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Insider’s experts choose the best products and services to help make smart decisions with your money (here’s how). In some cases, we receive a commission from our our partners, however, our opinions are our own. Terms apply to offers listed on this page.

Looking for a place to store your short-term savings? High-yield savings accounts pay much higher interest rates than traditional savings accounts.

The most competitive high-yield savings accounts earn over 2.15% APY right now. We update our guide on a weekly basis to find the most well-rounded options. Here are our top picks for high-yield savings accounts right now.

Our top picks for best high-yield savings accounts

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On Quorom Federal Credit Union’s website

Our expert panel for this guide

We consulted banking and financial planning experts to inform these picks and provide their advice on finding the best high-yield savings accounts to use for your money. You can read their insights at the bottom of this post.

PFI Banking Expert Panel that includes Tania Brown, Roger Ma, Laura Grace Tarpley, and Mykail James

Insider



Below, you’ll find our top picks for the best high-yield savings accounts, which stand out from competitors because of their unique perks and zero monthly service fees.

Compare savings account rates

UFB Elite Savings


Annual Percentage Yield (APY)

up to 3.01% APY


Minimum Deposit Amount

$0

UFB Direct UFB Elite Savings


Annual Percentage Yield (APY)

up to 3.01% APY


Minimum Deposit Amount

$0


Annual Percentage Yield (APY)

up to 3.01% APY


Minimum Deposit Amount

$0

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LendingClub High-Yield Savings Account

LendingClub LendingClub High-Yield Savings Account

LendingClub High-Yield Savings Account


Annual Percentage Yield (APY)

2.85% APY


Minimum Deposit Amount

$100

LendingClub LendingClub High-Yield Savings Account

LendingClub High-Yield Savings Account


Annual Percentage Yield (APY)

2.85% APY


Minimum Deposit Amount

$100


Annual Percentage Yield (APY)

2.85% APY


Minimum Deposit Amount

$100

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BrioDirect High-Yield Savings Account

BrioDirect BrioDirect High-Yield Savings Account

BrioDirect High-Yield Savings Account


Annual Percentage Yield (APY)

2.80% APY


Minimum Deposit Amount

$500

BrioDirect BrioDirect High-Yield Savings Account

BrioDirect High-Yield Savings Account


Annual Percentage Yield (APY)

2.80% APY


Minimum Deposit Amount

$500


Annual Percentage Yield (APY)

2.80% APY


Minimum Deposit Amount

$500

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Bask Bank Interest Savings Account

Bask Bank Bask Bank Interest Savings Account

Bask Bank Interest Savings Account


Annual Percentage Yield (APY)

2.75% APY


Minimum Deposit Amount

$0

Bask Bank Bask Bank Interest Savings Account

Bask Bank Interest Savings Account


Annual Percentage Yield (APY)

2.75% APY


Minimum Deposit Amount

$0


Annual Percentage Yield (APY)

2.75% APY


Minimum Deposit Amount

$0

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CIT Bank Savings Connect

CIT Bank CIT Bank Savings Connect Account

CIT Bank Savings Connect Account


Annual Percentage Yield (APY)

2.70% APY


Minimum Deposit Amount

$100

CIT Bank CIT Bank Savings Connect Account

CIT Bank Savings Connect Account


Annual Percentage Yield (APY)

2.70% APY


Minimum Deposit Amount

$100


Annual Percentage Yield (APY)

2.70% APY


Minimum Deposit Amount

$100

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TAB Bank High-Yield Savings Account

TAB Bank TAB High-Yield Savings Account

TAB High-Yield Savings Account


Annual Percentage Yield (APY)

2.66% APY


Minimum Deposit Amount

$0

TAB Bank TAB High-Yield Savings Account

TAB High-Yield Savings Account


Annual Percentage Yield (APY)

2.66% APY


Minimum Deposit Amount

$0


Annual Percentage Yield (APY)

2.66% APY


Minimum Deposit Amount

$0

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Quorom High Q Savings Account

Quorom Federal Credit Union High Q Savings Account


Annual Percentage Yield (APY)

2.50% APY


Minimum Deposit Amount

$0


Fees

No monthly service fees

Quorom Federal Credit Union High Q Savings Account


Annual Percentage Yield (APY)

