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Savings accounts are generally FDIC-insured up to $250,000, meaning your money is protected against bank failure.
Still, as useful as savings accounts can be, there is a right time to withdraw the funds.
These are all sound reasons to withdraw the funds.
Upcoming trips andmajor home repairs, ideally those that are planned out, are also valid reasons.
If possible, wait until you have an emergency fund.
Then, when you land the funds available, pull from your savings to pay off that debt.
Ideally, youll have a separate emergency fund for this and wont have to touch your regular savings account.
But if you dont and you need the money, your savings account is a good alternative.
How much money you take out depends on the investment and your goals.
This is a separate account that usually comes with a higher interest rate than most savings accounts.
If you do, you could face a hefty fee.
Investing your money does come with some inherent risks, but you could see significant gains over time.
High-yield accounts have a much higher yield at up to 6.08%.
You should also avoid withdrawing too often or too much all at once.
If you exceed these limits, you could be charged a fee.
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