High Yield Savings: Everything You Need to Know
Deeper Than Money
Chloe Elise
4.9 • 825 Ratings
🗓️ 21 December 2020
⏱️ 16 minutes
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| 0:00.0 | Hi and welcome to the Deeper Than Money podcast. I am your host, Chloe Elise. I'm a millennial money |
| 0:11.3 | coach speaker, dog mom, and a seven on the enneagram, and I am on a mission to prove to you |
| 0:17.1 | that finances can be fun and easy. On the Deeper Than Money podcast, we will dive |
| 0:22.6 | into all things millennial finance, debt, saving mindset, and how to have financial freedom |
| 0:29.0 | to enjoy life in your 20s and 30s. I want you to leave this podcast with more confidence around |
| 0:34.9 | your Moolah and the belief that your biggest financial dreams are |
| 0:38.2 | possible for you. So let's talk money. Today we're going to be talking about about Hello and welcome back to the Deeper Than Money podcast. |
| 0:56.2 | Today we're going to be talking about high yield savings accounts. |
| 1:01.3 | And this is one of the top things I'm asked about because I talk about it often in conversation. |
| 1:09.6 | This is where a high-old savings account is where I want you to be keeping |
| 1:14.7 | any savings amount like an emergency fund is great to keep in a high-hield savings. And then also, |
| 1:23.4 | it's great to keep kind of those short-term goals. So if you are saving up because you have a |
| 1:30.3 | vacation in a couple months and in a couple of months you have to pay $2,000 and it's going to take |
| 1:37.7 | you four months to save up for it, sure, let's keep it in a high-old savings account until we have |
| 1:43.1 | to transfer that back and then pay for it. And a high-old savings account until we have to transfer that back and then pay for it. |
| 1:46.3 | And a high-old savings account, I feel like I've already said high-old savings account so many |
| 1:52.7 | times. |
| 1:53.6 | But the best part about it is you really have nothing to lose as long as you're choosing a good one. |
| 2:03.9 | And so let's talk about what that is, what it looks like, how to choose a good one, and all of that. So first of all, what is a high yield |
| 2:12.0 | savings account? Picture it as your normal savings account, right? At your bank, you would open up a checking account and open up a savings account. |
| 2:22.3 | It's basically the exact same thing, but instead of keeping it in a normal savings, |
| 2:27.8 | you're keeping it in a high yield savings. |
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