High-yield savings account benefits you may not have known

With interest rates on high-yield savings approaching 5% today, you're losing out on high returns if you aren't using one to save. 

High-yield savings accounts offer an alternative to traditional savings accounts with not only higher rates but also no fees, flexible minimums and just as much access to your cash when you need it. But that's not all these accounts can offer. Whether you already have a high-yield savings account or you're still considering whether it's right for you, you might get even more value from your savings by knowing their additional benefits.

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A great APY isn't the only high-yield savings perk. Look for these account features too.

Some online high-yield savings accounts grant savers easy access to their balances beyond electronic transfers. It's possible to find high-yield savings accounts today that let you withdraw your cash via written check or a debit card at eligible ATMs.

"Some savers like features like ATM access, but be aware that any savings account is limited to six withdrawals per statement period," says Cristina Guglielmetti, CFP, president of Future Perfect Planning. Check your account terms before opening to see whether these transfer limits apply to you.

Check-writing and debit access isn't a benefit that every saver will need — in fact, keeping a small barrier between you and your savings can be a smart way to ensure you don't spend it on unnecessary expenses. But if you incur an emergency expense, for example, and need to pay immediately, writing a check or paying via debt directly from your savings can help you avoid putting the cost on a high-interest credit card, even temporarily. 

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Some banks offer occasional account bonuses for existing savers. These typically are awarded for depositing a certain amount of "new money" within a given time period. 

For example, your bank might offer to deposit $100 toward your balance if you transfer $10,000 from an outside account by a given date. Savings account bonuses won't make you rich, but an extra hundred dollars or more is a nice perk if you already have the cash on hand. This is also a case when having multiple savings accounts could come in handy, so you can easily transfer the cash between them.

To actually earn the bonus amount, you'll also generally need to keep the required balance in your account for a certain amount of time (often a 90-day period). While this may not be a problem if you don't plan to spend your savings anyway, it's helpful to keep in mind if you're using your emergency fund as part of your new deposit.

Every saver will have different savings goals throughout life. For example, maybe you're saving for your emergency fund, traveling for a friend's upcoming wedding or need a down payment on a future home — all at once. Some high-yield savings accounts offer a "bucketing" feature that can help you divert the contributions you make toward different goals within the same account.

Even if your bank doesn't offer buckets within the same account, you can utilize the method yourself. Thanks to their lack of fees and often low minimums, it's easy to open multiple savings accounts. In fact, doing so can help you best keep up with changing savings rates. 

"You can of course have different savings accounts for different buckets like emergency fund or Europe vacation fund," says AJ Ayers, CFP, co-founder of Brooklyn FI financial advisors. "But I find that the more accounts and complexity we add, the more likely we are to move money around and spend it instead of save it."

With multiple different high-earning accounts, you can direct as much money as you want each month toward each of your individual savings goals. Just make sure you take the time to actually contribute and help the high-interest grow.

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A high-yield savings account is most valued for the competitive rates you can earn — especially in today's high interest rate environment. But don't forget to look for other benefits that can add value over time, like ATM or check-writing privileges, bank bonuses that can add some extra cash to your balance and whether bucketing your savings goals is an option you can use to strategize your savings. By taking advantage of all your savings account's added benefits, you can boost your value and potentially reach your goals more quickly.