What are they?
High yield savings and checking accounts are online accounts that pay higher interest rates than regular bank accounts. You can earn up to ten times the interest, just for keeping your money in the right place.
When are they a good idea?
There aren’t many downsides with these types of accounts, however you may have to change some of your habits to gain the best interest rates. For example, some accounts require that you pay your bills online or use your account’s debit card at least 10 times a month.
.01% typical savings account interest rate at a big bank
.95% typical high-yield savings account rate
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