Americans' Savings Now Exceed $1 Trillion. Here's How to Maximize Your Returns

Savings accounts are growing across the U.S., in a strong rebound from last year. How can savers get the most bang for their buck?

Growing savings: Man standing atop a mountain of money
(Image credit: Getty Images)

A new income and savings report from the U.S. Department of Commerce reveals that Americans' personal savings rate crossed a staggering $1 trillion in March – a substantial increase from $915.8 billion in February. The personal savings rate increased to 5.1% from February's mark of 4.8%, as well. 

So what's driving this boost – and what should savers do with their increasing piles of cash? 

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Ben Demers
Audience Engagement Manager,

Ben Demers manages digital content and engagement at Kiplinger, informing readers through a range of personal finance articles, e-newsletters, social media, syndicated content, and videos. He is passionate about helping people lead their best lives through sound financial behavior, particularly saving money at home and avoiding scams and identity theft. Ben graduated with an M.P.S. from Georgetown University and a B.A. from Vassar College. He joined Kiplinger in May 2017.