4 ways to boost your earnings with a high-yield savings account

Savings is an important part of any financial plan. Without them, you may struggle to cover large or unexpected expenses, forcing you to take out loans that could set you back for years.

The more savings you have, the better prepared you are. And an easy way to increase your savings is by opening one High Yield Savings Account. These accounts can earn you 10% to 15% higher interest than regular savings accounts when offered. Same benefitssuch as FDIC Insurance And ready access to your funds.

“A high-yield savings account is worth opening because it will have a higher interest rate than a traditional savings account,” says Kristen Beckstead, CFP, ChFC, vice president and financial planner at First Horizon Advisors. “This allows your money to work harder and grow faster while your funds remain fully liquid and accessible.”

High-yield accounts automatically earn you more, but you can maximize those earnings by taking a few simple steps

Compare the top high-yield savings accounts available now to see how much more you can earn

How to Increase Your Earnings with a High-Yield Savings Account

By choosing a high-yield savings account over a regular account, you’re already ahead of the game. Here’s how you can go further:

1. Shop nearby

Not all high-yield savings accounts are created equal. Although they offer better interest rates than traditional savings accounts, Some offer higher rates Compared to others. So don’t settle for the first account you see. Compare current offers based on interest rates, fees and other terms. You can start here.

2. Avoid fees

Some high-yield savings accounts require minimum balances; If you fail to maintain that balance, you will have to pay a fee. Others charge fees for additional withdrawals. It can eat into your earnings. To save you even more money, take a look No fee accountAnd read the fine print carefully before opening an account with a chosen lender.

3. Your savings are automatic

The easiest way to save more is to automate it. Set up an automatic transfer from your checking account to your high-yield savings account each month, especially when your paycheck hits. That way, you won’t have to worry about saving and you’ll be less likely to spend the money you wanted to save.

Check out today’s savings account rates to find out how much more you can earn!

4. Bank any windfall you receive

When you receive unexpected money, such as a Tax refund Or bonus, put it straight into your savings. You won’t miss it in your budget since you weren’t accounting for it to begin with, and thus, the extra money can earn interest until you really need it.

Bottom line

If your savings aren’t in a high-yield account, you basically are Miss out on free money. That said, keeping them in a high-yield account isn’t the only thing you can do to maximize them By carefully comparing different accounts, avoiding fees, automating your savings and doing away with any unnecessary banking, you set yourself up to earn more. None of these steps take a significant amount of time and they can really pay off in the long run.