August 16, 2021 | By Jessica Goedtel, CFP®
Are you looking for a place to stash your emergency fund and earn more than a few pennies on your hard-earned savings? Move that money out of your boring checking account and instead switch over to a high-yield savings account, where you can earn dozens of pennies! Dozens!
In all seriousness, a high-yield savings account isn’t going to make you rich overnight – or ever, really. But they do earn more than most checking and regular savings accounts. More importantly, they provide a safe place for your money and still accessible within a few days if you have an emergency.
So which ones are the best? Here are some things to keep in mind when looking for right account for you:
My personal favorites are Ally, American Express, and Capital One Performance Savings (in no particular order)*, but there are plenty of great options out there. Find the account that works best for you and gets you motivated to keep working towards your savings goals.
*Pavilion Financial Planning has no affiliation with any of these institutions and receives no compensation from them.
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