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A savings account is an interest-earning bank account designed to help you store and grow your money. It’s great for short-term goals, emergency funds or savings you might need to access quickly.
A savings account — especially a high-yield account — might be better if you prefer easy access to your cash, plan to make regular deposits or want to take advantage of rising interest rates.
Rates for six-month CDs can outpace the average bank account, and longer terms offer rates comparable to the best high-yield savings accounts. Drawbacks of a certificate of a deposit Penalty for ...
As the Fed rate rises, so do APYs on savings accounts, CDs and money market accounts — with today’s rates on the best high-yield savings accounts topping 4% APY.
Money market accounts are another type of saving product that offers higher interest rates than checking accounts and traditional savings accounts. The FDIC also insures balances up to $250,000 ...
If you are comfortable keeping your money locked away for 3 months, 6 months, a year or even longer, you can earn 5% or more on a CD. The highest interest rate for a CD can currently be found at ...
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