Your money is working harder for you in a higher-rate account. What is the difference between a high-yield savings account and a traditional savings account? A high-yield savings account earns a much higher rate than a regular savings account. While some traditional savings accounts, ...
Can You Lose Money in a High-Yield Savings Account? Another reason that high-yield savings accounts are safe is that your balance can't go down. Even if you only ever make one deposit, that money will keep growing at the stated APY. What Are the Pros and Cons of Savings Accounts With...
think about your savings goal. CDs usually offer higher interest rates than high-yield savings accounts but require you to lock your money away for a set term, which can range from one month to 60 months. This makes CDs less ideal if you need quick access to your funds, such as for an...
However, checking accounts of this nature usually require you to hold a significant balance and use a debit card frequently. Note A high-yield savings account has a variable interest rate that can change over time. It also allows you to withdraw money when you need it. Your bank may have...
To find the best high interest rate for you, browse Bankrate's list of the best high-yield savings accounts from federally insured, highly rated institutions.
1. How does a high-yield savings account work? A high-yield savings account offers higher interest rates than traditional savings accounts. Generally, a high-yield savings account will have around a 5% interest rate. The bank will pay you interest off the money you deposit into the account....
How to compare high-yield savings accounts You can compare high-yield savings accounts by the interest rate they offer, their minimum balance or deposit requirements, their fees and the access they give you to your money. Compare the best high-yield savings accounts Savings AccountMinimum Deposit...
High-yield savings accounts can be beneficial for a broad range of customers, but they may be particularly well suited for savers with certain objectives: Maximize return on money you may need to access: Long-term investments (such as stocks) will have highly uncertain short-term returns. A ...
When researching high-yield savings accounts to find the best one for you, be sure you understand what these commonly used terms mean. Minimum opening deposit or initial deposit- Some bank accounts—whether a savings, checking, or money market account—stipulate a minimum deposit you need to mak...
However, when opening a high-interest savings account, you'll probably also want to make a deposit right away. You can do this by depositing cash or checks, by transferring money from another account. Keep in mind that some high-yield savings accounts require a minimum initial deposit to op...