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?APYAccount minimumFeesOther 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.