I built my emergency fund $100 at a time, but I didn’t make real progress until I opened a high-yield savings account
|11/16/2019||Posted by BusinessMediaguide.Com under General World News||
- I’m crazy about my high-yield savings account.
- When I was struggling to build up an emergency fund a few years ago, I opened a high-yield savings account at Ally and kept my checking account at a different bank.
- At the time, my account was earning over 2% interest annually. It’s now down to 1.7%, but I’m still earning nearly 20 times more than I would with a regular savings account.
- The high APY combined with regular automatic deposits — starting with $100 per paycheck and moving up to $200 — helped me reach my goal that much sooner.
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