[{"data":1,"prerenderedAt":5547},["Reactive",2],{"/":3},{"data":4,"headers":5520,"perPage":5545,"total":5546},{"stories":5,"cv":5517,"rels":5518,"links":5519},[6,872,1728,2475,3297,4002,4921],{"name":7,"created_at":8,"published_at":9,"updated_at":10,"id":11,"uuid":12,"content":13,"slug":863,"full_slug":864,"sort_by_date":106,"position":865,"tag_list":866,"is_startpage":45,"parent_id":867,"meta_data":106,"group_id":868,"first_published_at":869,"release_id":106,"lang":870,"path":106,"alternates":871,"default_full_slug":106,"translated_slugs":106},"How to Open a High-Yield Savings Account","2025-04-07T18:31:32.550Z","2025-12-26T13:45:15.116Z","2025-12-26T13:45:15.150Z",651798206,"46456cc2-f3d5-4c99-acc3-4c3c82644c0a",{"seo":14,"_uid":20,"body":21,"author":48,"category":859,"featured":45,"component":860,"canonicalTag":861,"_editable":862},{"_uid":15,"title":16,"plugin":17,"og_image":18,"og_title":18,"description":19,"twitter_image":18,"twitter_title":18,"og_description":18,"twitter_description":18},"6e279110-4da0-48c0-8e96-3269c04f3ee5","How to Open a High-Yield Savings Account - Navient Marketplace","seo_metatags","","How to open a high-yield savings account in seven easy steps. Learn fees, terms, pros and cons & alternatives. Get the guide from start to finish.","24614723-3c23-4d4f-990b-c49a1b45edce",[22,52,834],{"id":23,"_uid":24,"image":25,"intro":26,"author":27,"classes":28,"category":18,"featured":45,"blogTitle":7,"component":46,"imageLink":47,"blendImage":45,"authorRoute":48,"publishedDate":49,"backgroundColor":50,"_editable":51},"blog-hero","79f5a035-fc41-41ad-92c1-be998deab658","//a.storyblok.com/f/110029/4096x2734/570c1496ba/how-to-open-a-high-yield-savings-account.svg","Here’s what you need to know, and how to open a high-yield savings account.","Curt Kirby",[29],{"_uid":30,"component":31,"titleColor":32,"dateClasses":33,"titleClasses":34,"authorClasses":35,"subtitleColor":36,"titleMaxWidth":37,"subtitleClasses":38,"dateMobileClasses":39,"titleMobileClasses":40,"authorMobileClasses":41,"featuredMobileClasses":42,"subtitleMobileClasses":43,"_editable":44},"5d8a3dfe-c0c7-415b-8e3d-2676a4998763","BlogHeroStyle","#470A68","text-subtitle-2 mt-7 accent--text text--darken-2","text-h4 mt-6 font-weight-bold blog-info-section","text-size-sub-1 mt-7 accent--text text--darken-4","#75478E","600","text-h6 mt-n6 blog-post-subtitle","text-size-caption mt-4 accent--text text--darken-2","text-size-button-3 font-weight-bold","text-size-sub-1 mt-4 accent--text text--darken-4","text-size-sub-1 accent--text","text-size-sub-1 mt-n9 pt-5","\u003C!--#storyblok#{\"name\": \"BlogHeroStyle\", \"space\": \"157494\", \"uid\": \"5d8a3dfe-c0c7-415b-8e3d-2676a4998763\", \"id\": \"651798206\"}-->",false,"BlogHero","/images/how-to-open-a-high-yield-savings-account.png","curt-kirby","Updated: April 27, 2023 ","#F6F2F7","\u003C!--#storyblok#{\"name\": \"BlogHero\", \"space\": \"157494\", \"uid\": \"79f5a035-fc41-41ad-92c1-be998deab658\", \"id\": \"651798206\"}-->",{"_uid":53,"bloks":54,"classes":830,"component":831,"mobileClasses":18,"containerContent":832,"_editable":833},"a524f7f9-d117-4e66-ad66-48bdef990dc1",[55],{"_uid":56,"bloks":57,"classes":18,"justify":776,"component":828,"mobileClasses":18,"_editable":829},"17e2f2ba-9fb3-4bb6-a5c2-63670f0193ce",[58,779],{"lg":59,"md":59,"sm":60,"_uid":61,"cols":60,"bloks":62,"alignSelf":776,"component":777,"_editable":778},"7","12","fb1f586b-34d2-4553-84a6-1c536ab78608",[63],{"_uid":64,"color":65,"classes":66,"content":18,"richText":67,"component":769,"mobileClasses":770,"enableRichText":771,"richTextMobile":772,"_editable":775},"bbe4297a-be79-46dd-9df2-7033f885ffea","#444444","blog-post-text blog-post-headers",{"type":68,"content":69},"doc",[70,85,92,118,130,151,172,181,191,198,208,229,238,259,268,275,284,305,314,335,366,375,382,391,411,420,427,436,443,452,459,468,560,569,654,663,672,679,686,695,702,709,718,725,746,755],{"type":71,"content":72},"paragraph",[73],{"text":74,"type":75,"marks":76},"Navient may receive compensation when you click on links associated with this Navient Marketplace. Navient is not being compensated for any application, quotation, or the purchase of any financial products.","text",[77,81],{"type":78,"attrs":79},"styled",{"class":80},"footer-text",{"type":82,"attrs":83},"textStyle",{"color":84},"#000000",{"type":71,"content":86},[87],{"text":88,"type":75,"marks":89},"With economists muttering about a recession and the stock market fluctuating wildly, it can be tempting to stick your savings under a mattress and wait for all to be over. But putting your money in a traditional savings account won’t actually prevent losses: because interest rates on those accounts are so low, your money won’t grow nearly enough to keep up with inflation. That means your hard-earned cash will slowly lose its value. The better way to protect your money is to put it to work. That’s where a high-yield savings account can help. ",[90],{"type":82,"attrs":91},{"color":84},{"type":71,"content":93},[94,99,113],{"text":95,"type":75,"marks":96},"Over the past few years, ",[97],{"type":82,"attrs":98},{"color":84},{"text":100,"type":75,"marks":101},"annual percentage yield",[102,109,111],{"type":103,"attrs":104},"link",{"href":105,"uuid":106,"anchor":106,"target":107,"linktype":108},"https://www.investopedia.com/terms/a/apy.asp",null,"_blank","url",{"type":82,"attrs":110},{"color":106},{"type":112},"underline",{"text":114,"type":75,"marks":115}," (APY) rates on high-yield savings accounts have consistently risen, making now a great time to take advantage. A high-yield savings account is a type of deposit account that gives you easy access to your funds — while still letting you grow your savings at rates well above the national average. Here’s what you need to know, and how to open a high-yield savings account.",[116],{"type":82,"attrs":117},{"color":106},{"type":119,"attrs":120,"content":122},"heading",{"level":121},2,[123],{"text":124,"type":75,"marks":125},"What is a high-yield savings account? ",[126,128],{"type":127},"bold",{"type":82,"attrs":129},{"color":84},{"type":71,"content":131},[132,137,146],{"text":133,"type":75,"marks":134},"A high-yield savings account is similar to a traditional savings account, except it pays more in interest on the money deposited. Where a traditional savings account might pay a fraction of a percentage point in interest, current interest rates for top high-yield savings accounts ",[135],{"type":82,"attrs":136},{"color":84},{"text":138,"type":75,"marks":139},"are over 4.0%",[140,143,145],{"type":103,"attrs":141},{"href":142,"uuid":106,"anchor":106,"target":107,"linktype":108},"https://www.cnbc.com/select/best-high-yield-savings-accounts/",{"type":82,"attrs":144},{"color":106},{"type":112},{"text":147,"type":75,"marks":148},". ",[149],{"type":82,"attrs":150},{"color":106},{"type":71,"content":152},[153,158,167],{"text":154,"type":75,"marks":155},"This is ",[156],{"type":82,"attrs":157},{"color":84},{"text":159,"type":75,"marks":160},"compound interest",[161,164,166],{"type":103,"attrs":162},{"href":163,"uuid":106,"anchor":106,"target":107,"linktype":108},"https://money.usnews.com/investing/term/compound-interest",{"type":82,"attrs":165},{"color":106},{"type":112},{"text":168,"type":75,"marks":169},", which means your interest is added to your account balance, and the next interest calculation is made on the full amount. Compound interest is among the best ways to grow your money fast. In addition to having higher interest rates, high-yield accounts are also flexible, accessible, and low-risk. ",[170],{"type":82,"attrs":171},{"color":106},{"type":119,"attrs":173,"content":174},{"level":121},[175],{"text":176,"type":75,"marks":177},"How to open a high-yield savings account",[178,179],{"type":127},{"type":82,"attrs":180},{"color":84},{"type":119,"attrs":182,"content":184},{"level":183},3,[185],{"text":186,"type":75,"marks":187},"1. Compare the APY and features of different accounts",[188,189],{"type":127},{"type":82,"attrs":190},{"color":84},{"type":71,"content":192},[193],{"text":194,"type":75,"marks":195},"Your first step is to shop around and get a feel for what your options are. Here are a few of the most important things to consider when choosing a high-yield savings account. ",[196],{"type":82,"attrs":197},{"color":84},{"type":119,"attrs":199,"content":201},{"level":200},4,[202],{"text":203,"type":75,"marks":204},"APY",[205,206],{"type":127},{"type":82,"attrs":207},{"color":84},{"type":71,"content":209},[210,215,224],{"text":211,"type":75,"marks":212},"APY, or annual percentage yield, is a measure of the money you’ll make in interest each year. The APY on a high-yield savings account typically ranges from 1.0 to 4.5%, and is currently ",[213],{"type":82,"attrs":214},{"color":84},{"text":216,"type":75,"marks":217},"capped at about 5.0%",[218,221,223],{"type":103,"attrs":219},{"href":220,"uuid":106,"anchor":106,"target":107,"linktype":108},"https://www.fdic.gov/resources/bankers/national-rates/index.html#footnote",{"type":82,"attrs":222},{"color":106},{"type":112},{"text":225,"type":75,"marks":226},". (Note that the best rates can be up to 20 to 25 times higher than the national average for standard savings accounts.)",[227],{"type":82,"attrs":228},{"color":106},{"type":119,"attrs":230,"content":231},{"level":200},[232],{"text":233,"type":75,"marks":234},"Fees",[235,236],{"type":127},{"type":82,"attrs":237},{"color":84},{"type":71,"content":239},[240,245,254],{"text":241,"type":75,"marks":242},"You should also make note of each financial institution’s fee schedule, which you can often find on their FAQs page and in specific account disclosures. Many banks charge overdraft fees, ATM fees, and fees for closing your account within the first 180 days. You may also face penalties for making more than ",[243],{"type":82,"attrs":244},{"color":84},{"text":246,"type":75,"marks":247},"six withdrawals per month",[248,251,253],{"type":103,"attrs":249},{"href":250,"uuid":106,"anchor":106,"target":107,"linktype":108},"https://www.investopedia.com/articles/pf/09/high-yield-savings-account.asp",{"type":82,"attrs":252},{"color":106},{"type":112},{"text":255,"type":75,"marks":256},". (This is the withdrawal limit on high-yield savings accounts as mandated by federal law.) Many accounts also charge a monthly service fee or monthly maintenance fee just to keep them open. ",[257],{"type":82,"attrs":258},{"color":106},{"type":119,"attrs":260,"content":261},{"level":200},[262],{"text":263,"type":75,"marks":264},"Minimum balance requirements",[265,266],{"type":127},{"type":82,"attrs":267},{"color":84},{"type":71,"content":269},[270],{"text":271,"type":75,"marks":272},"In addition to fees, some banks have minimum deposit requirements. You may need to make a minimum opening deposit to kick things off, and/or maintain a certain account balance to avoid penalties. Of course, not all banks have these kinds of requirements. If you don’t have a ton of extra cash on hand, you may want to look for a high-yield account without any minimums. ",[273],{"type":82,"attrs":274},{"color":84},{"type":119,"attrs":276,"content":277},{"level":200},[278],{"text":279,"type":75,"marks":280},"Access to funds",[281,282],{"type":127},{"type":82,"attrs":283},{"color":84},{"type":71,"content":285},[286,291,296,300],{"text":287,"type":75,"marks":288},"Finally, you should consider how you’d prefer to access your funds. While high-interest savings accounts rarely come with check-writing or debit card capabilities, some banks do provide an ATM card that you can use to withdraw cash. Others only allow ACH or wire transfers. ",[289],{"type":82,"attrs":290},{"color":84},{"type":292,"marks":293},"hard_break",[294],{"type":82,"attrs":295},{"color":106},{"type":292,"marks":297},[298],{"type":82,"attrs":299},{"color":106},{"text":301,"type":75,"marks":302},"Deposit options also vary by account. Many only allow check deposits to be made by mail, and permit only transfers or direct deposits. Other institutions, like Ally Bank and UFB Direct (a division of Axos Bank) permit mobile check deposits via an app. ",[303],{"type":82,"attrs":304},{"color":106},{"type":119,"attrs":306,"content":307},{"level":183},[308],{"text":309,"type":75,"marks":310},"2. Prepare your personal information ",[311,312],{"type":127},{"type":82,"attrs":313},{"color":84},{"type":71,"content":315},[316,321,330],{"text":317,"type":75,"marks":318},"When you’ve chosen the best high-yield savings account for your needs, the next step is to gather your ",[319],{"type":82,"attrs":320},{"color":84},{"text":322,"type":75,"marks":323},"personal information",[324,327,329],{"type":103,"attrs":325},{"href":326,"uuid":106,"anchor":106,"target":107,"linktype":108},"https://www.businessinsider.com/personal-finance/how-to-open-high-yield-savings-account-online-save-money",{"type":82,"attrs":328},{"color":106},{"type":112},{"text":331,"type":75,"marks":332}," and begin the account opening process. You’ll likely need:",[333],{"type":82,"attrs":334},{"color":106},{"type":336,"content":337},"bullet_list",[338,348,357],{"type":339,"content":340},"list_item",[341],{"type":71,"content":342},[343],{"text":344,"type":75,"marks":345},"A form of identification, such as a driver's license.",[346],{"type":82,"attrs":347},{"color":84},{"type":339,"content":349},[350],{"type":71,"content":351},[352],{"text":353,"type":75,"marks":354},"Proof of your physical address. ",[355],{"type":82,"attrs":356},{"color":106},{"type":339,"content":358},[359],{"type":71,"content":360},[361],{"text":362,"type":75,"marks":363},"Your social security number or Individual Taxpayer Identification number (ITIN).",[364],{"type":82,"attrs":365},{"color":106},{"type":119,"attrs":367,"content":368},{"level":183},[369],{"text":370,"type":75,"marks":371},"3. Submit your application ",[372,373],{"type":127},{"type":82,"attrs":374},{"color":84},{"type":71,"content":376},[377],{"text":378,"type":75,"marks":379},"Most big national banks provide streamlined applications that take just 10 minutes to fill out. If you’re working with a brick-and-mortar bank, you may need to make an in-person appointment to complete your application. If you’re using an online lender, you can almost always complete the entire thing online. ",[380],{"type":82,"attrs":381},{"color":84},{"type":119,"attrs":383,"content":384},{"level":183},[385],{"text":386,"type":75,"marks":387},"4. Make your initial deposit ",[388,389],{"type":127},{"type":82,"attrs":390},{"color":84},{"type":71,"content":392},[393,398,402,406],{"text":394,"type":75,"marks":395},"Once your application is submitted and your identity is confirmed, you’ll be able to add money to your account. Usually, the easiest way to do this is to link your new account to an existing account and transfer funds. ",[396],{"type":82,"attrs":397},{"color":84},{"type":292,"marks":399},[400],{"type":82,"attrs":401},{"color":106},{"type":292,"marks":403},[404],{"type":82,"attrs":405},{"color":106},{"text":407,"type":75,"marks":408},"Some financial institutions will also let you mail a check or use a credit card to make this initial deposit (though using a credit card often comes with high fees). If your account requires a minimum opening deposit, make sure your first deposit amount meets that minimum.",[409],{"type":82,"attrs":410},{"color":106},{"type":119,"attrs":412,"content":413},{"level":183},[414],{"text":415,"type":75,"marks":416},"5. Set up online banking",[417,418],{"type":127},{"type":82,"attrs":419},{"color":84},{"type":71,"content":421},[422],{"text":423,"type":75,"marks":424},"The next step is to set up your online savings account, whether that’s via computer or your bank’s mobile app. From your online dashboard, you’ll be able to link additional accounts, enable mobile alerts, and initiate transfers. You’ll also be able to track your account balance and view your transaction history.",[425],{"type":82,"attrs":426},{"color":84},{"type":119,"attrs":428,"content":429},{"level":183},[430],{"text":431,"type":75,"marks":432},"6. Name beneficiaries ",[433,434],{"type":127},{"type":82,"attrs":435},{"color":84},{"type":71,"content":437},[438],{"text":439,"type":75,"marks":440},"If you weren’t asked to do so during the application process, now is the time to designate a beneficiary. If something were to happen to you, your named beneficiary will inherit the funds from your account. You’ll generally need their legal name, social security number, and other personal information.",[441],{"type":82,"attrs":442},{"color":84},{"type":119,"attrs":444,"content":445},{"level":183},[446],{"text":447,"type":75,"marks":448},"7. Make sure you understand your account limits and regulations  ",[449,450],{"type":127},{"type":82,"attrs":451},{"color":84},{"type":71,"content":453},[454],{"text":455,"type":75,"marks":456},"Lastly, it’s smart to review all the requirements associated with your account. As the primary depositor, you should know how to avoid fees and how many monthly withdrawals you can make without penalty. Also check to see how you can maintain the APY you were initially offered. Some institutions require you to set up recurring transfers or direct deposits before they can offer you their highest APY. ",[457],{"type":82,"attrs":458},{"color":84},{"type":119,"attrs":460,"content":461},{"level":121},[462],{"text":463,"type":75,"marks":464},"Pros of a high-yield savings account ",[465,466],{"type":127},{"type":82,"attrs":467},{"color":84},{"type":336,"content":469},[470,485,500,515,530,545],{"type":339,"content":471},[472],{"type":71,"content":473},[474,480],{"text":475,"type":75,"marks":476},"Higher interest rates than traditional savings accounts",[477,478],{"type":127},{"type":82,"attrs":479},{"color":84},{"text":481,"type":75,"marks":482},". In a traditional savings account, your money is safe, but it’s probably not growing. High-yield savings accounts, on the other hand, allow you to store your money safely while offering you higher rates. Generally, high-yield savings account rates are 15 to 25 times higher than what you’d get with a traditional savings account.",[483],{"type":82,"attrs":484},{"color":106},{"type":339,"content":486},[487],{"type":71,"content":488},[489,495],{"text":490,"type":75,"marks":491},"FDIC-insured for further protection. ",[492,493],{"type":127},{"type":82,"attrs":494},{"color":84},{"text":496,"type":75,"marks":497},"Unlike many stock-market investment vehicles, high-yield savings accounts are protected by the Federal Deposit Insurance Corporation (FDIC). FDIC insurance — sometimes labeled on account disclosures as “member FDIC”— means that you cannot lose your savings due to a fault of your bank, even if the bank goes under.",[498],{"type":82,"attrs":499},{"color":106},{"type":339,"content":501},[502],{"type":71,"content":503},[504,510],{"text":505,"type":75,"marks":506},"More flexible than a CD account. ",[507,508],{"type":127},{"type":82,"attrs":509},{"color":84},{"text":511,"type":75,"marks":512},"A CD (certificate of deposit) account can offer high interest rates, but it will also require you to store those funds for a set term. While your money is in a CD account, you can’t withdraw it before the term is over without incurring penalties and fees. With a high-yield savings account, you’ll be able to make withdrawals and transfers up to a certain limit without penalty.",[513],{"type":82,"attrs":514},{"color":106},{"type":339,"content":516},[517],{"type":71,"content":518},[519,525],{"text":520,"type":75,"marks":521},"Lower-risk than the stock market. ",[522,523],{"type":127},{"type":82,"attrs":524},{"color":84},{"text":526,"type":75,"marks":527},"Long-term, you’re likely to see a higher return on investment from the stock market than with a high-yield savings account. But that ROI may not come before some significant short-term losses. High-yield savings accounts are insulated from those risks, making them better for reaching short-term savings goals.",[528],{"type":82,"attrs":529},{"color":106},{"type":339,"content":531},[532],{"type":71,"content":533},[534,540],{"text":535,"type":75,"marks":536},"Great for money you’re saving for a rainy day. ",[537,538],{"type":127},{"type":82,"attrs":539},{"color":84},{"text":541,"type":75,"marks":542},"High-yield savings accounts are great for storing money you don’t need right now, but may need in the near future. A great example is an emergency fund, or funds you’re saving for a house or car.",[543],{"type":82,"attrs":544},{"color":106},{"type":339,"content":546},[547],{"type":71,"content":548},[549,555],{"text":550,"type":75,"marks":551},"Perfect for storing a windfall. ",[552,553],{"type":127},{"type":82,"attrs":554},{"color":84},{"text":556,"type":75,"marks":557},"Whether it’s birthday money from a relative, a wedding gift, or a tax refund, high-yield savings accounts are a perfect place to store your money until you know what to do with it. By the time you’ve figured out how to use it, there’s a chance it may have already grown.",[558],{"type":82,"attrs":559},{"color":106},{"type":119,"attrs":561,"content":562},{"level":121},[563],{"text":564,"type":75,"marks":565},"Cons of a high-yield savings account",[566,567],{"type":127},{"type":82,"attrs":568},{"color":84},{"type":336,"content":570},[571,600,615,639],{"type":339,"content":572},[573],{"type":71,"content":574},[575,581,586,595],{"text":576,"type":75,"marks":577},"Not as accessible as checking accounts",[578,579],{"type":127},{"type":82,"attrs":580},{"color":84},{"text":582,"type":75,"marks":583},". Legally, you’re only allowed to withdraw money from your high-yield savings account ",[584],{"type":82,"attrs":585},{"color":106},{"text":587,"type":75,"marks":588},"up to 6 times per month",[589,592,594],{"type":103,"attrs":590},{"href":591,"uuid":106,"anchor":106,"target":107,"linktype":108},"https://www.cnbc.com/select/when-to-open-high-yield-savings-account/",{"type":82,"attrs":593},{"color":106},{"type":112},{"text":596,"type":75,"marks":597}," without fees. For that reason, everyday spending money is better stored in a checking account, where you won’t be charged for consistent usage.",[598],{"type":82,"attrs":599},{"color":106},{"type":339,"content":601},[602],{"type":71,"content":603},[604,610],{"text":605,"type":75,"marks":606},"More requirements than a traditional savings account",[607,608],{"type":127},{"type":82,"attrs":609},{"color":84},{"text":611,"type":75,"marks":612},". Traditional bank accounts don’t always require you to maintain a minimum balance, but high-yield savings accounts often do. High-yield savings accounts also have withdrawal and transfer limits, which you’re less likely to find with a traditional bank account.",[613],{"type":82,"attrs":614},{"color":106},{"type":339,"content":616},[617],{"type":71,"content":618},[619,625,630],{"text":620,"type":75,"marks":621},"Won’t keep up with inflation.",[622,623],{"type":127},{"type":82,"attrs":624},{"color":84},{"text":626,"type":75,"marks":627}," The interest you earn on your high-yield savings accounts will be higher than what you’d get on traditional savings accounts, but it’s still lower than the rate of inflation. For long-term ROI, ",[628],{"type":82,"attrs":629},{"color":106},{"text":631,"type":75,"marks":632},"your money is better stored elsewhere.",[633,636,638],{"type":103,"attrs":634},{"href":635,"uuid":106,"anchor":106,"target":107,"linktype":108},"https://www.nerdwallet.com/article/investing/the-best-investments-right-now#mutual",{"type":82,"attrs":637},{"color":106},{"type":112},{"type":339,"content":640},[641],{"type":71,"content":642},[643,649],{"text":644,"type":75,"marks":645},"You may earn less than advertised.",[646,647],{"type":127},{"type":82,"attrs":648},{"color":84},{"text":650,"type":75,"marks":651}," The interest rates on high-yield savings accounts aren’t locked in. So if you see an account offering a high rate, know that that rate is subject to change at the bank’s discretion. That means you may not earn as much as you thought you would going in. ",[652],{"type":82,"attrs":653},{"color":106},{"type":119,"attrs":655,"content":656},{"level":121},[657],{"text":658,"type":75,"marks":659},"Alternatives to a high-yield savings account ",[660,661],{"type":127},{"type":82,"attrs":662},{"color":84},{"type":119,"attrs":664,"content":665},{"level":183},[666],{"text":667,"type":75,"marks":668},"A money market account",[669,670],{"type":127},{"type":82,"attrs":671},{"color":84},{"type":71,"content":673},[674],{"text":675,"type":75,"marks":676},"A money market account is similar to high-yield savings in that it offers higher interest rates than a traditional bank account. Though money market interest rates tend to be a little lower than high-yield savings interest rates, the benefit to a money market account is that it’s more likely to offer check-writing and ATM access. ",[677],{"type":82,"attrs":678},{"color":84},{"type":71,"content":680},[681],{"text":682,"type":75,"marks":683},"Money market accounts are available from banks, credit unions, brokerages, and large financial institutions like Capital One or Goldman Sachs. They're also sometimes called money market deposit accounts (MMDA). The name \"money market\" comes from the fact that this type of account allows you to keep your funds liquid — meaning you can easily access them — while still earning a decent rate of return on your money.",[684],{"type":82,"attrs":685},{"color":84},{"type":119,"attrs":687,"content":688},{"level":183},[689],{"text":690,"type":75,"marks":691},"A CD account",[692,693],{"type":127},{"type":82,"attrs":694},{"color":84},{"type":71,"content":696},[697],{"text":698,"type":75,"marks":699},"CDs are a type of savings account insured by the FDIC that can help you earn higher interest rates. With a CD, you agree to keep your money in an account for a specific period of time, and in return the bank promises to grow that money at a fixed interest rate. If you withdraw money from your CD before it matures, you'll pay an early withdrawal penalty that could even wipe out the gains from the interest you earned.",[700],{"type":82,"attrs":701},{"color":84},{"type":71,"content":703},[704],{"text":705,"type":75,"marks":706},"CDs typically come in terms ranging from three months to five years, but longer terms give you better returns than shorter ones. Interest rates on CDs can vary widely depending on the term length and type of CD. You'll also see different types of CDs, including regular CDs, jumbo CDs, and IRA CDs. Each one will have different benefits and drawbacks, so be sure to do your research.",[707],{"type":82,"attrs":708},{"color":84},{"type":119,"attrs":710,"content":711},{"level":121},[712],{"text":713,"type":75,"marks":714},"Explore savings accounts on Navient Marketplace",[715,716],{"type":127},{"type":82,"attrs":717},{"color":84},{"type":71,"content":719},[720],{"text":721,"type":75,"marks":722},"High-yield savings accounts are a great way to get a high APY on funds that would otherwise remain stagnant. That makes them one of the best ways to reach your short-term savings goals. With this type of account, you get guaranteed interest earnings, and you won’t have to risk losing any of your hard-earned cash. ",[723],{"type":82,"attrs":724},{"color":84},{"type":71,"content":726},[727,732,741],{"text":728,"type":75,"marks":729},"If you’re ready to move your money out of your traditional bank account and start growing your savings for real, the Navient Marketplace is a great place to start. This robust online platform has everything you need to learn more about high-yield savings accounts and compare financial products in a convenient one-stop shop. Visit ",[730],{"type":82,"attrs":731},{"color":84},{"text":733,"type":75,"marks":734},"Navient Marketplace",[735,738,740],{"type":103,"attrs":736},{"href":737,"uuid":106,"anchor":106,"target":107,"linktype":108},"https://marketplace.navient.com/",{"type":82,"attrs":739},{"color":106},{"type":112},{"text":742,"type":75,"marks":743}," today to get started.",[744],{"type":82,"attrs":745},{"color":106},{"type":71,"content":747},[748],{"text":749,"type":75,"marks":750},"Disclaimer: This blog post provides personal finance educational information, and it is not intended to provide legal, financial, or tax advice.",[751,753],{"type":78,"attrs":752},{"class":80},{"type":82,"attrs":754},{"color":84},{"type":71,"content":756},[757,764],{"text":758,"type":75,"marks":759},"Information in this blog, including the rates advertised, are current as of 04/27/2023 and subject to change.",[760,762],{"type":78,"attrs":761},{"class":80},{"type":82,"attrs":763},{"color":84},{"text":765,"type":75,"marks":766}," ",[767],{"type":82,"attrs":768},{"color":106},"Typography","mx-7 blog-post-text blog-post-headers",true,{"type":68,"content":773},[774],{"type":71},"\u003C!