2.50% APY


Minimum Deposit Amount

$0


Fees

No monthly service fees

On Quorom Federal Credit Union’s website


Fees

No monthly service fees


Annual Percentage Yield (APY)

2.50% APY


Minimum Deposit Amount

$0

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SoFi Checking and Savings

SoFi SoFi Checking and Savings

SoFi Checking and Savings


Annual Percentage Yield (APY)

1.20% to 2.50% APY


Minimum Deposit Amount

$0

SoFi SoFi Checking and Savings

SoFi Checking and Savings


Annual Percentage Yield (APY)

1.20% to 2.50% APY


Minimum Deposit Amount

$0


Annual Percentage Yield (APY)

1.20% to 2.50% APY

Rates as of 9/30/22.

Show more


Minimum Deposit Amount

$0

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Ally High Yield Savings Account

Ally Ally High Yield Savings Account

Ally High Yield Savings Account


Annual Percentage Yield (APY)

2.25% APY


Minimum Deposit Amount

$0

Ally Ally High Yield Savings Account

Ally High Yield Savings Account


Annual Percentage Yield (APY)

2.25% APY


Minimum Deposit Amount

$0


Annual Percentage Yield (APY)

2.25% APY


Minimum Deposit Amount

$0

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Synchrony High-Yield Savings Account

Synchrony Bank Synchrony High-Yield Savings Account

Synchrony High-Yield Savings Account


Annual Percentage Yield (APY)

2.25% APY


Minimum Deposit Amount

$0

Synchrony Bank Synchrony High-Yield Savings Account

Synchrony High-Yield Savings Account


Annual Percentage Yield (APY)

2.25% APY


Minimum Deposit Amount

$0

On Synchrony Bank’s website


Annual Percentage Yield (APY)

2.25% APY


Minimum Deposit Amount

$0

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Capital One 360 Performance Savings

Capital One Capital One 360 Performance Savings™

Capital One 360 Performance Savings™


Annual Percentage Yield (APY)

2.20% APY


Minimum Deposit Amount

$0

Capital One Capital One 360 Performance Savings™

Capital One 360 Performance Savings™


Annual Percentage Yield (APY)

2.20% APY


Minimum Deposit Amount

$0


Annual Percentage Yield (APY)

2.20% APY


Minimum Deposit Amount

$0

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Marcus by Goldman Sachs High Yield Online Savings Account

Goldman Sachs Marcus by Goldman Sachs High Yield Online Savings Account

Marcus by Goldman Sachs High Yield Online Savings Account


Annual Percentage Yield (APY)

2.15% APY


Minimum Deposit Amount

$0

Goldman Sachs Marcus by Goldman Sachs High Yield Online Savings Account

Marcus by Goldman Sachs High Yield Online Savings Account


Annual Percentage Yield (APY)

2.15% APY


Minimum Deposit Amount

$0

On Goldman Sachs’s website


Annual Percentage Yield (APY)

2.15% APY


Minimum Deposit Amount

$0

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Discover Online Savings Account

Discover Discover Online Savings Account

Discover Online Savings Account


Annual Percentage Yield (APY)

2.15% APY


Minimum Deposit Amount

$0

Discover Discover Online Savings Account

Discover Online Savings Account


Annual Percentage Yield (APY)

2.15% APY


Minimum Deposit Amount

$0


Annual Percentage Yield (APY)

2.15% APY

Rates as of 9/30/22

Show more


Minimum Deposit Amount

$0

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Compare the best high-yield savings accounts of October 2022

UFB Elite Savings (jump to UFB Direct account details »)

Why it stands out: UFB Elite Savings doesn’t charge monthly services fees. It also comes with a complimentary ATM card, so you’ll have easy access to your bank account. To earn up to 3.01% APY, you’ll need to open an account online, link an external bank account, and make a transfer of any amount into the account.

The Better Business Bureau also gave UFB Direct an A+ rating. The BBB looks at a company’s responses to customer complaints, honesty in advertising, and transparency about business practices to determine ratings. UFB Direct also hasn’t been involved in any recent public scandals.

What to look out for: UFB Elite Savings doesn’t have robust savings and budgeting tools like some other competitors. If you’re are looking for ways to save for individual goals and stay motivated, you might prefer one of our other top picks.

