Hancock Whitney continually upgrades our banking products and offers new options to give our clients the most helpful financial solutions. That’s why we’re excited to introduce Freestyle Savings, a high-yield savings account that’s a great choice whether you’re just starting out, or if you want your existing savings balance to earn more, faster.
Freestyle Savings features balance tiers that pay higher rates as your balance grows, up to $100,000. Our competitive APY and low minimum balance requirements let you earn higher rates from day one.
As with all Hancock Whitney savings accounts, you’ll have easy access to your funds via online and mobile banking. Plus, you can waive the Freestyle Savings monthly service charge three easy ways: maintain a minimum daily collected balance of at least $250; make one client-initiated debit or credit transaction in your Freestyle Savings account per month; and, the service charge is waived for clients under the age of 18 or age 64 and over.
What is a high-yield savings account?
High-yield savings accounts reward you with a higher interest rate than a traditional savings account, which means that your money should grow at a faster pace. The higher rate is usually expressed as APY, or Annual Percentage Yield. Annual percentage yield is the actual rate of return on your money over a year, taking into account the effect of compounding interest and assuming no withdrawals. The higher the APY, the more your account earns and the faster it should grow.
What are some advantages of a high-yield savings account?
Reaching your financial goals
One of the main advantages of high-yield savings accounts is to put your savings goals on a faster track. If you’re building an emergency fund, or saving for the down payment on a house, a high-yield savings account can help you get there quicker. In the current rising-rate environment, high-yield accounts are an even more attractive savings option.
Insured by the FDIC
As with traditional savings accounts, most high-yield accounts are insured for up to $250,000 by the Federal Deposit Insurance Corporation (FDIC), which means your money is safe.
Flexibility and Accessibility
With most high-yield savings accounts, and unlike a CD, you can access your money whenever you need it, up to certain limits, without paying a penalty fee. Freestyle Savings accounts allow for three withdrawals per month without a fee.
It’s easy to see why putting your money into a high-yield savings account can be advantageous. High-yield accounts are a safe, secure, and beneficial way to grow your savings over time.
Reach your goals with Freestyle Savings
Start earning more and working toward your savings goals with Freestyle Savings, and see why having a high-yield savings account could be a great option to help you reach your financial dreams. You can open an account online or visiting one of our convenient financial centers.
Source: “What is a high-yield savings account and how it can grow your money,” https://www.cnbc.com/select/high-yield-savings-account/
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