I opened a high-yield savings account at a separate bank to earn up to 200 times more on my money, and I liked it even more than I expected

. You will also want to look out for monthly maintenance fees, which could eat away at the APY you're earning, and no minimum balance or deposit requirements. There are currently plenty of options for no-fee, no-minimum accounts available.Earning a higher APY was my primary goal when I was saving for a home. I had a certain number I had to hit in order to afford theFor example, on a $10,000 balance, if I had never put another penny in, my Barclays account was earning $100.46/year.

My money was not immediately accessible even though it was in a savings account, and that helped me curb my spending.To be honest, I didn't experience too many cons with my high-yield savings account.in a savings account attached to my regularly utilized checking account so that if I needed a new tire or had to cover an emergency medical bill, I'd be able to access the money. I only kept my house savings in the separate, high-yield savings account.

The final thing to remember with any savings account, but especially high-yield options, is that you are likely to receive a 1099-INT from your financial institution come tax season. That means

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