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A well-stocked emergency fund can be
Many financial experts recommend saving a minimum of th
If you haven’t started building an emergency fund yet or you want to increase the size of your emergency savings, the tips below are worth exploring. Below are
Update Your Budget
Upda
There are many personal finance apps and
As you update your budget, make sure to includ
Use a Separate Bank Account
Another tip that could help you build your emergency fund is keeping your savings in a separate bank account. Opening a savin
Open a High-Yield Savings Account
Whether you decide to move your emergency fund to a separate bank or keep the money with your same financial institution, it’s a good idea to e
According to the Federal Deposit Insurance Corporation (FDIC), the average APY on a savings account as of August 21, 2023, wa
Recommended High-Yield Savings Accounts
Bank Account | APY | Features | Learn More |
---|---|---|---|
|
5.25%
UFB Direct breaks balances into five tiers, but, currently, there is only one interest rate. |
No minimum deposit |
Open Account |
|
0.50% - 4.60%
Customers earn 4.60% APY on savings balances when they set up recurring monthly direct deposit of their paycheck or benefits provider via ACH deposit. Alternatively, deposit at least $5,000 each month to earn 4.60% APY on your savings balance. Checking balances earn 0.50% APY |
No minimum deposit |
Open Account |
|
5.05%
Earn 5.05% APY on balances over $5,000. Balances of less than $5,000 earn 0.25% APY. Annual Percentage Yield is accurate as of July 27, 2023. Interest rates for the Platinum Savings account are variable and subject to change at any time without notice. |
$100 minimum deposit |
Open Account |
|
4.65%
Annual Percentage Yield is accurate as of July 27, 2023. Interest rates for the Savings Connect account are variable and subject to change at any time without notice. |
$100 minimum deposit |
Open Account |
8 High-Yield Savings Accounts With Over 5.00% APY
Automate Your Savings
Once you decide how much money you want t
Many banks will allow you to sche
Take Advantage of Bank Bonuses
If you’re looking for out-of-the-box ways to boost your emergency savings, consider op
But be sure to re
Explore the Best Bank Bonuses Currently Available
Visit the MarketplaceWork a Side Hustle
Boosting your income could be another great way to build your emergency fund faster. Yet earning m
If you have the time, however, working a side gig or part-
Bottom Line
A well-established emergency fund can red
Think about the financial goals you want to reach after you buil