There are many resources for finding the best high-yield savings account or money market deposit account for you. Mobile applications such as Empower can help you compare different banks, and there are a bevy of online resources that compare accounts, as well.
When you're looking at what kind of account you should open and at which bank, look for accounts that are federally insured and completely liquid. Then, make sure you know if a certain account has an initial deposit amount, an account minimum or charges fees if you dip below a certain level, Bankrate.com's McBride said.
In addition, McBride says to be aware that most accounts will limit the number of withdrawals you can make each month and some do not have check writing capabilities.
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High,yield savings accounts "are literally available to every household in America," McBride said. There are also plenty of accounts that have no minimum deposit.
Even if you have only a small amount of money to set aside, it's better to start saving earlier rather than later.
"Now is a good time to be saving," said Hogarth at Empower. "We haven't really had a downturn in the economy for over 10 years now, so history will suggest that another will come in the near future."
"You'll need an emergency savings account throughout your financial life. It's not something you're going to outgrow," said McBride of Bankrate.com.