With the abundance of online savings accounts that are typically offering over 4%, too many people are essentially leaving money on the table by keeping all of their cash at their local bank. There are benefits to using a local bank, but it doesn’t mean that you shouldn’t look at other options.

A local bank allows you to make in person deposits and withdrawals and gives you access to their ATMs which are most likely very convenient. Having someone to talk to when you have questions or concerns can’t be understated, but you can take advantage of these things without having to keep all of your money there.

Most online high yield savings accounts can be directly linked to your existing checking account so you can transfer money back and forth quite easily. If your main concern is that you need the availability of your cash, you can have it transferred within about 2 to 3 days. When you don’t need your money, it’ll be earning a nice rate for you that’s well above the usual 0.5%.

Your traditional bank is probably now best used as a way station to direct your money to better places. You’ll still be able to use your usual checking account and ATMs, but you’ll also be able to have the benefit of the best prevailing interest rates. So, do yourself a favor and look into an online high yield savings account.

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