Brynne Conroy, a personal-finance blogger, utilized a high-yield savings account when she was working toward the goal of buying a house.
She wanted to grow her money quickly, and most importantly safely. The money in her savings account at Barclays wasn't exposed to risk from the markets, nor was it too easily accessible to be tapped for her own impulse spending.
While Conroy acknowledged the potential downsides of her high-yield savings account — interest is taxed and money takes a few days to transfer to her primary bank — she ultimately found them to be minimal compared to the benefits.
"I don't mind an extra 1099, and being rewarded with a higher APY in exchange for the accessibility of funds in moments of temptation is just too sweet a deal to pass by," she writes.
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