» How to Save Money Advices » High Yield Savings Accounts Overview

High Yield Savings Accounts Overview

If you are not familiar with the term High Yield Savings Account, offered by many banks, continue reading this article. It will provide you with the basics and some additional details, which will facilitate your decision on whether to use them.

High yield savings accounts are generally classified as savings accounts that come with a high annual percentage yield (APY).

High Yield Savings Account Eligibility

High yield savings accounts are not offered to all clients. Typically, the valued customers of the bank are the ones that receive these accounts so probably you should have maintained other relationships with the bank before opening a high yield savings account.

In order to open such an account you should also meet different requirements, some of which may be to make a high initial deposit, to keep the balance on the account high, to limit the transactions through the account, etc.

Finding a High Yield Savings Account

Internet bank accounts can offer you high rates and at the same time you will be able to deposit a small amount of money. However, banking on the Internet requires technical knowledge. This higher APY is usually compensated with more work done by you. You will have to link different accounts by means of the Internet and manage the transfers on your own.

So, it is recommendable to choose Internet bank accounts only if you have the necessary skills so that you can benefit from the fewer restrictions you are imposed.

On the other hand, if you prefer the offline shopping for accounts, the existing banks on the market should be referred. You should address some of the banks so that you learn what it takes to become a holder of such a high yield account. There should be a reputable bank in your area that offers such services.

Rate this article : Low
  • Currently 2.8/5 Stars
  • 1
  • 2
  • 3
  • 4
  • 5