High-yield savings accounts offer a higher annual percentage yield than average.

The average APY on savings accounts is 0.06 percent, according to the FDIC. High-yield savings accounts offer APYs of 0.4% and higher.

Savings rates aren't fixed. Banks can change savings account rates at any time.

High-yield savings account rates change. Banks and credit unions will likely raise high-yield savings account rates if the Fed raises rates.

How Do I Choose the Best High-Interest Savings Accounts? APY Account minimum Fees Other factors

Online banks offer competitive rates for high-yield savings accounts.

How Do You Open a High Interest Savings Account? Meet the minimum requirements. Supply personal information. Accept terms and conditions. Fund the new account.

High-yield savings accounts are safe because you can't lose money. Even if you make one deposit, it will grow at the APY.