High-yield savings accounts are a relatively new creation, offered almost exclusively by online banks due to their lower overhead. Currently, they pay roughly 10x the yield of the average traditional.
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With the average savings account interest rate at 0.47% APY as of March 18, and high-yield online savings accounts like those from Ivy Bank delivering rates as high as 5.30%, depositing funds into a.
High-yield savings accounts offer higher interest rates than typical savings accounts. However, the majority of Americans aren't taking advantage of these potential gains, choosing traditional savings.