• November 17, 2022
  • Posted by General Electric Credit Union
  • 5 read

What to Consider When Opening a High-Yield Savings Account

A traditional savings account is a fantastic way to set aside funds for the future. But there are options that give your financial life the boost it needs to catch up during periods of high inflation. One is a high-yield savings account, which allows you to earn interest on your balance. Sometimes, these accounts are organized by tier to reward you as your balance grows. While many financial institutions have a high-yield savings option, not all of them measure up. Below are a few factors to consider as you search for the right match. 

What to look for in a high-yield savings account 

1. The best interest rate

If you’re someone who stays keyed into what rates are doing, you probably know how to spot a good deal when you see one. But if this isn’t something you typically pay attention to, it’s important to rate shop to confirm whether a financial institution’s rate offerings are as competitive as they claim. 

After confirming, you can use an online savings calculator to get a visual for how your balance will compound over time. The best credit unions and banks also have an online account opening portal, allowing you to start saving smarter, faster! 

2. Easy access to funds

It’s your money. Whether you’re taking out cash for a pumpkin patch, your child’s allowance, or anything else, easy access to those funds is crucial. That’s why it’s important to review the ATM options available to you after account opening. When visiting the financial institution’s ATM locator, do you notice multiple options close to you? If not, they may not be the best fit. 

Convenient ways to transfer money are another aspect to consider. Online Banking or a mobile app will give you access to funds at your fingertips. Just be sure to verify how many transfers the financial institution allows between a savings and checking account on a monthly basis, as some have limits in place and others allow unlimited transfers. 

3. Additional perks

Don’t settle for a savings account that gives you access to a great rate and nothing else, because there are options out there that go above and beyond! Look for a savings account with no minimum to open, no monthly maintenance fees, seamless automatic transfers and deposits, and insurance coverage. For credit unions, deposits are federally insured by the National Credit Union Administration. Learn more about NCUA coverage limits and how you can potentially extend coverage in this quick video

If you want a high-yields savings account that has it all, look no further than our Thrive Money Market account here at General Electric Credit Union (GECU). From a great rate to simple funds access and enticing extras, saving has never been easier. Open an account online in minutes! Then, enroll in Online Banking or download our top-rated mobile app to access your accounts 24/7/365. 

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