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An easy way to grow your savings fast

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With a high-yield savings account, your money grows faster over time.

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One of the first money lessons you learn growing up is the importance of putting money aside for the future. But you’ve graduated from your piggy bank days, and it’s time to make the most of your money by being smart about where you keep it.

Whether you are saving for one rainy day or a major purchase like a new car, the more you can build up your savings, the better. And if you can do it with minimal effort on your part, that’s even better.

Trimming your budget, working a second job, and selling your unused items can all help Increase your savingsBut you may be missing a quick, easy strategy that can increase your earnings 10 times faster (or more).

Find out how much more you can earn here now!

An easy way to grow your savings fast

So, what is this quick, easy trick? open a High Yield Savings Account.

A high-yield savings account works just like a regular savings account. You deposit money into the account, and the bank pays you interest on your balance. The main difference is the interest rate you earn.

With a high-yield savings account, you can earn significantly more interest, meaning your money grows faster over time. Consider that the interest rate on regular savings accounts is currently around 0.42%, according to FDIC. On the other hand, some top high-yield accounts give you 4% to 5%, respectively Bankrate data. That can really add up to the difference.

For example, say you have $2,000 in a regular savings account with an interest rate of 0.42%. After 12 months, you’ll earn $8.40 in interest on this balance. But in a high-yield account with an interest rate of 5%, you would earn the same amount of $100 in the same 12 months. The more you save and the longer you keep your money in the account, the faster this interest will accrue.

Check out today’s top savings rates online now and start growing your savings fast

Additional benefits of high-yield savings accounts

In addition to much higher returns, high-yield savings accounts also offer:

  • Risk is low: Savings account a safe place Save your money, thanks to Federal Deposit Insurance. When you open an account at an FDIC-insured bank (or NCUA-insured credit union), your funds are protected up to $250,000 per account per institution if the bank goes under. That’s welcome news given this year’s big Bank failure.
  • Low or no fees: Maintenance and other fees can chip away at your savings. Much higher yields are offered by savings accounts Online Bank, which have much lower overhead than traditional banks that maintain physical locations. As a result, online banks don’t have to collect as many fees, so many offer lower fees or waive fees entirely.
  • Simple process: Opening a high-yield savings account is as easy as filling out an application online (or visiting your local branch, if you prefer and your bank has one). Compared to other methods of increasing your savings, this is the fastest you can get.
  • Accessibility: Many high-yield savings accounts — even those offered by online banks — give you a debit card that you can use to easily withdraw money when you need it. Getting your money from other savings vehicles, eg CDIt may take more time and even if you do it too early there may be a penalty fee.

Other ways to grow your savings faster

You can also increase your savings by:

  • Shopping around: Not all high-yield savings accounts are created equal. So take the time to compare several accounts. Check their interest rates, fees and any other restrictions before choosing to open one. Keep in mind that the highest interest rate may not always be the best option if there are high fees or strict requirements that siphon off your earnings.
  • Choose an online bank: In addition to low or no fees, online banks also offer some Highest interest rate available. They offer convenient, 24/7 account access and many have ATM networks as large as regular banks If it’s not essential for you to be able to visit a branch in person, an online bank is the clear winner.
  • Set up automatic deposits: To maximize the benefits of a high-yield savings account, make sure to add to your balance regularly The more you save, the more interest you earn. Consider setting up automatic deposits from your paycheck into your savings account so you don’t forget to contribute or spend money elsewhere before you save it.

Start by comparing the top high-yield savings account options here.

Bottom line

Opening a high-yield savings account is a smart move for anyone looking to grow their savings quickly. By earning a higher interest rate, you can see your money grow significantly over time, and all you have to do is find and open an account. In a sea of ​​financial decisions that can often feel complicated and overwhelming, this one is a no-brainer.

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