The Benefits of a High Yield Savings Account
November 13, 2018
Ready for a more versatile way to save? A high yield savings account might be right for you! Learn more about this trustworthy and stable savings product.
Do you have a high yield savings account? Even if you don’t, there’s a good chance that you’ve heard about these phenomenal savings products. Before you decide how to invest your money for the best return, here is what you need to know about the many benefits of a high yield savings account.
High Yield Savings Accounts 101
High yield or high interest savings accounts are savings accounts that offer better-than-average interest rates to account owners. Depending on which type of high yield account you choose and the bank that you partner with, the account might come with a variety of conditions. Some banks require you to carry a minimum balance or pay an annual maintenance fee. Other banks will offer a more aggressive interest rate for a certain period but then adjust the rates to a lower amount.
Higher Interest Rates
The most obvious benefit of a high yield savings account is the access to higher interest rates. Unlike other types of investments, you won’t need to worry about trends in the market in order to watch your money grow. Instead, you can build your savings at a preferable interest rate without putting it into the stock market or another savings vehicle.
Guaranteed Returns and Savings
Another major benefit of a high yield savings account is the knowledge that your returns and savings are both guaranteed. While stocks and mutual funds can give you big returns, past performance is sometimes an unstable predictor of future results. High yield savings accounts offer a guaranteed return on your money, so you know exactly how much you’ll be earning over time. This type of savings account also provides guaranteed savings, as your money is protected up to $250,000.00 through the FDIC. (More information about FDIC Insurance)
Easy to Access
Finally, high yield savings accounts make it easy to access your money when you need it. If you choose to withdraw money from other vehicles too soon, you can be stuck paying steep penalties or even forfeiting your interest. With a high yield savings account, it’s easy to take your money out when you need to use it.
Enjoy All of the Benefits of a High Yield Savings Account with Hamilton Bank
At Hamilton Bank, we are committed to providing our personal banking and commercial banking customers with the best savings products possible. If you are interested in learning more about our high yield savings account options, we are happy to help walk you through the process and find the right match for you. For more information, visit your closest Hamilton Bank branch or call us at 410-823-4510.
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