Right now, I have about $25,000 sitting in a high-yield savings account earning 4.50% interest. If I lost my income tomorrow, that cash pile would help cover my family's bills, groceries, and other expenses without going into debt.

Looking for a secure place to grow your savings? See our expert picks for the best FDIC-insured high-yield savings accounts available today - enjoy peace of mind with competitive rates.

But is it enough to protect me in a recession? What's the ideal savings number to help us ride out a lengthy rough patch?

A six-month buffer is ideal

If you lost your job today, how long would it take to find another one?

In a strong economy, it could be fairly quick. You might land a new gig within a month or two, or pick up some freelance or side work to keep money flowing.

But during a recession, when layoffs spike and hiring slows, finding work could take much longer.

In fact, during the 2007-2009 Great Recession, the median unemployment period was 25.2 weeks (nearly six months), according to the Bureau of Labor Statistics. And when jobs are scarce, even gig work can dry up.

That's why personal finance expert Robert Brokamp recommends folks lean toward a larger savings cushion:

Basically, saving six months of expenses gives you more time to find a job if the economy goes south.

Here's what six months of savings looks like at different spending levels:

Where to keep your emergency savings

This part matters more than most people think.

Keeping your emergency fund in a safe place that's easy to access is important. But you also want to earn maximum interest on your cash.

That's why a high-yield savings account (HYSA) is the best spot. HYSAs earn about 10 times the national average APY. And today's top accounts are offering rates up to 4.40%.

HYSAs are also FDIC insured, up to $250,000 per depositor. So you can relax knowing your money is federally protected, even if the bank you're with goes out of business.

A barebones budget can help

My wife and I usually spend about $6,000 to $7,000 per month. So, at our normal spending rate, our $25,000 emergency fund would last us around three to four months.

But here's the thing. If I actually lost my job and couldn't find work right away, we could tighten up our spending quite a bit. We could pause travel, cut subscriptions, and put a temporary freeze on non-essentials. That would shrink our monthly spending significantly, maybe to $4,500 per month. Our emergency fund would last us closer to six months then.

This stripped-down version of our expenses is called a barebones budget. It's a super useful tool to have in your back pocket.

Pro tip: Some banks offer built-in budgeting tools that help you track your spending and flag unnecessary expenses that can be cut fast.

Tips to build up your recession fund faster

If you don't have a full six months of savings currently, here are a few moves that can get you there faster:

1. Set up automatic transfers. Each payday, move a bit of money from your checking account into savings. Then you'll be stashing money without even thinking about it.
2. Save any windfalls. Bonuses, tax refunds, or birthday cash from grandma…put it all right toward your savings goal.
3. Cut back temporarily. Skipping one dinner out per week could save you $200 a month or more. Believe me, the sacrifice will be worth it when you're sitting on a full emergency fund.
4. Get the highest APY you can. Park your savings in an HYSA with one of the best available APYs. All that interest helps your fund grow faster.

Progress feels slow at first, but momentum builds fast.

Recessions are unpredictable. Having a solid cash cushion means you don't need to panic-sell investments or swipe a credit card when life gets rocky.

So whether your number is $5,000 or $50,000, start stacking that fund today. The peace of mind is worth every penny.

No one ever regrets having extra cash in a crisis. Explore the top high-yield savings accounts today and start earning up to 4.40% APY, with zero risk and full liquidity.

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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.Joel O'Leary has no position in any of the stocks mentioned. The Motley Fool recommends Barclays Plc. The Motley Fool has a disclosure policy.

If you've been waiting for the right time to open a certificate of deposit (CD), this is probably it.

Looking for a secure place to grow your savings? See our expert picks for the best FDIC-insured high-yield savings accounts available today - enjoy peace of mind with competitive rates.

CD rates are still hovering at 4.00% APY and above, a huge increase from just a few years ago when rates were stuck near zero. But with the Federal Reserve expected to cut interest rates later this year, CD rates are all but guaranteed to fall as well.

Here's why now's the time to lock in a CD and get a higher guaranteed return today.

Rate cuts are expected later this year

The Fed has signaled that it will start cutting interest rates later this year, despite balking at its recent May meeting. When that happens, CD rates will almost definitely follow.

Historically, when the Fed begins a rate-cutting cycle, banks respond by lowering interest rates on savings products like CDs. CD rates tend to move in the same direction as the federal funds rate, which affects how much banks are willing to pay depositors.

That means today's best CD rates could disappear quickly. And we've already seen big banks like Marcus and Bread Savings trim their CD rates in anticipation.

Locking in now could protect your savings

Opening a CD today lets you lock in a high rate for a fixed period of time (generally between three months and five years). If rates fall later this year, you'll still earn that guaranteed return while others get stuck with lower yields. Meanwhile, savings accounts have variable rates that can change at any time.

CDs also come with federal insurance (up to $250,000 per depositor, per bank), so you don't have to worry about bank failure. Just be sure you won't need the money during the term so you can avoid early withdrawal penalties.

