Business

3 things to consider before switching to a new high-yield savings account as interest rates drop

30 days ago   |   By Business Insider

High-yield savings account rates are dropping in reaction to the Federal Reserve decreasing its rate.
Some banks are decreasing their rates more drastically than others, so you might be considering switching to a high-yield savings account with a different company.
If you switch banks, the new bank could drop its rates too, so it may not be worth the effort of setting up a new account.
However, if you're already unhappy with your banking institution, this could be the time to finally change savings accounts.
See Business Insider's picks for the best high-yield savings accounts »
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Here's exactly why the interest rate on your high-yield savings account keeps falling

Here's exactly why the interest rate on your high-yield savings account keeps falling

30 days ago   |   By Business Insider

High-yield savings accounts are tied to the federal funds rate.
The Federal Reserve has lowered the federal funds rate, so high-yield savings account rates are going down, too.
Even with lower rates, high-yield savings accounts earn more than checking and regular savings accounts, making them ideal places to store money for short-term savings goals, such as buying a home.
When the Federal Reserve increases rates down the road, your high-yield savings account rate should go up, too.
See Business Insider's picks for the best high-yield savings accounts »
As of July 8, 2020, the best...
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