Super Bowl time is upon us, and you are deserving of a win. The ring is not the one you receive, but the MVP, championship savings account.

Saving your hard-earned cash is not a simple task. Your savings can save you money and help you avoid financial emergencies. Saving is easier when you have a high-interest account. Here are some tips to help you get a winning account.

Search for the top contenders

A savings account should earn a higher than average yield. According to the Federal Deposit Insurance Corp. (FDIC), the national average savings rate was 0.333% on January 17, 2023. Your stats may be even better. Some of the highest-quality savings accounts today earn an average 4% annual percentage yield (or APY).

Online savings accounts offer stronger rates than traditional brick-and mortar banks. This is because they don’t have overhead expenses. Online accounts can be opened by banks and credit unions, which are better positioned to pass on the savings to customers.

A savings account earning a 4% annual percentage yielding $5,203.71 will earn you $5,203.71 if it is left untouched for one year.

This is a lot better than if the account earned 0.01%. That’s what many of the largest banks offer as savings accounts. You’d only earn 50 cents a year if you teamed up with one those underperformers. NerdWallet has a savings calculator that will help you calculate your potential earnings.

Escape from fee pressure

Some institutions can make it seem that they will add fees to their savings accounts. This includes excessive withdrawal fees and monthly maintenance fees. These fees can be compared to penalties and will impede your progress. High fees can cause deficits that are not covered by savings rates. It is important to avoid them as much as possible.

Switch to a high-yield savings account that is fee-free and has no monthly fees. You can see your savings grow once you are free from the stress of high fees.

Review your Protection Plan

Federal insurance should cover money in savings accounts. Your money should be insured in the event of a financial institution going under. Federally insured banks and credit unions by the FDIC. Nonbank financial institutions must partner with insured banks to protect your money.

The Office of the Comptroller of the Currency is the federal bureau that oversees banks. “FDIC deposit insurance covers all deposits accounts at insured banks upto the insurance limit, currently $250,000 each depositor per bank per ownership category.” (An ownership type describes the legal type of account. It includes “single”, which can be owned by one person, and “joint,” which can be owned by two or more people. Similar rules are followed by the NCUA for credit union accounts.

Double-checking with your savings institution is a good idea to ensure your funds are protected. This is a very basic feature but should be an essential one.

It’s easy to get the score

To be better prepared for unexpected setbacks such as job loss, you should build an emergency savings account. Your championship savings account should be sufficient to cover three to six monthly living expenses.

You can set up automatic savings transfers to jump-start your savings if you don’t already have this amount. This will ensure that your balances increase steadily over time. Imagine you get a paycheck two times a month. You can set up an electronic transfer to deposit $50 each payday into savings. This will give you $1,200 in savings by next year.

Sign-up bonuses can also help you score additional savings points. New customers may be eligible for $100 or more if they meet certain activity and balance requirements. While it won’t make or break your savings plans, it is a nice bonus.

Saving money for championships can be as rewarding as cheering on a winning team. Although saving money isn’t a sport, it can make you a winner.