accounts, are a popular and expert-recommended vehicle for storing cash you'll need in the short-term.
Both types of accounts typically come with low or zero monthly fees; relatively high interest rates, often above 2%; are FDIC insured up to $250,000; and are smart options for storing savings you want to grow, but also keep safe and easily accessible. Money-market accounts are not to be confused with money-market funds, which are a type of low-risk investment.
Money-market accounts also may require minimum balances of $2,500 to $10,000 or more to earn the highest interest rate available, while you can open a high-yield account with as little as $1. If the balance falls below the minimum, you'll incur a fee. There are dozens of money-market and high-yield savings accounts to choose from with varying interest rates, minimum balance requirements, and access capabilities. Before you shop around, know what you plan to use the account for. Whether it's an emergency fund, a down payment fund, or other financial goal, pay attention to the balance requirements and fees.
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I'm a former bank manager. Here's where I told my sister to put her savings in order to earn up to 200 times moreThey put her emergency fund in high-yield savings at an online bank, where earns interest of 2% or more — about 200 times what she'd been earning.
Source: BusinessInsider - 🏆 729. / 51 Read more »