Introduction
Banks play a vital role in the financial ecosystem by offering various financial services to individuals and businesses․ One of the most common services provided by banks is savings accounts‚ where customers can deposit their money and earn interest over time․ While regular savings accounts offer a modest interest rate‚ there is another type of account called a high-yield account that provides significantly higher returns․ In this article‚ we will explore high-yield accounts and their benefits for individuals seeking growth in their savings․
What are High-Yield Accounts?
High-yield accounts‚ also known as high-interest savings accounts or high-yield savings accounts‚ are a type of savings account offered by banks․ These accounts earn a higher interest rate compared to regular savings accounts‚ allowing for increased growth of deposited funds over time․ The interest rates on high-yield accounts can vary between banks‚ but they often exceed 1% APY (Annual Percentage Yield)․