How to open a CD

Opening a CD is simple. Here's how to do it:

1. Compare rates -- Look at top online banks and credit unions, not just traditional banks.
2. Choose a term -- Determine how long you can afford to lock up your money.
3. Check the fine print -- Look for early withdrawal penalties, minimum deposits, and renewal rules.
4. Fund your CD -- Transfer funds from a linked account

Many banks let you open a CD in minutes online, and some offer no-penalty CDs if you want more flexibility.

Lock in your higher rate today

If history is any guide, CD rates won't stay this high for much longer. With rate cuts expected in the coming months, now's a smart time to lock in a high, guaranteed return. Just make sure you're comfortable keeping your money parked until the term ends.

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Some of the top CDs are paying well over 4.00% APY right now -- a rare treat if you've been stuck earning pennies in a basic savings account.

Looking for a secure place to grow your savings? See our expert picks for the best FDIC-insured high-yield savings accounts available today - enjoy peace of mind with competitive rates.

But with the Federal Reserve hinting at rate cuts later this year, you might be wondering: Should you lock in today's high rates? Or is it smarter to keep your cash flexible?

Let's break down the latest CD rates, a smart strategy for investing in CDs, and how high-yield savings accounts (HYSAs) stack up today.

Best short-term CD rates in May 2025

Right now, short-term CDs are offering higher yields than their longer-term counterparts.

Here's how the top shorter-term CD rates stack up as of May 2025:

If the Fed lowers rates soon, we'll likely see these rates drop quickly. So if you've got cash you don't need for the rest of 2025, it might make sense to lock in a great rate while you can.

Explore all the top CDs of May 2025 to see the latest high-rate options before they disappear.

A CD ladder can give you more flexibility

If you're worried about locking up cash for too long, CD laddering can be a good strategy.

It works like this:

• Start by splitting your money into equal parts. For example, you might split $20,000 into four lots of $5,000.
• Next, open several CDs with staggered terms. For example, one for 6 months, one for 12 months, one for 18 months, and another for 24 months. Put $5,000 into each.
• As each CD matures, you can either cash it out if you need the money, or roll your funds into a new long-term CD to keep the ladder going.

Laddering allows you to lock in today's great rates, but gives you regular chances to change your strategy (or lock in higher rates if they come available).

If you're building a ladder, short-term CDs are your best building blocks right now thanks to their higher APYs.

High-yield savings accounts are great too

If locking up your money makes you nervous, a high-yield savings account might be a better home for your cash.

Right now, the best online HYSAs are paying around 4.00%, which is only slightly lower than what you can earn with short-term CDs.

The main downside is: HYSA rates are variable. If the Fed cuts rates, your savings rate will follow suit, unlike your CD rate that's locked in.

Personally, I keep about $25,000 in an HYSA. For me, it's worth a little less yield to know I can access my cash instantly if something unexpected comes up.

Don't miss today's high rates

CDs are absolutely still worth considering in May 2025 -- but only if they fit your savings timeline. If you can afford to lock your money up for between six and 18 months, CDs paying over 4.00% could be an awesome low-risk win.

But if you need fast access to your money, a high-yield savings account is the safer, smarter play.

Either way, don't let your cash sit in an account earning 0.01%.

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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.Joel O'Leary has no position in any of the stocks mentioned. The Motley Fool recommends Barclays Plc. The Motley Fool has a disclosure policy.

A friend of mine said the safest money move right now is to buy Bitcoin. I nearly spit out my coffee!

Looking for a secure place to grow your savings? See our expert picks for the best FDIC-insured high-yield savings accounts available today - enjoy peace of mind with competitive rates.

If you're looking for actually safe places to park your money -- the kind with predictable returns and no emotional rollercoaster -- this list is more your speed.

Here are four smart places to stash your cash (no crypto required).

1. High-yield savings accounts

These are like regular savings accounts -- but earn up to 10X the national average interest rate.

High-yield savings accounts (HYSAs) are FDIC insured, and right now can be found with rates as high as 5.00% APY.

But for example purposes, we'll use a more common APY of 4.10% for our calculations. To put this into dollars, here's what earnings could look like after 12 months at various balances:

Unlike my buddy's Bitcoin, there's zero risk to your principal. With FDIC insurance, your money stays safe. Even if the bank goes under, you're protected up to $250,000 per depositor, per institution.

HYSA rates do ebb and flow with the economy and Federal Reserve changes. But movement is slow and often predictable.

2. Certificates of deposit (CDs)

CDs are like the "set it and forget it" crockpot of saving. You lock in a great rate, walk away, and come back to guaranteed growth.

In May 2025, short-term CDs (3- to 12-month terms) are offering rates around the 4.00% mark, with some online banks offering up to 4.65% APY. These are ideal if you anticipate needing access to your funds in the near future.​

On the other hand, you might prefer locking your money in for a longer term and accepting a slightly lower rate. Mid-term CDs (1 year to 3 years) are yielding between 3.25% and 4.00% APY. Locking in these rates now can be a smart move, especially if interest rates decline in the coming months.​

Keep in mind that CDs do come with early withdrawal penalties. So, choose a term that aligns with your financial goals and timeline.

