What Is a High-Yield Savings Account?

29 September 2022 By : Quick Insurance Guru Floral Separator

High yield savings accounts are a kind of savings account.

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High-yield savings accounts are found at many online banks and credit unions.

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Some financial institutions don't carry the overhead costs of a brick-and-mortar bank.

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Interest rates vary based on several factors, but high-yield savings accounts can offer up to a maximum of 2.00% APY.

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A high-yield savings account can earn up to 25 times the national average rate on standard savings accounts.

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Higher-yield savings accounts usually carry lower or no monthly fees.

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High-yield and traditional savings accounts have common features, like FDIC protection and transaction limits.

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