Saving for anything can be difficult. It takes dedication, persistence, and consistency. On top of that, it is challenging to determine the best place to keep your money safe and yield high returns. You hear and see advice on the best reliable savings vehicles or the best places to invest your money for high returns.

However, what if you looking for safe investments with high returns? Your options for safety and performance on the same dollars are limited. However, if you are willing to think outside the box, there is an option you may not have considered.

Looking Safety and Return?

One question savers often ask is, “what can I do about low-interest rates? Many savers have funds that for one reason or another, placing it in the markets would be unsuitable. Maybe they’re saving for a home, an emergency fund, or perhaps they don’t feel comfortable investing in the market at the moment.

Bamboozled by Bank Products

A lot of financial advice online states you should seek banking products to keep your money safe. Websites and financial blogs love to suggest high yield checking accounts, savings accounts, or certificates of deposit. Note: May of these high-yield accounts are promoted because they pay an affiliate commission

Stock Brokers and Financial Advisors

Bankers want you to believe the only place you can get safe products is with their savings checking, CDs, and more. The stockbrokers and financial advisors want you to understand the only place you can receive returns is with securities, which ironically are not secure.

Another option financial advisors may suggest to their clients is a short-term annuity. You have probably heard a financial expert preaching about annuities. A short-term fixed annuity can be a viable alternative to bank products for a few reasons: – Typically, fixed annuities will pay higher interest rates than banks – Allow consumers the ability to withdraw a portion of their money each year penalty-free – Are tax-deferred.

Beating the Banks, Without Market Risk or Lack of Liquidity

Let me preface this by saying that this might not be the right direction for your financial plan, but I would like you to give it some thought. As we know, savings accounts yield minimal to no interest, banking products can leave you feeling trapped, and annuities have high penalties for early withdrawal.

Today I’m going to share with you a hack to ditch the banks and get your savings back on track. What you don’t hear is financial gurus mentioning is something called a Modified Endowment Contract or a MEC. Essentially, a MEC is a life insurance policy that has been intentionally overfunded for using the fixed account as a savings vehicle.