Why you need a high-yield savings account today

Savings is an essential part of any smart financial plan. whether you Build an emergency fund Or by setting aside money for a big purchase, a healthy savings account can help you reach your financial goals and cover unexpected expenses without going into debt. And every little bit you can set aside counts.

The easiest way Increase your savings is with a High Yield Savings Account. High-yield savings accounts are a popular financial tool for many reasons, including their ability to earn much more interest than you would with a regular savings account. If you don’t already have one, now is a good time to consider opening one.

Check today’s high-yield savings account rates here to find out how much you could earn.

Why you need a high-yield savings account today

Benefits of high-yield savings accounts include:

Your savings will grow faster

High-yield savings accounts have significantly higher interest rates than traditional savings accounts. In this case, Today’s Top Savings Accounts Offer API 11 times higher (if not higher) than the national average.

Over time, that extra interest compounds helps make a big difference in your balance, helping you reach your savings goals faster. account opening. If you have a regular savings account, you basically Miss out on free money.

Compare the top high-yield savings accounts online now.

You can easily access your money

dislike Certificate of Deposit (CD)Another popular savings vehicle, high-yield savings accounts allow you to withdraw your money anytime without penalty.

You can easily transfer funds from your savings to your checking account to use as needed. Even some high yield savings accounts Offers ATM cards, making it easy to access your money whenever you need it. This is especially important in the case of an emergency expense, but it can be convenient at any time.

You’ll enjoy low (or no) fees

Many high yields are offered by savings accounts Online Bank, which cost less than traditional banks that maintain brick-and-mortar branches These banks are able to pass these savings on to you by paying lower fees — or No fee at all

Monthly maintenance, minimum balances and ATM fees can reduce the interest you earn from a savings account. By avoiding these fees, you can keep more of the money you earn.

Your money will be safe

High-yield savings accounts are FDIC-insured (if at a bank) or NCUA-insured (if at a credit union). It means Your money is protected By federal deposit insurance if institutions fail — valuable peace of mind in the wake of this year’s highly publicized failures of Silicon Valley Bank and Signature Bank.

This insurance company protects up to $250,000 per account. If you have more to save, you can open multiple accounts and divide your money between them.

Check out current high-yield savings account options here.

Bottom line

In today’s economy, saving is more important than ever. And by putting your money in a high-yield savings account, you can earn more interest and reach your goals faster. If you’re not sure where to start, check out these high-income savings accounts and Look for these things Find the best one for you.