With the Federal Reserve continuing to hold off on interest rate cuts, many savers have been able to enjoy high returns just by keeping money in certain deposit accounts, like checking accounts, savings accounts and money market accounts. For example, you can find some high-yield savings accounts or certificates of deposit paying above 5% annual interest right now. However, not all accounts — nor the financial institutions that offer them — hold the same appeal for all savers.
For example, you may decide you want a more modern mobile app and digital banking offerings, which would help to determine which option is best.'On average, traditional banks have more advanced technology, a large menu of product and service offerings, and an increased number of ATMs, making access to money more convenient,' says Dr. Preston D. Cherry, founder and CEO at Concurrent Financial Planning.