Hi Reddit,
I’m a college student with some money saved up from odd jobs and internships. I’ve been trying to start saving properly and have opened up a high yield savings account (with Amex). The yield I get is around 2% which is more than I would get from just a savings account with my traditional bank. I know this basically just covers inflation but it still feels like a much better way of saving money. I don’t mind that the bank is online and therefore not as accessible as my regular bank. I just feel like I might be missing something here. Is there a catch somewhere? Why am I getting 2%? Is there something better I should be doing with my money? I am interested in investing part of it but right now I’m just trying to build up a solid savings account. I’m about to add some more money from a job into this savings account but am wondering if I should be putting it all elsewhere. Any advice on HYS accounts? Specifically, are there major drawbacks that I might be missing? Should I keep doing what I’m doing?
Thanks so much!
Submitted March 29, 2019 at 10:29AM by parkandfiftyfirst https://ift.tt/2V9MmvP
