Business
What is a high-yield savings account? High-yield savings accounts are a type of deposit account that can be found at both online and brick-and-mortar institutions. These financial tools typically pay a higher interest rate than traditional savings accounts and almost always offer better returns than traditional checking accounts. But it’s not just higher interest rates that set high-yield savings accounts apart from other savings products. Here are just a couple of the biggest financial benefits of high-yield savings accounts: Higher APYs: High-yield savings accounts generally offer significantly higher interest rates than traditional savings products. That means you can earn more on your money and meet your savings goals faster. No or low fees: High-yield savings accounts tend to come with no monthly fees and low fees for things like having non-sufficient funds. That’s especially so with high-yield savings accounts found at online banks. Are high-yield savings accounts safe? Like traditional savings products, safety is a mainstay of high-yield savings accounts. Insured up to $250,000 at banks by the Federal Deposit Insurance Corp., and at credit unions by the National Credit Union Share Insurance Fund (per depositor, per institution, per ownership category), high-yield savings accounts offer a safe place to stash cash while earning interest. Best high-yield savings accounts in March 2020 1. BrioDirect – 1.85% APY, $25 minimum opening deposit 2. Popular Direct – 1.80% APY, $5,000 minimum opening deposit 3. UFB Direct – 1.80% APY, $0 minimum opening deposit --- Support this podcast: https://anchor.fm/carterfarrpodcast/support