It also may not be easy to deposit cash at UFB Direct. You’ll have to see if there are cash-accepting ATMs in your area.

LendingClub High-Yield Savings Account (jump to LendingClub account details »)

Why it stands out: The LendingClub High-Yield Savings Account stands out because charges zero monthly service fees and comes with an ATM card. 

What to look out for: You’ll need at least $100 to open the savings account. Some of the other options on our list have lower minimum opening deposits.

LendingClub received an A rating from the Better Business Bureau due to government action against the company. In July 2021, LendingClub Corporation paid $18 million in a settlement with the Federal Trade Commission when accused of deceptive lending practices that charged consumers hidden fees and told them they were approved for a loan even when they weren’t.

BrioDirect High-Yield Savings Account (jump to BrioDirect Bank account details »)

Why it stands out: The BrioDirect High-Yield Savings Account doesn’t charge monthly service fees. You’ll also earn 2.80% APY if you maintain at least $1 in your account.

What to look out for: You’ll need at least $500 to open a savings account at BrioDirect. If you’re looking for a savings account with a lower minimum opening deposit requirement, you might consider one of our other top picks. 

We use ratings from the Better Business Bureau so you can see how a bank addresses customer issues. BrioDirect doesn’t have a BBB rating, but its partner bank Webster Bank does. Webster Bank received a B- rating because the BBB received customer complaints filed against the bank and Webster Bank hasn’t resolved a complaint. BrioDirect hasn’t been involved in any recent public scandals.

Bask Bank Interest Savings Account (jump to Bask Bank account details »)

Why it stands out: Bask Bank doesn’t require an opening deposit or minimum account balance. It also doesn’t charge monthly maintenance fees. 

What to look out for: The main downside to the Bask Bank Interest Savings Account is that you’ll have limited access to your account. To deposit or withdraw money, you’ll need to link an external bank account and initiate a bank transfer.

You’ll also want to bank with another institution if you’d like to open a joint bank account. Bask Bank only offers individual bank accounts.

We use ratings from the Better Business Bureau so you can see how a bank addresses customer issues.

Bask Bank received a D- rating from the BBB because it hasn’t responded to a customer complaint. However, its parent company Texas Capital Bank has an A+ rating from the BBB. Bask Bank hasn’t been involved in any recent public settlements.

CIT Bank Savings Connect (jump to CIT Bank account details »)

Why it stands out: The CIT Bank Savings Connect Account is a solid online savings account. This is a good option if you want to avoid monthly service fees. 

What to look out for: You’ll need a minimum of $100 to open the savings account. Some of our other top picks may let you open an account with $0.

The Better Business Bureau (BBB) measures businesses by looking at customer complaints, honesty in advertising, and transparency about business practices. The BBB gives CIT Bank a A- rating because it hasn’t responded to a customer complaint.

TAB Bank High-Yield Savings Account (jump to TAB Bank account details »)

Why it stands out: The TAB High-Yield Savings Account is a pretty straightforward high-yield savings account. There aren’t any monthly service fees and you may open an account with $0.

The Better Business Bureau also gives TAB Bank an A+ rating. The BBB looks at a company’s responses to customer complaints, honesty in advertising, and transparency about business practices to determine ratings. TAB Bank also hasn’t been involved in any recent public scandals.

What to look out for: TAB Bank doesn’t have an ATM network. When you use any ATM, TAB charges a $2 fee for a withdrawal and $1 fee for an inquiry. TAB Bank also doesn’t offer reimbursements if you’re charged by an ATM provider.

Quorom High Q Savings Account (jump to Quorom account details »)

Why it stands out: The High Q Savings Account is a solid high-yield savings account because it has a $0 minimum opening deposit and no monthly service fees. You’ll also have to option of getting an ATM card with the account.

Quorom Federal Credit Union is an online credit union. It received an A+ rating from the Better Business Bureau. Quorum also hasn’t been involved in any recent public controversies.

What to look out for: Credit unions require you to be a member to open an account. At Quorom, you or a family member must work for a Select Employee Group on this list, or you must join the American Consumer Council or Select Savers Club.

