5 savings account terms you should know
By Ellen Chang
High-yield savings accounts help consumers ramp up funds faster. (iStock)
Instead of opening a traditional savings account, people can choose among banks that offer high-yield savings accounts. Interest earned on deposits can be significantly greater than the percentage yield on a typical savings account, said Bruce McClary, spokesman for the National Foundation for Credit Counseling, a Washington, D.C.-based nonprofit organization. That means your money will be working harder and can get you to your savings goals faster, he said.
Here are the five key terms to know about high-yield savings accounts and why they are important.