Your Guide to a High-Yield Savings Account

Many people open a high-yield savings account because they want to grow their money faster – either to cover unexpected expenses, to plan for vacations or other big purchases, or to save for a down payment on their next home.

That’s because a high-yield savings account offers higher returns than a traditional savings account and more flexibility than a Certificate of Deposit, making it a good place to store emergency funds or save for an important purchase.

Forbright Bank’s high-yield savings account, Growth Savings, is unique because it offers everything you want from a high-yield savings account and a way to build a brighter future for the world around you. This is because Forbright Bank is committed to responsible banking practices.

At Forbright Bank, we finance millions in sectors like renewable energy and housing so customers can see their deposits grow in cash and help make a positive impact.

In this article, we cover everything you need to know about a high-yield savings account. We also explain how Growth Savings offers a unique way for customers to save extra money for themselves while building a more resilient future.

Opening a high-yield savings account is a great way to practice setting money aside on a regular basis while also growing the money you choose to set aside.

Key benefits of a high-yield savings account include:

Meanwhile, Forbright Bank is committed to serving the financial needs of our customers and the environmental needs of the future.

In 2022 alone, customer deposits helped Forbright Bank finance products that avoided more than 30,000 metric tons of estimated annual greenhouse-gas emissions through renewable energy and energy efficiency.

When choosing between different high-yield savings accounts, people usually look for a high interest rate, a bank they can trust, and convenient features that meet their personal banking needs.

The first consideration is usually rate because the higher interest rate means you’ll earn more money.

Other considerations when selecting a high-yield savings account are the fees and minimum balance requirements you must meet before qualifying for the interest rate. Growth Savings has no minimum balance requirements, and Forbright Bank does not charge fees for Growth Savings.

You’ll also want to ensure your high yield savings account has a highly-rated and easy to use mobile app for additional convenience.

Unlike many high-yield savings accounts, Growth Savings does not require a minimum balance or charge fees. Growth Savings also offers unlimited transfers.

We even default our customers to receiving e-statements, so you won’t need to worry about the environmental impact of your bank mailings.

But what makes Forbright Bank extra unique is our focus on creating a positive impact on the world around us, prioritizing strong financial returns and supporting projects like residential solar loans, green building updates, and accessible healthcare.

Before opening a Growth Savings account, you’ll want to identify a separate account, such as your existing traditional checking or savings account, to use as a funding source. You can use that linked account as the destination for any transfers you make from your Growth Savings account – or link another account if you choose.

Many customers choose to link Growth Savings to an account with ATM access and where they receive their paycheck.

Customers can fund their Growth Savings account at onboarding, during the online application period.

If you’re interested in opening a Growth Savings account, you can begin by applying today.

This article is for general information and education only.