What You Should Know About Online Savings - Money Tip Tuesday

<p>You probably already know that having a savings account is important. You can save up your money for your next big-ticket purchase, retirement, or an emergency fund. But did you know that there are loads of benefits to using an online savings account? </p> <p>Here’s what you need to know about the benefits of online savings and what to look for. </p> <p>Links:</p> <ul><li>Learn more about the benefits of an <a href='https://www.trianglecu.org/bank/savings/'>Online Savings</a> account</li> <li>Check out <a href='https://triangleuniversity.org/'>TCU University</a> for more financial education tips and resources!</li> <li>Follow us on <a href='https://www.facebook.com/pg/MakingMoneyPersonalPodcast/posts/?ref=page_internal'>Facebook</a>, <a href='https://www.instagram.com/makingmoneypersonal/'>Instagram</a> and <a href='https://twitter.com/TCUpodcastMMP'>Twitter</a>!</li> <li>Learn more about <a href='https://www.trianglecu.org/home/home'>Triangle Credit Union</a></li> </ul> <p>Transcript:</p> <p>Welcome to Money Tip Tuesday from the Making Money Personal podcast. </p> <p>To begin with, not only does an online savings account keep your money safe, it can also help you build wealth. Financial institutions will often pay you interest for keeping your money with them. The interest rate, which is a percentage, will be multiplied by how much money you have in your online savings account. The financial institute will then add that amount of money to your savings.  </p> <p>You’ll also want to look at the annual percentage yield, or APY. The APY is how much money you will make on your balance, with compounding included. </p> <p>In other words, when you are looking for a place to keep your savings, you’re going to want to compare different financial institutions’ online savings rates and APYs. The higher the interest rates, the more money you will make. Online savings typically offer a higher interest rate than a traditional savings account so if you’re looking to earn a higher yield, try an online savings account. </p> <p