What is a High Yield Savings Account
Posted on . 1 min read
Most people forget: money in your emergency fund can still earn money š š
š¹ With the Fed raising the interest rates, savings accounts can finally offer attractive yields.
Some high-yield savings accounts offer a yield over 4% š¤Æ These accounts are FDIC-insured, so the investment is virtually risk-free.
Example: Moving $20,000 in emergency fund cash to a high-yield account would produce an extra $800 over one year š° š“ šø
When you're a young investor, markets are the best bet for the long-term. But if you have a lot of cash in your emergency fund, consider putting it in a high-yield savings account.
And if you aren't sure how much to put in your emergency fund, Xillion can help. Our Emergency Fund Calculator helps you figure out exactly how much YOU need in your emergency fund.
