High-Yield Savings Accounts Are All the Rage, but Here Are 4 Downsides You Should Know About

You've heard it here before: If you keep too much in your checking account, you're losing value to inflation. Per the Consumer Price Index Summary, inflation is up 8.2% between last year and this year, so right now is a great time to tighten up your checking account and move your excess cash to an interest-generating bank account, like a money market or certificate of deposit (CD) account. You've also likely heard a lot about high-yield savings accounts, as they are one of the more accessible and easy-to-manage types of bank account.