1. With regards to deposit certificates (CDs) and other banking products, savings accounts generally pay a lower interest rate.
2. Regarding regular savings and checking accounts, a high savings account does not allow retirement.
3. Temporary admission fees:
You need to consider the chosen rates to open a high interest savings account. Note that this attractive rates are only temporary and after the "honeymoon" phase expires, your account will be interested, usually by lower bank rates.
4. Missed options:
From financial management perspective, savings opportunities have lost the chance of gaining more from other investments.
5. These are not the best place to grow your wealth, if you have more money to invest outside of short-term emergency needs.
6. It may increase the risk of spending your savings at any time.
7. If your savings fall below the minimum amount, your bank or credit union will be charged with a specific fee.