when to save in a high yield savings accountWestend61/Getty

A high-yield savings account is a good place to store money for short-term needs. 
Dozens of banks offer high-yield savings accounts with varying interest rates for different balance amounts, some as high as 2.3%.
A high-yield savings account may be the best place to save money for emergencies, travel, a down payment, a wedding, or “just because.”
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I don’t know about you, but I like to reward myself for saving money toward specific goals. No, not by spending it — by putting it in a place where my money gains value, or at the very least doesn’t lose value, over time.

Because I also want my money to be easy to access — and more secure than in my sock drawer — I use a high-yield savings account for most of my non-retirement savings. These accounts offer interest rates up to 200 times higher than a checking account or traditional savings account, which means money in a high-yield savings account is, minimally, keeping up with inflation.See the rest of the story at Business Insider

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See Also:

A high-yield savings account can earn up to 200 times more on your money — but don’t forget those earnings are taxedA couple who retired early with $1.5 million despite never earning 6 figures uses a ‘bucket’ system for their money so they’ll never run outHere’s exactly how much you should keep in a home repair fund, because owning a home is always more expensive than you think

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