So I am not that good with money. In fact I’d love a financial advisor, but that also requires that you have a decent amount of money to warrant one of those… Turns out I don’t have that.. Anyway, I was recently laid off back in December of 2022 and that prompted a lot of things. Feeling worried, anxious, excitement, anxiety, but it also sparked some curiosity and other things for my career. One of those happened to be getting my financials in order.
One of the biggest concerns I think that most people my age have is money. Having enough of it, making rent, and being able to pay off your loans and other debts. Now, what I always understood was that you keep some money in your savings for a rainy day. Well no one ever tells you where you keep that savings, or what your options are. If you are like me, you probably have your money in a big bank; J.P. Morgan Chase, T.D. Bank, Morgan Stanley, Wells Fargo, or Bank of America just to name a few… You are probably familiar with these since they have a ton of locations across the United States and have been household names for years.
What they don’t really tell you (or maybe just me) is that your savings account interest rate sucks, like when you get a penny in it each month for being a good customer. So after doing some research and figuring out the best places to move some of my money I stumbled upon something called high yield savings accounts. They are just like traditional savings accounts, but they are entirely setup online, have lower overhead costs, and provide an interest rate on your money that can actually grow your savings. Oh and you are completely free to withdraw your money at any time without any fees or penalties.
What is a high yield savings account?
A high yield savings account is a type of savings account that earns a higher interest rate than a traditional savings account. The goal of a high yield savings account is to help customers earn more money on their savings by providing a higher return on their money. High yield savings accounts are FDIC-insured, which means that your money is backed by the full faith and credit of the US government, up to $250,000 per depositor. To earn a high yield, most high yield savings accounts require a minimum balance, and they may also have certain other requirements, such as making a certain number of transactions per month or signing up for e-statements. Some high yield savings accounts also have fees, so it’s important to read the account terms carefully before opening one.
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Open your account today!
It’s a great way to grow your savings account and earn some interest especially during times like these. So I have two referral codes that you can use to sign up and get either your fees waived, or up to 4.3%* for 3 months!
Please keep in mind that I am not a financial advisor. This content is intended to be used and must be used for informational purposes only. It is very important to do your own analysis before making any investment, based on your own personal circumstances.You should take independent financial advice from a professional in connection with, or independently research and verify any information that you find on this post.
Christopher Sandoli 