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\nWhat Is A High-Yield Savings Account? I Kiplinger\n

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\nA high-yield savings account is essentially the same as a traditional savings account with one key difference — high-yield savings accounts pay a higher than average APY on deposits. An APY, or annual percentage yield, is the amount of...\nA high-yield savings account is essentially the same as a traditional savings account with one key difference — high-yield savings accounts pay a higher than average APY on deposits. An APY, or annual percentage yield, is the amount of interest earned on an account in one year. The APY for high-yield savings accounts can be anywhere from 3% to over 5% — much higher than that of a traditional account.

Savings rates have been on the rise following a series of interest rate hikes by the Federal Reserve, as the central bank has sought to reduce inflation. The Fed opted to raise rates at the last meeting, raising the federal funds rate, a key bank lending rate, to a target range of 5.25%-5.50%. Experts believe that the Fed may raise rates again at the next meeting. Higher interest rates could potentially increase savings rates further, so many recommend locking in rates now while they're on the rise. Over time, rates will decrease as inflation cools.

Since the rate of return on high yield savings accounts is better than that of traditional savings accounts, you'll be able to accrue more cash over time. You can use our tool, in partnership with Bankrate, to compare savings rates today.\n
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Resource Details

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Educator Rating
Not yet Rated
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Media Length
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1:27
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Grade
9th - Higher Ed
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Subjects
Social Studies & History
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Media Type
Instructional Videos
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Source:
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\nFuture Publishing - Kiplinger\n\n
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Date
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2023
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Language
English
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Audiences
For Teacher Use
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Usage Permissions
Fine Print: Educational Use
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Concepts

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money, finance, interest rates, interest, investing
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investment, savings, savings rates, bankrate, knowledge, savings account, tips, annual percentage yield, kiplinger, high-yield savings account, personal-finance, did-you-know, apy, tips-and-advice, videosyndication, personal finance playlist, compare savings rates, videoelephant
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