Guide to Choosing and Opening a High-Yield Savings Account
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Editor’s note: Lantern by SoFi seeks to provide content that is objective, independent and accurate. Writers are separate from our business operation and do not receive direct compensation from advertisers or partners. Read more about our Editorial Guidelines and How We Make Money.
What Is a High-Yield Savings Account?
How Does a High-Yield Savings Account Work?
Who Is a High-Yield Savings Account Ideal For?
Tips for Choosing a High-Yield Savings Account to Open
APYs
Balance Requirements
Fees
Access to Your Funds
Availability of Other Accounts
Customer Service Options
Federal Insurance
What to Do When Opening a High-Yield Savings Account
Applying for Your New Account
Funding Your Account
Setting Up Online Banking
Establish Beneficiaries
Turn on Alerts and Paperless Statements
The Takeaway
Frequently Asked Questions
Photo credit: iStock/supersizer
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About the Author
Jennifer Calonia is a Los Angeles-based finance writer who has covered the gamut, including student loans, credit card rewards, consumer loans, and debt. Her work has been featured in outlets like Bankrate, NerdWallet, Business Insider, Yahoo Finance, and U.S. News.
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