Money Management

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A friend of mine just bought a 12-month certificate of deposit (CD), bragging that he locked in a killer 4.65% interest rate. And while that’s cool for him and his situation, I won’t be putting any of my $25,000 cash pile into CDs anytime soon.Alert: highest cash back card we’ve seen now has 0% intro APR into 2026
This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!
Click here to read our full review for free and apply in just 2 minutes. All my cash is parked in a high-yield savings account (HYSA) instead. And even though I could probably earn higher interest with a CD, I value flexibility right now. I want immediate access to my cash savings during this strange and uncertain year.Right now I have about $25,000 sitting in cash, and here’s what my plans are in 2025.My main gripe with CDs right nowMy biggest irk about CDs is having to lock in my money. Sure, CDs do pay a small premium over savings accounts for this reason. But why lock up my cash for a fixed term when the upside is so small?Here’s what I mean…Right now I’m getting a 4.50% return on my cash in my HYSA.A 12-month CD might offer me ~4.65% at today’s rates, which is great. But that’s only a difference of 0.15 of a percentage point.Over a full year, that translates to only a ~$40 increase in interest if I went with a CD.Long story short, I am happily giving up the small potential boost of $40 to keep my money accessible all year. Flexibility means more to me than that tiny bit of interest.Other reasons I like HYSAsAside from solid interest rates, here are a few more features I love about HYSAs:FDIC insurance for peace of mindEasy transfers to and from your checking accountLow or no account minimumsMany online banks offer no monthly maintenance feesClick here to compare the top high-yield savings accounts and see which one stand to earn your money the most.Why I’m keeping over $25,000 in cashThere are two big reasons why I’m keeping a lot of money in savings — and you may want to as well.Emergency fund: For my e-fund, I like to keep three to four months’ worth of living expenses set aside. It protects me against job loss and bigger disasters. Right now, that’s about $20,000 of my HYSA.Sinking funds: For my shorter-term savings goals, I also stash money in my HYSA. Later this year I’m planning a big family trip to Australia, which will likely cost around $10,000 to $15,000. So I’m slowly saving up for that.Keeping all this cash in an HYSA means it’s earning maximum interest, and I’m not at risk losing any of it investing in the market. To start earning potentially hundreds of dollars a year, move your cash to one of these top high-yield savings accounts available today.Where I’m putting the rest of my money in 2025I’m not blind to the fact that the market is yoyo-ing right now. 2025 is actually shaping up to be a great opportunity to invest while the market is down!Not gonna lie — I have half a mind to dump all my available cash in the stock market right now, knowing that if I wait long enough I’ll make way more money than having it sit in a HYSA.But again, flexibility means more to me than earning potential. I know better than to have zero emergency savings. A disaster could come out of nowhere and put me (and my family) in a tricky situation with no available cash.So here’s my plan for 2025: Any savings over and above my e-fund I plan to invest in my brokerage account for the long term.Final thoughtsCDs are a great fit for some people. Right now they look like a safe bet because they can guarantee a solid return on your money during weird economic times.But for me, the current interest rates on HYSAs make more sense. Locking up my money doesn’t make sense because I may need immediate access to my cash at any time.What’s your take? Are you team CD or team HYSA right now?Alert: highest cash back card we’ve seen now has 0% intro APR into 2026
This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!
Click here to read our full review for free and apply in just 2 minutes. We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
Motley Fool Money does not cover all offers on the market. Editorial content from Motley Fool Money is separate from The Motley Fool editorial content and is created by a different analyst team.Citigroup is an advertising partner of Motley Fool Money. Joe O’Leary has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.”}]] [[{“value”:”

A friend of mine just bought a 12-month certificate of deposit (CD), bragging that he locked in a killer 4.65% interest rate. And while that’s cool for him and his situation, I won’t be putting any of my $25,000 cash pile into CDs anytime soon.

Alert: highest cash back card we’ve seen now has 0% intro APR into 2026

This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!

Click here to read our full review for free and apply in just 2 minutes.

All my cash is parked in a high-yield savings account (HYSA) instead. And even though I could probably earn higher interest with a CD, I value flexibility right now. I want immediate access to my cash savings during this strange and uncertain year.

