Are you blogging with the intention of making money? Treating it like a business?
If you are, you need to be ready when the money starts rolling in. Here is why it is smart blogging to set up a high yield savings account with no minimum balance and no fees.
If you already know that it’s smart to have a High Yield Savings Account with No Minimum Balance and No Fees but just can’t find one? We got you!
Slowestuff Blogging Favorites
When we decided to dive into blogging, we started from zero. We knew nothing at all about blogging or SEO. We love to write and just wanted to write! We are not super techie!
If that’s you, first off, we want to say we are proud of you for taking on something new. That’s amazing!
We have a little corner of the blog dedicated to our blogging favorites. Check that out to find out more about all kinds of blogging things – like why RankIQ is our go to SEO tool, the beautiful WordPress themes from 17th Avenue, and how Flodesk is the most user friendly email service – and much more!
What is a High Yield Savings Account?
Everyone can use and benefit from a high yield savings account! If you are a blogger, business owner, employee or even a kid or young adult still in school – these are great for everyone.
A high-yield savings account is a type of savings account that offers a high interest rate on your entire account balance, compared to a regular savings account. This means your money grows faster over time.
See below for a break down of numbers so you can see what I mean.
While both types of accounts keep your money safe and let you earn interest, a high-yield account typically gives you a better return on your savings because of the higher interest rate.
The main difference is that regular savings accounts often have lower interest rates, so you earn less on your money, whereas a high-yield savings account maximizes how much you earn, helping you reach your financial goals quicker.
It makes your money work for you!
High Yield Savings Accounts vs. Traditional Savings Accounts
Lets Do Math!
It’s easier to see the different when you run numbers.
If you had $100 in a traditional savings account in a traditional savings account with a typical interest rate of 0.01% annually (we used Wells Fargo), you would earn approximately $0.0008 in interest over one month.
In contrast, with a Marcus by Goldman Sachs high-yield savings account, which has a 4.4% annual interest rate, you would earn about $0.37 in one month.
The difference might seem small on $100, but as your balance grows, the higher interest rate significantly boosts your earnings over time.
Lets break it down for $1000, $5000 and $10,000:
$1,000:
- Traditional Savings Account: $0.0083
- Marcus High-Yield Savings Account: $3.67
$5,000:
- Traditional Savings Account: $0.0417
- Marcus High-Yield Savings Account: $18.33
$10,000:
- Traditional Savings Account: $0.0833
- Marcus High-Yield Savings Account: $36.67
That different is staggering!
High Yield Savings Account with No Minimum Balance & No Fees
In additional to have much lower interest rates, traditional savings accounts also often have monthly maintenance fees!
What we love about the Marcus High Interest Savings Account is that it has:
- no monthly maintenance fees or other hidden charges.
- no minimum balance to open or maintain the account.
- no penalties for withdrawals.
It is just like a regular savings account, except it makes you money and doesn’t nickel and dime you with monthly fees!
Why Would A Bank Have High Yield Savings Account with No Minimum Balance & No Fees?
Are you wondering why a bank would offer high-yield accounts? We wondered that too. Because it seems that the bank would be losing money. And we all know, banks are a business and their business is making money.
What we found out is that they do it to bring people and deposits into their bank. Banks want people to deposit their money with them. Period.
A bank that attracts customers with a high paying savings account stays competitive. This allows them to keep the customers they have and attract customers away from other banks with lower interest rates on savings accounts.
Importantly, banks use deposited funds to make loans and investments. The more funds the bank can bring in by attracting customers with high yield savings accounts, the more the bank can generate revenue through lending and investment activities.
So basically, they end up making more money in the big picture if they can bring in more people with the lure of a high interest savings account.
High Yield Savings Account with No Minimum Balance & No Fees
We delayed in signing up for high yield savings accounts for two reasons.
- We were a bit intimidated by it. We understood the basic gist of it, but had so many questions. Will there be a ton of fees? Is there a minimum deposit requirements? What about a minimum daily balance? Can I take money out without being penalized? Will I qualify for it? How much does the initial deposit have to be?
We finally decided to look into this and get some answers. We kinda feel dumb that we didn’t start sooner, tbh. If you feel the same way, hopefully this post will help answer your questions!
- 2. WHERE CAN I FIND ONE? For some reason, we never really could find one. We found lots of people talking about how good they are, but it was never easy to locate and sign up.
We finally found one and are excited to share it with you!
Click this link to sign up for Marcus by Goldman Sachs high-yield savings account,
Smart Blogging: High Yield Savings Account with No Minimum Balance & No Fees
Whether you are saving up for something big, creating a nest egg, or an emergency fund, we hope this post has been helpful in explaining what a high yield savings account is and how it can benefit you. We also hope that it makes it easy for you to sign up and get started!
If you are looking for more blogging ideas and content, we have a lot of our favorites in our blogging section, so go check that out!
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Happy Blogging, Earning and Saving!
Slowestuff
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