3 under-the-radar features of my high-yield savings account are helping me earn tons of extra money in interest every month

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The author, Jen Glantz.

I used to keep my money in a typical bank savings account earning next to nothing in interest.
My husband convinced me to switch to an Ally high-yield savings account and I’ve never looked back.
Roundups, easy-access CDs, and other features help me maximize my interest earnings.

Three years ago, before my husband and I were married, we sat down and shared our entire financial portfolios with one another. Within just a few seconds of showing him that I stored all my cash in a savings account that generated 0.01% APY, he reacted with panic.

I had no idea that my money would grow faster if it was in a high-yield savings account with a much higher annual percent yield.

Since moving my money into a high-yield savings account at Ally, where the APY is currently 2%, I’ve been able to grow my cash and take advantage of perks offered through my account that help me earn more money every year. Here’s how I maximize those features. 

I swap between the HYSA and a flexible CD

During the pandemic, when the Federal Reserve lowered interest rates, the APY for my high-yield savings account dropped, and the money in my account was earning less than before (it went from over 2% to 0.5%). 

One of the perks of Ally is that they often offer special and limited deals on high-interest-earning CDs. I put a large chunk …read more

Source:: Businessinsider

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