Right now I have about $25,000 sitting in cash, and here’s what my plans are in 2025.

My main gripe with CDs right now

My biggest irk about CDs is having to lock in my money. Sure, CDs do pay a small premium over savings accounts for this reason. But why lock up my cash for a fixed term when the upside is so small?

Here’s what I mean…

• Right now I’m getting a 4.50% return on my cash in my HYSA.
• A 12-month CD might offer me ~4.65% at today’s rates, which is great. But that’s only a difference of 0.15 of a percentage point.
• Over a full year, that translates to only a ~$40 increase in interest if I went with a CD.

Long story short, I am happily giving up the small potential boost of $40 to keep my money accessible all year. Flexibility means more to me than that tiny bit of interest.

Why I’m keeping over $25,000 in cash

There are two big reasons why I’m keeping a lot of money in savings — and you may want to as well.

• Emergency fund: For my e-fund, I like to keep three to four months’ worth of living expenses set aside. It protects me against job loss and bigger disasters. Right now, that’s about $20,000 of my HYSA.
• Sinking funds: For my shorter-term savings goals, I also stash money in my HYSA. Later this year I’m planning a big family trip to Australia, which will likely cost around $10,000 to $15,000. So I’m slowly saving up for that.

Keeping all this cash in an HYSA means it’s earning maximum interest, and I’m not at risk losing any of it investing in the market. To start earning potentially hundreds of dollars a year, move your cash to one of these top high-yield savings accounts available today.

Where I’m putting the rest of my money in 2025

I’m not blind to the fact that the market is yoyo-ing right now. 2025 is actually shaping up to be a great opportunity to invest while the market is down!

Not gonna lie — I have half a mind to dump all my available cash in the stock market right now, knowing that if I wait long enough I’ll make way more money than having it sit in a HYSA.

But again, flexibility means more to me than earning potential. I know better than to have zero emergency savings. A disaster could come out of nowhere and put me (and my family) in a tricky situation with no available cash.

So here’s my plan for 2025: Any savings over and above my e-fund I plan to invest in my brokerage account for the long term.

Final thoughts

CDs are a great fit for some people. Right now they look like a safe bet because they can guarantee a solid return on your money during weird economic times.

But for me, the current interest rates on HYSAs make more sense. Locking up my money doesn’t make sense because I may need immediate access to my cash at any time.

What’s your take? Are you team CD or team HYSA right now?

Alert: highest cash back card we’ve seen now has 0% intro APR into 2026

This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!

Click here to read our full review for free and apply in just 2 minutes.

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
Motley Fool Money does not cover all offers on the market. Editorial content from Motley Fool Money is separate from The Motley Fool editorial content and is created by a different analyst team.Citigroup is an advertising partner of Motley Fool Money. Joe O’Leary has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

