A high-yield savings account — sometimes called a high-interest savings account — is atype of savings accountthat pays higher-than-averageinterest rateson deposits. The interest rates on these accounts can be ten times higher than the national average for a regular savings account[1]. Banks ...
While locking into a fixed APY sounds appealing, it could also mean missing out when the Federal Reserve is raising rates and APYs increase each month. Most savings, money market, and checking accounts have variable APYs, though some promotional bank accounts or bank account bonuses may have ...
What is a high-yield savings account? A high-yield savings account rewards you with a higher interest rate than a traditional savings account, allowing your money to grow faster. The interest rate that these accounts offer is known as the annual percentage yield (APY). The higher your APY,...
What is a good APY rate? The national average APY for savings accounts is 0.42% as of Dec. 16, 2024, per the FDIC, compared to 0.66% for a money market account and 1.83% for a 12-month CD. But since those are averages — and don’t represent good APYs — you should aim for ...
APY 3.75% Bonus N/A Min. Deposit Amount $0 Next How Do High-Yield Savings Accounts Work? A high-yield savings account works the same way as a traditional savings account. The only difference is the interest rate the institution pays you is much higher than you’d receive with a tr...
Let's suppose that you're shopping around for a high-yield savings account. You want an account offering the best rate of return on your hard-earned dollars. Take a hard look at how often compounding occurs along with when your account is credited. Then compare the compounded APY to other...
A high-yield savings account is a bank account that earns a higher-than-average return. The average savings account pays only a small yield.
APY, or annual percentage yield, is how much money a bank account earns in a year, including compound interest. Learn more about what APY means for your accounts.
if you're looking to earn extra interest on the money you have saved, a high-yield savings account may be worth pursuing.
What's the current rate for a high-yield savings account? At the time of this writing, the average interest rate for high-yield savings accounts is around 3.90%, with a typical range of 3.40% to 4.55% APY. With average earnings, here's what you might earn on a single deposit in a ...