When flexibility beats yield: Savings accounts that make the trade-off worth it

High interest rates get a lot of hype (including from us at CNBC Select), but they aren't always the best choice for everyone.

In some situations, accepting a lower savings return, or annual percentage yield (APY), can actually make more sense. This might be the case if you need quick access to your cash, have a short savings timeline, struggle to meet account requirements, or you simply prefer banking with a well-known institution.

In these scenarios, flexibility can matter more than squeezing out a higher return. Here's more on when flexibility trumps a higher APY.

If you rely on quick access to your savings for essentials like rent but your high-yield savings account makes you wait days for a transfer to your checking account, it's not worth it. You're better off with a savings account that offers instant transfers or a debit/ATM card linked to your savings. A savings account through a big-name bank will also have branches you can visit in person for immediate withdrawals. Even if these said savings accounts have lower APYs, the easy access to your cash, if you need it, is more important.

If you're in this boat, consider the UFB Portfolio Savings Account, which offers a complimentary ATM card and free withdrawals at about 91,000 ATMs nationwide. The daily cash withdrawal limit from an ATM using an ATM card is $510. Even better, there's a pretty solid APY, so you're really not sacrificing much.

The Synchrony Bank High Yield Savings also offers an ATM card that allows you to make withdrawals from any ATMs displaying the Plus or Accel logos in the U.S. and abroad, up to $1,000 per day. These ATMs are typically available at major retailers, convenience stores and bank branches. While Synchrony Bank doesn't charge an ATM fee, ATM operators may. Synchrony refunds up to $5 per statement cycle in domestic ATM fees. And, similar to UFB, the APY earned on this account is pretty competitive.

With a savings account that compounds interest daily or monthly, you'll earn interest over just a couple months, but you have to leave your money in the account for a year to achieve its full APY.

If you're only planning to keep your savings in an account for under a year, you're not actually maximizing a high APY. You'd be better off with a short-term CD where you're guaranteed a fixed rate of return after the CD's term length is up. For instance, you can open and fund a three- or six-month CD that promises just as good a return and you don't have to wait a year.

Some of the best short-term CDs are from Marcus by Goldman Sachs, Alliant Credit Union, Bask Bank and Quontic Bank and Dow Credit Union.

It may be the case that the savings account with the highest return comes with a lot more work to maintain. For instance, having to make a minimum deposit to open the account or meet a minimum daily balance to earn the high APY. Perhaps there are monthly fees if certain conditions aren't met. There's also the scenario where the user experience just isn't great, whether that's subpar customer service or a malfunctioning app.

If you're finding yourself jumping through too many hoops, opt for a savings account that is simply easier, even if it has a lower APY. This can be especially helpful if your balance fluctuates a lot and it's hard to keep up with meeting all the minimums.

The Marcus by Goldman Sachs® High-Yield Online Savings Account comes with no fees, no minimum deposit requirements and easy mobile access. It's one of the most straightforward savings accounts if your goal is simply to grow your money without extra conditions.

The EverBank Savings Account is another solid no-fee option, with no monthly fees, no minimum balance requirements and no overdraft fees.

Many of the best high-yield savings accounts come from online-only banks rather than traditional institutions. This is because online-only banks have less overhead and operating costs, meaning they can pass on higher savings returns to their customers. But if you're loyal to a particular bank or most comfortable banking with a well-known name, it's OK to opt for what feels familiar. These more brick-and-mortar banks have branches you can visit in person, and while their rates might not always top the charts, the convenience and peace of mind can be worth giving up a little extra interest.

If you were to stick with a lower-rate high-yield savings account, how much interest you miss out on versus choosing a higher-rate one depends.

Say you have $5,000 in a savings account earning 3.30% APY versus one earning 4.15% APY. After a year, you'd earn $165 at the lower rate and $207.50 at the higher one. That's a $42.50 difference. Naturally, the higher your balance the bigger the gap of earnings between the lower and higher APYs.

While that's still money you're leaving on the table just for having your funds sit somewhere, both accounts are beating the national average by a wide margin. And if you're already with a bank you trust, you don't want to manage another login or you know the money is moving in a few months anyway, that difference may not be enough to upend your whole setup.

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every savings article is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of banking products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.

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