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[[{“value”:”Image source: The Motley Fool/Upsplash
CD rates remain competitive now, especially for terms of six to 14 months, with top rates between 4.50% and 4.65%.Alert: highest cash back card we’ve seen now has 0% intro APR into 2026
This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!
Click here to read our full review for free and apply in just 2 minutes. The Federal Reserve tentatively plans to cut rates twice later this year, with the first cut predicted around mid-June. If you’re considering a CD, now seems a good time to lock in.Check out some of the highest CD rates available today.BankAPYTermMinimum DepositOMB4.65%7 Months$1,000United Fidelity Bank4.60%10 Months$1,000Brilliant Bank4.55%9 Months$1,000Marcus by Goldman Sachs4.50%14 Months$500United Fidelity Bank4.50%6 Months$1,000Data source: Issuing banks. Rates are accurate as of April 15, 2025.Why we chose these CDsExtremely competitive rates. Some CDs have slightly higher rates, but most come with a catch.Low minimum deposits. Some CDs require a minimum deposit of $5,000 or more, while the CDs above let you deposit as little as $500.Available nationwide. Some high-yield CDs are offered by regional credit unions that not everyone can easily join. The CDs above come from banks that anyone in the U.S. can join without jumping through hoops.Online convenience. All the CDs on our list can be opened and managed quickly and conveniently on the bank issuer’s website, from the comfort of home.While the CDs above offer some of the most competitive rates available today, they’re not the only strong options worth considering. Discover offers a solid alternative, with CDs that are budget friendly, easy to open, and are available in a huge variety of terms. If you value a smooth online experience and the recognition of a trusted digital bank, they’re worth a look. Explore Discover® Bank rates here.The Best CD Rates From Our Partners TodayWant to find the best CD for your timeline and goals? Explore top rates by term:Best CD Rates — Our expert picks for the top accounts available todayBest 6-Month CD Rates — Short-term savings with fast accessBest 12-Month CD Rates — Solid returns with just a 1-year commitmentBest 5-Year CD Rates — Maximize earnings over the long haulShould you open a CD now?Even though CD rates have decreased since mid-2024, they remain competitive. While the Federal Reserve has decided to keep the federal funds rate unchanged for now, many experts anticipate that rate cuts are likely to occur as we move further into 2025.Now could be an excellent time to lock in a CD if:You want safe, guaranteed returns on your cashYou want to protect your savings from the possibility of near-term interest rate cutsThe best CDs are backed by FDIC insurance, which protects deposits of up to $250,000 per person, per bank, in case of a bank failure. Although CDs present minimal risk, other investment avenues like the stock market might provide opportunities for higher returns.How to open a CDWhen you’re ready, you can open a CD in just a few simple steps:Shop around to find the highest APY for the term you want.Read the fine print and make sure you can meet the minimum deposit, if there is one.Apply for a new account on the bank’s website or mobile app, or over the phone. You’ll likely be approved and ready to invest in minutes.Link an existing bank account to transfer funds to a new CD.Remember, each CD allows only one deposit. Plan your amount wisely. When you’re ready, click here to explore the best CD rates and open a high-yield CD today.Once you’ve opened your CD, keep an eye on its maturity date. When a CD matures, the bank will typically do one of two things unless you say otherwise:Pay out your initial deposit plus your earnings as cashReinvest your funds in a new CD with the same term (but potentially a different APY)Most banks give you a grace period of seven to 10 days after the CD’s maturity date to make a decision.Earn up to 4.10% APY without the commitmentIf you want to earn a high APY with more flexibility and less commitment, a high-yield savings account will allow you to deposit and withdraw money whenever you want and transfer money to other accounts quickly and easily. You can leave your money in the account as long as you want, with no time requirement.Unlike CDs, savings accounts have variable rates, meaning they can change any time at the issuer’s discretion. But right now, high-yield savings account rates are nearly on par with the best CD rates, making either one a great choice, depending on your savings goals.If you want to earn a competitive APY without losing access to your cash for a minimum of several months, check out our list of the best high-yield savings accounts.Alert: highest cash back card we’ve seen now has 0% intro APR into 2026
This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!
Click here to read our full review for free and apply in just 2 minutes. We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
Motley Fool Money does not cover all offers on the market. Editorial content from Motley Fool Money is separate from The Motley Fool editorial content and is created by a different analyst team.Discover Financial Services is an advertising partner of Motley Fool Money. James McClenathen has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Goldman Sachs Group. The Motley Fool recommends Discover Financial Services. The Motley Fool has a disclosure policy.”}]] [[{“value”:”

CD rates remain competitive now, especially for terms of six to 14 months, with top rates between 4.50% and 4.65%.

Alert: highest cash back card we’ve seen now has 0% intro APR into 2026

This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!

Click here to read our full review for free and apply in just 2 minutes.

The Federal Reserve tentatively plans to cut rates twice later this year, with the first cut predicted around mid-June. If you’re considering a CD, now seems a good time to lock in.

Check out some of the highest CD rates available today.

Why we chose these CDs

• Extremely competitive rates. Some CDs have slightly higher rates, but most come with a catch.
• Low minimum deposits. Some CDs require a minimum deposit of $5,000 or more, while the CDs above let you deposit as little as $500.
• Available nationwide. Some high-yield CDs are offered by regional credit unions that not everyone can easily join. The CDs above come from banks that anyone in the U.S. can join without jumping through hoops.
• Online convenience. All the CDs on our list can be opened and managed quickly and conveniently on the bank issuer’s website, from the comfort of home.

