General savings account questions
Is a high-yield savings account worth it?

Depending on your needs, yes – a high-yield savings account can be a worthwhile place to put at least some of your money. While other options – such as investing in the stock market – may offer the potential of greater returns over time, those returns aren't guaranteed. People can and do lose money on stocks and other investments every day. High yield savings accounts are a good place to keep money – especially funds you may need to access on short notice – because they provide three key benefits:

What is a bank savings account?

A bank (or credit union) savings account is one of the most basic financial products available. Bank accounts provide a safe place to deposit your money and earn interest at a modest rate. In the U.S., bank and credit union savings accounts are federally insured for up to $250,000 per account.

Can you make money off of a high-yield savings account?

Yes, because you're guaranteed to make a certain amount of interest. As long as there aren't fees to eat away at the balance in your account, you will make money. That's why there are no monthly fees with Affinity savings accounts if you enroll in online eStatements. If you want paper statements, there is a $2 monthly fee.

What is the difference between interest rate and APY (Annual Percentage Yield)?

[Please supply answer]

What account type is best for savings?

Affinity offers a variety of account types to help members save money, because no single option is best for all personal finance needs and situations. For example, our SmartStart account is exactly that – a smart way to start saving – because you'll get 2.00% APY (annual percentage yield) on your first $5,000. Other accounts, such as MoreSavings, offer higher rates for higher balances, and our Certificates of Deposit may provide higher yields for those willing to lock up funds for a period of time. We also offer tax-advantaged IRA accounts for retirement savings; Coverdell Education Savings Accounts (ESAs) to help save for college; and Health Savings Accounts (HSAs) that let members with high-deductible health plans set aside pre-tax dollars to use for qualified medical expenses.