Treasurer’s LOCAL Investment Program connects taxpayers with opportunities to invest in government projects while earning rates frequently exceeding 4.00%. Municipal bonds issued by Arizona cities and counties not only provide tax advantages for residents but deliver yields between 3.50% and 5.00% depending on the specifics. Your investment goes directly toward funding schools, roads, water systems, and other critical infrastructure improvements in communities throughout the state.

For Arizonans in higher tax brackets, the tax-exempt status of qualifying municipal bond interest creates tax-equivalent yields that can exceed 6.00% – particularly appealing when compared to fully taxable savings options. It’s rare to find an investment that aligns your financial goals with your community values so perfectly.

Your Roadmap to Better Returns

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Ready to stop leaving money on the table? Transitioning from your underwhelming account doesn’t have to be complicated. Start by thinking about how quickly you might need to access different portions of your savings. Emergency funds should remain easily accessible, while money for longer-term goals can be placed in higher-yielding options with some time commitments. Compare not just the headline interest rates but also any fees, minimum requirements, and access limitations to find the right fit for your situation.

Stephen Kanaval
Stephen Kanaval

Stephen began his career as a Research Assistant at a reputable middle-market private equity firm, where he honed his skills in market research, financial analysis, and identifying investment opportunities. He then transitioned to full-time financial writing focusing on small-cap biotech innovation and digital payment solutions. Today, Stephen is a value-based retail investor and novice baseball statistician.

Filed Under: Saving Tagged With: bonds, CDs, credit unions, high-yield savings, savings accounts

Are Your Money Saving Strategies Actually Costing You Money?

December 19, 2024 By Teri Monroe Leave a Comment

money saving strategy
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Especially with inflation, many Americans are trying to cut back on spending. A 2023 Experian study found that 66% of Americans actively seek ways to trim expenses from their monthly budget. But what if we told you that some of your money-saving habits are actually costing you money? You could be approaching saving money all wrong. Let’s take a look at your money-saving strategies and whether or not they’re actually costing you more than they save.

1. Ignoring Price Per Unit

trying to save money at grocery store costing you more than you think
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I am personally guilty of this. When money is tight, I tend to buy the cheapest things I can find at the grocery store. That said, I often fall into the trap of buying small quantities that are actually more expensive than if I spent a few more dollars on larger quantities. So, it’s important to look at the price per unit to determine if the item you’re buying is actually a good deal. Otherwise, your money-saving strategy could be costing you more in the long run.

2. Overbuying in Bulk

Buying in bulk isn't always a money saving strategy
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The same is true for buying everything in bulk. First, what is realistic for you and your family to use or consume before the product spoils or expires? Then, do a little math and make sure that the bulk price is really saving you money. Many stores like Costco, Sam’s Club, and BJ’s don’t have amazing deals on everything just because they are bigger quantities. To get the best deals on items, research prices on Flipp to see prices at other stores in your area.

3. Just Buying Something Because It’s on Sale

If you’re only buying items on sale, you might actually be paying more. For example, a name-brand peanut butter on sale could still be more expensive than the store brand. Additionally, if there is a sale in-store it’s likely that you can save even more by stacking manufacturer coupons and rebates on apps like Rakuten, Ibotta, Shopkick, and Fetch. Check out videos on social media from well-known couponers for the best tips.

4. Hanging onto an Old Car

If you just bought an old car or are hanging onto a clunker, you may be wasting money. Gas mileage alone on an older car could be costing you money. Plus, if you’re putting money into repairs, you are probably spending more than the car is worth.

5. Avoiding Doctors and Dentists

Dentist visit
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While paying for insurance deductibles is expensive, ignoring preventative care isn’t a good money-saving strategy. You could be missing treatable health conditions by putting off visits to the doctor or dentist. While no one likes going to the dentist, good oral health can health prevent costly procedures like root canals.

6. Ignoring Quality of Purchases

Just because the clothes on Shein are inexpensive doesn’t mean that they are a good deal in the long run. If you consider cost per wear, a better quality garment may be worth the investment. You can always get better quality clothes at the thrift store or on the resale market to cut costs. The same is true for household items. There are things you should invest in so that they stand up to wear like quality pots and pans.

7. DIYing Repairs

DIY home repairs costing you more money
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It’s tempting to think that you can save money on home repairs by doing it yourself. Yes, professionals are expensive, but larger projects often require an expert’s knowledge and skill. So, next time you have a leak in your roof, don’t try and fix it yourself unless you are equipped to do so. Any mistakes you make could cost you a lot more to rectify.

Reevaluating Your Money-Saving Strategy

Sometimes saving more money is about changing your mindset. Spending the least amount of cash doesn’t mean that you’re saving money in the long run. You may actually be paying more for simple things like grocery items if you buy smaller quantities. Or if you have to replace a winter jacket every year because you purchased one that was poor quality over time you are probably spending more money. So, make your purchases wisely and do your research to get the best deals that actually save you money.