SoFi Checking and Savings (jump to SoFi account details »)

Why it stands out: SoFi Checking and Savings is a strong choice if you don’t want to deal with monthly service fees, overdraft fees, or out-of-network ATM fees. It also comes with checking account features like a debit card. 

What to look out for: The account is a hybrid savings/checking account, so you’ll need to keep that in mind to get the most out of the account. If you deposit cash, you also might need to pay a fee.

SoFi has also been involved in a recent public controversy. In 2019, the Federal Trade Commission ordered SoFi to stop running advertisements that falsely stated customers could save more money by refinancing than they actually could. On the bright side, SoFi received an A+ rating from the Better Business Bureau.

Ally High Yield Savings Account (jump to Ally account details »)

Why it stands out: Ally is a particular favorite among millennials, who tout its accessibility and ease of use. You can deposit checks through the mobile app and open multiple accounts in minutes. 

Ally makes it easy to save for specific goals. Assign each account a nickname, like “Emergency Fund” or “Travel Account” to track your progress and stay motivated. You may decide to open a separate account for each goal, but Ally has a bucket feature that allows you to save for multiple goals in one account.

What to look out for: We use ratings from the Better Business Bureau so you can see how a bank addresses customer issues. The Better Business Bureau gives Ally a C- rating, because Ally has received numerous complaints on the website. Ally hasn’t been involved in any recent public controversies, though.

Synchrony High-Yield Savings Account (jump to Synchrony account details »)

Why it stands out: The Synchrony High-Yield Savings Account might appeal to you if you’re looking for a straightforward savings account — there’s a $0 opening deposit and no monthly service fees. 

Synchrony also won’t charge you for using an out-of-network ATM and will refund up to $5 per month in out-of-network ATM fees.

Synchrony hasn’t been involved in any recent public scandals. The Better Business Bureau also gives Synchrony an A+ rating. The BBB looks at a company’s responses to customer complaints, honesty in advertising, and transparency about business practices to determine ratings. 

What to look out for: Synchrony doesn’t offer a checking account. If you’d like to open a savings account and checking account at the same bank, you might consider some of our other top picks.

Capital One 360 Performance Savings (jump to Capital One 360 account details »)

Why it stands out: Capital One 360 makes it easy to save for various goals. The bank lets you set savings goals, then schedule recurring transfers from your Capital One 360 Checking account until you’ve saved the full amount.

The account also pays a competitive rate with no opening deposit, minimum account balance, or monthly charges.

What to look out for: You can chat live online with a representative, but Capital One has limited customer support hours. Some competitors offer 24/7 customer support. 

We also use ratings from the Better Business Bureau so you can see how a bank addresses customer issues. Capital One 360 currently has an A- rating because the BBB website has received customer complaints. It hasn’t had any major scandals in recent years, though.

Marcus High-Yield Savings Account (jump to Marcus account details »)

Why it stands out: The Marcus by Goldman Sachs High Yield Online Savings Account stands out because it doesn’t require an opening deposit or minimum account balance. You also won’t have to worry about any monthly services.

Marcus hasn’t been involved in any recent public scandals. The Better Business Bureau also gives Marcus an A+ rating. The BBB looks at a company’s responses to customer complaints, honesty in advertising, and transparency about business practices to determine ratings. 

What to look out for: Marcus doesn’t have a checking account. If you’d like to open a savings account and checking account at the same bank, you might consider some of our other top picks.

Discover Online Savings Account (jump to Discover account details »)

Why it stands out: The Discover Online Savings Account is a solid low-fee option — there’s no fee for insufficient funds, excess transactions, or monthly maintenance. You also don’t need an initial deposit to open an account.

Discover offers 24/7 customer service, both over the phone and through online chat.

 We also use ratings from the Better Business Bureau so you can see how a bank addresses customer issues. Discover Bank has received an A+ rating from the Better Business Bureau. It also hasn’t had any major scandals in recent years.

What to look out for: If you don’t have a checking account, you may have limited access to your account since the savings account doesn’t include a debit card. Discover also won’t reimburse any fees charged by out-of-network ATM providers.

