Tips to Select the Best High-Yield Savings Account

Quick Summary:

• High-yield savings accounts provide considerably higher interest rates compared to traditional savings accounts, with APYs ranging between 4.50% and 5.25%.
• Thes accounts are mainly offered by online banks and financial institutions with lower overhead costs, translating into better returns for customers.
• Important factors in choosing a high-yield account include:

– APY differences (compounded annually)
– Fee structures (avoiding monthly maintenance fees or minimum balance requirements)
– Accessibility to funds (ATM access,transfer options,withdrawal limits)
– Insurance protection (FDIC or NCUA insured up to $250,000).

• examples of competitive high-yield accounts:

– CIT Bank Platinum Savings: APY of 4.10% with minimum balances for returns.
– EverBank Performance Savings: High APY at 4.30%, minimal fees but limited branch access.

• Additional strategies for maximizing savings include promotional offers from banks and using CD laddering techniques.

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