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I built my emergency fund $100 at a time, but I didn't make real progress until I opened a high-yield savings account

I built my emergency fund $100 at a time, but I didn't make real progress until I opened a high-yield savings account
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I'm crazy about my high-yield savings account.




When I was struggling to build up an emergency fund a few years ago, I opened a high-yield savings account at Ally and kept my checking account at a different bank.




At the time, my account was earning over 2% interest annually. It's now down to 1.7%, but I'm still earning nearly 20 times more than I would with a regular savings account.




The high APY combined with regular automatic deposits — starting with $100 per paycheck and moving up to $200 — helped me reach my goal that much sooner.




Read more personal finance coverage.



I'm crazy about my high-yield savings account.
Even though interest rates have fallen quite dramatically over the last several months, I'd still recommend a no-fee, high-yield savings account to just about anyone.
A few years ago, I was struggling to build up an emergency fund. I'd been saving automatically in my 401(k) since I first started working, but it dawned on me that I had no real cash safety net.
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