3. Treasury bills (T-bills)

T-bills are like super-safe IOUs from the U.S. government. You give them money now, and they promise to pay you back later, with interest.

As of May 2025, short-term T-bills (three to six months) are yielding around 4.30% APY.

How they work: You buy T-bills at a discount (say, $975), then get the full $1,000 back when they mature in a few weeks or months. That difference is your interest.

One cool thing about T-bills is that the interest you earn isn't taxed at the state or local level -- you only pay federal taxes. This is a big win if you're in a higher tax bracket.

You can buy T-bills straight from TreasuryDirect.gov, or invest through a brokerage.

4. Money market funds

Imagine taking CDs, T-bills, and other super-safe investments and smooshing them together into one big fund. That's basically what a money market fund is.

You get to spread your risk across many different short-term assets, and reap the blended yield of everything.

In May 2025, many money market funds are paying between 3.45% and 4.24%.

Something to check with your current broker: Many firms automatically "sweep" your uninvested cash into one of these funds. This is a great feature to earn the most on your cash while it's sitting idle.

Read all about one of our favorite brokers that does this and learn how its low fees and simple approach make it a great choice for protecting your savings.

Keep it boring (and safe)

If you're like me -- and not taking financial advice from your Bitcoin-loving buddy -- then you know that boring and proven methods are a better way to keep your cash safe.

HYSAs, CDs, money market funds, and T-bills all offer steady, low-risk returns that won't keep you up at night.

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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. Joel O'Leary has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bitcoin. The Motley Fool recommends Barclays Plc, Discover Financial Services, and Flow. The Motley Fool has a disclosure policy.

I love my high-yield savings account (HYSA). It keeps my money safe and easy to get to. I'm earning hundreds of dollars in interest every year with no effort.

Looking for a secure place to grow your savings? See our expert picks for the best FDIC-insured high-yield savings accounts available today - enjoy peace of mind with competitive rates.

But the time has come for me to move some cash to an account where it can earn even more. Here's why -- and why you may want to do the same.

I have enough money in savings to cover an emergency

A high-yield savings account is the perfect place to keep your emergency fund. Your money is safe and FDIC insured, you can withdraw it whenever you need to, and you'll earn a way higher interest rate than the average saver.

Most people want to have at least three months' worth of expenses in their emergency fund. I aim for six months' worth so I'm prepared for worst-case scenarios -- say, losing my job or having a major, expensive health issue.

I recently reached my emergency savings goal, and then I got a big tax refund. So I'm taking that extra cash and investing it for long-term growth.

The stock market is down -- and that's a great reason to invest

I invest in stocks every month, no matter what the market is doing. But when stock prices drop, like they have recently, I try to invest even more. The market will eventually rebound and go on to reach new highs (as it always has), and today's stock prices will look like bargains.

If you're spooked by stock market investing, I have good news: There's an incredibly simple and relatively safe way to profit from the growth of American companies.

I've used this strategy for years, and it's the biggest reason I'm on track to retire early.

1. Open an IRA

An individual retirement account (IRA) is pretty much what it sounds like: an account for retirement savings and investments. And if you don't have one, you could be missing out on huge tax breaks and investing opportunities.

Much like a 401(k), an IRA saves you from investing-related taxes. When you buy stocks, funds, etc., and hold them in your IRA, you won't have to pay capital gains tax or dividend tax. So if you sell an investment at a profit, or receive a dividend payment, the IRS can't touch your earnings.

IRAs do come with one big limitation: If you withdraw funds before age 59 1/2, you'll pay a big penalty (with rare exceptions).

You can open an IRA through any major stock broker. Within minutes, you'll be ready to start investing for retirement -- the smart way. Click here to check out our list of the best stock brokers and open a new account today.

Once your IRA is open, it's time to add some funds and buy some investments. Here's my personal favorite.

2. Buy an S&P 500 Index ETF

The S&P 500 Index consists of 500 of the biggest companies in the U.S. It makes up more than half the stock market. Since 1957, the index has averaged an incredible return of 10% per year.

An S&P 500 ETF is a type of fund that lets you buy a share of all those companies at once. With a single purchase, you'll have a diversified portfolio of stocks from many different industries.

Every major broker sells S&P 500 ETFs, so you can buy one through your IRA online. There are a lot of them, and most have ultra-low fees (known as "expense ratios"). You almost can't go wrong -- just make sure the expense ratio is under 0.1%.

That's it -- open one account and make one investment. It's so simple and effective that it feels like an investing cheat code. Even Warren Buffett recommends it for people who aren't veteran stock-pickers.

Then the only thing left to do is keep investing over time. I set up automatic monthly purchases through my broker, and my retirement savings are steadily growing. If you have money in savings that you won't need within the next few years, then you may want to do the same. Your future self will thank you.

