Analyze high-yield savings terms for rate tiers, promotional expirations, and hidden requirements that reduce your actual earnings.
That headline APY might come with strings attached. Know what you're actually earning.
That 5.5% APY? It might drop to 3% after 3 months. "Promotional" rates expire, and the standard rate is often significantly lower.
Advertised rate may only apply to balances over $100K. Below that threshold? You might earn 1% instead of the headline 5%.
Some accounts require direct deposit, minimum transactions, or linked checking to earn the advertised rate.
Variable rates can change anytime. Some banks notify you; others just change it. Check how/when they communicate rate cuts.
ACH transfers can take 3-5 business days. Some accounts limit outgoing transfers or impose holds on incoming funds.
Fall below minimum balance? Inactivity for 12+ months? Account might be closed or fees assessed.
Paste account terms to identify restrictions on earning the advertised rate.