Definition
A checking account that offers higher interest rates than typical accounts, usually with specific balance or transaction requirements.
What to consider
- Look for competitive interest rates to grow your savings faster.
- Ensure you can access your money quickly if needed.
- Review any fees that might eat into your earnings.
Real world scenarios
- Wanting to earn more on his daily funds, Marcus switched to a high-yield checking account that offered a better interest rate than his previous bank.
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