Rita asks, what's the best high-yield savings account?

Thanks for your pointed question, Rita.

I love that you're thinking about making your money work harder by earning a higher interest rate.

Hey, everybody, this is Finance Friday, a special edition of Money Girl where I answer your

burning money questions. I'm Laura Adams, an award-winning author, on-camera spokesperson,

money speaker, and founder of The Money Stack. That's my substack newsletter. You can sign up for

the Money Stack and learn more at laura d adams.com.

This is episode 999, and as I've mentioned in the past few episodes, I'm planning a special show for

1,000. To celebrate, I'll feature comments from listeners and friends like you. I'd love for you to

participate by calling 302-364-0308 and leaving a

brief message. You might even hear it on the 1000th show. In today's podcast, I'm going to answer

Rita's question by reviewing how high-yield savings accounts work, and six tips for choosing the best one.

So as the name implies, a high-yield savings account pays higher, sometimes much higher interest,

than a traditional savings account. The highest annual percentage yields or APYs are usually offered by relatively

small or even exclusively online banks, which have lower operating costs than banks that

prioritize local branches, which come with many expenses like rent, personnel, equipment,

and property maintenance.

An online bank savings can be passed to customers through, you know, a variety of benefits,

including higher interest rates, allowing your money to earn more.

However, there may be exceptions, like a local credit union that offers competitive rates. So it's always best

to shop and compare accounts. And I hope this show will help you do that. So we'll go through

six tips for choosing a high yield savings account so that you can put your cash in the best

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