I'm obsessed with our high-yield savings account
We opened these accounts a few years ago in order to meet our savings goals. Like many people, we used to have a savings account attached to our checking, but the interest you can earn on the savings with our bank was just 0.05%. High-yield savings accounts offer much higher rates. Ally bank, for example, has a 1.7% rate, and Synchrony bank has a rate of 1.9%. When our savings were attached to a checking account, it seemed like we never made any progress.
We quickly built up our savings in the high-yield savings account by setting up automatic transfers. Soon, our emergency fund goals were met and our future-expenses account held the needed money for short-term savings goals. In every good love story, the main characters find helpful guides and advice along the way. In Disney films, they turn out to be singing birds and crafty mice.
When we’re ready to access the funds, we’ll transfer the money back to our checking accounts. This typically takes one to two business days. We also have bank cards associated with the high-yield savings account that we can use at an ATM if needed, but we keep those locked away as we prefer to transfer the money.
Synchrony allows six withdrawals or transfers during each billing cycle, which is common for high-yield savings accounts due to certain federal regulations.
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