--#storyblok#{\"name\": \"Typography\", \"space\": \"157494\", \"uid\": \"bbe4297a-be79-46dd-9df2-7033f885ffea\", \"id\": \"651798206\"}-->","start","Column","\u003C!--#storyblok#{\"name\": \"Column\", \"space\": \"157494\", \"uid\": \"fb1f586b-34d2-4553-84a6-1c536ab78608\", \"id\": 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text-transform-none text-size-sub-1","Button","\u003C!--#storyblok#{\"name\": \"Button\", \"space\": \"157494\", \"uid\": \"60b7aad0-4fb5-4ec4-b557-61a0608af582\", \"id\": \"651798206\"}-->","\u003C!--#storyblok#{\"name\": \"BackToTop\", \"space\": \"157494\", \"uid\": \"64db4d07-4185-4db4-b8e4-7af1e0eed038\", \"id\": \"651798206\"}-->","1240px","Grid","pl-0","ml-7",{"id":106,"alt":106,"name":18,"focus":106,"title":106,"filename":18,"copyright":106,"fieldtype":808},"\u003C!--#storyblok#{\"name\": \"Grid\", \"space\": \"157494\", \"uid\": \"4c330c4e-f5a7-41f6-8f59-8e9ddfcddf76\", \"id\": \"651798206\"}-->","Savings","BlogPost","https://www.marketplace.navient.com/blog/how-to-open-a-high-yield-savings-account/","\u003C!--#storyblok#{\"name\": \"BlogPost\", \"space\": \"157494\", \"uid\": \"24614723-3c23-4d4f-990b-c49a1b45edce\", \"id\": \"651798206\"}-->","how-to-open-a-high-yield-savings-account","navient_marketplace/blog/how-to-open-a-high-yield-savings-account",20,[],651751493,"20088926-a3c0-4812-aa8e-a6c1af508cfa","2023-05-10T19:26:42.913Z","default",[],{"name":873,"created_at":874,"published_at":875,"updated_at":876,"id":877,"uuid":878,"content":879,"slug":1721,"full_slug":1722,"sort_by_date":106,"position":1723,"tag_list":1724,"is_startpage":45,"parent_id":867,"meta_data":106,"group_id":1725,"first_published_at":1726,"release_id":106,"lang":870,"path":106,"alternates":1727,"default_full_slug":106,"translated_slugs":106},"The Pros and Cons of High-Yield Savings Accounts","2025-04-07T18:31:34.194Z","2025-12-26T13:45:15.365Z","2025-12-26T13:45:15.444Z",651798207,"196a7bb1-a58b-47d4-a460-07ed53de04ba",{"seo":880,"_uid":20,"body":883,"author":895,"category":859,"featured":45,"component":860,"canonicalTag":1719,"_editable":1720},{"_uid":15,"title":881,"plugin":17,"og_image":18,"og_title":18,"description":882,"twitter_image":18,"twitter_title":18,"og_description":18,"twitter_description":18},"The Pros and Cons of High-Yield Savings Accounts - Navient Marketplace","High-yield savings accounts have high interest rates, but they're bad for building long-term wealth. Learn pros & cons of high-yield savings accounts here. ",[884,898,1704],{"id":23,"_uid":885,"image":886,"intro":887,"author":888,"classes":889,"category":18,"featured":45,"blogTitle":873,"component":46,"imageLink":894,"blendImage":45,"authorRoute":895,"publishedDate":896,"backgroundColor":50,"_editable":897},"02557530-adb9-49fb-9319-277497a70cb8","//a.storyblok.com/f/110029/800x534/c831baed33/pros-and-cons-of-high-yield-savings-account.png","Here’s how to take advantage of high-yield savings accounts and determine whether or not they’re right for you.","Ted Vrountas",[890],{"_uid":891,"component":31,"titleColor":32,"dateClasses":33,"titleClasses":892,"authorClasses":35,"subtitleColor":36,"subtitleClasses":38,"dateMobileClasses":39,"titleMobileClasses":40,"authorMobileClasses":41,"featuredMobileClasses":42,"subtitleMobileClasses":43,"_editable":893},"6bc0d925-925b-40e2-8cb5-ac30d0086187","text-h4 mt-6 font-weight-bold","\u003C!--#storyblok#{\"name\": \"BlogHeroStyle\", \"space\": \"157494\", \"uid\": \"6bc0d925-925b-40e2-8cb5-ac30d0086187\", \"id\": \"651798207\"}-->","/images/pros-and-cons-of-high-yield-savings-account.png","ted-vrountas","Updated: May 8, 2023","\u003C!--#storyblok#{\"name\": \"BlogHero\", \"space\": \"157494\", \"uid\": \"02557530-adb9-49fb-9319-277497a70cb8\", \"id\": \"651798207\"}-->",{"_uid":899,"bloks":900,"classes":830,"component":831,"mobileClasses":18,"containerContent":1702,"_editable":1703},"222843d6-4c0d-4ac3-aa5f-7f579c49c5fe",[901],{"_uid":902,"bloks":903,"classes":18,"justify":776,"component":828,"mobileClasses":18,"_editable":1701},"0737a92f-e416-438d-b8db-1c0e86499923",[904,1675],{"lg":59,"md":59,"sm":60,"_uid":905,"cols":60,"bloks":906,"alignSelf":776,"component":777,"_editable":1674},"c286affa-ee04-4348-8508-6e9f77932903",[907],{"_uid":908,"color":65,"classes":66,"content":18,"richText":909,"component":769,"mobileClasses":770,"enableRichText":771,"richTextMobile":1670,"_editable":1673},"a64c4df0-154e-4c12-b867-678d292709f4",{"type":68,"content":910},[911,920,927,934,943,990,999,1006,1013,1022,1032,1080,1089,1110,1144,1153,1174,1181,1188,1197,1204,1211,1232,1240,1249,1270,1291,1300,1307,1314,1323,1369,1378,1399,1408,1512,1520,1527,1535,1556,1563,1571,1605,1612,1620,1627,1634,1653,1661],{"type":71,"content":912},[913],{"text":74,"type":75,"marks":914},[915,917],{"type":78,"attrs":916},{"class":80},{"type":82,"attrs":918},{"color":919},"rgb(0, 0, 0)",{"type":71,"content":921},[922],{"text":923,"type":75,"marks":924},"If you’re like countless Americans, you keep the money you save in a standard savings account. And why not? It does the job of storing your money well enough. It’s safe from market volatility, insured by the federal deposit insurance corporation (FDIC), and easily accessible when you need it. ",[925],{"type":82,"attrs":926},{"color":919},{"type":71,"content":928},[929],{"text":930,"type":75,"marks":931},"The only problem is that you may be missing out on higher interest rates that could help your savings grow. Standard savings accounts have very low rates — usually less than one percent. With that kind of rate, you’ll likely only make a few dollars per year on your money. With a high-yield savings account, however, you could make hundreds of dollars annually just by leaving your savings untouched. Here’s how to take advantage of high-yield savings accounts and determine whether or not they’re right for you. ",[932],{"type":82,"attrs":933},{"color":919},{"type":119,"attrs":935,"content":936},{"level":121},[937],{"text":938,"type":75,"marks":939},"Key takeaways ",[940,941],{"type":127},{"type":82,"attrs":942},{"color":919},{"type":336,"content":944},[945,954,963,972,981],{"type":339,"content":946},[947],{"type":71,"content":948},[949],{"text":950,"type":75,"marks":951},"A high-yield savings account is a type of bank account that pays more in interest than a traditional savings account.",[952],{"type":82,"attrs":953},{"color":919},{"type":339,"content":955},[956],{"type":71,"content":957},[958],{"text":959,"type":75,"marks":960},"High-yield savings accounts offer easy access to deposited funds, but you may have to pay fees or maintain a certain minimum balance to keep the account open.",[961],{"type":82,"attrs":962},{"color":919},{"type":339,"content":964},[965],{"type":71,"content":966},[967],{"text":968,"type":75,"marks":969},"High-yield savings accounts are great for growing money you plan to spend in the next few years, but they’re not ideal for building long-term wealth. ",[970],{"type":82,"attrs":971},{"color":919},{"type":339,"content":973},[974],{"type":71,"content":975},[976],{"text":977,"type":75,"marks":978},"When choosing a high-yield savings account, be sure to evaluate the annual percentage yield (APY), fees, account accessibility, overdraft protections, and minimum deposit and balance requirements.",[979],{"type":82,"attrs":980},{"color":919},{"type":339,"content":982},[983],{"type":71,"content":984},[985],{"text":986,"type":75,"marks":987},"Popular alternatives to high-yield savings accounts are CD accounts and money market savings accounts.",[988],{"type":82,"attrs":989},{"color":919},{"type":119,"attrs":991,"content":992},{"level":121},[993],{"text":994,"type":75,"marks":995},"What is a high-yield savings account?",[996,997],{"type":127},{"type":82,"attrs":998},{"color":919},{"type":71,"content":1000},[1001],{"text":1002,"type":75,"marks":1003},"A high-yield savings account is a bank account that pays a higher interest rate than what you’d get with a standard savings account at a traditional bank. The rate you earn on your deposited funds will depend on a number of factors, including the bank you choose, the national economy, where you're located, and how much you deposit into the account. ",[1004],{"type":82,"attrs":1005},{"color":919},{"type":71,"content":1007},[1008],{"text":1009,"type":75,"marks":1010},"High-yield savings accounts typically come with more restrictions than regular savings accounts, but they typically offer interest rates 10 to 15 times higher than standard savings accounts do. You can open a high-yield account at nearly any financial institution, including brick-and-mortar banks, credit unions, and online banks.",[1011],{"type":82,"attrs":1012},{"color":919},{"type":119,"attrs":1014,"content":1015},{"level":121},[1016],{"text":1017,"type":75,"marks":1018},"Pros of a high-yield savings account",[1019,1020],{"type":127},{"type":82,"attrs":1021},{"color":919},{"type":119,"attrs":1023,"content":1024},{"level":183},[1025],{"text":1026,"type":75,"marks":1027},"Higher APY",[1028,1029],{"type":127},{"type":82,"attrs":1030},{"color":1031},"rgb(67, 67, 67)",{"type":71,"content":1033},[1034,1039,1049,1054,1062,1067,1075],{"text":1035,"type":75,"marks":1036},"The most obvious advantage of high-yield savings accounts is their high annual percentage yields (APYs). Right now, traditional savings accounts offer a ",[1037],{"type":82,"attrs":1038},{"color":919},{"text":1040,"type":75,"marks":1041},"national average APY of .40%. ",[1042,1045,1048],{"type":103,"attrs":1043},{"href":1044,"uuid":106,"anchor":106,"target":107,"linktype":108},"https://smartasset.com/checking-account/average-savings-account-interest",{"type":82,"attrs":1046},{"color":1047},"rgb(17, 85, 204)",{"type":112},{"text":1050,"type":75,"marks":1051},"Today’s best high-yield savings accounts, however, boast rates ",[1052],{"type":82,"attrs":1053},{"color":919},{"text":1055,"type":75,"marks":1056},"upwards of 4%",[1057,1059,1061],{"type":103,"attrs":1058},{"href":142,"uuid":106,"anchor":106,"target":107,"linktype":108},{"type":82,"attrs":1060},{"color":1047},{"type":112},{"text":1063,"type":75,"marks":1064}," for qualifying account holders. Better yet, that’s ",[1065],{"type":82,"attrs":1066},{"color":919},{"text":159,"type":75,"marks":1068},[1069,1072,1074],{"type":103,"attrs":1070},{"href":1071,"uuid":106,"anchor":106,"target":107,"linktype":108},"https://www.experian.com/blogs/ask-experian/how-compound-interest-works/",{"type":82,"attrs":1073},{"color":1047},{"type":112},{"text":1076,"type":75,"marks":1077},", which means you’ll earn money on both your original deposit and on the interest you make. As a result, your savings will snowball over time. ",[1078],{"type":82,"attrs":1079},{"color":919},{"type":119,"attrs":1081,"content":1082},{"level":183},[1083],{"text":1084,"type":75,"marks":1085},"Accessible",[1086,1087],{"type":127},{"type":82,"attrs":1088},{"color":1031},{"type":71,"content":1090},[1091,1096,1105],{"text":1092,"type":75,"marks":1093},"High-yield savings accounts aren’t the only savings vehicles that offer high APYs. In fact, ",[1094],{"type":82,"attrs":1095},{"color":919},{"text":1097,"type":75,"marks":1098},"CD accounts",[1099,1102,1104],{"type":103,"attrs":1100},{"href":1101,"uuid":106,"anchor":106,"target":107,"linktype":108},"https://bettermoneyhabits.bankofamerica.com/en/personal-banking/what-is-a-cd-investment",{"type":82,"attrs":1103},{"color":1047},{"type":112},{"text":1106,"type":75,"marks":1107}," are likely to offer even higher APYs than high-yield savings accounts. However, CD accounts also require you to lock in your money for a set term –– meaning you won’t be able to withdraw it until the term is over without incurring a penalty. ",[1108],{"type":82,"attrs":1109},{"color":919},{"type":71,"content":1111},[1112,1117,1126,1131,1135,1139],{"text":1113,"type":75,"marks":1114},"On the other hand, high-yield savings accounts allow you to move money at least six times per month without penalty. In the past this was a federally mandated cap. In 2020, however, the Federal Reserve passed a motion called “Regulation D,” which ",[1115],{"type":82,"attrs":1116},{"color":919},{"text":1118,"type":75,"marks":1119},"removed this limit",[1120,1123,1125],{"type":103,"attrs":1121},{"href":1122,"uuid":106,"anchor":106,"target":107,"linktype":108},"https://www.bankrate.com/banking/federal-reserve-lifts-regulation-d-withdrawal-limit/",{"type":82,"attrs":1124},{"color":1047},{"type":112},{"text":1127,"type":75,"marks":1128},". This was part to ease financial burdens during the Covid-19 pandemic, but the Fed doesn’t have plans to reinstitute the limit. Many banks now allow unlimited transfers. ",[1129],{"type":82,"attrs":1130},{"color":919},{"type":292,"marks":1132},[1133],{"type":82,"attrs":1134},{"color":919},{"type":292,"marks":1136},[1137],{"type":82,"attrs":1138},{"color":919},{"text":1140,"type":75,"marks":1141},"So, if you think there’s a chance you might need some of the money you’re hoping to earn interest on, a high-yield savings account offers more flexibility than a CD account. ",[1142],{"type":82,"attrs":1143},{"color":919},{"type":119,"attrs":1145,"content":1146},{"level":183},[1147],{"text":1148,"type":75,"marks":1149},"Safe ",[1150,1151],{"type":127},{"type":82,"attrs":1152},{"color":1031},{"type":71,"content":1154},[1155,1160,1169],{"text":1156,"type":75,"marks":1157},"Popular high-yield savings accounts are FDIC insured (look for “member FDIC” listed in the account terms), which means that if your bank goes out of business, the U.S. government will reimburse you for your money ",[1158],{"type":82,"attrs":1159},{"color":919},{"text":1161,"type":75,"marks":1162},"up to a certain limit",[1163,1166,1168],{"type":103,"attrs":1164},{"href":1165,"uuid":106,"anchor":106,"target":107,"linktype":108},"https://www.fdic.gov/resources/deposit-insurance/",{"type":82,"attrs":1167},{"color":1047},{"type":112},{"text":1170,"type":75,"marks":1171}," per depositor. ",[1172],{"type":82,"attrs":1173},{"color":919},{"type":71,"content":1175},[1176],{"text":1177,"type":75,"marks":1178},"High-yield accounts are also nowhere near as volatile as other popular investment vehicles like stocks. Rates on high-yield accounts are variable, which means the rate you were initially advertised may not remain the same throughout the term. Even so, you can feel secure knowing that your savings won’t won't lose value in that time, in the way they could in the stock market. ",[1179],{"type":82,"attrs":1180},{"color":919},{"type":71,"content":1182},[1183],{"text":1184,"type":75,"marks":1185},"With a high-yield savings account, there’s essentially no risk of losing money. That’s why these accounts are so great for growing funds that you intend to spend within the short term, but don’t want to lose –– like a down payment for a house or car. ",[1186],{"type":82,"attrs":1187},{"color":919},{"type":119,"attrs":1189,"content":1190},{"level":183},[1191],{"text":1192,"type":75,"marks":1193},"Great for building an emergency fund ",[1194,1195],{"type":127},{"type":82,"attrs":1196},{"color":1031},{"type":71,"content":1198},[1199],{"text":1200,"type":75,"marks":1201},"Instead of storing your emergency fund in a traditional savings account, why not put it in a high-yield environment where it will grow while it’s not in use? ",[1202],{"type":82,"attrs":1203},{"color":919},{"type":71,"content":1205},[1206],{"text":1207,"type":75,"marks":1208},"Here’s a good example. Right now, the best high-yield savings accounts offer APYs around 4%. If you made an initial deposit of $5,000, then deposited $300 every month for three years in this kind of account, you would have $17,129.01 by the end of that period (provided the APY remained 4.0% for all three years). ",[1209],{"type":82,"attrs":1210},{"color":106},{"type":71,"content":1212},[1213,1218,1227],{"text":1214,"type":75,"marks":1215},"Conversely, if you adopted that same savings plan with a traditional savings account that ",[1216],{"type":82,"attrs":1217},{"color":919},{"text":1219,"type":75,"marks":1220},"offers a 0.33% APY",[1221,1224,1226],{"type":103,"attrs":1222},{"href":1223,"uuid":106,"anchor":106,"target":107,"linktype":108},"https://www.businessinsider.com/personal-finance/average-savings-account-interest-rate",{"type":82,"attrs":1225},{"color":1047},{"type":112},{"text":1228,"type":75,"marks":1229},", you’d only have $15,904.86 at the end of those three years. That’s a difference of $1,224.17. As part of an emergency fund, that $1,224 could go toward covering an expense that you would otherwise have to put on a credit card. And charging big expenses to credit cards, which are known for particularly high interest rates, can put you on the fast track to unmanageable debt. ",[1230],{"type":82,"attrs":1231},{"color":919},{"type":119,"attrs":1233,"content":1234},{"level":121},[1235],{"text":564,"type":75,"marks":1236},[1237,1238],{"type":127},{"type":82,"attrs":1239},{"color":919},{"type":119,"attrs":1241,"content":1242},{"level":183},[1243],{"text":1244,"type":75,"marks":1245},"Not as accessible as a checking account",[1246,1247],{"type":127},{"type":82,"attrs":1248},{"color":1031},{"type":71,"content":1250},[1251,1256,1265],{"text":1252,"type":75,"marks":1253},"Despite ",[1254],{"type":82,"attrs":1255},{"color":919},{"text":1257,"type":75,"marks":1258},"Regulation D",[1259,1262,1264],{"type":103,"attrs":1260},{"href":1261,"uuid":106,"anchor":106,"target":107,"linktype":108},"https://www.forbes.com/advisor/banking/savings/regulation-d/#:~:text=Under%20the%20revision%20to%20Regulation,for%20unlimited%20transfers%20or%20withdrawals.",{"type":82,"attrs":1263},{"color":1047},{"type":112},{"text":1266,"type":75,"marks":1267},", some high-yield savings accounts still only allow you to withdraw funds six times per month. More than that, and you may have to pay penalties or fees. You may find banks that offer you unlimited transfers and withdrawals, while others still adhere strictly to the six-per-month withdrawal limit. ",[1268],{"type":82,"attrs":1269},{"color":919},{"type":71,"content":1271},[1272,1277,1286],{"text":1273,"type":75,"marks":1274},"High-yield savings accounts also don’t come with debit cards or checkbooks, which means you can’t spend directly from the account. So, if you’re planning to use your high-yield savings account like a ",[1275],{"type":82,"attrs":1276},{"color":919},{"text":1278,"type":75,"marks":1279},"high-interest checking account",[1280,1283,1285],{"type":103,"attrs":1281},{"href":1282,"uuid":106,"anchor":106,"target":107,"linktype":108},"https://www.chime.com/blog/what-are-high-interest-checking-accounts/",{"type":82,"attrs":1284},{"color":1047},{"type":112},{"text":1287,"type":75,"marks":1288},", you’re going to be disappointed. ",[1289],{"type":82,"attrs":1290},{"color":919},{"type":119,"attrs":1292,"content":1293},{"level":183},[1294],{"text":1295,"type":75,"marks":1296},"Stricter requirements to maintain  ",[1297,1298],{"type":127},{"type":82,"attrs":1299},{"color":1031},{"type":71,"content":1301},[1302],{"text":1303,"type":75,"marks":1304},"Many banks allow you to open a traditional savings account without making a minimum deposit or maintaining a minimum balance. In contrast, high-yield savings accounts usually do require minimums.",[1305],{"type":82,"attrs":1306},{"color":919},{"type":71,"content":1308},[1309],{"text":1310,"type":75,"marks":1311},"Generally, minimum deposits can range from a few dollars to $1,000 or more, and minimum balances can range from just one dollar to several thousand. If you can’t meet these minimums, you won’t be allowed to open an account or earn interest, and you may be charged a penalty fee. That said, some modern high-yield savings accounts require zero minimums. If you open an account with the right financial institution, you may find that it’s just as easy to open and maintain a high-yield savings account as it is a traditional savings account. ",[1312],{"type":82,"attrs":1313},{"color":919},{"type":119,"attrs":1315,"content":1316},{"level":183},[1317],{"text":1318,"type":75,"marks":1319},"Bad for wealth-building ",[1320,1321],{"type":127},{"type":82,"attrs":1322},{"color":1031},{"type":71,"content":1324},[1325,1330,1337,1342,1346,1350,1355,1364],{"text":1326,"type":75,"marks":1327},"High-yield savings accounts allow you to earn more than you would in a traditional savings account. However, the interest you earn won’t be enough to keep up with inflation. In other words, your money will grow inside the high-yield savings account, but the value of the dollar will likely decrease at an even faster rate. So, if you put a bunch of cash into a high-yield account in 2020, you’ll have more than you started with in 2025, but the actual ",[1328],{"type":82,"attrs":1329},{"color":919},{"text":1331,"type":75,"marks":1332},"value ",[1333,1335],{"type":1334},"italic",{"type":82,"attrs":1336},{"color":919},{"text":1338,"type":75,"marks":1339},"of that money will be less due to inflation. ",[1340],{"type":82,"attrs":1341},{"color":919},{"type":292,"marks":1343},[1344],{"type":82,"attrs":1345},{"color":919},{"type":292,"marks":1347},[1348],{"type":82,"attrs":1349},{"color":919},{"text":1351,"type":75,"marks":1352},"If your goal is long-term wealth building –– if you’re saving for retirement or your kids’ college fund, for example –– your money is more likely to help you meet your financial goals if you put it ",[1353],{"type":82,"attrs":1354},{"color":919},{"text":1356,"type":75,"marks":1357},"in a diversified portfolio",[1358,1361,1363],{"type":103,"attrs":1359},{"href":1360,"uuid":106,"anchor":106,"target":107,"linktype":108},"https://www.bankrate.com/investing/saving-vs-investing/#different",{"type":82,"attrs":1362},{"color":1047},{"type":112},{"text":1365,"type":75,"marks":1366}," instead of a high-yield savings account.",[1367],{"type":82,"attrs":1368},{"color":919},{"type":119,"attrs":1370,"content":1371},{"level":183},[1372],{"text":1373,"type":75,"marks":1374},"APY is not guaranteed ",[1375,1376],{"type":127},{"type":82,"attrs":1377},{"color":1031},{"type":71,"content":1379},[1380,1385,1394],{"text":1381,"type":75,"marks":1382},"The APY you see advertised as you shop for a high-yield savings account may look enticing, but it’s not necessarily guaranteed. These rates are “",[1383],{"type":82,"attrs":1384},{"color":919},{"text":1386,"type":75,"marks":1387},"variable APYs",[1388,1391,1393],{"type":103,"attrs":1389},{"href":1390,"uuid":106,"anchor":106,"target":107,"linktype":108},"https://www.ally.com/stories/save/how-is-annual-percentage-yield-calculated/",{"type":82,"attrs":1392},{"color":1047},{"type":112},{"text":1395,"type":75,"marks":1396},",” which means they’re subject to change at any time. Though your savings are FDIC-insured to keep you from actually losing money, there are no federal regulations that prevent you from earning less than advertised if the bank decides to lower its rate.  ",[1397],{"type":82,"attrs":1398},{"color":919},{"type":119,"attrs":1400,"content":1401},{"level":121},[1402],{"text":1403,"type":75,"marks":1404},"How to pick a high-yield savings account ",[1405,1406],{"type":127},{"type":82,"attrs":1407},{"color":919},{"type":336,"content":1409},[1410,1424,1439,1467,1482,1497],{"type":339,"content":1411},[1412],{"type":71,"content":1413},[1414,1419],{"text":203,"type":75,"marks":1415},[1416,1417],{"type":127},{"type":82,"attrs":1418},{"color":919},{"text":1420,"type":75,"marks":1421},": The interest rate you can earn on your savings is one of the most important factors to consider when choosing a high-yield savings account. The higher the APY, the better.",[1422],{"type":82,"attrs":1423},{"color":919},{"type":339,"content":1425},[1426],{"type":71,"content":1427},[1428,1434],{"text":1429,"type":75,"marks":1430},"Minimum balance and deposit amount",[1431,1432],{"type":127},{"type":82,"attrs":1433},{"color":919},{"text":1435,"type":75,"marks":1436},": Some banks have minimum balance requirements you must meet to earn interest. If you don't have enough money in your account, the bank may charge you an administrative fee or close your account altogether.",[1437],{"type":82,"attrs":1438},{"color":919},{"type":339,"content":1440},[1441],{"type":71,"content":1442},[1443,1448,1453,1462],{"text":233,"type":75,"marks":1444},[1445,1446],{"type":127},{"type":82,"attrs":1447},{"color":919},{"text":1449,"type":75,"marks":1450},": Look closely at any fees associated with opening and maintaining an account. Some banks charge monthly maintenance fees. Others levy penalties if you make withdrawals too early or often. Some of the ",[1451],{"type":82,"attrs":1452},{"color":919},{"text":1454,"type":75,"marks":1455},"best high-yield savings accounts",[1456,1459,1461],{"type":103,"attrs":1457},{"href":1458,"uuid":106,"anchor":106,"target":107,"linktype":108},"https://fortune.com/recommends/banking/best-high-yield-savings-accounts/",{"type":82,"attrs":1460},{"color":1047},{"type":112},{"text":1463,"type":75,"marks":1464}," have no fees, so try searching for “no-fee high-yield savings accounts.”",[1465],{"type":82,"attrs":1466},{"color":919},{"type":339,"content":1468},[1469],{"type":71,"content":1470},[1471,1477],{"text":1472,"type":75,"marks":1473},"Online access:",[1474,1475],{"type":127},{"type":82,"attrs":1476},{"color":919},{"text":1478,"type":75,"marks":1479}," Some brick-and-mortar institutions require account holders to make all transactions at a physical bank location. If this doesn’t fit your schedule, look for mobile banking options, which will let you manage your money anywhere and at any time. Many online banks offer fully online savings accounts, which can be a convenient option for many savers.",[1480],{"type":82,"attrs":1481},{"color":919},{"type":339,"content":1483},[1484],{"type":71,"content":1485},[1486,1492],{"text":1487,"type":75,"marks":1488},"Overdraft protection",[1489,1490],{"type":127},{"type":82,"attrs":1491},{"color":919},{"text":1493,"type":75,"marks":1494},": Look to see whether or not your bank offers overdraft protection. If it does, how much money does it allow users to borrow against their balance without charging penalties?",[1495],{"type":82,"attrs":1496},{"color":919},{"type":339,"content":1498},[1499],{"type":71,"content":1500},[1501,1507],{"text":1502,"type":75,"marks":1503},"Accessibility",[1504,1505],{"type":127},{"type":82,"attrs":1506},{"color":919},{"text":1508,"type":75,"marks":1509},": Consider your preferred way to add and withdraw funds. Do you prefer the set-it-and-forget-it ease of direct deposits? Will you want to withdraw cash via an ATM card? These accessibility features may not be deal-breakers if you find an account with a particularly high APY, but they could help you decide between two accounts that are otherwise similar.",[1510],{"type":82,"attrs":1511},{"color":919},{"type":119,"attrs":1513,"content":1514},{"level":121},[1515],{"text":658,"type":75,"marks":1516},[1517,1518],{"type":127},{"type":82,"attrs":1519},{"color":919},{"type":71,"content":1521},[1522],{"text":1523,"type":75,"marks":1524},"High-yield savings accounts aren’t for everyone. Here are some other alternatives you can use to save money and reach your personal finance goals. ",[1525],{"type":82,"attrs":1526},{"color":919},{"type":119,"attrs":1528,"content":1529},{"level":183},[1530],{"text":667,"type":75,"marks":1531},[1532,1533],{"type":127},{"type":82,"attrs":1534},{"color":1031},{"type":71,"content":1536},[1537,1542,1551],{"text":1538,"type":75,"marks":1539},"Like a high-yield savings account, a ",[1540],{"type":82,"attrs":1541},{"color":919},{"text":1543,"type":75,"marks":1544},"money market savings account (MMA)",[1545,1548,1550],{"type":103,"attrs":1546},{"href":1547,"uuid":106,"anchor":106,"target":107,"linktype":108},"https://www.forbes.com/advisor/banking/what-is-a-money-market-account-and-how-does-it-work/",{"type":82,"attrs":1549},{"color":1047},{"type":112},{"text":1552,"type":75,"marks":1553}," is a deposit account that pays interest, typically at higher rates than what you would earn on traditional savings accounts. You can open an MMA at most banks and credit unions, as well as with brokerage firms such as Fidelity, Schwab, and TD Ameritrade. ",[1554],{"type":82,"attrs":1555},{"color":919},{"type":71,"content":1557},[1558],{"text":1559,"type":75,"marks":1560},"In general, money market accounts are designed to both provide depositors with access to their funds, and to pay interest at competitive rates. The main difference between a savings account and a money market account is the availability of check-writing privileges. While both types of accounts allow you access to your cash, many money market accounts allow you to write checks or use debit cards, which can make it quicker and easier to make withdrawals.",[1561],{"type":82,"attrs":1562},{"color":919},{"type":119,"attrs":1564,"content":1565},{"level":183},[1566],{"text":690,"type":75,"marks":1567},[1568,1569],{"type":127},{"type":82,"attrs":1570},{"color":1031},{"type":71,"content":1572},[1573,1578,1582,1586,1591,1600],{"text":1574,"type":75,"marks":1575},"A CD account is a savings account that locks your money away for a predetermined amount of time and, in return, offers high interest rates on your funds. Most CDs have terms ranging from one month to five years. Often, rates are highest for one- to three- year CDs. Longer-term CDs are slightly riskier for lenders, who can’t be sure that national interest rates won’t plummet within that time. So, sometimes rates start to dip after the five-year term mark.",[1576],{"type":82,"attrs":1577},{"color":919},{"type":292,"marks":1579},[1580],{"type":82,"attrs":1581},{"color":919},{"type":292,"marks":1583},[1584],{"type":82,"attrs":1585},{"color":919},{"text":1587,"type":75,"marks":1588},"While there are many types of CDs available in today's market, including ",[1589],{"type":82,"attrs":1590},{"color":919},{"text":1592,"type":75,"marks":1593},"bump-up and step-up CDs",[1594,1597,1599],{"type":103,"attrs":1595},{"href":1596,"uuid":106,"anchor":106,"target":107,"linktype":108},"https://www.bankrate.com/banking/cds/bump-up-cd/#how-to-open",{"type":82,"attrs":1598},{"color":1047},{"type":112},{"text":1601,"type":75,"marks":1602},", the traditional fixed-rate CD remains the most popular. With this type of CD, the interest rate remains steady throughout the life of the account.",[1603],{"type":82,"attrs":1604},{"color":919},{"type":71,"content":1606},[1607],{"text":1608,"type":75,"marks":1609},"Keep in mind that if you choose to withdraw money before the end of the term, you'll be charged an early withdrawal penalty that could eat into your earnings. CDs generally offer higher APYs than high-yield savings accounts, but the tradeoff is that your funds are much less accessible.",[1610],{"type":82,"attrs":1611},{"color":919},{"type":119,"attrs":1613,"content":1614},{"level":121},[1615],{"text":713,"type":75,"marks":1616},[1617,1618],{"type":127},{"type":82,"attrs":1619},{"color":919},{"type":71,"content":1621},[1622],{"text":1623,"type":75,"marks":1624},"If you’re storing your short-term savings in a traditional savings account, you could be missing out on significant earnings. High-yield savings accounts are ideal for funds that you don’t plan to spend immediately but also don’t want to risk losing — like an emergency fund or a down payment for a home. ",[1625],{"type":82,"attrs":1626},{"color":919},{"type":71,"content":1628},[1629],{"text":1630,"type":75,"marks":1631},"In most cases, all you have to do to open a high-yield savings account is fill out a simple application, make a minimum deposit, and maintain a minimum account balance. It’s not a lot of work considering the reward: an account that pays a much higher rate of interest than your standard savings account. Of course, high-yield savings accounts are not without their downsides. Be sure to consider the pros and cons — and your personal savings goals — before you open your own.",[1632],{"type":82,"attrs":1633},{"color":919},{"type":71,"content":1635},[1636,1641,1648],{"text":1637,"type":75,"marks":1638},"Ready to explore high-yield savings accounts? You can browse all kinds of savings accounts and other financial products on ",[1639],{"type":82,"attrs":1640},{"color":919},{"text":733,"type":75,"marks":1642},[1643,1645,1647],{"type":103,"attrs":1644},{"href":737,"uuid":106,"anchor":106,"target":107,"linktype":108},{"type":82,"attrs":1646},{"color":1047},{"type":112},{"text":1649,"type":75,"marks":1650},". Get rates, peruse eligibility requirements, and compare and contrast the accounts that best suit you. ",[1651],{"type":82,"attrs":1652},{"color":919},{"type":71,"content":1654},[1655],{"text":749,"type":75,"marks":1656},[1657,1659],{"type":78,"attrs":1658},{"class":80},{"type":82,"attrs":1660},{"color":919},{"type":71,"content":1662},[1663],{"text":1664,"type":75,"marks":1665},"Information in this blog, including the rates advertised, are current as of 05/08/2023 and subject to change.",[1666,1668],{"type":78,"attrs":1667},{"class":80},{"type":82,"attrs":1669},{"color":919},{"type":68,"content":1671},[1672],{"type":71},"\u003C!--#storyblok#{\"name\": \"Typography\", \"space\": \"157494\", \"uid\": \"a64c4df0-154e-4c12-b867-678d292709f4\", \"id\": \"651798207\"}-->","\u003C!--#storyblok#{\"name\": \"Column\", \"space\": \"157494\", \"uid\": \"c286affa-ee04-4348-8508-6e9f77932903\", \"id\": 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\"157494\", \"uid\": \"d87937d9-6d46-4da0-813d-437561563b18\", \"id\": \"651798207\"}-->","\u003C!--#storyblok#{\"name\": \"BackToTop\", \"space\": \"157494\", \"uid\": \"c390fb05-75db-44ae-af73-2bbd7c809b57\", \"id\": \"651798207\"}-->",{"id":106,"alt":106,"name":18,"focus":106,"title":106,"filename":18,"copyright":106,"fieldtype":808},"\u003C!--#storyblok#{\"name\": \"Grid\", \"space\": \"157494\", \"uid\": \"33d3a06b-b58c-487e-92e7-fc588a9c1c78\", \"id\": \"651798207\"}-->","https://www.marketplace.navient.com/blog/pros-and-cons-of-high-yield-savings-account/","\u003C!--#storyblok#{\"name\": \"BlogPost\", \"space\": \"157494\", \"uid\": \"24614723-3c23-4d4f-990b-c49a1b45edce\", \"id\": \"651798207\"}-->","pros-and-cons-of-high-yield-savings-account","navient_marketplace/blog/pros-and-cons-of-high-yield-savings-account",30,[],"7bf27d03-2663-414d-bb97-348ad770d38d","2023-05-10T19:30:35.871Z",[],{"name":1729,"created_at":1730,"published_at":1731,"updated_at":1732,"id":1733,"uuid":1734,"content":1735,"slug":2468,"full_slug":2469,"sort_by_date":106,"position":2470,"tag_list":2471,"is_startpage":45,"parent_id":867,"meta_data":106,"group_id":2472,"first_published_at":2473,"release_id":106,"lang":870,"path":106,"alternates":2474,"default_full_slug":106,"translated_slugs":106},"What is a High-Yield Savings Account?","2025-04-07T18:31:38.064Z","2025-12-26T13:45:15.878Z","2025-12-26T13:45:15.950Z",651798210,"8f51e816-5b87-4a68-9eb1-a804ecebb9d9",{"seo":1736,"_uid":20,"body":1739,"author":1748,"category":859,"featured":45,"component":860,"canonicalTag":2466,"_editable":2467},{"_uid":15,"title":1737,"plugin":17,"og_image":18,"og_title":18,"description":1738,"twitter_image":18,"twitter_title":18,"og_description":18,"twitter_description":18},"What is a High-Yield Savings Account? - Navient Marketplace","What is a high-yield savings account? It's a savings account that offers a higher APY than traditional savings accounts. Is it right for you? Find out here.",[1740,1750,2454],{"id":23,"_uid":885,"image":1741,"intro":1742,"author":1743,"classes":1744,"category":18,"featured":45,"blogTitle":1729,"component":46,"imageLink":1747,"blendImage":45,"authorRoute":1748,"publishedDate":896,"backgroundColor":50,"_editable":1749},"//a.storyblok.com/f/110029/3500x2188/7450d34be0/what-is-a-high-yield-savings-account.svg","A high-yield savings account is one of the best tools for reaching your short-term financial goals.","Natasha Khullar Relph",[1745],{"_uid":891,"component":31,"titleColor":32,"dateClasses":33,"titleClasses":892,"authorClasses":35,"subtitleColor":36,"subtitleClasses":38,"dateMobileClasses":39,"titleMobileClasses":40,"authorMobileClasses":41,"featuredMobileClasses":42,"subtitleMobileClasses":43,"_editable":1746},"\u003C!--#storyblok#{\"name\": \"BlogHeroStyle\", \"space\": \"157494\", \"uid\": \"6bc0d925-925b-40e2-8cb5-ac30d0086187\", \"id\": \"651798210\"}-->","/images/what-is-a-high-yield-savings-account.png","natasha-khullar-relph","\u003C!--#storyblok#{\"name\": \"BlogHero\", \"space\": \"157494\", \"uid\": \"02557530-adb9-49fb-9319-277497a70cb8\", \"id\": \"651798210\"}-->",{"_uid":899,"bloks":1751,"classes":830,"component":831,"mobileClasses":18,"containerContent":2452,"_editable":2453},[1752],{"_uid":902,"bloks":1753,"classes":18,"justify":776,"component":828,"mobileClasses":18,"_editable":2451},[1754,2425],{"lg":59,"md":59,"sm":60,"_uid":905,"cols":60,"bloks":1755,"alignSelf":776,"component":777,"_editable":2424},[1756],{"_uid":908,"color":65,"classes":66,"content":18,"richText":1757,"component":769,"mobileClasses":770,"enableRichText":771,"richTextMobile":2420,"_editable":2423},{"type":68,"content":1758},[1759,1767,1788,1816,1825,1846,1855,1932,1941,2003,2012,2019,2027,2034,2041,2097,2104,2112,2146,2153,2160,2168,2175,2183,2190,2237,2245,2252,2259,2266,2274,2281,2316,2324,2331,2339,2346,2354,2361,2368,2376,2383,2402,2411],{"type":71,"content":1760},[1761],{"text":74,"type":75,"marks":1762},[1763,1765],{"type":78,"attrs":1764},{"class":80},{"type":82,"attrs":1766},{"color":84},{"type":71,"content":1768},[1769,1774,1783],{"text":1770,"type":75,"marks":1771},"If your finances are feeling the hit from the COVID-19 pandemic — and subsequent recession — you’re not alone. Most folks would say that if there was an easy option to grow their savings, they’d take it in a heartbeat. Yet, ",[1772],{"type":82,"attrs":1773},{"color":84},{"text":1775,"type":75,"marks":1776},"research from Insider Intelligence",[1777,1780,1782],{"type":103,"attrs":1778},{"href":1779,"uuid":106,"anchor":106,"target":107,"linktype":108},"https://www.insiderintelligence.com/content/savers-larger-banks-higher-yielding-accounts",{"type":82,"attrs":1781},{"color":106},{"type":112},{"text":1784,"type":75,"marks":1785}," shows that more than half of Americans are missing out on additional earnings by not utilizing high-yield accounts. ",[1786],{"type":82,"attrs":1787},{"color":106},{"type":71,"content":1789},[1790,1795,1804,1809,1811],{"text":1791,"type":75,"marks":1792},"Thanks to recent Federal Reserve interest rate increases, the average annual percentage yield (APY) on high-yield savings accounts has gone up — from 0.5% in early 2022 to more than 3% at the end of 2022. But not everyone’s taking advantage. According to a ",[1793],{"type":82,"attrs":1794},{"color":84},{"text":1796,"type":75,"marks":1797},"2021 survey from the Federal Deposit Insurance Corporation (FDIC)",[1798,1801,1803],{"type":103,"attrs":1799},{"href":1800,"uuid":106,"anchor":106,"target":107,"linktype":108},"https://www.fdic.gov/analysis/household-survey/index.html",{"type":82,"attrs":1802},{"color":106},{"type":112},{"text":1805,"type":75,"marks":1806},", nearly 6 million households didn’t have a savings account at all. And NextAdvisor’s research shows that only 21% of Americans report taking advantage of high-interest savings accounts — something many ",[1807],{"type":82,"attrs":1808},{"color":106},{"text":1810,"type":75},"personal finance experts believe",{"text":1812,"type":75,"marks":1813}," is a missed opportunity. Here’s why. ",[1814],{"type":82,"attrs":1815},{"color":106},{"type":119,"attrs":1817,"content":1818},{"level":121},[1819],{"text":1820,"type":75,"marks":1821},"What are high-yield savings accounts? ",[1822,1823],{"type":127},{"type":82,"attrs":1824},{"color":84},{"type":71,"content":1826},[1827,1832,1841],{"text":1828,"type":75,"marks":1829},"A high-yield savings account is one of the best tools for reaching your short-term financial goals. Essentially, it's a type of savings account that pays interest on the funds you deposit. The amount of interest you earn depends on the bank and your deposit balance, but high-yield savings accounts tend to pay ",[1830],{"type":82,"attrs":1831},{"color":84},{"text":1833,"type":75,"marks":1834},"15 to 25 times",[1835,1838,1840],{"type":103,"attrs":1836},{"href":1837,"uuid":106,"anchor":106,"target":107,"linktype":108},"https://www.fdic.gov/resources/bankers/national-rates/",{"type":82,"attrs":1839},{"color":106},{"type":112},{"text":1842,"type":75,"marks":1843}," more interest than traditional savings accounts. What’s more, high-yield savings accounts tend to be more reliable than investing your money in the stock market, for example, and more flexible than putting it away in a CD (Certificate of Deposit) account. If your goal is maximizing your returns in a low-risk environment where you can easily access your money at any time, a high-yield savings account may be for you. ",[1844],{"type":82,"attrs":1845},{"color":106},{"type":119,"attrs":1847,"content":1848},{"level":121},[1849],{"text":1850,"type":75,"marks":1851},"Benefits of a high-yield savings account ",[1852,1853],{"type":127},{"type":82,"attrs":1854},{"color":84},{"type":336,"content":1856},[1857,1872,1887,1902,1917],{"type":339,"content":1858},[1859],{"type":71,"content":1860},[1861,1867],{"text":1862,"type":75,"marks":1863},"High-yield savings accounts have higher interest rates than traditional savings accounts.",[1864,1865],{"type":127},{"type":82,"attrs":1866},{"color":84},{"text":1868,"type":75,"marks":1869}," When it comes to your savings, the higher the interest rate, the better. Most high-yield savings accounts boast interest rates up to 25 times higher than traditional accounts. And even an increase in a single percentage point can translate to a significant sum over the course of a year.",[1870],{"type":82,"attrs":1871},{"color":106},{"type":339,"content":1873},[1874],{"type":71,"content":1875},[1876,1882],{"text":1877,"type":75,"marks":1878},"High-yield savings accounts are flexible",[1879,1880],{"type":127},{"type":82,"attrs":1881},{"color":84},{"text":1883,"type":75,"marks":1884},". Unlike other accounts that offer high rates of return, a high-yield savings account doesn’t require you to lock your money in for a set term. For example, a CD account will offer similar interest rates, but will charge an early withdrawal fee if you take money out before the end of the term. A high-yield savings account is different in that there are no penalties if you make a withdrawal. (You may, however, be limited in the number of withdrawals and deposits that you can make over a set period of time.)",[1885],{"type":82,"attrs":1886},{"color":106},{"type":339,"content":1888},[1889],{"type":71,"content":1890},[1891,1897],{"text":1892,"type":75,"marks":1893},"High-yield savings accounts are better for meeting short-term savings goals.",[1894,1895],{"type":127},{"type":82,"attrs":1896},{"color":84},{"text":1898,"type":75,"marks":1899}," If you’re trying to make a big purchase within the next five or so years — like putting a down payment on a car or house — high-yield savings accounts represent a lower-risk alternative to other investment options, like stocks, which can lose value in that time.",[1900],{"type":82,"attrs":1901},{"color":106},{"type":339,"content":1903},[1904],{"type":71,"content":1905},[1906,1912],{"text":1907,"type":75,"marks":1908},"High-yield savings accounts are perfect for an emergency fund.",[1909,1910],{"type":127},{"type":82,"attrs":1911},{"color":84},{"text":1913,"type":75,"marks":1914}," A high-yield savings account is an ideal place to store funds that you don't need immediately, like an emergency fund. You'll earn interest on your money and be able to withdraw it at any time.",[1915],{"type":82,"attrs":1916},{"color":106},{"type":339,"content":1918},[1919],{"type":71,"content":1920},[1921,1927],{"text":1922,"type":75,"marks":1923},"High-yield savings accounts are great for storing a windfall",[1924,1925],{"type":127},{"type":82,"attrs":1926},{"color":84},{"text":1928,"type":75,"marks":1929},". When you get a tax return or a stimulus check, it can be tempting to spend it, even if you don’t have a pressing need. If there’s no expense that requires your immediate attention, why not put it in a high-yield savings account? When you do finally have a reason to spend it, there’s a chance it may have grown even bigger. ",[1930],{"type":82,"attrs":1931},{"color":106},{"type":119,"attrs":1933,"content":1934},{"level":121},[1935],{"text":1936,"type":75,"marks":1937},"Drawbacks of a high-yield savings account",[1938,1939],{"type":127},{"type":82,"attrs":1940},{"color":84},{"type":336,"content":1942},[1943,1958,1973,1988],{"type":339,"content":1944},[1945],{"type":71,"content":1946},[1947,1953],{"text":1948,"type":75,"marks":1949},"High-yield savings accounts are not ideal for everyday banking",[1950,1951],{"type":127},{"type":82,"attrs":1952},{"color":84},{"text":1954,"type":75,"marks":1955},". Federal law allows you to withdraw money from a high-yield savings account up to six times in a single month without paying fees. To avoid paying fees, your everyday cash is best stored in a checking account, while money you won’t need immediately, like an emergency fund, is better kept in a high-yield savings account.",[1956],{"type":82,"attrs":1957},{"color":106},{"type":339,"content":1959},[1960],{"type":71,"content":1961},[1962,1968],{"text":1963,"type":75,"marks":1964},"High-yield savings generally have stricter requirements than standard savings accounts",[1965,1966],{"type":127},{"type":82,"attrs":1967},{"color":84},{"text":1969,"type":75,"marks":1970},". Along with transfer and withdrawal limits, higher initial deposits and minimum balances are just a few examples of policies you aren’t likely to face with a traditional savings account.",[1971],{"type":82,"attrs":1972},{"color":106},{"type":339,"content":1974},[1975],{"type":71,"content":1976},[1977,1983],{"text":1978,"type":75,"marks":1979},"High-yield savings accounts are not the best for long-term goals.",[1980,1981],{"type":127},{"type":82,"attrs":1982},{"color":84},{"text":1984,"type":75,"marks":1985}," Though you’ll earn more interest than you will with a traditional savings account, interest earned in a high-yield savings account likely won’t even be enough to keep up with inflation. If you’re saving for retirement, for example, there are better investment vehicles out there.",[1986],{"type":82,"attrs":1987},{"color":106},{"type":339,"content":1989},[1990],{"type":71,"content":1991},[1992,1998],{"text":1993,"type":75,"marks":1994},"High-yield savings accounts are fluctuating.",[1995,1996],{"type":127},{"type":82,"attrs":1997},{"color":84},{"text":1999,"type":75,"marks":2000}," Interest rates aren't guaranteed. While your money is safe in a high-yield savings account, the bank can change your interest rate at any point. There are no federal regulations that protect you from a lower interest rate if rates go down, so you could earn less than advertised.",[2001],{"type":82,"attrs":2002},{"color":106},{"type":119,"attrs":2004,"content":2005},{"level":121},[2006],{"text":2007,"type":75,"marks":2008},"How does a high-yield savings account work? ",[2009,2010],{"type":127},{"type":82,"attrs":2011},{"color":84},{"type":71,"content":2013},[2014],{"text":2015,"type":75,"marks":2016},"Many financial services institutions offer high-yield savings accounts, including traditional banks, some credit unions, and online banks. For the most part, these accounts work just like traditional savings accounts: you can make direct deposits, withdraw cash, and manage your accounts through the bank’s website or mobile app. Where high-yield savings accounts differ is in the interest rates, which tend to be higher than those on regular savings accounts. High-yield savings accounts also have more restrictions on how often you can withdraw your money.  ",[2017],{"type":82,"attrs":2018},{"color":84},{"type":119,"attrs":2020,"content":2021},{"level":183},[2022],{"text":2023,"type":75,"marks":2024},"Opening a high-yield savings account",[2025],{"type":82,"attrs":2026},{"color":84},{"type":71,"content":2028},[2029],{"text":2030,"type":75,"marks":2031},"If your existing bank offers high-yield savings accounts, applying for one is simply a matter of logging into your online banking portal. The application process typically takes ten to fifteen minutes.",[2032],{"type":82,"attrs":2033},{"color":84},{"type":71,"content":2035},[2036],{"text":2037,"type":75,"marks":2038},"If you’re opening a high-yield savings account with a new bank, the application may take more time. You can either walk into a brick-and-mortar bank or apply for the account online. You’ll likely be asked to provide personal information and documents, including your:",[2039],{"type":82,"attrs":2040},{"color":84},{"type":336,"content":2042},[2043,2052,2061,2070,2079,2088],{"type":339,"content":2044},[2045],{"type":71,"content":2046},[2047],{"text":2048,"type":75,"marks":2049},"Legal name",[2050],{"type":82,"attrs":2051},{"color":84},{"type":339,"content":2053},[2054],{"type":71,"content":2055},[2056],{"text":2057,"type":75,"marks":2058},"Official identification document, such as a driver’s license",[2059],{"type":82,"attrs":2060},{"color":106},{"type":339,"content":2062},[2063],{"type":71,"content":2064},[2065],{"text":2066,"type":75,"marks":2067},"Social Security Number",[2068],{"type":82,"attrs":2069},{"color":106},{"type":339,"content":2071},[2072],{"type":71,"content":2073},[2074],{"text":2075,"type":75,"marks":2076},"Date of birth",[2077],{"type":82,"attrs":2078},{"color":106},{"type":339,"content":2080},[2081],{"type":71,"content":2082},[2083],{"text":2084,"type":75,"marks":2085},"Address",[2086],{"type":82,"attrs":2087},{"color":106},{"type":339,"content":2089},[2090],{"type":71,"content":2091},[2092],{"text":2093,"type":75,"marks":2094},"Primary bank account information",[2095],{"type":82,"attrs":2096},{"color":106},{"type":71,"content":2098},[2099],{"text":2100,"type":75,"marks":2101},"You may also be asked to make an opening deposit once your account is active.",[2102],{"type":82,"attrs":2103},{"color":84},{"type":119,"attrs":2105,"content":2106},{"level":183},[2107],{"text":2108,"type":75,"marks":2109},"Withdrawals and transfers",[2110],{"type":82,"attrs":2111},{"color":84},{"type":71,"content":2113},[2114,2119,2127,2132,2141],{"text":2115,"type":75,"marks":2116},"Some financial institutions require a minimum deposit of $100 or more to open a high-yield savings account. Once that’s done, you can withdraw cash or make electronic or wire transfers, but only up to six times per month. This is due to a federal law known as ",[2117],{"type":82,"attrs":2118},{"color":84},{"text":1257,"type":75,"marks":2120},[2121,2124,2126],{"type":103,"attrs":2122},{"href":2123,"uuid":106,"anchor":106,"target":107,"linktype":108},"https://www.federalreserve.gov/boarddocs/supmanual/cch/int_depos.pdf",{"type":82,"attrs":2125},{"color":106},{"type":112},{"text":2128,"type":75,"marks":2129},". Regulation D was ",[2130],{"type":82,"attrs":2131},{"color":106},{"text":2133,"type":75,"marks":2134},"lifted during the Covid-19 pandemic",[2135,2138,2140],{"type":103,"attrs":2136},{"href":2137,"uuid":106,"anchor":106,"target":107,"linktype":108},"https://www.investopedia.com/this-government-regulation-restricts-how-often-you-can-move-money-out-of-your-savings-account-4589978",{"type":82,"attrs":2139},{"color":106},{"type":112},{"text":2142,"type":75,"marks":2143},", but some banks still adhere to the six-withdrawal limit. If you withdraw too often, the bank or credit union can convert your account into a checking account. ",[2144],{"type":82,"attrs":2145},{"color":106},{"type":119,"attrs":2147,"content":2148},{"level":183},[2149],{"text":203,"type":75,"marks":2150},[2151],{"type":82,"attrs":2152},{"color":84},{"type":71,"content":2154},[2155],{"text":2156,"type":75,"marks":2157},"Annual Percentage Yield (APY) is the interest you earn on your money. Unlike with traditional bank accounts or online savings accounts, rates on high-yield accounts tend to exceed the national average. They also use a type of interest called compound interest. That means that any interest you make will be tacked onto the amount of money you initially deposited. You’ll then make future interest on that full amount. Compound interest is one of the best ways to grow your money fast. ",[2158],{"type":82,"attrs":2159},{"color":84},{"type":119,"attrs":2161,"content":2162},{"level":121},[2163],{"text":1403,"type":75,"marks":2164},[2165,2166],{"type":127},{"type":82,"attrs":2167},{"color":84},{"type":71,"content":2169},[2170],{"text":2171,"type":75,"marks":2172},"To find the best high-yield savings accounts, you’ll need to understand the nitty gritty of how they work. Here’s what to watch for. ",[2173],{"type":82,"attrs":2174},{"color":84},{"type":119,"attrs":2176,"content":2177},{"level":183},[2178],{"text":2179,"type":75,"marks":2180},"Interest rate",[2181],{"type":82,"attrs":2182},{"color":84},{"type":71,"content":2184},[2185],{"text":2186,"type":75,"marks":2187},"The higher the APY, the more money you earn on your savings. This is the most important factor in opening a high-yield account, so be sure to ask all the right questions. Here are a few of the big ones:",[2188],{"type":82,"attrs":2189},{"color":84},{"type":336,"content":2191},[2192,2201,2210,2219,2228],{"type":339,"content":2193},[2194],{"type":71,"content":2195},[2196],{"text":2197,"type":75,"marks":2198},"Have you shopped around with other financial institutions to make sure you’re getting the highest rate?",[2199],{"type":82,"attrs":2200},{"color":84},{"type":339,"content":2202},[2203],{"type":71,"content":2204},[2205],{"text":2206,"type":75,"marks":2207},"If you’re eyeing a high APY, have you read the fine print? Is it just a promotional rate that will expire? ",[2208],{"type":82,"attrs":2209},{"color":106},{"type":339,"content":2211},[2212],{"type":71,"content":2213},[2214],{"text":2215,"type":75,"marks":2216},"Will you need to maintain a certain minimum balance to earn those higher rates? ",[2217],{"type":82,"attrs":2218},{"color":106},{"type":339,"content":2220},[2221],{"type":71,"content":2222},[2223],{"text":2224,"type":75,"marks":2225},"What will your annual interest earnings actually be? ",[2226],{"type":82,"attrs":2227},{"color":106},{"type":339,"content":2229},[2230],{"type":71,"content":2231},[2232],{"text":2233,"type":75,"marks":2234},"How frequently is your interest compounded? ",[2235],{"type":82,"attrs":2236},{"color":106},{"type":119,"attrs":2238,"content":2239},{"level":183},[2240],{"text":2241,"type":75,"marks":2242},"Minimum balance requirements and initial deposit",[2243],{"type":82,"attrs":2244},{"color":84},{"type":71,"content":2246},[2247],{"text":2248,"type":75,"marks":2249},"Different banks have different opening deposit requirements. Many also require you to maintain a minimum sum within the account to keep it open. Make sure this is an amount you feel comfortable with, since going below the minimum threshold can trigger fees or lower your interest rate. ",[2250],{"type":82,"attrs":2251},{"color":84},{"type":119,"attrs":2253,"content":2254},{"level":183},[2255],{"text":233,"type":75,"marks":2256},[2257],{"type":82,"attrs":2258},{"color":84},{"type":71,"content":2260},[2261],{"text":2262,"type":75,"marks":2263},"Another big consideration with high-yield accounts is fees. After all, what’s the point of earning more on your savings if you’re going to pay it all out in monthly fees? Look for high-yield savings accounts that don’t charge monthly maintenance fees. You’ll also want to look out for any monthly service fees the bank or credit union might charge for going below the minimum balance, exceeding the six-withdrawals limit, or going into overdraft.",[2264],{"type":82,"attrs":2265},{"color":84},{"type":119,"attrs":2267,"content":2268},{"level":183},[2269],{"text":2270,"type":75,"marks":2271},"Provider",[2272],{"type":82,"attrs":2273},{"color":84},{"type":71,"content":2275},[2276],{"text":2277,"type":75,"marks":2278},"A number of big national banks such as Marcus by Goldman Sachs, CapitalOne, and American Express all offer high-yield savings accounts. If you already bank with one of these providers, you might consider opening your new account with them. This can streamline your online banking and make it easier to see all your accounts in one place. ",[2279],{"type":82,"attrs":2280},{"color":84},{"type":71,"content":2282},[2283,2288,2297,2302,2311],{"text":2284,"type":75,"marks":2285},"If you’re unhappy with your current bank or think you can find a better interest rate elsewhere, however, it may be better to find a new provider. Make sure any financial institution you consider is a member of the ",[2286],{"type":82,"attrs":2287},{"color":84},{"text":2289,"type":75,"marks":2290},"FDIC",[2291,2294,2296],{"type":103,"attrs":2292},{"href":2293,"uuid":106,"anchor":106,"target":107,"linktype":108},"https://www.fdic.gov",{"type":82,"attrs":2295},{"color":106},{"type":112},{"text":2298,"type":75,"marks":2299}," and/or ",[2300],{"type":82,"attrs":2301},{"color":106},{"text":2303,"type":75,"marks":2304},"National Credit Union Association",[2305,2308,2310],{"type":103,"attrs":2306},{"href":2307,"uuid":106,"anchor":106,"target":107,"linktype":108},"https://ncua.gov",{"type":82,"attrs":2309},{"color":106},{"type":112},{"text":2312,"type":75,"marks":2313}," (NCUA), both of which protect you against bank failures. (Look for “Member FDIC” or “member NCUA” on their website to make sure.)",[2314],{"type":82,"attrs":2315},{"color":106},{"type":119,"attrs":2317,"content":2318},{"level":121},[2319],{"text":658,"type":75,"marks":2320},[2321,2322],{"type":127},{"type":82,"attrs":2323},{"color":84},{"type":71,"content":2325},[2326],{"text":2327,"type":75,"marks":2328},"High-yield savings accounts aren’t for everyone. Here are some alternatives worth considering. ",[2329],{"type":82,"attrs":2330},{"color":84},{"type":119,"attrs":2332,"content":2333},{"level":183},[2334],{"text":667,"type":75,"marks":2335},[2336,2337],{"type":127},{"type":82,"attrs":2338},{"color":84},{"type":71,"content":2340},[2341],{"text":2342,"type":75,"marks":2343},"Money market accounts are similar to high-yield savings accounts in that they’re FDIC-insured and their interest rates often exceed regular savings account rates. You can deposit cash and make ATM withdrawals. One big difference is that many money market accounts also provide a debit card and allow you to write checks, which can make them a better choice for those who prefer to pay their bills manually. (Disclaimer: you’ll only be able to write up to six checks per month, as mandated by Regulation D.)",[2344],{"type":82,"attrs":2345},{"color":84},{"type":119,"attrs":2347,"content":2348},{"level":183},[2349],{"text":690,"type":75,"marks":2350},[2351,2352],{"type":127},{"type":82,"attrs":2353},{"color":84},{"type":71,"content":2355},[2356],{"text":2357,"type":75,"marks":2358},"A CD is another useful tool for short-term financial planning. It’s a type of investment account that locks up your money for a specific period of time — often three to five years — at which point you can withdraw it along with any interest earned. In the interim, however, you’re not allowed to touch your savings. High-yield savings accounts don’t have these restrictions: they operate much like regular deposit accounts, allowing you to make deposits and withdrawals as needed while also offering higher rates than traditional savings accounts.",[2359],{"type":82,"attrs":2360},{"color":84},{"type":71,"content":2362},[2363],{"text":2364,"type":75,"marks":2365},"Though you won’t be able to access your money in a CD account for the length of the term, you’re likely to earn more in interest over that term than you would have with a high-yield savings account. Rates are also fixed with a CD account, not fluctuating like a high-yield savings account, so it’s a more predictable return on investment. ",[2366],{"type":82,"attrs":2367},{"color":84},{"type":119,"attrs":2369,"content":2370},{"level":121},[2371],{"text":713,"type":75,"marks":2372},[2373,2374],{"type":127},{"type":82,"attrs":2375},{"color":84},{"type":71,"content":2377},[2378],{"text":2379,"type":75,"marks":2380},"High-yield savings accounts are one of the best tools for protecting and growing your savings without sacrificing access to your money. Because they offer higher interest rates than you might find on a traditional savings account, they’re a great way to close the final gaps to reach your short-term financial goals. ",[2381],{"type":82,"attrs":2382},{"color":84},{"type":71,"content":2384},[2385,2390,2397],{"text":2386,"type":75,"marks":2387},"You can open a high-interest savings account with any number of financial institutions, but each offers different rates, fees, and minimum balance requirements. To rate-shop efficiently, consider using ",[2388],{"type":82,"attrs":2389},{"color":84},{"text":733,"type":75,"marks":2391},[2392,2394,2396],{"type":103,"attrs":2393},{"href":737,"uuid":106,"anchor":106,"target":107,"linktype":108},{"type":82,"attrs":2395},{"color":106},{"type":112},{"text":2398,"type":75,"marks":2399},", a powerful online platform that lets you browse some of the best banks in the business. Use it to shop around, compare rates, and find the best high-yield savings account for you.",[2400],{"type":82,"attrs":2401},{"color":106},{"type":71,"content":2403},[2404],{"text":2405,"type":75,"marks":2406},"Disclaimer:",[2407,2409],{"type":78,"attrs":2408},{"class":80},{"type":82,"attrs":2410},{"color":84},{"type":71,"content":2412},[2413],{"text":2414,"type":75,"marks":2415},"This blog post provides personal finance educational information, and it is not intended to provide legal, financial, or tax advice.",[2416,2418],{"type":78,"attrs":2417},{"class":80},{"type":82,"attrs":2419},{"color":84},{"type":68,"content":2421},[2422],{"type":71},"\u003C!--#storyblok#{\"name\": \"Typography\", \"space\": \"157494\", \"uid\": \"a64c4df0-154e-4c12-b867-678d292709f4\", \"id\": \"651798210\"}-->","\u003C!--#storyblok#{\"name\": \"Column\", \"space\": \"157494\", \"uid\": \"c286affa-ee04-4348-8508-6e9f77932903\", \"id\": 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\"BackToTop\", \"space\": \"157494\", \"uid\": \"c390fb05-75db-44ae-af73-2bbd7c809b57\", \"id\": \"651798210\"}-->",{"id":106,"alt":106,"name":18,"focus":106,"title":106,"filename":18,"copyright":106,"fieldtype":808},"\u003C!--#storyblok#{\"name\": \"Grid\", \"space\": \"157494\", \"uid\": \"33d3a06b-b58c-487e-92e7-fc588a9c1c78\", \"id\": \"651798210\"}-->","https://www.marketplace.navient.com/blog/what-is-a-high-yield-savings-account/","\u003C!--#storyblok#{\"name\": \"BlogPost\", \"space\": \"157494\", \"uid\": \"24614723-3c23-4d4f-990b-c49a1b45edce\", \"id\": \"651798210\"}-->","what-is-a-high-yield-savings-account","navient_marketplace/blog/what-is-a-high-yield-savings-account",50,[],"ecae4182-877b-4eed-8f0a-4b9bbb364523","2023-05-10T19:41:16.399Z",[],{"name":2476,"created_at":2477,"published_at":2478,"updated_at":2479,"id":2480,"uuid":2481,"content":2482,"slug":3290,"full_slug":3291,"sort_by_date":106,"position":3292,"tag_list":3293,"is_startpage":45,"parent_id":867,"meta_data":106,"group_id":3294,"first_published_at":3295,"release_id":106,"lang":870,"path":106,"alternates":3296,"default_full_slug":106,"translated_slugs":106},"How to Choose a High-Yield Savings Account","2025-04-07T18:31:39.819Z","2025-12-26T13:45:16.223Z","2025-12-26T13:45:16.251Z",651798211,"25d050c8-73dd-4a39-8be2-433306a8034e",{"seo":2483,"_uid":2487,"body":2488,"author":1748,"category":859,"featured":45,"component":860,"canonicalTag":3288,"_editable":3289},{"_uid":2484,"title":2485,"plugin":17,"og_image":18,"og_title":18,"description":2486,"twitter_image":18,"twitter_title":18,"og_description":18,"twitter_description":18},"e337439f-627f-4ffe-b1ea-513d4b49b751","How to Choose a High-Yield Savings Account - Navient Marketplace","Learn how to choose a high-yield savings account based on your personal finance goals. Interest rates, fees, terms, and more. Here's what you need to know.","48933c4c-21f0-4a99-aa8a-03c5aa2d28b7",[2489,2498,3273],{"id":23,"_uid":2490,"image":2491,"intro":2486,"author":1743,"classes":2492,"category":18,"featured":45,"blogTitle":2476,"component":46,"imageLink":2496,"blendImage":45,"authorRoute":1748,"publishedDate":896,"backgroundColor":50,"_editable":2497},"2584db58-da39-4e41-a1b0-84b2af09dc0e","//a.storyblok.com/f/110029/1481x988/3f616f5c93/how-to-choose-a-high-yield-savings-account.png",[2493],{"_uid":2494,"component":31,"titleColor":32,"dateClasses":33,"titleClasses":892,"authorClasses":35,"subtitleColor":36,"subtitleClasses":38,"dateMobileClasses":39,"titleMobileClasses":40,"authorMobileClasses":41,"featuredMobileClasses":42,"subtitleMobileClasses":43,"_editable":2495},"561851a9-113f-460a-bae9-bd4be68e7081","\u003C!--#storyblok#{\"name\": \"BlogHeroStyle\", \"space\": \"157494\", \"uid\": \"561851a9-113f-460a-bae9-bd4be68e7081\", \"id\": \"651798211\"}-->","/images/how-to-choose-a-high-yield-savings-account.png","\u003C!--#storyblok#{\"name\": \"BlogHero\", \"space\": \"157494\", \"uid\": \"2584db58-da39-4e41-a1b0-84b2af09dc0e\", \"id\": \"651798211\"}-->",{"_uid":2499,"bloks":2500,"classes":830,"component":831,"mobileClasses":18,"containerContent":3271,"_editable":3272},"34209976-7014-4aec-99f2-5b2659036146",[2501],{"_uid":2502,"bloks":2503,"classes":18,"justify":776,"component":828,"mobileClasses":18,"_editable":3270},"d6fe7f6f-f279-4516-9325-cf22cd63338a",[2504,3244],{"lg":59,"md":59,"sm":60,"_uid":2505,"cols":60,"bloks":2506,"alignSelf":776,"component":777,"_editable":3243},"33b17b9d-2cea-4cd9-a840-7d806cacba08",[2507],{"_uid":2508,"color":65,"classes":66,"content":18,"richText":2509,"component":769,"mobileClasses":770,"enableRichText":771,"richTextMobile":3239,"_editable":3242},"1c2fecf4-3e7d-45a3-8cd3-ec01aee640ed",{"type":68,"content":2510},[2511,2519,2526,2534,2581,2589,2623,2630,2637,2645,2652,2661,2668,2677,2697,2704,2713,2720,2733,2753,2774,2783,2790,2799,2806,2815,2836,2845,2866,2873,2882,2889,2950,2957,3047,3056,3063,3072,3106,3115,3122,3131,3138,3146,3167,3175,3195,3203,3222,3230],{"type":71,"content":2512},[2513],{"text":74,"type":75,"marks":2514},[2515,2517],{"type":78,"attrs":2516},{"class":80},{"type":82,"attrs":2518},{"color":919},{"type":71,"content":2520},[2521],{"text":2522,"type":75,"marks":2523},"If you’ve spent any time browsing high-yield savings accounts online, you know that many offer similar annual percentage yields (APY). The difference in rates between top banks is usually a fraction of a percent. So, when rates are fairly similar, how do you choose a high-yield savings account? What else should you look for?",[2524],{"type":82,"attrs":2525},{"color":919},{"type":119,"attrs":2527,"content":2528},{"level":121},[2529],{"text":938,"type":75,"marks":2530},[2531,2532],{"type":127},{"type":82,"attrs":2533},{"color":919},{"type":336,"content":2535},[2536,2545,2554,2563,2572],{"type":339,"content":2537},[2538],{"type":71,"content":2539},[2540],{"text":2541,"type":75,"marks":2542},"A high-yield savings account is an interest-bearing bank account that offers a higher APY than traditional savings accounts. ",[2543],{"type":82,"attrs":2544},{"color":919},{"type":339,"content":2546},[2547],{"type":71,"content":2548},[2549],{"text":2550,"type":75,"marks":2551},"You can open a high-yield savings account at most financial institutions, either in-person or online.",[2552],{"type":82,"attrs":2553},{"color":919},{"type":339,"content":2555},[2556],{"type":71,"content":2557},[2558],{"text":2559,"type":75,"marks":2560},"When choosing an account servicer, it’s important to evaluate fees, penalties, FDIC insurance, minimum balance requirements, minimum opening deposit requirements, withdrawal limits, and overall accessibility. ",[2561],{"type":82,"attrs":2562},{"color":919},{"type":339,"content":2564},[2565],{"type":71,"content":2566},[2567],{"text":2568,"type":75,"marks":2569},"The pros of high-yield savings accounts are that they’re high-interest, secured against financial loss, and relatively accessible.",[2570],{"type":82,"attrs":2571},{"color":919},{"type":339,"content":2573},[2574],{"type":71,"content":2575},[2576],{"text":2577,"type":75,"marks":2578},"The cons of high-yield savings accounts are that their APYs are not fixed, they’re not ideal for building long-term wealth or for everyday banking, and they have stricter requirements than traditional savings accounts. ",[2579],{"type":82,"attrs":2580},{"color":919},{"type":119,"attrs":2582,"content":2583},{"level":121},[2584],{"text":994,"type":75,"marks":2585},[2586,2587],{"type":127},{"type":82,"attrs":2588},{"color":919},{"type":71,"content":2590},[2591,2596,2605,2610,2618],{"text":2592,"type":75,"marks":2593},"A high-yield savings account is a savings account that allows you to earn compound interest on the funds you deposit. Some traditional savings accounts do this, but their rates aren’t nearly as high. The national average APY for traditional savings accounts ",[2594],{"type":82,"attrs":2595},{"color":919},{"text":2597,"type":75,"marks":2598},"is 0.39%",[2599,2602,2604],{"type":103,"attrs":2600},{"href":2601,"uuid":106,"anchor":106,"target":107,"linktype":108},"https://www.nerdwallet.com/best/banking/high-yield-online-savings-accounts#",{"type":82,"attrs":2603},{"color":1047},{"type":112},{"text":2606,"type":75,"marks":2607},". High-yield savings accounts, on the other hand, offer ",[2608],{"type":82,"attrs":2609},{"color":919},{"text":2611,"type":75,"marks":2612},"upwards of 4.0% APY",[2613,2615,2617],{"type":103,"attrs":2614},{"href":142,"uuid":106,"anchor":106,"target":107,"linktype":108},{"type":82,"attrs":2616},{"color":1047},{"type":112},{"text":2619,"type":75,"marks":2620},".",[2621],{"type":82,"attrs":2622},{"color":919},{"type":71,"content":2624},[2625],{"text":2626,"type":75,"marks":2627},"So how does that affect your savings? Let’s say you open a high-yield online savings account with a 4.0% APY. In this example, you deposit $20,000, then make regular monthly deposits of $200. After five years, you could have $5,568.86 in total interest earned. Between that and your regular deposits, you’d end up with $37,568.86 in savings, provided that the interest rate stayed the same throughout those five years.",[2628],{"type":82,"attrs":2629},{"color":919},{"type":71,"content":2631},[2632],{"text":2633,"type":75,"marks":2634},"Now, if you had put those same deposit amounts into a traditional bank account, your savings would look very different. After five years at a 0.33% APY, you would have $32,429 in total savings, and only $429 would be interest earned. That means you’d miss out on $5,136 in total interest earnings simply because you stored your money in a different account type. ",[2635],{"type":82,"attrs":2636},{"color":919},{"type":71,"content":2638},[2639],{"text":2640,"type":75,"marks":2641},"*Hypothetical scenario, results may vary.",[2642,2643],{"type":1334},{"type":82,"attrs":2644},{"color":919},{"type":71,"content":2646},[2647],{"text":2648,"type":75,"marks":2649},"While high-yield savings accounts offer some pretty strong benefits, they’re not without disadvantages. Generally, they’re a little more restrictive than traditional savings accounts. High-yield accounts may require monthly fees, minimum balances, or a minimum deposit to open them. Some may also put a limit on your monthly transfers or withdrawals. ",[2650],{"type":82,"attrs":2651},{"color":919},{"type":119,"attrs":2653,"content":2654},{"level":121},[2655],{"text":2656,"type":75,"marks":2657},"How to choose a high-yield savings account ",[2658,2659],{"type":127},{"type":82,"attrs":2660},{"color":919},{"type":71,"content":2662},[2663],{"text":2664,"type":75,"marks":2665},"Picking a high-yield savings account isn’t just about APY. You’ll want to check for other features, too, like easy access to your money and a guarantee that your cash will be kept safe. Here’s what you should look for if you’re shopping around for a high-yield savings account.",[2666],{"type":82,"attrs":2667},{"color":919},{"type":119,"attrs":2669,"content":2670},{"level":183},[2671],{"text":2672,"type":75,"marks":2673},"1. FDIC insurance",[2674,2675],{"type":127},{"type":82,"attrs":2676},{"color":1031},{"type":71,"content":2678},[2679,2684,2692],{"text":2680,"type":75,"marks":2681},"FDIC stands for “Federal Deposit Insurance Corporation.” This is the organization that insures your money against loss in case of bank failure. Most top high-yield accounts are ",[2682],{"type":82,"attrs":2683},{"color":919},{"text":2685,"type":75,"marks":2686},"FDIC-insured up to $250,000",[2687,2689,2691],{"type":103,"attrs":2688},{"href":1165,"uuid":106,"anchor":106,"target":107,"linktype":108},{"type":82,"attrs":2690},{"color":1047},{"type":112},{"text":2693,"type":75,"marks":2694}," per depositor. This means that if the bank fails, you’re eligible to recoup up to $250,000 of any lost savings. You can tell a financial institution is insured by looking for the “Member FDIC” badge on the bank’s website. ",[2695],{"type":82,"attrs":2696},{"color":919},{"type":71,"content":2698},[2699],{"text":2700,"type":75,"marks":2701},"Note that many credit unions are also insured. Look for the National Credit Union Administration (NCUA) badge on the institution's website to make sure.",[2702],{"type":82,"attrs":2703},{"color":919},{"type":119,"attrs":2705,"content":2706},{"level":183},[2707],{"text":2708,"type":75,"marks":2709},"2. Required initial deposit",[2710,2711],{"type":127},{"type":82,"attrs":2712},{"color":1031},{"type":71,"content":2714},[2715],{"text":2716,"type":75,"marks":2717},"Some high-yield savings accounts require an initial minimum deposit. This will be the amount of money you need to deposit in order to open the account. It could be as low as $25 or up to $1,000 or more. You might assume that higher-APY banks require higher minimum deposits, but this isn’t always the case. Many high-yield savings accounts with APYs of 3.0% or higher don’t require any minimum deposit to earn interest.",[2718],{"type":82,"attrs":2719},{"color":919},{"type":119,"attrs":2721,"content":2722},{"level":183},[2723,2729],{"text":2724,"type":75,"marks":2725},"3. APY",[2726,2727],{"type":127},{"type":82,"attrs":2728},{"color":1031},{"text":765,"type":75,"marks":2730},[2731],{"type":82,"attrs":2732},{"color":1031},{"type":71,"content":2734},[2735,2740,2748],{"text":2736,"type":75,"marks":2737},"The “",[2738],{"type":82,"attrs":2739},{"color":919},{"text":100,"type":75,"marks":2741},[2742,2745,2747],{"type":103,"attrs":2743},{"href":2744,"uuid":106,"anchor":106,"target":107,"linktype":108},"https://www.nerdwallet.com/article/banking/what-is-apy",{"type":82,"attrs":2746},{"color":1047},{"type":112},{"text":2749,"type":75,"marks":2750},"” refers to the percentage of your savings that you’ll earn back in interest each year. APY factors in the account’s interest rate as well as other relevant factors, like fees and compounding frequency, to give you a clear idea of how much you’ll actually earn.",[2751],{"type":82,"attrs":2752},{"color":919},{"type":71,"content":2754},[2755,2760,2769],{"text":2756,"type":75,"marks":2757},"APY is a better metric for evaluating high-yield accounts than interest rates alone. That’s because Interest can compound daily, monthly, or weekly. When you see a bank advertising a 4.0% interest rate, for example, you won’t know how much you stand to earn unless you know ",[2758],{"type":82,"attrs":2759},{"color":919},{"text":2761,"type":75,"marks":2762},"how often it compounds",[2763,2766,2768],{"type":103,"attrs":2764},{"href":2765,"uuid":106,"anchor":106,"target":107,"linktype":108},"https://www.moneyrates.com/savings/interest-compounded-daily-vs-monthly.htm",{"type":82,"attrs":2767},{"color":1047},{"type":112},{"text":2770,"type":75,"marks":2771},". But if you see a bank advertising a 4.0% APY, you can be confident that, no matter how often interest compounds, by the end of the year, you will have earned 4% interest on your money. ",[2772],{"type":82,"attrs":2773},{"color":919},{"type":119,"attrs":2775,"content":2776},{"level":183},[2777],{"text":2778,"type":75,"marks":2779},"4. Minimum balance",[2780,2781],{"type":127},{"type":82,"attrs":2782},{"color":1031},{"type":71,"content":2784},[2785],{"text":2786,"type":75,"marks":2787},"Some banks not only ask for a minimum deposit, but also require you to maintain a minimum balance. This is the amount of savings that you’ll need to keep in your account at all times. Failure to maintain the required minimum balance could result in a penalty or fee, a pause on interest earnings, or even the closure of your account.",[2788],{"type":82,"attrs":2789},{"color":919},{"type":119,"attrs":2791,"content":2792},{"level":183},[2793],{"text":2794,"type":75,"marks":2795},"5. Fees and penalties",[2796,2797],{"type":127},{"type":82,"attrs":2798},{"color":1031},{"type":71,"content":2800},[2801],{"text":2802,"type":75,"marks":2803},"You may have to pay fees to open or maintain a high-interest savings account. Many banks charge monthly service fees to keep your account running. You may also have to pay a penalty if your account dips below a certain balance or if you exceed your bank’s withdrawal or transfer limits. Also keep an eye out for overdraft fees.  ",[2804],{"type":82,"attrs":2805},{"color":919},{"type":119,"attrs":2807,"content":2808},{"level":183},[2809],{"text":2810,"type":75,"marks":2811},"6. Withdrawal limits ",[2812,2813],{"type":127},{"type":82,"attrs":2814},{"color":1031},{"type":71,"content":2816},[2817,2822,2831],{"text":2818,"type":75,"marks":2819},"Before the COVID-19 pandemic, you were limited to withdrawing and transferring your money up to six times every month. Since then, the federal reserve has ",[2820],{"type":82,"attrs":2821},{"color":919},{"text":2823,"type":75,"marks":2824},"removed such limits",[2825,2828,2830],{"type":103,"attrs":2826},{"href":2827,"uuid":106,"anchor":106,"target":107,"linktype":108},"https://www.forbes.com/advisor/banking/savings/regulation-d/",{"type":82,"attrs":2829},{"color":1047},{"type":112},{"text":2832,"type":75,"marks":2833},", and many banks now offer unlimited transfers and withdrawals per month. If a bank does have a monthly limit, you’re likely to incur a penalty if you exceed it. Before you open an account, one of the most important things to determine is how often you’ll be able to withdraw.",[2834],{"type":82,"attrs":2835},{"color":919},{"type":119,"attrs":2837,"content":2838},{"level":183},[2839],{"text":2840,"type":75,"marks":2841},"7. Accessibility",[2842,2843],{"type":127},{"type":82,"attrs":2844},{"color":1031},{"type":71,"content":2846},[2847,2852,2861],{"text":2848,"type":75,"marks":2849},"One of the biggest benefits of a high-yield savings account is that your funds are relatively accessible. Unlike with a ",[2850],{"type":82,"attrs":2851},{"color":919},{"text":2853,"type":75,"marks":2854},"certificate of deposit (CD account)",[2855,2858,2860],{"type":103,"attrs":2856},{"href":2857,"uuid":106,"anchor":106,"target":107,"linktype":108},"https://www.investopedia.com/terms/c/certificateofdeposit.asp",{"type":82,"attrs":2859},{"color":1047},{"type":112},{"text":2862,"type":75,"marks":2863},", you don’t have to lock your money in for a set term or into a particular asset. And unlike with the stock market, you don’t have to worry about losing a chunk of your savings if the market takes a sudden downturn. ",[2864],{"type":82,"attrs":2865},{"color":919},{"type":71,"content":2867},[2868],{"text":2869,"type":75,"marks":2870},"That said, accessibility does vary from account to account. Some banks offer online banking portals or mobile apps, while others may require you to go to a brick-and-mortar institution to make transfers and withdrawals. With many accounts, you’ll be able to set up ACH wire transfers and direct deposits, while some will let you withdraw cash with an ATM card. ",[2871],{"type":82,"attrs":2872},{"color":919},{"type":119,"attrs":2874,"content":2875},{"level":121},[2876],{"text":2877,"type":75,"marks":2878},"Pros and cons of a high-yield savings account",[2879,2880],{"type":127},{"type":82,"attrs":2881},{"color":919},{"type":71,"content":2883},[2884],{"text":2885,"type":75,"marks":2886},"High-yield savings accounts come with some big advantages that the average deposit account can’t offer. Here are a few of the most important: ",[2887],{"type":82,"attrs":2888},{"color":919},{"type":336,"content":2890},[2891,2906,2921,2935],{"type":339,"content":2892},[2893],{"type":71,"content":2894},[2895,2901],{"text":2896,"type":75,"marks":2897},"Easy to open:",[2898,2899],{"type":127},{"type":82,"attrs":2900},{"color":919},{"text":2902,"type":75,"marks":2903}," High-yield savings accounts are relatively straightforward to set up. As with opening any new account, you’ll need your social security number, some identification, proof of a physical address, and cash or a check ready to make that first deposit. You can open a high-yield savings account online or in person with a number of big national banks, including Marcus by Goldman Sachs, CIT Bank, Synchrony Bank, and Axos Bank.",[2904],{"type":82,"attrs":2905},{"color":919},{"type":339,"content":2907},[2908],{"type":71,"content":2909},[2910,2916],{"text":2911,"type":75,"marks":2912},"Higher APY:",[2913,2914],{"type":127},{"type":82,"attrs":2915},{"color":919},{"text":2917,"type":75,"marks":2918}," The average savings account doesn’t offer anywhere near the APY that a high-yield account does. Right now, top banks are offering high-yield savings accounts with APYs more than ten times the national average for traditional savings accounts.",[2919],{"type":82,"attrs":2920},{"color":919},{"type":339,"content":2922},[2923],{"type":71,"content":2924},[2925,2930],{"text":1084,"type":75,"marks":2926},[2927,2928],{"type":127},{"type":82,"attrs":2929},{"color":919},{"text":2931,"type":75,"marks":2932},": Though you’re likely to earn more over time by investing your money in a retirement account or even a CD, these accounts also make your funds harder to access. With a CD account, for example, you will pay penalties on early withdrawals. Many high-yield savings accounts, on the other hand, allow unlimited withdrawals and transfers. This makes them an ideal place to store money you may need in the short term but also want to earn high interest on.",[2933],{"type":82,"attrs":2934},{"color":919},{"type":339,"content":2936},[2937],{"type":71,"content":2938},[2939,2945],{"text":2940,"type":75,"marks":2941},"Safe",[2942,2943],{"type":127},{"type":82,"attrs":2944},{"color":919},{"text":2946,"type":75,"marks":2947},": Compared to the stock market, high-yield savings accounts are a much safer place to store your money. Most accounts are FDIC-insured for up to $250,000 per customer, which means that if you deposit less than this, it’s virtually impossible for you to lose money up to the insured amounts. This is in contrast to the stock market, where it’s possible to lose a large portion of your investment if the market takes a sudden downturn. ",[2948],{"type":82,"attrs":2949},{"color":919},{"type":71,"content":2951},[2952],{"text":2953,"type":75,"marks":2954},"Though high-yield savings accounts come with some great benefits, they’re not without disadvantages. Here’s what you should know before you open a new account of your own: ",[2955],{"type":82,"attrs":2956},{"color":919},{"type":336,"content":2958},[2959,2988,3003,3032],{"type":339,"content":2960},[2961],{"type":71,"content":2962},[2963,2969,2974,2983],{"text":2964,"type":75,"marks":2965},"Bad for everyday banking: ",[2966,2967],{"type":127},{"type":82,"attrs":2968},{"color":919},{"text":2970,"type":75,"marks":2971},"High-yield savings accounts are a great place to grow short-term savings, but they’re not ideal for storing money you hope to use on a regular basis. These accounts don’t come with credit cards, debit cards, or check-writing privileges. Some still charge penalties for withdrawing or transferring money more than six times per month. If you’re looking for a place to store your spending money, consider a ",[2972],{"type":82,"attrs":2973},{"color":106},{"text":2975,"type":75,"marks":2976},"high-yield checking account",[2977,2980,2982],{"type":103,"attrs":2978},{"href":2979,"uuid":106,"anchor":106,"target":107,"linktype":108},"https://www.experian.com/blogs/ask-experian/what-is-high-yield-checking-account/",{"type":82,"attrs":2981},{"color":1047},{"type":112},{"text":2984,"type":75,"marks":2985}," instead.",[2986],{"type":82,"attrs":2987},{"color":919},{"type":339,"content":2989},[2990],{"type":71,"content":2991},[2992,2998],{"text":2993,"type":75,"marks":2994},"Strict requirements",[2995,2996],{"type":127},{"type":82,"attrs":2997},{"color":919},{"text":2999,"type":75,"marks":3000},": You’ll likely have to jump through more hoops to open and maintain a high-yield savings account than you would with a traditional savings account. These include minimum balance requirements, minimum deposit requirements, and monthly maintenance fees.",[3001],{"type":82,"attrs":3002},{"color":919},{"type":339,"content":3004},[3005],{"type":71,"content":3006},[3007,3013,3018,3027],{"text":3008,"type":75,"marks":3009},"Bad for building long-term wealth",[3010,3011],{"type":127},{"type":82,"attrs":3012},{"color":919},{"text":3014,"type":75,"marks":3015},": Even though high-yield savings accounts offer higher interest rates than traditional savings accounts, they’re not high enough to keep up with inflation. If your goal is building long-term wealth, ",[3016],{"type":82,"attrs":3017},{"color":919},{"text":3019,"type":75,"marks":3020},"you’re better off investing",[3021,3024,3026],{"type":103,"attrs":3022},{"href":3023,"uuid":106,"anchor":106,"target":106,"linktype":108},"https://www.wellsfargo.com/goals-investing/saving-vs-investing/",{"type":82,"attrs":3025},{"color":1047},{"type":112},{"text":3028,"type":75,"marks":3029},". Consider bonds, or another high-growth investment vehicle.",[3030],{"type":82,"attrs":3031},{"color":919},{"type":339,"content":3033},[3034],{"type":71,"content":3035},[3036,3042],{"text":3037,"type":75,"marks":3038},"APY is not guaranteed: ",[3039,3040],{"type":127},{"type":82,"attrs":3041},{"color":919},{"text":3043,"type":75,"marks":3044},"Currently, the best high-yield savings accounts offer APYs of around 4.0%, but that rate is not fixed. So, while a bank may tout high rates now, those rates could drop at any time. That means the depositors could make significantly less than advertised. ",[3045],{"type":82,"attrs":3046},{"color":919},{"type":119,"attrs":3048,"content":3049},{"level":121},[3050],{"text":3051,"type":75,"marks":3052},"Is a high-yield savings account worth it?",[3053,3054],{"type":127},{"type":82,"attrs":3055},{"color":919},{"type":71,"content":3057},[3058],{"text":3059,"type":75,"marks":3060},"High-yield savings accounts can be worth having in a few specific situations. If you’re doing any of the following, a high-yield savings account could be right for you. ",[3061],{"type":82,"attrs":3062},{"color":919},{"type":119,"attrs":3064,"content":3065},{"level":183},[3066],{"text":3067,"type":75,"marks":3068},"Growing an emergency fund ",[3069,3070],{"type":127},{"type":82,"attrs":3071},{"color":1031},{"type":71,"content":3073},[3074,3079,3088,3093,3097,3101],{"text":3075,"type":75,"marks":3076},"Experts recommend keeping three to six months’ worth of expenses in an emergency fund. This is a pool of savings you can tap into in case you lose a job or find yourself saddled with a large unexpected expense. ",[3077],{"type":82,"attrs":3078},{"color":919},{"text":3080,"type":75,"marks":3081},"A good emergency fund",[3082,3085,3087],{"type":103,"attrs":3083},{"href":3084,"uuid":106,"anchor":106,"target":107,"linktype":108},"https://www.earnest.com/blog/how-much-should-you-save-in-your-emergency-fund/",{"type":82,"attrs":3086},{"color":1047},{"type":112},{"text":3089,"type":75,"marks":3090}," should give you enough financial cushion that you’ll never have to charge an ambulance bill to your American Express card. ",[3091],{"type":82,"attrs":3092},{"color":919},{"type":292,"marks":3094},[3095],{"type":82,"attrs":3096},{"color":919},{"type":292,"marks":3098},[3099],{"type":82,"attrs":3100},{"color":919},{"text":3102,"type":75,"marks":3103},"But while important, growing a fund this large can take time. And it can take even longer if you’re earning a meager 0.33% interest, the national average among traditional savings account rates. So, if you’re trying to build an emergency fund — or grow an existing fund when more — a high-yield savings account can be a great solution.  ",[3104],{"type":82,"attrs":3105},{"color":919},{"type":119,"attrs":3107,"content":3108},{"level":183},[3109],{"text":3110,"type":75,"marks":3111},"Funding an important short-term expense ",[3112,3113],{"type":127},{"type":82,"attrs":3114},{"color":1031},{"type":71,"content":3116},[3117],{"text":3118,"type":75,"marks":3119},"If you’re saving up for a big purchase, like a down payment on a house or car, a high-yield savings account could be right for you. Your money will be safe from market fluctuations and FDIC-insured, which means you won’t risk losing it over the short term. Then, when it’s time to make that purchase, your money will be accessible. ",[3120],{"type":82,"attrs":3121},{"color":919},{"type":119,"attrs":3123,"content":3124},{"level":121},[3125],{"text":3126,"type":75,"marks":3127},"High-yield savings account alternatives ",[3128,3129],{"type":127},{"type":82,"attrs":3130},{"color":919},{"type":71,"content":3132},[3133],{"text":3134,"type":75,"marks":3135},"If a high-yield savings account doesn’t seem right for your financial goals, that’s ok. Some alternatives offer similar advantages.",[3136],{"type":82,"attrs":3137},{"color":919},{"type":119,"attrs":3139,"content":3140},{"level":183},[3141],{"text":667,"type":75,"marks":3142},[3143,3144],{"type":127},{"type":82,"attrs":3145},{"color":1031},{"type":71,"content":3147},[3148,3153,3162],{"text":3149,"type":75,"marks":3150},"A ",[3151],{"type":82,"attrs":3152},{"color":919},{"text":3154,"type":75,"marks":3155},"money market account",[3156,3159,3161],{"type":103,"attrs":3157},{"href":3158,"uuid":106,"anchor":106,"target":107,"linktype":108},"https://www.investopedia.com/terms/m/moneymarketaccount.asp",{"type":82,"attrs":3160},{"color":1047},{"type":112},{"text":3163,"type":75,"marks":3164}," (MMA) is another one of the best savings accounts for storing up cash for a short-term goal. Like a high-yield savings account, an MMA is a type of interest-bearing account that offers higher-than-average APY. These accounts may come with restrictions similar to what you’d find on a high-yield savings account. However, they differ in one major way: Money market accounts offer greater access to your funds. MMAs often come with ATM cards, debit cards, and/or check-writing privileges. This gives you more control over how and when you use your money.  ",[3165],{"type":82,"attrs":3166},{"color":919},{"type":119,"attrs":3168,"content":3169},{"level":183},[3170],{"text":690,"type":75,"marks":3171},[3172,3173],{"type":127},{"type":82,"attrs":3174},{"color":1031},{"type":71,"content":3176},[3177,3182,3190],{"text":3178,"type":75,"marks":3179},"Like a high-yield savings account, a CD is an interest-bearing account that offers a high APY. In fact, ",[3180],{"type":82,"attrs":3181},{"color":919},{"text":1097,"type":75,"marks":3183},[3184,3187,3189],{"type":103,"attrs":3185},{"href":3186,"uuid":106,"anchor":106,"target":107,"linktype":108},"https://www.investor.gov/introduction-investing/investing-basics/investment-products/certificates-deposit-cds",{"type":82,"attrs":3188},{"color":1047},{"type":112},{"text":3191,"type":75,"marks":3192}," may offer higher APYs than even high-yield savings accounts. (Some of the best rates for CDs right now are around 5.0%.) And unlike with high-yield savings accounts, that rate is fixed; it cannot drop over time. The downside, though, is that CDs come with more restrictions. You have to lock your money into the account for a set term –– generally anywhere from a few months to five or so years. If you want to withdraw early, you’ll have to pay a penalty. ",[3193],{"type":82,"attrs":3194},{"color":919},{"type":119,"attrs":3196,"content":3197},{"level":121},[3198],{"text":713,"type":75,"marks":3199},[3200,3201],{"type":127},{"type":82,"attrs":3202},{"color":919},{"type":71,"content":3204},[3205,3210,3217],{"text":3206,"type":75,"marks":3207},"You can open a high-yield savings account at most financial institutions, including credit unions, brick-and-mortar banks, and some online banks. If you’re in the market for a high-yield savings account, consider ",[3208],{"type":82,"attrs":3209},{"color":919},{"text":733,"type":75,"marks":3211},[3212,3214,3216],{"type":103,"attrs":3213},{"href":737,"uuid":106,"anchor":106,"target":107,"linktype":108},{"type":82,"attrs":3215},{"color":1047},{"type":112},{"text":3218,"type":75,"marks":3219}," your number one ally. Navient Marketplace is a one-stop shop for all your personal finance needs. Browse banks, compare APYs, check eligibility standards, and find an account that meets your savings goals. ",[3220],{"type":82,"attrs":3221},{"color":919},{"type":71,"content":3223},[3224],{"text":749,"type":75,"marks":3225},[3226,3228],{"type":78,"attrs":3227},{"class":80},{"type":82,"attrs":3229},{"color":919},{"type":71,"content":3231},[3232],{"text":3233,"type":75,"marks":3234},"Information in this blog, including the rates advertised, are current as of 05/08/2023 and subject to change. ",[3235,3237],{"type":78,"attrs":3236},{"class":80},{"type":82,"attrs":3238},{"color":919},{"type":68,"content":3240},[3241],{"type":71},"\u003C!--#storyblok#{\"name\": \"Typography\", \"space\": \"157494\", \"uid\": \"1c2fecf4-3e7d-45a3-8cd3-ec01aee640ed\", \"id\": \"651798211\"}-->","\u003C!--#storyblok#{\"name\": \"Column\", \"space\": \"157494\", \"uid\": \"33b17b9d-2cea-4cd9-a840-7d806cacba08\", \"id\": 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\"651798211\"}-->",{"id":18,"lg":18,"md":18,"sm":18,"_uid":3274,"cols":18,"height":18,"classes":836,"columns":3275,"justify":18,"maxWidth":853,"component":854,"colClasses":855,"rowClasses":18,"mobileClasses":856,"backgroundColor":18,"backgroundImage":3286,"containerClasses":18,"useBackgroundImage":45,"_editable":3287},"7cb4c235-3d87-48ce-becf-43b4862e0ce0",[3276],{"_uid":3277,"component":840,"backToTopBtn":3278,"_editable":3285},"b5c0a1b7-ad78-405d-adfa-2f37992ecb8b",[3279],{"url":3280,"_uid":3281,"icon":3282,"text":847,"color":32,"event":18,"sizing":3283,"classes":849,"rounded":45,"outlined":45,"component":850,"textColor":799,"hoverBgColor":799,"mobileClasses":18,"hoverTextColor":810,"navigationType":18,"_editable":3284},{"id":18,"url":18,"linktype":844,"fieldtype":805,"cached_url":18},"ee7721b4-2ee6-45a6-a3e9-0189b477a4e9",{"id":106,"alt":106,"name":18,"focus":106,"title":106,"filename":18,"copyright":106,"fieldtype":808},[],"\u003C!--#storyblok#{\"name\": \"Button\", \"space\": \"157494\", \"uid\": \"ee7721b4-2ee6-45a6-a3e9-0189b477a4e9\", \"id\": \"651798211\"}-->","\u003C!--#storyblok#{\"name\": \"BackToTop\", \"space\": \"157494\", \"uid\": \"b5c0a1b7-ad78-405d-adfa-2f37992ecb8b\", \"id\": \"651798211\"}-->",{"id":106,"alt":106,"name":18,"focus":106,"title":106,"filename":18,"copyright":106,"fieldtype":808},"\u003C!--#storyblok#{\"name\": \"Grid\", \"space\": \"157494\", \"uid\": \"7cb4c235-3d87-48ce-becf-43b4862e0ce0\", \"id\": \"651798211\"}-->","https://www.marketplace.navient.com/blog/how-to-choose-a-high-yield-savings-account/","\u003C!--#storyblok#{\"name\": \"BlogPost\", \"space\": \"157494\", \"uid\": \"48933c4c-21f0-4a99-aa8a-03c5aa2d28b7\", \"id\": \"651798211\"}-->","how-to-choose-a-high-yield-savings-account","navient_marketplace/blog/how-to-choose-a-high-yield-savings-account",60,[],"f9397c8a-6e4f-450b-af30-b706f21bf984","2023-05-10T19:10:59.222Z",[],{"name":3298,"created_at":3299,"published_at":3300,"updated_at":3301,"id":3302,"uuid":3303,"content":3304,"slug":3994,"full_slug":3995,"sort_by_date":106,"position":3996,"tag_list":3997,"is_startpage":45,"parent_id":867,"meta_data":106,"group_id":3998,"first_published_at":3999,"release_id":106,"lang":870,"path":4000,"alternates":4001,"default_full_slug":106,"translated_slugs":106},"Money Market vs High-Yield Savings","2025-04-07T18:31:50.290Z","2025-12-26T13:45:25.381Z","2025-12-26T13:45:25.411Z",651798217,"ad8a9099-34ab-46bd-909e-190ee0d78ae4",{"seo":3305,"_uid":20,"body":3308,"author":1748,"category":859,"featured":45,"component":860,"canonicalTag":3992,"_editable":3993},{"_uid":15,"title":3306,"plugin":17,"og_image":18,"og_title":18,"description":3307,"twitter_image":18,"twitter_title":18,"og_description":18,"twitter_description":18},"Money Market vs. High-Yield Savings - Navient Marketplace","Money market vs. high-yield savings account, which is right for you? Get the info you need to make the right choice, including where to get started.",[3309,3319,3980],{"id":23,"_uid":885,"image":3310,"intro":3311,"author":1743,"classes":3312,"category":18,"featured":45,"blogTitle":3315,"component":46,"imageLink":3316,"blendImage":45,"authorRoute":1748,"publishedDate":3317,"backgroundColor":50,"_editable":3318},"//a.storyblok.com/f/110029/800x412/436be4a7fe/money-market-vs-high-yield-savings.png","Here’s what high-yield savings and money market accounts are, and how to determine which option is best for you.",[3313],{"_uid":891,"component":31,"titleColor":32,"dateClasses":33,"titleClasses":892,"authorClasses":35,"subtitleColor":36,"subtitleClasses":38,"dateMobileClasses":39,"titleMobileClasses":40,"authorMobileClasses":41,"featuredMobileClasses":42,"subtitleMobileClasses":43,"_editable":3314},"\u003C!--#storyblok#{\"name\": \"BlogHeroStyle\", \"space\": \"157494\", \"uid\": \"6bc0d925-925b-40e2-8cb5-ac30d0086187\", \"id\": \"651798217\"}-->","Money Market vs. High-Yield Savings","/images/money-market-vs-high-yield-savings.png","Updated: April 25, 2023","\u003C!--#storyblok#{\"name\": \"BlogHero\", \"space\": \"157494\", \"uid\": \"02557530-adb9-49fb-9319-277497a70cb8\", \"id\": \"651798217\"}-->",{"_uid":899,"bloks":3320,"classes":830,"component":831,"mobileClasses":18,"containerContent":3978,"_editable":3979},[3321],{"_uid":902,"bloks":3322,"classes":18,"justify":776,"component":828,"mobileClasses":18,"_editable":3977},[3323,3951],{"lg":59,"md":59,"sm":60,"_uid":905,"cols":60,"bloks":3324,"alignSelf":776,"component":777,"_editable":3950},[3325],{"_uid":908,"color":65,"classes":66,"content":18,"richText":3326,"component":769,"mobileClasses":770,"enableRichText":771,"richTextMobile":3946,"_editable":3949},{"type":68,"content":3327},[3328,3336,3343,3352,3399,3406,3427,3435,3442,3449,3456,3464,3471,3589,3598,3605,3652,3661,3668,3676,3683,3691,3698,3706,3713,3721,3742,3751,3758,3787,3794,3828,3837,3844,3895,3903,3910,3929,3937],{"type":71,"content":3329},[3330],{"text":74,"type":75,"marks":3331},[3332,3334],{"type":78,"attrs":3333},{"class":80},{"type":82,"attrs":3335},{"color":84},{"type":71,"content":3337},[3338],{"text":3339,"type":75,"marks":3340},"If you want to earn more from your savings in an FDIC-insured account, both high-yield savings and money market accounts are great options. But there are some differences between the two that may make one better for your lifestyle and financial goals than the other. Here’s what they are, and how to determine which is best for you. ",[3341],{"type":82,"attrs":3342},{"color":84},{"type":119,"attrs":3344,"content":3345},{"level":121},[3346],{"text":3347,"type":75,"marks":3348},"What is a money market account?",[3349,3350],{"type":127},{"type":82,"attrs":3351},{"color":84},{"type":71,"content":3353},[3354,3359,3368,3373,3381,3386,3390,3394],{"text":3355,"type":75,"marks":3356},"A money market account, or MMA, is a type of deposit account that pays you more interest on your money than a traditional savings account. Top money market accounts currently offer variable annual percentage yields (APYs) ",[3357],{"type":82,"attrs":3358},{"color":84},{"text":3360,"type":75,"marks":3361},"just over 4.0%",[3362,3365,3367],{"type":103,"attrs":3363},{"href":3364,"uuid":106,"anchor":106,"target":107,"linktype":108},"https://www.businessinsider.com/personal-finance/best-money-market-accounts",{"type":82,"attrs":3366},{"color":106},{"type":112},{"text":3369,"type":75,"marks":3370},". MMAs also have the benefit of ",[3371],{"type":82,"attrs":3372},{"color":106},{"text":3374,"type":75,"marks":3375},"federal insurance protection",[3376,3378,3380],{"type":103,"attrs":3377},{"href":1165,"uuid":106,"anchor":106,"target":107,"linktype":108},{"type":82,"attrs":3379},{"color":106},{"type":112},{"text":3382,"type":75,"marks":3383},". ",[3384],{"type":82,"attrs":3385},{"color":106},{"type":292,"marks":3387},[3388],{"type":82,"attrs":3389},{"color":106},{"type":292,"marks":3391},[3392],{"type":82,"attrs":3393},{"color":106},{"text":3395,"type":75,"marks":3396},"Unlike many high-interest savings accounts, a money market account gives you easier access to your money. You’ll have check-writing privileges and an ATM card, both of which let you spend directly from the account itself.",[3397],{"type":82,"attrs":3398},{"color":106},{"type":71,"content":3400},[3401],{"text":3402,"type":75,"marks":3403},"On the downside, MMAs tend to have more requirements than other types of deposit accounts. You’re likely to see higher minimum account balances, high monthly maintenance fees, and low limits on the number of times you can actually spend from the account. The federal government requires banks to allow you to transfer money and write checks up to six times per month. Withdraw beyond that, and you could incur a fee. ",[3404],{"type":82,"attrs":3405},{"color":84},{"type":71,"content":3407},[3408,3413,3422],{"text":3409,"type":75,"marks":3410},"(Note that money market accounts are different from ",[3411],{"type":82,"attrs":3412},{"color":84},{"text":3414,"type":75,"marks":3415},"money market funds",[3416,3419,3421],{"type":103,"attrs":3417},{"href":3418,"uuid":106,"anchor":106,"target":107,"linktype":108},"https://www.investopedia.com/terms/m/money-marketfund.asp",{"type":82,"attrs":3420},{"color":84},{"type":112},{"text":3423,"type":75,"marks":3424},", or MMFs. An MMF is a mutual fund that can be purchased through an investment fund company, brokerage firm, or bank. Unlike an MMA, which is a deposit account, an MMF is an investment product tied to the stock market.) ",[3425],{"type":82,"attrs":3426},{"color":106},{"type":119,"attrs":3428,"content":3429},{"level":121},[3430],{"text":124,"type":75,"marks":3431},[3432,3433],{"type":127},{"type":82,"attrs":3434},{"color":84},{"type":71,"content":3436},[3437],{"text":3438,"type":75,"marks":3439},"A high-yield savings account is similar to an MMA in that it’s an interest-bearing bank account that pays more than a traditional savings account. Like money market accounts, top high-yield savings accounts offer APYs over 4%. These interest rates are also likely to be a little higher than the ones you’ll be offered with an MMA.",[3440],{"type":82,"attrs":3441},{"color":84},{"type":71,"content":3443},[3444],{"text":3445,"type":75,"marks":3446},"Unlike a money market account, however, your high-yield savings account won’t have a checkbook, and isn't likely to have an ATM card. Money market accounts and high-yield savings accounts are held to similar regulations, and banks and financial institutions are only required to let you transfer money from a high-yield savings account up to six times a month without fees. ",[3447],{"type":82,"attrs":3448},{"color":84},{"type":71,"content":3450},[3451],{"text":3452,"type":75,"marks":3453},"That said, the fees aren’t likely to be as high as those on money market accounts, nor are the account minimums (some high-yield accounts require a minimum opening deposit or require you to set up direct deposits to get the highest rates). You can find some high-yield savings accounts with no minimum balance at all, and some offer unlimited transfers. ",[3454],{"type":82,"attrs":3455},{"color":84},{"type":119,"attrs":3457,"content":3458},{"level":121},[3459],{"text":1850,"type":75,"marks":3460},[3461,3462],{"type":127},{"type":82,"attrs":3463},{"color":84},{"type":71,"content":3465},[3466],{"text":3467,"type":75,"marks":3468},"Maintaining a high-yield savings account is a great way to earn high interest in a safe, FDIC-insured environment. Here are some of the biggest advantages. ",[3469],{"type":82,"attrs":3470},{"color":84},{"type":336,"content":3472},[3473,3488,3529,3544,3559,3574],{"type":339,"content":3474},[3475],{"type":71,"content":3476},[3477,3483],{"text":3478,"type":75,"marks":3479},"High-interest. ",[3480,3481],{"type":127},{"type":82,"attrs":3482},{"color":84},{"text":3484,"type":75,"marks":3485},"High-yield savings accounts pay significantly more than traditional savings accounts, and, generally, offer higher APYs than money market accounts.",[3486],{"type":82,"attrs":3487},{"color":106},{"type":339,"content":3489},[3490],{"type":71,"content":3491},[3492,3498,3503,3511,3516,3524],{"text":3493,"type":75,"marks":3494},"Federal insurance. ",[3495,3496],{"type":127},{"type":82,"attrs":3497},{"color":106},{"text":3499,"type":75,"marks":3500},"Unlike