Advantage Savings. Advantage You.
Earn 3.56% APY - higher than the national average
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Please note, membership is required to open a DCU Savings Account. Visit our membership eligibility page for more information.
A high-yield savings account, also known as a high-interest account is often of interest to those who don’t want to put their savings in the money market but also want to see their funds grow. Paying significantly more than the traditional savings account, putting your money in a high-interest account is a great short-term option for saving accounts such as an emergency fund or down payment fund. It’s an account for the money that you want to grow while also having it close at hand if you need it.
Every day you go to work, you’re making money. If you took a month off to chill out by the pool, that paycheck would no longer be coming in. Putting your money in an account that doesn’t yield interest is like sending it out to the pool — only it's a lot less relaxing for you.
Your money doesn’t want a break. It’s designed to work and bring home that compound interest bacon. Compound interest means that the money you put in is earning interest and that interest that the money earned? Yep. It’s making you interest too. The more money you can set aside to grow, the more compound interest you’ll earn.
High-yield savings accounts make money by offering more favorable interest rates than traditional savings accounts. Money in a high-yield account might not make as much as funds in the money market but the day-to-day earnings are a lot less volatile than stock market investments.
Traditional savings accounts are a good place to put money that you might need to easily obtain. Often, savings accounts are accessible from ATMs. If you know you’ll be transferring money regularly from savings to checking, it’s good to keep a traditional savings account on hand. The interest earned on traditional saving accounts, however, will just about keep up with inflation, meaning that money is not bringing home a paycheck for you. If you want your savings to work, a high-yield savings account is where you should be keeping your dough.
Eligibility requirements for a high-yield account are different depending on who you’re banking with. At DCU, we offer the Advantage Savings Account which offers a higher interest rate with no minimum balance to open the account or obtain the available APY. Interested in putting your money to work? Find out more about our Advantage Savings Account.
It’s hard to decide what to do with your money. Below, we’ve listed a few reasons why a high-yield savings account might be for you.
It’s well-known that a high-yield account is a way to safely invest your money, but there are actions you can take to make your account even safer. Before you deposit your funds in a high-savings account, you should make sure you’re leaving your hard-earned money in good hands. Here are a few things to check to keep your money safe.
Not all credit unions and banks offer the same terms and conditions for their high-yield savings accounts as DCU. Learn why DCU is a great place to start putting your savings to work.
It’s important to plan for the future. Utilizing a high-yield account is a great way to dream up what’s next or be ready for what might come your way. Here are some ways DCU members use their high-yield accounts.
High-yield savings accounts are a great way to start putting your money to work without risking it in the money market. When making a financial plan, it’s important to save in a few diverse ways. Check out DCU’s retirement savings accounts for longer-term saving plans and our certificate options for savings with a higher yield but lower fund accessibility.
If you’re interested in making your money work for you as you build an emergency fund or save for that big wedding, a high-yield savings account is a great option for you. Get your high-yield savings account started today!
1 Advantage Savings APY effective as of 1/1/2024.
2 Source: Bankrate.com | National average savings rate effective 1/4/2024, please visit Bankrate to view the current national average for savings account interest rates.
Please note, membership is required to open a DCU savings account. Visit our membership eligibility page for more information.
This article is for informational purposes only. It is not intended to serve as legal, financial, investment or tax advice or indicate that a specific DCU product or service is right for you. For specific advice about your unique circumstances, you may wish to consult a financial professional.