Posted by Anna Traugh on June 2, 2023
For many years, savings account yields were close to zero. There were virtually no options to make a return on your money if you wanted liquidity and safety. With interest rates rising, you can now earn a substantial yield.
High-yield savings accounts are a type of savings account that typically offer higher interest rates than traditional savings accounts. These accounts are often offered by online banks and credit unions and can be a great way to earn more while saving without taking on additional risk. Currently, you can find institutions that offer over 4%. Another great benefit is these accounts are flexible so you can access your money without penalty.
You can ask your current banking institution what your current accounts are yielding and whether they have alternatives to earn more. This topic was not addressed often historically because yields were low for so long.
If you are interested in discussing this more, please reach out to your Planner at Cornerstone Financial Planning!
