Review:
High Yield Savings Account
overall review score: 4.5
⭐⭐⭐⭐⭐
score is between 0 and 5
A high-yield savings account is a type of savings account that offers a higher interest rate than a traditional savings account.
Key Features
- Higher interest rate
- Limited number of withdrawals per month
- No minimum balance requirement
Pros
- Higher interest rates mean more potential for growth on your savings
- Easy to open and manage online
- Federal Deposit Insurance Corporation (FDIC) insurance up to $250,000
Cons
- May have restrictions on the number of withdrawals allowed per month
- Interest rates can fluctuate with market conditions
- May require a higher initial deposit than a traditional savings account