A high yield savings account can be used to save for emergencies and future purchases. Some financial institutions allow you to have different savings accounts called buckets or vaults that you can earmark for different saving goals. For example, you can have buckets or vaults for car maintenance, vacation, a car, Christmas gifts etc.
Some current high yield savings accounts are:
- with direct deposit
- no account fees
- no minimum balance required
- FDIC insured
*Use my link to sign up and you’ll get a $25 bonus and up to $250 when you set up direct deposit.
Capital One 360 Performance Savings 4.35% (March 2024)
- no account fees
- no minimum to open
- FDIC insured
Ally Bank 4.35% (March 2024)
- no monthly maintenance fee
- no minimum to open
- FDIC insured
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I like this. Really helpful sharing your experience so young teens know what to do from the word go on the tips to having financial freedom. Every cent counts in savings, thank you 🙏🏽
Thank you for your comment BJ. Like I tell my girls, time and compound interest is their best friend :).