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Life & Finances IconLife & Finances

Save Money With High-Yield Checking & Savings Accounts

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When was the last time you took a look at your checking and saving account options? Are your accounts working for you? Are you making the most on your money? A high-yield checking or savings account may be the perfect option for you to maximize your money.

How Do High-Yield Checking Accounts Work?

High-yield checking accounts work the same way as standard checking accounts:

  • Open an account at a financial institution, either online or in person. A minimum deposit may be required.
  • Learn the terms of the account. Some accounts may require that you maintain a minimum balance to earn interest and avoid account maintenance fees.
  • Earn interest on your balance. High-yield accounts feature competitive variable interest rates. They give you an opportunity to earn more for your money so that your funds grow faster.
  • Withdraw or deposit money as needed. Depending on your financial institution, you may be charged a fee if you do not meet minimum transaction requirements.
  • Keep track of your account through online or mailed monthly statements. Some financial institutions require a specific number of logins to your account each month.

What Is A High-Yield Savings Account?

A high-yield savings account is a secure place to set aside money for emergencies, unexpected expenses or long-term goals.

You can withdraw funds if you need to and deposit money into your account at any time. Your account will receive a competitive annual percent yield, which contributes to the growth of your money.

Whether you are stashing away money for a rainy day or your next big purchase, a high-yield account can be a great option for reaching your goals.

How Do I Choose A High-Yield Account?

Not all accounts are the same and not all financial institutions offer a high-yield checking account.  You can research accounts to get started. Once you feel comfortable with your high-yield checking account, you can explore high-yield savings accounts, as well.

Content courtesy of our partners GreenPath Financial Wellness.

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