A high-yield savings account has a higher interest rate than a typical bank savings account.
A financial planner says they work best for short-term savings goals, like planning for a vacation.
Here are three situations where Betts says you should definitely keep your cash in a high-yield savings account.
Creating a travel budgetBetts advises his clients to use a high-yield savings account to save up for their travels.
Paying down debtExperts recommend only keeping three to six months in a high-yield savings account for emergencies.
Persons:
Spencer Betts, Betts, They're