Want to find the best CD for your timeline and goals? Explore top rates by term:

• Best CD Rates — Our expert picks for the top accounts available today
• Best 6-Month CD Rates — Short-term savings with fast access
• Best 12-Month CD Rates — Solid returns with just a 1-year commitment
• Best 5-Year CD Rates — Maximize earnings over the long haul

Should you open a CD now?

Even though CD rates have decreased since mid-2024, they remain competitive. While the Federal Reserve has decided to keep the federal funds rate unchanged for now, many experts anticipate that rate cuts are likely to occur as we move further into 2025.

Now could be an excellent time to lock in a CD if:

• You want safe, guaranteed returns on your cash
• You want to protect your savings from the possibility of near-term interest rate cuts

The best CDs are backed by FDIC insurance, which protects deposits of up to $250,000 per person, per bank, in case of a bank failure. Although CDs present minimal risk, other investment avenues like the stock market might provide opportunities for higher returns.

How to open a CD

When you’re ready, you can open a CD in just a few simple steps:

1. Shop around to find the highest APY for the term you want.
2. Read the fine print and make sure you can meet the minimum deposit, if there is one.
3. Apply for a new account on the bank’s website or mobile app, or over the phone. You’ll likely be approved and ready to invest in minutes.
4. Link an existing bank account to transfer funds to a new CD.

Remember, each CD allows only one deposit. Plan your amount wisely. When you’re ready, click here to explore the best CD rates and open a high-yield CD today.

Once you’ve opened your CD, keep an eye on its maturity date. When a CD matures, the bank will typically do one of two things unless you say otherwise:

1. Pay out your initial deposit plus your earnings as cash
2. Reinvest your funds in a new CD with the same term (but potentially a different APY)

Most banks give you a grace period of seven to 10 days after the CD’s maturity date to make a decision.

Earn up to 4.10% APY without the commitment

If you want to earn a high APY with more flexibility and less commitment, a high-yield savings account will allow you to deposit and withdraw money whenever you want and transfer money to other accounts quickly and easily. You can leave your money in the account as long as you want, with no time requirement.

Unlike CDs, savings accounts have variable rates, meaning they can change any time at the issuer’s discretion. But right now, high-yield savings account rates are nearly on par with the best CD rates, making either one a great choice, depending on your savings goals.

Alert: highest cash back card we’ve seen now has 0% intro APR into 2026

This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!

Click here to read our full review for free and apply in just 2 minutes.

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
Motley Fool Money does not cover all offers on the market. Editorial content from Motley Fool Money is separate from The Motley Fool editorial content and is created by a different analyst team.Discover Financial Services is an advertising partner of Motley Fool Money. James McClenathen has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Goldman Sachs Group. The Motley Fool recommends Discover Financial Services. The Motley Fool has a disclosure policy.

