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Including a High Interest Savings Account in Your Rainy Day Planning

Are you prepared for a financial emergency? Many Americans aren’t. That’s why it’s a great idea to open a high interest savings account to jumpstart your savings and secure your financial future.

Here’s why a high interest savings account is a great fit for your rainy day planning.

What Is a High Interest Savings Account?

A high interest savings account — also called a high-yield savings account — is a type of bank account that pays higher than average interest rates on your savings. Interest on savings is earned based on the account’s APY, annual percentage yield, which is the annual amount earned.

An average savings account pays 0.33% APY1 as of January 2023, the FDIC reports. In contrast, the High Yield Savings Account from Quontic pays 3.50% APY2 on your balance as of this writing. That’s over 10x greater than the average. (These rates change regularly. Check our High Yield Savings page to see the most recent rates2.)

Many high interest savings accounts come with requirements, like a hefty minimum deposit or balance in the thousands, or high monthly fees. But you can open a High Yield Savings account from Quontic with just $100 and no monthly service fees as long as you make less than six withdrawals per month.

Save for a Rainy Day in a High Interest Savings Account

Experts recommend saving living expenses in an emergency fund you can access in case of unpredictable financial circumstances, usually in a multiple of a few months. The exact number will depend on your specific circumstances.

It’s best to keep this money in an account you can withdraw from easily, so you don’t have to wait several days or incur high costs to access cash if you need it. That makes a retirement account or other investment account not an ideal place for it because of the fees and penalties you’ll incur withdrawing from them.

A high interest savings account may offer the perfect balance to meet your financial needs: Earn some money while you save, and maintain easy access to funds in case you need them. Choosing a high-yield account instead of an average savings account helps you avoid giving up too much in earnings in exchange for the liquidity of your funds.

Wondering how much you need in your rainy day fund, and want to calculate how long it will take you to save it up? Click here to use our handy Rainy Day Fund Calculator.

How to Build Your Savings

Through the power of compounded interest, money saved in a high interest savings account will grow more than one in a lower-interest account.  What’s best is that you can open a High Yield Savings Account2 with Quontic online in just a few minutes.

Saving a rainy day fund can be hard, especially in times of high inflation and rising prices. But it’s still possible with a little planning and some sound financial choices.

Follow these tips to build your emergency fund quickly and easily:

  • Save from your paycheck. If you get a regular paycheck through direct deposit, set it up so a portion of your check automatically goes into your high interest savings account before you even see it. Automatic saving will make it much more likely you’ll stick to your savings goals.
  • Automate your savings. Set up recurring account transfers from your checking to your savings account so you save a set amount weekly, biweekly or monthly. If you’re worried about having a low checking account balance, use a savings app like Qoins to monitor your account and only save what you can afford.
  • Create games for yourself. Like a challenge? Use that spirit to boost your savings! Set rules to remind yourself to save — like, save $10 for every $30 you spend eating out or save $5 whenever you make an online purchase. Tying saving to your everyday activities can help you turn it into a habit while using today’s spending to boost your future finances.
  • Level off your spending. If your current goal is to build an emergency fund, put extra income toward that goal, instead of toward more spending. You don’t have to reduce your spending to increase saving (if you don’t want to); just make saving your priority, and direct extra funds that way before splurging.
  • Make thoughtful swaps. If you love takeout from your local Chinese food place, learn to cook the dish at home to save on delivery and takeout fees. Look up the recipe for your favorite mochaccino and make it at home instead of buying it at the fancy coffee shop by work. Repair things instead of replacing them. It’s not forever, it’s just for as long as it takes you to save your emergency fund! And you may just find that you enjoy it enough to keep doing it even after you’ve reached your savings goal.
  • Earn extra money. If you want to super-charge your savings goal without cutting back on expenses (or you don’t have much to spare after expenses), increase your income so you have more to work with. Start a side hustle, like freelancing or selling goods online; empty your closets and sell your old clothes; get a part-time job; sign up with a gig app. If the hustle is too much to sustain, make it temporary, just until you’ve reached your savings goal. It can be encouraging to watch your savings grow, and you may be able to reach your rainy day fund goal faster than you think.

The peace of mind that a healthy emergency fund can give you is worth the hustle and discipline it takes to save it up. A high interest savings account can be one of the tools that help you reach your financial goals faster.

Interested in learning more about what Quontic has to offer? Open a high-yield savings account2 today or if you’ve got questions, our team is ready to help.


1National Average APY information as of January 17, 2023, according to the FDIC National Rates and Rate Caps.

2High Yield Savings Account – $100 to open account. Rates may change without notice. If the account is closed before interest and/or bonus is credited, accrued interest and/or bonus may be forfeited for that statement cycle. Fees could reduce earnings. Ask for details. Additional terms, conditions, fees & exclusions may apply. Information is as of November 21, 2023.

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