What Is a High-Yield Savings Account?
If you're looking for a way to make your money work for you, then a high-yield savings account might be just what you need. This type of account offers a higher interest rate than a traditional savings account, allowing you to earn more money on your deposits. In this article, we'll explore what a high-yield savings account is, how it works, and why you might want to consider opening one. What is a high-yield savings account? A high-yield savings account is a type of saving account that offers a higher interest rate than a traditional savings account. While the interest rates on traditional savings accounts can be as low as 0.01% , the interest rates on high-yield savings accounts can be as high as 2.00% or more. This means that you can earn more money on your deposits without taking on additional risk. How does a high-yield savings account work? High-yield savings accounts work just like traditional savings accounts, but with a higher interest rate. You deposit money into ...