And, you still have access to your cash when you need it as you would in a normal savings account. Regardless, though, it's still more than you'd earn if you were to keep your money in a traditional savings account.

In other words, there will be times when you earn less money on your balance but also times when you earn more money on your balance. These rates go up or down in accordance with the Federal Reserve changing its benchmark interest rate. It's important to note, however, that the APY that savings accounts offer when you sign up can change at any time. You can also continue to make contributions to the account regularly to grow your balance and amount of interest earned even faster. The higher your APY on a particular savings account, the more interest you'll earn and the faster your money will grow. The interest rate that these accounts offer is noted as APY, which stands for annual percentage yield. High-yield savings accounts let you earn a higher interest rate (compared to traditional savings accounts), which allows your money to grow even faster as it sits in your account. To put this into perspective, right now, some high-yield savings accounts are offering over 5% interest, whereas the national average APY on traditional savings accounts is just 0.40%. Investing +More All Investing Best IRA Accounts Best Roth IRA Accounts Best Investing Apps Best Free Stock Trading Platforms Best Robo-Advisors Index Funds Mutual Funds ETFs Bonds Help for Low Credit Scores +More All Help for Low Credit Scores Best Credit Cards for Bad Credit Best Personal Loans for Bad Credit Best Debt Consolidation Loans for Bad Credit Personal Loans if You Don't Have Credit Best Credit Cards for Building Credit Personal Loans for 580 Credit Score Lower Personal Loans for 670 Credit Score or Lower Best Mortgages for Bad Credit Best Hardship Loans How to Boost Your Credit Score Taxes +More All Taxes Best Tax Software Best Tax Software for Small Businesses Tax Refunds Small Business +More All Small Business Best Small Business Savings Accounts Best Small Business Checking Accounts Best Credit Cards for Small Business Best Small Business Loans Best Tax Software for Small Business Personal Finance +More All Personal Finance Best Budgeting Apps Best Expense Tracker Apps Best Money Transfer Apps Best Resale Apps and Sites Buy Now Pay Later (BNPL) Apps Best Debt Relief

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