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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.James McClenathen has no position in any of the stocks mentioned. The Motley Fool recommends Barclays Plc. The Motley Fool has a disclosure policy.

Just like Barry White says, "Too much of anything ain't good for you, baby." And yep -- that even applies to hanging onto too much cash. If you've got over $50,000 sitting in the bank, it's time to rethink your financial game plan.

Looking for a secure place to grow your savings? See our expert picks for the best FDIC-insured high-yield savings accounts available today - enjoy peace of mind with competitive rates.

Keeping some cash savings is smart -- like three to six months worth of expenses in an emergency fund.

But hoarding excess cash could actually be hurting you and costing you thousands of dollars every year.

Saving vs. investing

A lot of people use the terms "saving" and "investing" like they're the same thing. But there's actually a big difference.

• Saving is for short-term goals and emergencies. Think: your emergency fund, a vacation next year, or a new car. This money needs to be kept in cash for quick access.
• Investing is for long-term goals. Think: retirement, growing wealth, or sending your future kid to college. This money should be invested, and not touched for decades.

Both are important. And balance is key.

How much cash should you be holding?

The general rule of thumb: You typically want three to six months' worth of essential expenses in an emergency fund.

If you're saving up for a home down payment, or large purchase in the next few years, that money can be kept in cash too.

But, while it's sitting idle, it should be earning maximum interest.

I use a high-yield savings account to keep my $25,000 emergency fund handy and secure. Right now I earn an APY of 4.50%, which will make me over $1,000 in interest this year. Not bad!

High-yield savings accounts are FDIC insured, you can withdraw your money at any time, and you'll earn top interest rates.

Where to put your excess cash

Anything beyond your emergency fund can be invested for the long term. Here are some places to put that money to work.

401(k) or IRA:

A 401(k) is typically offered through your employer, while an IRA is something you can open yourself. Both accounts offer powerful tax advantages that can help your money grow way faster than it would in a regular bank account.

Inside of these accounts, you can invest in broad index funds or target date funds. These typically have a low expense ratio, and are highly diversified.

Regular brokerage account

A brokerage account doesn't offer tax advantages. But it does have much more flexibility for investment options, and better access to your money. Inside of a brokerage account you can invest in stocks, ETFs, short-term bonds, and more -- there is a lot of choice.

Investing always carries risk. But if you're patient and learn to invest wisely, the long-term growth can yield mind-blowing results.

Still not sure where to stash your emergency fund? Check out our list of the best high-yield savings accounts for the opportunity to earn more than 10 times the national average rate today.

Pay off debt (high interest first)

Still carrying a balance on a credit card or personal loan? Using excess cash to wipe out debt could give you a "guaranteed return" equal to your interest rate.

For example, if your card is charging 20% APR, paying it off is like instantly earning 20% risk free. Tackling lower-interest debt can be smart too. It's better than having cash sit idle and earning nothing.

The true cost of excess savings

Let's say you're holding an excess $30,000 in cash, on top of your emergency fund.

Here's what growth would look like in these accounts:

• Savings account earning 4.00% APY (typical for today's top HYSAs)
• Investment account averaging 8% annual returns (This is a rough example and actually a conservative estimate based on the S&P 500's history)

Compound interest is wild. A tiny rate difference -- over decades -- makes a massive difference in how much money you end up with. Stop waiting and start making your money work harder for you today.

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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.The Motley Fool has a disclosure policy.

There are plenty of good reasons to delete your X account, whether it's because of a general desire to not do anything to help Elon Musk, a distaste for the curdled culture of the platform or the allure of greener social pastures like Bluesky or Threads. Whatever your reason, the process of deleting your account is simple, and by design, pretty hands-off. In order to get rid of your X account, you'll first have to deactivate it. Once you go 30 days without logging in, it will be permanently deleted.

How to deactivate your X account

Ian Carlos Campbell for Engadget

Deactivating your X account makes your profile page, posts and associated username disappear, though posts you were tagged in before you shutdown in your account will still be viewable. Deactivating also makes it impossible for you to post or view your timeline, unless you reactivate. It's one of the strongest ways to "take a break" from X, but also the only way you can get your account permanently deleted.

If you need any of your data before you deactivate and delete, you'll want to make sure you initiate that process and receive your archive before you deactivate. X says it can't send an archive from an account that's been deactivated.  

1. Open X.

2. Click on the More section in the sidebar menu.

3. Click on Settings and Privacy.

4. In the Your account section of Settings, click on Deactivate your account.

5. Read through X's warnings and then click on Deactivate.

6. Enter your account password to confirm you want to deactivate, then click Deactivate.

Now just make sure that you don't log in for 30 days, and your account will be permanently deleted. This won't necessarily delete web search results that mention your X account or your posts, but it will eliminate records of you on X itself.

FAQs

How do you reactivate your account?

