Thoughts on a high-yield savings account?
I am 23 years old and up until this point I have not been too concerned with saving my money. That being said, I have been financially educating myself more and more over the last few days and keep hearing about a high-yield savings account from what I’m understanding. It’s better to have money in a high-yield savings account so that way it can slowly build on its own overtime if I keep up with it. This all being said, I did research online and found that Varo has a promotion being ran where after receiving $1000 direct deposit in the account and keeping the account in a positive standing you are rewarded with a 5% APY on the savings account borrow offers up until $5000. I’m considering opening a Varo account to capitalize on this and then planning on moving over to Ally after that $5000 APY cap comes into play. Any thoughts?