Maximizing Your Savings: How to Find the Best High-Yield Account

By: Tanya Frias, CFP®, ChSNC®

Published: May 2, 2023

📂 Financial Education

Written for:

✅ Early Career Physicians

✅ Mid Career Physicians

✅ Established Professionals

As a healthcare professional, you work hard every day to take care of your patients and provide the best care possible. But have you taken the time to make sure that your hard-earned money is working just as hard for you? One way to do that is by opening a high-yield account and having your paycheck directly deposited into this rather than a ‘regular’ checking account.

Brick and mortar banks have been known to nickel and dime their customers with fees for everything from ATM withdrawals to monthly maintenance. However, with the rise of online banking and fintech companies, consumers now have more choices. By taking advantage of a high-yield savings or checking account, you can earn a higher interest rate than a traditional account and maximize your savings.

Here are some tips on how to find the best high-yield savings account:

  1. Compare interest rates: When searching for a high-yield savings account, it's important to compare interest rates. Look for accounts that offer a competitive interest rate that is higher than the national average.

  2. Check fees: Some high-yield accounts may charge fees, such as monthly maintenance fees unless you meet certain requirements or fees for exceeding the monthly withdrawal limit. Make sure you understand all the fees associated with the account before opening it.

  3. Consider minimum balance requirements: Some high-yield accounts require a minimum balance to earn the higher interest rate. Make sure you can maintain the minimum balance requirement before opening the account.

  4. Look for account features: Some high-yield savings accounts offer additional features, such as mobile banking or ATM access. Consider these features when choosing an account that fits your needs.

  5. Research the bank: When opening a high-yield savings account, it's important to research the bank. Look for a reputable bank with a strong financial history and positive customer reviews.

By taking the time to find the best high-yield savings account, you can earn more money on your savings and reach your financial goals faster. So why not take advantage of this opportunity and start maximizing your savings today?

Remember, as a verified healthcare professional on Andwise, you have access to a range of financial planning and monitoring software capabilities that can help you make informed decisions about your finances. Sign up today to start taking control of your financial future.

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