If you are set on starting (or continuing) to save money in a more organized fashion, starting a new savings account has undoubtedly crossed your mind. If you let your money all stay in your checking account, not only is it harder to stay organized and consistent with your budget, but you also are not even earning as much money as you could be with a high-yield savings account.

If you are looking to start a high-yield savings account, there are also some things to be mindful of. Here are some factors to look for when choosing an account.

Online vs. In-Person

You will need to decide whether you want to use an online bank or a more traditional bank for your savings account. Each has its positives and benefits, so you will have to weigh which factors you value more. For example, online banks will have more consistent customer service available, however, the lack of physical location makes it harder to access an ATM and other physical amenities.

Fees and Minimum Balance Guidelines

Many savings accounts will require a minimum withdrawal to start the account, while others will not allow you to start earning interest until you have a minimum amount of money in the account. Other accounts may even charge you a fee if your amount of money dips below the minimum. While these factors may not be deal-breakers, they certainly are numbers to consider.

Amount of Interest Earned

The primary number you will want to pay attention to when signing up for a card is APY (annual percentage yield). This is the percentage of interest that is compounded annually as a result of the money being in your savings account.

The more money you have held over the course of the year in your account, the more money you will earn. This is where the real benefit of having a high-yield savings account lies.