Welcome to bull is coming article on the Best high Yield Savings Account, and it’s a pleasure having you here. We at bulliscoming are keen on providing you with valuable personal finance content that can really help you build your wealth and become more financially free and we wish to take you on the journey of financial independence hence we created this article Best high yield savings account.

In this article, we’re going to be talking about a high-yield savings account from online-bank that’s actually going to earn you more interest on your money while it sitting there for emergencies or other things that you’re going to be saving up for, we will be analyzing some online banks that really offer awesome interest rates.

Here’s what we will be talking about:

• What is high yield savings account,
• How high yield savings account works,
• High yield savings account worth it,
• How to choose a high yield savings account
• Can you lose money in a high yield savings account, and
• The best high yield savings accounts.

So without much ado, let’s dive into the main content

What Is High Yield Savings Accounts

High yield savings account is an account that doesn’t charge the account using a monthly fee on their savings most especially if it’s with the low or insufficient fund and also offer a high interest rate on savings much more than that of a traditional savings account

How does High Yield Savings Accounts Works

These are online bank account which means that they don’t have bricks and mortar stores, these banks are Saving major money on rent and they’re able to pass those savings onto their customers in the form of higher yield.

These banks pay up to 4% annual percentage yield (APY), and assuming that $10,000 is kept in the account and the bank offer 1% APY, at the end of the month, over $8 interest will be added to the balance of the savings account and it continues to earn interest on the balance and as the balance grows each month so does the monthly interest which is known as compound interest

A high yield savings account is an account that offers you a highly liquid asset that pays above interest rate much better than you get with a standard checking account, there are a lot of great high yield savings accounts that are even more competitive in the form of fees that they don’t charge minimum balance they don’t require and another great flexibility component that traditional banks / savings account can’t provide

Is High Yield Savings Account Worth It

High yield savings account allow you to earn a great interest on your savings so that way it’s not just sitting around and losing because if you’re not actually earning any interest on your savings that’s just sitting in an account, you’re actually going to be losing it because of course the cost of everything goes up over time as inflation keep rising.

So if you can at least kind of cut inflation by a little bit, you’re going to help yourself in the future because if you have $10,000 for ten years that’s not earning you any interest as great as it is to have that amount as an emergency fund, you’re still going to actually have less value over that ten years

In addition, a separation of your finance from a checking account to a savings account as an investment may actually help you better plan for the future.

Thus, high yield savings account worth it because it’s a tool that helps you manage your money efficiently

How To Choose High Yield Savings Account

There are a lot of great High Yield savings account that are even more competitive in the form of fees that they don’t charge minimum balance and other great flexibility components that let’s say traditional account can’t provide

When choosing high yield savings account, what you should consider is what you’re saving for, if you’re trying to save for a short term goals e.g three years or less, then you definitely want to be saving into high yield savings account with funds assurance

So if you already want to pounce on a high yield savings account and get one set up, it’s advisable for you to be conscious and should base on personal preference as many banks offer high yield savings.

So you should make sure the one that you would be choosing is insured by FDIC (Federal Deposit Insurance Corporation) and also give the best rate with a great user experience and easy to use mobile app as well as desktop app

Can You Lose Money In High Yield Savings Account

The Federal Deposit Insurance Corporation (FDIC) insurance which is the main priority when choosing best high yield savings account is the insurance against the money you have put in the bank which ensure upto a certain amount so that if anything weird happen, you’re still able to get upto $250,000.

That’s the general law of FDIC insurance hence you cannot lose money in high yield savings account

Best High Yield Savings Account

So if you’re ready to start savings your emergency funds in high yield savings account and you need to start with reliable high yield savings account, below are our Recommended banks that offer high yield savings account

1. American Express Bank

American Express Company (American Express) is a global service company. The Company’s range of products and services includes:

• Charge and credit card products,
• Expense management products and services,
• Consumer and business travel services,
• Stored value products such as travelers cheques and other prepaid products,
• Network services, Merchantacquisition and processing,
• Servicing and settlement,
• Point-of-sale,
• Marketing and information products
• Services for merchants,
• Fee services including market, trend analyses and related consulting services,
• Fraud prevention services, and
• The design of customized customer loyalty and rewards programs.

