Is a Traditional Savings Account Wrong for Your Money?

Is your emergency fund socked away in a traditional savings account? If so, you could be leaving money on the table. According to the FDIC, the average APY on traditional savings accounts is just 0.08% (as of April 27, 2021,) but some high-yield savings accounts have APYs of 0.40% or higher. The good news: Switching to a high-yield account is easy and could mean a difference of hundreds (or even thousands!) of dollars in interest earnings over a multi-year period. Here's how to make this change.

Is a Traditional Savings Account Wrong for Your Money?

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