7 Banking Habits of Wealthy People You Should Adopt

4. Maximizing High-Yield Accounts

Wealthy people take full advantage of high-yield accounts, whether savings accounts, money market accounts, or certificates of deposit (CDs). They see these as “free money” opportunities where their funds can grow passively. While high-yield accounts don’t offer dramatic returns, the wealthy recognize the value of allowing their cash reserves to grow, even if it’s only at modest rates. The returns from high-yield accounts are particularly valuable during times of low market performance.

Why It Works: Money in a high-yield account is low-risk and provides a steady rate of return. Over time, even a modest interest rate can add up, especially when compounded. This approach ensures that any idle cash is still working for them.

How to Apply: Look into high-yield savings accounts, which often provide better interest rates than traditional accounts. Alternatively, consider short-term CDs if you don’t anticipate needing to access the funds for a few months.