other investment vehicles, high-yield savings accounts are protected by either the ",[3501],{"type":82,"attrs":3502},{"color":84},{"text":3504,"type":75,"marks":3505},"Federal Deposit Insurance Corporation",[3506,3508,3510],{"type":103,"attrs":3507},{"href":2293,"uuid":106,"anchor":106,"target":107,"linktype":108},{"type":82,"attrs":3509},{"color":106},{"type":112},{"text":3512,"type":75,"marks":3513}," (FDIC) or the ",[3514],{"type":82,"attrs":3515},{"color":106},{"text":3517,"type":75,"marks":3518},"National Credit Union Administration",[3519,3521,3523],{"type":103,"attrs":3520},{"href":2307,"uuid":106,"anchor":106,"target":107,"linktype":108},{"type":82,"attrs":3522},{"color":106},{"type":112},{"text":3525,"type":75,"marks":3526}," (NCUA). Both guarantee that you’ll be reimbursed for your savings, up to $250,000 per depositor, in case of bank failure.",[3527],{"type":82,"attrs":3528},{"color":106},{"type":339,"content":3530},[3531],{"type":71,"content":3532},[3533,3539],{"text":3534,"type":75,"marks":3535},"Can access money if you need to. ",[3536,3537],{"type":127},{"type":82,"attrs":3538},{"color":106},{"text":3540,"type":75,"marks":3541},"Federal Reserve regulations allow you to move your money around six times per month without fees. Beyond that, the cost of transferring money varies by financial institution.",[3542],{"type":82,"attrs":3543},{"color":106},{"type":339,"content":3545},[3546],{"type":71,"content":3547},[3548,3554],{"text":3549,"type":75,"marks":3550},"Lower fees. ",[3551,3552],{"type":127},{"type":82,"attrs":3553},{"color":106},{"text":3555,"type":75,"marks":3556},"If fees are incurred, they’re likely to be lower than the fees associated with money market accounts.",[3557],{"type":82,"attrs":3558},{"color":106},{"type":339,"content":3560},[3561],{"type":71,"content":3562},[3563,3569],{"text":3564,"type":75,"marks":3565},"Lower minimum account balances",[3566,3567],{"type":127},{"type":82,"attrs":3568},{"color":106},{"text":3570,"type":75,"marks":3571},". High-yield savings accounts often require no minimum account balance. Even if they do, the minimum balance is usually lower than what you’d need to maintain in money market savings.",[3572],{"type":82,"attrs":3573},{"color":106},{"type":339,"content":3575},[3576],{"type":71,"content":3577},[3578,3584],{"text":3579,"type":75,"marks":3580},"Lower initial deposit.",[3581,3582],{"type":127},{"type":82,"attrs":3583},{"color":106},{"text":3585,"type":75,"marks":3586}," While you may need to make a minimum deposit to open your account, this is likely to be a lower amount of money than what you’d need to open an MMA. That can make high-yield savings accounts a better choice for newer savers.",[3587],{"type":82,"attrs":3588},{"color":106},{"type":119,"attrs":3590,"content":3591},{"level":121},[3592],{"text":3593,"type":75,"marks":3594},"Benefits of a money market savings account ",[3595,3596],{"type":127},{"type":82,"attrs":3597},{"color":84},{"type":71,"content":3599},[3600],{"text":3601,"type":75,"marks":3602},"If you’re looking for flexibility, money market savings accounts have the edge. Here are some other benefits you should know about. ",[3603],{"type":82,"attrs":3604},{"color":84},{"type":336,"content":3606},[3607,3622,3637],{"type":339,"content":3608},[3609],{"type":71,"content":3610},[3611,3617],{"text":3612,"type":75,"marks":3613},"Federal insurance: ",[3614,3615],{"type":127},{"type":82,"attrs":3616},{"color":84},{"text":3618,"type":75,"marks":3619},"Like high-yield savings accounts, MMAs are typically (but not always) protected by federal insurance providers. Look for “Member NCUA” or “Member FDIC” on your account disclosures.",[3620],{"type":82,"attrs":3621},{"color":106},{"type":339,"content":3623},[3624],{"type":71,"content":3625},[3626,3632],{"text":3627,"type":75,"marks":3628},"Better flexibility:",[3629,3630],{"type":127},{"type":82,"attrs":3631},{"color":106},{"text":3633,"type":75,"marks":3634}," A money market account gives you far more flexibility and access than a high-yield savings account, especially if you have multiple accounts at the same bank. Most money market accounts allow you to write checks and use an ATM card, while many high-yield savings accounts require you to transfer funds to an external checking account before you can do those things.",[3635],{"type":82,"attrs":3636},{"color":106},{"type":339,"content":3638},[3639],{"type":71,"content":3640},[3641,3647],{"text":3642,"type":75,"marks":3643},"Physical locations: ",[3644,3645],{"type":127},{"type":82,"attrs":3646},{"color":106},{"text":3648,"type":75,"marks":3649},"Money market accounts are generally offered by national financial institutions with multiple brick-and-mortar bank locations. Conversely, many top high-yield savings accounts are largely offered by online banks. So, if you like to do your banking in person, money market accounts come out ahead. ",[3650],{"type":82,"attrs":3651},{"color":106},{"type":119,"attrs":3653,"content":3654},{"level":121},[3655],{"text":3656,"type":75,"marks":3657},"When to consider an alternative to both a money market and high-yield savings account",[3658,3659],{"type":127},{"type":82,"attrs":3660},{"color":84},{"type":71,"content":3662},[3663],{"text":3664,"type":75,"marks":3665},"Both money market accounts and high-yield savings accounts are ideal for storing savings that you need easy access to but don’t expect to use immediately — like an emergency fund or savings for a down payment. If you’re looking to do any of the following, however, you may want to consider other types of accounts for your personal finance needs.",[3666],{"type":82,"attrs":3667},{"color":84},{"type":119,"attrs":3669,"content":3670},{"level":183},[3671],{"text":3672,"type":75,"marks":3673},"You want an account for everyday banking",[3674],{"type":82,"attrs":3675},{"color":84},{"type":71,"content":3677},[3678],{"text":3679,"type":75,"marks":3680},"Both money market accounts and high-yield savings accounts have withdrawal limits mandated by Regulation D, a federal law that specifies how financial services institutions must classify different types of deposit accounts. In practice, this means you can’t withdraw your money more than six times per month without incurring fees. High-yield savings accounts also rarely provide check-writing privileges or ATM cards. So if you’re looking for an account to handle your day-to-day banking needs, consider a high-interest checking account instead. ",[3681],{"type":82,"attrs":3682},{"color":84},{"type":119,"attrs":3684,"content":3685},{"level":183},[3686],{"text":3687,"type":75,"marks":3688},"You’ll have trouble maintaining a minimum account balance",[3689],{"type":82,"attrs":3690},{"color":84},{"type":71,"content":3692},[3693],{"text":3694,"type":75,"marks":3695},"A common requirement for opening both types of accounts is maintaining a minimum daily or monthly balance. If you know that you’ll have trouble maintaining a minimum balance at all times, look for an account that doesn’t require any minimum. ",[3696],{"type":82,"attrs":3697},{"color":84},{"type":119,"attrs":3699,"content":3700},{"level":183},[3701],{"text":3702,"type":75,"marks":3703},"You’re trying to build long-term wealth",[3704],{"type":82,"attrs":3705},{"color":84},{"type":71,"content":3707},[3708],{"text":3709,"type":75,"marks":3710},"Both the high-yield savings account and money market account are good options for short-term savings because they allow you to grow your money without giving up access to it. Still, neither account offers you enough to keep up with inflation. If you’re trying to build long-term wealth, consider products that offer higher returns — even if that means you lose access to the balance for some period of time. ",[3711],{"type":82,"attrs":3712},{"color":84},{"type":119,"attrs":3714,"content":3715},{"level":183},[3716],{"text":3717,"type":75,"marks":3718},"You want guaranteed rates",[3719],{"type":82,"attrs":3720},{"color":84},{"type":71,"content":3722},[3723,3728,3737],{"text":3724,"type":75,"marks":3725},"One of the primary draws of high-yield accounts is their high APY, but these rates are subject to change without notice. That’s because they fluctuate in keeping with the Fed’s benchmark interest rate. The Fed may lower this rate during an economic downturn to make it cheaper for consumers to borrow or invest, and raise the rate to tackle inflation. (This happened in 2022, when the Fed rate rose to 4.5% — its ",[3726],{"type":82,"attrs":3727},{"color":84},{"text":3729,"type":75,"marks":3730},"highest level in 15 years",[3731,3734,3736],{"type":103,"attrs":3732},{"href":3733,"uuid":106,"anchor":106,"target":107,"linktype":108},"https://www.theguardian.com/business/2022/dec/14/fed-interest-rate-increase",{"type":82,"attrs":3735},{"color":106},{"type":112},{"text":3738,"type":75,"marks":3739},".) If you want guaranteed rates, consider opening a CD instead. ",[3740],{"type":82,"attrs":3741},{"color":106},{"type":119,"attrs":3743,"content":3744},{"level":121},[3745],{"text":3746,"type":75,"marks":3747},"Money market account or high-yield savings, which is right for me? ",[3748,3749],{"type":127},{"type":82,"attrs":3750},{"color":84},{"type":71,"content":3752},[3753],{"text":3754,"type":75,"marks":3755},"A money market account may be better for you if:",[3756],{"type":82,"attrs":3757},{"color":84},{"type":336,"content":3759},[3760,3769,3778],{"type":339,"content":3761},[3762],{"type":71,"content":3763},[3764],{"text":3765,"type":75,"marks":3766},"You want to have the option of writing checks.",[3767],{"type":82,"attrs":3768},{"color":84},{"type":339,"content":3770},[3771],{"type":71,"content":3772},[3773],{"text":3774,"type":75,"marks":3775},"You want to spend money directly from the account via ATM withdrawals.",[3776],{"type":82,"attrs":3777},{"color":106},{"type":339,"content":3779},[3780],{"type":71,"content":3781},[3782],{"text":3783,"type":75,"marks":3784},"You don’t mind potentially higher minimum balance requirements.",[3785],{"type":82,"attrs":3786},{"color":106},{"type":71,"content":3788},[3789],{"text":3790,"type":75,"marks":3791},"A high-yield savings account may be better for you if:",[3792],{"type":82,"attrs":3793},{"color":84},{"type":336,"content":3795},[3796,3810,3819],{"type":339,"content":3797},[3798],{"type":71,"content":3799},[3800,3805],{"text":3801,"type":75,"marks":3802},"You want slightly higher rates of ",[3803],{"type":82,"attrs":3804},{"color":84},{"text":3806,"type":75,"marks":3807},"interest. ",[3808],{"type":82,"attrs":3809},{"color":106},{"type":339,"content":3811},[3812],{"type":71,"content":3813},[3814],{"text":3815,"type":75,"marks":3816},"You don’t want to worry about maintaining a minimum balance (many high-yield savings accounts these days don’t require one).",[3817],{"type":82,"attrs":3818},{"color":106},{"type":339,"content":3820},[3821],{"type":71,"content":3822},[3823],{"text":3824,"type":75,"marks":3825},"You don’t expect to write checks from the account and have no need for a debit card. ",[3826],{"type":82,"attrs":3827},{"color":106},{"type":119,"attrs":3829,"content":3830},{"level":121},[3831],{"text":3832,"type":75,"marks":3833},"Alternatives to money market and high-yield savings accounts ",[3834,3835],{"type":127},{"type":82,"attrs":3836},{"color":84},{"type":71,"content":3838},[3839],{"text":3840,"type":75,"marks":3841},"While money market accounts and high-yield savings accounts can offer higher interest rates, there are some other low-risk alternatives for saving your money and keeping it liquid. Some of these include:",[3842],{"type":82,"attrs":3843},{"color":84},{"type":3845,"attrs":3846,"content":3849},"ordered_list",{"order":3847},{"order":3848},1,[3850,3865,3880],{"type":339,"content":3851},[3852],{"type":71,"content":3853},[3854,3860],{"text":3855,"type":75,"marks":3856},"Certificates of deposit: ",[3857,3858],{"type":127},{"type":82,"attrs":3859},{"color":84},{"text":3861,"type":75,"marks":3862},"CDs are savings products that allow you to earn interest on a lump sum for a fixed period of time at a fixed interest rate. The only catch is that you can’t touch that money during that term period. While CDs are typically available for one- or two-year terms, some banks offer shorter term periods as well.",[3863],{"type":82,"attrs":3864},{"color":106},{"type":339,"content":3866},[3867],{"type":71,"content":3868},[3869,3875],{"text":3870,"type":75,"marks":3871},"High-interest checking account: ",[3872,3873],{"type":127},{"type":82,"attrs":3874},{"color":106},{"text":3876,"type":75,"marks":3877},"A high-interest checking account won’t give you the same high APY as an MMA or high-yield savings account, but their interest rates are still better than the national average. (Note that many high-interest checking accounts have a cap on the amount they’ll pay high rates on, so they’re not the best option for larger sums.)",[3878],{"type":82,"attrs":3879},{"color":106},{"type":339,"content":3881},[3882],{"type":71,"content":3883},[3884,3890],{"text":3885,"type":75,"marks":3886},"IRA savings account: ",[3887,3888],{"type":127},{"type":82,"attrs":3889},{"color":106},{"text":3891,"type":75,"marks":3892},"You can also store your short-term savings in an individual retirement account, or IRA. When you put your money into your account, just choose to leave it in cash instead of investing it. You’ll get better rates keeping your money here than you would on a standard savings account. Where IRA savings accounts get tricky is with taxation: while you won’t pay tax on the money you deposit in this account, you will pay tax upon withdrawal, which only makes it a good option if you intend to keep your money in the account relatively long-term.",[3893],{"type":82,"attrs":3894},{"color":106},{"type":119,"attrs":3896,"content":3897},{"level":121},[3898],{"text":713,"type":75,"marks":3899},[3900,3901],{"type":127},{"type":82,"attrs":3902},{"color":84},{"type":71,"content":3904},[3905],{"text":3906,"type":75,"marks":3907},"Both high-yield savings accounts and money market accounts offer more in interest than your traditional savings account. Money market accounts have the edge in flexibility, but they generally require more money to maintain (I.e., higher minimums, fees, and initial deposit amounts). High-yield savings accounts may not offer checks or an ATM card, but you’ll probably earn slightly more interest and spend less money maintaining them. ",[3908],{"type":82,"attrs":3909},{"color":84},{"type":71,"content":3911},[3912,3917,3924],{"text":3913,"type":75,"marks":3914},"Want to explore these accounts and more? Check out ",[3915],{"type":82,"attrs":3916},{"color":84},{"text":733,"type":75,"marks":3918},[3919,3921,3923],{"type":103,"attrs":3920},{"href":737,"uuid":106,"anchor":106,"target":107,"linktype":108},{"type":82,"attrs":3922},{"color":106},{"type":112},{"text":3925,"type":75,"marks":3926}," to compare, contrast, and determine which best suits your lifestyle. ",[3927],{"type":82,"attrs":3928},{"color":106},{"type":71,"content":3930},[3931],{"text":749,"type":75,"marks":3932},[3933,3935],{"type":78,"attrs":3934},{"class":80},{"type":82,"attrs":3936},{"color":84},{"type":71,"content":3938},[3939],{"text":3940,"type":75,"marks":3941},"Information in this blog, including the rates advertised, are current as of 4/25/2023.",[3942,3944],{"type":78,"attrs":3943},{"class":80},{"type":82,"attrs":3945},{"color":84},{"type":68,"content":3947},[3948],{"type":71},"\u003C!--#storyblok#{\"name\": \"Typography\", \"space\": \"157494\", \"uid\": \"a64c4df0-154e-4c12-b867-678d292709f4\", \"id\": 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\"651798217\"}-->",{"id":18,"lg":18,"md":18,"sm":18,"_uid":1705,"cols":18,"height":18,"classes":836,"columns":3981,"justify":18,"maxWidth":853,"component":854,"colClasses":855,"rowClasses":18,"mobileClasses":856,"backgroundColor":18,"backgroundImage":3990,"containerClasses":18,"useBackgroundImage":45,"_editable":3991},[3982],{"_uid":1708,"component":840,"backToTopBtn":3983,"_editable":3989},[3984],{"url":3985,"_uid":1712,"icon":3986,"text":847,"color":32,"event":18,"sizing":3987,"classes":849,"rounded":45,"outlined":45,"component":850,"textColor":799,"hoverBgColor":799,"mobileClasses":18,"hoverTextColor":810,"navigationType":18,"_editable":3988},{"id":18,"url":18,"linktype":844,"fieldtype":805,"cached_url":18},{"id":106,"alt":106,"name":18,"focus":106,"title":106,"filename":18,"copyright":106,"fieldtype":808},[],"\u003C!--#storyblok#{\"name\": \"Button\", \"space\": \"157494\", \"uid\": \"d87937d9-6d46-4da0-813d-437561563b18\", \"id\": \"651798217\"}-->","\u003C!--#storyblok#{\"name\": \"BackToTop\", \"space\": \"157494\", \"uid\": \"c390fb05-75db-44ae-af73-2bbd7c809b57\", \"id\": \"651798217\"}-->",{"id":106,"alt":106,"name":18,"focus":106,"title":106,"filename":18,"copyright":106,"fieldtype":808},"\u003C!--#storyblok#{\"name\": \"Grid\", \"space\": \"157494\", \"uid\": \"33d3a06b-b58c-487e-92e7-fc588a9c1c78\", \"id\": \"651798217\"}-->","https://www.marketplace.navient.com/blog/money-market-vs-high-yield-savings/","\u003C!--#storyblok#{\"name\": \"BlogPost\", \"space\": \"157494\", \"uid\": \"24614723-3c23-4d4f-990b-c49a1b45edce\", \"id\": \"651798217\"}-->","money-market-vs-high-yield-savings","navient_marketplace/blog/money-market-vs-high-yield-savings",130,[],"e500e713-d34c-40e7-a5bd-0b75db31b557","2023-05-03T19:51:28.423Z","blog/money-market-vs-high-yield-savings/",[],{"name":4003,"created_at":4004,"published_at":4005,"updated_at":4006,"id":4007,"uuid":4008,"content":4009,"slug":4914,"full_slug":4915,"sort_by_date":106,"position":4916,"tag_list":4917,"is_startpage":45,"parent_id":867,"meta_data":106,"group_id":4918,"first_published_at":4919,"release_id":106,"lang":870,"path":106,"alternates":4920,"default_full_slug":106,"translated_slugs":106},"Best High-Yield Savings Accounts of March 2023","2025-04-07T18:31:52.016Z","2025-12-26T13:45:25.733Z","2025-12-26T13:45:25.769Z",651798218,"c0d2f288-784a-41c0-9890-5f82ea099cd0",{"seo":4010,"_uid":20,"body":4013,"author":1748,"category":859,"featured":45,"component":860,"canonicalTag":4912,"_editable":4913},{"_uid":15,"title":4011,"plugin":17,"og_image":18,"og_title":18,"description":4012,"twitter_image":18,"twitter_title":18,"og_description":18,"twitter_description":18},"Best High-Yield Savings Accounts of March 2023  - Navient Marketplace","The best high-yield savings accounts offer interest rates 15-25x higher than traditional savings accounts. Review top high-yield savings accounts here.",[4014,4022,4900],{"id":23,"_uid":885,"image":4015,"intro":4016,"author":1743,"classes":4017,"category":18,"featured":45,"blogTitle":4003,"component":46,"imageLink":4020,"blendImage":45,"authorRoute":1748,"publishedDate":3317,"backgroundColor":50,"_editable":4021},"//a.storyblok.com/f/110029/800x528/02de70c797/best-high-yield-savings-account.png","If your short-term goals require immediate funds, a personal loan can be a reliable option. Here's what you need to know.",[4018],{"_uid":891,"component":31,"titleColor":32,"dateClasses":33,"titleClasses":892,"authorClasses":35,"subtitleColor":36,"subtitleClasses":38,"dateMobileClasses":39,"titleMobileClasses":40,"authorMobileClasses":41,"featuredMobileClasses":42,"subtitleMobileClasses":43,"_editable":4019},"\u003C!--#storyblok#{\"name\": \"BlogHeroStyle\", \"space\": \"157494\", \"uid\": \"6bc0d925-925b-40e2-8cb5-ac30d0086187\", \"id\": \"651798218\"}-->","/images/best-high-yield-savings-account.png","\u003C!--#storyblok#{\"name\": \"BlogHero\", \"space\": \"157494\", \"uid\": \"02557530-adb9-49fb-9319-277497a70cb8\", \"id\": \"651798218\"}-->",{"_uid":899,"bloks":4023,"classes":830,"component":831,"mobileClasses":18,"containerContent":4898,"_editable":4899},[4024],{"_uid":902,"bloks":4025,"classes":18,"justify":776,"component":828,"mobileClasses":18,"_editable":4897},[4026,4871],{"lg":59,"md":59,"sm":60,"_uid":905,"cols":60,"bloks":4027,"alignSelf":776,"component":777,"_editable":4870},[4028],{"_uid":908,"color":65,"classes":66,"content":18,"richText":4029,"component":769,"mobileClasses":770,"enableRichText":771,"richTextMobile":4866,"_editable":4869},{"type":68,"content":4030},[4031,4039,4046,4053,4088,4095,4129,4137,4144,4152,4173,4181,4197,4205,4221,4229,4250,4258,4274,4282,4298,4306,4336,4344,4365,4373,4394,4402,4418,4426,4447,4455,4476,4484,4500,4508,4515,4607,4615,4681,4689,4790,4797,4832,4857],{"type":71,"content":4032},[4033],{"text":74,"type":75,"marks":4034},[4035,4037],{"type":78,"attrs":4036},{"class":80},{"type":82,"attrs":4038},{"color":919},{"type":71,"content":4040},[4041],{"text":4042,"type":75,"marks":4043},"If you’ve ever wished you could put your savings somewhere they could grow that wasn’t as risky as the stock market, a high-yield savings account could be for you. It’s an environment where you’ll earn more interest than you would in a traditional savings account, and there is no risk of loss in a high-yield savings account, up to the FDIC insurance limit. Here are some great choices right now, plus what you need to know to evaluate them. ",[4044],{"type":82,"attrs":4045},{"color":919},{"type":119,"attrs":4047,"content":4048},{"level":121},[4049],{"text":124,"type":75,"marks":4050},[4051],{"type":82,"attrs":4052},{"color":919},{"type":71,"content":4054},[4055,4060,4069,4074,4083],{"text":4056,"type":75,"marks":4057},"A high-yield savings account is similar to a traditional savings account, except it pays significantly more in interest on the funds deposited. ",[4058],{"type":82,"attrs":4059},{"color":919},{"text":4061,"type":75,"marks":4062},"According to data from the FDIC",[4063,4066,4068],{"type":103,"attrs":4064},{"href":4065,"uuid":106,"anchor":106,"target":107,"linktype":108},"https://www.fdic.gov/regulations/resources/rates/#one",{"type":82,"attrs":4067},{"color":1047},{"type":112},{"text":4070,"type":75,"marks":4071},", the national average APY  (",[4072],{"type":82,"attrs":4073},{"color":919},{"text":4075,"type":75,"marks":4076},"annual percentage yields",[4077,4080,4082],{"type":103,"attrs":4078},{"href":4079,"uuid":106,"anchor":106,"target":107,"linktype":108},"https://www.experian.com/blogs/ask-experian/what-is-annual-percentage-yield/",{"type":82,"attrs":4081},{"color":1047},{"type":112},{"text":4084,"type":75,"marks":4085},") for a savings account is currently 0.30%. Compare that to some of the top high-yield savings accounts — which boast APYs just over 4.0% — and it’s easy to see the appeal. ",[4086],{"type":82,"attrs":4087},{"color":919},{"type":71,"content":4089},[4090],{"text":4091,"type":75,"marks":4092},"The downsides are that there may be limitations on the number of times you can withdraw and transfer money from the account. Many high-yield savings accounts require a minimum deposit, and, though high-yield accounts pay more in interest than regular savings accounts, you still may not earn enough to keep up with inflation (today, the rate of inflation is higher than the interest rate paid on high-yield savings accounts). ",[4093],{"type":82,"attrs":4094},{"color":919},{"type":71,"content":4096},[4097,4102,4111,4116,4124],{"text":4098,"type":75,"marks":4099},"Another benefit to these types of savings accounts is that they’re more flexible than CDs (",[4100],{"type":82,"attrs":4101},{"color":919},{"text":4103,"type":75,"marks":4104},"certificates of deposit",[4105,4108,4110],{"type":103,"attrs":4106},{"href":4107,"uuid":106,"anchor":106,"target":107,"linktype":108},"https://www.chase.com/personal/banking/education/basics/define-certificate-of-deposit",{"type":82,"attrs":4109},{"color":1047},{"type":112},{"text":4112,"type":75,"marks":4113},"), which require you to keep your money locked in for a set term. High-yield savings accounts are also much less risky than the stock market. As such, they can be ideal for hitting short-term savings goals, like beefing up ",[4114],{"type":82,"attrs":4115},{"color":919},{"text":4117,"type":75,"marks":4118},"your emergency fund",[4119,4121,4123],{"type":103,"attrs":4120},{"href":3084,"uuid":106,"anchor":106,"target":106,"linktype":108},{"type":82,"attrs":4122},{"color":1047},{"type":112},{"text":4125,"type":75,"marks":4126}," or socking away cash for a down payment on a home.",[4127],{"type":82,"attrs":4128},{"color":919},{"type":119,"attrs":4130,"content":4131},{"level":121},[4132],{"text":4133,"type":75,"marks":4134},"Great high-yield savings accounts – March 2023",[4135],{"type":82,"attrs":4136},{"color":919},{"type":71,"content":4138},[4139],{"text":4140,"type":75,"marks":4141},"High-yield savings accounts can vary widely. Each one has a different APY, minimum balance, and fee schedule. Here are some great  options for March 2023.",[4142],{"type":82,"attrs":4143},{"color":919},{"type":119,"attrs":4145,"content":4146},{"level":183},[4147],{"text":4148,"type":75,"marks":4149},"1. MySavingsDirect: 4.35% APY, $1 minimum opening deposit",[4150],{"type":82,"attrs":4151},{"color":84},{"type":71,"content":4153},[4154,4159,4168],{"text":4155,"type":75,"marks":4156},"A division of Emigrant Bank, ",[4157],{"type":82,"attrs":4158},{"color":84},{"text":4160,"type":75,"marks":4161},"MySavingsDirect",[4162,4165,4167],{"type":103,"attrs":4163},{"href":4164,"uuid":106,"anchor":106,"target":107,"linktype":108},"https://www.mysavingsdirect.com/securebanking/login.do",{"type":82,"attrs":4166},{"color":106},{"type":112},{"text":4169,"type":75,"marks":4170}," allows customers to open a high-yield online savings account with as little as $1. The bank has a competitive APY — the highest rate on our list — but it comes with some limitations. You’ll need to mail a check to fund your account, and MySavingsDirect offers neither ATM access or mobile check deposit. On the plus side, you won’t have to pay a monthly fee or maintain a minimum balance to keep the account open. ",[4171],{"type":82,"attrs":4172},{"color":106},{"type":119,"attrs":4174,"content":4175},{"level":183},[4176],{"text":4177,"type":75,"marks":4178},"2. UFB Direct: 4.21% APY, No minimum opening deposit",[4179],{"type":82,"attrs":4180},{"color":84},{"type":71,"content":4182},[4183,4192],{"text":4184,"type":75,"marks":4185},"UFB Direct",[4186,4189,4191],{"type":103,"attrs":4187},{"href":4188,"uuid":106,"anchor":106,"target":106,"linktype":108},"https://www.ufbdirect.com/",{"type":82,"attrs":4190},{"color":84},{"type":112},{"text":4193,"type":75,"marks":4194}," (a division of Axos Bank) offers a high-yield savings account with competitive interest rates. The 4.21% APY is attractive, as are the zero minimum balance requirement and total lack of maintenance fees. What sets UFB apart, though, is that it offers ATM access, which few online banks do. The account also permits mobile check deposits. ",[4195],{"type":82,"attrs":4196},{"color":106},{"type":119,"attrs":4198,"content":4199},{"level":183},[4200],{"text":4201,"type":75,"marks":4202},"3. Popular