{"id":169811,"date":"2018-01-05T16:00:57","date_gmt":"2018-01-06T00:00:57","guid":{"rendered":"http:\/\/getrichslowly.org\/blog\/?p=169811"},"modified":"2021-06-09T18:36:53","modified_gmt":"2021-06-10T01:36:53","slug":"best-online-high-yield-savings-accounts","status":"publish","type":"post","link":"https:\/\/www.getrichslowly.org\/best-online-high-yield-savings-accounts\/","title":{"rendered":"Which online high yield savings account is best? Updated 2021"},"content":{"rendered":"

Saving money is essential to building your net worth. Savings accounts and money market accounts are meant to hold your liquid assets or funds that you expect to use within a year. You may think, “If you’ve seen one high-yield savings account, you’ve seen them all” but, actually, higher interest rates and certain features can make one account a better choice than another.<\/p>\n

<\/span>Online High Yield Saving Account and Money Market Account Rates<\/span><\/h2>\n

As online banking has evolved, consumers can find a high yield and still hope to get the mobile and digital banking convenience they need. They’re free to compare interest rates and account features in search of the best online high-yield savings account for their liquid assets.<\/p>\n

Savings Accounts<\/strong><\/h3>\n

When you want to set up an emergency fund or other savings account for short-term liquidity, an online savings account usually offers higher interest rates than many brick-and-mortar banks. In addition, online banking is much more convenient.<\/p>\n

Money Market Accounts<\/strong><\/h3>\n

While money market accounts are similar to savings accounts, they used to earn higher interest rates and their restrictions then were more stringent than they appear to be today. Our research is showing that, in some respects, the differences between the two types of accounts are blurring.<\/p>\n

In your search for the best money market account, you may find that interest rates are quite similar to savings account rates. Also, the minimum balance requirements and number of withdrawal transactions allowed may be on par with savings accounts. All of this underscores the need to personally investigate the specifics of any account you open.<\/p>\n

Even though rates are low right now, they will eventually rise as the economy recovers. Regardless, it is important to develop the habit of saving. Keeping track of the latest interest rates is the research part of that habit, but the payoff is that the best interest rates and services can help you make the most of your savings in any economic environment.<\/p>\n

Here is a synopsis of what some of the major banks offer with a direct link to their individual website. That way you can easily learn more and open an account when you are ready.<\/p>\n

<\/span>The Best High-Interest Savings Accounts<\/span><\/h2>\n

Most Americans aren’t saving much these days, but if they knew how to better grow their money with high savings rates, they may change their mind. One recent survey found 62 percent had less than $1,000 in a savings account, and only 29 percent had over $1,000 put aside for emergencies.<\/p>\n

Many will point to low-interest rates as the reason they are not saving in an account, adopting an almost “why bother” attitude. But having a savings account is smart for several reasons:<\/p>\n

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  1. In case of emergency, there’s actual money to cover the cost, so you don’t end up overloading credit cards or having to take out a loan.<\/li>\n
  2. It makes you more aware of your overall financial picture, especially if you set up a schedule to make deposits into the savings account.<\/li>\n
  3. Saving money upfront also saves you on interest if you do need to cover an unexpected cost or save for something specific like a new car or a vacation.<\/li>\n
  4. If you lose your job or find your hours reduced, a savings account is a nice addition to whatever severance or unemployment you receive.<\/li>\n<\/ol>\n

    With all the reasons to open a savings account, how about exploring these options?<\/p>\n