Ray Frager

While digital banks are hoping you're ready to go fully branchless, traditional banks are betting you're not. Here's how to choose where to keep your money. A recent U.S. News survey shows 34% of those ages 45 and under banking primarily with an online institution. Key Takeaways Now that mobile banking has become routine for many people, some digital banks with no branches are working to become the primary institution for more depositors.

Key Takeaways A deposit of $10,000 in a high-yield savings account can earn hundreds of dollars a year. At current rates, $10,000 could earn nearly $5,000 over 10 years in a HYSA. Some banks require you to meet certain criteria to earn the top advertised rate. A high-yield savings account offers several features that make it an ideal place to stash your money, especially if you're looking to deposit $10,000. You probably want your funds to be safe and relatively accessible.