Putting your money to work for you is a common financial goal. We get it—you work hard for your money so it’s only fair that your money works hard for you too! But optimizing your finances doesn’t always mean shooting for the highest return on every dollar. In fact, that’s a good way to destabilize your finances because a higher potential reward also means higher risk. Instead, think about what level of return is reasonable for the purpose of your money. 

You work hard for your money, but what if your money could work for you? This idea is what motivates people to pursue investment options with their savings, one of the most secure being a high-yield savings account. 

Selecting a high-yield savings account allows investors the chance to earn some interest with very little risk. If you’re denied a high-yield savings account, the reason could be anything from a problem in your ChexSystems report to a bank’s inability to verify your identity. 

Have you been denied from opening a high-yield savings account? Find out the most common reasons for rejection below. 

Interest rates have been very low so the past few years which isn’t ideal for deposit accounts. Slowly, interest rates have increased to a modest level. Although investing your money in a savings account won’t yield you the more competitive returns, it’s a good way to help your money grow while still maintaining your cash liquidity.

But not just any savings account will do. According to the FDIC, savings account rates averaged 0.09% as of the week of August 29, 2019. With savings rates at less than 0.1%, you might think twice about opening a new savings account. There’s a better alternative, however; the best high-yield savings account rates are often provided by online banks.

Here are the best high-yield savings account products to compare, before depositing your savings.

If you’re ready to start saving, you might wonder what is the best way to get started? There are various savings vehicles to choose from including certificates of deposit (CDs) and high-yield savings accounts. Which one should you choose though? Read on to learn more about the pros and cons of CDs vs. high-yield savings accounts.