Some high-yield savings accounts provide an APR that's 10 times higher than a traditional account. Here's how it works.
Uncover the benefits and features of high-yield savings accounts, how they work and why they are a valuable option for maximizing savings.
Vault’s Viewpoint ; A high-yield savings account is a savings account offered by traditional banks and online banks that is typically federally insured and comes with a much higher interest rate than other accounts. Outside of offering a better return on savings that can keep up with inflation (and then some) over time, the terms of these accounts vary. That said, many of the best high-yield accounts are offered by online banks instead of brick-and-mortar institutions, presumably because these banks have less overhead and can offer more inter ...
A high yield savings account is a type of bank account offering above-average interest rates. Learn how high interest rate savings accounts work here.
While savings accounts may offer greater flexibility when it comes to making withdrawals, CDs typically come with higher interest rates. Certificates of Deposit (CDs) are a solid choice if you want guaranteed returns over a specific term and don’t mind committing your funds for a few months or years in exchange for higher annual percentage yields (APYs). On the other hand, a high-yield savings account may be a better fit if you want to earn a competitive interest rate while still being able to withdraw your savings occasionally. ...
A high-yield savings accounts (HYSA) is a savings account that earns a higher-than-average interest rate. While the average return on a traditional savings account is just 0.46%, some HYSAs offer rates over 5%. Most HYSAs are offered by online banks, fintechs or credit unions, but some brick-and-mortar banks have gotten into the game, too. These accounts offer a lot of incentives for savers, but there are some tradeoffs.
Learn about the best high-yield savings accounts, including how they work, how to choose one and which is the best for different types of savers.
High-yield savings accounts earn much higher interest rates than traditional savings accounts. ; HYSAs are more accessible than certificates of deposit, but if you don’t need access to your money, you could earn higher rates with CDs. ; Research banks and credit unions to find the best mix of rates, access and fees. ; Make sure your financial institution is insured through the Federal Deposit Insurance Corp. or National Credit Union Administration to keep your funds safe.
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.
Interest rates : Up to 7.25% p.a*, Features : Zero Charges on all Savings Account Services, IMPS, Debit Card, SMS Alerts & more, Benefits : Free and unlimited withdrawals