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High-yield savings accounts are FDIC or NCUA insured, just like traditional savings accounts. This type of savings account may be appealing if you’re comfortable managing your account via website or mobile banking versus visiting a branch. Online banks often offer different types of high yield savings accounts to attract savers who want to earn a better interest rate than what is found at brick-and-mortar banks and credit unions. This is one of the best types of savings accounts to maximize your money’s growth. High-yield savings accounts-typically found at online banks, neobanks and online credit unions-are savings accounts that offer a higher APY compared to regular savings accounts. Good for: People who want to earn a more competitive rate on savings while minimizing fees. Additional fees may apply for excess withdrawals.Monthly maintenance fees may cancel out interest earnings.The interest rates are usually low compared to other savings options.You can visit a branch if you need help or want to deposit cash.
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ONLINE SAVINGS PLANNER HOW TO
From there, you can choose where to open them and how to fund them. Will I pay any penalties for withdrawing money from the account?ĭoing this kind of research can help you decide which types of savings accounts to have.How accessible is the money in the account?.Are there any tax benefits or advantages associated with this savings account?.Does the bank charge any fees for this type of savings account?.Are there minimum deposit requirements or minimum balance requirements to meet?.How much interest does this account earn?.Is this account designed for any specific purpose or goal?.Distinguishing between different savings accounts means looking at their features, where you can open them and what they’re designed to do.Īs you compare different savings accounts, it can help to ask these kinds of questions: