💰High yield savings accounts offer an interest rate of up to 5%.
🏦Accounts with FDIC insurance insure up to $250,000.
🌐Online-only accounts provide convenient access and no monthly fees.
🔒Accounts with no minimum balance make it easy to start saving.
💼Use high yield savings accounts for emergency funds or to earn interest on your money.
Why are high yield savings accounts important?
—High yield savings accounts allow you to earn more interest on your money compared to traditional checking accounts.
What is FDIC insurance?
—FDIC insurance protects your money in high yield savings accounts up to $250,000 in case the bank fails.
Are online-only accounts reliable?
—Yes, online-only accounts provide reliable service and convenient access through mobile apps and online banking platforms.
Do high yield savings accounts have minimum balance requirements?
—Some accounts have no minimum balance requirements, making it easy for anyone to start saving.
How can I use a high yield savings account?
—Use a high yield savings account to grow your emergency fund or earn interest on your savings while still having access to your money.
00:00In this video, we'll discuss the top five high yield savings accounts in 2024.
00:10High yield savings accounts offer an interest rate of up to 5%.
01:17FDIC insurance protects your money in high yield savings accounts up to $250,000.
02:20Online-only accounts provide convenient access and no monthly fees.
03:41Some accounts have no minimum balance requirements, making it easy for anyone to start saving.
04:52Use a high yield savings account to grow your emergency fund or earn interest on your savings while still having access to your money.
05:49Discover, American Express, Sofi, CIT Bank, and Tab Bank are the top five high yield savings accounts in 2024.
