Open a High-Yield Account
Because online banks don’t have the overhead of traditional banks, they are in a unique position to offer annual percentage yields of 15 times higher than the national average. Therefore opening an online account will yield higher returns on your savings. Some of these accounts do not charge monthly fees or require a minimum balance and you can get a number of perks, such as ATM fee reimbursements and discounts on car rentals and hotels. Customer support is handled by phone or online. Last but not least, these types of savings accounts are insured so you don’t have to worry about losing your money.