Looking to switch to a new high-yield savings account for better rates and perks? Consider keeping your old account open to benefit from having multiple savings accounts for different financial goals. It can also provide more protection in case of financial institution failure. However, if your old account has fees or penalties that outweigh the benefits, it may be best to close it within a month of opening the new one. Make the switch carefully by comparing accounts, applying, depositing funds, updating automatic transactions, monitoring the old account for activity, and then closing it properly to avoid unnecessary fees or losses.

Read more at Yahoo Finance: Should you close your HYSA before opening a new one?