If you have a change of heart before your 30 days are up, it is possible to reactivate your account so you can use it again. To reactivate your account, head to X.com or the X app and login with your credentials. You'll be asked if you want to reactive your account. Once you confirm that you do, you'll be logged in and be able to post and view your timeline. X notes that some of your account features like followers and likes may take a while to fully restore.

Is all of your information actually deleted when your X account is deleted?

While deactivating your X account and letting it be deleted does remove all of the public-facing parts of your social media presence, X does keep some of your information to "ensure the safety and security of its platform and people using X." The full list of data X collects and how it uses it is available in X's data processing explainer, as far as you should be concerned, though, a deleted account is gone.

This article originally appeared on Engadget at https://www.engadget.com/social-media/how-to-delete-your-twitter-or-x-account-185813976.html?src=rss

©

© X

At one point, I had over $20,000 sitting in my regular checking account earning just 0.01% APY. That's a whole $2 per year in interest. But you know what happened when I wised up and switched to a high-yield savings account (HYSA) paying over 4.00%? I earned almost $800 for the year.

Looking for a secure place to grow your savings? See our expert picks for the best FDIC-insured high-yield savings accounts available today - enjoy peace of mind with competitive rates.

This is a common mistake. In fact, a recent survey found 82% of Americans don't utilize high-yield savings accounts. Choosing the wrong type of bank means leaving hundreds -- or thousands -- of dollars on the table.

If you're sitting on a sizable cash pile, here are three common mistakes you should avoid when picking a place to store it.

1. Settling for an ultra-low APY

According to FDIC data, the national average interest rate on a checking account is 0.07% APY. That's not just low -- it's microscopic.

To be fair, checking accounts aren't built as savings vehicles. They're meant for everyday banking and money management.

Meanwhile, for long-term cash storage, online high-yield savings accounts are currently offering 4.00% to 4.50% APY. The difference is huge. Even at 4.00%, you'd be earning nearly 60 times the average checking account APY.

Here's a 12-month comparison:

To do this week: Check your bank statements and see how much interest you earned last year. If it was less than a few dollars, you owe it to yourself to switch to a higher growth account!

2. Overlooking hidden fees

Even if your bank advertises "free" savings accounts, they may be quietly charging:

• Monthly maintenance fees for low balances
• Paper statement fees
• Withdrawal limits or penalties
• Transfer fees between accounts

If your savings are growing by 1%, but you're losing $10/month in fees? That could be a net loss.

Many online banks have no monthly fees, no minimum balance requirements, and free transfers. That means more of your money stays exactly where it belongs -- in your account, working for you.

3. Stashing your savings somewhere that's not FDIC insured

It's easy to assume your money is always safe in a digital account. But that's not always the case!

Many popular payment apps (like PayPal, Venmo, and Cash App) aren't FDIC insured by default. That means if the company goes under, you could lose your money.

Flashy fintech accounts and crypto platforms don't offer the same protections as a traditional bank or credit union.

FDIC insurance means that if the bank fails, you still get your money back. Insurance is up to $250,000 per depositor, per institution.

Don't worry -- ALL of the high-yield savings accounts we love and recommend are FDIC members. Your savings are safe!

Your next smart move

Don't settle for a sub-par bank account -- especially if you have a high balance ($5,000 or more) that could be earning you a decent amount in interest.

Take 10 minutes today to investigate your current savings account. Look for a competitive APY, no sneaky fees, and full FDIC insurance. If it doesn't check all three boxes, open a new HYSA today and get your dollars working harder for you.

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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.Joel O'Leary has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends PayPal. The Motley Fool recommends the following options: long January 2027 $42.50 calls on PayPal and short June 2025 $77.50 calls on PayPal. The Motley Fool has a disclosure policy.

Most Americans still park their savings in traditional checking or savings accounts earning just 0.07% APY. That means if you have $30,000 sitting in there, it's making about $21 a year. That's less than the price of two movie tickets -- for the whole year.

Looking for a secure place to grow your savings? See our expert picks for the best FDIC-insured high-yield savings accounts available today - enjoy peace of mind with competitive rates.

What people should be doing is keeping their cash in a high-yield savings account (HYSA). With APYs up to 4.40%, that same $30,000 could earn over $1,300 a year, without any added risk.

Let's take a closer look at what you stand to gain by switching to a high-yield savings account.

What $30,000 earns in high-yield savings (vs. traditional accounts)

I've done the calculations for a few different scenarios to show you how much $30,000 would earn over the course of a year in various account types.

Here's a simple comparison based on national average checking and savings account rates, plus a competitive HYSA rate you can find today:

That's a $1,299 difference between a regular checking account and a top-paying HYSA. Nothing to scoff at.

Shopping around for a high-yield savings account

Personally, I was pretty nervous when I first opened an online HYSA. Transferring $30,000 to any new bank requires a bit of research.

