If youâ€™ve already saved money for emergencies or future planned expenses, it makes sense to earn a higher rate of interest on these savings. However, many banks only offer ultralow APYs that wonâ€™t help you grow your savings, no matter how much money you have socked away. This is why itâ€™s a good idea to shop around for an online bank that offers higher APYs on savings accounts.
While doing your research, you might have heard of DollarSavingsDirect, an online division of Emigrant Bank located in New York. But before you agree to open a savings account with what seems like a high annual percentage yield (APY), make sure you understand what youâ€™d be getting into.
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