A high-yield savings account is a type of savings account that can pay up to 15 times the national average of a standard savings account.1 The competition on savings rates has skyrocketed, creating a new category of high-yield savings accounts. Key Takeaways The interest rates on high-yiel...
A high-yield savings account is a type of savings account that pays a better-than-average interest rate, according to Frank Newman, portfolio manager at Ally. "They are simple to use and offer you flexible access to your money at any point," he says. Currently, the national average saving...
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...
simply put, a high-yield savings account—sometimes called a high-interest savings account—is a bank account that often has a higher interest rate or annual percentage yield (apy) than a traditional savings account. 1 when checking out your high-yield savings account options, think about lookin...
A high-yield savings account is a savings account that earns an above-average interest rate on deposits, allowing your bank balance to grow faster than with traditional options. The average national rate for savings accounts is 0.45%, but a high-yield savings account earns up to 10 times that...
What is a high-yield savings account? Ahigh-yield savings accountfunctions like any other other savings account - albeit with much higher interest rates. When you deposit money in a savings account, the bank pays you compound interest to keep your money parked there. When you earn interest du...
The good news is there are high-yield savings accounts that offer much higher APY than regular savings accounts. Whether you’re stashing away money for an emergency fund or a big purchase, here’s why you might consider having a high-yield savings account in your arsenal. Featured High...
This higher rate of return is one of the main reasons many people choose a high-yield account over a conventional savings account. If you want to “park” your extra cash in a place where it can grow safely and remain readily available, a high-yield savings account can be a good option...
Ahigh-yield savings accountrewards 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, the faster your money grows. ...
3. What should I look for in a high-yield savings account? Whenshopping around for a high-yieldsavings account, one of the biggest factors you want to look at is the interest rate. Make sure you are getting the most for your money. ...