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[[{“value”:”Image source: Upsplash/The Motley Fool
If you’re like me, you hate the idea of your money just sitting doing nothing. That’s why I keep a close eye on savings account rates — and right now, some of the best ones are still paying around 5% APY. That’s more than 10 times better than the national average 0.41%, and it’s one of the easiest ways to put your cash to work without lifting a finger.Alert: highest cash back card we’ve seen now has 0% intro APR into 2026
This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!
Click here to read our full review for free and apply in just 2 minutes. Every day, we round up the top rates so you don’t have to dig through dozens of bank websites. Whether you have a little extra in your checking account or you’re finally ready to start building an emergency fund, a high-yield savings account is a simple (and safe) move.Here are the best savings account rates we’ve found today along with a few tips to help you pick the right one.Bank AccountAPYMinimum Account BalanceVaro Savingsup to 5.00%Max APY on up to $5,000, 2.50% APY afterAxos ONE®up to 4.66%$1,500Pibank Savings4.60%$0Peak Bank Envision High Yield Savingsup to 4.54%$100 to open, 2.02% APY on balances of $10,000,000 and aboveBrioDirect High-Yield Savings4.50%$5,000 to open, $25 to maintainData source: Issuing banks. Rates are accurate as of April 15, 2025.Why we chose these savings accountsThe accounts above stood out to us for several key reasons:High APYs. These are among the most competitive interest rates available, helping your money grow faster.Low barriers to entry. Some accounts have low or no minimum deposit requirements to open or earn interest.Available nationwide. These banks let you open an account from anywhere in the U.S. without needing to join a local credit union.Online convenience. Every account listed can be opened and managed entirely online from your phone or computer.If you’re not earning more than 4.00% APY on your savings, it might be time to switch. Rates have been mostly flat since the end of 2024, but several online banks are leading the pack without requiring huge balances. We like LendingClub LevelUp Savings account because it pays a competitive APY in exchange for a fairly low amount in monthly deposits. Pro tip: Be careful with teaser rates that drop after a few months. Always check the fine print. Read our full LendingClub LevelUp Savings review to learn more.Want to grow your money without locking it up?High-yield savings accounts combine flexibility with competitive interest. If you value easy access to your funds and no long-term commitment, an HYSA may be the perfect fit.Explore more options:Best High-Yield Savings Accounts — See our top picks todayBanks With Savings Buckets — Track your savings goals separatelySafest Banks in the U.S. — Sleep peacefully at night knowing your money is safeShould you open a high-yield savings account now?Got extra cash sitting in a savings account and earning little? Now’s a great time to make a change. With rates still high, high-yield savings accounts let your money grow without tying it down.Consider a high-yield savings account if:You want to earn more interest without locking away your moneyYou appreciate safety — most accounts come with FDIC insuranceYou want easy online access with no or low feesYou prefer flexibility over fixed termsHigh-yield accounts offer better returns while keeping your cash within reach. They’re a perfect place to stash your cash for emergencies, home projects, or upcoming trips. Click here to compare the best high-yield savings accounts and open one today.How to open a high-yield savings accountGetting started with a high-yield savings account is easy and usually takes just a few minutes:Compare your options. Look for the best APY, but also consider fees, ease of access, and minimum balance rules.Apply online. Most accounts can be opened from your phone or computer — no paperwork required.Fund your account. Link an existing checking or savings account and transfer the amount you want to deposit.Set up recurring deposits (optional). Some accounts offer higher APYs when you make regular monthly contributions.Track your balance and earnings. Interest usually compounds daily and is paid monthly, helping your savings grow faster over time.Don’t want to deal with monthly deposit requirements?Some high-yield accounts offer the best rates with no strings attached — no recurring deposit requirements, no minimum balance to earn interest, and no monthly fees. If you’re looking for a hassle-free option, learn more about the American Express® High Yield Savings (Member FDIC), which offers a competitive APY with no minimum deposit.Alert: highest cash back card we’ve seen now has 0% intro APR into 2026
This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!
Click here to read our full review for free and apply in just 2 minutes. We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
Motley Fool Money does not cover all offers on the market. Editorial content from Motley Fool Money is separate from The Motley Fool editorial content and is created by a different analyst team.Charles Schwab is an advertising partner of Motley Fool Money. Discover Financial Services is an advertising partner of Motley Fool Money. SLM is an advertising partner of Motley Fool Money. American Express is an advertising partner of Motley Fool Money. Ally is an advertising partner of Motley Fool Money. HSBC Holdings is an advertising partner of Motley Fool Money. JPMorgan Chase is an advertising partner of Motley Fool Money. Bank of America is an advertising partner of Motley Fool Money. Wells Fargo is an advertising partner of Motley Fool Money. Citigroup is an advertising partner of Motley Fool Money. Synchrony Financial is an advertising partner of Motley Fool Money. The Motley Fool has positions in and recommends Axos Financial, Bank of America, Goldman Sachs Group, JPMorgan Chase, PNC Financial Services, and U.S. Bancorp. The Motley Fool recommends Barclays Plc, Charles Schwab, Discover Financial Services, and HSBC Holdings and recommends the following options: short June 2025 $85 calls on Charles Schwab. The Motley Fool has a disclosure policy.”}]] [[{“value”:”

If you’re like me, you hate the idea of your money just sitting doing nothing. That’s why I keep a close eye on savings account rates — and right now, some of the best ones are still paying around 5% APY. That’s more than 10 times better than the national average 0.41%, and it’s one of the easiest ways to put your cash to work without lifting a finger.