Here's what I look for before moving my money:

• A high APY -- Right now, 3.60% and up is the benchmark for competitive rates
• No monthly fees -- Junk fees are a pet peeve of mine
• FDIC insurance -- This protects your cash up to $250,000 per depositor, per bank
• Fast transfers -- You'll want access to your money if you need it quickly

Some accounts may also offer welcome bonuses for new customers! So definitely keep an eye out for those.

Put your money to work today

Checking accounts are convenient. But they're not built for storing cash long term.

If you've got $30,000 sitting in a checking account, it's quietly costing you over $1,000 each year.

Your mission this week: Open a high-yield savings account and put all your hard-earned dollars to work.

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With CD yields still hovering in the 4.50% range, you really need to be picky when choosing where to put your cash.

Looking for a secure place to grow your savings? See our expert picks for the best FDIC-insured high-yield savings accounts available today - enjoy peace of mind with competitive rates.

Especially if you're cashing out of an existing CD. If you don't take action when a CD matures, your bank might quietly roll your funds into a new CD -- locking them up again, potentially at a lower rate.

If you're cashing out a CD soon, avoid these top mistakes.

1. Letting your bank auto-renew your CD

Most CDs have something called a "grace period." This is usually a seven- to 10-day window after the maturity date in which you can withdraw your money without penalty.

Guess what happens if you miss this grace period? Banks typically auto-renew your CD -- which may (or may not) be in your best interest.

Even worse: Not all banks send you a reminder!

While auto-renewal isn't always bad, don't assume that it's the best option forward.

What to do instead:

• Set a calendar reminder with your CD maturity date and the grace period window.
• Log in to your account the day it matures and choose "withdraw" or "close CD" (wording varies a little by bank).
• Make a quick decision about the next best place to put your money.

If you want to open a new CD, be sure to shop around for the best available CD rates across all banks.

2. Letting their money sit idle after withdrawal

A lot of people cash out their CD into a checking account, then think, "I'll just wait a few days and figure out my next move later." Then six months slip by and they've missed out on hundreds in earning potential. Don't fall into this trap!

A good practice is to withdraw money directly into an HYSA during the grace period. That way if you don't have an immediate next step lined up, you'll still be earning competitive interest on your cash.

Whatever you do, don't request a check withdrawal and then wait months to cash it. Or cash money out into a low-APY savings account earning pennies. Be proactive and make a plan for earning the most you can, as soon as you can.

3. Reinvesting without rate shopping

If your CD was earning 1.00% or 2.00% when you opened it, things have changed big time since then.

As of April 2025, many high-yield CDs are paying well over 4.00% APY.

Here's a quick 12-month yield comparison, based on a balance of $20,000:

Don't just accept the rates offered by your current bank. Shop around, because there's likely something better available elsewhere.

Want to see the latest rates? Check out our list of the top CDs for April 2025.

4. Cashing out early without understanding the penalty

If your CD isn't quite mature yet, resist the urge to cash out early. That's because banks charge a penalty for doing so -- which means you might forfeit three to 12 months' worth of interest.

Let's say you're earning 5.00% APY on a $10,000 CD and you withdraw three months early. You could lose $125 or more in penalties -- which might wipe out a good chunk of your earnings.

Make your exit count

Cashing out a CD shouldn't be an afterthought. Stay ahead of the due date by researching the best options moving forward and making an action plan.

And definitely don't let your bank auto-renew your CD into a lower rate. There are way better options, and moving that money only takes a few minutes of your time.

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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.Joel O'Leary has no position in any of the stocks mentioned. The Motley Fool recommends Barclays Plc. The Motley Fool has a disclosure policy.

The average checking account earns a measly 0.07% APY. That means if you have $10,000 sitting in your checking account, you'll earn a whopping $7 in interest for the year. Ouch! That can't even pay for a delicious craft Hazy IPA at my local brewery.

Looking for a secure place to grow your savings? See our expert picks for the best FDIC-insured high-yield savings accounts available today - enjoy peace of mind with competitive rates.

High-yield savings accounts (HYSAs), on the other hand, can offer up to 4.40% APY. Interest earned in a year would be over $400… Which would buy me three to four delicious Hazy IPAs -- per month, for a year!

If you have $10,000 or more sitting in checking, it's time to put that money to work in a better type of account.

How much $10,000 could be earning

So, how much could that $10,000 that's languishing in your checking account be earning you elsewhere?

Here's the math comparing interest rates across different account types, at various balances:

With a $10,000 account balance, you're looking at a $441 difference in interest just for moving your money into an HYSA. No investing, no risk. Just smarter saving.

Why most people keep too much in their checking accounts

Most of us were taught that our checking account is the default place for our money. It's where your paycheck lands. It's what your debit card pulls from. It's... easy.

But that convenience leads people to continue to build up savings amounts way higher than they should.

Traditional banks love this by the way. They make billions by keeping their customers' cash sitting in low-interest accounts, and never encourage people to move it.

