I switched to high-yield savings at Capital One and I'm glad I did - Business Insider

I don't have a great reason for putting off the decision to transfer my savings out of an account that was providing a 0.01% APY. Luckily, I know that I made a mistake and decided to make a change.

I finally took the time to transfer my savings into a high yield savings account. It took all of 10 minutes to make the switch, but I am so happy that I did. After taking a closer look at my options, I decided to open an account with Capital One. TheOne of the biggest factors in making my decision was choosing an account with a competitive interest rate. When I opened the account, the APY offered was 1.50% . That is 150 times more than I was earning in my traditional savings account.

I wanted the account to help my savings grow without any additional contributions from me. Although I have other savings earmarked for other purposes like buying a home and retirement, I am not planning on adding to this account anytime soon. Instead, I will allow it to grow on its own.Beyond the interest rate, I wanted a reward for choosing to stash my savings at a particular institution. After all, these savings took a lot of work to build, so a little reward would be nice.

When I was hunting for my perfect high yield saving account, Capital One happened to be offering an attractive welcome bonus. The bonus rewarded different amounts of deposits with different levels of rewards. Since I was opening my account with $35,000, I was able to score a hefty bonus of $300. Although the welcome funds will not hit my account until October, it will provide a nice boost to my savings without any effort on my part.

If you choose to open a high yield savings account, it is important to do your research. Where you store your money is a very personal decision. Since you have different goals for your money and different preferences for your bank account's features, take the time to find the right high yield savings account that can help you reach your goals.

I recently found out about I entered my criteria and used this to get suggestions for online savings accounts. I found one that offered 1.30%. Since I’m an AARP member, I was able to obtain an additional .10%.

We tell all of the young adults we work with to put their savings into high-yield savings accounts! It doesn't make a ton of money unless you have a lot to start with... but better than sitting in a normal savings account!

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