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All You Need to Know About High Yield Savings Account

The high yield savings account is a fantastic financial resource for individuals looking to save and grow assets at a rapid pace. While these accounts offer the same benefits found with traditional savings accounts, they also provide the special bonus of high returns on deposited funds.

With so many savings account options to choose from, it can be a challenge determining which is right for you. To make the most informed decision, it’s good to learn more about the basics of the high yield savings account.

Is a High Yield Savings Account for You?

A high yield savings account is an account that offers a higher-than-average annual percentage yield (APY) on deposits. The APY measures the total amount of interest paid based on the interest rate offered and the frequency of compounding.

As with the associated interest rate, the higher the APY you secure, the higher the returns on deposited funds you’ll earn. This makes securing a high yield savings account quite enticing.

But before deciding definitely that you want to open a high yield savings account, it’s good to first shop around for deals. GOBankingRates offers a comprehensive rate table that allows you to browse deals in your area and around the country in one convenient location.

As you browse it’s good to explore additional features that could factor into your decision, including minimum deposit and balance requirements, transaction flexibility and online banking options. Once you thoroughly research your options, you can confidently choose the best savings account for you.

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