My Experience Thus Far With High Interest Savings Accounts

I have always been a saver. That began with me hoarding the cash I got for presents and counting it regularly, which I know laugh about. I wanted to make it grow so that I did not worry about not having money as my family did. So as I have grown older, I knew the importance of saving money and have always kept a savings account. Although, I feel like I am only just getting a hang of all the ways you can save and those that work best for our situation.

Last year, we opened our first high interest savings account with Capital One, the 360 Money Market account. We received a $200 bonus for opening the account with a specified amount of money. The first month, February 2018, provided us with about $11 interest. I had never received that much interest in even a year with my previous savings accounts. February 2019 provided us with $22 interest and it is up to a 2% interest rate.

While we have a retirement account now, we have seen from the first account that there is a lot of potential for high interest savings making it possible for us to save up a downpayment more quickly for us to purchase a home of our own. So a year after opening our first high interest savings account, we opened another with Ally bank to have both a general savings, for just in case something happens sort of thing, and a future home savings.

I feel like a high interest savings account, even if you can not put in the sum that provides you the highest rate, is a great option to start building up to that point and hopefully get enough together for something you need the money for. Additionally, while you can access the money from an online account, I feel like it is also not so accessible since I do not have a debt card for it or a location near by. Therefore, I am less likely to touch it until I truly need it.

I still have a lot of researching and learning to do about savings, but I feel good about my choices so far.

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