4 factors to consider before opening a high-yield savings account - Business Insider

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Some high-yield savings accounts charge monthly fees that could cancel out any interest you might earn

year after year in those accounts when it could have been making hundreds or even a thousand or so dollars every year.

After doing research on my own, I made a list of five banks I wanted to consider moving my money to because of their interest rate offerings. But then I examined all the fees and noticed that some charged a monthly fee of $15 to $25 if you don't keep a certain amount of cash in your account and decided to cross those off my list. I wanted a bank that didn't have those kinds of fees.

After talking to Weiss, one of my must-haves was finding a bank that let me withdraw cash from any ATM without having to pay the fees. That would save me around $50 a year and was a big perk.A big thing that didn't cross my mind before I spoke to Weiss were the transfer policies of the high-yield savings accounts I was considering

 

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No poor peasant can use a high-yield savings account.

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