![]() Because the highest-yield savings accounts are online, most make it easy to manage your money on-the-go with mobile banking apps.The best high-yield savings accounts come with no additional costs, such as monthly fees, and low (or no) minimum deposits and balance requirements.The money sitting in your high-yield savings is accessible if you ever need to tap into it. ![]() Your money is safe if something were to happen, such as a run on the bank. You don't take on any risk depositing your cash into a high-yield savings account that is FDIC-insured up to $250,000.For example, CNBC Select calculated that by making a $20 weekly deposit, you can save $1,000 in one year (which equates to saving less than $3 per day). Because these savings accounts compound interest daily, you're earning interest each day, and you don't have to start with much to save over time.Although the interest rates now hover around 1%, this yield still outpaces the 0.06% return you'd earn keeping your money in a traditional bank savings account.Here are some of the pros to opening a high-yield account: And the smartest place to store that money is in a high-yield savings account. Everyone should have some cash savings on hand for emergencies and short-term financial goals.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |