A high-yield savings account is a bank account predominantly offered by online financial institutions that pays ten times more than the average interest rate on savings accounts offered by traditional banks. In other words, high-yield savings accounts are generally offered by online financial institutions or banks. The main reason why these banks offer more interest rate on a savings account is that they have lower overhead as compared to credit unions and traditional banks.
What is a High-Yield Savings Account and Do I Need One?
