It’s irrelevant if you’re super-wealthy or working-class – a savings fund is something everyone needs. All you need is to put a bit of money in the best high Yield Savings Account, even if you have to cut some expenses and make a strict budget.

Since there are so many online banks these days, you need to consider your options and choose one carefully. Don’t necessarily prefer one with the highest APY %, as there could still be poor service or fees that go along with it, making it a bad choice overall.

Best High Yield Savings Account Tips

With that said, what are some tips you should follow?

• As mentioned above, keep an eye on fees. The good thing about online banks is that they do not have to spend any money on branch maintenance, so they have more money than they can give to clients AND can not charge any high fees. It’s even better if there are no fees at all to worry about – including account opening fees.
• Security measures are also critical. Make sure that the bank you choose has an encrypted website and fraud monitoring. The money should be backed by the FDIC anyway. Also, on your end, you should choose a complex password. Good online banks offer extra secure login features like Two-factor authentication.
• While other factors are just as important as the rate with the best high yield savings account, you’ll still want to sign up for an account with at least a 0.40% APY. There is no excuse for any online bank to not offer that at the very least. Often the APY varies with a particular bank as it provides multiple tiers of account types with different balance minimums.
• Speaking of minimum account balances and regular deposit requirements, those are also something you must consider before settling on a bank. The terms and conditions are usually stated clearly under the “services” or “savings products” pages. How much money (if any) will you pay each month after the initial deposit to continue getting the APY%? Or is it just an introductory APY% that could change?
• Look into other fees and penalties. With many online banks and credit unions, you’ll be allowed to make around three free transactions or withdrawals a month. Anything over that might result in a penalty charge. The good thing about savings accounts, as opposed to CD accounts, is that there is usually no penalty for closing the account early.

Right now, the best high yield savings Account overall is with CIT Bank. While it might not offer the highest APY%, it does have the best customer service and has no unnecessary fees.