What Is a High-Yield Savings Account? 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 ...
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...
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. ...
Some cons of high-yield savings accounts can include: Variable rates: Rates can fluctuate over time, so the initial rate advertised can go up or down. Fees: High-yield savings account fees may apply with some banks. Conditions: Some accounts may require a minimum balance or regular deposit ...
Opening a high-yield savings account can be exciting; the prospect of a higher-than-usual rate of return is, for some, well worth the potential inconvenience of operating accounts across multiple institutions. But, like opening any new bank account, keeping a few key considerations in mind can...
A high-yield savings account typically pays more than the national average of traditional savings accounts. Learn more about what they are and how they work.
What's the difference between a traditional savings account and a high-yield savings account? The key difference between high-yield savings accounts and regular savings accounts is that high-yield savings accounts may earn you more money. Currently, the national average interest rate for savings acc...
Easily access funds:The perk of a savings account is you can readily access your money whenever you need it. This makes a high-yield savings account a great place tostore your emergency fundor save for short-term goals. On the other hand, a certificate of deposit (CD) locks in your mon...
A high-yield savings account (HYSA) is an account that gets you an annual percentage yield (APY) that’s higher than the national average, which currently sits at 0.41% (as of 1/21/25). Money you have in an HYSA will accrue interest at the APY rate offered by the financial ...
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 withdrawal limits, so check what that is first before withdrawing frequently. Online Access Some of the best savings interest rates...