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I used to think all savings accounts were pretty much the same, Rachael said.
Then I got into banking and I learned a thing or two.
Heres how one bank teller chose herhigh-yield savings account.
She Shopped Around
First things first, Rachael didnt just settle for what her own bank offered.
I love where I work, but that doesnt mean they have the best savings rates, she said.
I looked at online banks, traditional banks, and even credit unions.
She recommends checking out websites that compare savings account rates from multiple banks.
Its like shopping for the best deal on a new TV, but for your money.
Look, a high-yield savings account is all about earning money from your money, she said.
I wanted the highest rate I could find, period.
Rachael had two deal-breakers when choosing her account: First, the bank had to be reputable.
No sketchy online-only banks for me, she said.
Second, I always read the fine print.
Some banks lure you in with high rates that drop after a few months.
I didnt want to tie up all my savings just to qualify.
I refused to consider any account with monthly maintenance fees, she said.
Why pay a bank to hold onto my money?
She also looked out for other sneaky fees, like excessive withdrawal fees or account closure fees.
Every dollar you pay in fees is a dollar thats not earning interest.
She tested out the mobile apps of her top choices before making a decision.
If Im going to be using this app regularly, it better be user-friendly, Rachael said.
I thought about whether I wanted to move my checking account too, Rachael explained.
Which was tough because it wasnt where I worked, but still I had to consider it.
In the end, she decided to keep her checking account separate.
The hassle of changing it wasnt worth it.
FDIC Insurance Was Non-Negotiable
As a bank employee, Rachael knows the importance of FDIC insurance.
I wouldnt even consider an account that wasnt FDIC insured, she said.
She made sure her chosen account was covered up to the standard $250,000 limit.
I didnt want an account that slapped me on the wrist for withdrawing, Rachael said.
Some of them honestly do!
Just like anyone, I have specific goals, she shared.
Mine are around my emergency fund so my savings accounts revolve around that.
She also chose an account that allowed her to set up automatic transfers from her checking account.
Again, its what I want, she said.
Banking has to work for you.
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