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Originally Posted by aschen
Am I dumb for using this instead of a traditional savings?
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No. Traditional Savings accounts aren’t great investments. They don’t pay a lot because the depositors can take the money out of their account at any time.
My bank pays .6% on its savings accounts.
High Yield savings are a different animal. I don’t know how they operate because they have even fewer restrictions on the number of transactions per month than traditional accounts.
If you expect to need the money in the foreseeable future a High Yield account is a good way to go.