Direct: 4.16% APY, $5,000 minimum opening deposit",[4203],{"type":82,"attrs":4204},{"color":84},{"type":71,"content":4206},[4207,4216],{"text":4208,"type":75,"marks":4209},"Popular Direct’s High Rise Savings",[4210,4213,4215],{"type":103,"attrs":4211},{"href":4212,"uuid":106,"anchor":106,"target":106,"linktype":108},"https://www.populardirect.com/products/savings",{"type":82,"attrs":4214},{"color":84},{"type":112},{"text":4217,"type":75,"marks":4218}," account requires a steep opening deposit, but you get what you pay for. This account offers one of the best savings account rates of the year, and it requires zero monthly maintenance fees. (However, you will incur a $25 fee if you close the account within the first 180 days.) Account holders also get access to 24/7 customer support and an intuitive mobile app. ",[4219],{"type":82,"attrs":4220},{"color":106},{"type":119,"attrs":4222,"content":4223},{"level":183},[4224],{"text":4225,"type":75,"marks":4226},"4. Bask Bank: 4.16% APY, No minimum opening deposit",[4227],{"type":82,"attrs":4228},{"color":84},{"type":71,"content":4230},[4231,4236,4245],{"text":4232,"type":75,"marks":4233},"A division of Texas Capital Bank, ",[4234],{"type":82,"attrs":4235},{"color":84},{"text":4237,"type":75,"marks":4238},"Bask Bank",[4239,4242,4244],{"type":103,"attrs":4240},{"href":4241,"uuid":106,"anchor":106,"target":107,"linktype":108},"https://www.baskbank.com/products/interest-savings-account",{"type":82,"attrs":4243},{"color":106},{"type":112},{"text":4246,"type":75,"marks":4247}," offers online-only Interest Savings accounts with competitive rates. While fairly new to the game, Bask is already proving itself to be a top competitor in terms of a high APY, zero minimum balance requirement, and zero monthly fees. There’s also no minimum opening deposit to open a new account. The biggest downside is account access: you’ll need to link to an external bank account and initiate a bank transfer to deposit or withdraw money. As of now, Bask Bank does not allow joint accounts. ",[4248],{"type":82,"attrs":4249},{"color":106},{"type":119,"attrs":4251,"content":4252},{"level":183},[4253],{"text":4254,"type":75,"marks":4255},"5. Salem Five Direct: 4.10% APY, $10 minimum opening deposit",[4256],{"type":82,"attrs":4257},{"color":84},{"type":71,"content":4259},[4260,4269],{"text":4261,"type":75,"marks":4262},"Salem Five Direct",[4263,4266,4268],{"type":103,"attrs":4264},{"href":4265,"uuid":106,"anchor":106,"target":106,"linktype":108},"https://www.salemfivedirect.com/#eonesavings",{"type":82,"attrs":4267},{"color":84},{"type":112},{"text":4270,"type":75,"marks":4271}," became the first online bank in the U.S. back in 1995, and it’s still a major contender today. The APY on a Salem Five Direct high-yield savings account is among the highest on this list, and they’ll pay it on balances up to $1 million. You can open a Salem Five Direct account with an opening deposit of just $10. (Disclaimer: this account is only available to customers who don’t already have a checking or savings account with Salem Five Bank.) ",[4272],{"type":82,"attrs":4273},{"color":106},{"type":119,"attrs":4275,"content":4276},{"level":183},[4277],{"text":4278,"type":75,"marks":4279},"6. CIT Bank: 4.05% APY, $100 minimum opening deposit",[4280],{"type":82,"attrs":4281},{"color":84},{"type":71,"content":4283},[4284,4293],{"text":4285,"type":75,"marks":4286},"CIT Bank",[4287,4290,4292],{"type":103,"attrs":4288},{"href":4289,"uuid":106,"anchor":106,"target":106,"linktype":108},"https://www.cit.com/cit-bank/bank/savings/savings-connect-account",{"type":82,"attrs":4291},{"color":84},{"type":112},{"text":4294,"type":75,"marks":4295}," offers a high-interest savings account called Savings Connect, which you can open with a starting balance of $100. After that, there’s no monthly service fee. CIT ranks high on customer support availability with live chat and automated phone assistance options available 24/7. This account is also one of the few to offer debit card access. You can make deposits via transfer, or deposit checks using their mobile banking app. ",[4296],{"type":82,"attrs":4297},{"color":106},{"type":119,"attrs":4299,"content":4300},{"level":183},[4301],{"text":4302,"type":75,"marks":4303},"7. PNC Bank: 4.00% APY, No minimum opening deposit",[4304],{"type":82,"attrs":4305},{"color":84},{"type":71,"content":4307},[4308,4317,4322,4331],{"text":4309,"type":75,"marks":4310},"PNC’s digital high yield savings account",[4311,4314,4316],{"type":103,"attrs":4312},{"href":4313,"uuid":106,"anchor":106,"target":106,"linktype":108},"https://www.pnc.com/en/personal-banking/banking/savings/high-yield-savings.html",{"type":82,"attrs":4315},{"color":84},{"type":112},{"text":4318,"type":75,"marks":4319}," doesn’t charge monthly maintenance fees or require an opening deposit. Its minimum balance is also quite low: you can earn 4% APY as long as you maintain $1 in the account. It’s important to note, however, that the account is only available in select markets, and you may not be eligible if you live in ",[4320],{"type":82,"attrs":4321},{"color":106},{"text":4323,"type":75,"marks":4324},"certain states",[4325,4328,4330],{"type":103,"attrs":4326},{"href":4327,"uuid":106,"anchor":106,"target":107,"linktype":108},"https://www.pnc.com/en/personal-banking/banking/savings/high-yield-savings.html#",{"type":82,"attrs":4329},{"color":106},{"type":112},{"text":4332,"type":75,"marks":4333},". There’s also a $25 fee if you close the account within the first 180 days.",[4334],{"type":82,"attrs":4335},{"color":106},{"type":119,"attrs":4337,"content":4338},{"level":183},[4339],{"text":4340,"type":75,"marks":4341},"8. LendingClub Bank: 4.00% APY, $100 minimum opening deposit",[4342],{"type":82,"attrs":4343},{"color":84},{"type":71,"content":4345},[4346,4351,4360],{"text":4347,"type":75,"marks":4348},"With no monthly service fees, no minimum daily balance, and a generous APY,  ",[4349],{"type":82,"attrs":4350},{"color":84},{"text":4352,"type":75,"marks":4353},"LendingClub Bank's",[4354,4357,4359],{"type":103,"attrs":4355},{"href":4356,"uuid":106,"anchor":106,"target":107,"linktype":108},"https://www.lendingclub.com/personal-banking/high-yield-savings-pd",{"type":82,"attrs":4358},{"color":106},{"type":112},{"text":4361,"type":75,"marks":4362}," high-yield savings account is a top choice for many customers. Better yet: this account comes with an ATM card, giving customers access to more than 325,000 machines worldwide (all with zero ATM fees). You can also deposit checks via the mobile app, set up direct deposits, and transfer money from external banks. The only downside is that there’s a $100 deposit required to open the account. ",[4363],{"type":82,"attrs":4364},{"color":106},{"type":119,"attrs":4366,"content":4367},{"level":183},[4368],{"text":4369,"type":75,"marks":4370},"9. Synchrony Bank: 3.75% APY, No minimum opening deposit",[4371],{"type":82,"attrs":4372},{"color":84},{"type":71,"content":4374},[4375,4380,4389],{"text":4376,"type":75,"marks":4377},"With ",[4378],{"type":82,"attrs":4379},{"color":84},{"text":4381,"type":75,"marks":4382},"Synchrony Bank’s",[4383,4386,4388],{"type":103,"attrs":4384},{"href":4385,"uuid":106,"anchor":106,"target":107,"linktype":108},"https://www.synchronybank.com/banking/high-yield-savings/",{"type":82,"attrs":4387},{"color":106},{"type":112},{"text":4390,"type":75,"marks":4391}," high-yield savings account, you’ll never have to pay monthly fees, make a minimum deposit, or maintain a minimum balance. The account also provides ATM access with unlimited ATM transactions. While there are fees associated with ATM use, the bank will refund $5 worth of domestic ATM fees monthly. You’ll also have access to your money through wire transfers (up to three free per statement cycle) and electronic transfers to outside accounts. The bank’s streamlined app is another perk; it earns consistently high reviews from customers. ",[4392],{"type":82,"attrs":4393},{"color":106},{"type":119,"attrs":4395,"content":4396},{"level":183},[4397],{"text":4398,"type":75,"marks":4399},"10. SoFi: 3.75% APY, No minimum opening deposit",[4400],{"type":82,"attrs":4401},{"color":84},{"type":71,"content":4403},[4404,4413],{"text":4405,"type":75,"marks":4406},"SoFi’s Checking and Savings Account",[4407,4410,4412],{"type":103,"attrs":4408},{"href":4409,"uuid":106,"anchor":106,"target":106,"linktype":108},"https://www.sofi.com/banking/savings-account/",{"type":82,"attrs":4411},{"color":84},{"type":112},{"text":4414,"type":75,"marks":4415}," combines the best features of savings and checking accounts — all with a higher APY than many of its competitors. (Note that the APY is conditional; you can earn 3.75% on your savings and 2.50% on your checking balances, but only if you set up a direct deposit.) SoFi also stands out for its welcome bonus. You could earn $50 to $300, depending on how many direct deposits you make in a 30-day period. The account offers free ATM access and comes with “Money Vaults,” a tool to organize your money for specific savings goals. ",[4416],{"type":82,"attrs":4417},{"color":106},{"type":119,"attrs":4419,"content":4420},{"level":183},[4421],{"text":4422,"type":75,"marks":4423},"11. Capital One: 3.30% APY, No minimum opening deposit ",[4424],{"type":82,"attrs":4425},{"color":84},{"type":71,"content":4427},[4428,4433,4442],{"text":4429,"type":75,"marks":4430},"While Capital One is perhaps best known as a credit card company, it also offers a number of high-quality banking services. Its ",[4431],{"type":82,"attrs":4432},{"color":84},{"text":4434,"type":75,"marks":4435},"360 Performance Savings",[4436,4439,4441],{"type":103,"attrs":4437},{"href":4438,"uuid":106,"anchor":106,"target":107,"linktype":108},"https://www.capitalone.com/bank/savings-accounts/online-performance-savings-account/",{"type":82,"attrs":4440},{"color":106},{"type":112},{"text":4443,"type":75,"marks":4444},", for example, is one of the more competitive high-yield savings accounts on the market. There is no minimum balance requirement and no monthly fee, and it takes as little as five minutes to open a free account. That makes this a great option for high and low savers alike. The account permits mobile check deposit as well as electronic transfers. To make withdrawals, you can either schedule a transfer or withdraw cash by visiting a branch.",[4445],{"type":82,"attrs":4446},{"color":106},{"type":119,"attrs":4448,"content":4449},{"level":183},[4450],{"text":4451,"type":75,"marks":4452},"12. Marcus by Goldman Sachs: 3.30% APY, No minimum opening deposit",[4453],{"type":82,"attrs":4454},{"color":84},{"type":71,"content":4456},[4457,4462,4471],{"text":4458,"type":75,"marks":4459},"With no minimum deposit and no fee, ",[4460],{"type":82,"attrs":4461},{"color":84},{"text":4463,"type":75,"marks":4464},"Marcus by Goldman Sachs",[4465,4468,4470],{"type":103,"attrs":4466},{"href":4467,"uuid":106,"anchor":106,"target":107,"linktype":108},"https://www.marcus.com/us/en/savings/high-yield-savings",{"type":82,"attrs":4469},{"color":106},{"type":112},{"text":4472,"type":75,"marks":4473}," is a great choice for new savers. One downside: Marcus does not offer check-writing or mobile check deposit options. In fact, the only way to deposit a check is to mail it to the bank. Withdrawals are a little easier: you can request an ACH transfer by phone or do a free wire transfer to a linked account at another bank. ",[4474],{"type":82,"attrs":4475},{"color":106},{"type":119,"attrs":4477,"content":4478},{"level":183},[4479],{"text":4480,"type":75,"marks":4481},"13. Ally Bank: 3.30% APY, No minimum balance",[4482],{"type":82,"attrs":4483},{"color":84},{"type":71,"content":4485},[4486,4495],{"text":4487,"type":75,"marks":4488},"Ally Bank",[4489,4492,4494],{"type":103,"attrs":4490},{"href":4491,"uuid":106,"anchor":106,"target":106,"linktype":108},"https://www.ally.com/bank/online-savings-account/",{"type":82,"attrs":4493},{"color":84},{"type":112},{"text":4496,"type":75,"marks":4497}," offers a strong APY, has no minimum balance requirements, and charges no monthly maintenance fees. You can get ATM access if you have an Ally checking account, and the bank will reimburse up to $10 per month in out-of-network ATM fees. You can also deposit checks through the mobile app. The downside is that Ally’s fees can add up. You get six free withdrawals or transfers per statement cycle, but after that, there’s a $10 fee per transaction. Ally also charges a $25 overdraft fee. ",[4498],{"type":82,"attrs":4499},{"color":106},{"type":119,"attrs":4501,"content":4502},{"level":121},[4503],{"text":4504,"type":75,"marks":4505},"How to pick a high-yield savings account",[4506],{"type":82,"attrs":4507},{"color":84},{"type":71,"content":4509},[4510],{"text":4511,"type":75,"marks":4512},"When selecting a high-yield savings account that best suits your needs, you’ll want to keep a few things in mind:",[4513],{"type":82,"attrs":4514},{"color":84},{"type":336,"content":4516},[4517,4532,4547,4562,4577,4592],{"type":339,"content":4518},[4519],{"type":71,"content":4520},[4521,4527],{"text":4522,"type":75,"marks":4523},"APY: ",[4524,4525],{"type":127},{"type":82,"attrs":4526},{"color":84},{"text":4528,"type":75,"marks":4529},"Annual percentage yield is what you’ll earn on the money you put into your savings account. The higher this number, the more you’ll make.",[4530],{"type":82,"attrs":4531},{"color":106},{"type":339,"content":4533},[4534],{"type":71,"content":4535},[4536,4542],{"text":4537,"type":75,"marks":4538},"Account fees:",[4539,4540],{"type":127},{"type":82,"attrs":4541},{"color":106},{"text":4543,"type":75,"marks":4544}," High monthly fees can eat into your gains. Examine the fee schedule for each account, and make sure you know what you need to do to avoid them.",[4545],{"type":82,"attrs":4546},{"color":106},{"type":339,"content":4548},[4549],{"type":71,"content":4550},[4551,4557],{"text":4552,"type":75,"marks":4553},"Minimum balance:",[4554,4555],{"type":127},{"type":82,"attrs":4556},{"color":106},{"text":4558,"type":75,"marks":4559}," Some accounts require a minimum balance to stay open. Make sure this is an amount you’re comfortable leaving in your account. Also make sure you know the penalties for dropping below that balance.",[4560],{"type":82,"attrs":4561},{"color":106},{"type":339,"content":4563},[4564],{"type":71,"content":4565},[4566,4572],{"text":4567,"type":75,"marks":4568},"Minimum opening deposit:",[4569,4570],{"type":127},{"type":82,"attrs":4571},{"color":106},{"text":4573,"type":75,"marks":4574}," While many banks will open your account for free, some require an initial deposit of anywhere from $10 to $5,000.",[4575],{"type":82,"attrs":4576},{"color":106},{"type":339,"content":4578},[4579],{"type":71,"content":4580},[4581,4587],{"text":4582,"type":75,"marks":4583},"Deposits and withdrawals:",[4584,4585],{"type":127},{"type":82,"attrs":4586},{"color":106},{"text":4588,"type":75,"marks":4589}," Make sure you can access your money in a way that’s convenient for you. Only some accounts offer ATM cards, and many of these charge ATM fees. Many also limit the number of withdrawals you can make each month. If you plan to deposit checks, check whether there’s a mobile app that will let you do so from the comfort of your home.",[4590],{"type":82,"attrs":4591},{"color":106},{"type":339,"content":4593},[4594],{"type":71,"content":4595},[4596,4602],{"text":4597,"type":75,"marks":4598},"Member FDIC:",[4599,4600],{"type":127},{"type":82,"attrs":4601},{"color":106},{"text":4603,"type":75,"marks":4604}," Credit unions usually insure their deposit accounts through the National Credit Union Administration (NCUA). Banks, on the other hand, are protected by the Federal Deposit Insurance Corporation (FDIC). Through the FDIC, high-yield savings accounts are federally insured up to $250,000 per depositor. Most brick-and-mortar banks and big national banks (like American Express or Barclays) are FDIC-insured, but it’s always worth checking just to make sure.",[4605],{"type":82,"attrs":4606},{"color":106},{"type":119,"attrs":4608,"content":4609},{"level":121},[4610],{"text":4611,"type":75,"marks":4612},"Benefits of a high-yield savings account",[4613],{"type":82,"attrs":4614},{"color":919},{"type":336,"content":4616},[4617,4637,4652],{"type":339,"content":4618},[4619],{"type":71,"content":4620},[4621,4627,4632],{"text":4622,"type":75,"marks":4623},"Significantly higher interest rates than a traditional savings account.",[4624,4625],{"type":127},{"type":82,"attrs":4626},{"color":919},{"text":4628,"type":75,"marks":4629}," The higher the interest rate, the more you’ll make from the money you deposit, ",[4630],{"type":82,"attrs":4631},{"color":919},{"text":4633,"type":75,"marks":4634},"thanks to compound interest.",[4635],{"type":82,"attrs":4636},{"color":84},{"type":339,"content":4638},[4639],{"type":71,"content":4640},[4641,4647],{"text":4642,"type":75,"marks":4643},"Don’t require you to store your money for a set period of time",[4644,4645],{"type":127},{"type":82,"attrs":4646},{"color":919},{"text":4648,"type":75,"marks":4649},". A CD account is another popular place to store money when you want to earn high interest. The downside to a CD account, however, is that you have to commit to keeping your money in it for a set term. If you want to take it out, you’ll have to pay a fee. High-yield savings accounts require no such commitment, though you may be limited in the number of times you can withdraw or transfer your money per month.",[4650],{"type":82,"attrs":4651},{"color":919},{"type":339,"content":4653},[4654],{"type":71,"content":4655},[4656,4662,4667,4676],{"text":4657,"type":75,"marks":4658},"Safer than the stock market. ",[4659,4660],{"type":127},{"type":82,"attrs":4661},{"color":919},{"text":4663,"type":75,"marks":4664},"High-yield savings accounts are best for storing money you don’t need right now, but may in the near future. Take an emergency fund for example. You don’t need it urgently, but you may need it for an unexpected expense. If you put your money in the stock market, it’s likely to generate a higher return than a high-yield savings account in the long-term. But in the short term, the stock market is volatile and could result in you losing a significant portion of your emergency fund. If you’re trying to store your emergency fund, or save up to buy a house or car in the next few years, you don’t want to risk losing that money in one fell swoop. High-yield savings accounts are a safe way to earn more than what you would usually earn by keeping your money in a traditional savings account. For longer-term goals like ",[4665],{"type":82,"attrs":4666},{"color":919},{"text":4668,"type":75,"marks":4669},"saving for retirement",[4670,4673,4675],{"type":103,"attrs":4671},{"href":4672,"uuid":106,"anchor":106,"target":107,"linktype":108},"https://www.earnest.com/blog/what-is-a-roth-ira/",{"type":82,"attrs":4674},{"color":1047},{"type":112},{"text":4677,"type":75,"marks":4678},", however, there are other, better places to put your money. ",[4679],{"type":82,"attrs":4680},{"color":919},{"type":119,"attrs":4682,"content":4683},{"level":121},[4684],{"text":4685,"type":75,"marks":4686},"Disadvantages of a high-yield savings account",[4687],{"type":82,"attrs":4688},{"color":919},{"type":336,"content":4690},[4691,4706,4721,4736],{"type":339,"content":4692},[4693],{"type":71,"content":4694},[4695,4701],{"text":4696,"type":75,"marks":4697},"Not for everyday banking. ",[4698,4699],{"type":127},{"type":82,"attrs":4700},{"color":919},{"text":4702,"type":75,"marks":4703},"If you’re thinking you’ll be able to use your high-yield savings account like a second checking account, think again. These accounts aren’t ideal for people who move their money around a lot, because federal law only requires banks to allow you to withdraw or transfer funds a total of six times per month without fees.",[4704],{"type":82,"attrs":4705},{"color":919},{"type":339,"content":4707},[4708],{"type":71,"content":4709},[4710,4716],{"text":4711,"type":75,"marks":4712},"More hoops to jump through",[4713,4714],{"type":127},{"type":82,"attrs":4715},{"color":919},{"text":4717,"type":75,"marks":4718},". It’s not just limitations on moving your money that you’ll have to deal with when you open a high-yield savings account. There’s often a minimum account balance and maybe even a minimum initial deposit, too.",[4719],{"type":82,"attrs":4720},{"color":919},{"type":339,"content":4722},[4723],{"type":71,"content":4724},[4725,4731],{"text":4726,"type":75,"marks":4727},"Bad for building long-term wealth.",[4728,4729],{"type":127},{"type":82,"attrs":4730},{"color":919},{"text":4732,"type":75,"marks":4733}," High-yield savings accounts can enable you to earn more than you would in a traditional savings account. However, the interest you earn, even in a high-yield savings account, may not be enough to keep pace with inflation.",[4734],{"type":82,"attrs":4735},{"color":919},{"type":339,"content":4737},[4738],{"type":71,"content":4739},[4740,4746,4751,4757,4762,4771,4776,4785],{"text":4741,"type":75,"marks":4742},"Rates aren’t locked.",[4743,4744],{"type":127},{"type":82,"attrs":4745},{"color":919},{"text":4747,"type":75,"marks":4748}," That 4.0% interest rate might look appealing, but there’s no guarantee it will remain that high.",[4749],{"type":82,"attrs":4750},{"color":919},{"text":4752,"type":75,"marks":4753}," ",[4754],{"type":82,"attrs":4755},{"color":4756},"rgb(61, 133, 198)",{"text":4758,"type":75,"marks":4759},"Interest rates offered by U.S. banks can go up or down according to the Federal Reserve’s interest rates. When the Fed raises rates, you may ",[4760],{"type":82,"attrs":4761},{"color":84},{"text":4763,"type":75,"marks":4764},"get a higher APY",[4765,4768,4770],{"type":103,"attrs":4766},{"href":4767,"uuid":106,"anchor":106,"target":107,"linktype":108},"https://www.cnbc.com/select/how-the-fed-raising-interest-rates-again-affects-your-savings-account/",{"type":82,"attrs":4769},{"color":106},{"type":112},{"text":4772,"type":75,"marks":4773},". Conversely, if they choose to drop the ",[4774],{"type":82,"attrs":4775},{"color":106},{"text":4777,"type":75,"marks":4778},"federal funds rate",[4779,4782,4784],{"type":103,"attrs":4780},{"href":4781,"uuid":106,"anchor":106,"target":107,"linktype":108},"https://www.forbes.com/advisor/investing/federal-funds-rate/#:~:text=The%20Federal%20Open%20Markets%20Committee,currently%204.25%25%20to%204.50%25.",{"type":82,"attrs":4783},{"color":106},{"type":112},{"text":4786,"type":75,"marks":4787},", your interest rate could take a hit. This is unlike a CD, where the interest rate is usually locked in for the term of the CD.",[4788],{"type":82,"attrs":4789},{"color":106},{"type":119,"attrs":4791,"content":4792},{"level":121},[4793],{"text":713,"type":75,"marks":4794},[4795],{"type":82,"attrs":4796},{"color":919},{"type":71,"content":4798},[4799,4804,4813,4818,4827],{"text":4800,"type":75,"marks":4801},"A high-yield savings account is perfect for storing an emergency fund, ",[4802],{"type":82,"attrs":4803},{"color":919},{"text":4805,"type":75,"marks":4806},"a windfall",[4807,4810,4812],{"type":103,"attrs":4808},{"href":4809,"uuid":106,"anchor":106,"target":106,"linktype":108},"https://www.earnest.com/blog/what-to-do-with-tax-refund/",{"type":82,"attrs":4811},{"color":1047},{"type":112},{"text":4814,"type":75,"marks":4815},", or funds for a big purchase that you plan to make within the next five years. When you’re selecting a financial institution to open an account with, make sure to evaluate not just their APY, but also their terms and conditions. It’s important to know the rules of each account. After all, you don’t want to get caught paying fees you didn’t know existed. Also consider alternatives, like CD accounts and",[4816],{"type":82,"attrs":4817},{"color":919},{"text":4819,"type":75,"marks":4820}," money market accounts",[4821,4824,4826],{"type":103,"attrs":4822},{"href":4823,"uuid":106,"anchor":106,"target":107,"linktype":108},"https://www.consumerfinance.gov/ask-cfpb/what-is-a-money-market-account-en-915/",{"type":82,"attrs":4825},{"color":1047},{"type":112},{"text":4828,"type":75,"marks":4829},", before you pull the trigger on a high-yield savings account. ",[4830],{"type":82,"attrs":4831},{"color":919},{"type":71,"content":4833},[4834,4838,4845,4849,4850,4851],{"text":3913,"type":75,"marks":4835},[4836],{"type":82,"attrs":4837},{"color":919},{"text":733,"type":75,"marks":4839},[4840,4842,4844],{"type":103,"attrs":4841},{"href":737,"uuid":106,"anchor":106,"target":107,"linktype":108},{"type":82,"attrs":4843},{"color":1047},{"type":112},{"text":3925,"type":75,"marks":4846},[4847],{"type":82,"attrs":4848},{"color":919},{"type":292},{"type":292},{"text":749,"type":75,"marks":4852},[4853,4855],{"type":78,"attrs":4854},{"class":80},{"type":82,"attrs":4856},{"color":919},{"type":71,"content":4858},[4859],{"text":4860,"type":75,"marks":4861},"Information in this blog, including the rates advertised, are current as of 04/25/2023 and subject to change. ",[4862,4864],{"type":78,"attrs":4863},{"class":80},{"type":82,"attrs":4865},{"color":919},{"type":68,"content":4867},[4868],{"type":71},"\u003C!--#storyblok#{\"name\": \"Typography\", 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\"651798218\"}-->",{"id":18,"lg":18,"md":18,"sm":18,"_uid":1705,"cols":18,"height":18,"classes":836,"columns":4901,"justify":18,"maxWidth":853,"component":854,"colClasses":855,"rowClasses":18,"mobileClasses":856,"backgroundColor":18,"backgroundImage":4910,"containerClasses":18,"useBackgroundImage":45,"_editable":4911},[4902],{"_uid":1708,"component":840,"backToTopBtn":4903,"_editable":4909},[4904],{"url":4905,"_uid":1712,"icon":4906,"text":847,"color":32,"event":18,"sizing":4907,"classes":849,"rounded":45,"outlined":45,"component":850,"textColor":799,"hoverBgColor":799,"mobileClasses":18,"hoverTextColor":810,"navigationType":18,"_editable":4908},{"id":18,"url":18,"linktype":844,"fieldtype":805,"cached_url":18},{"id":106,"alt":106,"name":18,"focus":106,"title":106,"filename":18,"copyright":106,"fieldtype":808},[],"\u003C!--#storyblok#{\"name\": \"Button\", \"space\": \"157494\", \"uid\": \"d87937d9-6d46-4da0-813d-437561563b18\", \"id\": \"651798218\"}-->","\u003C!--#storyblok#{\"name\": \"BackToTop\", \"space\": \"157494\", \"uid\": \"c390fb05-75db-44ae-af73-2bbd7c809b57\", \"id\": \"651798218\"}-->",{"id":106,"alt":106,"name":18,"focus":106,"title":106,"filename":18,"copyright":106,"fieldtype":808},"\u003C!--#storyblok#{\"name\": \"Grid\", \"space\": \"157494\", \"uid\": \"33d3a06b-b58c-487e-92e7-fc588a9c1c78\", \"id\": \"651798218\"}-->","https://www.marketplace.navient.com/blog/best-high-yield-savings-account/","\u003C!