High-yield savings accounts offer higher interests rate than a traditional savings accounts, helping you earn more on your deposits. Whether setting aside money for a large purchase, an emergency fund or a down payment on a home, putting your money into a high-yield savings account can help you reach your goals faster.
Find a High-Yield Savings Account
What to Look for When Choosing a Savings Accounts
With so many options, it can be difficult to know which savings accounts is best for you. Before signing up, consider the following four things to determine which savings account aligns most with your financial goals.
- Annual percentage yield (APY): APY represents how much interest you will earn over the course of a year on your savings. The higher the APY, the more your money will grow over time.
- Fees: Some savings accounts charge fees, such as monthly maintenance. Look for an account with no or low fees.
- Minimum balance: Some savings accounts require you to maintain a minimum balance to avoid fees or qualify for certain benefits.
- Convenience: Look for an account that allows you to easily deposit and withdraw money, either through online banking or physical branches.
The post Earn Money Faster With a High-Yield Savings Account appeared first on Experian’s Official Credit Advice Blog.
https://www.experian.com/blogs/ask-experian/earn-money-faster-with-a-high-yield-savings-account-qs/
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