Last year, I made what I thought was a pretty solid money move: I opened a high-yield savings account and moved my money from a savings account earning me very little interest.
Ally's high-yield savings account had a 2.0% interest rate at the time.
My savings account back then was offering only 0.05% interest, and the simple maneuver yielded 40 times the savings.
I'm still using my high-yield savings accountI keep a cushion of funds in my Ally high-yield savings account for big-ticket purchases, vacations, and emergencies.
But for now, I'm happy with keeping my savings in a combination of high-yield CDs and savings accounts.
Persons:
Ally, I've, I'm, Jackie Lam Jackie Lam, Jackie
Organizations:
AFC, Money Management, Finance Media
Locations:
Los Angeles