High Yield Savings Accounts
A high yield savings account is an online savings account that often offers a higher interest rate than you would typically find in a traditional checking or savings account. Most high yield savings accounts can be established online in a matter of minutes and could be an effective way to help your money to grow. Below are a few general characteristics of a high yield savings account. Details may vary.
Possible Advantages:
- Higher Interest Rate
- No Fees
- No Minimum Balance/Transaction Requirement
- No Surrender Period (Typically can access funds within a few business days)
- Links Directly to your Checking Account to Transfer Funds Back and Forth
- FDIC Insurance (Must Confirm with Institution)
Possible Disadvantages:
- Fluctuating Interest Rate (Rate can change at any time without notice)
- May have Limitations on Transactions Allowed per Month
- Does Not Offer Debt Card or Brick and Motor Locations
- Not Designed for Everyday Banking Needs
*Please note that the information in this material is not intended as financial, tax or legal advice and is general in nature. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security or endorsement of a bank or institution. There are many additional savings options that may be found other than the 'Frequently Used Options' listed above. Details may vary, please refer to individual bank guidelines for all policies and procedures. Please contact your financial advisor for more information.