In reality, there's no need to keep more than one or two weeks' worth of expenses in a checking account. As long as you've got enough to cover immediate bills, any excess cash is probably too much.

What to look for in a high-yield savings account

If you're ready to put your cash pile to work, here are some things to consider when evaluating high-yield savings accounts:

1. Competitive APY: Look for accounts offering 3.60% APY or higher. Rates change often, so it's worth checking every few months.
2. No monthly fees: You shouldn't have to pay to save. Plenty of online banks offer free accounts with no minimums or maintenance fees.
3. FDIC insurance: Make sure your money is protected and you're working with a reputable bank.
4. Easy transfers: You'll want quick access to your cash should you need it to cover large bills or if an emergency pops up. Typical transfer times should be one to three business days.
5. A great mobile app: This makes it easy to quickly log in and manage your money.

Our editorial team has spent hundreds of hours researching, reviewing, and testing the best savings accounts. Check out our best high yield savings accounts for April 2025.

Give every dollar a job

Checking accounts are perfect for daily use. Like for paying bills, buying groceries, and getting your paycheck deposited. But they're not built for growth.

Every extra dollar you have sitting idle, move it somewhere it can work harder for you. A high-yield savings account gives those dollars a job, while also keeping them accessible in case you need the money in a pinch.

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A high-yield savings account is one of the best places to let your money grow while keeping it within reach. The top interest rates are between 4.50% and 5.00% right now, which is more than 10 times the national average.

Looking for a secure place to grow your savings? See our expert picks for the best FDIC-insured high-yield savings accounts available today - enjoy peace of mind with competitive rates.

We've done the hard work for you and researched the top banks to compile the best options with the highest rates available today.

Below is a list of savings accounts with the best APYs we've found.

Why we chose these savings accounts

• Attractive returns. Enjoy some of the top APYs available to boost your savings quickly.
• Easy start. Some accounts require little or no minimum deposit to open and begin earning interest.
• Digital convenience. Open and manage these accounts fully online from your phone or computer.
• Nationwide access. Open an account from anywhere in the U.S. without needing to join a local credit union.

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?

If you have extra cash in an account that's earning you very little, it's a great time to make a change. High-yield savings accounts offer strong rates now, helping your money grow.

Consider opening one if you:

• Need low-fee, easy online access
• Want freedom and flexibility from your bank account
• Seek higher returns without locking funds away
• Value the safety net FDIC insurance provides

These accounts provide better returns while keeping your cash accessible. They're perfect for home and auto repairs, vacation planning, or providing cushion in the event of job loss. 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.
6. Keep an eye on your APY. Bank's can raise or lower APYs at their discretion. If you see yours decrease substantially, it may be time to look around for a new account.

Sick of monthly deposit requirements?

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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.American Express is an advertising partner of Motley Fool Money. Ally is an advertising partner of Motley Fool Money. SLM is an advertising partner of Motley Fool Money. HSBC Holdings is an advertising partner of Motley Fool Money. Wells Fargo is an advertising partner of Motley Fool Money. Discover Financial Services is an advertising partner of Motley Fool Money. Synchrony Financial 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. Charles Schwab is an advertising partner of Motley Fool Money. Citigroup 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.

Want to grow your savings quickly? CDs now offer rates between 4.50% and 4.65%. Short-term CDs, those maturing within a year, currently lead the way.

Looking for a secure place to grow your savings? See our expert picks for the best FDIC-insured high-yield savings accounts available today - enjoy peace of mind with competitive rates.

The federal funds rate is steady at this time, but a decrease (or two) might occur in the second half of 2025. Securing these rates now could be wise before they fall.

Explore the top CD rates available today.

Why we chose these CDs

• Competitive rates. A few CDs out there might offer more, but there's usually a catch.
• Open easily. You can open these CDs with as little as $500.
• Online convenience. Open them from your sofa through the issuer's website.
• Nationwide access. These banks welcome everyone from across the U.S. with open arms.

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?

Despite a decline since mid-2024, CD rates remain elevated. Although the Federal Reserve has currently opted to hold the federal funds rate steady, experts widely predict that rate reductions are probable later in 2025.

Now could be a great time to lock in a CD if you want safe, guaranteed returns on your cash and you want to protect your savings from the possibility of near-term interest rate cuts.

Top 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

Opening a CD is quick and simple. Just follow these steps:

1. Search for the highest APY that suits your term needs.
2. Read the details and check if you can meet the minimum deposit.
3. Apply online using the bank's app, or call them. Approval often takes just minutes.
4. Connect your bank account and transfer your money.

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 locking up your cash

For a high APY with added flexibility, consider a high-yield savings account. These accounts let you:

• Deposit and withdraw money anytime
• Move funds quickly to other accounts
• Simply stash cash, avoiding the work CDs require at maturity

While savings rates can change, high-yield savings accounts currently offer APYs close to top CDs. They provide great returns without the long-term commitment, making either one a good choice now, depending on your savings goals.

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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.

High-yield savings accounts now offer rates up to 5.00%, which makes them an excellent option for growing your money.

