Bank accounts: high-yield savings, CDs and business checking
Banks pay very different rates on deposits. Moving savings from a standard account to a better one is one of the simplest ways to earn more on cash.
High-yield savings accounts
Often offered by online banks, these pay considerably more than traditional savings accounts. Rates are variable and can change at any time. Check for minimum balances and monthly fees.
Certificates of deposit (CDs)
A CD pays a fixed rate for a set term, such as 6 months or 5 years. Withdrawing early usually triggers a penalty. Some people spread money across several terms, called a CD ladder, so part of it matures regularly.
Online banks
Lower costs often mean better rates and fewer fees. Check how you deposit cash, whether there is an ATM network, and how customer service works.
Business checking
Look at monthly fees and how to avoid them, transaction limits, cash deposit fees, and integrations with your accounting software.
Safety
Check that the bank is FDIC insured (or that a credit union is NCUA insured). Deposit insurance covers up to the legal limit per depositor, per institution, per ownership category. Some fintech apps hold your money at partner banks, so confirm how the insurance applies.