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- High-yield savings accounts can help you earn up to 20 times more interest on money you need in the short term, while still keeping it safe and accessible.
- Dozens of banks offer high-yield savings accounts, but we compared three of the most popular: Ally's online savings account, Goldman Sachs' Marcus account, and Wealthfront's cash account.
- With no monthly service fees, competitive interest rates, and low or no minimum deposit to open, you really can't go wrong with any of these high-yield savings accounts.
- It's important to remember that interest rates fluctuate. It's fine to choose the account with the highest rate today, but be sure it meets your other needs as well.
- Visit Business Insider's homepage for more stories.
The Federal Reserve has cut interest rates twice since late July. As expected, many banks and financial institutions have dropped their rates in response, but it's still a great time to save money.
Whether you're building up an emergency fund or saving for a down payment on a house (or both), it's probably time to open up a high-yield savings account.
See the rest of the story at Business Insider
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See Also:
- A retired couple who travels full-time has 3 go-to strategies to make their savings last for years
- A full quarter of Americans have debt and aren't saving for retirement, but they still feel good about their money
- I've only had my high-yield cash account for 4 months, but I've already earned over $111 in interest
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