High-yield Savings

High-yield savings refers to a type of savings account that offers a higher interest rate compared to a traditional savings account. The purpose of a high-yield savings account is to help consumers grow their savings more quickly by earning more interest on their deposits. These types of accounts often have higher interest rates because they typically require a higher minimum balance and may have other restrictions, such as limited transactions per month.

High-yield savings accounts are typically offered by online banks and are FDIC insured, providing a secure place to store your savings. Some high-yield savings accounts also offer additional features such as mobile banking, automatic savings transfers, and online bill pay.

Before opening a high-yield savings account, it is important to research and compare the interest rates and fees of different accounts to determine which one is the best fit for your savings goals. Additionally, it's important to consider the ease of accessing your funds and any penalties or fees associated with making withdrawals.