Ask an Accountant: High Yield Savings Accounts

Oh hey there! It’s us again. Your business besties. Let’s chat about something super important for your finances. Both personal AND business finances we might add. High-yield savings accounts. Trust us, they’re not just your regular ol’ savings accounts – they’re your secret weapon to making your money work just as hard as you do.

How is this different from a regular savings account? Well, high-yield savings accounts aren’t just about stashing cash. They’re like little money-making machines, offering wayyyyy better interest rates than your average savings account. That means while your money is waiting to be used, it’s still growing. 

Now, we know what you’re thinking – with so many options out there, how do you pick the right one? Well friend, it’s all about finding the one that suits your hustle best. Look for sweet interest rates, minimal fees (because who needs those eating into profits?), and easy access to your hard-earned cash whenever you need it.

Here are a few of our top picks for high-yield savings accounts that tick all the boxes:

1. **Ally Bank**: Competitive interest rates, no pesky monthly fees, and they’re there for you 24/7. What more could we ask for?

2. **Marcus by Goldman Sachs**: No fees, a slick interface, and those interest rates? Let’s just say they’ve got us covered.

3. **Discover Bank**: No monthly fees, solid interest rates, and their online banking experience is 👌

So, let’s get to the point… It’s time to make your money work as hard as you do – and with these accounts, that’s finally possible.

Pro tip: You know we recommend setting aside your tax savings every single month? Why not store it in a High Yield Savings Account and make a little extra cheddar on that money while it waits to be spent? We wrote an article aaaaall about these payments. Check it out here

Another Pro Tip: We also recommend having 3 months of business expenses in savings at all times. You just never know what’s going to happen. 2020 anyone? Or a burn out? Or a family emergency? Or a pivot? Or slow season? Or a 3-month backpacking trip around Europe? You just never know what’s going to happen and giving yourself some breathing room is important. So once again, why not store that money in a High Yield Savings Account so you can make money off your money? The possibilities are endless.

Keep up the good work, money pro!

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