There are different reasons to save money. You could be building a proper emergency fund, working towards that retirement nest egg, or just saving for your next vacation. Regardless, you will need someplace to keep that money safe and secure. And depending on your savings goal, you can actually make some additional money with an interest-bearing savings account.
If you need immediate access to your cash, you will most likely take out a traditional savings account with a lower interest given the need for convenience. Unlike the traditional savings account, a high yield savings account may have more restrictions but your money benefits from higher annual interest rates.
Regardless of the type of account you choose, we recommend you do the proper research to find the account that meets your individual needs.
If you’re looking for an interest-bearing account, use the below resource to compare savings account offers from our partner Fiona.