When you think of a brighter future, you consider an exclusive savings account where you put a significant amount of your hard-earned money. Other than that, you need to generate an extra income to catch up with your basic needs and to gradually stock up on your savings.
If you invest in a savings account at your local bank, you’ll barely earn any interest. Reality check: the interest rates at traditional banks are around 0.06 percent APY.
Did you know that you could earn hundreds of dollars every year with a high-interest savings account? Consider getting one to increase your savings faster!
Higher Interest Means More Money
A savings account with an interest rate of 0.01 percent equals a snail-paced progress towards your financial goals. But if you open a high-interest savings account, you are entitled in earning an impressive interest rate of 1.80 percent APY. Let’s say you deposit $10,000 in your savings account at local bank that pays 0.01 percent APY, you’ll earn only $1 after 12 months. With a high-interest savings account that pays you 1.80 percent APY, you’ll be happier with a $180 earning after a year. See the big difference?
High-Interest Savings Accounts are Flexible
The moment you enroll in a high-interest savings account, you just treated yourself and your family’s future with a better and smarter investment option. Unlike certificate of deposit (CD) accounts, which is subjected to a substantial penalty if you make a withdrawal before it reaches maturity, high-interest savings accounts allow you to make up to six transfers or withdrawals every month. You also get to open an online account online in a jiffy (just seconds!) and you can access your account information 24/7 via your smartphone or laptop. More so, transferring money into your accounts has never been easier with higher savings accounts. You can transfer money on your most convenient time and you can also link your new online savings account to an existing checking account for future transfers. We can just imagine the many perks of this high-interest savings account.
Ready for the Big Switch?
Are you ready to make the big switch and open a high-yield savings account? With its easy process, you’ll be convinced to act now.
Your first step is to search on the available offers. Note that there are various account options that pay more than 1 percent interest. Some of these accounts require small or no opening deposits, but some may require you to maintain a high minimum balance. After you’ve researched the different accounts and decided on one that suits your needs and lifestyle, you can open your account by registering online on the bank’s websites. Once approved, you can then link it to your existing checking account and start transferring funds.
If you’re trying to figure out which type of account will expand your savings, think of this: a high-interest savings account is a far cry from the traditional savings account. The former has an easier account opening process and pays as much as 180 times than the latter. You won’t regret switching to a high-yield savings account as you’ll enjoy the experience of flexible online banking and of course, the remarkable step-up in your savings.
Interested in opening a high-interest savings account? Start your search now.