Americans are hoarding cash, but not in banks - heres where savvy savers are stashing it

Best savings accounts for high yield: Despite persistent inflation and stagnant traditional bank balances, US consumer spending remains robust. A shift towards higher-yield options like money market funds, CDs, and brokerage accounts is fueling this trend. Notably, lower-income households are leading the surge in cash reserves, contributing to sustained spending even amidst economic challenges.