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MoneyWatch: Managing Your Money

Are high-yield savings accounts worth it?

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By
Matt Richardson
Sr. Managing Editor, Managing Your Money
Matt Richardson is the senior managing editor for the Managing Your Money section for CBSNews.com. He writes and edits content about personal finance ranging from savings to investing to insurance.
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Matt Richardson

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A high-yield savings account can earn you significantly more interest than a traditional account can. Getty Images

With nagging inflation and recent interest rate hikes, many Americans are looking for any financial edge they can get. This may take the form of refinancing their existing debt, diversifying their portfolio or pursuing passive income opportunities. 

One of the best ways to take advantage of the recent interest rate hikes is to open a high-yield savings account. These accounts, unlike traditional savings, offer investors higher rates on the money they deposit. They're generally serviced by credit unions or online banks and they function like a traditional savings account - just with a lot more interest earned by the account holder.

It's easy to get started with an account! Just plug in your zip code and the amount you want to deposit into the table below and start reviewing your options.

Are high-yield savings accounts worth it?

If you're looking to make more money by simply switching your account type then high-yield savings accounts are worth it. Here are three reasons why it's worth it.

The interest rate is higher

This is the best and most obvious advantage of securing a high-yield savings account. These types of accounts can come with an Annual Percentage Rate (APR) that's 10 times higher or more than a traditional savings account. Thanks to compound interest and these higher rates you'll notice a significant increase in your savings account fairly quickly.

The particular rate you get will depend on the bank that services your account but, with recent activity from the Fed, interest rates on these accounts are currently hovering between 3.50% to 4.50%. Compare that to and you quickly realize how much free money you're leaving on the table by not switching accounts.

You can easily start making more money now by choosing a savings account from the table below.

It's easy to use

More money for doing the same thing sounds too good to be true. But high-yield savings accounts offer just that - and they're just as easy to use as traditional accounts. You can access your money as you would in a normal account and most offer debit cards to do so. 

The qualifications are minimal

The qualifications needed to open a high-yield savings account are minimal. Many don't come with monthly fees or hidden costs. And there are often little to no minimum deposits or balance restrictions, leaving you free to use the account as you find beneficial. The more money you have in the account, the more interest you'll make and the quicker it will pile up.

Ready to get started? You can easily explore your options by using the table below now.

The bottom line

If you're suffering from inflation or recent interest rate hikes then a high-yield savings account can only help alleviate your financial burden. By opening a high-yield savings account - or by transitioning your current savings to a high-yield one - you can start earning significantly more interest on your hard-earned money. 

Edited by Jennifer Earl

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