7 Questions to Choose a High-Yield Savings Account

A high-yield savings account can earn many times more than a regular one. Here's how to pick the best place for your cash.

1. What's the APY — and is it introductory?

Compare the annual percentage yield, and check whether a headline rate drops after a few months.

2. Is the account insured?

Only use accounts backed by government deposit insurance so your savings are protected.

3. Are there fees or minimum balances?

The best high-yield accounts charge no monthly fees and have no or low minimums.

4. Are there withdrawal limits?

Check how many transfers you can make per month and how quickly you can access your money.

5. How easy is it to move money in and out?

Look for fast, free transfers to and from your main checking account.

6. How good is the app and support?

You'll manage it online, so a solid app and responsive support matter.

7. Does the bank have a track record of competitive rates?

Some banks lure you with a top rate then let it slip. Favour banks that stay competitive.

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Prioritise a consistently high APY, deposit insurance and no fees — then automate your savings.