Wealthfront’s Cash Account is yet another high-yield savings product. Competition in this field is leading to higher interest rates and lower fees, so now’s the time to jump on board.
The account is FDIC insured up to $1 million, fee-free, and requires a minimum opening deposit of $1, making it accessible to all savers.
Currently, Business Insider readers who sign up for a Wealthfront investment account will receive their first $5,000 managed for free in that account in perpetuity.
High-yield savings accounts with no fees are the way to go for your short-term savings and emergency fund. Mine has already earned me $70 in interest in just three months.
It took me longer in adulthood than I’d like to admit to finally build a habit of saving money, but once I did, it stuck. While I’d love to tell you that I tracked every last penny I spent, the truth of how I boosted my savings is much simpler: automatic deposits, and high interest rates.
I opened a savings account with an online bank that offers high interest rates and no fees, and I set up automatic deposits into that account from my paycheck. This means the money I intend to save never even makes it to my checking account, making it impossible for me to spend it impulsively.
My savings account also had a 2.20% interest rate when I signed up, far higher than the 0.01% rate my old bank offered. At my old bank, my monthly deposits from interest were pennies. With my new high-yield savings account, I get upward of $30 every month. Sure, I’m not going to retire early on those returns, but getting a bonus each month for growing my savings encourages me to keep going.
Thanks to the popularity of online banks like Marcus and …read more
Source:: Business Insider