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Apple just launched a new savings account. Why you need a high-yield savings account today

High-yield savings can help you prepare for the future while earning extra interest on your money.

AJ Rich/Getty Images

Apple only Launch a new high yield savings account There has been a lot of talk about – for Apple Card users Saving money today.

The Apple Card savings account has some Competitive Features. It offers 4.15% APY with no fees, no minimum balance requirements and no minimum deposit.

The debut of the new account highlighted some of the best factors You should save in a high-yield savings account now. In general, high-yield savings accounts help keep your money safe while providing additional benefits interest incomeNo fees, easy access and more.

But today there are plenty of online savings account options with similar benefits for every type of saver. If you want to save for your financial future — while earning a great interest rate on your balance — It may pay to compare.

Explore some of today’s best high-yield savings rates here now to see how much more you can earn

Why you should get a high yield savings account now

Here are three reasons why a high-yield savings account is one of the best tools available to set yourself up for financial success:

Earn money on your savings

If you have money sitting in a traditional savings account that earns close to zero interest, you’re missing out on potential Earn great interest rates today.

And better? The sooner you start contributing to your savings, the more you’ll be able to earn.

Interest rates are much higher than they are now — and depending on your balance, you may be able to add hundreds of dollars to your account each year in interest earnings on top of your own contributions. For one example, if you live in an eligible state, you can earn 4.00% APY right now with PNC High Yield Savings with balances of just $1.00 or more, with no monthly fees or minimum deposits.

Learn more about the best high-yield savings interest rates available today.

Prepare for the unexpected

As the price is still high Inflation continues to affect Americans’ walletsAnd many still worry about a possible recession.

One of the best ways to prepare for uncertainty in today’s economy is to save money Unexpected future costs or periods of financial hardship. In fact, experts often recommend setting it aside Cost of several months As your emergency fund.

Even if you don’t have that much savings right now, putting something away is always better than nothing. Plus, adding just a few dollars per month can add up over time.

Easily access the money you save

Unlike some other savings options, high-yield savings accounts are highly accessible and liquid, allowing you to access your money at any time.

Many high-yield savings accounts are offered by online banks, meaning you usually can’t access your accounts in person. However, transfers can be as fast as one to three business days, and some online banks offer instant transfers And if you just want to check your balance or make a contribution, you can easily access your account through your bank’s online portal or mobile app.

Some banks may impose restrictions on the amount you can withdraw from your savings account each month. You can look for accounts without this limit, but even if your bank does have a limit, it’s usually around six times per month – which should give you plenty of access when you need it. After all, you shouldn’t treat your savings like a checking account for regular withdrawals.

Bottom line

The new Apple Card savings account from Apple and Goldman Sachs may be the most recent high-yield savings account to hit the market — but there are plenty of other account options you should consider.

Confirm any You open a high yield savings account There’s a competitive interest rate and no monthly fees, and make sure any minimum deposit or balance requirements suit your personal situation.

Several high-yield savings accounts available today offer competitive features and interest rates, and there are many tough choices on the market today. The most important thing you can do to protect your savings is to find one with a description that works for you and start saving.

As soon as you start Contribute to your savingsThe faster you can prepare for the future and increase your balance over time.

To get started, compare some of the best high-yield savings account rates available now.

MoneyWatch: Managing Your Money

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