Why Not Having a High-Yield Savings Account Can Be a Huge Mistake You're Making

Live Richer Podcast with Jaime Catmull

Wondering how to save money? Discover the top personal finance advice and tips to start building your savings today!

"Invest in yourself, keep your money, pay yourself and that's going to help you a lot with reaching your savings goals."

Morgan Gray is the senior vice president and head of Bask Bank and also a savings expert. She has helped many people reach their savings goals, including buying a house three years ago. Morgan provides invaluable advice on how to save money and make the most of interest rates.

Morgan Gray was on a mission to provide practical personal finance advice and help people save money. She recommended starting small and setting goals, such as the classic 50/30/20 rule; 50% needs, 30% wants, and 20% savings. She also suggested putting savings into a high-yield savings or a certificate of deposit account, as it is a great way to grow money and earn more interest than expected. Ultimately, Morgan's advice was to start saving, have faith in your savings, and find unique ways to earn rewards.

In this episode, Jaime talks with Morgan about the following:
1. Getting started with saving by using the 50/30/20 budget rule.
2. Learning how to take advantage of high-interest rates in a savings account and lock in rates with a Certificate of Deposit (CD).
3. Discovering how to earn airline miles with a savings account and unlock additional rewards.

Disclaimer: Bask Bank is a division of Texas Capital Bank. Member FDIC. The views and opinions expressed in this article are those of the author and do not necessarily reflect the views and opinions of Texas Capital Bank.