Basics Of Personal Finance (Part 4)
A high-interest savings account is another tool in your personal finance to make your money work for you. Current high-yield savings accounts range from 1.10% APY to 5.03% APY.
What Is A High-Interest Savings Account?
A high-interest savings account is an account that has a higher interest rate than a regular savings account. A high-interest or high-yield savings account can earn up to ten times more interest than a standard savings account. High-yield savings accounts usually are federally insured for up to $250,000 per account, per insured bank, and depositor.
Some banks offer a high-interest savings account that will provide you with a higher interest rate for a high-interest savings account. You can look around at banks near you and online to see who offers the highest interest-rate savings account.
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