Other high-yield savings accounts we considered

  • Personal Capital Cash Account: Personal Capital Cash might be ideal if you’re looking for a competitive interest rate or if you invest with Personal Capital. However, our top picks also have more bank account options or have more unique features.
  • Salem Five Direct eOne Savings: Salem Five Direct pays a high interest rate, but some of our top picks offer higher interest rates or have better customer support availability.
  • Axos High Yield Savings Account: Axos is a solid free savings account but other banks on our list offer more competitive interest rates right now.
  • Vio Bank Online High-Yield Savings Account: Vio has a solid fee-free savings account, but our top picks have lower minimum opening deposits and pay higher interest rates.
  • Chime Savings Account: Chime has unique savings features to help save for goals, but it’s interest rate is lower than all of our top picks. 
  • HSBC Direct Savings Account (Member FDIC): HSBC Direct offers a competitive rate, but the mobile app has received negative reviews.
  • American Express® High Yield Savings Account: While the account pays a solid interest rate and requires only a $0 opening deposit, there isn’t an app for banking customers (American Express is testing offering access to American Express Savings accounts in the Amex®App to a limited amount of Amex cardholders who have already connected their accounts in the app).
  • Betterment: This robo-adviser’s high-yield cash account doesn’t limit transfers. However, Betterment doesn’t have 24/7 customer support and its APY is lower than what you’ll find with some of our top picks.
  • Bread Savings High-Yield Savings Account: You’ll earn a high interest rate, but the bank’s mobile app has poor ratings in the Google Play store. 
  • Barclays: A fine high-yield savings account with a competitive APY, it lacks distinguishing factors. 
  • CIBC Bank (Member FDIC) : You only need to maintain a balance of $0.01 to earn interest on this high-yield savings account, but you have to put down $1,000 to open the account in the first place.
  • Fitness Bank (Member FDIC) : This unique high-yield savings account determines your APY by the number of steps you take on an average day. While there’s potential to earn a high rate on your money, it’s conditional on your level of commitment.
  • Citizens Bank: Despite offering a respectable APY, the minimum deposit to open a high-yield savings account here is $5,000.
  • My Savings Direct(Member FDIC) : This high-yield savings account earns a decent rate, but there are others with better user experience and similar features that earn more.
  • SFGI Direct (Member FDIC) : Although SFGI Direct’s high-yield savings account earns a respectable APY, it requires $500 to open an account.
  • Credit Karma: This high-yield savings account pays a high interest rate, but our top picks offer more standout features, like a higher interest rate, an ATM card, savings tools, or the ability to open a joint ban kaccount.
  • USAA Savings Account (Member FDIC) : This account could be a good fit for military members and families, but you’ll earn a low rate and need at least $25 to open an account.
  • Nationwide My Savings Account (Member FDIC): You need $100 to open an account with Nationwide, and its interest rate is only so-so.
  • Citi® Accelerate Savings: This account pays a high APY if you have a balance of at least $1, but it’s only available for residents of certain US states.
  • TIAA Basic Savings Account: It’s easy to waive the $5 monthly fee, but TIAA’s rates are a little lower than what you’ll find with our top picks.

Methodology: How did we choose the best online high-yield savings accounts?

There are a lot of high-yield savings accounts out there. Through our research, we’ve found that the best high-yield savings accounts are offered by banks with a strong online presence, robo-advisors, and other internet-only financial companies. 

Each week, we review high-yield savings accounts at nearly two dozen institutions to identify the strongest options. We also cross-reference our list against popular comparison sites like Bankrate and Nerdwallet to make sure we don’t miss a thing. 

While interest rates are an important aspect of any high-yield savings account, we also consider minimum deposits and balance requirements, transfer limitations, and any other standout features. Most importantly, we don’t consider any high-yield savings accounts that impose monthly maintenance fees.

Frequently asked questions

Personal Finance Insider’s mission is to help smart people make the best decisions with their money. We understand that “best” is often subjective, so in addition to highlighting the clear benefits of a financial product or account — a high APY, for example — we outline the limitations, too. We spent hours comparing and contrasting the features and fine print of various products so you don’t have to.

High-yield savings accounts are typically offered by online-only banks, or by brick-and-mortar banks that offer online-only savings accounts. Banks can typically pay higher rates on these accounts because they don’t have to cover expenses that come with physical branch locations.