Looking for a secure place to grow your savings? See our expert picks for the best FDIC-insured high-yield savings accounts available today - enjoy peace of mind with competitive rates.

But keep in mind, savings account APYs can differ widely between banks. It's important to compare accounts so you don't miss out on what could be hundreds more in interest earnings per year.

We've searched around to bring you the best options. Check out our top picks for high-yield savings rates today.

Why we picked these savings accounts

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

Want to grow your money without losing access and flexibility?

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

Should you open a high-yield savings account now?

Got extra cash sitting in an account earning next to nothing? It's a great time to boost your earnings. Right now, high-yield savings accounts are offering competitive rates.

Opening a high-yield savings account could make sense if:

• You want to earn more interest without locking up your money
• You value safety -- most accounts are FDIC insured
• You prefer flexibility over committing to a fixed term
• You want an account with no or low fees and easy online access

High-yield savings accounts let you earn a competitive return while keeping your money accessible. That makes them ideal for emergency funds, upcoming expenses, or savings goals you want to reach in the next year or two.

How to open a high-yield savings account

Opening a high-yield savings account is simple and quick. You can often do it in minutes.

Here's how to begin:

1. Shop around. Look for the best APY. Think about fees, access, and any minimum balance needs.
2. Utilize online applications. You can open most accounts on your phone or computer without any physical paperwork.
3. Add funds. Connect a checking or savings account and transfer your chosen deposit amount.
4. Set up recurring contributions (optional). This ensures your balance will continue to grow automatically over time.
5. Keep an eye on your APY. Bank's can raise or lower APYs at their discretion. If you see yours decrease substantially, it may be time to look around for a new account.

High-yield accounts offer a simple way to grow your cash with little effort. There's really no reason not to take advantage of the benefits they provide. Click here to compare the best high-yield savings accounts and open one today.

Prefer to skip the monthly deposit requirements?

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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.American Express is an advertising partner of Motley Fool Money. Ally is an advertising partner of Motley Fool Money. SLM is an advertising partner of Motley Fool Money. HSBC Holdings is an advertising partner of Motley Fool Money. Wells Fargo is an advertising partner of Motley Fool Money. Discover Financial Services is an advertising partner of Motley Fool Money. Synchrony Financial 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. Charles Schwab is an advertising partner of Motley Fool Money. Citigroup 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.

Today, CDs are offering rates up to 4.65%. Short-term CDs have the best yields right now. These CDs usually mature in about a year or less.

Looking for a secure place to grow your savings? See our expert picks for the best FDIC-insured high-yield savings accounts available today - enjoy peace of mind with competitive rates.

The Fed is keeping rates steady, but cuts might happen later this year. It makes sense to lock in these high rates while they're still available.

Below are some of the top CD options available today.

Why we picked these CDs

• Extremely competitive rates. Some CDs have slightly higher rates than those on our list, but most come with a catch.
• Low minimum deposits. The CDs above let you deposit as little as $500 to open.
• Online convenience. These CDs can be opened straight from the issuer's website, from the comfort of home.
• Available nationwide. The CDs on our list come from banks that anyone in the U.S. can join without jumping through hoops.

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?

CD rates are still historically high, though they've dropped since mid-2024. The Federal Reserve has been hesitant to change interest rates so far in 2025, but experts agree that rate cuts are likely in the second half of the year.

Now could be a great time to lock in a CD if:

• You want safe, guaranteed returns
• You want to protect your savings from near-term interest rate cuts
• You have cash that you can leave untouched for the full CD term

The best CDs are FDIC insured, so deposits of up to $250,000 per person, per bank are safe. There's virtually zero risk in CD investing, though you could potentially earn higher returns elsewhere, like the stock market.

How to open a CD

Opening a CD is fast and easy. Follow these simple steps:

1. Look around for the highest APY for your desired term.
2. Check the fine print and ensure you can meet any minimum deposit requirements.
3. Apply for an account online, through the bank's app, or over the phone. Approval is usually fast.
4. Link your existing bank account to transfer funds. Keep in mind, you can only deposit once per CD.

Click here to explore the best CD rates and open a high-yield CD today.

After you open your CD, track its maturity date. Once your CD matures, the bank generally does one of two things, unless you direct them otherwise:

1. Return your initial deposit plus interest
2. Reinvest your funds in a new CD with the same term at the issuer's current APY

Banks typically offer a grace period of seven to 10 days after maturity for you to decide your next steps.

Earn up to 4.10% APY and keep your cash handy

For a high APY with added flexibility, consider a high-yield savings account. These accounts let you:

• Deposit and withdraw money anytime
• Move funds quickly to other accounts
• Simply stash cash, avoiding the work CDs require at maturity

While savings rates can change, high-yield savings accounts now offer APYs close to top CDs. They provide great returns without the long-term commitment. Enjoy the ease and freedom while watching your savings grow.

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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.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 has a disclosure policy.