High yield savings accounts have gained in popularity as Americans are working hard to save more after the recession. With most individuals looking for the highest rate of return they may seek local community banks that are currently offering interest rates in excess of 5% on a bank or checking account. Many people may think this is too good to be true but there are financial institutions that are offering rates in this range.
It is very important to understand that most of these checking accounts come with requirements. To gain the high interest rate customers must use an ATM or debit card at least 10 times a month and must have one electronic transfer into the account. If the account holder can meet these requirements then they are likely to get a very nice return on their checking account.
These high yield checking accounts are very popular but Americans must understand that not everyone has the ability to apply for these accounts. Citizens must reside in a specific part of the country to have the ability to submit an application. Unfortunately, there are parts of the country in which there are few local community banks are offering high yields.
The concept of compounding interest has made many Americans quite wealthy over the last several years and decades. By getting a very attractive interest rate or yield on a checking or savings account Americans can start to build their wealth as early as today. With the advancements of the Internet it should not be too difficult to find these accounts.
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Locking in to a high yield savings account could help you build wealth over your lifetime. High interest checking accounts are possible to find with some homework.
You’ve got some money sitting around in cash and you want to invest it and make a decent return.
💭 you don’t want to tie up your money too long
💭 you don’t want to lose it
Are there opportunities that even exist in today’s low interest environment for short-term investing?
There are a ton of you that are in this same situation with money sitting in cash- but you don’t know what you options are.
Today I am going to talk about this very topic in response to a reader question I received.
💻 My reader, Tien asked “What is the best thing to do with my money for short-term grown when I still want accessibility?”
I offered a few tips for Tien:
✳️ Even with low interest rates, keep enough in savings for emergencies
✳️ Don’t be tempted by short-term growth
✳️ Peer-to-peer lending is not a short-term investment
✳️ Exchange Traded Funds (ETFs) – They are low cost and offer a variety of options. Keep an emphasis on short-term bond ETFs in the 1-3 year range.
You can get all the detailed information on each of these options in the video. 😉
➡️ You can start your Betterment account here: https://www.goodfinancialcents.com/resources/betterment-youtube-invest-10k.php
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💻 Check out my blog here: https://www.goodfinancialcents.com/