June 30, 2022

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How to find the best high-yield savings accounts – Fox Business

Our goal here at Credible Operations, Inc., NMLS Number 1681276, referred to as "Credible" below, is.......

Our goal here at Credible Operations, Inc., NMLS Number 1681276, referred to as “Credible” below, is to give you the tools and confidence you need to improve your finances. Although we do promote products from our partner lenders who compensate us for our services, all opinions are our own.

High-yield savings accounts offer higher interest rates than traditional accounts, helping you achieve your financial goals sooner. (iStock)

If you’re saving for a down payment on a house, a vacation, or just putting money aside for an emergency fund, you want to earn as much interest as you can on the money you put in the bank. A high-yield savings account may be your best option. 

These accounts earn a higher interest rate and therefore a better return than a regular savings account, adding to your nest egg more quickly. With the national average savings account APY at just 0.06% as of August 2021, according to the FDIC, it’s even more vital that you find a high-yielding account for your savings. (APY stands for annual percentage yield, and refers to the interest you earn.)

Here’s how to find the best high-yield savings accounts, which can help you meet your financial goals sooner.

What’s a high-yield savings account and how does it work?

A high-yield savings account is a bank account that …….

Source: https://www.foxbusiness.com/personal-finance/best-high-yield-savings-accounts