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 multiple times higher than the national average for a regular savings account.[1] Ban...
A high-yield savings account is a type of savings account that pays a better-than-average interest rate, according to Frank Newman, director of portfolio construction and due diligence at Ally. "They are simple to use and offer you flexible access to your money at any point," he says. Sp...
What is a high-yield savings account? 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...
How to choose a high-yield savings account There are a few essential factors to consider whenchoosing the best high-yield savings account, including: Interest rate:While the interest on the average traditional savings account is 0.33%, some brick-and-mortar banks are still offering even lower AP...
What is a high-yield savings account? High-yield savings accounts (HYSA) work similarly to regular savings accounts but generally offer higher interest on money deposited. Banks compound interest over time, typically monthly, quarterly, or in the case of many high-yield accounts, daily. ...
A higher APY:A high-yield savings account is going to have a higher APY than a standard savings account or a checking account. Because of this greater APY, you can grow your money faster. Easily access funds:The perk of a savings account is you can readily access your money whenever you...
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. ...
High-yield-savings accounts give you a way to earn more on the money you've parked with your bank. Whether you're building an emergency fund, saving for retirement, or working toward a big purchase, here's why you might consider one.
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A high-yield savings account is a savings account that can pay up to 15 times the national average of a standard savings account. Compare accounts to find the one that's right for you.