Compare high-yield savings beyond the headline rate: test your skills
The cash in your big-bank savings account may be earning almost nothing — and the fix takes one afternoon. Answer each question to see the explanation; your score appears at the end.
This test checks that you can
- Compare savings accounts on APY, fees and access
- Know what an HYSA is for and not for
- Check FDIC or NCUA insurance
- Practice
1. What protects deposits at an insured bank?
- Practice
2. A teaser rate is…
- Practice
3. What is an HYSA not ideal for?
- Key idea
4. Which statement best explains "Same safety, different yield"?
- Key idea
5. Which statement best explains "Fees can erase the yield"?
- Key idea
6. Which statement best explains "Promotional is not standard"?
- Action plan
7. In the action plan, which step comes first?
- Mistake to avoid
8. Which of these is a mistake this lesson warns against?
- Mistake to avoid
9. Which of these is a mistake this lesson warns against?
$8,000 earns 3.6% APY for one year. Roughly how much interest is that?
Show the answer
About $288
$8,000 × 0.036 = $288 (before any fees).
Look up the APY and any fees on your current savings account and write them down.
More tests in this bootcamp
- Size your emergency fund for real life
- Is it an emergency? Decide before you spend
- Find room in your budget for an emergency fund
- Give your cash three jobs: spending, buffer and emergencies
- Compare high-yield savings beyond the headline rate
- Rebuild your emergency fund after a setback
- See what inflation does to your cash savings
- Final exam: Emergency fund and savings