💰 High Yield Savings Account Calculator: How much interest am I losing?
🪣 Account Buckets
First, let's break down your cash. As THE BROKEN WALLET puts it, some people like to keep all of their money in their checking account, but THE BROKEN WALLET thinks that is a big mistake, especially if you have a problem with impulse control. THE BROKEN WALLET always recommends only keeping what you need for bills and checking and maybe a small cushion, and then keeping the rest of your money in savings.
So if you have $5,000 in an emergency fund, you might keep $1,000 or $2,000 in your regular savings for an everyday emergency and then move the rest of your money to a high-yield account.
🏦 Account Yields
Regular bank accounts often pay practically nothing (around 0.01%). High-yield accounts and CDs pay significantly more. A certificate of deposit can be a really great tool if you just cannot keep any money in savings or if you don't trust yourself not to make impulse withdrawals.
As THE BROKEN WALLET explains, not being able to get to your funds quickly is how you're able to keep money in savings. Enter the rates you are seeing today to calculate exactly how much extra money your cash could be earning.
🔗 See Also
Based on content by THE BROKEN WALLET on YouTube.
Original: Regular Savings vs High-Yield Savings vs Money Market vs CD⎟4 Types of Savings Accounts (explained)
For further related reading, check out:
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Calculator updated by heyfinfam (v26.8.5) · View history
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Based on "High Yield Savings vs. Bank CDs vs. Treasury Bonds: Which One is Better for You?" by See the Forest Through the Trees. Treasuries vs. CDs vs. High Yield Savings
Calculate how much potential wealth you miss out on by delaying your investments and keeping your money in a savings account.
Where should I park my cash?
Puts a high-yield savings account, a CD, and Treasury bills side by side on after-tax earnings for your cash, factoring in your federal and state tax rates and whether you need the money within a year.