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What a High-Yield Savings Account is and Why You Need One

Online Savings Accounts

What a High-Yield Savings Account is and Why You Need One

There are many different types of bank accounts to choose from, whether you’re looking to stash your savings for a rainy day or just need somewhere to park your paycheck each month. High-yield savings accounts are one such option offered by many online and brick-and-mortar banks.

4 min read

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Frequently Asked Questions

A savings account is one of the two main deposit account types used by many banking customers. Savings accounts allow you to store your money with a financial institution in return for promised financial security and a financial return on your deposit.

You can withdraw or transfer from your savings account up to six times per month before you could begin to incur fees from your financial institution. Withdrawals or transfers from savings accounts are limited by the Federal Reserve Board’s Regulation D rule. The main purpose of this regulation with regards to the consumer is to encourage savings accounts to be used for - you guessed it - savings! Remember, savings accounts are meant to be a long-term investment. There are specific ways of withdrawing or transfering money (via an ATM or bank teller for example) that do not count against the six-per-month withdrawal limit. Please check with your financial institution for more information.

Some of our partners may require minimums to open a savings account, this will be noted in the results.

It’s a hybrid between a checking and a high yield savings account. A Cash Management Account is designed to:

  • Earn interest

  • Manage cash

  • Make payments

Cash Management Accounts are a useful product for those who would like to consolidate the two.

Cash Management Accounts typically come equipped with checking account features such as the ability to use a debit card or make ATM withdrawals.

Yes. Financial institutions compensate you for depositing your money into a savings account by paying you interest on the balance in your account. This interest also compounds at some period depending on the account and financial institution.

The Federal Deposits Insurance Corporation (FDIC) and The National Credit Union Association insures deposit accounts for amounts up to $250,000 per person per institution. For example: A person holding $250,000 in each account at two different institutions will be insured for $500,000 total. * Certain institutions may offer insurance on multiple accounts per customer depending on the customer’s relationship with the bank.

Our Savings Network

empower

Empower offers an AI-powered consumer banking experience that's instantly accessible to anyone. The company's mission is to democratize access to financial knowledge and improved financial outcomes by combining AI and human coaching to deliver an innovative suite of deposit products and personal finance solutions, all in a seamless, modern mobile experience. Empower was founded in 2016 in San Francisco by Warren Hogarth (CEO) and Justin Ammerlaan (CTO). The company is backed by Icon Ventures, Defy Ventures, Sequoia Capital, Initialized Capital, and David Velez, among other investors.

ufbdirect

UFB Direct, a division of Axos Bank, is one of the most established and reputable online banks in the nation. Their branchless banking model and desire to offer our customers the most unique personal banking products and services in the industry distinguish us among financial institutions.

PenFed Logo

Established in 1935, Pentagon Federal Credit Union (PenFed) is America’s second-largest federal credit union, serving over 2.1 million members worldwide with over $26 billion in assets. PenFed Credit Union offers market-leading certificates, checking, credit cards, personal loans, mortgages, auto loans, student loans, and a wide range of other financial services. Our mission is to empower members of our community to achieve their financial well-being. PenFed Credit Union is federally insured by the NCUA and is an Equal Housing Lender. To learn more about PenFed Credit Union, visit PenFed.org, like us on Facebook and follow us @PenFed on Twitter. Interested in working for PenFed? Check us out on LinkedIn. We are proud to be an Equal Employment Opportunity Employer.

aspiration logo

Aspiration is the first socially-conscious, sustainable neobank built to help everyone spend, save, and invest to both "Do Well" and "Do Good." By bringing quality, ethical, and sustainable financial products to all, Aspiration is on a mission to revolutionize the financial industry and change it for the better. Aspiration Partners, Inc. is a certified B Corp. Headquartered in Marina del Rey, CA, Aspiration Partners Inc is backed by investors including Alpha Edison, AGO, UBS O'Connor Capital Solutions, Sutter Rock, Allen & Company, the Omidyar Network, Social Impact Finance, Joseph Sanberg, Alex Pomeroy, Glenn "Doc" Rivers, Orlando Bloom, and Leonardo DiCaprio. For more information, visit Aspiration.com.

marcusLogo

Marcus by Goldman Sachs® offers products and tools designed to help people achieve financial well-being. Marcus offers a high-yield Online Savings Account and certificates of deposit in a variety of terms and no-fee, fixed-rate unsecured personal loans, including home improvement loans. All Marcus loans and savings products are provided by Goldman Sachs Bank USA, Member FDIC, and benefit from Goldman Sachs and its 150-year history of financial expertise, risk management and customer service. For more information please visit www.marcus.com.

Latest Articles

What a High-Yield Savings Account is and Why You Need One

Online Savings Accounts

What a High-Yield Savings Account is and Why You Need One

There are many different types of bank accounts to choose from, whether you’re looking to stash your savings for a rainy day or just need somewhere to park your paycheck each month. High-yield savings accounts are one such option offered by many online and brick-and-mortar banks.

4 min read

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