A high-yield savings account (sometimes referred to as a high yield cash account) is a great way to grow your money faster with minimal risk, especially if you know how to use it well.
In this article, we’ll discuss how HYSAs work and provide actionable tips for getting the most from your high yield savings account.
A HYSA works like a traditional savings account, but offers significantly higher interest rates. It’s this higher interest rate that makes a savings account high yield.
When you deposit money, you earn interest that is calculated daily and paid monthly, allowing compound growth over time. HYSAs are an ideal way to grow your savings without risk while maintaining easy access to your funds.
Here are five simple ways to make the most of every dollar and every percentage point!
Not all HYSA’s are created equal. Monthly maintenance fees, minimum balance requirements, or excessive withdrawal charges can quickly eat into your interest earnings.
Before opening an HYSA, carefully review the fee schedule and account terms. Look for accounts with no monthly fees, low or no minimum balance requirements, and transparent policies.
A high-yield savings account is a powerful tool that works best when it's part of a bigger financial picture. Whether you're saving for an emergency fund, a down payment, or a dream vacation, having clear savings goals makes it easier to let your money build value, and helps you stay motivated to make the most of your account's growth potential.
If you’re a CFCU member, you can talk to one of our free financial advisors to align your savings strategy with what you want most. Whether that’s financial freedom, a new home, or just more peace of mind, we’re here to help you map it out.
Automating a regular deposit into your high yield savings account helps build your balance consistently without having to think about it. Even small, steady contributions can add up fast thanks to compound interest.
To see how easy it can be, try taking our 52-Week Savings Challenge. By starting out small and building from there, it’s designed to automatically save you $1,378 over the course of the challenge without breaking a sweat!
Make transferring money between accounts seamless by linking your HYSA to a primary checking account. This connection allows you to easily move funds when needed while maintaining the important separation between your spending and saving money. Most financial institutions offer instant or same-day transfers between linked accounts.
Many financial institutions offer programs that round up your debit card purchases to the nearest dollar and transfer the spare change directly into your HYSA. For example, with CFCU’s Grow Your Change, you can send the spare change from every debit card purchase directly into your HYSA. These small amounts add up surprisingly fast without you feeling the impact on your daily spending. It's an effortless way to boost your savings while you go about your regular routine.
Think of high yield savings as a springboard to saving even more. For instance, our HYSA gives you a consistent 10% APY on your first $1,000. Plus, it offers a higher rate beyond your first thousand AND two ways to earn through both interest and a membership dividend. That means it’s good for building cash fast and setting you on track for a nest egg that can generate even more earnings with higher-wealth accounts, like a Money Market or a CD.
You’ve got dreams. We’ve got the tools, and becoming a CFCU member has never been easier. Ready to make your money work harder? Let’s grow!
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