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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 …….