A high-yield savings account rate is variable, which means it can fluctuate after you’ve opened the account. Your bank will usually email you to tell you the rate will go up or down soon.

Yes — a high-yield savings account has very few downsides, if any. There’s no risk that you’ll lose money, your account is insured by the FDIC (usually up to $250,000, but up to $1 million in some cases), and it gives you a shot at beating inflation.

The only time a high-yield savings account may not be worth it is if you’re paying excessive maintenance fees that eat into your interest payments or you find yourself restricted by the monthly transfer limit or time it takes for your money to get to your checking account.

Generally you’ll find the best savings interest rates at online banks. Nationally, the average traditional savings account earns just 0.17% APY. The best high-yield savings accounts offer between 2.15% APY and 3.01% APY right now.

If you’re more comfortable banking with a brick-and-mortar bank, a traditional savings account may be a better option for you. Just know that you may not be getting the best possible interest rate.

Interest rates on high-yield savings accounts closely follow the federal funds rate. That is to say, rates are variable and can change multiple times per year at the whim of the Federal Reserve. 

The Fed meets eight times a year and decides whether to increase, decrease, or leave interest rates untouched. If the Fed cuts rates, the APY on your savings account can drop within days. When rates are lower, you won’t earn as much interest on your savings. 

As the Fed has raised interest rates in the first half of 2022, savings interest rates have slowly been going up, too. Even if they were to drop, however, it’s best practice to keep saving. That way, when rates inevitably do go back up, you’ll be earning interest on a larger amount of principal.

 Today, the most competitive high-yield savings accounts top out around 3.01% APY. If you want a higher return and you don’t need immediate access to your money, you may consider putting it in a certificate of deposit (CD) or investing in the market. 

A high-yield savings account and money market account are both savings tools that pay competitive rates on your money. The main difference is that money market accounts often make it easier to access your money by sending you paper checks or a debit card. 

This can be convenient if you need to access money quickly in an emergency, but easy access might make it more tempting to spend your savings.

When you put your money in a high-yield savings account, you should be able to withdraw or transfer funds regularly. The rate is variable, meaning it can change after you open the account.

With a CD, you choose a CD term, probably between one and five years. You put your money in the CD, and you don’t withdraw any funds until the term is over. The rate is typically fixed, meaning your APY is locked in from the time you open the account until the term ends. 

You can deposit money into your high-yield savings account whenever you want, but most banks only allow you to make one initial deposit when you first set up the CD.

CDs can be good saving tools if you’re okay with parting with your money for a while, but if you need access to money sooner, a savings account is probably a better choice.

Expert advice on choosing the best high-yield savings account for you

We consulted banking and financial planning experts to inform these picks and provide their advice on finding the best high-yield savings accounts for your needs.

Here’s what they had to say about high-yield savings. (Some text may be lightly edited for clarity.)

Generally, what makes a high-yield savings account good or not good?

Roger Ma, CFP:

“It might not be as seamless to get your money out of an online savings account as it is a brick-and-mortar, but you don’t want to have so much friction where it’s such a pain to get the money out when you need it.”

Mykail James, CFEI: 

“Anything with a fee is not a good high-yield savings account. Anything that restricts how much you can save is, to me, not very good. If I can’t save more than $10,000 in this account, and then I have to move it over somewhere else — to me, that’s not a really good savings account, because it’s not really prepared to help me expand and grow, which is what a savings account is supposed to do. I also look at interest rates, definitely. I look to see when the interest is paid. Is it quarterly, or is it monthly? How often do they pay out interest, and what are the interest rate stipulations?”

How should someone decide whether to put their money in a high-yield savings account, money market account, or CD?

Tania Brown, CFP:

“So I guess we’ll start off with how much money you want to put in and … the level of transactions you want to have. If you want to have any transactions, that automatically takes out CDs. Then you’re stuck between the high-yield savings and the money market account.”

Laura Grace Tarpley, Personal Finance Insider:

“I would use a high-yield savings account or money market account for short-term goals or an emergency fund. You’ll probably want to choose whichever has a higher rate, but money market accounts can be good for emergency savings because they often come with a debit card or paper checks, making it easy to access money quickly. Then use CDs for longer-term goals, like buying a home in a few years.”



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