Why Holding onto a Savings Account with a 0.01% APY Might Make Sense
Tuesday, 28 May 2024, 16:00
Maximizing Benefits of a Low-Yield Savings Account
Savings accounts with minimal APY can still offer advantages that go beyond interest rates.
Benefits of Holding onto a Low-Yield Account
- Security - Big banks provide FDIC insurance for deposits.
- Convenience - Easy access to funds for emergencies or short-term goals.
- Diversification - A part of a well-rounded financial portfolio.
Despite the negligible interest, some financially savvy individuals find value in maintaining such accounts.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.