'If you're at a traditional bank, they're likely not sending you offers for them, if they offer them at all.'
However, unlike bonds and CDs, you can easily withdraw the funds from a high-yield savings account relatively quickly, which makes them a good place to stash your emergency fund. High-yield accounts are also federally insured up to $250,000 per depositor.
There are some trade-offs to consider: These accounts often require a minimum deposit and it might take a few days to process a withdrawal. Despite the higher interest rates, only about 20% of Americans have a high-yield savings account, according to a 2020 YouGov survey commissioned by Red Ventures. "I think a lot of people don't even know about them," says Jessica Goedtel, a certified financial planner in Pennsylvania. Most people tend to already have accounts with big national banks, she says.
"If you're at a traditional bank, they're likely not sending you offers for them, if they offer them at all," she says."It doesn't help that for the past few years rates really weren't that exciting. Once I explain to someone how much they could be earning in interest, they're usually quick to sign up."
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