In September everyone and their mother came out with their 10 Best High-Yield Savings Account list. I normally just scan the list, because for the past several years my bank has been listed at the top. However, this year I noticed my bank didn't make all the list. Hey, don't judge me. Yes, I'm one of those people who actually do know the yield on their savings account and check to make sure my money is working for me.
Everyone should have a savings account, they are not obsolete. You need somewhere to put your emergency fund as well as your goals you're funding. Vacation money has to come from somewhere. Remember to have an adequate savings cushion set aside for emergencies, experts recommend having at least 6 months of living expenses. If it's difficult to find work in your field I'd recommend you have more on hand.
Don't despair, here are three sites that can help you navigate the waters.
Online accounts are not just for millennials. Gen Xers (ages 38 to 53) are defiantly participating. Depending on the bank gaining quick access to your money can be harder. But, for a lot of folks this is a plus. It keeps them from overspending because they can't just run to the bank or use their ATM whenever they feel like it. All withdrawals have to be thought out and planned.
If you're intending to spend your savings in the next few months the change may not be worth the effort, but if your funding your goals and your emergency fund you'll get there a lot sooner at 2.13% versus .03%
Wishing the best in all you do.