--#storyblok#{\"name\": \"BlogPost\", \"space\": \"157494\", \"uid\": \"24614723-3c23-4d4f-990b-c49a1b45edce\", \"id\": \"651798218\"}-->","best-high-yield-savings-account","navient_marketplace/blog/best-high-yield-savings-account",140,[],"015453b5-a2d6-4ec4-ac1f-e3a99750ce98","2023-05-03T19:33:52.878Z",[],{"name":4922,"created_at":4923,"published_at":4924,"updated_at":4925,"id":4926,"uuid":4927,"content":4928,"slug":5511,"full_slug":5512,"sort_by_date":106,"position":5513,"tag_list":5514,"is_startpage":45,"parent_id":867,"meta_data":106,"group_id":5515,"first_published_at":4919,"release_id":106,"lang":870,"path":106,"alternates":5516,"default_full_slug":106,"translated_slugs":106},"Are High-Yield Savings Accounts Worth It?","2025-04-07T18:31:53.752Z","2025-12-26T13:45:25.979Z","2025-12-26T13:45:26.005Z",651798219,"f57a30a1-ef8a-420d-be4c-837fb5c69406",{"seo":4929,"_uid":20,"body":4932,"author":1748,"category":859,"featured":45,"component":860,"canonicalTag":5509,"_editable":5510},{"_uid":15,"title":4930,"plugin":17,"og_image":18,"og_title":18,"description":4931,"twitter_image":18,"twitter_title":18,"og_description":18,"twitter_description":18},"Are High Yield Savings Accounts Worth It? - Navient Marketplace","Are high-yield savings accounts worth it? Not for everyone. Here are reasons for, and against, opening a high-yield savings account. ",[4933,4942,5497],{"id":23,"_uid":885,"image":4934,"intro":4935,"author":1743,"classes":4936,"category":18,"featured":45,"blogTitle":4939,"component":46,"imageLink":4940,"blendImage":45,"authorRoute":1748,"publishedDate":3317,"backgroundColor":50,"_editable":4941},"//a.storyblok.com/f/110029/1398x934/83c543ca7e/high-yield.png","While it’s true that they’re a great place to grow your savings, they may not be the best option in certain cases.",[4937],{"_uid":891,"component":31,"titleColor":32,"dateClasses":33,"titleClasses":892,"authorClasses":35,"subtitleColor":36,"subtitleClasses":38,"dateMobileClasses":39,"titleMobileClasses":40,"authorMobileClasses":41,"featuredMobileClasses":42,"subtitleMobileClasses":43,"_editable":4938},"\u003C!--#storyblok#{\"name\": \"BlogHeroStyle\", \"space\": \"157494\", \"uid\": \"6bc0d925-925b-40e2-8cb5-ac30d0086187\", \"id\": \"651798219\"}-->","Are High-Yield Savings Accounts Worth It? Here’s How to Tell","/images/high-yield.png","\u003C!--#storyblok#{\"name\": \"BlogHero\", \"space\": \"157494\", \"uid\": \"02557530-adb9-49fb-9319-277497a70cb8\", \"id\": \"651798219\"}-->",{"_uid":899,"bloks":4943,"classes":830,"component":831,"mobileClasses":18,"containerContent":5495,"_editable":5496},[4944],{"_uid":902,"bloks":4945,"classes":18,"justify":776,"component":828,"mobileClasses":18,"_editable":5494},[4946,5472],{"lg":59,"md":59,"sm":60,"_uid":905,"cols":60,"bloks":4947,"alignSelf":776,"component":777,"_editable":5471},[4948],{"_uid":908,"color":65,"classes":66,"content":18,"richText":4949,"component":769,"mobileClasses":770,"enableRichText":771,"richTextMobile":5467,"_editable":5470},{"type":68,"content":4950},[4951,4957,4961,4967,4999,5005,5009,5031,5035,5048,5052,5069,5073,5080,5084,5091,5098,5119,5126,5130,5134,5141,5148,5160,5167,5178,5182,5189,5202,5208,5212,5216,5256,5260,5320,5326,5330,5400,5406,5409,5415,5419,5423,5429,5433,5437,5443,5454,5460],{"type":71,"content":4952},[4953],{"text":74,"type":75,"marks":4954},[4955],{"type":78,"attrs":4956},{"class":80},{"type":71,"content":4958},[4959],{"text":4960,"type":75},"High-interest savings accounts have gotten a lot of buzz over the last few years. If you’ve been following along, you might be asking yourself: Are high-yield savings accounts worth it? While it’s true that they’re a great place to grow your savings, they may not be the best option in certain cases. Sometimes a checking account, the stock market, or another interest-bearing savings account may be a better bet. So how can you tell if a high-yield account is right for you? ",{"type":119,"attrs":4962,"content":4963},{"level":121},[4964],{"text":938,"type":75,"marks":4965},[4966],{"type":127},{"type":336,"content":4968},[4969,4975,4981,4987,4993],{"type":339,"content":4970},[4971],{"type":71,"content":4972},[4973],{"text":4974,"type":75},"A high-yield savings account is a savings account that allows you to earn compound interest on your funds. ",{"type":339,"content":4976},[4977],{"type":71,"content":4978},[4979],{"text":4980,"type":75},"High-yield savings accounts have significantly higher interest rates than traditional savings accounts.",{"type":339,"content":4982},[4983],{"type":71,"content":4984},[4985],{"text":4986,"type":75},"High-yield savings accounts are most useful for building up short-term savings, like an emergency fund or a down payment for a home.",{"type":339,"content":4988},[4989],{"type":71,"content":4990},[4991],{"text":4992,"type":75},"High-yield savings accounts are less useful when your savings goals involve building long-term wealth. They’re also not ideal for everyday banking. ",{"type":339,"content":4994},[4995],{"type":71,"content":4996},[4997],{"text":4998,"type":75},"Popular alternatives to high-yield savings accounts include CD accounts and money market accounts.",{"type":119,"attrs":5000,"content":5001},{"level":121},[5002],{"text":994,"type":75,"marks":5003},[5004],{"type":127},{"type":71,"content":5006},[5007],{"text":5008,"type":75},"A high-yield savings account is like a traditional savings account but with one major difference: its APYs (annual percentage yields) are significantly higher. ",{"type":71,"content":5010},[5011,5013,5020,5022,5029],{"text":5012,"type":75},"Let’s look at some numbers to illustrate. With a traditional savings account, you might get an interest rate that’s a fraction of a percentage point. (For example, the Bank of America Advantage Savings account offers an ",{"text":5014,"type":75,"marks":5015},"APY of 0.01%",[5016,5019],{"type":103,"attrs":5017},{"href":5018,"uuid":106,"anchor":106,"target":107,"linktype":108},"https://www.forbes.com/advisor/banking/savings/bank-of-america-savings-account-interest-rate",{"type":112},{"text":5021,"type":75},".) High-yield savings accounts, on the other hand, usually offer savers much higher rates. Currently, the best high-yield savings accounts ",{"text":5023,"type":75,"marks":5024},"offer variable APYs over 4.0%.",[5025,5028],{"type":103,"attrs":5026},{"href":5027,"uuid":106,"anchor":106,"target":107,"linktype":108},"https://www.investopedia.com/best-high-yield-savings-accounts-4770633",{"type":112},{"text":5030,"type":75}," That’s about 15 to 25 times higher than what you’d get with a traditional savings account.",{"type":71,"content":5032},[5033],{"text":5034,"type":75},"So, how exactly does that affect your savings? If you put $10,000 into the Bank of America Advantage Savings account and let it sit for three years without making any further deposits, you would earn $5 in that time. That would give you a total of $10,005 at the end of those three years, provided that your interest rate remained the same.",{"type":71,"content":5036},[5037,5039,5046],{"text":5038,"type":75},"Now let’s see what would happen if you put $10,000 into a competitive high-yield savings account instead. Say you deposited your money in a Betterment account, for example (Betterment ",{"text":5040,"type":75,"marks":5041},"currently offers APYs up to 4.0%",[5042,5045],{"type":103,"attrs":5043},{"href":5044,"uuid":106,"anchor":106,"target":107,"linktype":108},"https://www.betterment.com/cash-reserve",{"type":112},{"text":5047,"type":75},"). Not only would you make more money per year with this rate, but the interest is compounded. That means you make money on your initial balance as well as on your interest earnings. Thanks to compound interest, you would earn $1,272 over three years, provided that the rates didn’t change. In the end, you’d have a total of $11,272 in savings. ",{"type":71,"content":5049},[5050],{"text":5051,"type":75},"Though $1,272 might not seem like much over three years, it’s $1,267 more than you’d have otherwise. Better yet, you didn’t have to do anything other than move your money to a different account. ",{"type":71,"content":5053},[5054,5058,5060,5063,5065],{"text":5055,"type":75,"marks":5056},"*",[5057],{"type":1334},{"text":5059,"type":75},"Hypothetical",{"text":4752,"type":75,"marks":5061},[5062],{"type":1334},{"text":5064,"type":75},"scenario",{"text":5066,"type":75,"marks":5067},", results may vary",[5068],{"type":1334},{"type":71,"content":5070},[5071],{"text":5072,"type":75},"While that might seem appealing, it’s important to note that high-yield savings accounts aren’t always worth it. There are certain scenarios in which you’re better off choosing an account that more effectively meets your financial goals. Here’s how to decide if a high-yield savings account is right for you.",{"type":119,"attrs":5074,"content":5075},{"level":121},[5076],{"text":5077,"type":75,"marks":5078},"Are high-yield savings accounts worth it? ",[5079],{"type":127},{"type":71,"content":5081},[5082],{"text":5083,"type":75},"A high-interest savings account can be an easy way to grow your money, but it’s not always the answer. Here are some scenarios to illustrate. ",{"type":119,"attrs":5085,"content":5086},{"level":183},[5087],{"text":5088,"type":75,"marks":5089},"When opening a high-yield savings account may be worth it ",[5090],{"type":127},{"type":119,"attrs":5092,"content":5093},{"level":200},[5094],{"text":5095,"type":75,"marks":5096},"When you’re building an emergency fund",[5097],{"type":127},{"type":71,"content":5099},[5100,5102,5108,5110,5117],{"text":5101,"type":75},"Experts recommend having ",{"text":5103,"type":75,"marks":5104},"enough cash in your emergency fund",[5105,5107],{"type":103,"attrs":5106},{"href":3084,"uuid":106,"anchor":106,"target":107,"linktype":108},{"type":112},{"text":5109,"type":75}," to cover three to six months’ worth of expenses. Saving that much can be tough. Though you might be tempted to build your emergency fund via investing, the stock market can be particularly volatile short-term. The S&P 500 may deliver an ",{"text":5111,"type":75,"marks":5112},"average return of 11% per year",[5113,5116],{"type":103,"attrs":5114},{"href":5115,"uuid":106,"anchor":106,"target":107,"linktype":108},"https://www.investopedia.com/ask/answers/042415/what-average-annual-return-sp-500.asp",{"type":112},{"text":5118,"type":75},", but that’s just an average. In many years, you could end up with less money than you started with. A high-yield savings account, on the other hand, can help you grow an emergency fund at a higher APY than a traditional savings account can offer — and without the risk of losing it all overnight. ",{"type":119,"attrs":5120,"content":5121},{"level":200},[5122],{"text":5123,"type":75,"marks":5124},"When you’re saving up for a big purchase in the next few years",[5125],{"type":127},{"type":71,"content":5127},[5128],{"text":5129,"type":75},"Just as a high-yield savings account is a great way to build an emergency fund, it’s also a great way to grow short-term savings. That makes a high-yield savings account an ideal way to save for big purchases you intend to make in the next few years. ",{"type":71,"content":5131},[5132],{"text":5133,"type":75},"If you plan to buy a home, for example, a high-yield savings account will allow you to insulate your money from the volatility of the stock market while earning a higher rate of return. It’s a great balance between the safety of a traditional bank account and the ROI (return on investment) of the stock market. ",{"type":119,"attrs":5135,"content":5136},{"level":183},[5137],{"text":5138,"type":75,"marks":5139},"When opening a high-yield savings account doesn’t make sense ",[5140],{"type":127},{"type":119,"attrs":5142,"content":5143},{"level":200},[5144],{"text":5145,"type":75,"marks":5146},"When you want to build long-term wealth ",[5147],{"type":127},{"type":71,"content":5149},[5150,5152,5159],{"text":5151,"type":75},"Generally, a high-yield savings account will offer a higher APY than a traditional savings account will. Even so, the interest you earn won’t likely be enough to keep up with inflation. So, while your money might grow in a high-yield savings account, the value of the dollar is likely to decrease at an even faster rate than you earn interest. That means it’s not an effective way to build wealth over time. If you’re hoping to save for retirement or your kid’s college fund, for example, you’re better off investing in an account that offers a higher rate of return over time, ",{"text":5153,"type":75,"marks":5154},"like a 401k or IRA.",[5155,5158],{"type":103,"attrs":5156},{"href":5157,"uuid":106,"anchor":106,"target":107,"linktype":108},"https://www.nerdwallet.com/article/investing/how-to-save-for-retirement",{"type":112},{"text":765,"type":75},{"type":119,"attrs":5161,"content":5162},{"level":200},[5163],{"text":5164,"type":75,"marks":5165},"If you want an account for everyday banking ",[5166],{"type":127},{"type":71,"content":5168},[5169,5171,5177],{"text":5170,"type":75},"In the past, banks were federally mandated to limit the number of times you could move your money around in a high-yield savings account. They only allowed an account holder to transfer or withdraw money from a high-yield savings account six times per month. Then, in 2020, this federal mandate was lifted, in part to provide financial relief due to the pandemic. While some banks still keep the six-transfer limit in place, others place different limits at their discretion. Your bank may limit you to six transfers or withdrawals — or to 10, 20, ",{"text":5172,"type":75,"marks":5173},"or none at all.",[5174,5176],{"type":103,"attrs":5175},{"href":1122,"uuid":106,"anchor":106,"target":107,"linktype":108},{"type":112},{"text":765,"type":75},{"type":71,"content":5179},[5180],{"text":5181,"type":75},"If you exceed your bank’s limit, you may have to pay penalties and fees. For this reason, you shouldn’t think of a high-yield savings account as a checking account. Nor should you plan to pay off credit card statements or other regular bills with it. If you use it this way, you may be in for some expensive surprises. Not only that, but high-yield savings accounts don’t come with ATM cards, debit cards, or checks. That means you can’t withdraw money as readily as you would with a checking account, even if you wanted to.",{"type":119,"attrs":5183,"content":5184},{"level":200},[5185],{"text":5186,"type":75,"marks":5187},"If you want some of the highest APY possible ",[5188],{"type":127},{"type":71,"content":5190},[5191,5193,5200],{"text":5192,"type":75},"Though high-yield savings accounts offer higher APYs than traditional deposit accounts, there are accounts that offer even higher yields. While some of the best high-yield savings accounts currently offer 3.0 to 4.0% APYs on your balance, some one-year CD (certificate of deposit) accounts offer ",{"text":5194,"type":75,"marks":5195},"upwards of 5.0%",[5196,5199],{"type":103,"attrs":5197},{"href":5198,"uuid":106,"anchor":106,"target":107,"linktype":108},"https://www.investopedia.com/best-1-year-cd-rates-4796650",{"type":112},{"text":5201,"type":75},". The only downside to a CD is that your money isn’t as accessible as it would be in a high-yield savings account. When you open a one-year CD, for example, you agree not to touch your money at all during that year. If you do make a withdrawal during that predetermined period of time, you risk paying high penalties.  ",{"type":119,"attrs":5203,"content":5204},{"level":121},[5205],{"text":2877,"type":75,"marks":5206},[5207],{"type":127},{"type":71,"content":5209},[5210],{"text":5211,"type":75},"Still not sure if a high-yield savings account is for you? Here are some of the biggest pros and cons: ",{"type":71,"content":5213},[5214],{"text":5215,"type":75},"Pros: ",{"type":336,"content":5217},[5218,5236,5246],{"type":339,"content":5219},[5220],{"type":71,"content":5221},[5222,5226,5228,5234],{"text":5223,"type":75,"marks":5224},"High-interest:",[5225],{"type":127},{"text":5227,"type":75}," High-yield savings accounts are interest-bearing, and they offer rates higher than most savings accounts. As of April 2023, the national average APY for traditional savings accounts was ",{"text":5229,"type":75,"marks":5230},"just 0.39%",[5231,5233],{"type":103,"attrs":5232},{"href":1837,"uuid":106,"anchor":106,"target":107,"linktype":108},{"type":112},{"text":5235,"type":75},". In contrast, many high yield online savings accounts offer APYs over 4%.",{"type":339,"content":5237},[5238],{"type":71,"content":5239},[5240,5244],{"text":5241,"type":75,"marks":5242},"FDIC Insured",[5243],{"type":127},{"text":5245,"type":75},": At banks, high-yield savings accounts are insured by the Federal Deposit Insurance Corporation for up to $250,000 per depositor. At credit unions, they’re insured by the National Credit Union administration. That means that even if the bank fails, the Fed will reimburse you for balances of up to $250,000.",{"type":339,"content":5247},[5248],{"type":71,"content":5249},[5250,5254],{"text":5251,"type":75,"marks":5252},"Insulated from losses",[5253],{"type":127},{"text":5255,"type":75},": In addition to being FDIC-insured, high-yield savings accounts are insulated from the short-term volatility of the stock market. When you deposit money into a high-yield savings account, you can be confident your savings won’t lose value in the way an investment in the stock market could.",{"type":71,"content":5257},[5258],{"text":5259,"type":75},"Cons:",{"type":336,"content":5261},[5262,5281,5300,5310],{"type":339,"content":5263},[5264],{"type":71,"content":5265},[5266,5270,5272,5279],{"text":5267,"type":75,"marks":5268},"Variable rates",[5269],{"type":127},{"text":5271,"type":75},": Though high-yield savings accounts offer relatively high interest rates, these are “variable” interest rates. Unlike fixed interest rates, variable rates tend to fluctuate based on national trends. (To see how rates are trending currently, you can check out the ",{"text":5273,"type":75,"marks":5274},"Federal Funds Rate",[5275,5278],{"type":103,"attrs":5276},{"href":5277,"uuid":106,"anchor":106,"target":107,"linktype":108},"https://www.newyorkfed.org/markets/reference-rates/effr",{"type":112},{"text":5280,"type":75},", a benchmark rate set by the U.S. Federal Reserve.) Variable rates are subject to change at any time. So, while you may see a high-yield savings account advertising a 4% APY, it’s possible that this rate could drop while your money is in the account.",{"type":339,"content":5282},[5283],{"type":71,"content":5284},[5285,5289,5291,5298],{"text":5286,"type":75,"marks":5287},"Won’t keep up with inflation",[5288],{"type":127},{"text":5290,"type":75},": High-yield savings accounts allow you to grow your balance relatively quickly — but likely not quickly enough to keep up with inflation. Over the last few years, inflation has been ",{"text":5292,"type":75,"marks":5293},"growing at a rate of around 6%",[5294,5297],{"type":103,"attrs":5295},{"href":5296,"uuid":106,"anchor":106,"target":107,"linktype":108},"https://www.usinflationcalculator.com/inflation/current-inflation-rates/#:~:text=The%20annual%20inflation%20rate%20for,Department%20data%20published%20Feb.%2014.",{"type":112},{"text":5299,"type":75},". Top high-yield savings accounts, however, offer APYs of just over 4%.",{"type":339,"content":5301},[5302],{"type":71,"content":5303},[5304,5308],{"text":5305,"type":75,"marks":5306},"More requirements than a traditional savings account: ",[5307],{"type":127},{"text":5309,"type":75},"High-yield savings accounts may require minimum deposits and/or minimum account balances. If you fail to meet these minimums, you may have to pay penalties or have your account closed. Many high-yield accounts also require monthly fees.",{"type":339,"content":5311},[5312],{"type":71,"content":5313},[5314,5318],{"text":5315,"type":75,"marks":5316},"Not as accessible as a money market account or checking account",[5317],{"type":127},{"text":5319,"type":75},": A high-yield savings account isn’t the place to store money that you intend to use regularly. Some banks may limit you to six withdrawals or transfers per month. If you exceed that limit, you could incur fees.  ",{"type":119,"attrs":5321,"content":5322},{"level":121},[5323],{"text":1403,"type":75,"marks":5324},[5325],{"type":127},{"type":71,"content":5327},[5328],{"text":5329,"type":75},"A number of big national banks, including Capital One, American Express, and Marcus by Goldman Sachs all offer high-yield savings accounts. There are also a number of reputable online banks that offer high-yield online savings accounts. With so many options, you might be tempted to just pick whichever account has the highest interest rate. But there’s more to it than that. Here are some questions you should ask yourself before you open one.",{"type":336,"content":5331},[5332,5342,5352,5362,5371,5380,5390],{"type":339,"content":5333},[5334],{"type":71,"content":5335},[5336,5340],{"text":5337,"type":75,"marks":5338},"Required initial deposit:",[5339],{"type":127},{"text":5341,"type":75}," Do you have to make a minimum deposit to open the account? If there is a required minimum, is it an amount you can afford?",{"type":339,"content":5343},[5344],{"type":71,"content":5345},[5346,5350],{"text":5347,"type":75,"marks":5348},"FDIC insurance",[5349],{"type":127},{"text":5351,"type":75},": Is the account federally insured? (Look for “member FDIC” on the account disclosures. This will ensure that your money is protected even if the bank fails.)",{"type":339,"content":5353},[5354],{"type":71,"content":5355},[5356,5360],{"text":5357,"type":75,"marks":5358},"Minimum balance requirements: ",[5359],{"type":127},{"text":5361,"type":75},"Will you have to keep a minimum amount of money in the account at all times? If your balance falls below this amount, will you have to pay fees or forfeit your account?",{"type":339,"content":5363},[5364],{"type":71,"content":5365},[5366,5369],{"text":2179,"type":75,"marks":5367},[5368],{"type":127},{"text":5370,"type":75},": Are you being offered a high APY? While APY isn’t the only thing you should look for, it is among the most important.",{"type":339,"content":5372},[5373],{"type":71,"content":5374},[5375,5378],{"text":233,"type":75,"marks":5376},[5377],{"type":127},{"text":5379,"type":75},": What fees are associated with the account? Are there monthly maintenance fees? What kinds of actions will trigger penalties?",{"type":339,"content":5381},[5382],{"type":71,"content":5383},[5384,5388],{"text":5385,"type":75,"marks":5386},"Online access",[5387],{"type":127},{"text":5389,"type":75},": Are you able to bank online? Can you make deposits or transfers via a website or mobile app, or do you have to do it all in person? Is direct deposit available?",{"type":339,"content":5391},[5392],{"type":71,"content":5393},[5394,5398],{"text":5395,"type":75,"marks":5396},"Withdrawal limits",[5397],{"type":127},{"text":5399,"type":75},": Will you be limited to six monthly withdrawals or transfers? Will you have sufficiently easy access to your money if you need it? ",{"type":119,"attrs":5401,"content":5402},{"level":121},[5403],{"text":658,"type":75,"marks":5404},[5405],{"type":127},{"type":71,"content":5407},[5408],{"text":2327,"type":75},{"type":119,"attrs":5410,"content":5411},{"level":183},[5412],{"text":667,"type":75,"marks":5413},[5414],{"type":127},{"type":71,"content":5416},[5417],{"text":5418,"type":75},"A money market account (MMA) is similar to a high-yield savings account in that it offers the depositor a higher interest rate than a traditional savings account. MMAs are also lower-risk than most investment accounts.",{"type":71,"content":5420},[5421],{"text":5422,"type":75},"Unlike high-yield savings accounts, though, money market accounts usually come with ATM cards and check-writing privileges. In essence, they're like a hybrid between a checking account and a high-yield savings account. MMAs typically offer higher APYs than traditional bank accounts, but they give you easier access to your money than high-yield savings accounts do. ",{"type":119,"attrs":5424,"content":5425},{"level":183},[5426],{"text":690,"type":75,"marks":5427},[5428],{"type":127},{"type":71,"content":5430},[5431],{"text":5432,"type":75},"A CD account is another type of savings account that pays interest on your deposits. When you open one, you agree to leave your money in the CD for a specific period of time — anywhere from three months to five years. During that time, you cannot withdraw your funds or transfer them elsewhere. ",{"type":71,"content":5434},[5435],{"text":5436,"type":75},"In return, the bank will pay you interest on the amount you've invested. This interest rate will be higher than what you would earn with an ordinary savings account, and likely higher than what you’d get with a high-yield savings account, as well. That’s because banks know they can count on your money during this period. They can use it as collateral for loans or investments they’ve made with their own funds. Because this is valuable to the bank, they’re willing to offer you a higher rate of return. What’s more, the interest rate on a CD is fixed. This offers more stability than the variable interest rate you’d get with a high-yield savings account. ",{"type":119,"attrs":5438,"content":5439},{"level":121},[5440],{"text":713,"type":75,"marks":5441},[5442],{"type":127},{"type":71,"content":5444},[5445,5447,5452],{"text":5446,"type":75},"You can open a high-yield savings account at most financial institutions, including brick-and-mortar banks, online banks, and credit unions. However, it’s not always easy to see all your options in one place. That’s where ",{"text":733,"type":75,"marks":5448},[5449,5451],{"type":103,"attrs":5450},{"href":737,"uuid":106,"anchor":106,"target":107,"linktype":108},{"type":112},{"text":5453,"type":75}," comes in. A vast online platform showcasing tons of available financial products, Navient Marketplace is a one-stop shop for all your personal finance needs. It’s also completely free to try out. You can research your options, compare and contrast banks, and pick the one that best suits your financial goals.",{"type":71,"content":5455},[5456],{"text":749,"type":75,"marks":5457},[5458],{"type":78,"attrs":5459},{"class":80},{"type":71,"content":5461},[5462],{"text":5463,"type":75,"marks":5464},"Information in this blog, including the rates advertised, are current as of 4/25/2023 and subject to change.",[5465],{"type":78,"attrs":5466},{"class":80},{"type":68,"content":5468},[5469],{"type":71},"\u003C!--#storyblok#{\"name\": \"Typography\", \"space\": \"157494\", \"uid\": \"a64c4df0-154e-4c12-b867-678d292709f4\", \"id\": \"651798219\"}-->","\u003C!--#storyblok#{\"name\": \"Column\", \"space\": \"157494\", \"uid\": \"c286affa-ee04-4348-8508-6e9f77932903\", \"id\": 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