Many, if not most, savings accounts limit the number of transactions and withdrawals you can make per month to six. High-Yield Savings AccountĪ high-yield savings account is a good choice if you want to make sure your savings are somewhat accessible while earning interest. The following ideas can help you make a plan to save and maximize your interest earnings. Your savings strategy is yours to design. You may also choose to have multiple savings accounts for different goals. On the other hand, if you’re saving for a down payment on a house and know you won’t be buying a home anytime in the near future, you may consider an account with less liquidity and a higher interest rate. You may trade a higher rate for more liquidity in this case. You’ll want to keep your money in an account where it’s easy to access and where you won’t be penalized for making a withdrawal.
Before opening an account for your savings, ask yourself a couple of questions:įor example, say you’re building your emergency fund and may need your funds on short notice.
