Definition
A savings account that offers a higher interest rate than a regular account, helping your money grow faster while still being easily accessible.
What to consider
- Compare different accounts to find the best interest rates.
- Review any balance or transaction requirements.
- Ensure the account meets your everyday banking needs.
Real world scenarios
- April transfers her emergency fund into a high yield savings account to earn better interest while keeping funds accessible.
- After interest rates rise, Peter compares high yield accounts online, switching to one offering a 0.5% higher APY.
- A dedicated high yield account helps Celia see her balance grow faster than in a standard savings account, motivating her to save consistently.
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