It operates in four segments: U.S. Card Services, International Card Services, Global Commercial Services (GCS) and Global Network & Merchant Services (GNMS). American Express and its principal operating subsidiary, American Express Travel Related Services Company, Inc. (TRS), are bank holding companies.

American Express, also known as AmEx, is an American multinational financial services corporation headquartered in Three World Financial Center, Manhattan, New York City, New York, United States. Founded in 1850, it is one of the 30 components of the Dow Jones Industrial Average.

The company is best known for its credit card, charge card, and traveler’s cheque businesses. Amex cards account for approximately 24% of the US’s total dollar volume of credit card transactions.

BusinessWeek and Interbrand ranked American Express as the 22nd most valuable brand in the world, estimating the brand to be worth US $14.97 billion. Fortune listed Amex as one of the top 20 Most Admired Companies in the World.

American Express extended its reach nationwide by arranging affiliations with other express companies (including Wells Fargo – the replacement for the two former companies that merged to form American Express), railroads, and steamship

2. Varo Bank

Varo is an all-mobile bank account built with best-in-class technology to help people get ahead financially. In addition to an intuitive design and user experience, Varo offers customers:

• No monthly maintenance fees, no foreign transaction fees, no ATM withdrawal fees at over 55,000 Allpoint ATMs^
• Savings Accounts with no minimum balance requirement (click here for the current APY)
• Automated features to help build savings seamlessly
• Customers can view all of their financial accounts—at Varo and elsewhere—in one place
• Live customer service based in Utah, 7-days a week (closed federal holidays)
• Secure and safe way to bank using industry-leading level of data encryption

Non-Allpoint ATM owners may assess a fee for ATM withdrawals but Varo does not charge a fee at over 55,000 Allpoint ® ATMs. Varo charges a fee of $2.50 for cash withdrawals at non-Allpoint® ATMs.

Varo Bank Accounts are provided by Varo Bank, and deposits are FDIC-insured up to $250,000 through Varo Bank, N.A. Member FDIC.

3. Axos Bank

Axos Bank, formerly called Bank of Internet USA, is an online bank that does away with many fees and has the somewhat rare offering of rewards checking. Because it’s an online bank, Axos’ customer service options are mostly remote — including a 24/7 phone line, online chat, secure online messaging and Twitter — but if that’s not a concern for you, consider giving Axos Bank a closer look.

4. Nationwide bank

Nationwide Bank is full-service, online bank that offers checking accounts, high interest earning savings and money market accounts, as well as certificates of deposit.

As a Nationwide Mutual Insurance Company member, you’ll also have access to the insurance and investment products offered by the company.

It’s an excellent banking choice for anyone who already works with the insurance company, or prefers to maintain banking with the same organization where they have their investments and insurance.

Nationwide Bank is full-service, online bank that offers checking accounts, high interest earning savings and money market accounts, as well as certificates of deposit.

As a Nationwide Mutual Insurance Company member, you’ll also have access to the insurance and investment products offered by the company.

It’s an excellent banking choice for anyone who already works with the insurance company, or prefers to maintain banking with the same organization where they have their investments and insurance

5. Capital One 360

360 Checking is a checking account that comes with everything you need and without everything you don’t. Pay your bills, get cash, make deposits, and transfer money–all without monthly fees and extra trips to the bank.

You can open a checking account online and manage your account securely by signing in on your phone or computer, instead of waiting for the bank to open first. And if you ever need help with your account, a real person is just a phone call away.

Final Verdict

Bulliscoming Best High yield savings account article is for informational purpose only and should not be regarded as finance advice