High Yield Savings Accounts - Mind Map

High Yield Savings Accounts Mind Map
 
 
 
 

High Yield Savings Accounts - Mind Map

33 days ago by: Maria Zepeda
 
 
  • High Yield Savings Accounts
    • Explanation
      • 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.
        • Idea
    • Requirements
      • 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.
Report abuse
More Maps by This User