6 money pros weigh in on what to know about high-yield savings accounts right now.
Some high-yield savings accounts are now paying 4% to 5% — often with no account minimums and no early withdrawal penalties like CDs have. So no doubt plenty of consumers are tempted to finally switch banks Here’s what certified financial planners say you should know about high-yield savings accounts right now, given how high rates are:
High-yield savings accounts are a ‘great option’ for cash that you need to be liquid — and safe. “If you’re going to have money in a savings account and want liquidity, high-yield savings accounts are a great option for short-term savings. They often pay more than standard savings accounts and are still FDIC insured, assuming your bank is FDIC insured.
CD vs. high-yield savings: Which should you pick? “Once someone has earmarked what is emergency savings and short-term goal money, they may want to consider the timing of when those funds will be needed to be able to pick between high-yield savings, money markets and CDs.
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