High-yield savings accounts and long-term CDs both have a place in a well-balanced financial plan.
The Federal Reserve has raised its target federal funds rate 11 times in the last two years. As a result, long-term certificates of deposit and high-yield savings accounts currently offer the opportunity to earn impressive returns. Of course, both of these savings vehicles come with pros and cons. For example, high-yield savings accounts give you a way to earn strong returns while maintaining access to your money. These accounts usually allow you to make withdrawals up to six times per month.
Moreover, when you nest your emergency fund in a high-yield savings account, you can rest assured that your money's safe. After all, these accounts generally come with FDIC or NCUA insurance for balances up to $250,000. High-yield savings accounts are also a compelling home for your other short-term savings.
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