Watch CBS News

Apple's new high-yield savings account shows benefit of opening an account now

High-yield savings can help you prepare for the future while earning extra interest on your money. A.J. Rich / Getty Images

Apple just launched a new high-yield savings account for Apple Card users — sparking plenty of conversation about saving money today.

The Apple Card savings account has some competitive features. It offers a 4.15% APY with no fees, no minimum balance requirements and no minimum deposit. 

The new account's debut has shed light on some of the best reasons you should be saving in a high-yield savings account right now. In general, high-yield savings accounts help keep your money safe while offering added benefits like interest earnings, no fees, easy access and more.

But there are plenty of online savings account options with similar benefits for every type of saver today. If you're looking to save for your financial future — while earning a great interest rate on your balance — it can pay to compare.

Explore some of today's best high-yield savings rates here now to see how much more you could be earning.

Why you should get a high-yield savings account now

Here are three reasons why a high-yield savings account is one of the best tools available to set yourself up for financial success:

Earn money on your savings 

If you have money sitting in a traditional savings account earning close to zero interest, you're missing out on the potential to earn today's great interest rates.

Even better? The sooner you start contributing to your savings, the more you'll be able to earn.

Interest rates are higher now than they've been in years — and depending on your balance, you may be able to get hundreds of dollars added to your account each year in interest earnings on top of the contributions you make yourself. For one example, if you live in an eligible state, you can earn 4.00% APY right now with the PNC High Yield Savings with a balance of just $1.00 or more, with no monthly fees or minimum deposit.

Learn more about the best high-yield savings interest rates available today

Prepare for the unexpected

Prices are still high as inflation continues to impact Americans' wallets, and many are still concerned about a potential recession. 

One of the best ways to prepare for uncertainty in today's economy is by saving money for unexpected future expenses or periods of financial hardship. In fact, experts often recommend setting aside a few months' expenses as your emergency fund.

Even if you don't have that much saved now, putting away something is always better than nothing. Plus, adding just a few dollars each month can add up over time.

Easily access the money you save

Unlike some other savings options, high-yield savings accounts are highly accessible and liquid, allowing you access to your money at any time. 

Many high-yield savings accounts are offered by online banks, which means you can't typically access your accounts in person. However, transfers can be as quick as one to three business days, and some online banks offer instant transfers. And if you're just looking to check your balance or make a contribution, you can easily access your account via your bank's online portal or mobile app.

Some banks may place restrictions on the number of transactions you can make from your savings account each month. You can look for accounts without this limit, but even if your bank does have a limit, it's typically around six times per month — which should still give you plenty of access when you need it. After all, you shouldn't treat your savings like a checking account to withdraw money from regularly.

The bottom line

The new Apple Card savings account from Apple and Goldman Sachs may be the most recent high-yield savings account to hit the market — but there are plenty of other account options you should consider.

Make sure any high-yield savings account you open has a competitive interest rate and no monthly fees, and make sure any minimum deposit or balance requirements fit with your individual situation. 

Several high-yield savings accounts available today offer competitive features and interest rates, and there are many solid choices on the market today. The most important thing you can do to secure your savings is to find one with details that work for you and start saving. 

The sooner you begin contributing to your savings, the faster you can prepare for the future and grow your balance over time.

To get started, compare some of the best high-yield savings account rates available now.

View CBS News In
CBS News App Open
Chrome Safari Continue
Be the first to know
Get browser notifications for breaking news, live events, and exclusive reporting.