What is your best money-saving strategy? Let us know in the comments.

Read More

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Teri Monroe Headshot
Teri Monroe

Teri Monroe started her career in communications working for local government and nonprofits. Today, she is a freelance finance and lifestyle writer and small business owner. In her spare time, she loves golfing with her husband, taking her dog Milo on long walks, and playing pickleball with friends.

Filed Under: Frugality Tagged With: Budgeting Tips, costly money saving mistakes, Money-Saving Tips

Having A Hard Time Saving? Use These 7 Strategies to Build Your Emergency Fund

December 12, 2024 By Teri Monroe Leave a Comment

building an emergency fund and using a savings tracker
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You may know the importance of an emergency fund to help you weather life’s challenges. From job loss to unexpected expenses, an emergency fund is essential when you face financial hardships. However, creating an emergency find is not an easy task. According to Bankrate, 27% of Americans have no emergency savings at all, and 59% are uncomfortable with their level of emergency savings. Additionally, only 39% of Americans have a separate emergency savings account. If you have a hard time saving, you’re not alone, but you can change your behavior to ensure your future financial health. Here are seven ways to build your emergency fund.

1. Automate It

Piggy bank
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If you have a hard time saving, try automating it. When you receive your paycheck, a certain amount goes directly to your savings account. Many people refer to this as paying yourself first. This way, you ensure you are contributing to your savings and you won’t be tempted to spend the money in your checking account. Automating your savings makes it a non-negotiable like paying a bill or your mortgage. The amount you automate doesn’t have to be large. Just starting is what matters most.

2. Hide Your Savings Account

Hide your savings account
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Instead of being tempted to take money out of your savings account, you can hide the account. If you can’t see it on your bank app, chances are you’ll be less likely to move money out of it. Most banking apps allow you to hide your account. For example, on the Bank of America app you can go to your account preferences page, click the account you want to hide, then click visibility. This can reduce your temptation to just transfer money over when you want to spend it.

3. Focus on Needs Not Wants

Only carry cash to build your emergency fund
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One good strategy to help you with savings is to focus solely on your needs. Oftentimes, we wind up overspending if we aren’t only considering what we need to get by. These things include food, housing, transportation, and healthcare. If you can’t resist impulse purchases, leave your cards at home and only use cash. This can help you reduce the amount of money you spend and you’ll be less tempted to spring for something unnecessary.

4. Set a Tangible Goal

Setting a savings goal
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The best way to stay disciplined when building your emergency fund is to set a goal. Put a number to how much you want to save and track your progress. Make sure to create a realistic timeline to reach your goal. For instance, if you want to save up to six months of expenses, you will likely need at least a year to fully fund your emergency savings. Plan for setbacks (they will happen) and be adaptable. This will help you reach your goals.

Celebrate when you reach milestones. For example, you might want to celebrate when you save your first $1,000 or when you hit your halfway point to your long-term goal. You might plan a little dinner out or grab yourself a nice bottle of wine to celebrate your success. Remember not to spend a ton of money celebrating, that negates the purpose altogether.

5. Utilize Budgeting Apps

Building an emergency fund using budgeting apps
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Utilizing budgeting apps like You Need a Budget (YNAB) can help you plan financial decisions and work toward saving goals. Budgeting apps can help you determine how much you can comfortably afford to save each month while still paying down debt and expenses. These tools will also give a snapshot of all of your spending and help you set limits. You can then get alerts when you are close to your spending limits on certain categories.

Check out this list of the best budgeting apps available in 2025. There’s sure to be something that caters to your needs.

6. Set Aside Windfalls

Set aside windfalls
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If you receive a windfall of money no matter how big or small, set that money aside for your emergency fund. Anything from tax refunds, inheritances, bonuses, or investment gains should be added to your savings. If you want to use a portion of it to have fun, you can. But you should plan to put the majority of it aside for savings.

7. Make It Fun

Make building your emergency fund fun
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Creating an emergency fund doesn’t have to be a dreaded task. You can gamify your savings or try a savings challenge with friends or family members. This can create accountability for you as well. There are several challenges to try like no-spend challenges, the 100 envelope challenge, and the 52-week money challenge.

Building an Emergency Fund

If you are working on building your savings, you’ve taken the first step toward securing an emergency fund. Saving money can be hard and it takes discipline. Try not to get discouraged by what experts say about how much you save. The important part is that you are trying to improve your financial situation. With determination, you can and will reach your goals.

Do you have an emergency fund? How do you put money toward savings?

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Teri Monroe Headshot
Teri Monroe

Teri Monroe started her career in communications working for local government and nonprofits. Today, she is a freelance finance and lifestyle writer and small business owner. In her spare time, she loves golfing with her husband, taking her dog Milo on long walks, and playing pickleball with friends.

Filed Under: Saving Tagged With: emergency fund, financial health, saving advice

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