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High Yield Savings Accounts - Mind Map
- High Yield Savings Accounts
- A type of saving account with a higher APY than traditional savings account, the interest rate can be up to 16 times higher. Usually these accounts are done through online banking.
- With savings accounts you can only make up to six withdraws per month, after that charges may apply.
- To access the funds in these account you can only set automatic bill pay or transfer funds to a checking account.
- Reasons why it is good for growing money
- The intrest rates that these types of accounts come with are very high which makes growing money faster.
- Accessing the money in these accounts is not as easy so spending the money is harder which helps you spend less of it.
- Fees may begin to apply if you try to spend too much of the money which may help you limit personal unnecessary expenses.
- Reason why it is not good for growing money
- Since these accounts managed through online banking they can be at higher risk of being hacked or being taken from the system.
- In case of an emergency where you need your money it may take several days for transfers to be complete which can be a struggle in some cases.
- Who typically uses these accounts
- They are mostly opened by individuals who have enough assets to live 3-6 months incase anything happens to their money or they cant have it quickly.
- But it us also opened by people who already have a online checking account.
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