Hey, this is Chris with Money Burst, and today let's explore why a high yield savings account could be just what you need.
High yield savings accounts are essentially just an upgraded version of traditional savings accounts. Why would you choose one of these over something like a standard savings account? Here are two big reasons.
First, interest rates.
They are significantly higher in these accounts. The word 'yield' in high yield savings account is just a fancy way referring to the interest that you earn. Unlike the nearly unnoticeable interest you receive in most regular savings accounts, high yield savings accounts give your savings a massive boost over the course of the year.
Next, these accounts offer the same easy access to your funds as a traditional savings account.
This makes them great for both emergency funds and most other short-term savings goals. And they're offered at many credit unions and banks across the country. High yield savings accounts offer much more interest with very little extra work on your part, so it sounds like an excellent deal to me.