I nicknamed my 6 high-yield savings accounts to help me spend less, save more, and buy the things I care about most

August 13, 2019

elizabeth aldrich costa rica

I have more than 10 bank accounts, six of which are high-yield savings accounts.
I open multiple free high-yield savings accounts with the same online bank and nickname each one based on different savings goals.
This helps me organize my money, prioritize my spending, avoid impulse purchases, and focus on the things that really matter.
I’m currently moving my accounts to Betterment, which opened a high-yield account with a 2.19% APY (or 2.44% if you join the waiting list for its checking account).
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I have over 10 bank accounts. Some people might think that borders on obsessive, but having lots of accounts helps me organize my finances and achieve my money goals.

My favorite accounts are free high-yield savings accounts, which offer interest rates of more than 20 times that national average, allowing me to earn a little extra cash as a reward for saving.

I’m currently in the process of transferring my savings to Betterment’s new savings account because it offers a significantly better rate, but for a long time, I used Ally Bank’s High-Yield Savings Account. Both are free.

The benefits of multiple ‘nicknamed’ savings accounts

Most free high-yield savings accounts now offered by online banks allow you to open up as many different accounts as you want, and you can even nickname each one of them. This is my favorite way to set savings goals for myself and track my progress.

A lot of my disposable income goes into these savings accounts, even if I plan to spend it a month later. Firstly, it can take three to five days to transfer money from a high-yield savings account back into your checking, and Ally Bank doesn’t offer debit cards to give you instant access to your funds. I actually like this because it …read more

Source:: Business Insider

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