5 Benefits of a High Yield Savings Account
1.A Higher APY
Not all savings account are created equal. High yield savings accounts tend to offer higher APYs than traditional bank savings account, often because they are offered by banks not operating hundreds of branches allowing the digital banks to share their cost savings with the customer. Currently, our Radius High Yield Savings account offers customers 1.25% APY on balances $2,500-$24,999.99 and 1.65% on balances $25,000.1
2.Separate your savings from your spending
High yield savings accounts tend to offer higher APYs than traditional bank savings account, often because they are offered by banks not operating hundreds of branches allowing the digital banks to share their cost savings with the customer. If your paycheck is dumped into the same, singular checking account, it might just disappear as quickly as it comes in. Set up a percentage of your paycheck to be deposited into your savings account to help you automatically save money.
3.Better tracking and maintaining of financial goals
By opening up a High Yield Savings account, the money you save can help send you on your way to finally affording the vacation you have been talking about forever or whatever large purchase you’ve been itching to make. Each month you will be able to track how much money you have accumulated and can make savings goals accordingly.
4.Makes you more patient with spending
Sometimes it is easy to justify our spending sprees because we know we have the money in our checking account to pay for our purchases. In order to help stop us from buying that extra jacket, putting more money in our high yield savings account makes spur of the moment purchases a little more difficult.
5.Prepares you for the unexpected
There are always unexpected costs that come up, whether it’s maintenance for your car or a destination wedding you were invited to, having a savings account to lean back on will only help you sleep better at night, just in case.
Start saving today and open a Radius High Yield Savings account. Without even stepping foot into a bank, you could be on your way to putting your hard earn money in a smarter, more beneficial account.