Key takeaways
- A high-yield savings account offers high rates and is a safe place to keep your cash
- Deciding whether to put money into the stock market or a savings account will be a personal decision, where risk tolerance should be a determining factor
- You should probably prioritize saving over investing if you need liquid cash soon
Not all savings accounts are equal, and some offer different opening minimums, withdrawal rules, fees, and interest rates. People focus on interest rates the most when comparing savings accounts because if your money is going to sit somewhere, why not get the most return for your investment?
Parking money in a high-yield savings account may seem optimal now with the Fed increasing rates. You may have recently received emails from your bank announcing a slightly higher savings rate on some products.
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