How to Overcome These 5 Bogus Fears and Open a 5.00% APY Savings Account

Everyday, millions of Americans are missing out on free money by not using a high-yield savings account. The Federal Reserve is keeping interest rates high, and that's good news for anyone with cash in the bank. But for some reason, too many people are not taking advantage of these higher rates to earn a better yield on their savings.

RELATED: Study: Median American's Savings Account Balance Is $1,200

What is holding you back from opening a high-yield savings account? I went through this myself recently -- I knew I needed a better place to keep my savings, but I had a few weird hang-ups that were stopping me.

Here are a few worries and uncertainties that you might have about opening a 5.00% APY savings account, and how to conquer them.

1. "Is this a 'real' bank? The bank doesn't have branches -- it's online only!"

Some of the best savings accounts and money market accounts are offered by banks that are online only, or that have limited branch networks, or that aren't located in your state. If you prefer to do your banking with local community banks where you can walk into a branch and speak with a teller in person, you might be limited in your options for a high-yield savings account.

Fortunately, the best savings accounts offer a range of options for accessing your account via mobile app, contacting the bank's customer service via phone or online chat, and making money moves online. And the fact that a bank is online-only is often a big reason why it can offer such high APYs to savers like you. No branches means a lower cost of doing business and higher yields for savings account customers.

2. "Will my money be safe?"

Before you put your savings into a new bank, even if it's promising 5.00% APY or higher, it's understandable to have a few concerns. "How do I know that this bank is legit?" you might wonder.

The best way to make sure a savings account offer is legitimate is to check to see if the bank is a member of the FDIC (Federal Deposit Insurance Corporation). FDIC insurance is an important federal program that guarantees the safety of the bank accounts of everyday people; even in the worst-case scenario of a bank failure, customers like you are protected. FDIC insurance means your deposits are safe for up to $250,000 per account category (and account holder -- a joint savings account would have $500,000 in protection).

All the banks featured in The Ascent's list of best savings accounts are FDIC insured.

3. "How can I get my money out?"

One advantage of having a savings account linked to your everyday checking account (within the same bank) is that it gives you fast, convenient access to your savings. In case an emergency or unexpected bill comes up, you can just move money between your accounts on the same day, or even instantly.

But opening a new savings account at a different bank can interrupt this easy flow of cash. You might need to wait a few days for a transfer to process from your high-yield savings account back to your checking account. And some of the best online-only savings accounts don't allow ATM access -- you can only move your savings back to your external checking account.

Ease of access to your savings account cash shouldn't be a dealbreaker for getting a high-yield savings account. After all, the point of a savings account is (hopefully) to leave your money alone and let it earn interest. But this slight layer of inconvenience can add a few extra wrinkles to your financial plans, and it's worth being aware of.

4. "How long does it take to move money from savings to checking?"

The typical way to move money from your high-yield savings account back to your everyday checking account is to use an ACH transfer. This is a free, relatively fast and easy way to move money between banks -- but it takes one or two business days. And if your timing is off, it could take even longer.

Let's say you need cash from your savings account, and you request an ACH transfer on Thursday evening -- right before a three-day holiday weekend. The money might not be in your checking account until the following Tuesday.

Fortunately, some banks are getting better at providing speedy transfers between accounts at different institutions, thanks to the RTP® Network for "real time payments." One leader in real-time withdrawals is Wealthfront, which now offers free same-day withdrawals (including weekends and holidays) from its high-yield Wealthfront Cash Account for customers whose external bank accounts are part of the RTP® Network.

5. "When do I get my interest?"

If you've been leaving your cash in a near-zero interest bank account for too long, you might not remember what it feels like to actually earn yield on your savings. But the best savings accounts and money market accounts really do work! It feels fantastic to see that first month's interest appear in your account.

For example, if you have $10,000 of cash savings and you put it in a savings account that earns 5.00% APY, after a month you will have about $40.74 of interest income. And after one year, you'll have earned $500. You can track your progress along the way. Earning yield on your savings can give you extra motivation to save more money -- and watch your money make money for years to come. It's the magic of compound interest!

Bottom line

The best savings accounts offer FDIC insurance and easy access to your cash, even if they're online-only banks. Don't get derailed by misconceptions. Go earn 5.00% APY (or higher) on your cash.