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Inside Out Money
072. The best financial advice no one wants to take: Move your money to a high-yield savings account already!
Aug 26, 2024
Liz, a savvy financial expert, dives into the world of high-yield savings accounts, revealing why they’re the smart choice for your savings. She explains how these accounts can offer up to 5.5% interest, eclipsing traditional banks. Liz discusses the safety of online banks and how they manage to pay higher rates. Listeners also learn practical tips for making the switch to a high-yield savings account and maximizing their emergency funds while avoiding common misconceptions about online banking.
46:45
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Quick takeaways
- High-yield savings accounts (HYSAs) can offer interest rates up to 5.5%, vastly outperforming traditional savings accounts' minimal returns.
- The FDIC insures high-yield savings accounts, ensuring deposit security up to $250,000, which counters skepticism about their safety.
Deep dives
Understanding High-Yield Savings Accounts
High-yield savings accounts (HYSAs) are standard savings accounts that offer significantly higher interest rates compared to traditional bank accounts. These accounts are typically offered by online banks, which allows them to provide more competitive annual percentage yields (APY) due to lower overhead costs. Unlike regular savings accounts, HYSAs provide easy access to funds while being FDIC insured, ensuring the security of deposits up to $250,000. This makes them an attractive option for those looking to earn more from their savings without sacrificing liquidity.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode