'If I had placed my emergency savings into a high-interest savings account that offered 1.70% APY (a reasonable APY to expect last year before the coronavirus hit) I would have earned $612.50 in interest in 2019'
, and setting up a new home, I didn't make time to take advantage of building my savings with interest. My plan to fix this mistake is simple: I will transfer my emergency savings into a high-yield savings account. Currently, I'm considering two different accounts. , where I can earn the maximum APY by maintaining a balance of at least $25,000 or contributing $100 each month. With either option, I won't have to worry about monthly maintenance fees. .
Personally, I am leaning toward the Savings Builder account at CIT Bank. Since I will be depositing over $25,000, I'll earn the highest-tier APY without needing to contribute $100 each month. My mistake cost me hundreds of dollars — it is possible that you are missing out on hundreds of dollars in interest earnings, too. Take a closer look at the account where you store your emergency savings.
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