Alert: highest cash back card we’ve seen now has 0% intro APR into 2026

This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!

Click here to read our full review for free and apply in just 2 minutes.

Every day, we round up the top rates so you don’t have to dig through dozens of bank websites. Whether you have a little extra in your checking account or you’re finally ready to start building an emergency fund, a high-yield savings account is a simple (and safe) move.

Here are the best savings account rates we’ve found today along with a few tips to help you pick the right one.

Why we chose these savings accounts

The accounts above stood out to us for several key reasons:

• High APYs. These are among the most competitive interest rates available, helping your money grow faster.
• Low barriers to entry. Some accounts have low or no minimum deposit requirements to open or earn interest.
• Available nationwide. These banks let you open an account from anywhere in the U.S. without needing to join a local credit union.
• Online convenience. Every account listed can be opened and managed entirely online from your phone or computer.

Want to grow your money without locking it up?

High-yield savings accounts combine flexibility with competitive interest. If you value easy access to your funds and no long-term commitment, an HYSA may be the perfect fit.

Explore more options:

• Best High-Yield Savings Accounts — See our top picks today
• Banks With Savings Buckets — Track your savings goals separately
• Safest Banks in the U.S. — Sleep peacefully at night knowing your money is safe

Should you open a high-yield savings account now?

Got extra cash sitting in a savings account and earning little? Now’s a great time to make a change. With rates still high, high-yield savings accounts let your money grow without tying it down.

Consider a high-yield savings account if:

• You want to earn more interest without locking away your money
• You appreciate safety — most accounts come with FDIC insurance
• You want easy online access with no or low fees
• You prefer flexibility over fixed terms

High-yield accounts offer better returns while keeping your cash within reach. They’re a perfect place to stash your cash for emergencies, home projects, or upcoming trips. Click here to compare the best high-yield savings accounts and open one today.

How to open a high-yield savings account

Getting started with a high-yield savings account is easy and usually takes just a few minutes:

1. Compare your options. Look for the best APY, but also consider fees, ease of access, and minimum balance rules.
2. Apply online. Most accounts can be opened from your phone or computer — no paperwork required.
3. Fund your account. Link an existing checking or savings account and transfer the amount you want to deposit.
4. Set up recurring deposits (optional). Some accounts offer higher APYs when you make regular monthly contributions.
5. Track your balance and earnings. Interest usually compounds daily and is paid monthly, helping your savings grow faster over time.

Don’t want to deal with monthly deposit requirements?

Alert: highest cash back card we’ve seen now has 0% intro APR into 2026

This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!

Click here to read our full review for free and apply in just 2 minutes.

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
Motley Fool Money does not cover all offers on the market. Editorial content from Motley Fool Money is separate from The Motley Fool editorial content and is created by a different analyst team.Charles Schwab is an advertising partner of Motley Fool Money. Discover Financial Services is an advertising partner of Motley Fool Money. SLM is an advertising partner of Motley Fool Money. American Express is an advertising partner of Motley Fool Money. Ally is an advertising partner of Motley Fool Money. HSBC Holdings is an advertising partner of Motley Fool Money. JPMorgan Chase is an advertising partner of Motley Fool Money. Bank of America is an advertising partner of Motley Fool Money. Wells Fargo is an advertising partner of Motley Fool Money. Citigroup is an advertising partner of Motley Fool Money. Synchrony Financial is an advertising partner of Motley Fool Money. The Motley Fool has positions in and recommends Axos Financial, Bank of America, Goldman Sachs Group, JPMorgan Chase, PNC Financial Services, and U.S. Bancorp. The Motley Fool recommends Barclays Plc, Charles Schwab, Discover Financial Services, and HSBC Holdings and recommends the following options: short June 2025 $85 calls on Charles Schwab. The Motley Fool has a disclosure policy.

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