How to choose a high-yield savings account

The checklist

1. Insured by the FDIC or NCUALook for the insurance line on the account page. Insured deposits are covered up to $250,000 per depositor, per bank, per ownership category.
2. A competitive APY, and a steady oneCompare the APY, not the APR. Rates are variable, so a bank that has stayed near the top for a year beats a short teaser rate.
3. No monthly fees and no minimum balanceA fee of a few dollars a month can wipe out the interest on a small balance.
4. Transfers in 1 to 2 business daysCheck how long a move to your checking account takes. Emergency money should arrive within a couple of days.
5. Easy to link to your checking accountYou should be able to set up an automatic transfer for payday in a few minutes.
6. No catch on the rateRead whether the top rate needs a minimum balance, a direct deposit or a bundled checking account.
7. Support you can reachLook for phone support and clear hours. You want a person when something goes wrong.

We don't list specific accounts yet. Use the checklist on any account you're considering. How we make money.

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