Why You Should Open A High-Interest Savings AccountBy Toby Tunwase October 18, 2020
A high-interest savings account sounds like a great deal to me. But most people, due to the fear of the unknown tend to pass on great opportunities as they do not possess adequate knowledge of its operations.
Well, not for long as this article will help you through the process. And most importantly, why it is the best way to save for rainy days or for other saving aims.
What is a high-interest savings account?
A high-interest savings account is a separate bank account, unlike your regular savings or checking account, where you enjoy an annual percentage yield (APY) that is much higher. This means that your funds keep growing with time.
A dignified financial planner described using a high-interest savings account as “making your money work harder for you.”
Let’s get to why opening a high-interest savings account is best for you.
- There is a higher interest rate.
Just as the name implies, you earn a higher interest on your savings. The higher interest here means as much as 17 times the national average. That is more return on your savings within a shorter period.
- Enough Motivation To Adopt A Saving Lifestyle
There will be rainy days. That is one of the edge life has over us. To stay braced up, a saving lifestyle is just in place. It gets better when you have a higher interest as your motivation. More reasons to save!
- You meet your goals faster
A savings account is a more appropriate way to save up as it is not too accessible, thanks to nationalregulations. That helps you focus on the goal more. Besides, your goals are nearer, all thanks to the higher interest yield this kind of account offers.
Are you up for a new high-interest savings account now? We thought as much!