If your savings account is earning pennies in interest, you’re missing out on an easy, low-risk way to grow your money fast.
High interest savings accounts are a smart choice, offering better benefits and more flexibility. Here are six key benefits of these accounts that can help you grow your savings.
1. Get Higher Interest
The biggest draw of high-yield savings accounts is their much higher than normal interest rates.
With some accounts that offer rates in excess of 4%, your money can grow faster, helping you reach your financial goals faster.
Pro-tip: With an annuity, the pre-tax money you contribute grows tax-deferred, and you won’t owe taxes until you withdraw it. With a Gainbridge® SteadyPace™ annuity, you can lock in a guaranteed 5.50% APY — that’s four times higher than the national average!*
*bankrate.com/banking/cds/current-cd-interest-rates/
2. Keep Your Money Available
High yield savings accounts combine good returns and liquidity.
Unlike long-term investments, you can access your funds when needed, making them an excellent option for building an emergency fund or saving for short-term goals.
Pro-tip: Shop here for our top savings accounts.
3. Enjoy Peace of Mind with FDIC Insurance
Most high-yield savings accounts are FDIC insured, protecting deposits up to $250,000 per account.
If you have more than $250,000 in savings, you can open separate accounts at different banks to ensure that all of your funds are always fully insured. This strategy provides security without sacrificing growth opportunities.
4. Avoid Complicated Fees and Limitations
Many high-yield savings accounts come with lower or no monthly fees and fewer limits than traditional accounts.
This means more of your money stays in your pocket, and you can save without worrying about hidden costs.
5. Flexible Internet Banking Features
Online banks often offer high-interest accounts with easy-to-use apps and tools. Features like automatic transfers, goal trackers, and seamless account management make saving simple and easy.
6. Take Advantage of Competitive Offers
With so many banks competing for your money, you can shop around for promotional rates, sign-up bonuses, or other benefits.
This competition ensures that you get the best deal for your hard earned money.
Pro-tip: Shop here for our top savings accounts.
Why Are You Waiting? Start Growing Your Savings Today
High-income savings accounts offer a powerful combination of high returns, flexibility, and safety.
Whether you’re saving for a rainy day or your next big goal, these accounts can help you make the most of your money with minimal effort.
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