High-yield savings accounts and regular savings accounts both have unique benefits. Find out which is best for you here.
If you're trying to decide between a high-yield savings account and a CD, think about your savings goal. CDs usually offer higher interest rates than high-yield savings accounts but require you to lock your money away for a set term, which can range from one month to 60 months. This m...
However, when opening a high-interest savings account, you'll probably also want to make a deposit right away. You can do this by depositing cash or checks or by transferring money from another account. Keep in mind that some high-yield savings accounts require a minimum initial deposit to...
savings account and it has a top-notch annual percentage yield (APY). There are no monthly fees, which is typical of online banks, but there is a minimum deposit requirement of $500. There’s also one big catch: you can’t open this account if you’re already a Santander Bank ...
Both CDs and high-yield savings accounts can help savers earn interest on their cash, but these products work a little differently.
Withdrawal and transfer limits: Depending on the account, there may be restrictions on how you can move around your money. How to use a high-yield savings account To use a high-yield savings account, you should first identify what you're saving for. HYSAs are a great place to build an...
CDs can be a good choice if you’re certain you won’t need your cash for several months or years and want a consistent rate of return. Typically, a CD is a supplemental account that doesn’t replace the need to have a regular savings account for everyday savings. If you want to kno...
While a high-yield saving account's variable interest rate could boost your earning potential, it could also hurt it if market rates dip. Interest rates might be lower than CDs. In exchange for a high-yield savings account's cash liquidity, you could see lower rates than you would on a ...
You may want to open a high-yield savings account to keep cash. Most checking accounts don't pay any interest, and those generally offer meager interest rates, so moving extra funds into savings when you don't need them can provide a higher monthly interest payment. However, a savings acco...
Reasons to Open a High-Yield Savings Account Stashing some of your cash in a savings account is smart whether you're saving for something specific, or just want to sock money away for when you'll need it in the future. Here are some common reasons to open a savings account: ...