You cannot prosper if you do not save. Saved money plays a crucial role in not just financial stability but being able to accomplish your plans, hopes, and dreams.
However, the traditional savings accounts offered by many brick-and-mortar banks often fall short in terms of helping your savings grow. The culprit? Low interest rates.
Let me ask you this: ‘Are your savings working for you?’ They should be!
High-yield online savings accounts, as the name suggests, offer a higher yield or interest rate compared to traditional accounts. These accounts are typically offered by online banks or financial institutions and are designed to make your money work harder for you.
Competitive Rates
These rates are notably higher than what you'd find with traditional brick-and-mortar banks. While the exact rates may vary depending on the financial institution and market conditions, it's not uncommon to find online savings accounts with rates around 4%!!
Safety
Just like traditional banks, many online banks are FDIC-insured. The Federal Deposit Insurance Corporation (FDIC) provides insurance coverage for up to $250,000 per depositor, per insured bank. This means that even if the bank were to face financial difficulties, your deposits are protected!