Make your savings work harder if you know you wont need it in the next few years.
Do you remember your first bank account? You probably had just one to start with; this account was where you deposited your earnings and withdrew cash. You may have used tools like a debit card and even billpay to make purchases and pay monthly bills.
Whether you always travel over the holidays, could really use a big summer trip, or just want to get away for a few days, planning a vacation can be an exciting motivator. However, traveling can also be pricey, with the average week-long trip in the U.S. costing $1,758 per person, according to recent data. This means that for a family of four, you could easily be looking at over $7,000!
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.
Recent data shows that the average American has more than five different bank accounts. These accounts may include checking accounts, money market accounts, certificates of deposit (CDs), or even savings accounts, and can be spread across a number of different financial institutions.
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