Are you utilizing a high-yields savings account? If not, let’s explore why you should. With much higher interest rates, high-yield savings account can help you build your wealth much faster than a regular savings account would. Here’s why you should open a high-yields savings account.
You can make more money
The average yield on a traditional savings account is just around 0.09% or less per year. However, high-yield accounts have much higher interest rates, closer to 1%.
There are options with no fees and minimum balance requirements
We know everyone hates accounts with fees and minimum balance requirements, so we want to let you know that there are accounts out there where this is not the case.
Monthly fees, minimum balance requirements, and interest rates can all vary widely from one bank to another, so make sure to do your research before picking one that is best for you. Below you will find some of CNBC’s top picks for high-yield savings accounts.
Your money will be better protected
Most major banks and credit unions are insured by the FDIC or National Credit Union, meaning your money is protected and will still be there if something happens.
Many people don’t think twice before putting their money into a savings account. But when doing so, it’s crucial to consider and find a high yield savings account to maximize your savings and build your wealth. The big banks pay close to zero, so there’s no point in keeping your money at that type of institution. If you have any questions about opening a high yield savings account, reach out to us at info@shermanwealth.com or schedule a complimentary 30-minute intro-call here.
