We explain what a high-yield savings account is and how it can grow your money.
Editor's Note: APYs listed in this article are up-to-date as of the time of publication. They may fluctuate as the Fed rate changes. CNBC will update as changes are made public.Many people store their money into a savings account to earn interest and watch their money grow over time. But some savings accounts offer a much higher return than others — which is where high-yield savings accounts come into play.
The interest rate that these accounts offer is noted as APY, or annual percentage yield. The higher your APY on a particular savings account, the faster your money grows. Not only does your money earn a better return in a high-yield savings account, but you still have access to your cash when you need it as you would in a normal savings account.Your money in a high-yield savings account should be federally insured by the Federal Deposit Insurance Corporation , which means that deposits up to $250,000 are protected if the bank were to suddenly collapse.Compound interest allows your savings to grow quickly in a high-yield savings account.
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