A high yield savings account is a great way of having your money work for you. In a regular savings account, your money does not accumulate much money since the APY is only around .001%. However, with a with yield savings account, you can accumulate over 4.00% APY. What this means is that you are going to accumulate 400 times more interest than a regular savings account. Here are some factors to consider when opening a high yield savings account.
Your money will be safe. Most high yield savings accounts are FDIC protected up to $250,000 per depositor. Unlike certificate of deposit accounts, high yield savings accounts allow you to withdraw your funds without being penalized. Transferring money from these accounts is simple.
There are many high yield savings accounts that offer no fees and no minimum balances. This means you can accumulate savings without having to use a part of your savings to have your account. Most of these accounts calculate and compound interest daily. Having a high yield savings account could potentially help motivate you to save more as you see the growth in your account.
We hope this helps in deciding on how to handle/invest any extra cash! At Check N Title Loans we offer reliable Title Loans and have been servicing the Greater Dallas/Fort Worth area for over 20 years. If you’re ever in need of some extra cash call us today at 214-381-3333.
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